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, 2022

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, 2022

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		45
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		52
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		59
Statements of Assets and Liabilities		62
Statements of Operations		64
Statements of Changes in Net Assets		66
Financial Highlights		69
Notes to Financial Statements		72
Additional Information		82

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report on six of our ETFs tracking the fixed income market for the period ended November 30, 2022.

The global economy continued to face significant challenges during the reporting period, with high inflation, interest rate hikes, the Russia-Ukraine war, energy supply shortages, and rising COVID-19 cases in China. To tame soaring inflation, major central banks around the world increased interest rates, even at the cost of weakening their economies. Global bond markets faced a tough time as investors remained wary about growth prospects. After recovering from the pandemic, the U.S. economy was constrained by high inflation and supply-chain disruptions. Russia’s war in Ukraine and lockdowns in China adversely affected economic activity. U.S. GDP¹ contracted in the first and second quarters, considered by some to be a recession. Concerns were eased in the third quarter as GDP growth moved into positive territory. However, they were heightened again on the prospect of further interest rate hikes by the Federal Reserve (Fed) due to inflationary pressures and a potential recession. The Fed raised the policy rate by 75 bps² in June, July, September, and November.

The Eurozone economy was impacted by the ongoing Russia-Ukraine war as the region remained dependent on Russian energy supplies. Sanctions against Russia led to higher inflation and growing concerns that Russia would stop gas supplies during the winter. That said, the economy grew 0.8% sequentially in the second quarter and 0.2% in the third quarter. Eurozone CPI³ reached an all-time high of 10.7% year over year in October, while in Germany, inflation reached 10.4% due to rising energy prices. Political events in the UK took center stage with a new prime minister and a fiscal reversal as the Bank of England ended its gilt-purchasing program.

Emerging-market bonds declined due to monetary tightening and economic growth concerns, with most currencies weakening against the U.S. dollar. Local-currency bonds were slightly more resilient than hard-currency bonds. Global bond markets started strong in October, with the UK as the frontrunner. U.S. Treasuries underperformed other major markets despite better-than-expected employment numbers and lower-than-expected inflation. The U.S. 10-year yield increased from 3.83% to 4.05%, while the 2-year rose from 4.28% to 4.49%. Bonds saw a solid recovery in November. Government bond yields were generally lower, and credit spreads tightened across markets. Credit-market returns were significantly positive, thanks to emerging-market high yields, and U.S. and sterling investment grade.

We believe the global economy is expected to see slower growth and lower inflation in 2023. The U.S. economy is likely to closely miss a recession, while the Eurozone is likely to shrink, and emerging markets recover fairly. Corporate and government bonds are expected to see better days next year. U.S. high yield will likely deliver more returns than Treasuries. The European Central Bank is expected to raise rates further to curb inflation, which, unlike in the U.S. has not yet peaked. Emerging markets should see stable spreads over Treasuries and strong return potential given their current attractive yields.

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 Basis points (bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

3 Consumer price index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households.

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

Quality* as of November 30, 2022

Description	% of Market Value
AAA		3.2%
AA		12.9%
A		43.7%
BBB		40.2%
Total		100.0%

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

Country Diversification* as of November 30, 2022

United States	86.9%
United Kingdom	4.1%
Canada	3.3%
Other	5.7%
Total	100.0%

Sector Diversification* as of November 30, 2022

Financial	34.2%
Consumer, Non-cyclical	16.6%
Technology	11.0%
Communications	10.1%
Utilities	9.0%
Industrial	6.8%
Consumer, Cyclical	6.4%
Energy	4.0%
Basic Materials	1.9%
Total	100.0%

Modified duration to worst as of November 30, 2022: 7.3 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, 2022

Description	% of Market Value
AA		8.3%
A		11.4%
BBB		34.6%
BB		22.0%
B		19.4%
CCC		3.8%
CC		0.5%
Total		100.0%

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

Country Diversification* as of November 30, 2022

Saudi Arabia	5.7%
Panama	4.6%
Philippines	4.1%
Uruguay	4.0%
Qatar	4.0%
Brazil	3.8%
Turkey	3.8%
Dominican Republic	3.7%
Indonesia	3.6%
Oman	3.4%
Peru	3.3%
Colombia	3.3%
Mexico	3.3%
Bahrain	3.3%
United Arab Emirates	3.1%
Romania	3.1%
Egypt	2.9%
Chile	2.8%
South Africa	2.6%
Hungary	2.3%
Argentina	2.0%
Other	27.3%
Total	100.0%

Modified duration to worst as of November 30, 2022: 7.1 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 exposure with ESG aspects. It is not possible to invest directly into an index.

Quality* as of November 30, 2022

Description	% of Market Value
BBB		7.1%
BB		57.3%
B		26.3%
CCC		9.2%
CC		0.1%
Total		100.0%

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

Country Diversification* as of November 30, 2022

United States	85.4%
Canada	3.9%
Other	10.7%
Total	100.0%

Sector Diversification* as of November 30, 2022

Consumer, Cyclical	19.8%
Communications	17.0%
Consumer, Non-cyclical	14.5%
Energy	14.0%
Industrial	12.0%
Financial	10.6%
Basic Materials	5.9%
Technology	4.5%
Utilities	1.6%
Diversified	0.1%
Total	100.0%

Modified duration to worst as of November 30, 2022: 4.2 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 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, 2022

Description	% of Market Value
AAA		6.4%
AA		56.7%
A		35.0%
BBB		1.9%
Total		100.0%

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

Sector Diversification* as of November 30, 2022

Airport	31.5%
Transportation	29.8%
Water	14.4%
General	11.5%
Power	9.7%
Utilities	3.0%
Development	0.1%
Total	100.0%

Modified duration to worst as of November 30, 2022: 9.7 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.

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

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI 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, 2022 (28.9% of Net Assets)

Description	% of Net Assets
Novartis AG (Switzerland)		4.9%
BHP Group Ltd. (Australia)		4.1%
TotalEnergies SE (France)		4.1%
Unilever PLC (United Kingdom)		3.3%
Sanofi (France)		2.7%
Allianz SE (Germany)		2.3%
Rio Tinto PLC (United Kingdom)		2.0%
Zurich Insurance Group AG (Switzerland)		1.9%
GSK PLC (United Kingdom)		1.8%
Iberdrola SA (Spain)		1.8%

Country Diversification* as of November 30, 2022

United Kingdom	13.3%
France	9.9%
Switzerland	9.8%
Taiwan	7.2%
Australia	7.0%
Japan	6.9%
Germany	6.0%
China	5.4%
Hong Kong	3.4%
Canada	3.3%
Brazil	2.8%
Spain	2.7%
Netherlands	2.3%
Italy	2.2%
India	2.1%
Other	15.7%
Total	100.0%

Sector Diversification* as of November 30, 2022

Financials	22.8%
Materials	18.8%
Health Care	9.7%
Consumer Staples	9.6%
Consumer Discretionary	7.8%
Energy	7.0%
Industrials	6.7%
Utilities	6.3%
Information Technology	5.2%
Communication Services	3.3%
Real Estate	2.8%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 52.

6

DBX ETF Trust

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, 2022 (38.6% of Net Assets)

Description	% of Net Assets
BHP Group Ltd. (Australia)		5.1%
Novartis AG (Switzerland)		5.0%
Unilever PLC (United Kingdom)		5.0%
Sanofi (France)		4.6%
Allianz SE (Germany)		3.9%
Rio Tinto PLC (United Kingdom)		3.4%
Zurich Insurance Group AG (Switzerland)		3.2%
GSK PLC (United Kingdom)		3.1%
Iberdrola SA (Spain)		3.0%
AXA SA (France)		2.3%

Country Diversification* as of November 30, 2022

United Kingdom	21.1%
Switzerland	12.5%
Japan	11.8%
Germany	10.2%
Australia	10.0%
France	9.8%
Spain	3.8%
Italy	3.8%
Singapore	3.5%
Netherlands	3.4%
Hong Kong	3.2%
Other	6.9%
Total	100.0%

Sector Diversification* as of November 30, 2022

Materials	20.4%
Financials	20.3%
Consumer Staples	13.2%
Health Care	12.8%
Consumer Discretionary	9.6%
Utilities	9.2%
Industrials	7.4%
Communication Services	3.1%
Real Estate	3.0%
Energy	0.8%
Information Technology	0.2%
Total	100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 59.

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, 2022 to November 30, 2022).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Actual	$	1,000.00	$	960.10		0.15	%	$	0.74
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	$	969.30		0.35	%	$	1.73
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	$	973.10		0.20	%	$	0.99
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	$	960.60		0.15	%	$	0.74
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	$	949.30		0.20	%	$	0.98
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	$	954.40		0.20	%	$	0.98
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, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.8%
Basic Materials — 1.9%
Chemicals — 1.3%
Air Products and Chemicals, Inc., 2.80%, 5/15/50	$	4,000	$	2,847
Dow Chemical Co. 7.375%, 11/1/29		10,000		11,071
2.10%, 11/15/30 (a)		10,000		8,009
3.60%, 11/15/50		5,000		3,598
DuPont de Nemours, Inc., 5.419%, 11/15/48		8,000		7,754
Ecolab, Inc., 2.70%, 12/15/51		5,000		3,244
Linde, Inc., 2.00%, 8/10/50		5,000		2,900
LYB International Finance III LLC, 2.25%, 10/1/30		10,000		8,011
LyondellBasell Industries NV, 4.625%, 2/26/55		8,000		6,368
Nutrien Ltd. 2.95%, 5/13/30		10,000		8,624
5.00%, 4/1/49		6,000		5,535
PPG Industries, Inc., 1.20%, 3/15/26		6,000		5,352
Sherwin-Williams Co., 4.50%, 6/1/47		13,000		11,345
(Cost $106,859)				84,658
Forest Products & Paper — 0.1%
International Paper Co., 4.80%, 6/15/44 (Cost $8,639)		8,000		7,128
Iron/Steel — 0.2%
Steel Dynamics, Inc. 2.80%, 12/15/24		2,000		1,906
3.25%, 1/15/31		12,000		10,274
(Cost $14,715)				12,180
Mining — 0.3%
Newmont Corp. 2.25%, 10/1/30		10,000		8,109
4.875%, 3/15/42		5,000		4,593
Rio Tinto Finance USA Ltd., 2.75%, 11/2/51		5,000		3,412
(Cost $19,824)				16,114
Communications — 9.9%
Advertising — 0.1%
Interpublic Group of Cos., Inc., 2.40%, 3/1/31 (Cost $5,101)		5,000		3,963
Internet — 2.4%
Alibaba Group Holding Ltd. 3.40%, 12/6/27		5,000		4,602
4.50%, 11/28/34		15,000		13,414
3.25%, 2/9/61		5,000		3,084
Alphabet, Inc. 1.998%, 8/15/26		22,000		20,506

	Principal Amount		Value
Internet (Continued)
2.05%, 8/15/50	$	5,000	$	3,149
2.25%, 8/15/60		5,000		3,042
Amazon.com, Inc. 5.20%, 12/3/25		13,000		13,308
1.00%, 5/12/26		10,000		8,924
1.65%, 5/12/28		5,000		4,357
1.50%, 6/3/30		12,000		9,781
2.10%, 5/12/31		10,000		8,356
2.875%, 5/12/41		10,000		7,666
3.10%, 5/12/51		10,000		7,354
3.25%, 5/12/61		10,000		7,202
4.10%, 4/13/62		10,000		8,514
Baidu, Inc., 1.625%, 2/23/27		10,000		8,558
Booking Holdings, Inc., 3.60%, 6/1/26		8,000		7,741
eBay, Inc. 1.90%, 3/11/25		5,000		4,695
4.00%, 7/15/42		7,000		5,629
(Cost $179,171)				149,882
Media — 2.2%
Comcast Corp. 2.937%, 11/1/56		20,000		12,893
2.987%, 11/1/63		45,000		28,622
Discovery Communications LLC 5.20%, 9/20/47		5,000		3,900
4.65%, 5/15/50		5,000		3,632
4.00%, 9/15/55		6,000		3,857
Fox Corp. 3.05%, 4/7/25		11,000		10,550
5.576%, 1/25/49		5,000		4,528
Paramount Global 4.95%, 1/15/31		4,000		3,612
5.85%, 9/1/43		6,000		5,079
4.95%, 5/19/50		7,000		5,263
TWDC Enterprises 18 Corp., MTN, 2.95%, 6/15/27 (a)		13,000		12,216
Walt Disney Co. 1.75%, 8/30/24		4,000		3,807
3.70%, 3/23/27		11,000		10,657
2.65%, 1/13/31		10,000		8,622
2.75%, 9/1/49		8,000		5,459
4.70%, 3/23/50		10,000		9,426
3.60%, 1/13/51		5,000		3,934
3.80%, 5/13/60		7,000		5,595
(Cost $170,688)				141,652
Telecommunications — 5.2%
AT&T, Inc. 4.10%, 2/15/28		10,000		9,669
3.50%, 6/1/41		75,000		57,547
Bell Telephone Co. of Canada or Bell Canada, Series US-4, 3.65%, 3/17/51		3,000		2,245
British Telecommunications PLC, 5.125%, 12/4/28		10,000		9,832

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Telecommunications (Continued)
Cisco Systems, Inc., 5.50%, 1/15/40	$	7,000	$	7,376
Corning, Inc. 5.35%, 11/15/48		4,000		3,759
4.375%, 11/15/57		3,000		2,430
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		10,000		11,928
Motorola Solutions, Inc., 2.30%, 11/15/30		10,000		7,929
Orange SA, 5.50%, 2/6/44		6,000		6,046
Rogers Communications, Inc. 4.50%, 3/15/43		8,000		6,625
4.30%, 2/15/48		2,000		1,566
3.70%, 11/15/49		5,000		3,592
Telefonica Europe BV, 8.25%, 9/15/30		25,000		28,266
TELUS Corp., 3.70%, 9/15/27		10,000		9,554
Verizon Communications, Inc. 3.376%, 2/15/25		5,000		4,886
4.016%, 12/3/29		8,000		7,553
2.55%, 3/21/31		11,000		9,171
2.355%, 3/15/32		20,000		16,106
4.40%, 11/1/34		25,000		23,143
4.272%, 1/15/36		17,000		15,248
4.812%, 3/15/39		20,000		18,822
2.875%, 11/20/50		15,000		9,755
3.55%, 3/22/51		5,000		3,711
2.987%, 10/30/56		9,000		5,712
3.00%, 11/20/60		6,000		3,762
3.70%, 3/22/61		12,000		8,671
Vodafone Group PLC 4.125%, 5/30/25		15,000		14,825
4.375%, 2/19/43		16,000		13,468
5.25%, 5/30/48		6,000		5,424
4.25%, 9/17/50		5,000		3,966
(Cost $381,438)				332,587
Consumer, Cyclical — 6.3%
Apparel — 0.3%
NIKE, Inc. 2.75%, 3/27/27		8,000		7,529
3.625%, 5/1/43		11,000		9,362
VF Corp., 2.40%, 4/23/25		5,000		4,703
(Cost $25,367)				21,594
Auto Manufacturers — 1.0%
American Honda Finance Corp., MTN, 2.15%, 9/10/24		30,000		28,663
Cummins, Inc., 1.50%, 9/1/30		11,000		8,808
Toyota Motor Credit Corp. 3.65%, 1/8/29		20,000		18,959
1.90%, 9/12/31		7,000		5,600
(Cost $69,348)				62,030

	Principal Amount		Value
Auto Parts & Equipment — 0.3%
Aptiv PLC / Aptiv Corp., 3.25%, 3/1/32	$	10,000	$	8,429
Lear Corp., 3.50%, 5/30/30		10,000		8,550
(Cost $20,654)				16,979
Entertainment — 0.3%
Warnermedia Holdings, Inc. 144A, 4.279%, 3/15/32		10,000		8,503
144A, 5.141%, 3/15/52		10,000		7,757
144A, 5.391%, 3/15/62		8,000		6,197
(Cost $25,018)				22,457
Home Builders — 0.2%
MDC Holdings, Inc. 6.00%, 1/15/43		10,000		8,061
3.966%, 8/6/61		2,000		1,114
NVR, Inc., 3.00%, 5/15/30		5,000		4,250
(Cost $15,953)				13,425
Home Furnishings — 0.1%
Whirlpool Corp., 2.40%, 5/15/31 (Cost $6,016)		6,000		4,767
Leisure Time — 0.1%
Harley-Davidson, Inc., 3.50%, 7/28/25 (a) (Cost $5,207)		5,000		4,772
Retail — 3.9%
AutoNation, Inc., 3.50%, 11/15/24		5,000		4,797
Costco Wholesale Corp., 1.75%, 4/20/32		10,000		8,057
Dollar General Corp., 3.875%, 4/15/27		8,000		7,713
Dollar Tree, Inc. 4.00%, 5/15/25		5,000		4,900
2.65%, 12/1/31		7,000		5,727
Home Depot, Inc. 3.00%, 4/1/26		8,000		7,668
2.70%, 4/15/30		28,000		24,815
3.90%, 6/15/47		2,000		1,692
4.50%, 12/6/48		5,000		4,663
2.375%, 3/15/51		5,000		3,151
2.75%, 9/15/51		5,000		3,399
Kohl’s Corp., 3.625%, 5/1/31		10,000		7,161
Lowe’s Cos., Inc. 3.65%, 4/5/29		14,000		13,112
2.625%, 4/1/31		15,000		12,630
2.80%, 9/15/41		5,000		3,532
4.375%, 9/15/45		6,000		5,023
4.55%, 4/5/49		4,000		3,472
3.00%, 10/15/50		5,000		3,349
McDonald’s Corp. MTN, 1.45%, 9/1/25		10,000		9,246
MTN, 2.125%, 3/1/30		21,000		17,892
MTN, 4.45%, 9/1/48		5,000		4,457
MTN, 3.625%, 9/1/49		10,000		7,790

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Retail (Continued)
Starbucks Corp. 4.00%, 11/15/28	$	2,000	$	1,938
2.55%, 11/15/30		2,000		1,712
4.50%, 11/15/48		5,000		4,442
3.50%, 11/15/50		5,000		3,771
Target Corp. 2.50%, 4/15/26		7,000		6,603
4.00%, 7/1/42		6,000		5,321
2.95%, 1/15/52		3,000		2,128
TJX Cos., Inc., 2.25%, 9/15/26		8,000		7,432
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24		5,000		4,910
4.10%, 4/15/50		5,000		3,769
Walmart, Inc. 2.85%, 7/8/24		10,000		9,757
1.05%, 9/17/26		15,000		13,335
1.50%, 9/22/28		5,000		4,337
1.80%, 9/22/31		16,000		13,221
(Cost $291,062)				246,922
Toys/Games/Hobbies — 0.1%
Hasbro, Inc., 3.90%, 11/19/29 (Cost $6,063)		6,000		5,414
Consumer, Non-cyclical — 16.2%
Agriculture — 0.2%
Archer-Daniels-Midland Co., 4.50%, 3/15/49		8,000		7,524
Bunge Ltd. Finance Corp., 2.75%, 5/14/31		4,000		3,325
(Cost $14,075)				10,849
Beverages — 1.2%
Coca-Cola Co., 4.20%, 3/25/50		10,000		9,453
Fomento Economico Mexicano SAB de CV, 3.50%, 1/16/50		10,000		7,112
Keurig Dr Pepper, Inc., 2.55%, 9/15/26		30,000		27,600
PepsiCo, Inc. 2.75%, 3/19/30		21,000		18,725
1.95%, 10/21/31		10,000		8,245
2.75%, 10/21/51		10,000		7,246
(Cost $95,211)				78,381
Biotechnology — 1.6%
Amgen, Inc. 3.625%, 5/22/24		10,000		9,846
4.40%, 5/1/45		25,000		21,605
3.375%, 2/21/50		5,000		3,648
4.663%, 6/15/51		4,000		3,605
3.00%, 1/15/52		3,000		2,000
2.77%, 9/1/53		5,000		3,108
Baxalta, Inc., 5.25%, 6/23/45		10,000		9,639
Biogen, Inc. 4.05%, 9/15/25		10,000		9,750
3.25%, 2/15/51		5,000		3,494

	Principal Amount		Value
Biotechnology (Continued)
Gilead Sciences, Inc. 2.95%, 3/1/27	$	15,000	$	14,046
1.65%, 10/1/30		2,000		1,613
4.00%, 9/1/36		9,000		8,087
4.75%, 3/1/46		5,000		4,607
4.15%, 3/1/47		6,000		5,077
2.80%, 10/1/50		1,000		662
(Cost $124,043)				100,787
Commercial Services — 0.6%
Equifax, Inc., 2.60%, 12/15/25		8,000		7,466
Moody’s Corp., 5.25%, 7/15/44		6,000		5,860
PayPal Holdings, Inc. 2.85%, 10/1/29		5,000		4,380
3.25%, 6/1/50		5,000		3,562
Quanta Services, Inc., 2.90%, 10/1/30		5,000		4,176
RELX Capital, Inc., 4.00%, 3/18/29		5,000		4,719
S&P Global, Inc., 2.30%, 8/15/60		5,000		2,903
Verisk Analytics, Inc., 3.625%, 5/15/50		5,000		3,582
(Cost $47,088)				36,648
Cosmetics/Personal Care — 0.8%
Colgate-Palmolive Co., MTN, 4.00%, 8/15/45		3,000		2,743
Estee Lauder Cos., Inc., 2.00%, 12/1/24		20,000		19,001
Procter & Gamble Co. 2.85%, 8/11/27		11,000		10,397
3.60%, 3/25/50		5,000		4,302
Unilever Capital Corp. 1.75%, 8/12/31		10,000		8,007
Series 30Y, 2.625%, 8/12/51 (a)		5,000		3,363
(Cost $55,500)				47,813
Food — 2.0%
Campbell Soup Co., 4.15%, 3/15/28		5,000		4,850
Conagra Brands, Inc. 4.30%, 5/1/24		7,000		6,917
5.40%, 11/1/48		5,000		4,781
General Mills, Inc. 3.20%, 2/10/27		6,000		5,737
3.00%, 2/1/51		7,000		4,865
Hershey Co., 2.65%, 6/1/50		4,000		2,720
J M Smucker Co., 2.125%, 3/15/32		10,000		7,857
Kellogg Co., 2.10%, 6/1/30		5,000		4,085
Kraft Heinz Foods Co. 4.25%, 3/1/31		5,000		4,756

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Food (Continued)
4.625%, 10/1/39	$	5,000	$	4,497
5.20%, 7/15/45		10,000		9,454
4.875%, 10/1/49		5,000		4,518
Kroger Co. 4.50%, 1/15/29		12,000		11,662
4.45%, 2/1/47		3,000		2,592
3.95%, 1/15/50		3,000		2,404
McCormick & Co., Inc., 3.40%, 8/15/27		5,000		4,706
Mondelez International, Inc., 2.75%, 4/13/30		5,000		4,346
Sysco Corp. 3.75%, 10/1/25		5,000		4,857
3.25%, 7/15/27		17,000		15,843
6.60%, 4/1/50		5,000		5,670
Tyson Foods, Inc., 4.55%, 6/2/47		10,000		8,865
(Cost $145,303)				125,982
Healthcare-Products — 0.4%
Baxter International, Inc., 2.60%, 8/15/26		7,000		6,454
Danaher Corp., 2.60%, 10/1/50		5,000		3,337
DH Europe Finance II SARL, 2.60%, 11/15/29		5,000		4,428
PerkinElmer, Inc., 3.625%, 3/15/51		5,000		3,619
Thermo Fisher Scientific, Inc. 2.00%, 10/15/31		4,000		3,290
4.10%, 8/15/47		5,000		4,451
(Cost $32,956)				25,579
Healthcare-Services — 2.4%
Aetna, Inc., 3.875%, 8/15/47		5,000		3,933
Centene Corp., 2.45%, 7/15/28		25,000		21,202
Elevance Health, Inc. 1.50%, 3/15/26		20,000		18,033
2.25%, 5/15/30		10,000		8,395
3.125%, 5/15/50		12,000		8,518
HCA, Inc. 5.625%, 9/1/28		6,000		6,003
4.125%, 6/15/29		2,000		1,837
5.50%, 6/15/47		7,000		6,360
5.25%, 6/15/49		3,000		2,643
Humana, Inc., 3.125%, 8/15/29		13,000		11,504
Laboratory Corp. of America Holdings, 3.60%, 2/1/25		10,000		9,704
Quest Diagnostics, Inc. 2.95%, 6/30/30		5,000		4,358
2.80%, 6/30/31		3,000		2,538
UnitedHealth Group, Inc. 5.30%, 2/15/30		25,000		25,906
4.375%, 3/15/42		10,000		9,085

	Principal Amount		Value
Healthcare-Services (Continued)
4.75%, 5/15/52	$	6,000	$	5,679
4.95%, 5/15/62		10,000		9,639
(Cost $171,627)				155,337
Household Products/Wares — 0.1%
Kimberly-Clark Corp. 2.75%, 2/15/26		5,000		4,750
2.875%, 2/7/50		7,000		4,962
(Cost $12,375)				9,712
Pharmaceuticals — 6.9%
AbbVie, Inc. 3.80%, 3/15/25		20,000		19,588
3.60%, 5/14/25		25,000		24,354
4.70%, 5/14/45		17,000		15,646
4.45%, 5/14/46		11,000		9,707
4.875%, 11/14/48		3,000		2,825
4.25%, 11/21/49		12,000		10,320
AmerisourceBergen Corp., 4.30%, 12/15/47		6,000		5,095
Astrazeneca Finance LLC, 0.70%, 5/28/24		12,000		11,299
AstraZeneca PLC 1.375%, 8/6/30		5,000		4,011
6.45%, 9/15/37		10,000		11,412
4.375%, 11/16/45		4,000		3,693
3.00%, 5/28/51		3,000		2,184
Becton Dickinson and Co., 4.669%, 6/6/47		10,000		9,119
Bristol-Myers Squibb Co. 0.75%, 11/13/25		5,000		4,509
3.40%, 7/26/29		6,000		5,626
1.45%, 11/13/30		20,000		15,989
3.55%, 3/15/42		7,000		5,844
4.25%, 10/26/49		18,000		16,061
Cardinal Health, Inc., 3.41%, 6/15/27		13,000		12,226
Cigna Corp. 4.375%, 10/15/28		26,000		25,366
4.80%, 7/15/46		10,000		9,146
4.90%, 12/15/48		4,000		3,704
3.40%, 3/15/51		8,000		5,851
CVS Health Corp. 3.875%, 7/20/25		27,000		26,549
4.30%, 3/25/28		3,000		2,918
3.25%, 8/15/29		19,000		17,198
4.78%, 3/25/38		10,000		9,274
5.125%, 7/20/45		13,000		12,164
5.05%, 3/25/48		8,000		7,419
Eli Lilly & Co. 2.75%, 6/1/25		5,000		4,797
3.95%, 3/15/49		5,000		4,543
2.25%, 5/15/50		5,000		3,270
GlaxoSmithKline Capital PLC, 3.375%, 6/1/29		12,000		11,217
GlaxoSmithKline Capital, Inc., 3.875%, 5/15/28		5,000		4,847

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Pharmaceuticals (Continued)
Johnson & Johnson 2.625%, 1/15/25	$	10,000	$	9,659
5.95%, 8/15/37		10,000		11,425
3.70%, 3/1/46		11,000		9,496
3.50%, 1/15/48		3,000		2,507
2.45%, 9/1/60		5,000		3,232
McKesson Corp., 1.30%, 8/15/26		5,000		4,400
Merck & Co., Inc. 2.15%, 12/10/31		10,000		8,319
3.60%, 9/15/42		10,000		8,437
4.15%, 5/18/43		5,000		4,562
3.70%, 2/10/45		8,000		6,751
4.00%, 3/7/49		3,000		2,658
Novartis Capital Corp. 2.00%, 2/14/27		15,000		13,755
2.75%, 8/14/50		7,000		4,987
Sanofi, 3.625%, 6/19/28		3,000		2,891
Zoetis, Inc. 2.00%, 5/15/30		3,000		2,468
4.70%, 2/1/43		2,000		1,865
4.45%, 8/20/48		3,000		2,652
(Cost $513,824)				437,835
Energy — 3.9%
Oil & Gas — 0.4%
Marathon Petroleum Corp. 3.80%, 4/1/28		2,000		1,866
4.50%, 4/1/48		6,000		4,874
Phillips 66 2.15%, 12/15/30		5,000		4,067
5.875%, 5/1/42		5,000		5,286
4.875%, 11/15/44		3,000		2,821
Valero Energy Corp. 2.85%, 4/15/25		2,000		1,903
2.15%, 9/15/27		4,000		3,547
3.65%, 12/1/51		5,000		3,682
(Cost $34,101)				28,046
Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 4.08%, 12/15/47		6,000		4,803
Halliburton Co., 2.92%, 3/1/30		18,000		15,621
NOV, Inc., 3.95%, 12/1/42		2,000		1,436
(Cost $22,807)				21,860
Pipelines — 3.2%
Boardwalk Pipelines LP, 3.40%, 2/15/31		5,000		4,249
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27		10,000		10,021
Enbridge, Inc. 3.70%, 7/15/27		25,000		23,616
3.40%, 8/1/51		5,000		3,531

	Principal Amount		Value
Pipelines (Continued)
Enterprise Products Operating LLC 3.95%, 2/15/27	$	12,000	$	11,618
2.80%, 1/31/30		10,000		8,665
3.30%, 2/15/53		10,000		6,910
Series E, 5.25%, 8/16/77		12,000		9,804
5.375%, 2/15/78		10,000		7,579
MPLX LP 1.75%, 3/1/26		15,000		13,457
2.65%, 8/15/30		5,000		4,126
4.90%, 4/15/58		8,000		6,496
ONEOK, Inc. 2.75%, 9/1/24		20,000		19,234
4.35%, 3/15/29		10,000		9,322
5.20%, 7/15/48		5,000		4,281
Sabine Pass Liquefaction LLC 5.00%, 3/15/27		10,000		9,884
4.50%, 5/15/30		5,000		4,737
TransCanada PipeLines Ltd. 4.10%, 4/15/30		2,000		1,871
2.50%, 10/12/31		10,000		8,132
7.625%, 1/15/39		13,000		15,310
4.875%, 5/15/48		3,000		2,718
Williams Cos., Inc. 4.00%, 9/15/25		1,000		976
3.50%, 11/15/30		5,000		4,457
2.60%, 3/15/31		12,000		9,896
(Cost $228,321)				200,890
Financial — 33.5%
Banks — 22.3%
Banco Santander SA, 2.958%, 3/25/31		20,000		15,847
Bank of America Corp.
MTN, 2.015%, 2/13/26		15,000		13,915
MTN, 1.197%, 10/24/26		20,000		17,758
1.734%, 7/22/27		20,000		17,535
MTN, 1.898%, 7/23/31		15,000		11,713
Series N, 2.651%, 3/11/32		10,000		8,126
2.687%, 4/22/32		30,000		24,355
2.299%, 7/21/32		10,000		7,842
MTN, 2.676%, 6/19/41		10,000		6,979
MTN, 4.33%, 3/15/50		8,000		6,864
MTN, 4.083%, 3/20/51		10,000		8,230
MTN, 2.831%, 10/24/51		10,000		6,421
Series N, 3.483%, 3/13/52		18,000		13,324
2.972%, 7/21/52		10,000		6,607
Bank of Montreal, MTN, 1.25%, 9/15/26		15,000		13,183
Bank of New York Mellon Corp., MTN, 3.95%, 11/18/25		30,000		29,596
Bank of Nova Scotia, 4.50%, 12/16/25		5,000		4,939
Barclays PLC 5.20%, 5/12/26		10,000		9,705
2.667%, 3/10/32		40,000		30,649
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25		15,000		13,478

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Banks (Continued)
Citigroup, Inc. 3.875%, 3/26/25	$	5,000	$	4,889
3.30%, 4/27/25		5,000		4,847
4.40%, 6/10/25		10,000		9,840
3.106%, 4/8/26		25,000		23,716
4.45%, 9/29/27		35,000		33,736
4.125%, 7/25/28		20,000		18,924
2.976%, 11/5/30		5,000		4,278
2.666%, 1/29/31		20,000		16,657
2.572%, 6/3/31		20,000		16,419
2.561%, 5/1/32		5,000		4,010
4.75%, 5/18/46		5,000		4,332
4.65%, 7/23/48		5,000		4,512
Citizens Financial Group, Inc., 2.85%, 7/27/26		10,000		9,307
Cooperatieve Rabobank UA, 5.25%, 5/24/41		10,000		10,301
Credit Suisse Group AG 3.75%, 3/26/25		10,000		8,868
4.55%, 4/17/26		15,000		13,220
Deutsche Bank AG, 3.70%, 5/30/24 (b)		10,000		9,834
Deutsche Bank AG/New York NY 3.961%, 11/26/25 (b)		15,000		14,178
3.035%, 5/28/32 (b)		15,000		11,321
Discover Bank, 2.70%, 2/6/30		10,000		8,042
Fifth Third Bancorp, 4.337%, 4/25/33		15,000		13,661
Goldman Sachs Group, Inc. MTN, 3.85%, 7/8/24		10,000		9,869
3.50%, 1/23/25		10,000		9,726
3.50%, 11/16/26		20,000		19,045
1.542%, 9/10/27		25,000		21,609
1.948%, 10/21/27		7,000		6,138
3.80%, 3/15/30		10,000		9,107
2.615%, 4/22/32		7,000		5,662
2.65%, 10/21/32		20,000		16,064
6.25%, 2/1/41		10,000		10,779
MTN, 4.80%, 7/8/44		5,000		4,626
5.15%, 5/22/45		5,000		4,750
4.75%, 10/21/45		10,000		9,246
HSBC Holdings PLC 1.589%, 5/24/27		10,000		8,578
4.041%, 3/13/28		25,000		22,973
6.50%, 9/15/37		10,000		9,717
6.10%, 1/14/42		20,000		20,669
HSBC USA, Inc., 3.50%, 6/23/24		44,000		43,023
ING Groep NV, 3.95%, 3/29/27		10,000		9,504
JPMorgan Chase & Co. 3.625%, 5/13/24		15,000		14,776
4.023%, 12/5/24		10,000		9,880
2.083%, 4/22/26		40,000		37,167
3.20%, 6/15/26		10,000		9,532
1.578%, 4/22/27		15,000		13,248

	Principal Amount		Value
Banks (Continued)
2.739%, 10/15/30	$	10,000	$	8,497
2.522%, 4/22/31		30,000		24,912
2.956%, 5/13/31		30,000		24,880
4.912%, 7/25/33		15,000		14,486
3.109%, 4/22/41		5,000		3,749
3.157%, 4/22/42		5,000		3,721
3.964%, 11/15/48		10,000		8,124
3.109%, 4/22/51		10,000		6,954
3.328%, 4/22/52		12,000		8,662
KeyCorp MTN, 4.10%, 4/30/28		5,000		4,788
MTN, 2.55%, 10/1/29		5,000		4,236
Lloyds Banking Group PLC, 1.627%, 5/11/27		35,000		30,236
Mitsubishi UFJ Financial Group, Inc. 3.287%, 7/25/27		20,000		18,507
4.05%, 9/11/28		12,000		11,392
3.741%, 3/7/29		5,000		4,614
Mizuho Financial Group, Inc., 2.564%, 9/13/31		15,000		11,471
Morgan Stanley Series F, 3.875%, 4/29/24		15,000		14,761
GMTN, 3.70%, 10/23/24		5,000		4,895
0.79%, 5/30/25		30,000		27,791
MTN, 2.72%, 7/22/25		5,000		4,770
2.188%, 4/28/26		10,000		9,304
MTN, 3.125%, 7/27/26		5,000		4,694
GMTN, 4.35%, 9/8/26		5,000		4,890
GMTN, 2.699%, 1/22/31		30,000		25,225
GMTN, 2.239%, 7/21/32		10,000		7,809
2.484%, 9/16/36		10,000		7,429
4.30%, 1/27/45		5,000		4,344
4.375%, 1/22/47		15,000		13,105
GMTN, 5.597%, 3/24/51		5,000		5,230
NatWest Group PLC 4.269%, 3/22/25		5,000		4,859
1.642%, 6/14/27		30,000		25,783
PNC Financial Services Group, Inc. 3.90%, 4/29/24		20,000		19,746
2.20%, 11/1/24		10,000		9,546
3.45%, 4/23/29		5,000		4,609
Royal Bank of Canada, GMTN, 2.25%, 11/1/24		30,000		28,593
Santander Holdings USA, Inc., 4.40%, 7/13/27		10,000		9,622
Sumitomo Mitsui Financial Group, Inc. 3.784%, 3/9/26		5,000		4,822
2.632%, 7/14/26		5,000		4,603
3.364%, 7/12/27		30,000		27,845
3.05%, 1/14/42		5,000		3,572
Toronto-Dominion Bank MTN, 1.20%, 6/3/26		10,000		8,841
MTN, 1.25%, 9/10/26		10,000		8,794
Truist Bank, 3.20%, 4/1/24		5,000		4,894
Truist Financial Corp. MTN, 3.70%, 6/5/25		15,000		14,616
MTN, 1.95%, 6/5/30 (a)		10,000		8,180

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Banks (Continued)
US Bancorp 2.40%, 7/30/24	$	20,000	$	19,331
Series DMTN, 3.00%, 7/30/29		5,000		4,444
MTN, 1.375%, 7/22/30		6,000		4,697
Westpac Banking Corp. 3.35%, 3/8/27		15,000		14,254
2.15%, 6/3/31		10,000		8,315
4.11%, 7/24/34		15,000		12,818
(Cost $1,607,517)				1,413,906
Diversified Financial Services — 4.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.875%, 8/14/24		20,000		18,942
2.45%, 10/29/26		10,000		8,739
3.30%, 1/30/32		12,000		9,485
Air Lease Corp. 0.80%, 8/18/24		15,000		13,811
1.875%, 8/15/26		15,000		13,156
Ally Financial, Inc. 4.625%, 3/30/25		30,000		29,578
8.00%, 11/1/31		10,000		10,714
American Express Co. 1.65%, 11/4/26		15,000		13,354
4.05%, 12/3/42		3,000		2,634
BlackRock, Inc., 3.20%, 3/15/27		15,000		14,494
Charles Schwab Corp. 4.625%, 3/22/30		10,000		9,914
1.65%, 3/11/31		10,000		7,884
CI Financial Corp., 3.20%, 12/17/30		5,000		3,877
CME Group, Inc. 3.75%, 6/15/28		8,000		7,747
5.30%, 9/15/43		5,000		5,215
Intercontinental Exchange, Inc. 3.75%, 12/1/25		10,000		9,793
3.00%, 9/15/60		10,000		6,606
Mastercard, Inc. 2.00%, 3/3/25		14,000		13,323
3.80%, 11/21/46		8,000		6,943
Nasdaq, Inc., 1.65%, 1/15/31		8,000		6,194
Nomura Holdings, Inc., 2.679%, 7/16/30		10,000		8,011
ORIX Corp., 3.25%, 12/4/24		5,000		4,826
Radian Group, Inc., 4.50%, 10/1/24		10,000		9,525
Raymond James Financial, Inc., 4.65%, 4/1/30		15,000		14,712
Synchrony Financial 4.375%, 3/19/24		10,000		9,855
5.15%, 3/19/29		10,000		9,598
Visa, Inc. 3.15%, 12/14/25		5,000		4,821
2.75%, 9/15/27		5,000		4,688
4.15%, 12/14/35		13,000		12,552

	Principal Amount		Value
Diversified Financial Services (Continued)
3.65%, 9/15/47	$	4,000	$	3,408
2.00%, 8/15/50		5,000		3,135
(Cost $335,824)				297,534
Insurance — 2.9%
Aflac, Inc., 3.60%, 4/1/30		5,000		4,623
Allstate Corp. 4.20%, 12/15/46		5,000		4,272
Series B, 5.75%, 8/15/53		5,000		4,616
American International Group, Inc. 3.40%, 6/30/30		5,000		4,481
Series A-9, 5.75%, 4/1/48		10,000		9,390
4.375%, 6/30/50		3,000		2,602
Arch Capital Group Ltd., 3.635%, 6/30/50		5,000		3,552
AXIS Specialty Finance LLC, 4.90%, 1/15/40		5,000		4,108
Chubb INA Holdings, Inc. 3.35%, 5/3/26		10,000		9,686
4.35%, 11/3/45		5,000		4,454
Equitable Holdings, Inc., 4.35%, 4/20/28		10,000		9,563
Hartford Financial Services Group, Inc., 2.90%, 9/15/51		5,000		3,275
Lincoln National Corp., 3.35%, 3/9/25		13,000		12,567
Manulife Financial Corp., 4.15%, 3/4/26		5,000		4,922
Marsh & McLennan Cos., Inc. 4.375%, 3/15/29		10,000		9,770
2.25%, 11/15/30		5,000		4,127
MetLife, Inc. 4.125%, 8/13/42		6,000		5,191
4.60%, 5/13/46		5,000		4,671
Principal Financial Group, Inc., 2.125%, 6/15/30		10,000		8,263
Progressive Corp. 2.45%, 1/15/27		15,000		13,833
4.125%, 4/15/47		3,000		2,564
Prudential Financial, Inc. MTN, 2.10%, 3/10/30		8,000		6,645
5.20%, 3/15/44		10,000		9,534
3.905%, 12/7/47		12,000		9,747
Travelers Cos., Inc., 3.75%, 5/15/46		9,000		7,174
Voya Financial, Inc. 3.65%, 6/15/26		5,000		4,749
4.70%, 1/23/48		5,000		3,744
Willis North America, Inc. 2.95%, 9/15/29		5,000		4,266
5.05%, 9/15/48		5,000		4,290
(Cost $209,827)				180,679
Real Estate Investment Trusts — 3.4%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31		20,000		17,620

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
American Tower Corp. 3.80%, 8/15/29	$	2,000	$	1,834
2.90%, 1/15/30		20,000		17,174
AvalonBay Communities, Inc., 2.05%, 1/15/32 (a)		5,000		3,986
Boston Properties LP, 3.40%, 6/21/29		10,000		8,651
Brixmor Operating Partnership LP, 3.65%, 6/15/24		10,000		9,706
Crown Castle, Inc. 3.65%, 9/1/27		2,000		1,872
3.80%, 2/15/28		6,000		5,613
2.25%, 1/15/31		16,000		12,979
2.10%, 4/1/31		4,000		3,177
Digital Realty Trust LP, 3.60%, 7/1/29		6,000		5,447
Equinix, Inc. 2.625%, 11/18/24		25,000		23,815
2.95%, 9/15/51		5,000		3,218
ERP Operating LP, 4.50%, 7/1/44		8,000		7,050
Healthpeak Properties, Inc., 3.00%, 1/15/30		5,000		4,318
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/31		6,000		4,659
Kilroy Realty LP, 2.65%, 11/15/33		8,000		5,705
Kimco Realty Corp., 4.25%, 4/1/45		7,000		5,471
Prologis LP, 4.375%, 2/1/29		20,000		19,314
Realty Income Corp. 3.25%, 1/15/31		5,000		4,384
2.85%, 12/15/32		5,000		4,146
Regency Centers LP, 3.60%, 2/1/27		10,000		9,410
Ventas Realty LP, 4.40%, 1/15/29		12,000		11,300
Welltower, Inc. 3.625%, 3/15/24		10,000		9,803
4.25%, 4/15/28		10,000		9,482
Weyerhaeuser Co., 4.00%, 4/15/30		9,000		8,219
(Cost $252,911)				218,353
Venture Capital — 0.2%
Morgan Stanley Direct Lending Fund, 4.50%, 2/11/27
(Cost $9,201)		10,000		9,271
Industrial — 6.6%
Building Materials — 0.7%
Carrier Global Corp. 2.493%, 2/15/27		3,000		2,723
3.577%, 4/5/50		6,000		4,405
Johnson Controls International PLC, 4.50%, 2/15/47		8,000		6,753

	Principal Amount		Value
Building Materials (Continued)
Martin Marietta Materials, Inc. 3.45%, 6/1/27	$	3,000	$	2,816
2.40%, 7/15/31		8,000		6,527
Masco Corp., 2.00%, 10/1/30		5,000		3,925
Owens Corning, 4.30%, 7/15/47		7,000		5,590
Vulcan Materials Co., 3.50%, 6/1/30		10,000		8,952
(Cost $50,629)				41,691
Electrical Components & Equipment — 0.0%
Emerson Electric Co., 2.75%, 10/15/50
(Cost $5,130)		5,000		3,371
Electronics — 0.4%
Agilent Technologies, Inc., 2.30%, 3/12/31		5,000		4,107
Amphenol Corp., 2.20%, 9/15/31 (a)		6,000		4,837
Flex Ltd., 4.875%, 5/12/30		3,000		2,793
Fortive Corp., 3.15%, 6/15/26		5,000		4,716
Vontier Corp., 2.95%, 4/1/31		10,000		7,283
(Cost $29,151)				23,736
Environmental Control — 0.4%
Republic Services, Inc. 2.30%, 3/1/30		5,000		4,255
3.05%, 3/1/50		5,000		3,572
Waste Connections, Inc. 2.60%, 2/1/30		5,000		4,318
2.20%, 1/15/32		5,000		4,030
Waste Management, Inc. 3.15%, 11/15/27		3,000		2,811
1.50%, 3/15/31		10,000		7,942
(Cost $33,560)				26,928
Hand/Machine Tools — 0.1%
Stanley Black & Decker, Inc., 4.00%, 3/15/60
(Cost $5,246)		6,000		5,177
Machinery-Construction & Mining — 0.5%
Caterpillar Financial Services Corp.
MTN, 0.45%, 5/17/24		20,000		18,819
MTN, 0.80%, 11/13/25		5,000		4,504
Caterpillar, Inc. 3.803%, 8/15/42		5,000		4,378
3.25%, 9/19/49		7,000		5,442
(Cost $37,085)				33,143
Machinery-Diversified — 1.0%
CNH Industrial Capital LLC, 1.875%, 1/15/26		7,000		6,380
Deere & Co., 3.90%, 6/9/42		8,000		7,339

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Machinery-Diversified (Continued)
John Deere Capital Corp.
MTN, 2.05%, 1/9/25	$	10,000	$	9,522
MTN, 3.45%, 3/13/25		10,000		9,784
MTN, 2.00%, 6/17/31		7,000		5,737
Otis Worldwide Corp., 3.112%, 2/15/40		15,000		11,342
Rockwell Automation, Inc., 1.75%, 8/15/31		8,000		6,412
Xylem, Inc., 2.25%, 1/30/31		7,000		5,760
(Cost $70,630)				62,276
Miscellaneous Manufacturing — 0.7%
3M Co. MTN, 3.25%, 2/14/24		5,000		4,917
MTN, 4.00%, 9/14/48		10,000		8,420
Carlisle Cos., Inc., 2.20%, 3/1/32		10,000		7,701
Eaton Corp., 4.15%, 11/2/42		8,000		7,032
Parker-Hannifin Corp., 3.25%, 6/14/29		10,000		9,053
Teledyne Technologies, Inc., 1.60%, 4/1/26 (a)		5,000		4,479
(Cost $50,879)				41,602
Packaging & Containers — 0.2%
Sonoco Products Co., 3.125%, 5/1/30		2,000		1,736
WRKCo, Inc. 3.00%, 9/15/24		10,000		9,578
3.75%, 3/15/25		5,000		4,855
(Cost $17,711)				16,169
Transportation — 2.5%
Canadian National Railway Co. 2.75%, 3/1/26		5,000		4,731
2.45%, 5/1/50		5,000		3,240
Canadian Pacific Railway Co. 2.90%, 2/1/25		10,000		9,582
2.05%, 3/5/30		9,000		7,457
3.10%, 12/2/51		3,000		2,113
CSX Corp. 2.40%, 2/15/30		15,000		12,855
3.80%, 11/1/46		15,000		12,077
FedEx Corp. 3.25%, 4/1/26		5,000		4,794
4.25%, 5/15/30		5,000		4,701
2.40%, 5/15/31		5,000		4,096
5.25%, 5/15/50 (a)		15,000		13,851
Kansas City Southern/Old, 3.50%, 5/1/50		5,000		3,660
Norfolk Southern Corp. 2.90%, 8/25/51		5,000		3,358
4.05%, 8/15/52		16,000		13,313
Ryder System, Inc., MTN, 2.90%, 12/1/26		5,000		4,590

	Principal Amount		Value
Transportation (Continued)
Union Pacific Corp. 2.40%, 2/5/30	$	11,000	$	9,525
2.375%, 5/20/31		10,000		8,509
2.891%, 4/6/36		5,000		4,038
3.839%, 3/20/60		9,000		7,161
3.55%, 5/20/61		5,000		3,732
United Parcel Service, Inc. 2.50%, 9/1/29		10,000		8,813
4.45%, 4/1/30		7,000		6,968
3.75%, 11/15/47		7,000		5,929
(Cost $198,522)				159,093
Trucking & Leasing — 0.1%
GATX Corp., 4.00%, 6/30/30
(Cost $6,859)		6,000		5,409
Technology — 10.7%
Computers — 3.3%
Apple, Inc. 2.75%, 1/13/25		10,000		9,680
3.20%, 5/13/25		12,000		11,672
2.45%, 8/4/26		9,000		8,440
3.20%, 5/11/27		10,000		9,613
1.65%, 2/8/31		6,000		4,923
1.70%, 8/5/31		10,000		8,147
4.45%, 5/6/44		12,000		11,810
3.85%, 8/4/46		15,000		13,104
3.75%, 11/13/47		15,000		12,902
2.95%, 9/11/49		2,000		1,475
2.65%, 2/8/51		10,000		6,874
2.80%, 2/8/61		8,000		5,387
Dell International LLC / EMC Corp. 6.02%, 6/15/26		15,000		15,329
5.30%, 10/1/29		20,000		19,703
Hewlett Packard Enterprise Co. 4.90%, 10/15/25		10,000		9,993
1.75%, 4/1/26		7,000		6,363
6.35%, 10/15/45		3,000		3,084
HP, Inc., 3.40%, 6/17/30		10,000		8,604
International Business Machines Corp. 3.50%, 5/15/29		15,000		13,978
1.95%, 5/15/30		10,000		8,251
4.00%, 6/20/42		12,000		10,167
4.25%, 5/15/49		5,000		4,273
NetApp, Inc., 1.875%, 6/22/25		5,000		4,612
Western Digital Corp., 2.85%, 2/1/29		5,000		3,980
(Cost $244,033)				212,364
Office/Business Equipment — 0.3%
CDW LLC / CDW Finance Corp. 5.50%, 12/1/24		10,000		9,991
4.125%, 5/1/25		10,000		9,635
(Cost $20,314)				19,626

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Semiconductors — 2.9%
Analog Devices, Inc., 2.95%, 10/1/51	$	5,000	$	3,579
Applied Materials, Inc. 4.35%, 4/1/47		3,000		2,804
2.75%, 6/1/50		3,000		2,115
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27		18,000		17,061
Broadcom, Inc. 144A,3.137%, 11/15/35		12,000		8,924
144A,3.187%, 11/15/36		15,000		11,006
144A,4.926%, 5/15/37		6,000		5,272
Intel Corp. 3.70%, 7/29/25		15,000		14,732
2.60%, 5/19/26		10,000		9,438
3.15%, 5/11/27		6,000		5,700
4.10%, 5/11/47		12,000		9,939
3.05%, 8/12/51		6,000		4,056
3.10%, 2/15/60		7,000		4,543
4.95%, 3/25/60 (a)		7,000		6,377
Lam Research Corp. 4.875%, 3/15/49		2,000		1,947
2.875%, 6/15/50		5,000		3,545
Marvell Technology, Inc., 1.65%, 4/15/26		6,000		5,308
Micron Technology, Inc., 2.703%, 4/15/32		10,000		7,758
NVIDIA Corp. 2.85%, 4/1/30		12,000		10,612
3.70%, 4/1/60		4,000		3,063
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.15%, 5/1/27		5,000		4,545
2.50%, 5/11/31		12,000		9,540
QUALCOMM, Inc. 3.45%, 5/20/25		5,000		4,887
1.65%, 5/20/32		10,000		7,825
3.25%, 5/20/50 (a)		5,000		3,765
Texas Instruments, Inc., 4.15%, 5/15/48		5,000		4,511
TSMC Arizona Corp., 2.50%, 10/25/31		12,000		9,966
(Cost $216,317)				182,818
Software — 4.2%
Activision Blizzard, Inc. 3.40%, 9/15/26		7,000		6,727
2.50%, 9/15/50		2,000		1,278
Adobe, Inc., 2.15%, 2/1/27		7,000		6,439
Autodesk, Inc., 2.40%, 12/15/31		5,000		4,071
Broadridge Financial Solutions, Inc., 2.60%, 5/1/31		5,000		4,119
Electronic Arts, Inc., 1.85%, 2/15/31		5,000		4,018
Fidelity National Information Services, Inc., 2.25%, 3/1/31		7,000		5,599

	Principal Amount		Value
Software (Continued)
Fiserv, Inc. 4.20%, 10/1/28	$	15,000	$	14,327
3.50%, 7/1/29		10,000		9,031
Microsoft Corp. 2.40%, 8/8/26		10,000		9,410
3.30%, 2/6/27		15,000		14,522
3.50%, 2/12/35		10,000		9,316
3.70%, 8/8/46		8,000		7,101
2.921%, 3/17/52		10,000		7,434
3.95%, 8/8/56		2,000		1,764
2.675%, 6/1/60		5,000		3,374
3.041%, 3/17/62		3,000		2,188
Oracle Corp. 3.40%, 7/8/24		10,000		9,778
2.50%, 4/1/25		15,000		14,197
2.95%, 5/15/25		5,000		4,768
2.80%, 4/1/27		5,000		4,572
2.95%, 4/1/30		9,000		7,734
2.875%, 3/25/31		17,000		14,249
4.30%, 7/8/34		20,000		17,721
4.00%, 7/15/46		10,000		7,461
4.00%, 11/15/47		10,000		7,482
3.60%, 4/1/50		7,000		4,882
3.95%, 3/25/51		10,000		7,360
3.85%, 4/1/60		10,000		6,761
4.10%, 3/25/61		8,000		5,705
Roper Technologies, Inc., 3.80%, 12/15/26		13,000		12,551
Salesforce, Inc. 0.625%, 7/15/24		10,000		9,387
3.70%, 4/11/28		5,000		4,845
3.05%, 7/15/61 (a)		8,000		5,388
VMware, Inc. 4.70%, 5/15/30		6,000		5,651
2.20%, 8/15/31		5,000		3,835
(Cost $318,338)				265,045
Utilities — 8.8%
Electric — 6.4%
AEP Texas, Inc., 5.25%, 5/15/52		8,000		7,848
Avangrid, Inc., 3.20%, 4/15/25		15,000		14,393
Baltimore Gas and Electric Co. 3.50%, 8/15/46		15,000		11,462
2.90%, 6/15/50		11,000		7,549
CenterPoint Energy Houston Electric LLC
Series Z, 2.40%, 9/1/26		5,000		4,606
Series AC, 4.25%, 2/1/49		7,000		6,175
Series AF, 3.35%, 4/1/51		5,000		3,786
Commonwealth Edison Co. 2.55%, 6/15/26		15,000		14,058
2.20%, 3/1/30		20,000		16,960
4.00%, 3/1/48		5,000		4,198
3.00%, 3/1/50		6,000		4,258
Series 130, 3.125%, 3/15/51		15,000		10,617
Connecticut Light and Power Co., Series A, 2.05%, 7/1/31		10,000		8,174

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Electric (Continued)
Consolidated Edison Co. of New York, Inc.
Series 20A, 3.35%, 4/1/30	$	10,000	$	9,074
2.40%, 6/15/31		12,000		9,967
Series 06-A, 5.85%, 3/15/36		10,000		10,282
Series 20B, 3.95%, 4/1/50		10,000		8,200
3.20%, 12/1/51 (a)		5,000		3,561
4.625%, 12/1/54		5,000		4,336
Series C, 3.00%, 12/1/60		5,000		3,211
3.60%, 6/15/61		10,000		7,421
Entergy Mississippi LLC, 3.50%, 6/1/51		5,000		3,687
Entergy Texas, Inc., 1.75%, 3/15/31		10,000		7,898
Eversource Energy
Series L, 2.90%, 10/1/24		15,000		14,453
3.45%, 1/15/50		13,000		9,648
Exelon Corp. 3.40%, 4/15/26		10,000		9,586
4.05%, 4/15/30		25,000		23,607
ITC Holdings Corp., 3.35%, 11/15/27		10,000		9,212
National Rural Utilities Cooperative Finance Corp.
Series D, 1.00%, 10/18/24		10,000		9,302
2.75%, 4/15/32		10,000		8,374
5.25%, 4/20/46		6,000		5,394
NSTAR Electric Co., 3.10%, 6/1/51		2,000		1,407
Ohio Power Co., Series Q, 1.625%, 1/15/31		15,000		11,669
Oncor Electric Delivery Co. LLC 0.55%, 10/1/25		12,000		10,693
3.70%, 11/15/28		25,000		23,727
2.75%, 5/15/30		12,000		10,541
3.10%, 9/15/49		14,000		10,122
PECO Energy Co., 3.05%, 3/15/51		7,000		4,940
PPL Electric Utilities Corp., 3.00%, 10/1/49		10,000		6,856
Public Service Electric and Gas Co.
MTN, 2.25%, 9/15/26		5,000		4,579
MTN, 1.90%, 8/15/31		15,000		12,165
MTN, 3.80%, 3/1/46		13,000		10,635
MTN, 2.05%, 8/1/50		5,000		2,861
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/30		10,000		8,031
Series RRR, 3.75%, 6/1/47		10,000		7,908
Sempra Energy 3.40%, 2/1/28		8,000		7,442
4.125%, 4/1/52		5,000		3,885
(Cost $494,826)				408,758
Gas — 1.5%
Atmos Energy Corp. 3.00%, 6/15/27		7,000		6,585
1.50%, 1/15/31		6,000		4,700
3.375%, 9/15/49		8,000		5,937
2.85%, 2/15/52		4,000		2,674

	Principal Amount		Value
Gas (Continued)
ONE Gas, Inc., 2.00%, 5/15/30	$	16,000	$	13,106
Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31		15,000		12,392
Southern California Gas Co. 3.20%, 6/15/25		10,000		9,627
Series TT, 2.60%, 6/15/26		10,000		9,314
Series XX, 2.55%, 2/1/30		10,000		8,624
Series VV, 4.30%, 1/15/49		20,000		16,642
Southwest Gas Corp., 3.18%, 8/15/51		8,000		4,918
(Cost $118,664)				94,519
Water — 0.9%
American Water Capital Corp. 3.40%, 3/1/25		10,000		9,747
2.95%, 9/1/27		10,000		9,287
2.80%, 5/1/30		2,000		1,748
2.30%, 6/1/31		10,000		8,267
3.45%, 5/1/50		11,000		8,212
3.25%, 6/1/51		13,000		9,528
Essential Utilities, Inc. 2.40%, 5/1/31		8,000		6,475
3.351%, 4/15/50		5,000		3,470
(Cost $74,502)				56,734
TOTAL CORPORATE BONDS (Cost $7,256,030)				6,204,445
	Number of Shares
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d) (Cost $42,954)		42,954		42,954
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c) (Cost $43,689)		43,689		43,689
TOTAL INVESTMENTS — 99.2% (Cost $7,342,673)			$	6,291,088
Other assets and liabilities, net — 0.8%				52,742
NET ASSETS — 100.0%			$	6,343,830

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
CORPORATE BONDS — 0.6%
Financial — 0.6%
Deutsche Bank AG, 3.700%, 5/30/24 (b)
		10,033		17			—			—		(216	)		184		—		10,000		9,834
Deutsche Bank AG/New York NY, 3.961%, 11/26/25 (b)
		—		13,898			—			—		280			48		—		15,000		14,178
Deutsche Bank AG/New York NY, 3.035%, 5/28/32 (b)
		12,535		—			(4	)		—		(1,210	)		226		—		15,000		11,321
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
		30,582		12,372	(e)		—			—		—			376		—		42,954		42,954
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
		19,380		162,430			(138,121)			—		—			284		—		43,689		43,689
		72,530		188,717			(138,125	)		—		(1,146	)		1,118		—		126,643		121,976

(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, 2022 amounted to $49,670, which is 0.8% 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 $7,809.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	6,204,445	$	—	$	6,204,445
Short-Term Investments (a)		86,643		—		—		86,643
TOTAL	$	86,643	$	6,204,445	$	—	$	6,291,088

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

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

November 30, 2022 (Unaudited)

	Principal Amount		Value
SOVEREIGN BONDS — 97.9%
Argentina — 2.0%
Argentine Republic Government International Bond 1.00%, 7/9/29	$	55,589	$	14,592
Step Up Coupon, 0.50% to 7/9/23, 0.75% to 7/9/27, 1.75% to 7/9/30		325,000		86,775
Step Up Coupon, 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		410,000		100,963
Step Up Coupon, 3.85% to 7/9/23, 4.25% to 7/9/24, 5.00% to 7/9/38		230,000		70,244
Step Up Coupon, 3.50% to 7/9/29, 4.875% to 7/9/41		210,000		58,800
Step Up Coupon, 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		44,000		10,872
(Cost $617,993)				342,246
Armenia — 1.2%
Republic of Armenia International Bond, REGS, 7.15%, 3/26/25 (Cost $211,892)		200,000		201,280
Azerbaijan — 1.1%
Republic of Azerbaijan International Bond, REGS, 4.75%, 3/18/24 (Cost $207,687)		200,000		197,065
Bahrain — 3.2%
Bahrain Government International Bond REGS, 7.00%, 1/26/26		200,000		205,070
REGS, 6.00%, 9/19/44		200,000		155,290
CBB International Sukuk Programme Co WLL REGS, 4.50%, 3/30/27		200,000		193,930
(Cost $613,011)				554,290
Bolivia — 0.3%
Bolivian Government International Bond, REGS, 4.50%, 3/20/28
(Cost $64,932)		75,000		58,747
Brazil — 3.8%
Brazilian Government International Bond 4.625%, 1/13/28		200,000		192,410
4.50%, 5/30/29		100,000		93,375
3.875%, 6/12/30 (a)		100,000		87,642
8.25%, 1/20/34		75,000		85,485
7.125%, 1/20/37		50,000		53,219
5.625%, 1/7/41		50,000		43,763
5.00%, 1/27/45		71,000		56,179
5.625%, 2/21/47		50,000		41,750
(Cost $745,581)				653,823
Cayman Islands — 1.0%
Sharjah Sukuk Program Ltd., REGS, 3.20%, 7/13/31 (Cost $199,672)		200,000		168,188

	Principal Amount		Value
Chile — 2.8%
Chile Government International Bond 2.55%, 7/27/33	$	150,000	$	120,375
3.10%, 5/7/41		150,000		110,887
4.34%, 3/7/42		150,000		128,888
3.86%, 6/21/47		150,000		120,000
(Cost $619,136)				480,150
China — 1.1%
China Government International Bond, REGS, 3.50%, 10/19/28 (Cost $227,427)		200,000		195,875
Colombia — 3.2%
Colombia Government International Bond 8.125%, 5/21/24 (a)		75,000		76,925
3.875%, 4/25/27		80,000		70,200
3.00%, 1/30/30		80,000		60,500
3.25%, 4/22/32		100,000		71,875
6.125%, 1/18/41		80,000		62,950
5.625%, 2/26/44		100,000		71,300
5.00%, 6/15/45		125,000		83,872
5.20%, 5/15/49		90,000		60,750
(Cost $672,442)				558,372
Costa Rica — 1.3%
Costa Rica Government International Bond REGS, 6.125%, 2/19/31		130,000		126,344
REGS, 7.158%, 3/12/45		100,000		95,000
(Cost $203,213)				221,344
Dominican Republic — 3.6%
Dominican Republic International Bond REGS, 6.875%, 1/29/26		100,000		101,450
REGS, 6.00%, 7/19/28		100,000		96,562
REGS, 4.50%, 1/30/30		100,000		85,261
REGS, 5.30%, 1/21/41		150,000		115,594
REGS, 7.45%, 4/30/44		150,000		140,438
REGS, 6.85%, 1/27/45		100,000		87,468
(Cost $712,403)				626,773
Ecuador — 1.6%
Ecuador Government International Bond REGS, 7/31/30, Zero Coupon		36,000		13,340
Step Up Coupon, 144A, 5.50% to 7/31/23, 6.00% to 7/31/24, 6.90% to 7/31/30		130,000		79,362
Step Up Coupon, 144A, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35		232,000		102,284
Step up Coupon, REGS, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35		80,000		35,270
Step Up Coupon, 144A, 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		119,000		47,786

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Principal Amount		Value
Ecuador (Continued)
Step up Coupon, REGS, 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	$	10,000	$	4,016
(Cost $400,970)				282,058
Egypt — 2.8%
Egypt Government International Bond REGS, 7.50%, 1/31/27		200,000		179,750
REGS, 7.600%, 3/1/29		200,000		164,500
REGS, 5.875%, 2/16/31		200,000		142,458
(Cost $561,266)				486,708
El Salvador — 0.5%
El Salvador Government International Bond REGS, 6.375%, 1/18/27		40,000		16,861
REGS, 8.625%, 2/28/29		60,000		25,894
REGS, 7.65%, 6/15/35		130,000		49,481
(Cost $199,635)				92,236
Gabon — 1.1%
Gabon Government International Bond, REGS, 6.95%, 6/16/25 (Cost $175,168)		200,000		196,000
Ghana — 1.2%
Ghana Government International Bond REGS, 10.75%, 10/14/30		200,000		140,000
REGS, 7.875%, 2/11/35		200,000		70,338
(Cost $436,755)				210,338
Guatemala — 0.7%
Guatemala Government Bond REGS, 4.90%, 6/1/30		75,000		70,937
REGS, 6.125%, 6/1/50		50,000		46,041
(Cost $143,335)				116,978
Hungary — 2.2%
Hungary Government International Bond 5.375%, 3/25/24		90,000		89,981
REGS, 2.125%, 9/22/31		200,000		149,401
7.625%, 3/29/41		24,000		26,155
REGS, 3.125%, 9/21/51		200,000		120,741
(Cost $486,121)				386,278
Indonesia — 3.6%
Indonesia Government International Bond REGS, 4.75%, 1/8/26		60,000		60,019
3.85%, 10/15/30 (a)		50,000		47,062
REGS, 8.50%, 10/12/35		150,000		189,041
REGS, 6.625%, 2/17/37		150,000		166,313
REGS, 7.75%, 1/17/38		100,000		120,625
3.05%, 3/12/51 (a)		50,000		35,625
(Cost $735,943)				618,685
Ivory Coast (Cote D’Ivoire) — 0.7%
Ivory Coast Government International Bond, REGS, 5.75%, 12/31/32 (Cost $124,099)		125,389		122,060

	Principal Amount		Value
Jamaica — 1.7%
Jamaica Government International Bond 6.75%, 4/28/28 (a)	$	181,000	$	191,509
7.875%, 7/28/45		93,000		102,420
(Cost $309,259)				293,929
Jordan — 1.1%
Jordan Government International Bond, REGS, 5.75%, 1/31/27 (Cost $204,854)		200,000		194,199
Kazakhstan — 1.2%
Kazakhstan Government International Bond, REGS, 6.50%, 7/21/45 (Cost $292,209)		200,000		208,352
Kenya — 1.0%
Republic of Kenya Government International Bond, REGS, 7.25%, 2/28/28 (Cost $198,973)		200,000		178,000
Kuwait — 1.1%
Kuwait International Government Bond, REGS, 3.50%, 3/20/27 (Cost $212,985)		200,000		192,752
Malaysia — 1.0%
Malaysia Sovereign Sukuk Bhd REGS, 3.043%, 4/22/25		100,000		96,719
Malaysia Wakala Sukuk Bhd REGS, 2.07%, 4/28/31		80,000		69,000
(Cost $179,087)				165,719
Mexico — 3.2%
Mexico Government International Bond 3.25%, 4/16/30 (a)		100,000		89,375
MTN, 8.30%, 8/15/31		50,000		58,380
Series A, MTN, 7.50%, 4/8/33		50,000		56,008
Series A, MTN, 6.75%, 9/27/34		40,000		42,950
6.05%, 1/11/40		96,000		96,510
MTN, 4.75%, 3/8/44		90,000		76,095
5.55%, 1/21/45		40,000		37,404
4.60%, 1/23/46		25,000		20,516
4.60%, 2/10/48		30,000		24,375
4.50%, 1/31/50		25,000		20,040
GMTN, 5.75%, 10/12/10		40,000		34,769
(Cost $670,879)				556,422
Mongolia — 1.3%
Mongolia Government International Bond REGS, 8.75%, 3/9/24		200,000		188,770
REGS, 5.125%, 4/7/26		50,000		41,750
(Cost $256,617)				230,520
Morocco — 1.0%
Morocco Government International Bond, REGS, 5.50%, 12/11/42 (Cost $244,874)		200,000		172,023

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Principal Amount		Value
Oman — 3.3%
Oman Government International Bond REGS, 5.375%, 3/8/27	$	200,000	$	195,750
REGS, 5.625%, 1/17/28		200,000		196,750
REGS, 6.75%, 1/17/48		200,000		184,500
(Cost $529,892)				577,000
Panama — 4.5%
Panama Government International Bond 3.75%, 3/16/25		50,000		48,763
7.125%, 1/29/26		100,000		106,645
3.875%, 3/17/28		150,000		142,532
9.375%, 4/1/29		25,000		30,000
3.16%, 1/23/30		50,000		43,525
6.70%, 1/26/36		100,000		106,440
4.30%, 4/29/53		50,000		37,406
4.50%, 4/1/56		150,000		113,063
3.87%, 7/23/60		175,000		117,338
4.50%, 1/19/63		50,000		36,750
(Cost $1,017,765)				782,462
Paraguay — 1.4%
Paraguay Government International Bond, REGS, 3.849%, 6/28/33 (Cost $239,269)		270,000		234,367
Peru — 3.2%
Peruvian Government International Bond 7.35%, 7/21/25		25,000		26,469
4.125%, 8/25/27		25,000		24,438
2.783%, 1/23/31		100,000		84,750
8.75%, 11/21/33		100,000		124,562
3.00%, 1/15/34		100,000		81,400
6.55%, 3/14/37		40,000		43,125
3.30%, 3/11/41		75,000		56,325
5.625%, 11/18/50		50,000		50,312
2.78%, 12/1/60		115,000		69,791
(Cost $735,304)				561,172
Philippines — 4.0%
Philippine Government International Bond 3.00%, 2/1/28		100,000		92,875
3.75%, 1/14/29		100,000		95,250
9.50%, 2/2/30		160,000		200,000
3.95%, 1/20/40		50,000		42,187
3.70%, 3/1/41		100,000		81,625
3.70%, 2/2/42		150,000		122,062
4.20%, 3/29/47		75,000		65,063
(Cost $846,408)				699,062
Poland — 0.8%
Republic of Poland Government International Bond, 3.25%, 4/6/26 (Cost $155,888)		150,000		143,073
Qatar — 3.9%
Qatar Government International Bond REGS, 4.00%, 3/14/29		200,000		196,125
144A, 9.75%, 6/15/30		160,000		214,400
144A, 6.40%, 1/20/40		60,000		69,000

	Principal Amount		Value
Qatar (Continued)
REGS, 5.103%, 4/23/48	$	200,000	$	200,750
(Cost $805,523)				680,275
Romania — 3.0%
Romanian Government International Bond REGS, 4.375%, 8/22/23		100,000		99,504
REGS, 4.875%, 1/22/24		100,000		99,663
REGS, 3.00%, 2/14/31		100,000		80,104
REGS, 6.00%, 5/25/34		50,000		47,266
144A, 6.125%, 1/22/44		70,000		63,934
REGS, 6.125%, 1/22/44		50,000		45,667
REGS, 5.125%, 6/15/48		40,000		32,019
REGS, 4.00%, 2/14/51		90,000		60,139
(Cost $635,556)				528,296
Saudi Arabia — 5.6%
KSA Sukuk Ltd. REGS, 2.25%, 5/17/31		300,000		254,438
Saudi Government International Bond REGS, 4.375%, 4/16/29		200,000		197,625
REGS, 2.75%, 2/3/32		200,000		173,988
REGS, 2.25%, 2/2/33		200,000		161,875
REGS, 5.00%, 4/17/49		200,000		186,699
(Cost $1,181,320)				974,625
South Africa — 2.5%
Republic of South Africa Government International Bond 4.30%, 10/12/28		200,000		181,523
5.65%, 9/27/47		150,000		114,937
6.30%, 6/22/48		130,000		107,738
5.75%, 9/30/49		40,000		30,800
(Cost $476,386)				434,998
Sri Lanka — 0.5%
Sri Lanka Government International Bond REGS, 6.85%, 3/14/24 (b)		100,000		31,494
144A, 7.85%, 3/14/29 (b)		75,000		23,292
REGS, 7.55%, 3/28/30 (b)		100,000		31,191
(Cost $216,207)				85,977
Trinidad and Tobago — 0.9%
Trinidad & Tobago Government International Bond, REGS, 4.50%, 8/4/26 (a) (Cost $154,566)		150,000		147,230
Turkey — 3.7%
Turkey Government International Bond 5.75%, 3/22/24		25,000		24,969
6.35%, 8/10/24		50,000		50,000
7.375%, 2/5/25		55,000		55,550
4.75%, 1/26/26		70,000		63,700
4.25%, 4/14/26		50,000		44,500
4.875%, 10/9/26		100,000		89,500
5.125%, 2/17/28		85,000		73,525
6.125%, 10/24/28		100,000		89,000
11.875%, 1/15/30		50,000		58,875
8.00%, 2/14/34		15,000		14,850
6.875%, 3/17/36		50,000		42,000

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Principal Amount		Value
Turkey (Continued)
7.25%, 3/5/38	$	50,000	$	44,375
(Cost $674,067)				650,844
Ukraine — 0.8%
Ukraine Government International Bond REGS, 7.75%, 9/1/27*		100,000		23,303
REGS, 7.75%, 9/1/29*		250,000		60,151
144A, 9.75%, 11/1/30*		30,000		7,315
REGS, 9.75%, 11/1/30*		200,000		48,764
(Cost $590,090)				139,533
United Arab Emirates — 3.1%
Abu Dhabi Government International Bond REGS, 3.125%, 10/11/27		200,000		191,852
REGS, 4.125%, 10/11/47		200,000		174,579
REGS, 3.875%, 4/16/50		200,000		166,806
(Cost $697,938)				533,237
Uruguay — 4.0%
Uruguay Government International Bond 4.375%, 10/27/27		77,000		78,116
4.375%, 1/23/31		124,000		124,310
7.875%, 1/15/33		42,000		53,025
7.625%, 3/21/36		54,000		69,390
4.125%, 11/20/45		37,000		34,410
5.10%, 6/18/50		201,000		200,749
4.975%, 4/20/55		132,000		128,205
(Cost $818,673)				688,205

	Principal Amount		Value
Uzbekistan — 1.1%
Republic of Uzbekistan International Bond, REGS, 4.75%, 2/20/24 (Cost $206,297)	$	200,000	$	195,288
TOTAL SOVEREIGN BONDS
(Cost $20,909,567)				17,017,054
	Number of Shares
SECURITIES LENDING COLLATERAL — 2.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
(Cost $416,538)		416,538		416,538
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
(Cost $46,933)		46,933		46,933
TOTAL INVESTMENTS — 100.6% (Cost $21,373,038)			$	17,480,525
Other assets and liabilities, net — (0.6%)				(97,480	)
NET ASSETS — 100.0%			$	17,383,045

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
SECURITIES LENDING COLLATERAL — 2.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
		482,208		—		(65,670	)(e)		—		—		3,826		—		416,538		416,538
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
		166,057		1,177,307		(1,296,431	)		—		—		1,672		—		46,933		46,933
		648,265		1,177,307		(1,362,101	)		—		—		5,498		—		463,471		463,471

* 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, 2022 amounted to $405,221, which is 2.3% 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, 2022.

GMTN: Global Medium Term Note

MTN: Medium Term Note

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. 24

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Sovereign Bonds (a)	$	—	$	17,017,054	$	—	$	17,017,054
Short-Term Investments (a)		463,471		—		—		463,471
TOTAL	$	463,471	$	17,017,054	$	—	$	17,480,525

(a) 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, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 98.1%
Basic Materials — 5.8%
Chemicals — 3.0%
Ashland LLC, 6.875%, 5/15/43	$	10,000	$	9,837
ASP Unifrax Holdings, Inc., 144A, 5.25%, 9/30/28		30,000		24,866
Avient Corp., 144A, 5.75%, 5/15/25		50,000		48,625
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		10,000		8,219
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27 (a)		10,000		9,225
Cerdia Finanz GmbH, 144A, 10.50%, 2/15/27		17,000		13,858
Chemours Co., 144A, 5.75%, 11/15/28		25,000		22,034
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		21,000		18,454
Cornerstone Chemical Co., 144A, 6.75%, 8/15/24 (a)		10,000		8,137
CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28		12,000		10,860
Diamond BC BV, 144A, 4.625%, 10/1/29		10,000		7,625
Element Solutions, Inc., 144A, 3.875%, 9/1/28		21,000		18,007
HB Fuller Co., 4.25%, 10/15/28		21,000		18,716
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 144A, 9.00%, 7/1/28		12,000		9,945
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		15,000		13,313
Ingevity Corp., 144A, 3.875%, 11/1/28		10,000		8,550
Iris Holding, Inc., 144A, 10.00%, 12/15/28		10,000		8,750
LSF11 A5 HoldCo LLC, 144A, 6.625%, 10/15/29		10,000		8,175
Methanex Corp. 5.25%, 12/15/29		20,000		17,915
5.65%, 12/1/44		10,000		7,625
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		50,000		48,656
144A, 5.25%, 6/1/27		20,000		18,075
Olympus Water US Holding Corp. 144A, 4.25%, 10/1/28		10,000		8,188
144A, 6.25%, 10/1/29		10,000		7,300
Rain CII Carbon LLC / CII Carbon Corp., 144A, 7.25%, 4/1/25		10,000		9,000
Rayonier AM Products, Inc., 144A, 5.50%, 6/1/24 (a)		20,000		19,700
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/29		15,000		12,600
SCIL IV LLC / SCIL USA Holdings LLC, 144A, 5.375%, 11/1/26		15,000		12,603

	Principal Amount		Value
Chemicals (Continued)
SK Invictus Intermediate II SARL, 144A, 5.00%, 10/30/29	$	10,000	$	8,009
SPCM SA, 144A, 3.125%, 3/15/27		10,000		8,600
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 144A, 5.375%, 9/1/25		15,000		12,169
144A, 5.125%, 4/1/29		10,000		6,463
Tronox, Inc., 144A, 4.625%, 3/15/29		25,000		20,063
Valvoline, Inc., 144A, 3.625%, 6/15/31		30,000		24,750
Venator Finance Sarl / Venator Materials LLC, 144A, 5.75%, 7/15/25		10,000		3,575
Vibrantz Technologies, Inc., 144A, 9.00%, 2/15/30		15,000		11,400
WR Grace Holdings LLC 144A, 5.625%, 10/1/24		20,000		19,600
144A, 4.875%, 6/15/27		15,000		13,477
144A, 5.625%, 8/15/29		10,000		8,260
(Cost $638,851)				565,224
Forest Products & Paper — 0.3%
Ahlstrom-Munksjo Holding 3 Oy, 144A, 4.875%, 2/4/28		10,000		8,050
Clearwater Paper Corp., 144A, 4.75%, 8/15/28		10,000		8,700
Domtar Corp., 144A, 6.75%, 10/1/28		10,000		8,750
Glatfelter Corp., 144A, 4.75%, 11/15/29		10,000		6,600
Mercer International, Inc., 5.125%, 2/1/29		25,000		21,588
Sylvamo Corp., 144A, 7.00%, 9/1/29		10,000		9,450
(Cost $73,930)				63,138
Iron/Steel — 0.9%
ATI, Inc., 5.125%, 10/1/31		20,000		16,950
Big River Steel LLC / BRS Finance Corp., 144A, 6.625%, 1/31/29		15,000		14,479
Carpenter Technology Corp., 6.375%, 7/15/28		20,000		18,900
Cleveland-Cliffs, Inc. 5.875%, 6/1/27 (a)		10,000		9,480
6.25%, 10/1/40		10,000		8,212
Commercial Metals Co., 4.375%, 3/15/32		23,000		19,345
Infrabuild Australia Pty Ltd., 144A, 12.00%, 10/1/24		7,000		6,807
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		21,000		21,319
144A, 8.00%, 11/1/27		45,000		46,229
United States Steel Corp. 6.875%, 3/1/29 (a)		10,000		9,631
6.65%, 6/1/37		10,000		8,925
(Cost $190,347)				180,277

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, 2022 (Unaudited)

	Principal Amount		Value
Mining — 1.6%
Arconic Corp., 144A, 6.125%, 2/15/28	$	18,000	$	16,875
Coeur Mining, Inc., 144A, 5.125%, 2/15/29 (a)		10,000		7,887
Compass Minerals International, Inc., 144A, 6.75%, 12/1/27		10,000		9,480
Constellium SE 144A, 5.625%, 6/15/28		10,000		9,225
144A, 3.75%, 4/15/29 (a)		15,000		12,375
Eldorado Gold Corp., 144A, 6.25%, 9/1/29		10,000		8,345
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		89,000		88,444
144A, 4.375%, 4/1/31		23,000		19,493
144A, 6.125%, 4/15/32		36,000		32,940
Hudbay Minerals, Inc., 144A, 6.125%, 4/1/29		20,000		18,050
JW Aluminum Continuous Cast Co., 144A, 10.25%, 6/1/26		15,000		15,263
Kaiser Aluminum Corp., 144A, 4.50%, 6/1/31		15,000		12,741
Novelis Corp. 144A, 4.75%, 1/30/30		30,000		27,119
144A, 3.875%, 8/15/31		20,000		16,500
(Cost $316,885)				294,737
Communications — 16.7%
Advertising — 0.8%
Advantage Sales & Marketing, Inc., 144A, 6.50%, 11/15/28		20,000		15,728
Clear Channel Outdoor Holdings, Inc. 144A, 7.75%, 4/15/28		32,000		24,032
144A, 7.50%, 6/1/29		21,000		15,645
CMG Media Corp., 144A, 8.875%, 12/15/27		20,000		15,383
Lamar Media Corp. 3.75%, 2/15/28		10,000		8,925
3.625%, 1/15/31		25,000		20,875
National CineMedia LLC, 144A, 5.875%, 4/15/28		10,000		3,500
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 5.00%, 8/15/27		36,000		32,895
Stagwell Global LLC, 144A, 5.625%, 8/15/29		20,000		17,225
(Cost $191,802)				154,208
Internet — 1.2%
ANGI Group LLC, 144A, 3.875%, 8/15/28		10,000		7,537
Arches Buyer, Inc. 144A, 4.25%, 6/1/28		15,000		12,375
144A, 6.125%, 12/1/28		15,000		12,183
Cablevision Lightpath LLC, 144A, 5.625%, 9/15/28		10,000		7,637
Cogent Communications Group, Inc., 144A, 3.50%, 5/1/26		15,000		13,706

	Principal Amount		Value
Internet (Continued)
Endurance International Group Holdings, Inc., 144A, 6.00%, 2/15/29	$	10,000	$	6,750
Gen Digital, Inc. 144A, 5.00%, 4/15/25		28,000		27,447
144A, 6.75%, 9/30/27		15,000		15,102
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		10,000		9,513
144A, 3.50%, 3/1/29		20,000		17,000
ION Trading Technologies SARL, 144A, 5.75%, 5/15/28		10,000		8,188
Match Group Holdings II LLC, 144A, 4.625%, 6/1/28		20,000		18,000
Millennium Escrow Corp., 144A, 6.625%, 8/1/26		10,000		7,250
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 144A, 4.75%, 4/30/27		10,000		8,906
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		14,000		8,785
Rakuten Group, Inc. 144A, 5.125%, Perpetual (b)		26,000		19,240
144A, 6.25%, Perpetual (a)(b)		15,000		9,153
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		14,000		12,285
(Cost $256,791)				221,057
Media — 7.7%
AMC Networks, Inc. 5.00%, 4/1/24		25,000		23,930
4.75%, 8/1/25		13,000		11,650
4.25%, 2/15/29 (a)		10,000		7,504
Audacy Capital Corp., 144A, 6.75%, 3/31/29		10,000		2,357
Cable One, Inc., 144A, 4.00%, 11/15/30		10,000		8,107
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.125%, 5/1/27		91,000		85,727
144A, 5.00%, 2/1/28		10,000		9,226
144A, 6.375%, 9/1/29		10,000		9,537
144A, 4.75%, 3/1/30		27,000		23,335
144A, 4.25%, 2/1/31		46,000		37,490
4.50%, 5/1/32		46,000		38,031
144A, 4.25%, 1/15/34		32,000		24,978
CSC Holdings LLC 5.25%, 6/1/24		30,000		29,016
144A, 5.50%, 4/15/27		23,000		21,131
144A, 5.375%, 2/1/28		18,000		16,205
144A, 6.50%, 2/1/29		20,000		18,275
144A, 4.625%, 12/1/30		42,000		26,687
144A, 4.50%, 11/15/31		20,000		15,400
144A, 5.00%, 11/15/31		63,000		40,162
Cumulus Media New Holdings, Inc., 144A, 6.75%, 7/1/26		10,000		8,450

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, 2022 (Unaudited)

	Principal Amount		Value
Media (Continued)
Diamond Sports Group LLC / Diamond Sports Finance Co. 144A, 5.375%, 8/15/26	$	40,000	$	6,378
144A, 6.625%, 8/15/27		25,000		1,017
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		70,000		64,581
DISH DBS Corp. 5.875%, 11/15/24		55,000		52,539
7.75%, 7/1/26		70,000		58,982
144A, 5.25%, 12/1/26		46,000		39,721
144A, 5.75%, 12/1/28		41,000		33,614
GCI LLC, 144A, 4.75%, 10/15/28		13,000		11,202
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		25,000		19,199
Gray Television, Inc., 144A, 7.00%, 5/15/27		40,000		36,875
iHeartCommunications, Inc. 8.375%, 5/1/27		20,000		17,806
144A, 4.75%, 1/15/28		46,000		39,790
LCPR Senior Secured Financing DAC, 144A, 5.125%, 7/15/29		21,000		17,430
Liberty Interactive LLC, 8.25%, 2/1/30		10,000		5,163
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		10,000		8,938
144A, 8.00%, 8/1/29		10,000		8,450
News Corp., 144A, 3.875%, 5/15/29		35,000		31,281
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		46,000		43,825
Paramount Global, 6.375%, 3/30/62		25,000		20,825
Radiate Holdco LLC / Radiate Finance, Inc., 144A, 6.50%, 9/15/28		23,000		12,506
Scripps Escrow II, Inc., 144A, 5.375%, 1/15/31 (a)		20,000		16,377
Sinclair Television Group, Inc., 144A, 5.50%, 3/1/30		20,000		15,400
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		46,000		41,714
144A, 5.00%, 8/1/27		18,000		16,853
144A, 4.00%, 7/15/28		27,000		23,869
144A, 5.50%, 7/1/29		17,000		15,834
144A, 4.125%, 7/1/30		10,000		8,471
144A, 3.875%, 9/1/31		18,000		14,805
Spanish Broadcasting System, Inc., 144A, 9.75%, 3/1/26		10,000		5,985
TEGNA, Inc. 4.625%, 3/15/28		18,000		17,066
5.00%, 9/15/29		23,000		21,620
Univision Communications, Inc. 144A, 6.625%, 6/1/27		46,000		44,965
144A, 4.50%, 5/1/29		18,000		15,435
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		10,000		8,576

	Principal Amount		Value
Media (Continued)
UPC Holding BV, 144A, 5.50%, 1/15/28	$	41,000	$	36,951
Urban One, Inc., 144A, 7.375%, 2/1/28		10,000		8,521
Videotron Ltd. 144A, 5.375%, 6/15/24		10,000		9,950
144A, 5.125%, 4/15/27		10,000		9,513
144A, 3.625%, 6/15/29 (a)		10,000		8,537
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		18,000		15,068
Virgin Media Secured Finance PLC, 144A, 5.50%, 5/15/29		46,000		42,728
Virgin Media Vendor Financing Notes IV DAC, 144A, 5.00%, 7/15/28		5,000		4,299
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		32,000		26,560
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		10,000		9,175
Ziggo BV, 144A, 4.875%, 1/15/30		36,000		30,780
(Cost $1,672,805)				1,456,372
Telecommunications — 7.0%
Altice France Holding SA 144A, 10.50%, 5/15/27		25,000		19,875
144A, 6.00%, 2/15/28		35,000		23,625
Altice France SA 144A, 8.125%, 2/1/27		30,000		28,725
144A, 5.50%, 1/15/28		56,000		46,830
144A, 5.125%, 7/15/29		10,000		7,919
Avaya, Inc., 144A, 6.125%, 9/15/28		20,000		9,000
British Telecommunications PLC, 144A, 4.875%, 11/23/81		20,000		16,100
CommScope Technologies LLC 144A, 6.00%, 6/15/25		35,000		32,865
144A, 5.00%, 3/15/27		15,000		11,547
CommScope, Inc. 144A, 6.00%, 3/1/26		25,000		24,125
144A, 8.25%, 3/1/27		10,000		8,619
144A, 7.125%, 7/1/28		22,000		17,160
144A, 4.75%, 9/1/29		45,000		38,122
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		46,000		43,700
Consolidated Communications, Inc., 144A, 6.50%, 10/1/28		15,000		12,417
Embarq Corp., 7.995%, 6/1/36		30,000		12,850
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		15,000		14,348
144A, 6.75%, 5/1/29		25,000		21,022
144A, 6.00%, 1/15/30		15,000		12,349
GoTo Group, Inc., 144A, 5.50%, 9/1/27		15,000		8,850
Hughes Satellite Systems Corp., 5.25%, 8/1/26		18,000		17,370

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, 2022 (Unaudited)

		Principal Amount		Value
Telecommunications (Continued)
Iliad Holding SASU 144A, 6.50%, 10/15/26		$	18,000	$	17,100
144A, 7.00%, 10/15/28	��		18,000		17,038
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30			55,000		50,600
Intrado Corp., 144A, 8.50%, 10/15/25			10,000		8,696
Level 3 Financing, Inc. 144A, 4.25%, 7/1/28			25,000		19,500
144A, 3.75%, 7/15/29			15,000		11,025
Ligado Networks LLC 144A, 15.50%, 11/1/23 PIK			45,081		13,975
144A, 17.50%, 5/1/24 PIK			32,116		6,423
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26			40,000		34,400
144A, 4.00%, 2/15/27			25,000		21,437
Series P, 7.60%, 9/15/39			10,000		6,909
Series U, 7.65%, 3/15/42			10,000		6,675
Nokia OYJ, 6.625%, 5/15/39			15,000		14,335
SoftBank Group Corp., REGS, 3.125%, 1/6/25			200,000		184,750
Sprint Capital Corp. 6.875%, 11/15/28			32,000		33,972
8.75%, 3/15/32			27,000		32,204
Sprint LLC 7.125%, 6/15/24			18,000		18,387
7.625%, 2/15/25			27,000		28,015
7.625%, 3/1/26			46,000		48,439
Switch Ltd. 144A, 3.75%, 9/15/28			25,000		25,187
144A, 4.125%, 6/15/29			30,000		30,412
Telecom Italia Capital SA 6.375%, 11/15/33			18,000		14,873
6.00%, 9/30/34			22,000		17,078
7.20%, 7/18/36			27,000		22,515
7.721%, 6/4/38			10,000		8,450
Telesat Canada / Telesat LLC 144A, 5.625%, 12/6/26			10,000		4,775
144A, 6.50%, 10/15/27			14,000		4,445
United States Cellular Corp., 6.70%, 12/15/33			10,000		8,775
Viasat, Inc. 144A, 5.625%, 9/15/25			27,000		25,178
144A, 6.50%, 7/15/28			15,000		11,614
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31			25,000		20,132
144A, 4.75%, 7/15/31			20,000		16,500
Vodafone Group PLC 7.00%, 4/4/79			40,000		39,752
4.125%, 6/4/81			19,000		14,393
5.125%, 6/4/81			25,000		18,125
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28			30,000		26,400
Zayo Group Holdings, Inc., 144A, 6.125%, 3/1/28			25,000		13,688
(Cost $1,552,256)					1,323,590

	Principal Amount		Value
Consumer, Cyclical — 19.5%
Airlines — 1.6%
Air Canada, 144A, 3.875%, 8/15/26	$	30,000	$	27,600
Allegiant Travel Co., 144A, 7.25%, 8/15/27		12,000		11,640
American Airlines Inc/AAdvantage Loyalty IP Ltd. 144A, 5.50%, 4/20/26		55,000		53,551
144A, 5.75%, 4/20/29		42,000		39,314
American Airlines, Inc., 144A, 11.75%, 7/15/25		36,000		40,136
Delta Air Lines, Inc.,7.375%, 1/15/26		55,000		57,026
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		20,000		19,055
United Airlines Holdings, Inc., 4.875%, 1/15/25 (a)		50,000		48,261
(Cost $298,641)				296,583
Apparel — 0.3%
Crocs, Inc., 144A, 4.125%, 8/15/31		15,000		12,112
Hanesbrands, Inc., 144A, 4.625%, 5/15/24		42,000		40,648
Wolverine World Wide, Inc., 144A, 4.00%, 8/15/29		10,000		7,475
(Cost $62,981)				60,235
Auto Manufacturers — 2.6%
Allison Transmission, Inc. 144A, 5.875%, 6/1/29		15,000		14,212
144A, 3.75%, 1/30/31		20,000		16,848
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		30,000		28,965
Ford Motor Co. 4.346%, 12/8/26		22,000		21,010
6.625%, 10/1/28		22,000		22,055
9.625%, 4/22/30		25,000		28,813
7.45%, 7/16/31		66,000		69,877
6.10%, 8/19/32		25,000		24,125
4.75%, 1/15/43		10,000		7,453
5.291%, 12/8/46		15,000		11,922
Ford Motor Credit Co. LLC 5.125%, 6/16/25		180,000		174,650
4.95%, 5/28/27		31,000		29,405
Mclaren Finance PLC, 144A, 7.50%, 8/1/26		22,000		18,095
PM General Purchaser LLC, 144A, 9.50%, 10/1/28		10,000		8,813
Wabash National Corp., 144A, 4.50%, 10/15/28		10,000		8,500
(Cost $510,961)				484,743
Auto Parts & Equipment — 1.3%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		20,000		18,729
American Axle & Manufacturing, Inc., 6.50%, 4/1/27		30,000		28,350

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, 2022 (Unaudited)

	Principal Amount		Value
Auto Parts & Equipment (Continued)
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27	$	60,000	$	58,917
Cooper-Standard Automotive, Inc., 144A, 5.625%, 11/15/26		10,000		4,237
Dana, Inc. 5.375%, 11/15/27		25,000		23,125
4.25%, 9/1/30		10,000		8,100
Dealer Tire LLC / DT Issuer LLC, 144A, 8.00%, 2/1/28		10,000		8,654
Dornoch Debt Merger Sub, Inc., 144A, 6.625%, 10/15/29		13,000		8,710
Goodyear Tire & Rubber Co. 5.00%, 5/31/26		10,000		9,650
5.25%, 4/30/31 (a)		20,000		17,171
5.625%, 4/30/33 (a)		16,000		13,735
Real Hero Merger Sub 2, Inc., 144A, 6.25%, 2/1/29		12,000		8,340
Titan International, Inc., 7.00%, 4/30/28		10,000		9,450
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		30,000		28,800
(Cost $271,285)				245,968
Distribution/Wholesale — 0.6%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		45,000		40,950
BCPE Empire Holdings, Inc., 144A, 7.625%, 5/1/27		14,000		12,722
G-III Apparel Group Ltd., 144A, 7.875%, 8/15/25		10,000		9,713
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		23,000		20,005
IAA, Inc., 144A, 5.50%, 6/15/27		10,000		9,850
KAR Auction Services, Inc., 144A, 5.125%, 6/1/25		5,000		4,863
Univar Solutions USA Inc., 144A, 5.125%, 12/1/27		20,000		19,200
Wesco Aircraft Holdings, Inc., 144A, 9.00%, 11/15/26		2		1
(Cost $126,444)				117,304
Entertainment — 2.8%
Affinity Gaming, 144A, 6.875%, 12/15/27		12,000		10,335
Allen Media LLC / Allen Media Co.-Issuer, Inc., 144A, 10.50%, 2/15/28		10,000		4,325
AMC Entertainment Holdings, Inc., 144A, 7.50%, 2/15/29		15,000		8,662
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		50,000		49,515
144A, 8.125%, 7/1/27		50,000		50,297
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		50,000		49,548
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		25,000		23,316

	Principal Amount		Value
Entertainment (Continued)
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 4/15/27	$	25,000	$	24,062
Churchill Downs, Inc., 144A, 4.75%, 1/15/28		10,000		9,251
Cinemark USA, Inc., 144A, 5.25%, 7/15/28		20,000		16,175
International Game Technology PLC 144A, 6.50%, 2/15/25		65,000		65,490
144A, 6.25%, 1/15/27		20,000		19,975
Lions Gate Capital Holdings LLC, 144A, 5.50%, 4/15/29		20,000		13,100
Merlin Entertainments Ltd., 144A, 5.75%, 6/15/26		19,000		17,955
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A, 4.875%, 5/1/29		18,000		15,633
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		15,000		14,159
Penn Entertainment, Inc., 144A, 5.625%, 1/15/27		22,000		20,405
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		10,000		7,925
144A, 5.875%, 9/1/31		10,000		7,669
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29		20,000		14,000
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 144A, 6.625%, 3/1/30		15,000		12,638
Scientific Games International, Inc., 144A, 7.25%, 11/15/29		22,000		21,607
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		15,000		14,572
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A, 4.875%, 11/1/27		15,000		13,238
WMG Acquisition Corp., 144A, 3.00%, 2/15/31		25,000		20,769
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A, 5.125%, 10/1/29		12,000		10,440
(Cost $590,297)				535,061
Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		49,000		48,020
144A, 5.00%, 2/1/28		16,000		15,017
TKC Holdings, Inc., 144A, 10.50%, 5/15/29		15,000		8,587
(Cost $80,739)				71,624
Home Builders — 1.2%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		15,000		11,662

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, 2022 (Unaudited)

	Principal Amount		Value
Home Builders (Continued)
Beazer Homes USA, Inc., 5.875%, 10/15/27	$	10,000	$	8,790
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 4.875%, 2/15/30		22,000		17,557
Century Communities, Inc. 6.75%, 6/1/27		10,000		9,625
144A, 3.875%, 8/15/29		10,000		8,120
Empire Communities Corp., 144A, 7.00%, 12/15/25		15,000		13,275
K Hovnanian Enterprises, Inc., 144A, 10.50%, 2/15/26		18,000		17,460
KB Home, 4.00%, 6/15/31		22,000		17,600
M/I Homes, Inc., 4.95%, 2/1/28		22,000		19,250
Mattamy Group Corp., 144A, 5.25%, 12/15/27		10,000		9,024
Meritage Homes Corp., 6.00%, 6/1/25		20,000		19,850
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 2/15/28		10,000		8,650
Taylor Morrison Communities, Inc., 144A, 5.75%, 1/15/28		45,000		41,963
Thor Industries, Inc., 144A, 4.00%, 10/15/29		10,000		7,975
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24		20,000		19,900
(Cost $257,962)				230,701
Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31
(Cost $30,067)		30,000		23,363
Housewares — 0.6%
CD&R Smokey Buyer, Inc., 144A, 6.75%, 7/15/25		10,000		8,962
Newell Brands, Inc. 4.45%, 4/1/26		42,000		39,848
6.625%, 9/15/29 (a)		14,000		13,837
5.625%, 4/1/36		10,000		8,610
5.75%, 4/1/46		11,000		8,525
Scotts Miracle-Gro Co., 4.00%, 4/1/31		20,000		15,350
SWF Escrow Issuer Corp., 144A, 6.50%, 10/1/29 (a)		10,000		6,050
(Cost $117,709)				101,182
Leisure Time — 1.3%
Life Time, Inc., 144A, 5.75%, 1/15/26		30,000		28,997
MajorDrive Holdings IV LLC, 144A, 6.375%, 6/1/29		10,000		7,850
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		35,000		30,716
144A, 5.875%, 3/15/26		40,000		33,285

	Principal Amount		Value
Leisure Time (Continued)
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25	$	25,000	$	26,875
144A, 5.50%, 8/31/26		15,000		13,088
144A, 5.375%, 7/15/27		26,000		21,580
144A, 11.625%, 8/15/27		20,000		20,373
144A, 5.50%, 4/1/28		45,000		36,956
Viking Cruises Ltd., 144A, 5.875%, 9/15/27		15,000		12,619
VOC Escrow Ltd., 144A, 5.00%, 2/15/28		20,000		17,300
(Cost $268,906)				249,639
Lodging — 1.8%
Boyd Gaming Corp., 144A, 4.75%, 6/15/31		10,000		8,760
Genting New York LLC / GENNY Capital, Inc., 144A, 3.30%, 2/15/26		11,000		9,674
Hilton Domestic Operating Co., Inc. 144A, 5.75%, 5/1/28		20,000		19,650
4.875%, 1/15/30		28,000		25,988
144A, 4.00%, 5/1/31		45,000		38,021
144A, 3.625%, 2/15/32		25,000		20,708
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 5.00%, 6/1/29		26,000		22,644
Las Vegas Sands Corp., 3.90%, 8/8/29		40,000		34,176
Marriott Ownership Resorts, Inc., 4.75%, 1/15/28		18,000		15,885
MGM Resorts International, 4.75%, 10/15/28		25,000		22,188
Station Casinos LLC, 144A, 4.50%, 2/15/28		15,000		13,275
Travel + Leisure Co., 6.00%, 4/1/27		50,000		47,125
Wyndham Hotels & Resorts, Inc., 144A, 4.375%, 8/15/28		20,000		17,900
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.50%, 3/1/25		45,000		43,326
(Cost $358,837)				339,320
Office Furnishings — 0.1%
Steelcase, Inc., 5.125%, 1/18/29
(Cost $14,448)		15,000		13,232
Retail — 4.7%
1011778 BC ULC / New Red Finance, Inc. 144A, 3.875%, 1/15/28		24,000		21,535
144A, 3.50%, 2/15/29		25,000		21,437
144A, 4.00%, 10/15/30		42,000		35,280
99 Escrow Issuer, Inc., 144A, 7.50%, 1/15/26		10,000		5,825
Asbury Automotive Group, Inc., 144A, 4.625%, 11/15/29		30,000		26,325
At Home Group, Inc., 144A, 7.125%, 7/15/29		15,000		8,850

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, 2022 (Unaudited)

	Principal Amount		Value
Retail (Continued)
Bath & Body Works, Inc. 144A, 6.625%, 10/1/30	$	40,000	$	37,600
6.875%, 11/1/35		26,000		23,595
BCPE Ulysses Intermediate, Inc., 144A, 7.75 %, 4/1/27, 7.75% Cash or 8.50% PIK, PIK		10,000		6,725
Beacon Roofing Supply, Inc., 144A, 4.125%, 5/15/29		15,000		12,689
Brinker International, Inc., 144A, 5.00%, 10/1/24		25,000		24,187
Carvana Co. 144A, 5.875%, 10/1/28		5,000		1,805
144A, 4.875%, 9/1/29		20,000		6,850
144A, 10.25%, 5/1/30		30,000		13,050
eG Global Finance PLC, 144A, 6.75%, 2/7/25		15,000		13,650
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.875%, 4/1/29		25,000		21,127
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		15,000		13,318
144A, 6.75%, 1/15/30		28,000		23,610
FirstCash, Inc., 144A, 5.625%, 1/1/30		10,000		9,146
Gap, Inc. 144A, 3.625%, 10/1/29		10,000		7,698
144A, 3.875%, 10/1/31		10,000		7,565
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 144A, 7.00%, 8/15/28		10,000		6,928
Group 1 Automotive, Inc., 144A, 4.00%, 8/15/28		10,000		8,600
Guitar Center, Inc., 144A, 8.50%, 1/15/26		15,000		13,310
IRB Holding Corp., 144A, 7.00%, 6/15/25		20,000		20,154
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		10,000		6,951
LCM Investments Holdings II LLC, 144A, 4.875%, 5/1/29		21,000		17,668
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		15,000		13,950
144A, 4.375%, 1/15/31		13,000		11,027
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 144A, 7.75%, 2/15/26		17,000		15,682
Macy’s Retail Holdings LLC 144A, 5.875%, 3/15/30		5,000		4,525
144A, 6.125%, 3/15/32		10,000		8,725
4.50%, 12/15/34		10,000		7,237
5.125%, 1/15/42		15,000		10,500
Michaels Cos., Inc., 144A, 7.875%, 5/1/29		35,000		20,869
Murphy Oil USA, Inc., 144A, 3.75%, 2/15/31		25,000		20,625
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		25,000		24,199

	Principal Amount		Value
Retail (Continued)
Nordstrom, Inc., 4.375%, 4/1/30 (a)	$	40,000	$	32,275
Park River Holdings, Inc. 144A, 5.625%, 2/1/29		8,000		5,520
144A, 6.75%, 8/1/29		10,000		7,000
Party City Holdings, Inc., 144A, 8.75%, 2/15/26		10,000		3,819
Penske Automotive Group, Inc., 3.50%, 9/1/25		10,000		9,545
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		25,000		22,901
144A, 7.75%, 2/15/29		12,000		11,160
QVC, Inc. 4.45%, 2/15/25		50,000		43,225
5.95%, 3/15/43		5,000		2,622
Sally Holdings LLC / Sally Capital, Inc., 5.625%, 12/1/25		11,000		10,556
Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A, 8.50%, 11/28/25		10,000		8,963
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		10,000		8,288
144A, 4.875%, 11/15/31		10,000		8,113
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A, 6.375%, 9/30/26		18,000		14,918
SRS Distribution, Inc., 144A, 6.00%, 12/1/29		25,000		20,500
Staples, Inc., 144A, 7.50%, 4/15/26		52,000		46,502
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		20,000		17,125
Superior Plus LP / Superior General Partner, Inc., 144A, 4.50%, 3/15/29		18,000		15,323
White Cap Buyer LLC, 144A, 6.875%, 10/15/28		13,000		11,326
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		10,000		9,141
5.375%, 4/1/32		20,000		18,575
5.35%, 11/1/43		10,000		8,088
(Cost $1,027,543)				888,302
Toys/Games/Hobbies — 0.1%
Mattel, Inc. 144A, 3.375%, 4/1/26		10,000		9,215
144A, 5.875%, 12/15/27		5,000		4,896
5.45%, 11/1/41		10,000		8,036
(Cost $24,299)				22,147
Consumer, Non-cyclical — 14.2%
Agriculture — 0.1%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		9,000		8,730
144A, 6.00%, 6/15/30		20,000		19,500
(Cost $29,930)				28,230

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, 2022 (Unaudited)

	Principal Amount		Value
Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29	$	15,000	$	12,916
Triton Water Holdings, Inc., 144A, 6.25%, 4/1/29		10,000		7,819
(Cost $24,407)				20,735
Biotechnology — 0.1%
Emergent BioSolutions, Inc., 144A, 3.875%, 8/15/28		5,000		2,250
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28		20,000		16,850
(Cost $23,199)				19,100
Commercial Services — 5.0%
ADT Security Corp., 144A, 4.125%, 8/1/29		20,000		17,300
Adtalem Global Education, Inc., 144A, 5.50%, 3/1/28		10,000		9,350
Albion Financing 2SARL, 144A, 8.75%, 4/15/27		17,000		14,429
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		35,000		33,425
144A, 9.75%, 7/15/27		16,000		14,518
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		18,000		15,210
AMN Healthcare, Inc., 144A, 4.625%, 10/1/27		20,000		18,500
APi Group DE, Inc., 144A, 4.125%, 7/15/29		10,000		8,342
Aptim Corp., 144A, 7.75%, 6/15/25		10,000		7,141
APX Group, Inc., 144A, 5.75%, 7/15/29		18,000		15,469
ASGN, Inc., 144A, 4.625%, 5/15/28		10,000		8,950
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		10,000		8,835
144A, 5.375%, 3/1/29 (a)		20,000		17,650
Block, Inc., 3.50%, 6/1/31		26,000		21,179
Brink’s Co., 144A, 4.625%, 10/15/27		10,000		9,150
Cimpress PLC, 144A, 7.00%, 6/15/26		15,000		10,558
CoreLogic, Inc., 144A, 4.50%, 5/1/28		12,000		8,910
Deluxe Corp., 144A, 8.00%, 6/1/29		15,000		12,450
Garda World Security Corp. 144A, 4.625%, 2/15/27		10,000		9,005
144A, 6.00%, 6/1/29		12,000		9,660
Gartner, Inc. 144A, 4.50%, 7/1/28		35,000		33,038
144A, 3.75%, 10/1/30		25,000		21,750

	Principal Amount		Value
Commercial Services (Continued)
Grand Canyon University, 5.125%, 10/1/28	$	20,000	$	18,631
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		30,000		28,125
Hertz Corp. 144A, 4.625%, 12/1/26		10,000		8,702
144A, 5.00%, 12/1/29		10,000		7,875
Metis Merger Sub LLC, 144A, 6.50%, 5/15/29		20,000		16,300
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		16,000		12,860
144A, 5.75%, 11/1/28 (a)		15,000		10,744
Neptune Bidco US, Inc., 144A, 9.29%, 4/15/29		35,000		33,798
NESCO Holdings II, Inc., 144A, 5.50%, 4/15/29		18,000		15,880
Paysafe Finance PLC / Paysafe Holdings US Corp., 144A, 4.00%, 6/15/29 (a)		11,000		8,181
PECF USS Intermediate Holding III Corp., 144A, 8.00%, 11/15/29		12,000		7,200
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		60,000		59,550
144A, 5.75%, 4/15/26		30,000		29,850
144A, 3.375%, 8/31/27		20,000		17,697
144A, 6.25%, 1/15/28		25,000		23,375
PROG Holdings, Inc., 144A, 6.00%, 11/15/29		10,000		8,749
Rent-A-Center, Inc., 144A, 6.375%, 2/15/29 (a)		17,000		14,068
RR Donnelley & Sons Co., 144A, 8.50%, 4/15/29		15,000		16,087
Sabre GLBL, Inc., 144A, 7.375%, 9/1/25		25,000		23,875
Service Corp. International 4.625%, 12/15/27		10,000		9,392
4.00%, 5/15/31		40,000		34,472
Signal Parent, Inc., 144A, 6.125%, 4/1/29		10,000		4,275
StoneMor, Inc., 144A, 8.50%, 5/15/29		10,000		8,200
TriNet Group, Inc., 144A, 3.50%, 3/1/29		10,000		8,363
United Rentals North America, Inc. 4.875%, 1/15/28		50,000		47,853
5.25%, 1/15/30		15,000		14,100
3.875%, 2/15/31		38,000		32,810
3.75%, 1/15/32		27,000		22,410
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		25,000		25,089
WASH Multifamily Acquisition, Inc., 144A, 5.75%, 4/15/26		24,000		22,500
Williams Scotsman International, Inc., 144A, 6.125%, 6/15/25		17,000		17,000
WW International, Inc., 144A, 4.50%, 4/15/29		10,000		5,853
ZipRecruiter, Inc., 144A, 5.00%, 1/15/30		10,000		8,191
(Cost $1,030,583)				946,874

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, 2022 (Unaudited)

	Principal Amount		Value
Cosmetics/Personal Care — 0.3%
Coty, Inc., 144A, 6.50%, 4/15/26 (a)	$	25,000	$	24,000
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		22,000		20,570
144A, 4.125%, 4/1/29		10,000		8,650
(Cost $55,930)				53,220
Food — 1.9%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 4.625%, 1/15/27		46,000		42,550
144A, 5.875%, 2/15/28		13,000		12,472
144A, 3.50%, 3/15/29		18,000		15,039
B&G Foods, Inc., 5.25%, 4/1/25		10,000		8,853
Chobani LLC / Chobani Finance Corp., Inc. 144A, 7.50%, 4/15/25		10,000		9,800
144A, 4.625%, 11/15/28		10,000		8,870
H-Food Holdings LLC / Hearthside Finance Co., Inc., 144A, 8.50%, 6/1/26		10,000		5,838
Ingles Markets, Inc., 144A, 4.00%, 6/15/31		10,000		8,400
Lamb Weston Holdings, Inc., 144A, 4.125%, 1/31/30		36,000		32,353
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		30,000		29,100
144A, 4.25%, 8/1/29		15,000		13,493
Post Holdings, Inc. 144A, 5.625%, 1/15/28		46,000		44,115
144A, 5.50%, 12/15/29		13,000		11,984
144A, 4.625%, 4/15/30		15,000		13,235
144A, 4.50%, 9/15/31		18,000		15,300
Safeway, Inc., 7.25%, 2/1/31		10,000		10,007
Sigma Holdco BV, 144A, 7.875%, 5/15/26		12,000		8,550
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 144A, 4.625%, 3/1/29		10,000		8,325
TreeHouse Foods, Inc.,4.00%, 9/1/28		10,000		8,550
United Natural Foods, Inc., 144A, 6.75%, 10/15/28		10,000		9,750
US Foods, Inc., 144A, 4.75%, 2/15/29		39,000		35,246
(Cost $378,287)				351,830
Healthcare-Products — 1.1%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		46,000		42,550
Hologic, Inc., 144A, 3.25%, 2/15/29		30,000		26,508
Medline Borrower LP 144A, 3.875%, 4/1/29		93,000		80,423
144A, 5.25%, 10/1/29		52,000		42,640
Teleflex, Inc., 4.625%, 11/15/27		25,000		23,758
(Cost $245,881)				215,879

	Principal Amount		Value
Healthcare-Services — 3.7%
Acadia Healthcare Co., Inc., 144A, 5.00%, 4/15/29	$	20,000	$	18,467
AHP Health Partners, Inc., 144A, 5.75%, 7/15/29		10,000		7,950
Air Methods Corp., 144A, 8.00%, 5/15/25		10,000		2,286
Akumin, Inc., 144A, 7.00%, 11/1/25		16,000		12,402
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		35,000		33,435
144A, 3.50%, 4/1/30 (a)		20,000		16,551
Charles River Laboratories International, Inc., 144A, 4.00%, 3/15/31		20,000		17,300
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		23,000		21,275
144A, 5.625%, 3/15/27		46,000		39,215
144A, 6.875%, 4/1/28		20,000		10,100
144A, 6.00%, 1/15/29		16,000		13,360
144A, 6.875%, 4/15/29		36,000		19,620
144A, 6.125%, 4/1/30		10,000		5,250
144A, 5.25%, 5/15/30		15,000		11,503
144A, 4.75%, 2/15/31		10,000		7,369
DaVita, Inc. 144A, 4.625%, 6/1/30		39,000		31,765
144A, 3.75%, 2/15/31		20,000		14,700
Encompass Health Corp. 4.50%, 2/1/28		17,000		15,300
4.75%, 2/1/30		10,000		8,891
4.625%, 4/1/31		10,000		8,651
Global Medical Response, Inc., 144A, 6.50%, 10/1/25		10,000		7,800
IQVIA, Inc., 144A, 5.00%, 5/15/27		40,000		38,200
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		10,000		9,200
144A, 4.375%, 2/15/27		10,000		8,275
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		20,000		11,700
ModivCare Escrow Issuer, Inc., 144A, 5.00%, 10/1/29		10,000		8,459
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		20,000		18,250
144A, 3.875%, 11/15/30		10,000		8,650
144A, 3.875%, 5/15/32		10,000		8,487
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		10,000		6,010
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		10,000		8,014
Select Medical Corp., 144A, 6.25%, 8/15/26		15,000		14,593
Surgery Center Holdings, Inc., 144A, 6.75%, 7/1/25		20,000		19,400
Syneos Health, Inc., 144A, 3.625%, 1/15/29		15,000		11,775
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		11,000		6,545

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, 2022 (Unaudited)

	Principal Amount		Value
Healthcare-Services (Continued)
Tenet Healthcare Corp. 4.625%, 7/15/24	$	10,000	$	9,806
144A, 4.625%, 9/1/24		25,000		24,375
144A, 4.875%, 1/1/26		25,000		23,800
144A, 6.125%, 10/1/28		30,000		26,625
144A, 4.25%, 6/1/29		15,000		13,031
144A, 4.375%, 1/15/30		40,000		35,043
144A, 6.125%, 6/15/30		15,000		14,213
6.875%, 11/15/31		25,000		22,000
Toledo Hospital (The), 6.015%, 11/15/48		10,000		7,307
US Acute Care Solutions LLC, 144A, 6.375%, 3/1/26		15,000		13,650
US Renal Care, Inc., 144A, 10.625%, 7/15/27		10,000		4,197
(Cost $807,525)				694,795
Household Products/Wares — 0.3%
ACCO Brands Corp., 144A, 4.25%, 3/15/29		10,000		8,375
Central Garden & Pet Co., 4.125%, 10/15/30		10,000		8,375
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, 5.00%, 12/31/26		25,000		22,875
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		20,000		15,050
(Cost $60,288)				54,675
Pharmaceuticals — 1.6%
1375209 BC Ltd., 144A, 9.00%, 1/30/28		4,000		3,940
AdaptHealth LLC, 144A, 5.125%, 3/1/30		20,000		17,100
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		25,000		15,938
144A, 8.50%, 1/31/27		8,000		3,980
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		16,000		13,500
144A, 6.125%, 2/1/27		10,000		6,663
144A, 5.00%, 1/30/28		3,000		1,320
144A, 4.875%, 6/1/28		20,000		12,300
144A, 11.00%, 9/30/28		12,000		9,255
144A, 5.00%, 2/15/29		2,000		870
144A, 6.25%, 2/15/29		3,000		1,305
144A, 7.25%, 5/30/29		4,000		1,740
144A, 5.25%, 1/30/30		13,000		5,655
144A, 5.25%, 2/15/31		4,000		1,720
BellRing Brands, Inc., 144A, 7.00%, 3/15/30		10,000		9,688
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		10,000		8,400
Elanco Animal Health, Inc., 6.40%, 8/28/28		10,000		9,285
Embecta Corp., 144A, 5.00%, 2/15/30		10,000		8,575
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		12,000		10,948

	Principal Amount		Value
Pharmaceuticals (Continued)
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29	$	12,000	$	8,664
Jazz Securities DAC, 144A, 4.375%, 1/15/29		15,000		13,556
Lannett Co., Inc., 144A, 7.75%, 4/15/26		7,000		1,925
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 144A, 11.50%, 12/15/28		15,000		12,975
144A, 10.00%, 6/15/29		10,000		5,200
Option Care Health, Inc., 144A, 4.375%, 10/31/29		10,000		8,544
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		15,000		13,575
144A, 5.125%, 4/30/31		59,000		52,652
Owens & Minor, Inc., 144A, 4.50%, 3/31/29 (a)		20,000		16,175
P&L Development LLC / PLD Finance Corp., 144A, 7.75%, 11/15/25		3,000		2,438
Perrigo Finance Unlimited Co., 4.40%, 6/15/30		20,000		17,195
Prestige Brands, Inc., 144A, 5.125%, 1/15/28		10,000		9,450
(Cost $387,493)				304,531
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena International SA, 144A, 6.125%, 2/1/25
(Cost $14,996)		15,000		13,991
Energy — 13.8%
Coal — 0.0%
SunCoke Energy, Inc., 144A, 4.875%, 6/30/29
(Cost $8,568)		10,000		8,425
Energy-Alternate Sources — 0.2%
Sunnova Energy Corp., 144A, 5.875%, 9/1/26 (a)		10,000		8,967
TerraForm Power Operating LLC 144A, 5.00%, 1/31/28		18,000		16,830
144A, 4.75%, 1/15/30		18,000		16,200
(Cost $45,997)				41,997
Oil & Gas — 6.9%
Aethon United BR LP / Aethon United Finance Corp., 144A, 8.25%, 2/15/26		28,000		28,035
Antero Resources Corp., 144A, 7.625%, 2/1/29		24,000		24,480
Apache Corp. 5.10%, 9/1/40		45,000		37,237
5.35%, 7/1/49		12,000		9,631
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26		25,000		24,719

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, 2022 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Callon Petroleum Co. 144A, 8.00%, 8/1/28	$	10,000	$	9,903
144A, 7.50%, 6/15/30		10,000		9,450
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		25,000		26,531
Chesapeake Energy Corp., 144A, 6.75%, 4/15/29		30,000		29,813
CNX Resources Corp. 144A, 7.25%, 3/14/27		2,000		1,997
144A, 6.00%, 1/15/29		15,000		14,175
Colgate Energy Partners III LLC, 144A, 5.875%, 7/1/29		15,000		13,875
Comstock Resources, Inc., 144A, 6.75%, 3/1/29		45,000		43,650
Crescent Energy Finance LLC, 144A, 7.25%, 5/1/26		15,000		14,555
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		35,000		34,037
CVR Energy, Inc., 144A, 5.25%, 2/15/25		30,000		28,834
Earthstone Energy Holdings LLC, 144A, 8.00%, 4/15/27		10,000		9,653
Encino Acquisition Partners Holdings LLC, 144A, 8.50%, 5/1/28		15,000		14,475
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28		20,000		19,784
Ensign Drilling, Inc., 144A, 9.25%, 4/15/24		10,000		9,300
Gulfport Energy Corp., 8.00%, 5/17/26		20,000		20,035
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 5.75%, 2/1/29		20,000		18,403
144A, 6.25%, 4/15/32		15,000		13,837
Ithaca Energy North Sea PLC, 144A, 9.00%, 7/15/26		10,000		9,975
Laredo Petroleum, Inc., 9.50%, 1/15/25		40,000		40,200
Matador Resources Co., 5.875%, 9/15/26		30,000		29,432
Moss Creek Resources Holdings, Inc., 144A, 7.50%, 1/15/26		20,000		18,708
Murphy Oil Corp. 5.75%, 8/15/25		26,000		26,014
6.125%, 12/1/42		13,000		10,238
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		35,000		33,819
Nabors Industries, Inc., 144A, 7.375%, 5/15/27		20,000		19,550
Neptune Energy Bondco PLC, 144A, 6.625%, 5/15/25		27,000		26,460
Northern Oil and Gas, Inc., 144A, 8.125%, 3/1/28		10,000		9,788
Occidental Petroleum Corp. 3.50%, 8/15/29		15,000		13,669
6.625%, 9/1/30		40,000		41,830
6.45%, 9/15/36		40,000		40,412
6.60%, 3/15/46		12,000		12,255
4.10%, 2/15/47		40,000		31,700

	Principal Amount		Value
Oil & Gas (Continued)
Parkland Corp. 144A, 5.875%, 7/15/27	$	10,000	$	9,613
144A, 4.625%, 5/1/30		25,000		21,009
Patterson-UTI Energy, Inc. 3.95%, 2/1/28		10,000		8,820
5.15%, 11/15/29		10,000		8,984
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28		20,000		18,355
Precision Drilling Corp., 144A, 7.125%, 1/15/26		20,000		19,650
Range Resources Corp., 4.875%, 5/15/25		50,000		48,578
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29		10,000		9,163
SM Energy Co., 6.50%, 7/15/28		20,000		19,350
Southwestern Energy Co. 5.70%, 1/23/25		16,000		15,920
5.375%, 2/1/29		24,000		22,710
5.375%, 3/15/30		30,000		28,356
4.75%, 2/1/32		28,000		24,710
Strathcona Resources Ltd., 144A, 6.875%, 8/1/26		10,000		8,550
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		30,000		29,775
4.50%, 5/15/29		24,000		20,901
Transocean Guardian Ltd., 144A, 5.875%, 1/15/24		54,279		53,330
Transocean, Inc. 144A, 7.50%, 1/15/26		25,000		21,233
144A, 11.50%, 1/30/27		15,000		15,248
144A, 8.00%, 2/1/27		10,000		8,225
6.80%, 3/15/38		15,000		9,628
Vermilion Energy, Inc., 144A, 6.875%, 5/1/30		10,000		9,300
Viper Energy Partners LP, 144A, 5.375%, 11/1/27		25,000		23,813
W&T Offshore, Inc., 144A, 9.75%, 11/1/23		20,000		19,835
(Cost $1,295,364)				1,295,515
Oil & Gas Services — 1.2%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		10,000		9,625
144A, 6.25%, 4/1/28		20,000		18,569
Bristow Group, Inc., 144A, 6.875%, 3/1/28		15,000		14,025
CGG SA, 144A, 8.75%, 4/1/27 (a)		13,000		11,096
CSI Compressco LP / CSI Compressco Finance, Inc., 144A, 7.50%, 4/1/25		10,000		9,225
Enerflex Ltd., 144A, 9.00%, 10/15/27		14,000		13,902
KCA Deutag UK Finance PLC, 144A, 9.875%, 12/1/25		16,000		15,240

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, 2022 (Unaudited)

	Principal Amount		Value
Oil & Gas Services (Continued)
Oceaneering International, Inc., 4.65%, 11/15/24	$	19,000	$	18,508
Transocean Proteus Ltd., 144A, 6.25%, 12/1/24		11,250		11,053
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		40,000		38,550
Weatherford International Ltd. 144A, 11.00%, 12/1/24		6,000		6,174
144A, 8.625%, 4/30/30		40,000		38,435
Welltec International ApS, 144A, 8.25%, 10/15/26		15,000		15,064
(Cost $224,329)				219,466
Pipelines — 5.5%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A, 5.75%, 1/15/28		50,000		47,500
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A, 7.625%, 12/15/25		15,000		15,173
Buckeye Partners LP 4.125%, 12/1/27		35,000		30,984
144A, 4.50%, 3/1/28		25,000		22,375
Cheniere Energy, Inc., 4.625%, 10/15/28		40,000		37,050
CNX Midstream Partners LP, 144A, 4.75%, 4/15/30		12,000		9,960
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		20,000		18,452
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		60,000		58,500
144A, 6.00%, 2/1/29		15,000		13,875
DT Midstream, Inc., 144A, 4.375%, 6/15/31		30,000		25,806
EnLink Midstream LLC 5.375%, 6/1/29		25,000		23,813
144A, 6.50%, 9/1/30		15,000		15,178
EnLink Midstream Partners LP 4.15%, 6/1/25		12,000		11,475
5.60%, 4/1/44		20,000		16,650
5.45%, 6/1/47		10,000		8,148
EQM Midstream Partners LP 144A, 6.50%, 7/1/27		40,000		39,500
5.50%, 7/15/28		25,000		23,226
144A, 4.50%, 1/15/29		15,000		13,219
144A, 4.75%, 1/15/31		25,000		21,156
6.50%, 7/15/48		10,000		7,875
Genesis Energy LP / Genesis Energy Finance Corp. 8.00%, 1/15/27		20,000		19,171
7.75%, 2/1/28		25,000		23,985
Global Partners LP / GLP Finance Corp., 7.00%, 8/1/27		15,000		14,250
Harvest Midstream I LP, 144A, 7.50%, 9/1/28		15,000		14,475

	Principal Amount		Value
Pipelines (Continued)
Hess Midstream Operations LP 144A, 5.625%, 2/15/26	$	50,000	$	49,375
144A, 4.25%, 2/15/30		30,000		25,691
Holly Energy Partners LP / Holly Energy Finance Corp., 144A, 5.00%, 2/1/28		25,000		22,781
Howard Midstream Energy Partners LLC, 144A, 6.75%, 1/15/27		10,000		9,321
ITT Holdings LLC, 144A, 6.50%, 8/1/29		20,000		17,284
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		10,000		9,817
144A, 6.50%, 9/30/26		25,000		24,226
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		40,000		36,300
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23		20,000		19,223
NuStar Logistics LP, 5.625%, 4/28/27		40,000		37,700
Rockies Express Pipeline LLC, 144A, 4.95%, 7/15/29		35,000		31,675
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		25,000		24,031
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 5.50%, 1/15/28		25,000		22,750
144A, 6.00%, 12/31/30		20,000		18,150
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		25,000		21,688
144A, 4.125%, 8/15/31		10,000		8,675
144A, 3.875%, 11/1/33		20,000		16,325
Western Midstream Operating LP 4.75%, 8/15/28		25,000		23,188
4.30%, 2/1/30		50,000		44,750
5.45%, 4/1/44		25,000		20,656
5.30%, 3/1/48		15,000		12,511
5.50%, 2/1/50		15,000		12,375
(Cost $1,093,402)				1,040,288
Financial — 10.3%
Banks — 0.5%
Credit Suisse AG, 144A, 6.50%, 8/8/23		25,000		23,437
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		30,000		26,850
144A, 7.625%, 5/1/26		15,000		12,975
Intesa Sanpaolo SpA 144A, 4.198%, 6/1/32		18,000		13,205
144A, 4.95%, 6/1/42		14,000		9,185
Pacific Western Bank, 3.25%, 5/1/31		10,000		9,217
Popular, Inc., 6.125%, 9/14/23		6,000		6,045
(Cost $111,125)				100,914

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, 2022 (Unaudited)

	Principal Amount		Value
Diversified Financial Services — 3.9%
Advisor Group Holdings, Inc., 144A, 10.75%, 8/1/27	$	15,000	$	15,335
AerCap Holdings NV, 5.875%, 10/10/79 (a)		10,000		9,265
AG Issuer LLC, 144A, 6.25%, 3/1/28		10,000		9,375
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		10,000		10,087
Ally Financial, Inc., 5.75%, 11/20/25		30,000		29,582
Armor Holdco, Inc., 144A, 8.50%, 11/15/29		10,000		7,525
Burford Capital Global Finance LLC, 144A, 6.875%, 4/15/30		10,000		9,100
Castlelake Aviation Finance DAC, 144A, 5.00%, 4/15/27		14,000		11,970
Cobra AcquisitionCo LLC, 144A, 6.375%, 11/1/29		10,000		6,600
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		15,000		8,803
144A, 3.625%, 10/1/31		5,000		2,712
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		20,000		8,450
Enact Holdings, Inc., 144A, 6.50%, 8/15/25		20,000		19,500
Finance of America Funding LLC, 144A, 7.875%, 11/15/25		7,000		4,262
Global Aircraft Leasing Co. Ltd., 144A, 6.50%, 9/15/24, 6.50% Cash or 7.25% PIK, PIK		38,304		32,080
goeasy Ltd., 144A, 5.375%, 12/1/24		25,000		23,875
Home Point Capital, Inc., 144A, 5.00%, 2/1/26		10,000		6,075
Jane Street Group / JSG Finance, Inc., 144A, 4.50%, 11/15/29		10,000		8,800
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		20,000		16,806
LD Holdings Group LLC 144A, 6.50%, 11/1/25		15,000		9,825
144A, 6.125%, 4/1/28		5,000		2,575
LPL Holdings, Inc., 144A, 4.00%, 3/15/29		25,000		21,922
Midcap Financial Issuer Trust 144A, 6.50%, 5/1/28		20,000		17,550
144A, 5.625%, 1/15/30		12,000		9,540
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		20,000		18,282
144A, 5.50%, 8/15/28		31,000		26,118
Navient Corp., MTN, 5.625%, 8/1/33		25,000		18,171
NFP Corp. 144A, 4.875%, 8/15/28		14,000		12,250
144A, 6.875%, 8/15/28		45,000		38,287
OneMain Finance Corp. 6.875%, 3/15/25		120,000		116,850
7.125%, 3/15/26		10,000		9,713
5.375%, 11/15/29		20,000		16,804

	Principal Amount		Value
Diversified Financial Services (Continued)
PennyMac Financial Services, Inc. 144A, 4.25%, 2/15/29	$	5,000	$	3,931
144A, 5.75%, 9/15/31		15,000		12,050
PHH Mortgage Corp., 144A, 7.875%, 3/15/26		14,000		12,320
PRA Group, Inc., 144A, 5.00%, 10/1/29		11,000		9,020
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		18,000		15,440
144A, 3.625%, 3/1/29		10,000		8,125
144A, 3.875%, 3/1/31		20,000		15,571
144A, 4.00%, 10/15/33		20,000		14,850
SLM Corp., 4.20%, 10/29/25		10,000		9,225
StoneX Group, Inc., 144A, 8.625%, 6/15/25		10,000		10,141
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		10,000		9,316
144A, 5.75%, 6/15/27		10,000		8,900
144A, 5.50%, 4/15/29		15,000		12,488
VistaJet Malta Finance PLC / XO Management Holding, Inc. 144A, 7.875%, 5/1/27		16,000		14,560
144A, 6.375%, 2/1/30		20,000		16,475
(Cost $810,487)				730,501
Insurance — 1.5%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		32,000		30,246
144A, 4.25%, 2/15/29		16,000		13,120
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144A, 5.875%, 11/1/29		10,000		8,565
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 6.75%, 10/15/27		37,000		34,202
AmWINS Group, Inc., 144A, 4.875%, 6/30/29		15,000		13,013
AssuredPartners, Inc., 144A, 5.625%, 1/15/29		20,000		17,100
BroadStreet Partners, Inc., 144A, 5.875%, 4/15/29		14,000		11,970
Genworth Holdings, Inc., 6.609%, 11/15/36		5,000		3,025
Global Atlantic Fin Co., 144A, 4.70%, 10/15/51		15,000		11,342
HUB International Ltd., 144A, 7.00%, 5/1/26		46,000		45,669
Liberty Mutual Group, Inc. 144A, 7.80%, 3/15/37		10,000		11,100
144A, 4.125%, 12/15/51		10,000		7,875
144A, 4.30%, 2/1/61		10,000		5,825
MBIA, Inc., 5.70%, 12/1/34		10,000		8,525
MGIC Investment Corp., 5.25%, 8/15/28		30,000		27,525

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, 2022 (Unaudited)

	Principal Amount		Value
Insurance (Continued)
Ohio National Financial Services, Inc., 144A, 6.05%, 1/24/30	$	12,000	$	11,256
USI, Inc., 144A, 6.875%, 5/1/25		30,000		29,625
(Cost $318,230)				289,983
Real Estate — 0.8%
Cushman & Wakefield US Borrower LLC, 144A, 6.75%, 5/15/28		20,000		19,150
Five Point Operating Co. LP / Five Point Capital Corp., 144A, 7.875%, 11/15/25		10,000		8,550
Howard Hughes Corp. 144A, 5.375%, 8/1/28		32,000		29,050
144A, 4.375%, 2/1/31		10,000		8,278
Hunt Cos., Inc., 144A, 5.25%, 4/15/29		19,000		15,865
Kennedy-Wilson, Inc. 4.75%, 3/1/29		15,000		12,225
4.75%, 2/1/30		10,000		7,928
5.00%, 3/1/31		10,000		7,961
Newmark Group, Inc., 6.125%, 11/15/23		10,000		10,025
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		15,000		11,212
144A, 5.25%, 4/15/30		15,000		11,100
WeWork Cos. LLC / WW Co.-Obligor, Inc., 144A, 5.00%, 7/10/25		10,000		4,550
WeWork Cos., Inc., 144A, 7.875%, 5/1/25		12,000		6,240
(Cost $185,015)				152,134
Real Estate Investment Trusts — 3.3%
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29		10,000		8,025
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 5.75%, 5/15/26		45,000		43,401
Diversified Healthcare Trust 9.75%, 6/15/25		16,000		15,360
4.375%, 3/1/31		15,000		10,491
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27		10,000		8,250
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.75%, 9/15/30		20,000		14,350
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		75,000		70,710
144A, 5.25%, 7/15/30		25,000		22,547
144A, 4.50%, 2/15/31		25,000		20,997
144A, 5.625%, 7/15/32		30,000		26,652
iStar, Inc., 4.75%, 10/1/24		25,000		24,719
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		20,000		17,500

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27 (a)	$	25,000	$	21,470
3.50%, 3/15/31		25,000		17,750
Office Properties Income Trust, 3.45%, 10/15/31		20,000		12,758
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		10,000		10,087
144A, 5.875%, 10/1/28		11,000		10,215
144A, 4.875%, 5/15/29		10,000		8,587
RHP Hotel Properties LP / RHP Finance Corp., 144A, 4.50%, 2/15/29		10,000		8,775
Rithm Capital Corp., 144A, 6.25%, 10/15/25		20,000		18,100
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		10,000		9,125
144A, 4.00%, 9/15/29		10,000		8,410
SBA Communications Corp. 3.875%, 2/15/27		25,000		23,222
3.125%, 2/1/29		25,000		21,050
Service Properties Trust 4.50%, 6/15/23		25,000		24,906
4.65%, 3/15/24		10,000		9,675
7.50%, 9/15/25		12,000		11,640
4.95%, 2/15/27		15,000		12,391
4.95%, 10/1/29		25,000		18,365
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		10,000		9,475
4.75%, 3/15/25		10,000		9,625
144A, 4.375%, 1/15/27		10,000		9,050
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.875%, 2/15/25		30,000		30,272
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 4.75%, 4/15/28		13,000		10,923
144A, 6.50%, 2/15/29		23,000		16,963
XHR LP, 144A, 4.875%, 6/1/29		10,000		8,450
(Cost $684,057)				624,286
Venture Capital — 0.3%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29		18,000		15,826
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.25%, 5/15/26		35,000		34,354
5.25%, 5/15/27		10,000		9,237
(Cost $64,618)				59,417
Industrial — 11.8%
Aerospace/Defense — 2.4%
Bombardier, Inc. 144A, 7.50%, 3/15/25		10,000		10,034
144A, 7.125%, 6/15/26		20,000		19,800
144A, 7.875%, 4/15/27		45,000		44,390
144A, 7.45%, 5/1/34		10,000		9,815

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, 2022 (Unaudited)

	Principal Amount		Value
Aerospace/Defense (Continued)
Howmet Aerospace, Inc. 5.125%, 10/1/24	$	60,000	$	59,532
6.875%, 5/1/25		20,000		20,531
3.00%, 1/15/29		30,000		25,409
5.95%, 2/1/37		11,000		10,325
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		22,000		21,873
4.60%, 6/15/28		22,000		17,208
144A, 9.375%, 11/30/29		15,000		15,690
TransDigm, Inc. 144A, 8.00%, 12/15/25		40,000		40,910
144A, 6.25%, 3/15/26		27,000		26,867
6.375%, 6/15/26		25,000		24,569
7.50%, 3/15/27		50,000		50,375
4.875%, 5/1/29		35,000		30,888
Triumph Group, Inc., 144A, 6.25%, 9/15/24		25,000		23,875
(Cost $457,709)				452,091
Building Materials — 1.2%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		25,000		22,308
144A, 4.25%, 2/1/32		15,000		12,244
Cornerstone Building Brands, Inc., 144A, 6.125%, 1/15/29		23,000		15,747
CP Atlas Buyer, Inc., 144A, 7.00%, 12/1/28		10,000		7,400
Griffon Corp., 5.75%, 3/1/28		20,000		18,703
JELD-WEN, Inc., 144A, 4.875%, 12/15/27		15,000		11,754
Masonite International Corp., 144A, 3.50%, 2/15/30		20,000		15,650
New Enterprise Stone & Lime Co., Inc., 144A, 5.25%, 7/15/28		20,000		18,100
Oscar AcquisitionCo LLC / Oscar Finance, Inc., 144A, 9.50%, 4/15/30		12,000		10,620
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28		25,000		22,375
Standard Industries, Inc. 144A, 4.75%, 1/15/28		20,000		18,181
144A, 4.375%, 7/15/30		17,000		13,967
144A, 3.375%, 1/15/31		17,000		13,079
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		27,000		24,955
Victors Merger Corp., 144A, 6.375%, 5/15/29		10,000		6,500
(Cost $261,335)				231,583
Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc., 144A, 4.375%, 3/31/29		25,000		21,344
WESCO Distribution, Inc., 144A, 7.25%, 6/15/28		40,000		40,400
(Cost $64,404)				61,744

	Principal Amount		Value
Electronics — 1.2%
Atkore, Inc., 144A, 4.25%, 6/1/31	$	10,000	$	8,513
Coherent Corp., 144A, 5.00%, 12/15/29		20,000		17,737
Imola Merger Corp., 144A, 4.75%, 5/15/29		49,000		44,115
Sensata Technologies BV 144A, 5.625%, 11/1/24		100,000		100,000
144A, 4.00%, 4/15/29		22,000		19,305
Sensata Technologies, Inc., 144A, 3.75%, 2/15/31		20,000		16,688
TTM Technologies, Inc., 144A, 4.00%, 3/1/29		12,000		10,290
(Cost $230,942)				216,648
Engineering & Construction — 0.5%
AECOM, 5.125%, 3/15/27		25,000		24,447
Artera Services LLC, 144A, 9.033%, 12/4/25		15,000		12,445
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25		16,000		12,800
Cellnex Finance Co. SA, 144A, 3.875%, 7/7/41		12,000		8,223
Global Infrastructure Solutions, Inc., 144A, 7.50%, 4/15/32		10,000		7,875
Railworks Holdings LP / Railworks Rally, Inc., 144A, 8.25%, 11/15/28		10,000		9,325
TopBuild Corp., 144A, 4.125%, 2/15/32		10,000		8,050
Tutor Perini Corp., 144A, 6.875%, 5/1/25 (a)		15,000		13,013
(Cost $110,922)				96,178
Environmental Control — 0.8%
Clean Harbors, Inc. 144A, 4.875%, 7/15/27		11,000		10,367
144A, 5.125%, 7/15/29		5,000		4,600
Covanta Holding Corp., 5.00%, 9/1/30		18,000		15,469
GFL Environmental, Inc. 144A, 3.75%, 8/1/25		45,000		42,244
144A, 4.00%, 8/1/28		18,000		15,502
144A, 3.50%, 9/1/28		10,000		8,945
144A, 4.75%, 6/15/29		22,000		19,360
Madison IAQ LLC, 144A, 5.875%, 6/30/29		30,000		22,197
Stericycle, Inc., 144A, 3.875%, 1/15/29		10,000		8,725
(Cost $170,388)				147,409
Machinery-Construction & Mining — 0.3%
Terex Corp., 144A, 5.00%, 5/15/29		18,000		16,200
Vertiv Group Corp., 144A, 4.125%, 11/15/28		20,000		17,200

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Principal Amount		Value
Machinery-Construction & Mining (Continued)
Weir Group PLC, 144A, 2.20%, 5/13/26	$	25,000	$	22,109
(Cost $60,272)				55,509
Machinery-Diversified — 0.2%
GrafTech Finance, Inc., 144A, 4.625%, 12/15/28		15,000		12,581
Mueller Water Products, Inc., 144A, 4.00%, 6/15/29		10,000		8,650
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		11,000		9,160
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A, 7.75%, 4/15/26		16,000		14,244
(Cost $45,408)				44,635
Metal Fabricate/Hardware — 0.1%
Advanced Drainage Systems, Inc., 144A, 6.375%, 6/15/30		15,000		14,444
Roller Bearing Co. of America, Inc., 144A, 4.375%, 10/15/29		10,000		8,812
(Cost $23,964)				23,256
Miscellaneous Manufacturing — 0.4%
Amsted Industries, Inc., 144A, 5.625%, 7/1/27		10,000		9,500
FXI Holdings, Inc. 144A, 7.875%, 11/1/24		10,000		8,336
144A, 12.25%, 11/15/26		10,000		8,225
Gates Global LLC / Gates Corp., 144A, 6.25%, 1/15/26		25,000		24,125
Hillenbrand, Inc. 5.75%, 6/15/25		15,000		15,057
3.75%, 3/1/31		10,000		8,200
(Cost $78,645)				73,443
Packaging & Containers — 3.7%
ARD Finance SA, 144A, 6.50%, 6/30/27, 6.50% Cash or 7.25% PIK, PIK		18,000		13,410
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		15,000		14,641
144A, 4.00%, 9/1/29		26,000		20,923
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 4.125%, 8/15/26		22,000		19,415
144A, 5.25%, 8/15/27 (a)		35,000		26,243
144A, 5.25%, 8/15/27		26,000		19,760
Ball Corp. 5.25%, 7/1/25		20,000		19,985
4.875%, 3/15/26		16,000		15,560
6.875%, 3/15/28		30,000		30,984
2.875%, 8/15/30		30,000		24,150
3.125%, 9/15/31		22,000		17,545
Berry Global, Inc., 144A, 5.625%, 7/15/27		25,000		24,250
Cascades, Inc./Cascades USA, Inc., 144A, 5.375%, 1/15/28		8,000		7,160

	Principal Amount		Value
Packaging & Containers (Continued)
Clydesdale Acquisition Holdings, Inc. 144A, 6.625%, 4/15/29	$	10,000	$	9,700
144A, 8.75%, 4/15/30		20,000		18,050
Crown Americas LLC / Crown Americas Capital Corp. V,4.25%, 9/30/26		30,000		28,500
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 2/1/26		20,000		19,468
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		10,000		10,250
Graham Packaging Co., Inc., 144A, 7.125%, 8/15/28		10,000		8,500
Graphic Packaging International LLC 4.125%, 8/15/24		46,000		44,850
144A, 3.50%, 3/1/29		10,000		8,575
144A, 3.75%, 2/1/30		10,000		8,550
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A, 6.00%, 9/15/28		10,000		8,150
LABL, Inc. 144A, 10.50%, 7/15/27		10,000		9,250
144A, 5.875%, 11/1/28		25,000		22,250
Mauser Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24		25,000		24,783
144A, 7.25%, 4/15/25		35,000		31,937
OI European Group BV, 144A, 4.75%, 2/15/30		10,000		8,650
Owens-Brockway Glass Container, Inc. 144A, 5.875%, 8/15/23		16,000		15,960
144A, 6.625%, 5/13/27		13,000		12,541
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A, 4.375%, 10/15/28		15,000		13,050
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		20,000		17,646
Sealed Air Corp., 144A, 5.50%, 9/15/25		57,000		56,573
Silgan Holdings, Inc., 4.125%, 2/1/28		20,000		18,879
Trident TPI Holdings, Inc., 144A, 6.625%, 11/1/25		10,000		8,650
TriMas Corp., 144A, 4.125%, 4/15/29		10,000		8,563
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		40,000		37,700
(Cost $761,387)				705,051
Transportation — 0.4%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28		10,000		8,966
Carriage Purchaser, Inc., 144A, 7.875%, 10/15/29		10,000		7,375
First Student Bidco, Inc. / First Transit Parent, Inc., 144A, 4.00%, 7/31/29		25,000		20,812
Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 144A, 10.75%, 7/1/25		10,000		9,431

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Principal Amount		Value
Transportation (Continued)
Watco Cos. LLC / Watco Finance Corp., 144A, 6.50%, 6/15/27	$	13,000	$	12,696
XPO Logistics, Inc., 144A, 6.25%, 5/1/25		11,000		11,193
(Cost $77,059)				70,473
Trucking & Leasing — 0.3%
AerCap Global Aviation Trust, 144A, 6.50%, 6/15/45		10,000		9,325
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		23,000		22,333
144A, 5.50%, 5/1/28		18,000		15,694
(Cost $50,924)				47,352
Technology — 4.4%
Computers — 1.5%
Ahead DB Holdings LLC, 144A, 6.625%, 5/1/28		10,000		8,175
Booz Allen Hamilton, Inc., 144A, 3.875%, 9/1/28		35,000		31,174
Condor Merger Sub, Inc., 144A, 7.375%, 2/15/30		30,000		24,750
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A, 6.00%, 11/1/29		7,000		5,766
Crowdstrike Holdings, Inc., 3.00%, 2/15/29		15,000		12,745
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25		20,000		14,200
Exela Intermediate LLC / Exela Finance, Inc., 144A, 11.50%, 7/15/26		15,000		2,400
NCR Corp. 144A, 5.125%, 4/15/29		40,000		34,500
144A, 6.125%, 9/1/29		25,000		24,375
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		17,000		15,373
Seagate HDD Cayman 4.875%, 3/1/24		13,000		12,805
4.875%, 6/1/27 (a)		10,000		9,425
4.091%, 6/1/29		14,000		11,655
4.125%, 1/15/31		12,000		9,525
144A, 9.625%, 12/1/32		20,625		22,172
5.75%, 12/1/34		10,000		8,412
Unisys Corp., 144A, 6.875%, 11/1/27		11,000		7,944
Vericast Corp., 144A, 11.00%, 9/15/26		10,000		10,375
Virtusa Corp., 144A, 7.125%, 12/15/28		10,000		7,513
(Cost $317,413)				273,284
Office/Business Equipment — 0.2%
Pitney Bowes, Inc., 144A, 6.875%, 3/15/27		12,000		9,480
Xerox Corp., 6.75%, 12/15/39		16,000		12,560

	Principal Amount		Value
Office/Business Equipment (Continued)
Xerox Holdings Corp., 144A, 5.50%, 8/15/28	$	25,000	$	20,182
(Cost $53,685)				42,222
Semiconductors — 0.3%
Amkor Technology, Inc., 144A, 6.625%, 9/15/27		15,000		14,925
Entegris Escrow Corp., 144A, 5.95%, 6/15/30		20,000		18,750
Entegris, Inc. 144A, 4.375%, 4/15/28		10,000		8,875
144A, 3.625%, 5/1/29 (a)		10,000		8,459
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		15,000		13,219
(Cost $70,002)				64,228
Software — 2.4%
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30		50,000		37,625
Black Knight InfoServ LLC, 144A, 3.625%, 9/1/28		12,000		10,852
Boxer Parent Co., Inc. 144A, 7.125%, 10/2/25		12,000		11,730
144A, 9.125%, 3/1/26		10,000		9,573
Camelot Finance SA, 144A, 4.50%, 11/1/26		15,000		14,258
Castle US Holding Corp., 144A, 9.50%, 2/15/28		10,000		5,120
Central Parent, Inc. / CDK Global, Inc., 144A, 7.25%, 6/15/29		10,000		9,797
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		34,000		29,282
Cloud Software Group Holdings, Inc., 144A, 6.50%, 3/31/29		68,000		59,659
Consensus Cloud Solutions, Inc., 144A, 6.50%, 10/15/28		16,000		14,560
Fair Isaac Corp., 144A, 4.00%, 6/15/28		20,000		18,400
MSCI, Inc. 144A, 4.00%, 11/15/29		10,000		8,887
144A, 3.875%, 2/15/31		20,000		17,476
144A, 3.625%, 11/1/31		15,000		12,488
144A, 3.25%, 8/15/33		20,000		15,817
Open Text Corp., 144A, 3.875%, 12/1/29		22,000		17,655
Open Text Holdings, Inc., 144A, 4.125%, 2/15/30		45,000		36,563
PTC, Inc., 144A, 3.625%, 2/15/25		25,000		23,875
Rackspace Technology Global, Inc., 144A, 5.375%, 12/1/28		20,000		9,266
ROBLOX Corp., 144A, 3.875%, 5/1/30		10,000		8,233
Rocket Software, Inc., 144A, 6.50%, 2/15/29		10,000		7,913
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		20,000		19,231

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Principal Amount		Value
Software (Continued)
Twilio, Inc., 3.875%, 3/15/31	$	25,000	$	20,500
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		40,000		29,025
(Cost $523,514)				447,785
Utilities — 1.5%
Electric — 1.2%
Algonquin Power & Utilities Corp., 4.75%, 1/18/82		15,000		12,337
Atlantica Sustainable Infrastructure PLC, 144A, 4.125%, 6/15/28		10,000		8,875
Calpine Corp. 144A, 5.25%, 6/1/26		21,000		20,213
144A, 5.125%, 3/15/28		25,000		22,625
144A, 4.625%, 2/1/29		20,000		17,346
144A, 5.00%, 2/1/31		5,000		4,331
144A, 3.75%, 3/1/31		17,000		14,089
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		50,000		46,774
144A, 3.75%, 2/15/31		21,000		17,782
NextEra Energy Operating Partners LP, 144A, 4.50%, 9/15/27		34,000		32,173
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A, 4.50%, 8/15/28		20,000		18,036
Pike Corp., 144A, 5.50%, 9/1/28		10,000		8,897
(Cost $242,089)				223,478

	Principal Amount		Value
Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24	$	50,000	$	49,375
5.875%, 8/20/26		20,000		19,275
(Cost $70,748)				68,650
TOTAL CORPORATE BONDS
(Cost $20,505,307)				18,549,812
	Number of Shares
SECURITIES LENDING COLLATERAL — 1.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
(Cost $281,919)		281,919		281,919
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
(Cost $135,144)		135,144		135,144
TOTAL INVESTMENTS — 100.3%
(Cost $20,922,370)			$	18,966,875
Other assets and liabilities, net — (0.3%)				(48,364	)
NET ASSETS — 100.0%			$	18,918,511

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
CORPORATE BONDS — 0.0%
Financial — 0.0%
Deutsche Bank AG, 4.500%, 4/01/25 (e)
		49,978		—		(46,853	)		(5,709	)		2,584			948		—		—		—
Deutsche Bank AG, 3.729%, 1/14/32 (e)
		25,278		—		(20,917	)		(3,952	)		(409	)		467		—		—		—
Deutsche Bank AG, 3.742%, 1/07/33 (e)
		24,707		—		(20,817	)		(7,330	)		3,440			429		—		—		—
SECURITIES LENDING COLLATERAL — 1.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
		302,229		—		(20,310	)(f)		—			—			2,670		—		281,919		281,919
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
		412,215		1,251,493		(1,528,564	)		—			—			2,405		—		135,144		135,144
		814,407		1,251,493		(1,637,461	)		(16,991	)		5,615			6,919		—		417,063		417,063

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (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, 2022 amounted to $298,933, which is 1.6% of net assets.

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

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $26,192.

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

MTN: Medium Term Note

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

REIT: Real Estate Investment Trust

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

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

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	18,549,812	$	—	$	18,549,812
Short-Term Investments (a)		417,063		—		—		417,063
TOTAL	$	417,063	$	18,549,812	$	—	$	18,966,875

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

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

November 30, 2022 (Unaudited)

	Principal Amount		Value
MUNICIPAL BONDS — 98.5%
Arizona — 1.6%
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, Series A, 5.00%, 7/1/43	$	500,000	$	539,676
City of Phoenix Civic Improvement Corp., Intergovernmental, Series A, 5.00%, 7/1/45		705,000		771,855
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/33		35,000		38,673
Series A, 5.00%, 1/1/36		15,000		16,336
Series A, 5.00%, 1/1/47		500,000		540,205
Series A, 3.00%, 1/1/49		65,000		49,825
(Cost $2,069,470)				1,956,570
California — 18.6%
Bay Area Toll Authority, Highway Revenue Tolls, Sub-Series S-8, 3.00%, 4/1/54		535,000		398,216
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/35		25,000		27,921
Series A, 5.00%, 5/15/36		35,000		38,942
5.00%, 5/15/37		45,000		49,857
Series A, 5.00%, 5/15/38		300,000		331,444
5.00%, 5/15/39		40,000		44,030
5.00%, 5/15/40		55,000		60,300
Series D, AMT, 5.00%, 5/15/43		125,000		129,292
Series A, AMT, 4.00%, 5/15/44		1,225,000		1,142,873
Series C, AMT, 5.00%, 5/15/44		200,000		205,106
Series E, 5.00%, 5/15/44		25,000		26,694
Series F, AMT, 5.00%, 5/15/44		200,000		206,447
Series B, 5.00%, 5/15/45		260,000		283,360
Series C, AMT, 5.00%, 5/15/45		50,000		51,792
Series A, AMT, 5.00%, 5/15/46		600,000		621,828
Series B, 5.00%, 5/15/48		250,000		271,210
Series E, 5.00%, 5/15/48		20,000		21,343
Series F, AMT, 3.00%, 5/15/49		330,000		239,356
Series F, AMT, 4.00%, 5/15/49		500,000		453,618
Series D, AMT, 5.00%, 5/15/49		100,000		102,424
Series C, AMT, 4.00%, 5/15/50		500,000		459,722
Series A, AMT, 5.00%, 5/15/51		135,000		139,130
City of Sacramento CA Transient Occupancy Tax Revenue, Hotel Occupancy Tax, Series A, 5.00%, 6/1/48		25,000		26,115
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 3.00%, 11/1/50		340,000		246,391
Series C, 4.00%, 11/1/50		1,000,000		953,894
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 6/1/39		40,000		41,067

	Principal Amount		Value
California (Continued)
Series A, 5.00%, 7/1/44	$	430,000	$	461,979
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series D, 5.00%, 7/1/34		45,000		49,863
Series B, 5.00%, 7/1/40		260,000		287,949
Series D, 5.00%, 7/1/44		125,000		135,322
Series A, 5.00%, 7/1/45		60,000		64,550
Series C, 5.00%, 7/1/49		635,000		683,175
Los Angeles Department of Water & Power Water System Revenue, Water Revenue, Series A, 5.00%, 7/1/41		270,000		298,598
Series B, 5.00%, 7/1/43		315,000		338,708
Series A, 5.00%, 7/1/48		210,000		222,872
Series A, 5.00%, 7/1/50		210,000		227,395
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/45		45,000		49,116
Series B, 5.00%, 7/1/48		500,000		545,173
Series A, 5.00%, 7/1/51		1,000,000		1,087,173
Metropolitan Water District of Southern California, Water Revenue, Series C, 5.00%, 7/1/39		25,000		28,128
Series C, 5.00%, 7/1/40		100,000		111,884
Series A, 5.00%, 10/1/45		225,000		246,631
Riverside County Transportation Commission, Highway Revenue Tolls, 4.00%, 6/1/40		50,000		47,811
Series B-1, 4.00%, 6/1/46		10,000		9,255
Series B-1, 3.00%, 6/1/49		800,000		587,264
Sacramento County Sanitation Districts Financing Authority, Intergovernmental, 5.00%, 12/1/33		30,000		34,842
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 5.00%, 8/15/50		40,000		43,331
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/49		200,000		207,243
Series B, AMT, 4.00%, 7/1/51		250,000		222,646
Series A, 5.00%, 7/1/51		500,000		521,611
Series B, AMT, 5.00%, 7/1/51		500,000		510,490
Series A, 5.00%, 7/1/56		1,300,000		1,355,624
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 5/1/37		515,000		539,924
Series A, AMT, 5.00%, 5/1/39		50,000		52,049
AMT, 5.00%, 5/1/43		320,000		327,864
Series A, AMT, 5.00%, 5/1/44		810,000		831,411
Series E, AMT, 5.00%, 5/1/45		1,225,000		1,255,346
Series D, AMT, 5.00%, 5/1/48		75,000		76,327
Series E, 5.00%, 5/1/48		25,000		25,817
Series D, AMT, 5.25%, 5/1/48		870,000		896,121
Series A, AMT, 4.00%, 5/1/49		1,000,000		907,294

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
California (Continued)
Series A, AMT, 5.00%, 5/1/49	$	200,000	$	203,943
Series E, AMT, 5.00%, 5/1/50		370,000		376,999
Series F, 5.00%, 5/1/50		900,000		932,672
San Francisco City & County Public Utilities Commission Wastewater Revenue, Sewer Revenue, Series A, 4.00%, 10/1/43		110,000		109,886
San Francisco Municipal Transportation Agency, Transit Revenue, Series C, 4.00%, 3/1/51		40,000		37,428
Series C, 5.00%, 3/1/51		500,000		535,181
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		570,000		609,625
State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/33		45,000		52,277
Series BB, 5.00%, 12/1/34		25,000		28,927
Series BB, 5.00%, 12/1/35		45,000		51,852
(Cost $26,200,341)				22,801,948
Colorado — 4.1%
Arkansas River Power Authority, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/43		215,000		216,467
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 12/1/32		285,000		302,640
Series A, AMT, 5.00%, 12/1/34		350,000		367,464
Series A, AMT, 5.00%, 12/1/35		1,000,000		1,045,972
Sub-Series A, AMT, 5.00%, 12/1/36		300,000		324,542
Series A, AMT, 5.00%, 12/1/37		20,000		20,805
Series A, AMT, 5.00%, 12/1/38		320,000		332,068
Series A, AMT, 4.00%, 12/1/43		650,000		601,738
Series A, AMT, 5.00%, 12/1/43		325,000		331,867
Series A, AMT, 5.00%, 12/1/48		700,000		710,279
Sub-Series B, 5.00%, 12/1/48		40,000		41,432
City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax, Series A, 4.00%, 8/1/51		700,000		681,818
City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		95,697
(Cost $5,585,039)				5,072,789
Connecticut — 0.3%
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, 5.00%, 5/1/34		25,000		28,247
5.00%, 5/1/37		100,000		111,217
5.00%, 5/1/38		100,000		110,886
5.00%, 5/1/40		120,000		131,989
(Cost $427,672)				382,339

	Principal Amount		Value
District of Columbia — 4.2%
District of Columbia Water & Sewer Authority, Water Revenue, Series B, 5.00%, 10/1/49	$	250,000	$	263,842
District of Columbia, Income Tax Revenue, Series A, 4.00%, 3/1/39		110,000		111,605
Series A, 4.00%, 3/1/40		105,000		106,108
Series C, 5.00%, 5/1/45		170,000		184,329
Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/46		850,000		875,766
Series A, AMT, 5.00%, 10/1/48		175,000		178,390
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, Series B, 4.00%, 10/1/44		1,000,000		897,468
Series B, 5.00%, 10/1/47		500,000		509,281
Series B, 4.00%, 10/1/49		300,000		261,519
Series B, 3.00%, 10/1/50		800,000		573,929
Series B, 4.00%, 10/1/53		1,350,000		1,156,663
(Cost $6,198,095)				5,118,900
Florida — 8.8%
Broward County FL Water & Sewer Utility Revenue, Water Revenue, Series A, 4.00%, 10/1/47		240,000		232,694
Central Florida Expressway Authority, Highway Revenue Tolls, Series D, 5.00%, 7/1/35		40,000		44,896
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/44		380,000		402,731
Series A, 5.00%, 10/1/47		215,000		224,483
City of Tampa FL Water & Wastewater System Revenue, Water Revenue, Series A, 5.00%, 10/1/54		1,000,000		1,082,293
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		91,915
Series A, AMT, 4.00%, 10/1/49		150,000		135,125
County of Broward Fl Port Facilities Revenue, Private Airport & Marina Revenue, Series B, 4.00%, 9/1/49		55,000		46,964
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		447,600
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		400,000		357,985
Series A, AMT, 5.00%, 10/1/44		1,000,000		1,018,465
Series A, AMT, 5.00%, 10/1/49		380,000		384,569

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Florida (Continued)
County of Miami-Dade FL Transit System, Sales Tax Revenue, Series A, 4.00%, 7/1/49	$	500,000	$	465,454
Series A, 4.00%, 7/1/50		90,000		83,602
County of Miami-Dade Fl Water & Sewer System Revenue, Water Revenue, 4.00%, 10/1/51		100,000		90,186
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, Series B, 4.00%, 10/1/44		475,000		463,136
4.00%, 10/1/46		255,000		244,224
4.00%, 10/1/48		400,000		379,928
4.00%, 10/1/48		40,000		37,993
Series B, 3.00%, 10/1/49		495,000		369,944
Series B, 4.00%, 10/1/49		500,000		477,073
4.00%, 10/1/51		275,000		257,623
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/44		165,000		169,601
Series A, AMT, 4.00%, 10/1/49		500,000		454,697
Series A, AMT, 4.00%, 10/1/52		500,000		450,391
Sub-Series A, AMT, 5.00%, 10/1/52		605,000		608,167
Series A, AMT, 3.25%, 10/1/54		250,000		186,797
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		195,000		204,876
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/52		500,000		450,391
Putnam County Development Authority, Electric, Power & Light Revenue, 5.00%, 3/15/42		40,000		42,814
State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls, Series C, 3.00%, 7/1/46		425,000		336,600
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		600,000		593,554
(Cost $12,591,928)				10,836,771
Georgia — 2.3%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		181,399
Development Authority of Burke County, Electric, Power & Light Revenue, Series C, 4.125%, 11/1/45		25,000		22,703
Series D, 4.125%, 11/1/45		355,000		322,380
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/51		765,000		725,075
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/52		320,000		302,701
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		30,192

	Principal Amount		Value
Georgia (Continued)
Municipal Electric Authority of Georgia, Nuclear Revenue, Series A, 5.00%, 1/1/62	$	500,000	$	509,967
Series A, 5.50%, 7/1/63		750,000		771,020
(Cost $3,007,988)				2,865,437
Hawaii — 0.8%
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		408,119
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/51		500,000		511,464
(Cost $977,822)				919,583
Illinois — 6.5%
Chicago O’hare International Airport, Private Airport & Marina Revenue, Series A, 5.00%, 1/1/48		200,000		202,859
Series A, AMT, 5.00%, 1/1/55		500,000		502,317
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series A, 4.00%, 1/1/35		55,000		54,996
Series A, 5.00%, 1/1/35		650,000		701,756
Series A, 4.00%, 1/1/36		280,000		279,957
Series A, AMT, 4.00%, 1/1/43		115,000		105,691
Series B, 4.00%, 1/1/44		175,000		164,984
Series B, 5.00%, 1/1/48		1,285,000		1,317,014
Series B, 4.00%, 1/1/53		130,000		122,081
Series A, AMT, 4.375%, 1/1/53		25,000		23,485
Series B, 5.00%, 1/1/53		500,000		511,137
Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue, Series A, 5.00%, 12/1/57		800,000		818,888
Illinois Finance Authority, Water Revenue, 4.00%, 7/1/38		25,000		25,466
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/41		30,000		32,005
Series A, 5.00%, 1/1/42		550,000		573,521
Series A, 4.00%, 1/1/44		850,000		824,338
Series A, 5.00%, 1/1/44		800,000		839,725
Series A, 5.00%, 1/1/45		775,000		818,739
(Cost $8,726,096)				7,918,959
Louisiana — 0.3%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		236,038
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		115,000		112,815
(Cost $413,337)				348,853
Maine — 0.0%
Maine Turnpike Authority, Highway Revenue Tolls, 5.00%, 7/1/47 (Cost $45,991)		40,000		42,623

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Maryland — 0.5%
Maryland State Transportation Authority, Highway Revenue Tolls, 4.00%, 7/1/50 (Cost $757,982)	$	650,000	$	629,412
Massachusetts — 1.6%
Commonwealth of Massachusetts, Hotel Occupancy Tax, 5.50%, 1/1/34		185,000		217,656
Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series B-1, 5.00%, 7/1/50		35,000		37,139
Series A-1, 4.00%, 7/1/51		205,000		196,576
Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 7/1/44		400,000		414,960
Series E, AMT, 5.00%, 7/1/46		500,000		521,305
Series E, AMT, 5.00%, 7/1/51		505,000		522,445
(Cost $2,147,376)				1,910,081
Michigan — 1.6%
Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/44		600,000		638,324
Series A, 5.00%, 7/1/48		90,000		95,341
State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue, Series B, 4.00%, 11/15/45		1,300,000		1,277,016
(Cost $2,222,712)				2,010,681
Nevada — 1.5%
City of Reno NV, Sales Tax Revenue, Series A, 4.00%, 6/1/58		145,000		128,968
County of Clark NV, Fuel Sales Tax Revenue, 4.00%, 7/1/40		500,000		495,384
County of Washoe NV, Fuel Sales Tax Revenue, 5.00%, 2/1/42		50,000		53,553
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		840,000		871,702
Series B, 4.00%, 7/1/49		290,000		261,917
(Cost $1,913,611)				1,811,524
New Jersey — 2.0%
New Jersey Turnpike Authority, Highway Revenue Tolls, Series G, 4.00%, 1/1/33		130,000		133,871
Series B, 5.00%, 1/1/34		130,000		141,627
Series G, 4.00%, 1/1/35		75,000		76,451
Series G, 5.00%, 1/1/37		40,000		42,899
Series B, 5.00%, 1/1/40		100,000		106,348
Series G, 4.00%, 1/1/43		1,010,000		991,589
Series A, 4.00%, 1/1/48		45,000		43,000
Series A, 5.00%, 1/1/48		740,000		781,367

	Principal Amount		Value
New Jersey (Continued)
South Jersey Transportation Authority, Highway Revenue Tolls, Series A, 4.625%, 11/1/47	$	100,000	$	99,217
(Cost $2,527,904)				2,416,369
New York — 16.3%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/1/34		50,000		54,313
5.00%, 9/1/38		190,000		202,466
Metropolitan Transportation Authority, Transit Revenue, Series D, 5.00%, 11/15/32		25,000		25,760
Series C-1, 5.00%, 11/15/33		30,000		30,808
Series C-1, 5.00%, 11/15/34		50,000		51,142
Series C-1, 4.00%, 11/15/35		30,000		27,959
Series C-1, 4.00%, 11/15/37		155,000		141,610
Series C-1, 4.00%, 11/15/38		180,000		162,640
Series D, 4.00%, 11/15/42		430,000		374,376
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		104,709
Series E, 4.00%, 11/15/45		1,000,000		851,685
Series C-1, 4.75%, 11/15/45		500,000		487,424
Sub-Series A, 5.00%, 11/15/45		75,000		73,750
Series A, 4.00%, 11/15/46		150,000		137,032
Series D, 4.00%, 11/15/46		790,000		669,322
Series D-2, 4.00%, 11/15/48		630,000		528,486
Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		588,665
Series D-3, 4.00%, 11/15/49		140,000		116,769
Series A-1, 4.00%, 11/15/50		35,000		31,431
Series D-3, 4.00%, 11/15/50		250,000		207,419
Series C-1, 5.00%, 11/15/50		700,000		686,851
Series A-1, 4.00%, 11/15/52		775,000		636,257
Series B, 5.00%, 11/15/52		115,000		112,664
Series A-1-GROUP 2, 4.00%, 11/15/54		345,000		305,219
Series C-1, 5.25%, 11/15/55		250,000		252,504
New York City Municipal Water Finance Authority, Water Revenue, Series FF, 5.00%, 6/15/39		35,000		37,380
Series AA, 4.00%, 6/15/40		490,000		490,583
Series EE-2, 4.00%, 6/15/40		30,000		30,033
Series AA, 5.00%, 6/15/40		95,000		102,648
Series FF, 5.00%, 6/15/40		100,000		106,451
Sub-Series EE-2, 5.00%, 6/15/40		535,000		575,359
4.00%, 6/15/42		400,000		399,498
Series AA-2, 4.00%, 6/15/42		100,000		99,875
Series BB2, 4.00%, 6/15/42		40,000		39,950
Series CC-2, 4.00%, 6/15/42		25,000		24,969
Series BB-1, 5.00%, 6/15/44		140,000		152,188
Series BB-1, 4.00%, 6/15/45		255,000		247,265
Series BB-1, 4.00%, 6/15/49		200,000		190,849
Series CC-1, 4.00%, 6/15/49		200,000		190,849
Series FF-1, 4.00%, 6/15/49		15,000		14,314
Series BB-1, 5.00%, 6/15/49		270,000		287,257
Series DD-1, 5.00%, 6/15/49		400,000		420,485
Series DD-1, 5.25%, 6/15/49		70,000		74,734
Series BB-1, 4.00%, 6/15/50		285,000		271,066

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
New York (Continued)
Series GG-1, 4.00%, 6/15/50	$	305,000	$	290,088
Sub-Series DD-1, 4.00%, 6/15/50		600,000		570,666
Series AA-1, 5.00%, 6/15/50		140,000		149,393
Series AA-1, 3.00%, 6/15/51		300,000		228,419
Series CC-1, 5.00%, 6/15/51		250,000		267,374
New York Power Authority, Electric, Power & Light Revenue, Series A, 4.00%, 11/15/45		35,000		34,229
Series A, 4.00%, 11/15/47		115,000		110,970
Series A, 4.00%, 11/15/50		75,000		72,130
Series A, 4.00%, 11/15/55		500,000		473,230
Series A, 3.25%, 11/15/60		1,760,000		1,304,506
Series A, 4.00%, 11/15/60		525,000		490,491
New York State Dormitory Authority, Income Tax Revenue, Series A, 4.00%, 3/15/37		225,000		227,352
New York State Environmental Facilities Corp., Water Revenue, Series A, 5.00%, 6/15/51		500,000		546,380
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, Series 224, 4.00%, 7/15/51		15,000		14,216
Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 5/15/57		1,000,000		933,481
Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, Series C-1A, 4.00%, 5/15/46		600,000		578,036
Series C-3, 3.00%, 5/15/51		895,000		676,051
Series A-1, 5.00%, 5/15/51		2,000,000		2,126,055
Series C-1A, 5.00%, 5/15/51		225,000		240,051
(Cost $23,313,011)				19,950,132
Ohio — 1.2%
Franklin County Convention Facilities Authority, Industrial Revenue, 5.00%, 12/1/51		100,000		96,883
Northeast Ohio Regional Sewer District, Sewer Revenue, 4.00%, 11/15/43		60,000		59,722
Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, Series A, 4.00%, 2/15/46		10,000		9,684
Series A, 5.00%, 2/15/46		275,000		300,528
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, Series A, 5.00%, 12/1/50		750,000		806,985
Ohio Water Development Authority, Intergovernmental, 5.00%, 6/1/46		225,000		247,611
(Cost $1,725,589)				1,521,413
Oregon — 1.0%
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, Series 25B, AMT, 5.00%, 7/1/44		315,000		323,514
Series 28, AMT, 4.00%, 7/1/47		500,000		450,077

	Principal Amount		Value
Oregon (Continued)
Series TWENTY-SEVEN-A, AMT, 4.00%, 7/1/50	$	500,000	$	443,740
State of Oregon Department of Transportation, Fuel Sales Tax Revenue, Series A, 4.00%, 11/15/42		60,000		60,186
(Cost $1,399,378)				1,277,517
Pennsylvania — 6.4%
Allegheny County Airport Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 1/1/46		700,000		633,425
Series A, AMT, 5.00%, 1/1/51		500,000		509,649
Series A, AMT, 4.00%, 1/1/56		500,000		432,114
Chester County Industrial Development Authority, Recreational Revenue, 4.00%, 12/1/51		245,000		227,494
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 10/1/43		25,000		26,270
Series A, 5.00%, 11/1/45		515,000		546,409
Series A, 5.00%, 10/1/48		35,000		36,422
Series A, 5.00%, 11/1/50		500,000		526,172
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series B, 5.00%, 12/1/43		115,000		119,260
Series A, 5.25%, 12/1/44		565,000		602,641
Series A, 5.00%, 12/1/48		480,000		500,017
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Series A, 3.00%, 12/1/42		160,000		125,363
Series A, 5.00%, 12/1/44		230,000		244,207
Series A, 4.00%, 12/1/46		20,000		19,084
Series B, 4.00%, 12/1/46		390,000		372,146
Series C, 5.00%, 12/1/46		45,000		47,337
Series A, 5.00%, 12/1/47		55,000		57,763
Sub-Series A, 4.00%, 12/1/49		285,000		273,605
Series A, 5.00%, 12/1/49		15,000		15,619
Series A, 4.00%, 12/1/50		255,000		225,850
Series B, 5.00%, 12/1/50		1,705,000		1,782,144
Series B, 3.00%, 12/1/51		200,000		143,283
Series A, 4.00%, 12/1/51		65,000		61,894
Series B, 4.00%, 12/1/51		300,000		267,829
Series B, 5.00%, 12/1/51		15,000		15,730
(Cost $8,962,801)				7,811,727
South Carolina — 0.8%
South Carolina Public Service Authority, Electric, Power & Light Revenue, Series A, 4.00%, 12/1/42		475,000		436,686
Series A, 4.00%, 12/1/52		600,000		514,774
(Cost $1,082,512)				951,460
Tennessee — 1.8%
Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 5/15/46		245,000		267,415

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Tennessee (Continued)
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/49	$	125,000	$	127,600
Series B, AMT, 4.00%, 7/1/54		550,000		476,766
Series A, 5.00%, 7/1/54		805,000		832,908
Series B, AMT, 5.00%, 7/1/54		500,000		505,781
(Cost $2,534,957)				2,210,470
Texas — 8.3%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series E, 5.00%, 1/1/45		100,000		104,481
Series B, 5.00%, 1/1/46		300,000		312,783
Series B, 4.00%, 1/1/51		50,000		45,667
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 11/15/44		125,000		133,223
Series B, 5.00%, 11/15/49		125,000		132,594
City of Austin TX Water & Wastewater System Revenue, Water Revenue, Series C, 5.00%, 11/15/50		305,000		328,941
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, Series C, 4.00%, 10/1/49		110,000		109,809
City of Georgetown TX Utility System Revenue, Multiple Utility Revenue, 4.25%, 8/15/47		1,000,000		984,384
City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 4.00%, 7/1/46		575,000		525,032
City of Houston TX Combined Utility System, Water Revenue, Series C, 4.00%, 11/15/43		165,000		159,702
Series D, 5.00%, 11/15/43		30,000		31,847
Series C, 3.00%, 11/15/47		145,000		108,979
Series C, 4.00%, 11/15/49		55,000		51,705
City of Lubbock TX Electric Light & Power System Revenue, Electric, Power & Light Revenue, 4.00%, 4/15/51		400,000		367,571
City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue, 5.00%, 2/1/35		100,000		109,850
Series A, 5.00%, 2/1/46		10,000		10,563
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, 5.00%, 2/1/34		220,000		243,336
Dallas Fort Worth International Airport, Private Airport & Marina Revenue, 4.00%, 11/1/34		60,000		60,585
4.00%, 11/1/35		85,000		85,682
Series A, 4.00%, 11/1/35		70,000		70,562
Harris County Toll Road Authority, Highway Revenue Tolls, Series A, 4.00%, 8/15/48		555,000		534,579

	Principal Amount		Value
Texas (Continued)
4.00%, 8/15/50	$	670,000	$	640,580
Harris County-Houston Sports Authority, Hotel Occupancy Tax, Series A, 3.125%, 11/15/56		110,000		79,603
Lower Colorado River Authority, Intergovernmental, 5.00%, 5/15/47		250,000		261,777
North Fort Bend Water Authority, Water Revenue, Series A, 4.00%, 12/15/58		25,000		23,302
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 4.00%, 1/1/36		225,000		227,349
Series A, 4.00%, 1/1/37		25,000		25,086
Series A, 5.00%, 1/1/38		65,000		69,670
Series A, 5.00%, 1/1/39		30,000		31,744
Series A, 5.00%, 1/1/43		885,000		926,006
Series A, 5.00%, 1/1/48		2,075,000		2,153,436
4.25%, 1/1/49		30,000		29,007
Series B, 3.00%, 1/1/51		250,000		183,753
San Antonio Water System, Water Revenue, Series A, 5.00%, 5/15/46		25,000		27,136
Series A, 4.00%, 5/15/51		335,000		327,058
Texas Water Development Board, Water Revenue, 4.00%, 10/15/45		320,000		317,634
4.00%, 4/15/51		225,000		215,072
West Harris County Regional Water Authority, Water Revenue, 3.00%, 12/15/58		85,000		58,105
(Cost $11,426,088)				10,108,193
Utah — 2.2%
City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		408,119
Series A, AMT, 5.00%, 7/1/48		1,000,000		1,011,308
Series A, AMT, 5.25%, 7/1/48		225,000		231,048
Intermountain Power Agency, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/42		1,000,000		1,102,590
(Cost $2,841,802)				2,753,065
Virginia — 1.2%
Hampton Roads Transportation Accountability Commission, Appropriations, Series A, 4.00%, 7/1/45		275,000		271,024
Series A, 5.00%, 7/1/50		40,000		43,176
Series A, 4.00%, 7/1/55		700,000		672,106
Series A, 5.00%, 7/1/60		500,000		537,291
(Cost $1,791,271)				1,523,597
Washington — 2.4%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 5.00%, 11/1/32		50,000		58,273

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2022 (Unaudited)

	Principal Amount		Value
Washington (Continued)
Series S-1, 4.00%, 11/1/40	$	20,000	$	19,974
Series S-1, 4.00%, 11/1/46		1,000,000		980,644
County of King WA Sewer Revenue, Sewer Revenue, Series A, 4.00%, 1/1/52		500,000		481,212
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/38		300,000		328,446
Port of Seattle WA, Private Airport & Marina Revenue, AMT, 5.00%, 4/1/44		500,000		513,057
Series B, AMT, 5.00%, 8/1/47		500,000		515,499
(Cost $3,219,375)				2,897,105
West Virginia — 0.2%
West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47 (Cost $318,467)		250,000		267,706
Wisconsin — 0.2%
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44 (Cost $269,523)		245,000		257,227

	Principal Amount		Value
Puerto Rico — 1.8%
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, Series CC, 5.25%, 7/1/36	$	540,000	$	535,528
Series N, 5.25%, 7/1/36		855,000		847,920
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, Series L, 5.25%, 7/1/35		705,000		699,081
Series L, 5.25%, 7/1/41		65,000		64,343
(Cost $2,346,247)				2,146,872
TOTAL MUNICIPAL BONDS
(Cost $137,044,385)				120,719,323
TOTAL INVESTMENTS — 98.5% (Cost $137,044,385)			$	120,719,323
Other assets and liabilities, net — 1.5%				1,838,857
NET ASSETS — 100.0%			$	122,558,180

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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Municipal Bonds (a)	$	—	$	120,719,323	$	—	$	120,719,323
TOTAL	$	—	$	120,719,323	$	—	$	120,719,323

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

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.9%
Australia — 6.9%
BHP Group Ltd.		13,312	$	405,813
Coles Group Ltd.		3,526		40,025
Fortescue Metals Group Ltd.		4,453		57,795
Medibank Pvt Ltd.		7,029		13,792
Rio Tinto Ltd.		977		71,724
Wesfarmers Ltd.		2,975		96,769
(Cost $759,097)				685,918
Austria — 0.2%
OMV AG (Cost $20,462)		386		19,936
Belgium — 0.2%
Ageas SA/NV (Cost $21,248)		423		16,755
Brazil — 2.5%
Ambev SA		12,517		37,893
Atacadao SA		1,663		5,050
B3 SA — Brasil Bolsa Balcao		16,228		39,283
TIM SA		2,424		5,992
Vale SA		9,986		162,756
(Cost $233,953)				250,974
Canada — 3.3%
BCE, Inc.		215		10,159
Canadian Tire Corp. Ltd., Class A		148		16,631
Great-West Lifeco, Inc.		741		17,534
iA Financial Corp., Inc.		289		16,178
IGM Financial, Inc.		242		6,967
Lundin Mining Corp.		1,715		10,474
Manulife Financial Corp.		4,975		88,917
Quebecor, Inc., Class B (a)		432		9,238
Restaurant Brands International, Inc.		772		50,869
Sun Life Financial, Inc.		1,530		71,935
TELUS Corp.		1,197		25,287
(Cost $322,172)				324,189
Chile — 0.2%
Antofagasta PLC		1,018		17,076
Cia Cervecerias Unidas SA		396		2,384
Cia Sud Americana de Vapores SA		46,532		3,764
(Cost $29,666)				23,224
China — 5.4%
360 DigiTech, Inc., ADR		279		4,378
Anhui Conch Cement Co. Ltd., Class A		500		2,018
Anhui Conch Cement Co. Ltd., Class H		3,297		11,933
Baoshan Iron & Steel Co. Ltd., Class A		3,600		2,866
China Coal Energy Co. Ltd., Class H		5,027		4,611
China Communications Services Corp. Ltd., Class H		6,134		2,106
China Conch Venture Holdings Ltd.		4,169		9,475
China Construction Bank Corp., Class A		2,400		1,894
China Construction Bank Corp., Class H		251,144		151,545
China Hongqiao Group Ltd.		5,933		5,496
China Lesso Group Holdings Ltd.		2,634		3,202
China Medical System Holdings Ltd.		3,469		5,031

	Number of Shares		Value
China (Continued)
China Pacific Insurance Group Co. Ltd., Class A		1,200	$	4,123
China Pacific Insurance Group Co. Ltd., Class H		7,200		16,253
China Railway Group Ltd., Class H		11,350		6,383
China Railway Signal & Communication Corp. Ltd., Class A		1,593		1,057
China Shenhua Energy Co. Ltd., Class A		1,156		4,986
China Shenhua Energy Co. Ltd., Class H		8,945		27,504
China State Construction Engineering Corp. Ltd., Class A		7,000		5,811
China Vanke Co. Ltd., Class A		1,700		4,476
China Vanke Co. Ltd., Class H		4,525		9,310
COSCO SHIPPING Holdings Co. Ltd., Class A		2,000		3,566
COSCO SHIPPING Holdings Co. Ltd., Class H		8,151		8,803
CRRC Corp. Ltd., Class H		10,902		4,469
Daan Gene Co. Ltd., Class A		400		1,012
Daqin Railway Co. Ltd., Class A		2,800		2,708
Foxconn Industrial Internet Co. Ltd., Class A		1,500		1,938
Gemdale Corp., Class A		800		1,321
Gree Electric Appliances, Inc. of Zhuhai, Class A		600		2,725
Haitian International Holdings Ltd.		1,544		3,976
Henan Shuanghui Investment & Development Co. Ltd., Class A		600		2,140
Hengli Petrochemical Co. Ltd., Class A		944		2,239
Huaibei Mining Holdings Co. Ltd., Class A		600		1,217
Huaxin Cement Co. Ltd., Class A		459		1,006
Hunan Valin Steel Co. Ltd., Class A		1,600		1,084
Industrial & Commercial Bank of China Ltd., Class A		9,500		5,767
Industrial & Commercial Bank of China Ltd., Class H		148,480		74,378
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,253		743
Jiangsu Expressway Co. Ltd., Class H		2,966		2,675
LB Group Co. Ltd., Class A		500		1,262
Lenovo Group Ltd.		19,695		16,603
Livzon Pharmaceutical Group, Inc., Class A		107		571
New China Life Insurance Co. Ltd., Class A		300		1,215
New China Life Insurance Co. Ltd., Class H		2,455		5,731
People’s Insurance Co. Group of China Ltd., Class H		21,542		7,231
PICC Property & Casualty Co. Ltd., Class H		18,026		18,152
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		600		1,044
Postal Savings Bank of China Co. Ltd., Class A		5,226		3,290
Postal Savings Bank of China Co. Ltd., Class H, 144A		20,047		12,020
Shaanxi Coal Industry Co. Ltd., Class A		1,800		5,125
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,640		2,927
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,072		3,435

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, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		459	$	472
Shanxi Coking Coal Energy Group Co. Ltd., Class A		700		1,300
Shanxi Taigang Stainless Steel Co. Ltd., Class A		1,500		955
Sichuan Chuantou Energy Co. Ltd., Class A		700		1,179
Sinopharm Group Co. Ltd., Class H		3,378		7,980
Tianshan Aluminum Group Co. Ltd., Class A		1,000		1,009
Topsports International Holdings Ltd., 144A		5,059		3,221
Uni-President China Holdings Ltd.		3,016		2,643
Want Want China Holdings Ltd.		12,284		8,341
Yankuang Energy Group Co. Ltd., Class A		400		2,291
Yankuang Energy Group Co. Ltd., Class H		3,937		13,038
Youngor Group Co. Ltd., Class A		1,100		1,002
Zangge Mining Co. Ltd., Class A		300		1,304
Zhuzhou Kibing Group Co. Ltd., Class A		800		1,116
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,000		1,649
(Cost $704,328)				532,331
Cyprus — 0.0%
Polymetal International PLC (b)* (Cost $33,157)		1,987		0
Czech Republic — 0.1%
CEZ AS (Cost $14,318)		421		14,314
Denmark — 0.4%
A.P. Moller — Maersk A/S, Class A		8		16,645
A.P. Moller — Maersk A/S, Class B		13		27,625
(Cost $60,910)				44,270
Egypt — 0.0%
Eastern Co. SAE (Cost $2,753)		2,931		1,541
Finland — 1.3%
Elisa OYJ		369		18,906
Kesko OYJ, Class B		733		15,464
Kone OYJ, Class B		889		43,489
UPM-Kymmene OYJ		1,396		50,266
(Cost $134,517)				128,125
France — 9.7%
Amundi SA, 144A		155		8,538
AXA SA		4,879		135,740
Bouygues SA		590		17,958
Cie Generale des Etablissements Michelin SCA		1,746		48,045
Danone SA		1,675		86,371
Sanofi		2,985		265,797
TotalEnergies SE		6,500		403,638
(Cost $1,009,324)				966,087
Germany — 5.6%
Allianz SE		1,070		225,138
BASF SE		2,416		120,688

	Number of Shares		Value
Germany (Continued)
Bayerische Motoren Werke AG		863	$	76,694
Covestro AG, 144A		501		19,690
Deutsche Post AG		2,625		102,248
Evonik Industries AG		550		10,604
(Cost $633,858)				555,062
Greece — 0.2%
Hellenic Telecommunications Organization SA		516		7,837
JUMBO SA		283		4,426
OPAP SA		512		6,974
(Cost $21,701)				19,237
Hong Kong — 3.4%
Beijing Enterprises Holdings Ltd.		1,330		4,209
Bosideng International Holdings Ltd.		8,446		4,155
China Everbright Environment Group Ltd.		9,888		4,522
China Merchants Port Holdings Co. Ltd.		3,566		5,181
China Overseas Land & Investment Ltd.		10,115		27,343
China Resources Cement Holdings Ltd.		6,269		3,381
China Resources Gas Group Ltd.		2,361		8,318
China Resources Land Ltd.		8,498		39,194
China State Construction International Holdings Ltd.		5,170		6,193
China Taiping Insurance Holdings Co. Ltd.		3,936		3,994
CK Asset Holdings Ltd.		5,195		30,982
CK Infrastructure Holdings Ltd.		1,651		8,313
COSCO SHIPPING Ports Ltd.		4,660		3,516
Guangdong Investment Ltd.		7,997		7,336
Hang Lung Properties Ltd.		5,139		9,468
Henderson Land Development Co. Ltd.		3,929		12,936
HKT Trust & HKT Ltd. (c)		9,898		12,021
Kingboard Holdings Ltd.		1,732		5,680
Kingboard Laminates Holdings Ltd.		2,763		2,896
Nine Dragons Paper Holdings Ltd.		3,932		3,118
Orient Overseas International Ltd.		360		6,743
Power Assets Holdings Ltd.		3,631		18,677
Sino Land Co. Ltd.		8,754		10,890
SITC International Holdings Co. Ltd.		3,661		7,992
Sun Hung Kai Properties Ltd.		3,812		45,761
Swire Properties Ltd.		3,195		7,155
Wharf Real Estate Investment Co. Ltd.		4,361		20,114
Xinyi Glass Holdings Ltd.		4,718		9,042
Yuexiu Property Co. Ltd.		3,672		4,629
(Cost $412,420)				333,759
India — 2.1%
Bajaj Auto Ltd.		177		8,152
Bharat Petroleum Corp. Ltd.		2,220		9,300
Coal India Ltd.		4,026		11,235
GAIL India Ltd.		5,914		6,881
HCL Technologies Ltd.		2,814		38,729
Hero MotoCorp Ltd.		290		10,156
Indian Oil Corp. Ltd.		7,526		7,084
ITC Ltd.		7,772		32,448
NTPC Ltd.		10,129		21,418
Oil & Natural Gas Corp. Ltd.		6,546		11,342
Petronet LNG Ltd.		2,143		5,596

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, 2022 (Unaudited)

	Number of Shares		Value
India (Continued)
Power Grid Corp. of India Ltd.		8,107	$	22,299
Tata Steel Ltd.		18,912		24,999
(Cost $185,117)				209,639
Indonesia — 1.3%
PT Adaro Energy Indonesia Tbk		36,118		8,885
PT Astra International Tbk		52,469		20,179
PT Bank Mandiri Persero Tbk		48,576		32,499
PT Bank Rakyat Indonesia Persero Tbk		179,490		56,820
PT Indofood Sukses Makmur Tbk		11,419		4,682
PT United Tractors Tbk		4,550		8,908
(Cost $104,299)				131,973
Israel — 0.5%
Bank Leumi Le-Israel BM		4,048		36,053
ICL Group Ltd.		1,849		15,048
(Cost $55,152)				51,101
Italy — 2.2%
Assicurazioni Generali SpA		2,893		50,461
Enel SpA		21,424		113,252
Snam SpA		5,286		26,495
Terna — Rete Elettrica Nazionale		3,678		27,683
(Cost $323,495)				217,891
Japan — 6.8%
AGC, Inc.		500		16,483
Aisin Corp.		400		10,792
Asahi Kasei Corp.		3,300		24,098
Daiwa House Industry Co. Ltd.		1,600		36,222
Honda Motor Co. Ltd.		4,300		103,417
Iida Group Holdings Co. Ltd.		400		6,286
Japan Tobacco, Inc.		3,100		62,549
Kajima Corp.		1,100		12,219
Mitsui Chemicals, Inc.		500		11,108
Mitsui OSK Lines Ltd. (a)		900		21,703
MS&AD Insurance Group Holdings, Inc.		1,178		34,612
Nippon Yusen KK (a)		1,269		27,619
Nomura Real Estate Holdings, Inc.		300		7,138
Obayashi Corp.		1,700		12,475
Sekisui House Ltd.		1,575		28,974
SoftBank Corp.		7,500		80,488
Sompo Holdings, Inc.		800		34,737
Sumitomo Metal Mining Co. Ltd.		600		19,973
Tokio Marine Holdings, Inc.		4,820		97,650
Tosoh Corp.		700		8,142
Yamaha Motor Co. Ltd.		800		19,579
(Cost $710,919)				676,264
Kuwait — 0.1%
Mobile Telecommunications Co. KSCP (Cost $11,182)		5,865		11,176
Malaysia — 1.1%
Inari Amertron Bhd		8,500		5,084
Kuala Lumpur Kepong Bhd		1,200		5,639
Malayan Banking Bhd		12,411		24,082
MISC Bhd		3,500		5,666
Petronas Chemicals Group Bhd		6,600		12,673

	Number of Shares		Value
Malaysia (Continued)
Petronas Gas Bhd		2,100	$	7,933
Public Bank Bhd		38,200		38,651
RHB Bank Bhd		3,890		4,915
Sime Darby Bhd		7,500		3,626
(Cost $99,174)				108,269
Mexico — 0.7%
Arca Continental SAB de CV		1,229		10,215
Coca-Cola Femsa SAB de CV		1,286		8,734
Grupo Mexico SAB de CV, Series B		8,173		33,192
Kimberly-Clark de Mexico SAB de CV, Class A		4,267		7,224
Orbia Advance Corp. SAB de CV		2,594		5,052
(Cost $54,930)				64,417
Netherlands — 2.3%
Koninklijke Ahold Delhaize NV		2,747		78,673
NN Group NV		723		30,239
OCI NV		274		11,449
Randstad NV		310		17,555
Stellantis NV*		5,743		88,061
(Cost $231,497)				225,977
New Zealand — 0.2%
Spark New Zealand Ltd. (Cost $14,433)		4,796		15,341
Norway — 0.7%
Aker BP ASA		857		29,368
Gjensidige Forsikring ASA		526		9,981
Orkla ASA		2,021		14,180
Yara International ASA		431		19,451
(Cost $84,912)				72,980
Peru — 0.1%
Southern Copper Corp. (a) (Cost $12,854)		219		13,363
Philippines — 0.1%
Globe Telecom, Inc.		72		2,928
PLDT, Inc.		240		7,434
(Cost $9,822)				10,362
Poland — 0.3%
Cyfrowy Polsat SA		565		2,314
LPP SA		3		6,321
Polski Koncern Naftowy ORLEN SA		1,654		23,790
(Cost $38,307)				32,425
Qatar — 0.2%
Industries Qatar QSC		3,942		16,118
Mesaieed Petrochemical Holding Co.		11,780		7,537
(Cost $28,584)				23,655
Russia — 0.0%
Alrosa PJSC*(b)		14,479		0
Inter RAO UES PJSC*(b)		188,952		0
LUKOIL PJSC (b)		2,350		0
MMC Norilsk Nickel PJSC*(b)		361		0
Mobile TeleSystems PJSC, ADR*(b)		2,615		0

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, 2022 (Unaudited)

	Number of Shares		Value
Russia (Continued)
Novolipetsk Steel PJSC (b)		8,593	$	0
PhosAgro PJSC*(b)		258		0
PhosAgro PJSC, GDR*(b)		2		0
PhosAgro PJSC, GDR*(b)		4		0
Polyus PJSC*(b)		192		0
Severstal PAO (b)		1,174		0
Tatneft PJSC (b)		7,791		0
(Cost $520,076)				0
Saudi Arabia — 0.8%
Advanced Petrochemical Co.		355		3,924
Jarir Marketing Co.		150		6,584
SABIC Agri-Nutrients Co.		553		21,212
Saudi Industrial Investment Group		1,007		5,475
Saudi Telecom Co.		3,957		40,473
(Cost $82,034)				77,668
Singapore — 1.9%
Oversea-Chinese Banking Corp. Ltd.		8,908		80,870
Singapore Exchange Ltd.		2,141		14,140
Singapore Technologies Engineering Ltd.		4,000		10,012
United Overseas Bank Ltd.		3,100		70,583
Venture Corp. Ltd.		700		8,838
(Cost $167,384)				184,443
South Africa — 1.5%
African Rainbow Minerals Ltd.		318		5,425
Anglo American Platinum Ltd.		144		14,551
Exxaro Resources Ltd.		615		8,173
FirstRand Ltd.		13,028		51,322
Impala Platinum Holdings Ltd.		2,221		27,394
Kumba Iron Ore Ltd. (a)		162		4,609
Mr Price Group Ltd.		653		6,501
Sanlam Ltd.		4,700		15,529
SPAR Group Ltd. (a)		455		3,565
Vodacom Group Ltd.		1,655		12,244
(Cost $167,562)				149,313
South Korea — 1.5%
Cheil Worldwide, Inc.		229		4,211
DB Insurance Co. Ltd.		116		5,462
Kia Corp.		678		35,266
KT&G Corp.		286		21,664
Kumho Petrochemical Co. Ltd.		55		6,235
LG Uplus Corp.		580		5,321
POSCO Holdings, Inc.		205		46,554
S-1 Corp.		52		2,531
Samsung Fire & Marine Insurance Co. Ltd.		79		12,310
Samsung Life Insurance Co. Ltd.		216		12,021
(Cost $155,324)				151,575
Spain — 2.6%
Endesa SA		831		15,145
Iberdrola SA		15,734		174,641
Red Electrica Corp. SA		1,064		18,400
Repsol SA		3,588		54,677
(Cost $251,550)				262,863

	Number of Shares		Value
Sweden — 0.7%
Boliden AB		718	$	26,118
Securitas AB, Class B (a)		1,360		10,889
SKF AB, Class B		993		16,142
Tele2 AB, Class B		1,474		12,830
(Cost $83,289)				65,979
Switzerland — 9.7%
Adecco Group AG		437		14,609
Baloise Holding AG		126		18,819
Holcim AG		1,456		74,515
Kuehne + Nagel International AG		143		34,311
Novartis AG		5,564		488,511
SGS SA		17		39,255
Swiss Re AG		793		70,098
Swisscom AG		68		36,271
Zurich Insurance Group AG		393		186,817
(Cost $937,227)				963,206
Taiwan — 7.1%
Acer, Inc.		8,095		6,443
ASE Technology Holding Co. Ltd.		8,774		27,595
Asia Cement Corp.		6,100		8,152
Asustek Computer, Inc.		1,751		15,071
Cathay Financial Holding Co. Ltd.		20,584		29,006
Compal Electronics, Inc.		10,834		7,589
CTBC Financial Holding Co. Ltd.		46,509		34,612
Formosa Plastics Corp.		11,000		32,104
Fubon Financial Holding Co. Ltd.		19,746		38,846
Hon Hai Precision Industry Co. Ltd.		32,978		107,239
Largan Precision Co. Ltd.		251		18,639
Lite-On Technology Corp.		5,462		11,594
MediaTek, Inc.		4,021		95,368
Micro-Star International Co. Ltd.		1,752		6,973
Nan Ya Plastics Corp.		12,000		29,859
Nien Made Enterprise Co. Ltd.		541		5,094
Novatek Microelectronics Corp.		1,450		14,005
Pegatron Corp.		5,396		10,825
Powerchip Semiconductor Manufacturing Corp.		7,000		7,542
President Chain Store Corp.		1,584		13,966
Quanta Computer, Inc.		7,159		16,586
Realtek Semiconductor Corp.		1,000		10,257
Shanghai Commercial & Savings Bank Ltd.		10,348		17,009
Shin Kong Financial Holding Co. Ltd.		33,815		9,749
SinoPac Financial Holdings Co. Ltd.		27,350		16,106
Synnex Technology International Corp.		3,738		7,051
Taishin Financial Holding Co. Ltd.		28,280		13,863
United Microelectronics Corp.		31,000		45,940
Vanguard International Semiconductor Corp.		2,000		5,326
Wan Hai Lines Ltd.		2,000		4,925
WPG Holdings Ltd.		4,864		7,633
Yuanta Financial Holding Co. Ltd.		26,344		19,264
Zhen Ding Technology Holding Ltd.		1,771		6,848
(Cost $731,226)				701,079
Thailand — 0.4%
Intouch Holdings PCL, NVDR		3,100		6,483
Osotspa PCL, NVDR		4,000		3,204

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Thailand (Continued)
PTT Exploration & Production PCL, NVDR		3,500	$	18,659
Ratch Group PCL, NVDR		3,000		3,488
Srisawad Corp. PCL, NVDR		1,900		2,438
Thai Union Group PCL, NVDR		7,600		3,685
(Cost $35,041)				37,957
Turkey — 0.1%
Eregli Demir ve Celik Fabrikalari TAS (Cost $6,942)		3,950		9,062
United Arab Emirates — 0.4%
Abu Dhabi Islamic Bank PJSC		3,824		9,995
Abu Dhabi National Oil Co. for Distribution PJSC		8,386		10,411
Emirates NBD Bank PJSC		4,918		17,741
(Cost $30,078)				38,147
United Kingdom — 13.1%
3i Group PLC		2,582		41,465
Anglo American PLC		3,342		135,618
BAE Systems PLC		8,222		80,546
Coca-Cola Europacific Partners PLC		534		28,350
GSK PLC		10,620		177,923
Hargreaves Lansdown PLC		923		9,273
Imperial Brands PLC		2,379		60,204
Kingfisher PLC		5,029		14,440
National Grid PLC		9,555		115,440
Next PLC		334		23,229
Persimmon PLC		862		13,058
Rio Tinto PLC		2,936		195,279
Schroders PLC		1,858		9,789
St James’s Place PLC		1,423		19,480
Tesco PLC		19,418		52,609
Unilever PLC		6,659		328,628
(Cost $1,468,287)				1,305,331
TOTAL COMMON STOCKS (Cost $11,014,581)				9,727,178
PREFERRED STOCKS — 0.6%
Brazil — 0.2%
Cia Energetica de Minas Gerais		3,555		7,760
Gerdau SA		3,056		18,346
(Cost $20,979)				26,106
Germany — 0.4%
Bayerische Motoren Werke AG		155		13,191
Porsche Automobil Holding SE		395		23,727
(Cost $36,918)				36,918
TOTAL PREFERRED STOCKS (Cost $57,897)				63,024
RIGHTS — 0.0%
Taiwan — 0.0%
Shanghai Commercial & Savings Bank Ltd.*, expires 12/22/22
(Cost $0)		685		306

	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 0.2%
WisdomTree Emerging Markets High Dividend Fund		100	$	3,716
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (d)		700		15,330
TOTAL EXCHANGE-TRADED FUNDS (Cost $17,536)				19,046
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (e)(f) (Cost $21,137)		21,137		21,137
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 3.74% (e) (Cost $5,647)		5,647		5,647
TOTAL INVESTMENTS — 99.0% (Cost $11,116,798)			$	9,836,338
Other assets and liabilities, net — 1.0%				96,284
NET ASSETS — 100.0%			$	9,932,622

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
EXCHANGE-TRADED FUNDS — 0.1%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (d)
		5,858		94,892		(81,360	)		(5,061	)		1,001		1,002		—		700		15,330
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (e)(f)
		403,253		—		(382,116	)(g)		—			—		1,621		—		21,137		21,137
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 3.74% (e)
		89,424		807,529		(891,306	)		—			—		204		—		5,647		5,647
		498,535		902,421		(1,354,782	)		(5,061	)		1,001		2,827		—		27,484		42,114

* 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, 2022 amounted to $89,450, which is 0.9% 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 $73,284.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

ADR: American Depositary Receipt

GDR: Global Depositary Receipt

KSCP: Kuwait Shareholding Company Public

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

QSC: Qatari Shareholders Company

SAE: Societe Anonyme Egyptienne

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

Securities are listed in country of domicile.

At November 30, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
EURO STOXX 50 Futures	EUR	2	$	74,365	$	81,651	12/16/2022	$	7,286
MINI TOPIX Index Futures	JPY	3		40,584		42,783	12/08/2022		2,199
Total unrealized appreciation								$	9,485

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

JPY Japanese Yen

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	9,727,178	$	—	$	0	$	9,727,178
Preferred Stocks (a)		63,024		—		—		63,024
Rights		—		306		—		306
Exchange-Traded Funds		19,046		—		—		19,046
Short-Term Investments (a)		26,784		—		—		26,784
Derivatives (b)
Futures Contracts		9,485		—		—		9,485
TOTAL	$	9,845,517	$	306	$	0	$	9,845,823

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

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

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.3%
Australia — 9.8%
BHP Group Ltd.		1,822,385	$	55,554,956
Coles Group Ltd.		658,403		7,473,808
Fortescue Metals Group Ltd.		834,626		10,832,435
Medibank Pvt Ltd.		1,357,281		2,663,286
Rio Tinto Ltd.		182,940		13,430,089
Wesfarmers Ltd.		558,874		18,178,683
(Cost $110,417,722)				108,133,257
Austria — 0.3%
OMV AG (Cost $3,699,335)		72,614		3,750,314
Belgium — 0.3%
Ageas SA/NV (Cost $3,766,173)		79,502		3,149,126
Chile — 0.3%
Antofagasta PLC
(Cost $3,381,600)		194,353		3,260,044
Denmark — 0.8%
A.P. Moller — Maersk A/S, Class A		1,461		3,039,831
A.P. Moller — Maersk A/S, Class B		2,541		5,399,498
(Cost $10,742,044)				8,439,329
Finland — 1.5%
Elisa OYJ		70,143		3,593,805
Kesko OYJ, Class B		134,575		2,839,201
UPM-Kymmene OYJ		263,143		9,474,956
(Cost $15,727,331)				15,907,962
France — 9.7%
Amundi SA, 144A		29,861		1,644,932
AXA SA		921,317		25,632,100
Bouygues SA		113,356		3,450,156
Cie Generale des Etablissements Michelin SCA		333,833		9,186,218
Danone SA		316,478		16,319,152
Sanofi		562,208		50,061,339
(Cost $110,382,547)				106,293,897
Germany — 9.5%
Allianz SE		201,324		42,360,390
BASF SE		452,680		22,612,944
Bayerische Motoren Werke AG		163,382		14,519,615
Covestro AG, 144A		95,222		3,742,392
Deutsche Post AG		488,547		19,029,722
Evonik Industries AG		103,425		1,994,055
(Cost $109,861,262)				104,259,118
Hong Kong — 3.1%
CK Asset Holdings Ltd.		984,736		5,872,713
CK Infrastructure Holdings Ltd.		310,816		1,564,931
Hang Lung Properties Ltd.		997,874		1,838,374
Henderson Land Development Co. Ltd.		715,425		2,355,573
HKT Trust & HKT Ltd. (a)		1,868,643		2,269,520
Power Assets Holdings Ltd.		684,123		3,518,998
Sino Land Co. Ltd.		1,624,726		2,021,150
SITC International Holdings Co. Ltd.		662,752		1,446,838

	Number of Shares		Value
Hong Kong (Continued)
Sun Hung Kai Properties Ltd.		714,254	$	8,574,159
Swire Properties Ltd.		577,507		1,293,296
Wharf Real Estate Investment Co. Ltd.		823,112		3,796,301
(Cost $38,269,784)				34,551,853
Israel — 0.6%
Bank Leumi Le-Israel BM (Cost $7,375,839)		760,718		6,775,313
Italy — 3.7%
Assicurazioni Generali SpA		547,493		9,549,524
Enel SpA		4,008,521		21,189,943
Snam SpA		993,878		4,981,652
Terna — Rete Elettrica Nazionale		693,564		5,220,279
(Cost $50,825,040)				40,941,398
Japan — 11.7%
AGC, Inc.		95,200		3,138,312
Aisin Corp.		74,900		2,020,915
Asahi Kasei Corp.		617,974		4,512,796
Daiwa House Industry Co. Ltd.		295,271		6,684,543
Honda Motor Co. Ltd.		803,200		19,317,322
Iida Group Holdings Co. Ltd.		74,200		1,166,121
Japan Tobacco, Inc.		591,500		11,934,701
Kajima Corp.		204,000		2,266,017
Mitsui Chemicals, Inc.		91,800		2,039,415
Mitsui OSK Lines Ltd. (b)		169,500		4,087,484
MS&AD Insurance Group Holdings, Inc.		219,400		6,446,467
Nippon Yusen KK (b)		238,900		5,199,508
Obayashi Corp.		311,600		2,286,645
Sekisui House Ltd.		303,624		5,585,515
SoftBank Corp.		1,415,300		15,188,561
Sompo Holdings, Inc.		154,100		6,691,213
Sumitomo Metal Mining Co. Ltd.		121,600		4,047,814
Taisei Corp.		89,900		2,683,342
Tokio Marine Holdings, Inc.		904,828		18,331,294
Tosoh Corp.		127,920		1,487,847
Yamaha Motor Co. Ltd.		146,600		3,587,781
(Cost $131,009,911)				128,703,613
Netherlands — 3.4%
Koninklijke Ahold Delhaize NV		515,408		14,761,143
NN Group NV		137,556		5,753,197
Stellantis NV*		1,084,481		16,628,946
(Cost $36,293,359)				37,143,286
New Zealand — 0.3%
Spark New Zealand Ltd. (Cost $2,725,519)		921,936		2,948,965
Norway — 1.7%
Aker BP ASA		155,800		5,339,089
Gjensidige Forsikring ASA		98,565		1,870,245
Norsk Hydro ASA		662,970		4,825,759
Orkla ASA		370,218		2,597,539
Yara International ASA		81,617		3,683,392
(Cost $19,847,871)				18,316,024

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Portugal — 0.3%
Jeronimo Martins SGPS SA (Cost $2,885,355)		139,586	$	3,046,965
Singapore — 3.4%
Oversea-Chinese Banking Corp. Ltd.		1,668,707		15,149,029
Singapore Exchange Ltd.		423,050		2,793,989
Singapore Technologies Engineering Ltd.		768,900		1,924,635
United Overseas Bank Ltd.		581,800		13,246,851
Venture Corp. Ltd.		136,700		1,725,834
Wilmar International Ltd.		946,700		2,832,569
(Cost $34,401,462)				37,672,907
Spain — 3.8%
Enagas SA		122,596		2,174,960
Endesa SA		156,582		2,853,677
Iberdrola SA		2,978,683		33,062,281
Red Electrica Corp. SA		200,012		3,458,803
(Cost $42,278,154)				41,549,721
Sweden — 0.9%
Boliden AB		134,896		4,906,896
Securitas AB, Class B (b)		242,651		1,942,792
Tele2 AB, Class B		280,802		2,444,161
(Cost $11,218,034)				9,293,849
Switzerland — 12.4%
Adecco Group AG		78,861		2,636,288
Baloise Holding AG		22,566		3,370,393
Holcim AG		273,238		13,983,820
Kuehne + Nagel International AG		26,753		6,419,035
Novartis AG		625,135		54,885,902
Swiss Re AG		148,652		13,140,353
Swisscom AG		12,767		6,809,960
Zurich Insurance Group AG		74,161		35,253,232
(Cost $132,136,138)				136,498,983

	Number of Shares		Value
United Kingdom — 20.8%
Anglo American PLC		626,292	$	25,414,880
BAE Systems PLC		1,542,820		15,113,996
Coca-Cola Europacific Partners PLC		101,151		5,370,107
GSK PLC		2,004,352		33,580,076
Hargreaves Lansdown PLC		175,066		1,758,789
Imperial Brands PLC		444,978		11,260,892
Kingfisher PLC		974,826		2,798,979
National Grid PLC		1,803,493		21,789,228
Next PLC		63,655		4,427,114
Rio Tinto PLC		554,199		36,860,756
Schroders PLC		360,436		1,898,972
St James’s Place PLC		267,992		3,668,649
Tesco PLC		3,677,573		9,963,640
Unilever PLC		1,111,903		54,873,414
(Cost $228,451,673)				228,779,492
TOTAL COMMON STOCKS (Cost $1,105,696,153)				1,079,415,416
PREFERRED STOCKS — 0.6%
Germany — 0.6%
Bayerische Motoren Werke AG		29,276		2,491,405
Porsche Automobil Holding SE		75,425		4,530,765
(Cost $7,022,170)				7,022,170
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c) (Cost $4,328,208)		4,328,208		4,328,208
TOTAL INVESTMENTS — 99.3% (Cost $1,117,046,531)			$	1,090,765,794
Other assets and liabilities, net — 0.7%				7,648,978
NET ASSETS — 100.0%			$	1,098,414,772

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”,3.69% (c)(d)
		5,263,643		—		(5,263,643	)(e)		—		—		61,881		—		—		—
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
		2,365,904		44,488,693		(42,526,389	)		—		—		13,218		—		4,328,208		4,328,208
		7,629,547		44,488,693		(47,790,032	)		—		—		75,099		—		4,328,208		4,328,208

* 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, 2022 amounted to $15,611,677, which is 1.4% of net assets.

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2022 (Unaudited)

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

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $16,589,380.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

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, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
EURO CAC40 10 Futures	EUR	12	$	819,131	$	832,349	12/16/2022	$	13,218
EURO STOXX 50 Futures	EUR	11		408,516		449,082	12/16/2022		40,566
FTSE 100 Index Futures	GBP	20		1,719,855		1,809,930	12/16/2022		90,075
MSCI EAFE Futures	USD	79		7,023,108		7,820,210	12/16/2022		797,102
Total unrealized appreciation								$	940,961

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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,079,415,416	$	—	$	—	$	1,079,415,416
Preferred Stocks		7,022,170		—		—		7,022,170
Short-Term Investments (a)		4,328,208		—		—		4,328,208
Derivatives (b)
Futures Contracts		940,961		—		—		940,961
TOTAL	$	1,091,706,755	$	—	$	—	$	1,091,706,755

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

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

See Notes to Financial Statements. 61

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2022 (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	$	6,169,112		$	17,017,054		$	18,549,812		$	120,719,323
Investment in affiliated securities at value		35,333			—			—			—
Investment in DWS Government Money Market Series		43,689			46,933			135,144			—
Investment in DWS Government & Agency Securities Portfolio*		42,954			416,538			281,919			—
Cash		—			—			—			287,791
Foreign currency at value		—			3			—			—
Receivables:
Investment securities sold		166,049			197,950			92,850			—
Interest		56,979			269,919			308,664			1,613,866
Securities lending income		142			900			752			—
Total assets	$	6,514,258		$	17,949,297		$	19,369,141		$	122,620,980
Liabilities
Payable upon return of securities loaned	$	42,954		$	416,538		$	281,919		$	—
Payables:
Investment securities purchased		126,713			144,901			165,645			47,633
Investment advisory fees		761			4,813			3,066			15,167
Total liabilities		170,428			566,252			450,630			62,800
Net Assets, at value	$	6,343,830		$	17,383,045		$	18,918,511		$	122,558,180
Net Assets Consist of
Paid-in capital	$	8,619,113		$	23,534,149		$	22,919,254		$	145,321,401
Distributable earnings (loss)		(2,275,283	)		(6,151,104	)		(4,000,743	)		(22,763,221	)
Net Assets, at value	$	6,343,830		$	17,383,045		$	18,918,511		$	122,558,180
Number of Common Shares outstanding		350,001			1,050,001			1,050,001			5,000,001
Net Asset Value	$	18.13		$	16.56		$	18.02		$	24.51
Investment in non-affiliated securities at cost	$	7,217,099		$	20,909,567		$	20,505,307		$	137,044,385
Investment in affiliated securities at cost	$	38,931		$	—		$	—		$	—
Value of securities loaned	$	49,670		$	405,221		$	298,933		$	—
Investment in DWS Government Money Market Series at cost	$	43,689		$	46,933		$	135,144		$	—
Investment in DWS Government & Agency Securities Portfolio at cost*	$	42,954		$	416,538		$	281,919		$	—
Non-cash collateral for securities on loan	$	7,809		$	—		$	26,192		$	—
Foreign currency at cost	$	—		$	3		$	—		$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 62

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2022 (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	$	9,794,224		$	1,086,437,586
Investment in affiliated securities at value		15,330			—
Investment in DWS Government Money Market Series		5,647			4,328,208
Investment in DWS Government & Agency Securities Portfolio*		21,137			—
Foreign currency at value		64,642			3,777,385
Deposit with broker for futures contracts		10,509			702,331
Receivables:
Investment securities sold		1,175,626			148,583,202
Capital shares		—			11,368,915
Variation margin on futures contracts		536			150,350
Dividends		31,621			3,661,553
Interest		40			5,190
Securities lending income		132			5,590
Foreign tax reclaim		42,327			2,482,979
Total assets	$	11,161,771		$	1,261,503,289
Liabilities
Payable upon return of securities loaned	$	21,137		$	—
Payables:
Investment securities purchased		1,203,894			110,257,069
Capital shares		—			52,663,739
Investment advisory fees		1,549			167,709
Deferred foreign tax payable		2,569			—
Total liabilities		1,229,149			163,088,517
Net Assets, at value	$	9,932,622		$	1,098,414,772
Net Assets Consist of
Paid-in capital	$	15,830,795		$	1,217,306,388
Distributable earnings (loss)		(5,898,173	)		(118,891,616	)
Net Assets, at value	$	9,932,622		$	1,098,414,772
Number of Common Shares outstanding		450,001			51,100,001
Net Asset Value	$	22.07		$	21.50
Investment in non-affiliated securities at cost	$	11,075,997		$	1,112,718,323
Investment in affiliated securities at cost	$	14,017		$	—
Value of securities loaned	$	89,450		$	15,611,677
Investment in DWS Government Money Market Series at cost	$	5,647		$	4,328,208
Investment in DWS Government & Agency Securities Portfolio at cost*	$	21,137		$	—
Non-cash collateral for securities on loan	$	73,284		$	16,589,380
Foreign currency at cost	$	58,915		$	3,778,237

* Represents collateral on securities loaned.

See Notes to Financial Statements. 63

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2022 (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	$	102,226		$	415,217		$	633,447		$	2,023,935
Affiliated interest income		458			—			1,844			—
Income distributions from affiliated funds		284			1,672			2,405			—
Affiliated securities lending income		376			3,826			2,670			—
Unaffiliated securities lending income, net of borrower rebates		—			135			1,482			—
Total investment income		103,344			420,850			641,848			2,023,935
Expenses
Investment advisory fees		4,809			30,423			19,797			103,713
Other expenses		45			45			45			58
Total expenses		4,854			30,468			19,842			103,771
Less fees waived (see note 3):
Waiver		(8	)		(72	)		(65	)		—
Net expenses		4,846			30,396			19,777			103,771
Net investment income (loss)		98,498			390,454			622,071			1,920,164
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(59,121	)		(968,669	)		(263,745	)		(2,199,973	)
Investments in affiliates		—			—			(16,144	)		—
In-kind redemptions		—			—			(103,154	)		(2,863,846	)
In-kind redemptions in affiliates		—			—			(847	)		—
Foreign currency transactions		—			—			—			—
Payments by Affiliates (see note 7)		—			—			33			—
Net realized gain (loss)		(59,121	)		(968,669	)		(383,857	)		(5,063,819	)
Net change in unrealized appreciation (depreciation) on:
Investments		(307,065	)		(1,230	)		(782,774	)		(3,517,607	)
Investments in affiliates		(1,146	)		—			5,615			—
Net change in unrealized appreciation (depreciation)		(308,211	)		(1,230	)		(777,159	)		(3,517,607	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(367,332	)		(969,899	)		(1,161,016	)		(8,581,426	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(268,834	)	$	(579,445	)	$	(538,945	)	$	(6,661,262	)

See Notes to Financial Statements. 64

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2022 (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*	$	255,621		$	18,358,875
Income distributions from affiliated funds		1,206			13,218
Affiliated securities lending income		1,621			61,881
Total investment income		258,448			18,433,974
Expenses
Investment advisory fees		9,923			921,841
Other expenses		58			1,150
Total expenses		9,981			922,991
Less fees waived (see note 3):
Waiver		(28	)		(281	)
Net expenses		9,953			922,710
Net investment income (loss)		248,495			17,511,264
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(148,624	)		(14,323,834	)
Investments in affiliates		(5,061	)		—
In-kind redemptions		(8,755	)		13,241,413
Futures contracts		(1,892	)		(515,382	)
Foreign currency transactions		(7,943	)		(472,809	)
Net realized gain (loss)		(172,275	)		(2,070,612	)
Net change in unrealized appreciation (depreciation) on:
Investments**		(774,581	)		(43,709,721	)
Investments in affiliates		1,001			—
Futures contracts		4,693			715,524
Foreign currency translations		2,361			101,634
Net change in unrealized appreciation (depreciation)		(766,526	)		(42,892,563	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(938,801	)		(44,963,175	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(690,306	)	$	(27,451,911	)
*   Unaffiliated foreign tax withheld	$	23,446		$	712,273
**   Net of change in deferred foreign taxes	$	(24	)	$	—

See Notes to Financial Statements. 65

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, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	98,498		$	175,650		$	390,454		$	1,159,925
Net realized gain (loss)		(59,121	)		73,762			(968,669	)		(1,696,232	)
Net change in net unrealized appreciation (depreciation)		(308,211	)		(1,009,974	)		(1,230	)		(4,349,089	)
Net increase (decrease) in net assets resulting from operations		(268,834	)		(760,562	)		(579,445	)		(4,885,396	)
Distributions to Shareholders		(99,995	)		(180,073	)		(424,004	)		(1,220,031	)
Fund Shares Transactions
Proceeds from shares sold		—			1,097,308			—			—
Value of shares redeemed		—			(1,119,611	)		(849,341	)		(5,144,046	)
Net increase (decrease) in net assets resulting from fund share transactions		—			(22,303	)		(849,341	)		(5,144,046	)
Total net increase (decrease) in Net Assets		(368,829	)		(962,938	)		(1,852,790	)		(11,249,473	)
Net Assets
Beginning of period		6,712,659			7,675,597			19,235,835			30,485,308
End of period	$	6,343,830		$	6,712,659		$	17,383,045		$	19,235,835
Changes in Shares Outstanding
Shares outstanding, beginning of period		350,001			350,001			1,100,001			1,400,001
Shares sold		—			50,000			—			—
Shares redeemed		—			(50,000	)		(50,000	)		(300,000	)
Shares outstanding, end of period		350,001			350,001			1,050,001			1,100,001

See Notes to Financial Statements. 66

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, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	622,071		$	1,163,039		$	1,920,164		$	3,538,149
Net realized gain (loss)		(383,857	)		(158,672	)		(5,063,819	)		(1,453,152	)
Net change in net unrealized appreciation (depreciation)		(777,159	)		(2,204,323	)		(3,517,607	)		(19,965,660	)
Net increase (decrease) in net assets resulting from operations		(538,945	)		(1,199,956	)		(6,661,262	)		(17,880,663	)
Distributions to Shareholders		(655,985	)		(1,190,482	)		(1,995,009	)		(3,438,355	)
Fund Shares Transactions
Proceeds from shares sold		—			7,440,810			8,803,399			45,128,404
Value of shares redeemed		(1,893,523	)		—			(39,329,679	)		—
Net increase (decrease) in net assets resulting from fund share transactions		(1,893,523	)		7,440,810			(30,526,280	)		45,128,404
Total net increase (decrease) in Net Assets		(3,088,453	)		5,050,372			(39,182,551	)		23,809,386
Net Assets
Beginning of period		22,006,964			16,956,592			161,740,731			137,931,345
End of period	$	18,918,511		$	22,006,964		$	122,558,180		$	161,740,731
Changes in Shares Outstanding
Shares outstanding, beginning of period		1,150,001			800,001			6,250,001			4,700,001
Shares sold		—			350,000			350,000			1,550,000
Shares redeemed		(100,000	)		—			(1,600,000	)		—
Shares outstanding, end of period		1,050,001			1,150,001			5,000,001			6,250,001

See Notes to Financial Statements. 67

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, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	248,495		$	1,166,348		$	17,511,264		$	41,752,472
Net realized gain (loss)		(172,275	)		607,009			(2,070,612	)		2,815,309
Net change in net unrealized appreciation (depreciation)		(766,526	)		(3,066,821	)		(42,892,563	)		(58,165,110	)
Net increase (decrease) in net assets resulting from operations		(690,306	)		(1,293,464	)		(27,451,911	)		(13,597,329	)
Distributions to Shareholders		(558,299	)		(1,163,325	)		(36,201,525	)		(37,386,297	)
Fund Shares Transactions
Proceeds from shares sold		—			7,568,045			314,840,950			442,165,658
Value of shares redeemed		(1,083,943	)		(15,475,443	)		(108,178,189	)		(174,417,168	)
Net increase (decrease) in net assets resulting from fund share transactions		(1,083,943	)		(7,907,398	)		206,662,761			267,748,490
Total net increase (decrease) in Net Assets		(2,332,548	)		(10,364,187	)		143,009,325			216,764,864
Net Assets
Beginning of period		12,265,170			22,629,357			955,405,447			738,640,583
End of period	$	9,932,622		$	12,265,170		$	1,098,414,772		$	955,405,447
Changes in Shares Outstanding
Shares outstanding, beginning of period		500,001			850,001			40,700,001			29,550,001
Shares sold		—			300,000			15,550,000			18,750,000
Shares redeemed		(50,000	)		(650,000	)		(5,150,000	)		(7,600,000	)
Shares outstanding, end of period		450,001			500,001			51,100,001			40,700,001

See Notes to Financial Statements. 68

DBX ETF Trust

Financial Highlights

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	19.18		$	21.93		$	22.02		$	23.04		$	23.84		$	24.09
Income (loss) from investment operations:
Net investment income (loss)(a)		0.28			0.52			0.53			0.73			0.83			0.78
Net realized and unrealized gain (loss)		(1.04	)		(2.74	)		(0.10	)		(0.98	)		(0.32	)		(0.28	)
Total from investment operations		(0.76	)		(2.22	)		0.43			(0.25	)		0.51			0.50
Less distributions from:
Net investment income		(0.29	)		(0.53	)		(0.52	)		(0.77	)		(0.83	)		(0.75	)
Net realized gains		—			—			—			—			(0.48	)		—
Total distributions		(0.29	)		(0.53	)		(0.52	)		(0.77	)		(1.31	)		(0.75	)
Net Asset Value, end of period	$	18.13		$	19.18		$	21.93		$	22.02		$	23.04		$	23.84
Total Return (%)		(3.99	)**(b)		(10.36	)(b)		1.95	(b)		(1.16	)(b)		2.28	(b)		2.05
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6			7			8			10			7			10
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15			0.24			0.25			0.25
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.24			0.25			0.25
Ratio of net investment income (loss) (%)		3.07	*		2.42			2.34			3.18			3.53			3.22
Portfolio turnover rate (%)(c)		10	**		30			29			57			25			33
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	17.49		$	21.78		$	20.63		$	23.10		$	24.36		$	24.91
Income (loss) from investment operations:
Net investment income (loss)(a)		0.37			0.84			0.84			0.89			1.05			0.99
Net realized and unrealized gain (loss)		(0.91	)		(4.26	)		1.12			(2.37	)		(0.29	)		(0.48	)
Total from investment operations		(0.54	)		(3.42	)		1.96			(1.48	)		0.76			0.51
Less distributions from:
Net investment income		(0.39	)		(0.87	)		(0.81	)		(0.99	)		(1.04	)		(1.02	)
Net realized gains		—			—			—			—			(0.98	)		(0.04	)
Total distributions		(0.39	)		(0.87	)		(0.81	)		(0.99	)		(2.02	)		(1.06	)
Net Asset Value, end of period	$	16.56		$	17.49		$	21.78		$	20.63		$	23.10		$	24.36
Total Return (%)		(3.07	)**(b)		(16.21	)(b)		9.57	(b)		(6.79	)(b)		3.31	(b)		2.03
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		17			19			30			14			7			9
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.44			0.45			0.45
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.35			0.44			0.45			0.45
Ratio of net investment income (loss) (%)		4.49	*		4.09			3.87			3.85			4.37			3.94
Portfolio turnover rate (%)(c)		13	**		24			35			26			31			48

(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. 69

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 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	19.14		$	21.20		$	19.55		$	21.72		$	22.68		$	23.42
Income (loss) from investment operations:
Net investment income (loss)(a)		0.57			1.03			1.23			1.26			1.32			1.27
Net realized and unrealized gain (loss)		(1.09	)		(2.01	)		1.67			(2.19	)		(0.82	)		(0.53	)
Total from investment operations		(0.52	)		(0.98	)		2.90			(0.93	)		0.50			0.74
Less distributions from:
Net investment income		(0.60	)		(1.08	)		(1.25	)		(1.24	)		(1.46	)		(1.48	)
Total distributions		(0.60	)		(1.08	)		(1.25	)		(1.24	)		(1.46	)		(1.48	)
Net Asset Value, end of period	$	18.02		$	19.14		$	21.20		$	19.55		$	21.72		$	22.68
Total Return (%)(b)		(2.69	)**		(4.90	)		15.22			(4.58	)		2.18			3.24
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		19			22			17			19			7			3
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.33	(c)		0.35	(c)		0.35	(c)
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.19	(c)		0.14	(c)		0.33	(c)
Ratio of net investment income (loss) (%)		6.28	*		5.03			5.94			6.06			5.91			5.47
Portfolio turnover rate (%)(d)		16	**		47			56			113			19			50
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	25.88		$	29.35		$	27.75		$	27.70		$	26.52		$	26.71
Income (loss) from investment operations:
Net investment income (loss)(a)		0.34			0.63			0.70			0.76			0.75			0.70
Net realized and unrealized gain (loss)		(1.36	)		(3.48	)		1.63			(0.00	)(e)		1.18			(0.20	)
Total from investment operations		(1.02	)		(2.85	)		2.33			0.76			1.93			0.50
Less distributions from:
Net investment income		(0.35	)		(0.62	)		(0.73	)		(0.71	)		(0.75	)		(0.69	)
Total distributions		(0.35	)		(0.62	)		(0.73	)		(0.71	)		(0.75	)		(0.69	)
Net Asset Value, end of period	$	24.51		$	25.88		$	29.35		$	27.75		$	27.70		$	26.52
Total Return (%)		(3.94	)**		(9.87	)		8.50			2.77			7.45	(b)		1.87
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		123			162			138			97			68			58
Ratio of expenses (%)		0.15	*		0.15			0.15			0.15			0.25			0.30
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.15			0.22			0.30
Ratio of net investment income (loss) (%)		2.78	*		2.24			2.42			2.72			2.85			2.61
Portfolio turnover rate (%)(d)		7	**		27			10			12			25			28

(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. 70

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 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	24.53		$	26.62		$	20.87		$	23.69		$	25.42		$	26.14
Income (loss) from investment operations:
Net investment income (loss)(a)		0.53			1.22			1.16			0.94			1.21			1.35
Net realized and unrealized gain (loss)		(1.83	)		(2.13	)		5.75			(2.78	)		(1.92	)		(1.20	)
Total from investment operations		(1.30	)		(0.91	)		6.91			(1.84	)		(0.71	)		0.15
Less distributions from:
Net investment income		(1.16	)		(1.18	)		(1.16	)		(0.98	)		(1.02	)		(0.87	)
Total distributions		(1.16	)		(1.18	)		(1.16	)		(0.98	)		(1.02	)		(0.87	)
Net Asset Value, end of period	$	22.07		$	24.53		$	26.62		$	20.87		$	23.69		$	25.42
Total Return (%)		(5.07	)**(b)		(3.46	)(b)		34.16	(b)		(8.19	)(b)		(2.82	)(b)		0.54
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		10			12			23			20			24			27
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.32
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.32
Ratio of net investment income (loss) (%)		5.01	*		4.80			4.92			3.94			4.96			5.29
Portfolio turnover rate (%)(c)		14	**		38			57			40			30			76
Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	23.47		$	25.00		$	19.89		$	22.00		$	23.69		$	24.99
Income (loss) from investment operations:
Net investment income (loss)(a)		0.39			1.17			1.21			0.85			1.36			1.50
Net realized and unrealized gain (loss)		(1.51	)		(1.60	)		4.94			(2.00	)		(2.25	)		(1.99	)
Total from investment operations		(1.12	)		(0.43	)		6.15			(1.15	)		(0.89	)		(0.49	)
Less distributions from:
Net investment income		(0.85	)		(1.10	)		(1.04	)		(0.96	)		(0.80	)		(0.81	)
Total distributions		(0.85	)		(1.10	)		(1.04	)		(0.96	)		(0.80	)		(0.81	)
Net Asset Value, end of period	$	21.50		$	23.47		$	25.00		$	19.89		$	22.00		$	23.69
Total Return (%)		(4.56	)**(b)		(1.72	)(b)		31.74	(b)		(5.58	)(b)		(3.76	)(b)		(2.02	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,098			955			739			409			244			24
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.33
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.33
Ratio of net investment income (loss) (%)		3.80	*		4.92			5.38			3.86			6.06			6.28
Portfolio turnover rate (%)(c)		14	**		30			57			57			20			56

(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. 71

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2022, the Trust consists of thirty-eight 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

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

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

72

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Notes to Financial Statements (Unaudited) (Continued)

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

The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the 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, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are diversified series of the Trust. Xtrackers J.P. Morgan ESG Emerging Markets Sovereign 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, 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.

73

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.

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

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

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

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

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or

74

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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. 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, 2022, the Funds did not incur any interest or penalties.

At May 31, 2022, 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

75

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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	$	471,020	$	703,228	$	1,174,248
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		137,402		1,148,772		1,286,174
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		231,199		1,462,338		1,693,537
Xtrackers Municipal Infrastructure Revenue Bond ETF		1,035,516		618,932		1,654,448
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		956,319		3,348,718		4,305,037
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		23,591,338		46,769,706		70,361,044

As of May 31, 2022, 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	$	7,423,285	$	(746,598	)	$	8,375	$	(754,973	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		23,357,586		(3,920,458	)		157,800		(4,078,258	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		23,490,333		(1,219,166	)		253,275		(1,472,441	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		171,386,094		(12,807,883	)		232,457		(13,040,340	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		13,300,104		(708,288	)		745,711		(1,453,999	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		964,698,113		(9,119,486	)		43,591,807		(52,711,293	)

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, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending    The Funds, 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

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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, 2022, 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 (0.07% annualized effective rate as of November 30, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of November 30, 2022
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	$	42,954	$	—	$	—	$	7,809	$	50,763
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	50,763
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Corporate Bonds	$	416,538	$	—	$	—	$	—	$	416,538
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	416,538
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Corporate Bonds	$	281,919	$	—	$	—	$	26,192	$	308,111
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	308,111
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Common Stocks	$	21,137	$	—	$	—	$	73,284	$	94,421
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	94,421
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	—	$	—	$	—	$	16,589,380	$	16,589,380
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	16,589,380

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, 2022, 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.

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Notes to Financial Statements (Unaudited) (Continued)

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, 2022 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2022 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*	$	9,485	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	940,961	Unrealized depreciation on futures contracts*	$	—

* 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, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	(1,892	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(515,382	)

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	4,693
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		715,524

For the period ended November 30, 2022 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	144,467
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		7,593,696

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Notes to Financial Statements (Unaudited) (Continued)

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

3. Investment Advisory and Other Agreements

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

For its investment advisory services to the Funds below, the Advisor 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, 2022, the Advisor waived $24 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, 2022, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	8
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		72
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		65
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		4
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		281

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.

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Notes to Financial Statements (Unaudited) (Continued)

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

4. Investment Portfolio Transactions

For the period ended November 30, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	607,425	$	647,569
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		2,227,669		2,967,687
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		3,015,436		3,139,813
Xtrackers Municipal Infrastructure Revenue Bond ETF		10,110,657		22,734,345
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,434,310		1,871,310
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		165,590,014		126,562,870

For the period ended November 30, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	—	$	—
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		—		—
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		—		1,777,855
Xtrackers Municipal Infrastructure Revenue Bond ETF		3,892,137		19,482,861
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		—		920,606
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		251,505,009		107,804,834

5. Fund Share Transactions

As of November 30, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are 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, 2022, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

	Approximate Percent of Outstanding Shares Held
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		67	%
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		46	%
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		37	%

7. Payments by Affiliates

During the period ended November 30, 2022, the Advisor agreed to reimburse Xtrackers J.P Morgan ESG USD High Yield Corporate Bond ETF $33 for a loss due to a FX trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

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Notes to Financial Statements (Unaudited) (Continued)

8. Investing in Emerging Markets

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

9. 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.

10. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Bloomberg US Investment Grade Corporate ESG ETF , Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate (SOFR) plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2022.

11. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, which at times 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 significant portions of the population remaining unvaccinated 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. 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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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. ESEB is 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, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and 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 © 2023 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-049075-7 (1/23) DBX005410 (1/24)

November 30, 2022

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
Management’s Discussion of Fund Performance
Portfolio Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		2
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3
Xtrackers MSCI Europe Hedged Equity ETF		4
Xtrackers MSCI Eurozone Hedged Equity ETF		5
Xtrackers MSCI Germany Hedged Equity ETF		6
Xtrackers MSCI Japan Hedged Equity ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		9
Xtrackers MSCI Emerging Markets Hedged Equity ETF		38
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

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semiannual report on our six currency-hedged equity ETFs for the period ended November 30, 2022.

Mounting inflation, rising COVID-19 cases in China, surging greenback, and escalating trade skirmishes with Russia weighed on global markets during the period. Major central banks across the world hiked interest rates to curb inflation, despite fears that doing so could tip the global economy into a recession. Global equity markets were oversold during the reporting period on the back of accelerating inflation and fears surrounding central banks’ actions to control the price surge. Emerging market equity indices significantly lagged behind its developed market counterparts over the period, weighed down by high inflation, strong dollar, and weak Chinese economy. Heavyweight China faced headwinds from fresh COVID-19 cases, civil unrest, and concerns over subdued economic growth as a result of its stringent policies.

After experiencing two quarters of contraction, the U.S. economy recovered, clocking GDP¹ growth of 2.9% in Q3 2022, primarily driven by exports and consumer spending. The U.S. labor market remained resilient, with the unemployment rate unchanged at 3.7%. The U.S. Federal Reserve (Fed) approved a fourth consecutive rate hike, bringing rates in the U.S. to their highest level since 2008. Fed officials noted the rate hikes had had little impact on soaring inflation, the Fed’s hint at slowing the pace of rate hikes in November boosted investor sentiment.

The Eurozone recovered on higher-than-expected corporate earnings and hopes of a slowdown in rate hikes by the European Central Bank (ECB) after inflation cooled in the Eurozone. The region, however, continued to reel under high energy prices, Russia’s war with Ukraine, and decades-high inflation throughout the period. The manufacturing and services sectors remained dull, and business activity had contracted for five straight months by November. The ECB hiked rates three times between July and October to counter red-hot inflation. Despite cooling marginally, prices in the region remained at historical highs. Political events in the UK took center-stage, with a new prime minister and a fiscal reversal as the Bank of England ended its gilt-purchasing program.

In Japan, markets were buoyed by expectations of reduced monetary tightening by the Fed. Japan’s GDP¹, however, contracted in the third quarter for the first time in a year. The contraction came on the back of spike in inflation, weakness in the yen, and high import costs. The Japanese government announced new measures to tackle unprecedented inflation.

Fresh COVID-19 cases, the Zero COVID policy, and softness in its property market wreaked havoc on China’s economy. However, markets improved toward the end of the period, with the government working towards relaxing policies and supporting the property sector. Against a backdrop of China’s coronavirus policies, regulations fueling a tech war between the U.S. and China, and concerns around slowing global demand, Taiwan’s export-oriented economy struggled.

We believe the global economy is likely to witness weaker growth ahead, weighed down by record-high inflation and high retail inventories. We expect global inflation to peak in the fourth quarter of 2022. While the U.S. may narrowly miss a recession in 2023, the Eurozone is expected to witness a contraction in GDP¹. Meanwhile, slowing demand and declining housing prices are likely to slow inflation and prompt the world’s major central banks to pause or scale back further rate hikes.

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.

1

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, 2022 (10.8% of Net Assets)

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.7%
Nestle SA (Switzerland)		1.4%
Samsung Electronics Co. Ltd. (South Korea)		1.1%
Roche Holding AG (Switzerland)		1.0%
ASML Holding NV (Netherlands)		1.0%
Tencent Holdings Ltd. (China)		1.0%
Shell PLC (United Kingdom)		0.9%
LVMH Moet Hennessy Louis Vuitton SE (France)		0.9%
AstraZeneca PLC (United Kingdom)		0.9%
Novo Nordisk A/S (Denmark)		0.9%

Country Diversification* as of November 30, 2022

Japan	13.9%
United Kingdom	9.3%
Canada	8.1%
China	8.0%
France	7.3%
Switzerland	6.9%
Germany	5.1%
Australia	5.1%
India	4.2%
Taiwan	4.0%
South Korea	3.4%
Netherlands	3.0%
Hong Kong	2.3%
Sweden	2.1%
Other	17.3%
Total	100.0%

Sector Diversification* as of November 30, 2022

Financials	20.6%
Industrials	12.4%
Consumer Discretionary	11.4%
Information Technology	11.3%
Health Care	9.6%
Consumer Staples	9.0%
Materials	8.3%
Energy	6.2%
Communication Services	5.7%
Utilities	3.3%
Real Estate	2.2%
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 9.

2

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, 2022 (22.5% of Net Assets)

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		5.9%
Samsung Electronics Co. Ltd. (South Korea)		4.0%
Tencent Holdings Ltd. (China)		3.5%
Alibaba Group Holding Ltd. (China)		2.3%
Reliance Industries Ltd. (India)		1.6%
Meituan (China)		1.4%
Infosys Ltd. (India)		1.0%
Vale SA (Brazil)		1.0%
ICICI Bank Ltd. (India)		0.9%
JD.com, Inc. (China)		0.9%

Country Diversification* as of November 30, 2022

China	28.2%
India	15.1%
Taiwan	14.2%
South Korea	11.8%
Brazil	5.5%
Saudi Arabia	4.2%
South Africa	3.6%
Mexico	2.4%
Thailand	2.1%
Hong Kong	2.1%
Indonesia	2.0%
Other	8.8%
Total	100.0%

Sector Diversification* as of November 30, 2022

Financials	22.2%
Information Technology	19.6%
Consumer Discretionary	13.5%
Communication Services	9.1%
Materials	9.0%
Consumer Staples	6.3%
Industrials	6.2%
Energy	5.1%
Health Care	3.9%
Utilities	3.1%
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 38.

3

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, 2022 (22.0% of Net Assets)

Description	% of Net Assets
Nestle SA (Switzerland)		3.4%
Roche Holding AG (Switzerland)		2.5%
ASML Holding NV (Netherlands)		2.5%
Shell PLC (United Kingdom)		2.2%
LVMH Moet Hennessy Louis Vuitton SE (France)		2.2%
AstraZeneca PLC (United Kingdom)		2.2%
Novo Nordisk A/S (Denmark)		2.1%
Novartis AG (Switzerland)		2.0%
TotalEnergies SE (France)		1.6%
Unilever PLC (United Kingdom)		1.3%

Country Diversification* as of November 30, 2022

United Kingdom	22.7%
France	17.7%
Switzerland	16.7%
Germany	12.4%
Netherlands	7.3%
Sweden	5.0%
Denmark	4.3%
Spain	3.8%
Italy	3.1%
Other	7.0%
Total	100.0%

Sector Diversification* as of November 30, 2022

Financials	16.3%
Health Care	15.7%
Industrials	14.3%
Consumer Staples	13.2%
Consumer Discretionary	10.4%
Materials	7.4%
Information Technology	7.3%
Energy	6.8%
Utilities	4.3%
Communication Services	3.4%
Real Estate	0.9%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 59.

4

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, 2022 (24.4% of Net Assets)

Description	% of Net Assets
ASML Holding NV (Netherlands)		4.6%
LVMH Moet Hennessy Louis Vuitton SE (France)		4.1%
TotalEnergies SE (France)		3.1%
SAP SE (Germany)		2.2%
Siemens AG (Germany)		2.0%
Sanofi (France)		2.0%
L’Oreal SA (France)		1.7%
Allianz SE (Germany)		1.7%
Schneider Electric SE (France)		1.5%
Air Liquide SA (France)		1.5%

Country Diversification* as of November 30, 2022

France	33.8%
Germany	24.7%
Netherlands	14.2%
Spain	7.8%
Italy	7.2%
Finland	3.6%
Belgium	3.0%
Ireland	2.2%
Other	3.5%
Total	100.0%

Sector Diversification* as of November 30, 2022

Industrials	16.4%
Financials	15.6%
Consumer Discretionary	15.1%
Information Technology	12.8%
Health Care	8.1%
Consumer Staples	7.5%
Materials	6.8%
Utilities	6.3%
Energy	5.5%
Communication Services	4.4%
Real Estate	1.5%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 67.

5

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, 2022 (54.9% of Net Assets)

Description	% of Net Assets
SAP SE		9.5%
Siemens AG		8.8%
Allianz SE		7.3%
Deutsche Telekom AG		5.5%
Bayer AG		4.8%
Mercedes-Benz Group AG		4.5%
BASF SE		3.9%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3.7%
Infineon Technologies AG		3.6%
Deutsche Post AG		3.3%

Sector Diversification* as of November 30, 2022

Industrials	18.1%
Financials	17.6%
Consumer Discretionary	16.3%
Information Technology	13.8%
Health Care	11.8%
Materials	6.9%
Communication Services	6.3%
Utilities	4.2%
Consumer Staples	2.9%
Real Estate	2.1%
Total	100.0%

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

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

6

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, 2022 (22.0% of Net Assets)

Description	% of Net Assets
Toyota Motor Corp.		4.8%
Sony Group Corp.		3.2%
Keyence Corp.		2.5%
Mitsubishi UFJ Financial Group, Inc.		2.0%
Daiichi Sankyo Co. Ltd.		1.8%
SoftBank Group Corp.		1.6%
Hitachi Ltd.		1.6%
Tokyo Electron Ltd.		1.5%
KDDI Corp.		1.5%
Shin-Etsu Chemical Co. Ltd.		1.5%

Sector Diversification* as of November 30, 2022

Industrials	22.5%
Consumer Discretionary	18.4%
Information Technology	13.7%
Financials	10.6%
Health Care	10.1%
Communication Services	8.4%
Consumer Staples	6.6%
Materials	4.5%
Real Estate	3.4%
Utilities	1.0%
Energy	0.8%
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 79.

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 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, 2022 to November 30, 2022).    

Actual expenses     

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio(1)			Expenses Paid During the Period Per $1,000(2)
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	1,002.70		0.43	%	$	2.16
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.91		0.43	%	$	2.18
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	949.50		0.67	%	$	3.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.71		0.67	%	$	3.40
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,023.30		0.49	%	$	2.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.61		0.49	%	$	2.48
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	1,022.10		0.46	%	$	2.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.76		0.46	%	$	2.33
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	1,000.20		0.45	%	$	2.26
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	$	1,060.80		0.49	%	$	2.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.61		0.49	%	$	2.48

(1) Includes interest expense on collateral received on forward foreign currency contracts of 0.02%, 0.02%, 0.03% and 0.04% for 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 Japan Hedged Equity ETF, respectively.

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 95.6%
Australia — 4.9%
Ampol Ltd.		1,741	$	33,785
APA Group (a)		6,471		49,149
Aristocrat Leisure Ltd.		3,469		82,481
ASX Ltd.		1,129		54,002
Aurizon Holdings Ltd.		11,688		30,226
Australia & New Zealand Banking Group Ltd.		18,572		311,866
BHP Group Ltd.		31,211		964,317
BlueScope Steel Ltd.		3,404		40,502
Brambles Ltd.		8,119		66,735
Cochlear Ltd.		351		50,993
Coles Group Ltd.		8,545		98,309
Commonwealth Bank of Australia		10,454		765,337
Computershare Ltd.		3,152		59,562
CSL Ltd.		2,938		598,470
Dexus REIT		5,645		30,652
Endeavour Group Ltd.		7,738		36,608
Fortescue Metals Group Ltd.		10,504		138,172
Goodman Group REIT		10,573		137,213
GPT Group REIT		11,034		33,552
IDP Education Ltd. (b)		1,240		25,073
IGO Ltd.		4,483		46,860
Insurance Australia Group Ltd.		14,724		47,771
Lendlease Corp. Ltd. (a)		3,916		20,227
Lottery Corp. Ltd.*		13,414		41,973
Macquarie Group Ltd.		2,208		267,829
Medibank Pvt Ltd.		15,582		30,989
Mineral Resources Ltd.		964		57,200
Mirvac Group REIT		21,179		32,057
National Australia Bank Ltd.		19,419		415,718
Newcrest Mining Ltd.		5,473		73,590
Northern Star Resources Ltd.		6,974		50,176
Orica Ltd.		2,566		25,829
Origin Energy Ltd.		10,766		57,436
Pilbara Minerals Ltd.*		15,747		49,807
Qantas Airways Ltd.*		5,390		22,829
QBE Insurance Group Ltd.		9,512		83,092
Ramsay Health Care Ltd.		1,077		48,108
REA Group Ltd. (b)		326		27,285
Reece Ltd.		1,757		18,294
Rio Tinto Ltd.		2,308		171,726
Santos Ltd.		19,972		100,314
Scentre Group REIT		30,037		60,551
SEEK Ltd.		1,941		29,089
Sonic Healthcare Ltd.		2,987		65,445
South32 Ltd.		29,525		80,561
Stockland REIT		14,262		36,785
Suncorp Group Ltd.		7,394		59,823
Telstra Group Ltd.		24,349		65,777
Transurban Group (a)		18,839		182,726
Treasury Wine Estates Ltd.		4,503		42,179
Vicinity Ltd. REIT		25,987		35,807
Washington H Soul Pattinson & Co. Ltd.		1,181		22,693
Wesfarmers Ltd.		7,055		232,581
Westpac Banking Corp.		21,828		352,171
WiseTech Global Ltd.		973		37,638

	Number of Shares		Value
Australia (Continued)
Woodside Energy Group Ltd.		11,793	$	298,488
Woolworths Group Ltd.		7,358		172,152
(Cost $6,839,232)				7,070,580
Austria — 0.1%
Erste Group Bank AG		1,931		59,478
OMV AG		894		46,664
Verbund AG		394		35,280
voestalpine AG		742		20,045
(Cost $169,438)				161,467
Belgium — 0.5%
Ageas SA/NV		1,065		42,634
Anheuser-Busch InBev SA/NV		5,439		317,233
D’ieteren Group		108		20,308
Elia Group SA/NV		191		27,031
Groupe Bruxelles Lambert NV		626		49,912
KBC Group NV		1,455		79,852
Sofina SA		93		19,897
Solvay SA		445		43,473
UCB SA		775		61,920
Umicore SA		1,218		43,347
Warehouses De Pauw CVA REIT		1,045		27,512
(Cost $949,701)				733,119
Brazil — 1.1%
Ambev SA		26,300		80,684
Americanas SA		3,811		7,755
Atacadao SA		2,964		9,122
B3 SA — Brasil Bolsa Balcao		34,459		84,531
Banco Bradesco SA		9,678		25,662
Banco BTG Pactual SA		6,891		33,424
Banco do Brasil SA		5,000		33,993
Banco Santander Brasil SA		2,049		10,921
BB Seguridade Participacoes SA		4,893		29,531
BRF SA*		4,187		7,601
CCR SA		8,872		20,191
Centrais Eletricas Brasileiras SA		6,261		57,309
Cia de Saneamento Basico do Estado de Sao Paulo		2,362		27,442
Cia Siderurgica Nacional SA		3,957		11,072
Cosan SA		8,284		28,782
CPFL Energia SA		1,773		11,924
Energisa SA		1,284		10,716
Engie Brasil Energia SA		1,304		9,926
Equatorial Energia SA		5,875		31,190
Hapvida Participacoes e Investimentos SA, 144A		26,828		26,883
Hypera SA		3,014		25,811
JBS SA		5,104		21,687
Klabin SA		3,942		14,965
Localiza Rent a Car SA*		14		154
Localiza Rent a Car SA		4,759		55,116
Lojas Renner SA		6,078		27,114
Magazine Luiza SA*		19,206		12,621
Natura & Co. Holding SA		6,002		13,544
Petro Rio SA*		3,690		25,634
Petroleo Brasileiro SA		22,799		133,516

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Brazil (Continued)
Raia Drogasil SA		7,925	$	35,201
Rede D’Or Sao Luiz SA, 144A		2,233		13,365
Rumo SA		9,383		35,186
Sendas Distribuidora SA		6,072		23,460
Suzano SA		4,434		45,414
Telefonica Brasil SA		3,910		28,669
TIM SA		4,993		12,508
TOTVS SA		1,901		11,305
Ultrapar Participacoes SA		3,444		9,424
Vale SA		23,621		390,137
Vibra Energia SA		7,838		24,967
WEG SA		10,723		80,588
(Cost $1,452,505)				1,599,045
Canada — 7.8%
Agnico Eagle Mines Ltd.		2,709		136,442
Air Canada*		1,018		14,599
Algonquin Power & Utilities Corp.		3,065		23,150
Alimentation Couche-Tard, Inc.		5,057		230,378
AltaGas Ltd.		2,090		35,068
ARC Resources Ltd.		4,451		66,112
Bank of Montreal		4,187		408,942
Bank of Nova Scotia (b)		7,448		388,582
Barrick Gold Corp. (b)		7,895		128,830
Barrick Gold Corp.		2,794		45,414
BCE, Inc.		455		21,668
Brookfield Asset Management, Inc., Class A		8,520		401,694
BRP, Inc.		310		23,198
CAE, Inc.*		1,806		39,056
Cameco Corp.		2,920		71,136
Canadian Apartment Properties REIT		436		14,164
Canadian Imperial Bank of Commerce		5,548		267,223
Canadian National Railway Co.		3,547		455,363
Canadian Natural Resources Ltd.		6,852		409,088
Canadian Pacific Railway Ltd.		5,665		463,804
Canadian Tire Corp. Ltd., Class A		348		39,411
Canadian Utilities Ltd., Class A		795		21,743
CCL Industries, Inc., Class B		906		43,066
Cenovus Energy, Inc. (b)		8,237		163,803
CGI, Inc.*		1,276		111,403
Constellation Software, Inc.		125		201,513
Descartes Systems Group, Inc.*		534		37,074
Dollarama, Inc.		1,752		107,231
Element Fleet Management Corp.		2,329		33,001
Emera, Inc.		1,595		62,097
Empire Co. Ltd., Class A		1,021		27,803
Enbridge, Inc.		12,473		515,091
Fairfax Financial Holdings Ltd.		149		85,489
First Quantum Minerals Ltd.		3,579		85,088
FirstService Corp.		251		32,518
Fortis, Inc.		2,784		112,051
Franco-Nevada Corp.		1,164		170,029
George Weston Ltd.		448		56,102
GFL Environmental, Inc.		1,080		31,312
Gildan Activewear, Inc.		880		25,481
Great-West Lifeco, Inc.		1,841		43,905

	Number of Shares		Value
Canada (Continued)
Hydro One Ltd., 144A		1,597	$	44,664
iA Financial Corp., Inc.		638		35,994
IGM Financial, Inc.		654		18,976
Imperial Oil Ltd. (b)		1,353		76,977
Intact Financial Corp.		1,047		156,651
Ivanhoe Mines Ltd., Class A*		3,638		32,563
Keyera Corp.		1,294		30,148
Kinross Gold Corp.		7,362		30,430
Loblaw Cos. Ltd.		1,089		98,282
Lundin Mining Corp.		3,958		24,363
Magna International, Inc.		1,673		103,018
Manulife Financial Corp.		11,785		212,282
Metro, Inc.		1,483		85,288
National Bank of Canada		2,001		142,702
Northland Power, Inc.		1,498		42,429
Nutrien Ltd.		3,395		272,857
Nuvei Corp., 144A*		390		12,021
Onex Corp.		462		24,348
Open Text Corp.		1,605		47,130
Pan American Silver Corp.		1,238		20,330
Parkland Corp.		871		18,558
Pembina Pipeline Corp.		3,516		128,365
Power Corp. of Canada		3,529		88,779
Quebecor, Inc., Class B (b)		1,005		21,659
Restaurant Brands International, Inc.		1,720		114,223
RioCan Real Estate Investment Trust REIT (b)		676		10,624
Ritchie Bros Auctioneers, Inc.		646		35,418
Rogers Communications, Inc., Class B		2,099		96,559
Royal Bank of Canada		8,457		841,079
Saputo, Inc.		1,455		36,128
Shaw Communications, Inc., Class B		2,999		81,845
Shopify, Inc., Class A*		7,193		295,495
Sun Life Financial, Inc.		3,664		173,619
Suncor Energy, Inc.		8,354		274,689
TC Energy Corp.		6,366		282,060
Teck Resources Ltd., Class B		3,005		111,385
TELUS Corp.		2,655		56,528
TFI International, Inc.		507		55,029
Thomson Reuters Corp.		992		116,807
TMX Group Ltd.		337		35,335
Toromont Industries Ltd.		515		39,197
Toronto-Dominion Bank		11,063		736,327
Tourmaline Oil Corp.		1,990		121,118
West Fraser Timber Co. Ltd. (b)		266		20,807
Wheaton Precious Metals Corp.		2,903		113,301
WSP Global, Inc.		715		85,764
(Cost $9,528,330)				11,151,273
Chile — 0.1%
Antofagasta PLC		2,488		42,236
Banco de Chile		258,773		24,483
Banco de Credito e Inversiones SA		222		6,012
Banco Santander Chile		361,173		14,041
Cencosud SA		8,433		12,538
Cia Cervecerias Unidas SA		667		4,042
Cia Sud Americana de Vapores SA		164,706		13,410

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Chile (Continued)
Empresas CMPC SA		7,496	$	12,416
Empresas Copec SA		2,226		15,558
Enel Americas SA		156,798		20,777
Enel Chile SA		123,794		5,630
Falabella SA		4,372		7,806
(Cost $231,618)				178,949
China — 7.7%
360 DigiTech, Inc., ADR		515		8,080
360 Security Technology, Inc., Class A		3,700		3,618
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		200		502
3SBio, Inc., 144A		9,586		10,125
AAC Technologies Holdings, Inc.* (b)		3,567		8,202
Advanced Micro-Fabrication Equipment Inc China, Class A*		350		4,888
AECC Aviation Power Co. Ltd., Class A		1,000		6,470
Agricultural Bank of China Ltd., Class A		28,900		11,812
Agricultural Bank of China Ltd., Class H		180,323		60,023
Aier Eye Hospital Group Co. Ltd., Class A		3,124		12,015
Air China Ltd., Class A*		7,800		11,579
Air China Ltd., Class H*		9,926		7,879
Airtac International Group		485		14,830
Alibaba Group Holding Ltd.*		90,995		930,809
Aluminum Corp. of China Ltd., Class A		7,300		4,631
Aluminum Corp. of China Ltd., Class H		18,664		7,814
Anhui Conch Cement Co. Ltd., Class A		1,200		4,869
Anhui Conch Cement Co. Ltd., Class H		8,227		29,755
Anhui Gujing Distillery Co. Ltd., Class A		300		10,146
Anhui Gujing Distillery Co. Ltd., Class B		126		1,842
ANTA Sports Products Ltd.		7,796		90,726
Asymchem Laboratories Tianjin Co. Ltd., Class A		280		5,331
Autohome, Inc., ADR		380		11,362
AviChina Industry & Technology Co. Ltd., Class H		21,908		10,265
Baidu, Inc., Class A*		13,273		172,647
Bank of Beijing Co. Ltd., Class A		11,100		6,758
Bank of China Ltd., Class A		16,800		7,510
Bank of China Ltd., Class H		476,276		168,902
Bank of Communications Co. Ltd., Class A		11,800		7,904
Bank of Communications Co. Ltd., Class H		49,744		28,085
Bank of Hangzhou Co. Ltd., Class A		3,700		6,942
Bank of Jiangsu Co. Ltd., Class A		11,600		12,198
Bank of Nanjing Co. Ltd., Class A		7,900		11,626
Bank of Ningbo Co. Ltd., Class A		2,210		10,071
Bank of Shanghai Co. Ltd., Class A		5,590		4,736
Baoshan Iron & Steel Co. Ltd., Class A		10,200		8,164
BeiGene Ltd.*		3,900		57,569
Beijing Capital International Airport Co. Ltd., Class H*		6,501		4,186
Beijing Kingsoft Office Software, Inc., Class A		256		9,293
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,200		3,776

	Number of Shares		Value
China (Continued)
Beijing Tongrentang Co. Ltd., Class A		1,600	$	11,160
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		145		3,350
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		13,800		9,655
Betta Pharmaceuticals Co. Ltd., Class A		400		2,871
BGI Genomics Co. Ltd., Class A		500		4,260
Bilibili, Inc., Class Z*		1,128		18,312
BOE Technology Group Co. Ltd., Class A		15,500		7,875
BYD Co. Ltd., Class A		700		25,781
BYD Co. Ltd., Class H		4,808		117,877
BYD Electronic International Co. Ltd.		2,894		9,411
CGN Power Co. Ltd., Class H, 144A		82,381		19,934
Changchun High & New Technology Industry Group, Inc., Class A		200		4,800
Chaozhou Three-Circle Group Co. Ltd., Class A		1,100		4,711
China Cinda Asset Management Co. Ltd., Class H		54,699		7,143
China CITIC Bank Corp. Ltd., Class H		52,339		23,184
China Coal Energy Co. Ltd., Class H		16,390		15,024
China Communications Services Corp. Ltd., Class H		14,234		4,884
China Conch Venture Holdings Ltd.		10,486		23,815
China Construction Bank Corp., Class H		584,518		352,464
China CSSC Holdings Ltd., Class A		2,400		8,546
China Energy Engineering Corp. Ltd., Class A		17,700		6,154
China Everbright Bank Co. Ltd., Class A		14,000		5,941
China Everbright Bank Co. Ltd., Class H		13,497		4,009
China Evergrande Group* (c)		8,123		0
China Feihe Ltd., 144A		21,663		17,556
China Galaxy Securities Co. Ltd., Class A		7,370		10,375
China Galaxy Securities Co. Ltd., Class H		21,801		10,774
China Hongqiao Group Ltd.		14,641		13,552
China International Capital Corp. Ltd., Class H, 144A		8,796		16,374
China Jushi Co. Ltd., Class A		4,400		8,967
China Lesso Group Holdings Ltd.		5,474		6,651
China Life Insurance Co. Ltd., Class A		700		3,591
China Life Insurance Co. Ltd., Class H		44,592		67,708
China Literature Ltd., 144A*		2,048		7,302
China Longyuan Power Group Corp. Ltd., Class H		19,055		23,224
China Medical System Holdings Ltd.		8,280		12,000
China Meidong Auto Holdings Ltd.		2,636		4,981
China Merchants Bank Co. Ltd., Class A		7,600		37,706
China Merchants Bank Co. Ltd., Class H		24,538		123,146
China Merchants Energy Shipping Co. Ltd., Class A		6,700		6,247
China Merchants Securities Co. Ltd., Class A		4,200		8,047
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,300		4,994
China Minsheng Banking Corp. Ltd., Class A		13,500		6,744

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
China Minsheng Banking Corp. Ltd., Class H (b)		28,896	$	9,951
China National Building Material Co. Ltd., Class H		29,449		25,864
China National Nuclear Power Co. Ltd., Class A		11,200		9,918
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,300		4,828
China Oilfield Services Ltd., Class H		10,996		13,782
China Pacific Insurance Group Co. Ltd., Class A		2,100		7,254
China Pacific Insurance Group Co. Ltd., Class H		13,944		31,455
China Petroleum & Chemical Corp., Class A		9,200		5,914
China Petroleum & Chemical Corp., Class H		160,651		75,482
China Railway Group Ltd., Class A		13,900		11,599
China Railway Group Ltd., Class H		18,491		10,392
China Resources Microelectronics Ltd., Class A		622		4,687
China Resources Mixc Lifestyle Services Ltd., 144A		3,535		16,722
China Resources Pharmaceutical Group Ltd., 144A		17,338		14,206
China Shenhua Energy Co. Ltd., Class A		2,690		11,663
China Shenhua Energy Co. Ltd., Class H		18,207		55,943
China Southern Airlines Co. Ltd., Class A*		10,000		10,573
China Southern Airlines Co. Ltd., Class H*		7,607		4,499
China State Construction Engineering Corp. Ltd., Class A		24,600		20,528
China Three Gorges Renewables Group Co. Ltd., Class A		12,800		10,536
China Tourism Group Duty Free Corp. Ltd., Class A		800		22,420
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		640		16,076
China Tower Corp. Ltd., Class H, 144A		293,078		31,518
China United Network Communications Ltd., Class A		10,000		6,258
China Vanke Co. Ltd., Class A		3,300		8,734
China Vanke Co. Ltd., Class H		9,974		20,507
China Yangtze Power Co. Ltd., Class A		10,200		30,717
China Zhenhua Group Science & Technology Co. Ltd., Class A		600		9,721
Chinasoft International Ltd.*		14,445		12,261
Chongqing Brewery Co. Ltd., Class A		200		3,122
Chongqing Changan Automobile Co. Ltd., Class A		3,640		6,948
Chongqing Rural Commercial Bank Co. Ltd., Class A		7,100		3,647
Chongqing Zhifei Biological Products Co. Ltd., Class A		800		10,270
CITIC Ltd.		29,803		30,486
CITIC Securities Co. Ltd., Class A		5,230		14,711

	Number of Shares		Value
China (Continued)
CITIC Securities Co. Ltd., Class H		14,270	$	28,427
CMOC Group Ltd., Class A		15,200		10,052
CMOC Group Ltd., Class H		15,252		7,049
Contemporary Amperex Technology Co. Ltd., Class A		877		47,917
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		2,600		5,675
COSCO SHIPPING Holdings Co. Ltd., Class A		6,330		11,346
COSCO SHIPPING Holdings Co. Ltd., Class H		18,876		20,372
Country Garden Holdings Co. Ltd. (b)		60,195		23,197
Country Garden Services Holdings Co. Ltd.		11,992		29,355
CRRC Corp. Ltd., Class A		13,700		10,421
CRRC Corp. Ltd., Class H		35,061		14,364
CSC Financial Co. Ltd., Class A		1,960		6,834
CSPC Pharmaceutical Group Ltd.		52,024		66,537
Dali Foods Group Co. Ltd., 144A		15,749		7,440
Daqin Railway Co. Ltd., Class A		7,700		7,485
Daqo New Energy Corp., ADR*		388		22,081
DaShenLin Pharmaceutical Group Co. Ltd., Class A		840		5,032
Dongfang Electric Corp. Ltd., Class A		3,300		11,315
Dongfeng Motor Group Co. Ltd., Class H		23,713		13,267
Dongyue Group Ltd.		9,332		10,263
East Money Information Co. Ltd., Class A		4,279		11,234
Ecovacs Robotics Co. Ltd., Class A		200		2,045
ENN Energy Holdings Ltd.		5,060		70,935
Eve Energy Co. Ltd., Class A		900		10,595
Everbright Securities Co. Ltd., Class A		1,800		4,131
Flat Glass Group Co. Ltd., Class H		2,614		6,743
Focus Media Information Technology Co. Ltd., Class A		3,200		2,720
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,518		15,157
Fosun International Ltd.		21,044		16,003
Founder Securities Co. Ltd., Class A		10,000		9,622
Foxconn Industrial Internet Co. Ltd., Class A		4,600		5,973
Fuyao Glass Industry Group Co. Ltd., Class A		1,100		5,796
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,423		14,944
Ganfeng Lithium Group Co. Ltd., Class A		700		8,047
Ganfeng Lithium Group Co. Ltd., Class H, 144A		2,119		18,393
GCL System Integration Technology Co. Ltd., Class A*		1,000		458
GD Power Development Co. Ltd., Class A*		12,900		8,293
GDS Holdings Ltd., Class A*		4,320		7,489
Gemdale Corp., Class A		1,700		2,823
Genscript Biotech Corp.*		6,892		17,435
GF Securities Co. Ltd., Class A		2,000		4,544
GF Securities Co. Ltd., Class H		6,132		8,887
GigaDevice Semiconductor, Inc., Class A		168		2,403

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
Ginlong Technologies Co. Ltd., Class A*		300	$	8,418
GoerTek, Inc., Class A		1,500		3,861
Gotion High-tech Co. Ltd., Class A		1,500		6,812
Great Wall Motor Co. Ltd., Class A		1,200		5,446
Great Wall Motor Co. Ltd., Class H		17,402		25,131
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,000		4,565
Greentown China Holdings Ltd.		4,920		8,352
Greentown Service Group Co. Ltd.		8,393		5,738
Guangdong Haid Group Co. Ltd., Class A		1,300		10,437
Guanghui Energy Co. Ltd., Class A		2,500		3,796
Guangzhou Automobile Group Co. Ltd., Class A		3,800		6,644
Guangzhou Automobile Group Co. Ltd., Class H		17,222		12,259
Guangzhou Tinci Materials Technology Co. Ltd., Class A		800		5,104
Guosen Securities Co. Ltd., Class A		5,900		7,645
Guotai Junan Securities Co. Ltd., Class A		3,100		6,155
H World Group Ltd., ADR		1,416		54,204
Haichang Ocean Park Holdings Ltd., 144A*		29,052		12,014
Haidilao International Holding Ltd., 144A*		6,588		16,126
Haier Smart Home Co. Ltd., Class A		2,100		7,310
Haier Smart Home Co. Ltd., Class H		15,941		52,246
Haitian International Holdings Ltd.		4,489		11,552
Haitong Securities Co. Ltd., Class A		5,000		6,344
Haitong Securities Co. Ltd., Class H		14,205		8,729
Hangzhou First Applied Material Co. Ltd., Class A		560		4,775
Hangzhou Silan Microelectronics Co. Ltd., Class A		800		4,155
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		788		7,435
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,293		13,781
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,100		3,943
Hengan International Group Co. Ltd.		3,819		17,577
Hengli Petrochemical Co. Ltd., Class A		1,800		4,291
Hoshine Silicon Industry Co. Ltd., Class A		500		6,344
Hua Hong Semiconductor Ltd., 144A*		2,689		9,261
Huadong Medicine Co. Ltd., Class A		700		4,095
Hualan Biological Engineering, Inc., Class A		670		1,945
Huaneng Power International, Inc., Class A*		3,500		3,849
Huaneng Power International, Inc., Class H * (b)		17,022		7,845
Huatai Securities Co. Ltd., Class A		1,700		3,153
Huatai Securities Co. Ltd., Class H, 144A		9,693		11,181
Huaxia Bank Co. Ltd., Class A		9,400		6,990
Huayu Automotive Systems Co. Ltd., Class A		1,700		4,454

	Number of Shares		Value
China (Continued)
Huizhou Desay Sv Automotive Co. Ltd., Class A		300	$	4,683
Hundsun Technologies, Inc., Class A		1,456		8,257
Hygeia Healthcare Holdings Co. Ltd., 144A* (b)		2,124		13,284
Iflytek Co. Ltd., Class A		900		4,119
Imeik Technology Development Co. Ltd., Class A		100		6,806
Industrial & Commercial Bank of China Ltd., Class A		33,000		20,138
Industrial & Commercial Bank of China Ltd., Class H		335,234		167,811
Industrial Bank Co. Ltd., Class A		8,800		22,105
Industrial Securities Co. Ltd., Class A*		1,950		1,683
Ingenic Semiconductor Co. Ltd., Class A		300		3,360
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		32,600		9,207
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,600		1,550
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,100		8,598
Inner Mongolia Yitai Coal Co. Ltd., Class B		8,000		11,792
Innovent Biologics, Inc., 144A*		6,981		27,393
iQIYI, Inc., ADR*		1,364		4,051
JA Solar Technology Co. Ltd., Class A		1,260		10,407
JD Health International, Inc., 144A* (b)		6,650		57,978
JD.com, Inc., Class A		12,907		361,550
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,200		4,146
Jiangsu Expressway Co. Ltd., Class H		8,873		7,997
Jiangsu Hengli Hydraulic Co. Ltd., Class A		600		5,600
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,500		14,131
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		700		14,045
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,300		3,079
Jiangxi Copper Co. Ltd., Class A		2,700		6,660
Jiangxi Copper Co. Ltd., Class H		3,974		5,749
Jiumaojiu International Holdings Ltd., 144A (b)		4,272		10,720
Kanzhun Ltd., ADR*		1,212		22,810
KE Holdings, Inc., ADR*		4,308		72,891
Kingdee International Software Group Co. Ltd.*		15,602		25,727
Kingsoft Corp. Ltd.		5,845		18,334
Koolearn Technology Holding Ltd., 144A*		2,750		14,435
Kuaishou Technology, 144A*		11,605		84,018
Kweichow Moutai Co. Ltd., Class A		500		113,461
Lenovo Group Ltd.		48,872		41,170
Lens Technology Co. Ltd., Class A		2,610		3,937
Lepu Medical Technology Beijing Co. Ltd., Class A		1,200		3,857

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
Li Auto, Inc., Class A*		7,282	$	72,765
Li Ning Co. Ltd.		14,028		110,001
Lingyi iTech Guangdong Co., Class A*		3,100		2,164
Longfor Group Holdings Ltd., 144A		10,936		32,972
LONGi Green Energy Technology Co. Ltd., Class A		3,340		21,700
Lufax Holding Ltd., ADR		5,225		9,718
Luxshare Precision Industry Co. Ltd., Class A		3,349		14,691
Luzhou Laojiao Co. Ltd., Class A		600		15,839
Mango Excellent Media Co. Ltd., Class A		1,200		4,288
Maxscend Microelectronics Co. Ltd., Class A		160		2,614
Meituan, Class B, 144A*		27,135		568,341
Metallurgical Corp. of China Ltd., Class A		21,100		9,971
Microport Scientific Corp.*		3,646		8,533
Ming Yang Smart Energy Group Ltd., Class A		2,300		8,738
Minth Group Ltd.		4,579		12,281
Montage Technology Co. Ltd., Class A		617		5,892
Muyuan Foods Co. Ltd., Class A		2,134		14,558
Nanjing Securities Co. Ltd., Class A		4,800		5,811
NARI Technology Co. Ltd., Class A		3,076		11,599
National Silicon Industry Group Co. Ltd., Class A*		1,306		3,570
NAURA Technology Group Co. Ltd., Class A		200		6,326
NetEase, Inc.		12,180		170,437
New China Life Insurance Co. Ltd., Class A		1,300		5,291
New China Life Insurance Co. Ltd., Class H		4,257		9,930
New Hope Liuhe Co. Ltd., Class A*		1,400		2,706
New Oriental Education & Technology Group, Inc.*		8,270		23,716
Ninestar Corp., Class A		548		4,202
Ningbo Deye Technology Co. Ltd., Class A		100		5,152
Ningbo Tuopu Group Co. Ltd., Class A		500		4,789
Ningxia Baofeng Energy Group Co. Ltd., Class A		5,666		10,630
NIO, Inc., ADR*		7,790		99,556
Nongfu Spring Co. Ltd., Class H, 144A (b)		10,821		62,480
OFILM Group Co. Ltd., Class A*		103		75
Oppein Home Group, Inc., Class A		500		7,734
Orient Securities Co. Ltd., Class A		2,048		2,595
People’s Insurance Co. Group of China Ltd., Class H		66,401		22,273
PetroChina Co. Ltd., Class A		7,700		5,726
PetroChina Co. Ltd., Class H		131,462		59,580
Pharmaron Beijing Co. Ltd., Class A		600		5,460
Pharmaron Beijing Co. Ltd., Class H, 144A		1,081		6,145
PICC Property & Casualty Co. Ltd., Class H		50,392		50,708
Pinduoduo, Inc., ADR*		3,093		253,750

	Number of Shares		Value
China (Continued)
Ping An Bank Co. Ltd., Class A		6,600	$	12,204
Ping An Healthcare and Technology Co. Ltd., 144A* (b)		2,085		5,194
Ping An Insurance Group Co. of China Ltd., Class A		3,200		20,413
Ping An Insurance Group Co. of China Ltd., Class H		38,619		236,086
Poly Developments and Holdings Group Co. Ltd., Class A		3,900		9,215
Pop Mart International Group Ltd., 144A (b)		3,770		8,369
Postal Savings Bank of China Co. Ltd., Class A		14,000		8,861
Postal Savings Bank of China Co. Ltd., Class H, 144A		44,006		26,367
Power Construction Corp. of China Ltd., Class A		5,900		6,397
Qinghai Salt Lake Industry Co. Ltd., Class A*		2,900		10,408
Rongsheng Petrochemical Co. Ltd., Class A		2,550		4,484
SAIC Motor Corp. Ltd., Class A		2,400		5,170
Sangfor Technologies, Inc., Class A		400		6,371
Sany Heavy Equipment International Holdings Co. Ltd.		6,832		7,268
Sany Heavy Industry Co. Ltd., Class A		2,800		6,322
Satellite Chemical Co. Ltd., Class A		2,937		6,064
SDIC Power Holdings Co. Ltd., Class A		6,500		10,147
Seazen Holdings Co. Ltd., Class A*		2,500		8,082
SF Holding Co. Ltd., Class A		1,860		13,990
SG Micro Corp., Class A		150		3,768
Shaanxi Coal Industry Co. Ltd., Class A		4,700		13,453
Shandong Gold Mining Co. Ltd., Class A		2,200		6,385
Shandong Gold Mining Co. Ltd., Class H, 144A		4,780		9,326
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		900		4,254
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		13,432		19,501
Shanghai Baosight Software Co. Ltd., Class A		910		5,086
Shanghai Baosight Software Co. Ltd., Class B		3,380		10,147
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,100		5,792
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,018		9,969
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		2,852		13,309
Shanghai Junshi Biosciences Co. Ltd., Class A*		270		2,533
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,931		3,160
Shanghai M&G Stationery, Inc., Class A		800		5,425
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,300		3,570

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,214	$	8,638
Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		9,529
Shanghai Putailai New Energy Technology Co. Ltd., Class A		800		6,301
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,600		2,988
Shanxi Meijin Energy Co. Ltd., Class A		3,100		4,325
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		420		15,262
Shenwan Hongyuan Group Co. Ltd., Class A		11,900		6,975
Shenzhen Dynanonic Co. Ltd., Class A		200		6,420
Shenzhen Inovance Technology Co. Ltd., Class A		1,050		10,470
Shenzhen Kangtai Biological Products Co. Ltd., Class A		896		4,374
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		445		20,499
Shenzhen SC New Energy Technology Corp., Class A		300		5,471
Shenzhen Transsion Holdings Co. Ltd., Class A		633		6,984
Shenzhou International Group Holdings Ltd.		4,510		40,216
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,000		3,880
Silergy Corp.		1,844		26,850
Sinopharm Group Co. Ltd., Class H		8,105		19,134
Smoore International Holdings Ltd., 144A (b)		10,110		15,454
StarPower Semiconductor Ltd., Class A		100		4,797
Sunac China Holdings Ltd.* (c)		14,174		0
Sungrow Power Supply Co. Ltd., Class A		500		8,160
Sunny Optical Technology Group Co. Ltd.		5,102		59,375
Suzhou Maxwell Technologies Co. Ltd., Class A		100		6,102
TAL Education Group, ADR*		2,073		12,376
TBEA Co. Ltd., Class A		1,500		4,577
TCL Technology Group Corp., Class A		1,164		664
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,100		6,489
Tencent Holdings Ltd.		38,482		1,414,941
Tencent Music Entertainment Group, ADR*		3,659		25,650
Tianma Microelectronics Co. Ltd., Class A		1,000		1,300
Tianqi Lithium Corp., Class A*		800		10,233
Tingyi Cayman Islands Holding Corp.		13,235		21,621
Tongcheng Travel Holdings Ltd.*		10,603		22,642
Tongwei Co. Ltd., Class A		1,700		10,451
Topsports International Holdings Ltd., 144A		16,911		10,760
TravelSky Technology Ltd., Class H		4,346		8,735
Trina Solar Co. Ltd., Class A		1,184		10,838

	Number of Shares		Value
China (Continued)
Trip.com Group Ltd., ADR*		3,514	$	112,272
Tsingtao Brewery Co. Ltd., Class A		800		11,501
Tsingtao Brewery Co. Ltd., Class H		4,473		41,747
Unigroup Guoxin Microelectronics Co. Ltd., Class A		475		8,864
Uni-President China Holdings Ltd.		10,252		8,978
Unisplendour Corp. Ltd., Class A		1,880		5,037
Vipshop Holdings Ltd., ADR*		2,612		29,124
Walvax Biotechnology Co. Ltd., Class A		900		5,399
Wanhua Chemical Group Co. Ltd., Class A		1,021		12,968
Want Want China Holdings Ltd.		26,923		18,268
Weibo Corp., ADR*		333		5,308
Weichai Power Co. Ltd., Class A		2,100		3,198
Weichai Power Co. Ltd., Class H		11,516		15,215
Wens Foodstuffs Group Co. Ltd., Class A		2,440		6,219
Will Semiconductor Co. Ltd., Class A		540		6,230
Wingtech Technology Co. Ltd., Class A		478		3,736
Wuliangye Yibin Co. Ltd., Class A		1,700		37,843
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,500		2,699
WuXi AppTec Co. Ltd., Class A		920		10,184
WuXi AppTec Co. Ltd., Class H, 144A		2,094		20,589
Wuxi Biologics Cayman, Inc., 144A*		21,361		137,148
Wuxi Shangji Automation Co. Ltd., Class A		400		6,608
Xiaomi Corp., Class B, 144A*		96,739		127,814
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		4,300		7,024
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		4,359		4,682
Xinyi Solar Holdings Ltd.		30,699		35,412
XPeng, Inc., Class A*		5,888		25,366
Xtep International Holdings Ltd.		8,580		9,644
Yadea Group Holdings Ltd., 144A		6,987		13,131
Yankuang Energy Group Co. Ltd., Class A		700		4,031
Yankuang Energy Group Co. Ltd., Class H		9,496		31,427
Yifeng Pharmacy Chain Co. Ltd., Class A		600		5,543
Yihai International Holding Ltd.*		2,432		7,535
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		5,854
YongXing Special Materials Technology Co. Ltd., Class A		300		4,482
Yonyou Network Technology Co. Ltd., Class A		1,700		5,527
YTO Express Group Co. Ltd., Class A		4,500		12,402
Yum China Holdings, Inc.		2,590		142,761
Yunnan Baiyao Group Co. Ltd., Class A		560		4,497
Yunnan Energy New Material Co. Ltd., Class A		300		5,297
Zai Lab Ltd., ADR* (b)		588		22,673
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		7,236
Zhaojin Mining Industry Co. Ltd., Class H*		10,009		11,084

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
Zhejiang Chint Electrics Co. Ltd., Class A		1,200	$	4,898
Zhejiang Dahua Technology Co. Ltd., Class A		3,600		6,069
Zhejiang Expressway Co. Ltd., Class H		5,816		4,319
Zhejiang Huayou Cobalt Co. Ltd., Class A		650		5,766
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		600		5,492
Zhejiang NHU Co. Ltd., Class A		2,160		6,039
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		5,473		14,084
Zhongsheng Group Holdings Ltd.		3,824		19,485
Zhuzhou CRRC Times Electric Co. Ltd.		3,305		15,190
Zijin Mining Group Co. Ltd., Class A		6,800		9,486
Zijin Mining Group Co. Ltd., Class H		34,308		44,538
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,400		3,647
ZTE Corp., Class A		1,512		5,257
ZTE Corp., Class H		3,477		7,541
ZTO Express Cayman, Inc., ADR (b)		2,617		65,608
(Cost $13,633,683)				11,042,686
Colombia — 0.0%
Bancolombia SA		1,292		10,704
Ecopetrol SA		21,382		10,142
Interconexion Electrica SA ESP		2,692		10,873
(Cost $34,419)				31,719
Cyprus — 0.0%
Polymetal International PLC* (c)		1,738		0
TCS Group Holding PLC, GDR* (c)		608		0
(Cost $62,312)				0
Czech Republic — 0.0%
CEZ AS		965		33,161
Komercni Banka AS		617		18,196
Moneta Money Bank AS, 144A		1,846		5,681
(Cost $52,551)				57,038
Denmark — 1.7%
A.P. Moller — Maersk A/S, Class A		19		39,956
A.P. Moller — Maersk A/S, Class B		32		68,727
Carlsberg A/S, Class B		585		73,125
Chr Hansen Holding A/S		622		37,996
Coloplast A/S, Class B		756		88,175
Danske Bank A/S		4,096		73,070
Demant A/S*		659		18,441
DSV A/S		1,120		175,354
Genmab A/S*		403		184,326
Novo Nordisk A/S, Class B		10,167		1,257,512
Novozymes A/S, Class B		1,220		70,054
Orsted AS, 144A		1,089		94,545
Pandora A/S		588		43,406
ROCKWOOL A/S, Class B		51		11,057
Tryg A/S		2,057		47,632
Vestas Wind Systems A/S		6,278		157,636
(Cost $1,717,033)				2,441,012

	Number of Shares		Value
Egypt — 0.0%
Commercial International Bank Egypt SAE		15,165	$	24,740
Eastern Co. SAE		4,376		2,301
(Cost $32,658)				27,041
Finland — 0.8%
Elisa OYJ		869		44,997
Fortum OYJ		2,716		43,002
Kesko OYJ, Class B		1,624		34,627
Kone OYJ, Class B		2,250		111,238
Neste OYJ		2,515		129,128
Nokia OYJ		32,659		158,132
Nordea Bank Abp		19,753		205,959
Orion OYJ, Class B		706		37,277
Sampo OYJ, Class A		2,722		137,490
Stora Enso OYJ, Class R		3,527		51,291
UPM-Kymmene OYJ		3,085		112,263
Wartsila OYJ Abp		2,668		22,871
(Cost $1,111,284)				1,088,275
France — 7.1%
Accor SA*		985		25,850
Aeroports de Paris*		174		26,571
Air Liquide SA		3,207		461,269
Airbus SE		3,652		414,990
Alstom SA (b)		1,849		47,832
Amundi SA, 144A		378		21,044
Arkema SA		368		32,213
AXA SA		11,392		320,309
BioMerieux		238		23,790
BNP Paribas SA		6,824		379,410
Bollore SE		5,529		30,839
Bouygues SA		1,361		41,865
Bureau Veritas SA		1,752		45,615
Capgemini SE		1,030		183,281
Carrefour SA		3,659		62,539
Cie de Saint-Gobain		2,971		135,243
Cie Generale des Etablissements Michelin SCA		4,282		119,083
Covivio REIT		356		20,486
Credit Agricole SA		6,975		69,751
Danone SA		3,904		203,450
Dassault Aviation SA		152		23,916
Dassault Systemes SE		4,214		153,851
Edenred		1,429		78,039
Eiffage SA		443		43,305
Electricite de France SA		3,706		46,278
Engie SA		11,320		171,040
EssilorLuxottica SA		1,786		329,514
Eurazeo SE		248		15,445
Gecina SA REIT		171		16,593
Getlink SE		2,720		44,820
Hermes International		196		314,605
Ipsen SA		243		27,107
Kering SA		452		266,877
Klepierre SA REIT*		1,245		28,476
La Francaise des Jeux SAEM, 144A		466		18,534
Legrand SA		1,698		136,902

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
France (Continued)
L’Oreal SA		1,474	$	544,208
LVMH Moet Hennessy Louis Vuitton SE		1,697		1,301,997
Orange SA (b)		12,611		128,186
Pernod Ricard SA (b)		1,278		251,282
Publicis Groupe SA		1,453		94,348
Remy Cointreau SA		132		22,637
Renault SA*		1,162		42,091
Safran SA		2,073		253,294
Sanofi		6,874		618,599
Sartorius Stedim Biotech		173		58,202
Schneider Electric SE		3,366		486,590
SEB SA		169		13,225
Societe Generale SA		4,744		118,429
Sodexo SA		598		57,063
Teleperformance		331		74,192
Thales SA		628		79,825
TotalEnergies SE (b)		15,205		954,245
Ubisoft Entertainment SA*		507		14,023
Unibail-Rodamco-Westfield REIT*		792		41,735
Valeo		1,380		25,490
Veolia Environnement SA		4,275		109,346
Vinci SA		3,295		331,289
Vivendi SE		4,637		41,401
Wendel SE		166		15,279
Worldline SA, 144A*		1,421		66,467
(Cost $9,019,836)				10,124,175
Germany — 4.6%
adidas AG		1,062		135,112
Allianz SE		2,466		524,387
BASF SE		5,604		282,916
Bayer AG		6,112		352,225
Bayerische Motoren Werke AG		2,090		187,712
Bechtle AG		466		16,667
Beiersdorf AG		579		62,631
Brenntag SE		901		56,236
Carl Zeiss Meditec AG		251		33,733
Commerzbank AG*		5,399		44,979
Continental AG		754		44,943
Covestro AG, 144A		1,246		49,491
Daimler Truck Holding AG*		2,840		92,708
Delivery Hero SE, 144A* (b)		1,032		43,998
Deutsche Bank AG (d)		12,404		130,651
Deutsche Boerse AG		1,182		216,355
Deutsche Lufthansa AG*		3,695		29,441
Deutsche Post AG		5,962		234,700
Deutsche Telekom AG		19,706		397,941
E.ON SE		14,083		133,710
Evonik Industries AG		1,453		28,312
Fresenius Medical Care AG & Co. KGaA		1,202		37,174
Fresenius SE & Co. KGaA		2,531		69,953
GEA Group AG		769		31,113
Hannover Rueck SE		347		65,574
HeidelbergCement AG		884		47,945
HelloFresh SE*		935		22,748
Henkel AG & Co. KGaA		577		38,247
Infineon Technologies AG		8,058		264,300

	Number of Shares		Value
Germany (Continued)
Knorr-Bremse AG		426	$	24,044
LEG Immobilien SE		458		28,929
Mercedes-Benz Group AG		4,813		322,542
Merck KGaA		801		144,866
MTU Aero Engines AG		334		69,651
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		862		270,176
Nemetschek SE		340		16,487
Puma SE		610		30,913
Rational AG		18		11,098
Rheinmetall AG		272		55,024
RWE AG		3,914		171,062
SAP SE		6,387		694,274
Scout24 SE, 144A		502		27,143
Siemens AG		4,679		638,906
Siemens Energy AG (b)		2,809		46,213
Siemens Healthineers AG, 144A		1,811		95,470
Symrise AG		879		99,655
Telefonica Deutschland Holding AG		9,252		22,028
United Internet AG		567		11,906
Volkswagen AG		191		36,382
Vonovia SE		4,553		111,292
Zalando SE, 144A*		1,332		41,222
(Cost $7,376,303)				6,645,185
Greece — 0.1%
Alpha Services and Holdings SA*		12,017		12,649
Eurobank Ergasias Services and Holdings SA*		16,513		18,730
Hellenic Telecommunications Organization SA		1,630		25,019
JUMBO SA		804		12,708
Mytilineos SA		239		4,462
National Bank of Greece SA*		1,750		7,047
OPAP SA		966		13,299
Public Power Corp. SA*		1,163		7,975
Terna Energy SA		661		13,413
(Cost $115,817)				115,302
Hong Kong — 2.2%
AIA Group Ltd.		73,059		734,243
Alibaba Health Information Technology Ltd.*		25,048		20,491
Beijing Enterprises Holdings Ltd.		4,754		15,033
Beijing Enterprises Water Group Ltd.		29,600		7,844
BOC Hong Kong Holdings Ltd.		20,760		65,781
Bosideng International Holdings Ltd.		14,160		6,961
Budweiser Brewing Co. APAC Ltd., 144A		10,027		28,755
C&D International Investment Group Ltd.		5,397		12,658
China Everbright Environment Group Ltd.		26,229		11,988
China Gas Holdings Ltd.		18,497		23,468
China Jinmao Holdings Group Ltd.		29,943		7,015
China Mengniu Dairy Co. Ltd.*		20,964		93,401
China Merchants Port Holdings Co. Ltd.		8,916		12,944
China Overseas Land & Investment Ltd.		20,926		56,528
China Overseas Property Holdings Ltd.		9,399		10,385

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
China Power International Development Ltd.		32,211	$	12,371
China Resources Beer Holdings Co. Ltd.		10,531		72,198
China Resources Cement Holdings Ltd.		18,836		10,152
China Resources Gas Group Ltd.		5,528		19,462
China Resources Land Ltd.		19,244		88,694
China Resources Power Holdings Co. Ltd.		11,465		21,107
China Ruyi Holdings Ltd.* (b)		11,414		2,499
China State Construction International Holdings Ltd.		11,854		14,190
China Taiping Insurance Holdings Co. Ltd.		8,417		8,535
China Traditional Chinese Medicine Holdings Co. Ltd.		18,429		9,178
Chow Tai Fook Jewellery Group Ltd.		11,774		20,591
CK Asset Holdings Ltd.		10,635		63,380
CK Hutchison Holdings Ltd.		17,110		99,230
CK Infrastructure Holdings Ltd.		3,856		19,401
CLP Holdings Ltd.		10,051		72,832
COSCO SHIPPING Ports Ltd.		8,299		6,258
ESR Group Ltd., 144A		14,371		32,455
Far East Horizon Ltd.		11,701		8,883
Futu Holdings Ltd., ADR*		290		17,832
Galaxy Entertainment Group Ltd.		14,346		85,772
GCL Technology Holdings Ltd.*		124,733		38,964
Geely Automobile Holdings Ltd.		37,070		54,008
Guangdong Investment Ltd.		17,674		16,201
Hang Lung Properties Ltd.		11,594		21,345
Hang Seng Bank Ltd.		4,817		74,127
Henderson Land Development Co. Ltd.		11,194		36,831
HK Electric Investments & HK Electric Investments Ltd. (a)		15,536		11,477
HKT Trust & HKT Ltd. (a)		26,892		32,638
Hong Kong & China Gas Co. Ltd.		76,154		64,738
Hong Kong Exchanges & Clearing Ltd.		7,287		285,474
Hongkong Land Holdings Ltd.		7,400		29,674
Hopson Development Holdings Ltd.		367		417
Jardine Matheson Holdings Ltd.		921		44,503
Kingboard Holdings Ltd.		3,978		13,038
Kingboard Laminates Holdings Ltd.		6,739		7,057
Kunlun Energy Co. Ltd.		28,991		22,270
Link REIT		13,436		90,308
MTR Corp. Ltd.		10,699		51,434
New World Development Co. Ltd.		9,515		22,512
Nine Dragons Paper Holdings Ltd.		11,423		9,052
Orient Overseas International Ltd.		824		15,423
Power Assets Holdings Ltd.		8,161		41,949
Shenzhen International Holdings Ltd.		8,123		7,467
Shimao Group Holdings Ltd.* (b)(c)		6,159		0
Sino Biopharmaceutical Ltd.		53,674		31,472
Sino Land Co. Ltd.		15,293		19,011
SITC International Holdings Co. Ltd.		7,529		16,425
Sun Hung Kai Properties Ltd.		8,368		100,382
Swire Pacific Ltd., Class A		3,404		26,606
Swire Properties Ltd.		8,946		20,020
Techtronic Industries Co. Ltd.		8,024		95,331

	Number of Shares		Value
Hong Kong (Continued)
Vinda International Holdings Ltd.		3,130	$	8,135
WH Group Ltd., 144A		39,827		23,302
Wharf Real Estate Investment Co. Ltd.		10,684		49,242
Xinyi Glass Holdings Ltd.		10,872		20,823
Yuexiu Property Co. Ltd.		11,791		14,854
(Cost $3,558,044)				3,209,025
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		2,264		16,236
OTP Bank Nyrt		1,369		37,425
Richter Gedeon Nyrt		842		18,093
(Cost $91,148)				71,754
India — 4.1%
ABB India Ltd.		364		13,412
ACC Ltd.		400		12,590
Adani Enterprises Ltd.		1,838		88,426
Adani Green Energy Ltd.*		1,907		49,562
Adani Ports & Special Economic Zone Ltd.		2,531		27,381
Adani Power Ltd.*		4,860		19,858
Adani Total Gas Ltd.		1,501		66,957
Adani Transmission Ltd.*		1,826		65,216
Ambuja Cements Ltd.		3,761		26,359
Apollo Hospitals Enterprise Ltd.		591		34,300
Asian Paints Ltd.		2,199		85,738
AU Small Finance Bank Ltd., 144A		1,340		10,519
Aurobindo Pharma Ltd.		1,823		10,462
Avenue Supermarts Ltd., 144A*		1,134		56,055
Axis Bank Ltd.		13,283		147,002
Bajaj Auto Ltd.		423		19,482
Bajaj Finance Ltd.		1,709		141,044
Bajaj Finserv Ltd.		2,280		45,538
Bajaj Holdings & Investment Ltd.		177		13,682
Balkrishna Industries Ltd.		483		12,111
Bandhan Bank Ltd., 144A*		3,700		10,832
Berger Paints India Ltd.		1,200		9,171
Bharat Electronics Ltd.		20,532		26,498
Bharat Forge Ltd.		2,071		21,859
Bharat Petroleum Corp. Ltd.		6,191		25,935
Bharti Airtel Ltd.		13,283		138,439
Biocon Ltd.		2,284		7,933
Britannia Industries Ltd.		794		42,532
Cholamandalam Investment and Finance Co. Ltd.		2,409		21,146
Cipla Ltd.		2,805		39,254
Coal India Ltd.		8,686		24,239
Colgate-Palmolive India Ltd.		694		13,909
Container Corp. Of India Ltd.		1,452		13,764
Dabur India Ltd.		3,991		28,834
Divi’s Laboratories Ltd.		945		39,509
DLF Ltd.		3,332		16,475
Dr. Reddy’s Laboratories Ltd.		827		45,568
Eicher Motors Ltd.		766		32,776
GAIL India Ltd.		13,881		16,150
Godrej Consumer Products Ltd.*		2,758		29,852
Godrej Properties Ltd.*		767		12,292
Grasim Industries Ltd.		1,648		35,612

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
India (Continued)
Havells India Ltd.		1,403	$	21,596
HCL Technologies Ltd.		6,557		90,243
HDFC Life Insurance Co. Ltd., 144A		6,015		43,623
Hero MotoCorp Ltd.		692		24,234
Hindalco Industries Ltd.		8,854		49,001
Hindustan Petroleum Corp. Ltd.		3,845		11,289
Hindustan Unilever Ltd.		4,976		164,022
Housing Development Finance Corp. Ltd.		10,576		349,677
ICICI Bank Ltd.		31,559		369,277
ICICI Lombard General Insurance Co. Ltd., 144A		1,437		21,372
ICICI Prudential Life Insurance Co. Ltd., 144A		2,368		13,847
Indian Hotels Co. Ltd.		5,027		19,855
Indian Oil Corp. Ltd.		15,346		14,444
Indian Railway Catering & Tourism Corp. Ltd.		1,558		14,085
Indraprastha Gas Ltd.		1,513		8,223
Indus Towers Ltd.		4,143		10,195
Info Edge India Ltd.		447		21,921
Infosys Ltd.		20,406		409,680
InterGlobe Aviation Ltd., 144A*		612		14,560
ITC Ltd.		17,688		73,848
Jindal Steel & Power Ltd.		2,591		17,046
JSW Steel Ltd.		4,752		43,379
Jubilant Foodworks Ltd.		2,564		17,217
Kotak Mahindra Bank Ltd.		3,136		74,978
Larsen & Toubro Infotech Ltd., 144A		304		18,062
Larsen & Toubro Ltd.		4,365		111,212
Lupin Ltd.		1,353		12,728
Mahindra & Mahindra Ltd.		5,281		84,666
Marico Ltd.		3,283		20,453
Maruti Suzuki India Ltd.		736		81,106
Mindtree Ltd. (c)		410		18,053
Mphasis Ltd.		553		13,698
MRF Ltd.		5		5,744
Muthoot Finance Ltd.		756		10,033
Nestle India Ltd.		226		56,014
NTPC Ltd.		24,206		51,185
Oil & Natural Gas Corp. Ltd.		14,761		25,576
Page Industries Ltd.		35		20,379
Petronet LNG Ltd.		3,652		9,536
PI Industries Ltd.		355		15,227
Pidilite Industries Ltd.		770		25,990
Power Grid Corp. of India Ltd.		17,432		47,949
Reliance Industries Ltd.		18,594		623,638
Samvardhana Motherson International Ltd.		11,778		10,811
SBI Cards & Payment Services Ltd.		1,384		14,008
SBI Life Insurance Co. Ltd., 144A		2,515		39,620
Shree Cement Ltd.		72		21,113
Shriram Transport Finance Co. Ltd.		1,196		19,827
Siemens Ltd.		413		14,073
SRF Ltd.		973		28,265
State Bank of India		10,321		76,353
Sun Pharmaceutical Industries Ltd.		5,886		75,606

	Number of Shares		Value
India (Continued)
Tata Consultancy Services Ltd.		5,640	$	234,835
Tata Consumer Products Ltd.		3,294		33,089
Tata Elxsi Ltd.		210		18,077
Tata Motors Ltd.*		10,084		54,410
Tata Power Co. Ltd.		8,029		22,164
Tata Steel Ltd.		49,858		65,907
Tech Mahindra Ltd.		3,732		49,356
Titan Co. Ltd.		2,378		77,470
Torrent Pharmaceuticals Ltd.		496		10,110
Trent Ltd.		1,162		20,999
Tube Investments of India Ltd.		613		20,861
TVS Motor Co. Ltd.		1,211		15,587
UltraTech Cement Ltd.		709		61,614
United Spirits Ltd.*		1,860		21,294
UPL Ltd.		2,858		27,714
Varun Beverages Ltd.		1,445		22,175
Vedanta Ltd.		2,680		10,016
Wipro Ltd.		8,439		42,166
Yes Bank Ltd.*		56,316		11,860
Zomato Ltd.*		9,586		7,681
(Cost $4,697,886)				5,874,195
Indonesia — 0.5%
Aneka Tambang Tbk		47,388		5,979
PT Adaro Energy Indonesia Tbk		82,036		20,181
PT Astra International Tbk		100,569		38,677
PT Bank Central Asia Tbk		347,439		205,396
PT Bank Jago Tbk*		23,116		6,745
PT Bank Mandiri Persero Tbk		112,355		75,170
PT Bank Negara Indonesia Persero Tbk		41,364		26,031
PT Bank Rakyat Indonesia Persero Tbk		433,646		137,276
PT Barito Pacific Tbk		142,057		7,134
PT Charoen Pokphand Indonesia Tbk		46,010		16,671
PT Gudang Garam Tbk		4,911		6,228
PT Indah Kiat Pulp & Paper Tbk		20,659		13,132
PT Indofood CBP Sukses Makmur Tbk		15,127		9,712
PT Indofood Sukses Makmur Tbk		13,056		5,353
PT Kalbe Farma Tbk		126,870		16,694
PT Merdeka Copper Gold Tbk*		79,644		21,010
PT Sarana Menara Nusantara Tbk		163,488		11,743
PT Semen Indonesia Persero Tbk		22,985		11,104
PT Sumber Alfaria Trijaya Tbk		108,173		21,247
PT Telkom Indonesia Persero Tbk		276,435		70,991
PT Unilever Indonesia Tbk		46,781		14,274
PT United Tractors Tbk		11,193		21,914
PT Vale Indonesia Tbk*		18,118		8,494
(Cost $689,656)				771,156
Ireland — 0.6%
AerCap Holdings NV*		803		49,304
AIB Group PLC		6,701		21,575
Bank of Ireland Group PLC		6,581		53,471
CRH PLC		4,458		176,328
DCC PLC		616		32,585
Experian PLC		5,627		197,016
Flutter Entertainment PLC*		1,063		155,692
James Hardie Industries PLC CDI		2,457		48,697

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Ireland (Continued)
Kerry Group PLC, Class A		937	$	88,280
Kingspan Group PLC		920		51,161
Smurfit Kappa Group PLC		1,532		54,569
(Cost $924,351)				928,678
Israel — 0.5%
Azrieli Group Ltd.		249		17,523
Bank Hapoalim BM		7,920		75,723
Bank Leumi Le-Israel BM		9,709		87,449
Bezeq The Israeli Telecommunication Corp. Ltd.		14,022		25,892
Check Point Software Technologies Ltd.*		627		83,284
CyberArk Software Ltd.*		284		42,336
Elbit Systems Ltd.		186		32,383
ICL Group Ltd.		4,138		34,057
Israel Discount Bank Ltd., Class A		7,946		46,649
Mizrahi Tefahot Bank Ltd.		983		35,986
Nice Ltd.*		373		70,734
Teva Pharmaceutical Industries Ltd., ADR*		6,547		57,417
Tower Semiconductor Ltd.*		690		30,619
Wix.com Ltd.*		337		30,495
ZIM Integrated Shipping Services Ltd. (b)		394		8,282
(Cost $741,557)				678,829
Italy — 1.2%
Amplifon SpA		798		22,296
Assicurazioni Generali SpA		7,024		123,817
Atlantia SpA		3,242		77,357
Davide Campari-Milano NV		3,324		34,676
DiaSorin SpA		150		19,816
Enel SpA		49,790		266,000
Eni SpA		15,407		229,650
Ferrari NV		780		171,993
FinecoBank Banca Fineco SpA		3,585		57,600
Infrastrutture Wireless Italiane SpA, 144A		2,148		21,230
Intesa Sanpaolo SpA		98,738		218,029
Mediobanca Banca di Credito Finanziario SpA		2,730		26,175
Moncler SpA		1,205		61,505
Nexi SpA, 144A*		3,808		33,302
Poste Italiane SpA, 144A		3,094		30,219
Prysmian SpA		1,468		51,022
Recordati Industria Chimica e Farmaceutica SpA		624		26,389
Snam SpA		11,803		59,790
Telecom Italia SpA* (b)		59,521		12,771
Terna — Rete Elettrica Nazionale		8,322		63,304
UniCredit SpA		11,471		155,464
(Cost $1,829,364)				1,762,405
Japan — 13.4%
Advantest Corp.		1,000		66,116
Aeon Co. Ltd.		4,400		89,950
AGC, Inc.		1,200		39,974

	Number of Shares		Value
Japan (Continued)
Aisin Corp.		800	$	21,812
Ajinomoto Co., Inc.		2,800		87,899
ANA Holdings, Inc.*		600		12,794
Asahi Group Holdings Ltd.		3,000		95,546
Asahi Intecc Co. Ltd.		1,300		22,726
Asahi Kasei Corp.		7,800		57,558
Astellas Pharma, Inc.		11,100		171,054
Azbil Corp.		800		24,187
Bandai Namco Holdings, Inc.		1,300		85,151
Bridgestone Corp.		3,400		127,220
Brother Industries Ltd.		1,519		24,354
Canon, Inc.		5,800		134,909
Capcom Co. Ltd.		1,100		33,257
Central Japan Railway Co.		900		108,386
Chiba Bank Ltd.		3,300		19,931
Chubu Electric Power Co., Inc.		4,000		37,309
Chugai Pharmaceutical Co. Ltd.		3,864		101,406
Concordia Financial Group Ltd.		6,100		21,071
CyberAgent, Inc.		2,500		22,250
Dai Nippon Printing Co. Ltd.		1,400		28,803
Daifuku Co. Ltd.		600		30,589
Dai-ichi Life Holdings, Inc.		5,600		103,147
Daiichi Sankyo Co. Ltd.		10,626		347,659
Daikin Industries Ltd.		1,513		245,483
Daito Trust Construction Co. Ltd.		400		44,377
Daiwa House Industry Co. Ltd.		3,371		77,116
Daiwa House REIT Investment Corp. REIT		10		22,268
Daiwa Securities Group, Inc.		9,500		41,828
Denso Corp.		2,700		146,917
Dentsu Group, Inc.		1,300		41,422
Disco Corp.		200		58,802
East Japan Railway Co.		1,870		105,776
Eisai Co. Ltd.		1,500		101,369
ENEOS Holdings, Inc.		16,393		55,320
FANUC Corp.		1,125		165,911
Fast Retailing Co. Ltd.		358		209,501
Fuji Electric Co. Ltd.		900		36,628
FUJIFILM Holdings Corp.		2,300		121,837
Fujitsu Ltd.		1,200		160,461
GLP J REIT		33		36,802
GMO Payment Gateway, Inc.		300		26,418
Hakuhodo DY Holdings, Inc.		1,200		11,566
Hamamatsu Photonics KK		900		46,665
Hankyu Hanshin Holdings, Inc.		1,500		46,600
Hikari Tsushin, Inc.		100		13,882
Hirose Electric Co. Ltd.		205		27,019
Hitachi Construction Machinery Co. Ltd.		600		13,947
Hitachi Ltd.		5,941		314,022
Honda Motor Co. Ltd.		10,043		244,075
Hoshizaki Corp.		656		22,019
Hoya Corp.		2,178		221,759
Hulic Co. Ltd.		2,600		21,709
Ibiden Co. Ltd.		600		23,941
Idemitsu Kosan Co. Ltd.		1,232		28,906
Iida Group Holdings Co. Ltd.		800		12,705
Inpex Corp.		6,400		71,049

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Isuzu Motors Ltd.		3,300	$	42,872
Ito En Ltd.		300		11,449
ITOCHU Corp.		7,100		220,419
Itochu Techno-Solutions Corp.		500		12,130
Japan Airlines Co. Ltd.*		900		17,812
Japan Exchange Group, Inc.		3,000		42,918
Japan Metropolitan Fund Invest REIT		45		35,879
Japan Post Bank Co. Ltd.		2,400		18,266
Japan Post Holdings Co. Ltd.		13,599		106,161
Japan Post Insurance Co. Ltd.		1,100		18,218
Japan Real Estate Investment Corp. REIT		7		30,871
Japan Tobacco, Inc.		7,088		144,516
JFE Holdings, Inc.		2,700		29,837
JSR Corp.		1,200		24,966
Kajima Corp.		2,600		29,184
Kakaku.com, Inc.		1,100		19,341
Kansai Electric Power Co., Inc.		5,000		42,219
Kao Corp.		2,811		111,166
KDDI Corp.		10,000		297,704
Keio Corp.		600		22,246
Keisei Electric Railway Co. Ltd.		800		22,681
Keyence Corp.		1,174		485,787
Kikkoman Corp.		900		50,315
Kintetsu Group Holdings Co. Ltd.		1,000		35,484
Kirin Holdings Co. Ltd.		4,600		72,120
Kobayashi Pharmaceutical Co. Ltd.		400		24,622
Kobe Bussan Co. Ltd.		800		20,711
Koei Tecmo Holdings Co. Ltd.		520		8,943
Koito Manufacturing Co. Ltd.		1,200		18,814
Komatsu Ltd.		5,700		131,221
Konami Group Corp.		600		28,025
Kose Corp.		200		20,986
Kubota Corp.		6,400		94,084
Kurita Water Industries Ltd.		700		30,922
Kyocera Corp.		1,984		100,299
Kyowa Kirin Co. Ltd.		1,700		39,087
Lasertec Corp.		400		72,808
Lixil Corp.		1,300		19,854
M3, Inc.		2,442		74,362
Makita Corp.		1,400		31,733
Marubeni Corp.		8,800		98,649
Mazda Motor Corp.		3,200		25,282
McDonald’s Holdings Co. Japan Ltd.		700		25,903
MEIJI Holdings Co. Ltd.		700		33,456
MINEBEA MITSUMI, Inc.		2,200		35,735
MISUMI Group, Inc.		1,800		43,667
Mitsubishi Chemical Group Corp.		7,900		41,717
Mitsubishi Corp.		7,644		254,911
Mitsubishi Electric Corp.		11,100		110,727
Mitsubishi Estate Co. Ltd.		6,600		92,722
Mitsubishi HC Capital, Inc.		4,000		18,944
Mitsubishi Heavy Industries Ltd.		2,000		79,035
Mitsubishi UFJ Financial Group, Inc.		71,800		392,615
Mitsui & Co. Ltd.		8,600		248,054
Mitsui Chemicals, Inc.		1,100		24,694
Mitsui Fudosan Co. Ltd.		5,600		112,596
Mitsui OSK Lines Ltd. (b)		2,100		51,173

	Number of Shares		Value
Japan (Continued)
Mizuho Financial Group, Inc.		14,850	$	184,644
MonotaRO Co. Ltd.		1,600		27,066
MS&AD Insurance Group Holdings, Inc.		2,700		80,165
Murata Manufacturing Co. Ltd.		3,600		194,586
NEC Corp.		1,500		52,737
Nexon Co. Ltd.		2,960		62,034
NGK Insulators Ltd.		800		10,492
Nidec Corp.		2,800		173,041
Nihon M&A Center Holdings, Inc.		1,900		25,317
Nintendo Co. Ltd.		6,700		285,972
Nippon Building Fund, Inc. REIT		9		41,712
NIPPON EXPRESS HOLDINGS, Inc.		500		29,293
Nippon Paint Holdings Co. Ltd.		4,900		39,742
Nippon Prologis REIT, Inc. REIT (b)		12		29,329
Nippon Sanso Holdings Corp.		500		8,230
Nippon Shinyaku Co. Ltd.		400		23,434
Nippon Steel Corp.		4,510		71,607
Nippon Telegraph & Telephone Corp.		7,400		204,707
Nippon Yusen KK (b)		3,000		65,979
Nissan Chemical Corp.		900		43,928
Nissan Motor Co. Ltd.		15,200		54,068
Nisshin Seifun Group, Inc.		1,150		13,450
Nissin Foods Holdings Co. Ltd.		415		31,495
Nitori Holdings Co. Ltd.		501		56,471
Nitto Denko Corp.		900		56,116
Nomura Holdings, Inc.		18,400		66,717
Nomura Real Estate Holdings, Inc.		600		14,425
Nomura Real Estate Master Fund, Inc. REIT		27		33,728
Nomura Research Institute Ltd.		2,056		44,607
NTT Data Corp.		3,400		51,755
Obayashi Corp.		3,900		28,920
Obic Co. Ltd.		400		62,858
Odakyu Electric Railway Co. Ltd.		1,800		23,489
Oji Holdings Corp.		4,122		15,761
Olympus Corp.		7,300		148,337
Omron Corp.		1,200		61,212
Ono Pharmaceutical Co. Ltd.		2,300		58,562
Open House Group Co. Ltd.		500		20,928
Oracle Corp.		200		11,630
Oriental Land Co. Ltd.		1,225		174,937
ORIX Corp.		7,656		122,555
Osaka Gas Co. Ltd.		2,308		35,467
Otsuka Corp.		608		20,121
Otsuka Holdings Co. Ltd.		2,183		74,142
Pan Pacific International Holdings Corp.		1,800		31,075
Panasonic Holdings Corp.		13,900		128,240
Persol Holdings Co. Ltd.		1,000		22,811
Rakuten Group, Inc.		5,800		27,427
Recruit Holdings Co. Ltd.		8,600		269,602
Renesas Electronics Corp.*		7,200		68,616
Resona Holdings, Inc.		13,600		65,090
Ricoh Co. Ltd.		3,800		29,885
Rohm Co. Ltd.		600		47,143
SBI Holdings, Inc.		1,517		28,760
SCSK Corp.		900		14,352
Secom Co. Ltd.		1,300		79,879

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Seiko Epson Corp.		1,700	$	26,493
Sekisui Chemical Co. Ltd.		2,200		30,700
Sekisui House Ltd.		3,800		70,639
Seven & i Holdings Co. Ltd.		4,761		192,350
SG Holdings Co. Ltd.		2,100		32,392
Sharp Corp. (b)		1,300		9,160
Shimadzu Corp.		1,400		42,378
Shimano, Inc.		453		76,697
Shimizu Corp.		3,000		16,033
Shin-Etsu Chemical Co. Ltd.		2,179		277,247
Shionogi & Co. Ltd.		1,709		86,013
Shiseido Co. Ltd.		2,506		105,238
Shizuoka Financial Group, Inc.		3,100		22,561
SMC Corp.		352		157,430
SoftBank Corp.		17,200		186,523
SoftBank Group Corp.		7,500		323,267
Sompo Holdings, Inc.		1,900		83,367
Sony Group Corp.		7,700		627,587
Square Enix Holdings Co. Ltd.		500		22,413
Subaru Corp.		3,800		64,709
SUMCO Corp.		2,100		30,765
Sumitomo Chemical Co. Ltd.		9,300		33,539
Sumitomo Corp.		7,100		115,531
Sumitomo Electric Industries Ltd.		4,400		50,997
Sumitomo Metal Mining Co. Ltd.		1,500		50,456
Sumitomo Mitsui Financial Group, Inc.		8,000		270,722
Sumitomo Mitsui Trust Holdings, Inc.		2,110		67,339
Sumitomo Realty & Development Co. Ltd.		1,839		49,488
Suntory Beverage & Food Ltd.		800		27,026
Suzuki Motor Corp.		2,300		81,830
Sysmex Corp.		1,100		66,260
T&D Holdings, Inc.		3,700		44,693
Taisei Corp.		1,100		33,178
Takeda Pharmaceutical Co. Ltd.		8,987		263,577
TDK Corp.		2,400		84,814
Terumo Corp.		3,800		111,256
TIS, Inc.		1,300		36,621
Tobu Railway Co. Ltd.		1,092		26,175
Toho Co. Ltd.		500		19,154
Tokio Marine Holdings, Inc.		11,502		235,471
Tokyo Electric Power Co. Holdings, Inc.*		8,700		31,438
Tokyo Electron Ltd.		938		306,282
Tokyo Gas Co. Ltd.		2,000		36,585
Tokyu Corp.		3,700		46,863
TOPPAN, Inc.		1,500		23,159
Toray Industries, Inc.		9,700		51,882
Toshiba Corp.		2,451		83,244
Tosoh Corp.		2,000		23,506
TOTO Ltd.		1,040		35,736
Toyota Industries Corp.		900		50,902
Toyota Motor Corp.		64,520		939,369
Toyota Tsusho Corp.		1,400		53,023
Trend Micro, Inc.		800		39,453
Unicharm Corp.		2,505		92,207
USS Co. Ltd.		1,700		28,266
Welcia Holdings Co. Ltd.		600		13,122

	Number of Shares		Value
Japan (Continued)
West Japan Railway Co.		1,400	$	59,167
Yakult Honsha Co. Ltd.		800		50,692
Yamaha Corp.		800		31,342
Yamaha Motor Co. Ltd.		1,800		44,514
Yamato Holdings Co. Ltd.		1,800		29,889
Yaskawa Electric Corp.		1,500		48,284
Yokogawa Electric Corp.		1,361		25,290
Z Holdings Corp.		15,600		42,194
ZOZO, Inc.		733		18,180
(Cost $18,403,662)				19,189,394
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $12,403)		467		8,522
Kuwait — 0.3%
Agility Public Warehousing Co. KSC		8,404		21,509
Boubyan Bank KSCP		6,253		17,163
Gulf Bank KSCP		4,222		4,654
Kuwait Finance House KSCP		47,521		133,832
Mabanee Co KPSC		6,480		18,565
Mobile Telecommunications Co. KSCP		11,016		21,029
National Bank of Kuwait SAKP		42,227		154,077
(Cost $294,953)				370,829
Luxembourg — 0.2%
ArcelorMittal SA		3,060		82,185
Aroundtown SA		6,995		16,705
Eurofins Scientific SE		941		65,039
Reinet Investments SCA		806		14,229
Tenaris SA		2,613		45,450
(Cost $247,600)				223,608
Macau — 0.0%
Sands China Ltd.* (Cost $56,312)		14,172		38,102
Malaysia — 0.4%
AMMB Holdings Bhd		10,087		9,458
Axiata Group Bhd		11,876		8,678
CIMB Group Holdings Bhd		46,614		60,789
Dialog Group Bhd		23,700		12,096
DiGi.Com Bhd		20,644		18,567
Genting Bhd		5,900		5,877
Genting Malaysia Bhd		21,700		13,027
HAP Seng Consolidated Bhd		2,069		3,089
Hartalega Holdings Bhd		9,900		3,851
Hong Leong Bank Bhd		5,182		24,305
Hong Leong Financial Group Bhd		1,753		7,300
IHH Healthcare Bhd		9,091		11,856
Inari Amertron Bhd		21,000		12,560
IOI Corp. Bhd		12,200		10,479
Kuala Lumpur Kepong Bhd		2,620		12,312
Malayan Banking Bhd		28,237		54,792
Malaysia Airports Holdings Bhd*		8,400		12,144
Maxis Bhd		12,100		10,447
MISC Bhd		6,000		9,713
MR DIY Group M Bhd, 144A		17,400		8,216
Nestle Malaysia Bhd		300		9,369

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Malaysia (Continued)
Petronas Chemicals Group Bhd		17,957	$	34,481
Petronas Dagangan Bhd		1,500		8,020
Petronas Gas Bhd		4,641		17,531
PPB Group Bhd		2,440		9,436
Press Metal Aluminium Holdings Bhd		21,100		23,010
Public Bank Bhd		93,300		94,401
QL Resources Bhd		7,800		9,769
RHB Bank Bhd		11,591		14,647
Sime Darby Bhd		8,000		3,867
Sime Darby Plantation Bhd		11,711		11,217
Telekom Malaysia Bhd		4,400		5,540
Tenaga Nasional Bhd		16,500		34,948
Top Glove Corp. Bhd		37,600		7,355
(Cost $644,388)				593,147
Mexico — 0.7%
Alfa SAB de CV, Class A		20,533		14,229
America Movil SAB de CV, Series L		174,647		169,904
Arca Continental SAB de CV		2,306		19,245
Banco del Bajio SA, 144A		4,748		15,848
Cemex SAB de CV, Series CPO*		79,753		36,582
Coca-Cola Femsa SAB de CV		2,948		20,103
Fibra Uno Administracion SA de CV REIT		16,664		20,703
Fomento Economico Mexicano SAB de CV		11,417		90,974
Gruma SAB de CV, Class B		1,259		15,715
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,257		36,423
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,207		29,861
Grupo Bimbo SAB de CV, Series A		9,214		39,131
Grupo Carso SAB de CV, Series A1		3,833		16,555
Grupo Financiero Banorte SAB de CV, Class O		16,185		129,436
Grupo Financiero Inbursa SAB de CV, Class O*		14,955		27,772
Grupo Mexico SAB de CV, Series B		20,147		82,158
Grupo Televisa SAB, Series CPO		14,028		15,407
Industrias Penoles SAB de CV*		567		7,622
Kimberly-Clark de Mexico SAB de CV, Class A		7,913		13,452
Operadora De Sites Mexicanos SAB de CV, Class A-1		11,601		12,723
Orbia Advance Corp. SAB de CV		6,495		12,701
Promotora y Operadora de Infraestructura SAB de CV		496		4,376
Wal-Mart de Mexico SAB de CV		31,009		123,303
(Cost $879,888)				954,223
Netherlands — 2.9%
ABN AMRO Bank NV, 144A		2,423		30,849
Adyen NV, 144A*		137		208,683
Aegon NV		11,763		57,090
Akzo Nobel NV		1,156		82,064
Argenx SE*		347		140,824
ASM International NV		310		83,550
ASML Holding NV		2,479		1,447,441

	Number of Shares		Value
Netherlands (Continued)
Euronext NV, 144A		502	$	37,998
EXOR NV*		689		53,830
Heineken Holding NV		636		47,684
Heineken NV		1,544		141,838
IMCD NV		353		51,151
ING Groep NV		23,110		278,720
JDE Peet’s NV		549		16,876
Just Eat Takeaway.com NV, 144A*		1,198		26,915
Koninklijke Ahold Delhaize NV		6,463		187,067
Koninklijke DSM NV		1,063		135,283
Koninklijke KPN NV		19,830		60,709
Koninklijke Philips NV		5,464		80,693
NEPI Rockcastle NV		2,489		14,843
NN Group NV		1,681		71,055
OCI NV		441		18,622
Prosus NV*		4,945		321,559
QIAGEN NV*		1,377		67,805
Randstad NV		712		40,750
Stellantis NV*		13,895		215,326
Universal Music Group NV		4,667		109,271
Wolters Kluwer NV		1,570		171,870
(Cost $3,745,300)				4,200,366
New Zealand — 0.2%
Auckland International Airport Ltd.*		9,273		46,981
Fisher & Paykel Healthcare Corp. Ltd.		3,243		48,228
Mercury NZ Ltd.		3,536		12,255
Meridian Energy Ltd.		7,709		23,779
Spark New Zealand Ltd.		11,432		37,100
Xero Ltd.*		951		45,598
(Cost $223,812)				213,941
Norway — 0.5%
Adevinta ASA*		1,580		12,394
Aker BP ASA		1,768		61,346
DNB Bank ASA		5,819		112,564
Equinor ASA		5,841		224,852
Gjensidige Forsikring ASA		1,249		23,996
Kongsberg Gruppen ASA		475		19,506
Mowi ASA		2,605		40,644
Norsk Hydro ASA		8,236		60,700
Orkla ASA		4,370		31,045
Salmar ASA		350		12,269
Telenor ASA		3,065		29,660
Yara International ASA		981		44,827
(Cost $628,398)				673,803
Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR		1,193		9,735
Credicorp Ltd.		464		71,247
Southern Copper Corp. (b)		439		26,788
(Cost $109,439)				107,770
Philippines — 0.2%
Aboitiz Equity Ventures, Inc.		15,150		16,071
ACEN Corp.		59,120		7,432
Ayala Corp.		1,400		17,228
Ayala Land, Inc.		43,600		24,282

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Philippines (Continued)
Bank of the Philippine Islands		11,530	$	21,588
BDO Unibank, Inc.		14,760		33,951
Globe Telecom, Inc.		156		6,344
International Container Terminal Services, Inc.		4,050		14,679
JG Summit Holdings, Inc.		22,570		19,593
Jollibee Foods Corp.		2,230		9,660
Manila Electric Co.		860		4,257
Metropolitan Bank & Trust Co.		12,041		12,198
Monde Nissin Corp., 144A		36,400		8,135
PLDT, Inc.		600		18,586
SM Investments Corp.		1,265		21,001
SM Prime Holdings, Inc.		69,200		44,535
Universal Robina Corp.		4,470		10,511
(Cost $319,974)				290,051
Poland — 0.2%
Allegro.eu SA, 144A*		2,074		10,328
Bank Polska Kasa Opieki SA		1,080		20,193
CD Projekt SA		384		11,209
Cyfrowy Polsat SA		1,176		4,872
Dino Polska SA, 144A*		366		29,673
KGHM Polska Miedz SA		693		17,884
LPP SA		6		12,789
mBank SA*		102		7,165
PGE Polska Grupa Energetyczna SA*		5,244		7,561
Polski Koncern Naftowy ORLEN SA		3,024		44,006
Powszechna Kasa Oszczednosci Bank Polski SA		5,325		33,642
Powszechny Zaklad Ubezpieczen SA		3,645		25,668
Santander Bank Polska SA		169		10,304
(Cost $299,160)				235,294
Portugal — 0.1%
EDP — Energias de Portugal SA		16,232		76,330
Galp Energia SGPS SA		3,020		37,036
Jeronimo Martins SGPS SA		2,044		45,092
(Cost $149,227)				158,458
Qatar — 0.3%
Barwa Real Estate Co.		20,448		18,529
Commercial Bank PSQC		20,519		33,468
Industries Qatar QSC		8,441		34,513
Masraf Al Rayan QSC		36,318		35,283
Mesaieed Petrochemical Holding Co.		25,772		16,489
Ooredoo QPSC		5,108		12,444
Qatar Electricity & Water Co. QSC		2,691		12,495
Qatar Fuel QSC		2,870		14,288
Qatar Gas Transport Co. Ltd.		16,921		18,446
Qatar International Islamic Bank QSC		4,630		13,934
Qatar Islamic Bank SAQ		9,924		66,165
Qatar National Bank QPSC		27,414		147,543
(Cost $363,258)				423,597
Russia — 0.0%
Alrosa PJSC* (c)		15,266		0
Gazprom PJSC* (c)		63,321		0
Inter RAO UES PJSC* (c)		208,853		0

	Number of Shares		Value
Russia (Continued)
LUKOIL PJSC (c)		2,194	$	0
Magnit PJSC, GDR (c)		3		0
Magnit PJSC* (c)		443		0
MMC Norilsk Nickel PJSC* (c)		352		0
Mobile TeleSystems PJSC, ADR* (c)		3,019		0
Moscow Exchange MICEX-RTS PJSC* (c)		8,105		0
Novatek PJSC* (c)		5,150		0
Novolipetsk Steel PJSC (c)		7,219		0
Ozon Holdings PLC, ADR* (c)		322		0
PhosAgro PJSC* (c)		217		0
PhosAgro PJSC, GDR* (c)		4		0
Polyus PJSC* (c)		204		0
Rosneft Oil Co. PJSC* (c)		6,103		0
Sberbank of Russia PJSC* (c)		57,586		0
Severstal PAO (c)		1,243		0
Surgutneftegas PJSC* (c)		29,592		0
Tatneft PJSC (c)		7,874		0
United Co RUSAL International PJSC* (c)		21,438		0
VK Co. Ltd., GDR* (c)		452		0
VTB Bank PJSC* (c)		16,943,490		0
X5 Retail Group NV, GDR (c)		635		0
Yandex NV, Class A* (c)		1,576		0
(Cost $1,162,914)				0
Saudi Arabia — 1.1%
ACWA Power Co.		500		18,647
Advanced Petrochemical Co.		941		10,401
Al Rajhi Bank*		12,062		258,294
Alinma Bank		6,620		60,754
Almarai Co. JSC		1,992		28,190
Arab National Bank		3,205		29,541
Bank AlBilad*		2,723		37,594
Bank Al-Jazira		2,489		14,010
Banque Saudi Fransi		3,616		41,217
Bupa Arabia for Cooperative Insurance Co.		334		15,815
Dallah Healthcare Co.		333		15,378
Dar Al Arkan Real Estate Development Co.*		3,740		13,709
Dr Sulaiman Al Habib Medical Services Group Co.		469		28,944
Elm Co.		154		13,478
Emaar Economic City*		1,215		2,760
Etihad Etisalat Co.		2,194		21,302
Jarir Marketing Co.		320		14,045
Mobile Telecommunications Co. Saudi Arabia*		2,628		7,816
Mouwasat Medical Services Co.		284		14,233
Nahdi Medical Co.		377		19,054
National Industrialization Co.*		3,439		10,100
Rabigh Refining & Petrochemical Co.*		3,673		10,005
Riyad Bank		8,909		81,761
SABIC Agri-Nutrients Co.		1,251		47,987
Sahara International Petrochemical Co.		2,604		24,833
Saudi Arabian Mining Co.*		5,668		103,432
Saudi Arabian Oil Co., 144A		13,835		123,289

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Saudi Arabia (Continued)
Saudi Basic Industries Corp.		5,280	$	116,576
Saudi British Bank		5,724		62,657
Saudi Electricity Co.		5,222		34,367
Saudi Industrial Investment Group		2,082		11,320
Saudi Investment Bank		4,347		21,739
Saudi Kayan Petrochemical Co.*		4,663		14,438
Saudi National Bank		13,261		181,317
Saudi Research & Media Group*		208		10,590
Saudi Tadawul Group Holding Co.		228		10,432
Saudi Telecom Co.		8,734		89,332
Savola Group		1,298		9,841
Yanbu National Petrochemical Co.		1,411		15,746
(Cost $1,462,462)				1,644,944
Singapore — 1.0%
BOC Aviation Ltd., 144A		1,235		9,684
CapitaLand Ascendas REIT		21,046		43,151
CapitaLand Integrated Commercial Trust REIT		30,940		47,067
Capitaland Investment Ltd.		17,757		47,891
City Developments Ltd.		2,200		13,403
DBS Group Holdings Ltd.		10,806		279,451
Genting Singapore Ltd.		43,700		28,261
Grab Holdings Ltd., Class A*		8,457		25,540
Jardine Cycle & Carriage Ltd.		700		15,541
JOYY, Inc., ADR (b)		289		8,803
Keppel Corp. Ltd.		8,500		47,099
Mapletree Logistics Trust REIT		22,909		27,105
Mapletree Pan Asia Commercial Trust REIT		17,100		21,489
Oversea-Chinese Banking Corp. Ltd.		21,365		195,319
Sea Ltd., ADR*		2,173		126,838
Singapore Airlines Ltd.* (b)		8,750		35,367
Singapore Exchange Ltd.		5,093		33,872
Singapore Technologies Engineering Ltd.		9,430		23,770
Singapore Telecommunications Ltd.		51,700		103,343
United Overseas Bank Ltd.		7,422		170,176
UOL Group Ltd.		2,600		12,725
Venture Corp. Ltd.		1,100		13,985
Wilmar International Ltd.		11,237		33,858
(Cost $1,507,351)				1,363,738
South Africa — 1.0%
Absa Group Ltd.		4,904		58,243
African Rainbow Minerals Ltd.		612		10,273
Anglo American Platinum Ltd.		361		35,887
AngloGold Ashanti Ltd.		2,665		47,534
Aspen Pharmacare Holdings Ltd.		2,097		17,220
Bid Corp. Ltd.		2,099		40,531
Bidvest Group Ltd.		1,983		26,654
Capitec Bank Holdings Ltd.		564		66,083
Clicks Group Ltd.		1,964		33,530
Discovery Ltd.*		3,021		22,308
Exxaro Resources Ltd.		1,589		20,775
FirstRand Ltd.		32,350		125,379
Foschini Group Ltd.		555		3,435
Gold Fields Ltd.		5,241		57,161

	Number of Shares		Value
South Africa (Continued)
Growthpoint Properties Ltd. REIT		15,095	$	12,407
Harmony Gold Mining Co. Ltd.		3,264		11,636
Impala Platinum Holdings Ltd.		5,051		61,292
Kumba Iron Ore Ltd. (b)		412		11,533
Mr Price Group Ltd.		1,532		15,004
MTN Group Ltd.		9,663		78,761
MultiChoice Group		2,644		18,196
Naspers Ltd., Class N		1,328		202,625
Nedbank Group Ltd.		2,667		35,262
Northam Platinum Holdings Ltd.*		2,088		23,714
Old Mutual Ltd.		28,074		18,037
Pepkor Holdings Ltd., 144A		10,826		13,798
Remgro Ltd.		3,115		25,999
Sanlam Ltd.		11,060		35,951
Sasol Ltd.		3,350		58,011
Shoprite Holdings Ltd.		3,096		45,180
Sibanye Stillwater Ltd.		17,161		46,357
SPAR Group Ltd. (b)		924		7,122
Standard Bank Group Ltd.		7,854		81,827
Vodacom Group Ltd. (b)		4,033		29,354
Woolworths Holdings Ltd.		5,743		21,999
(Cost $1,416,216)				1,419,078
South Korea — 3.1%
Amorepacific Corp.		189		18,702
BGF retail Co. Ltd.		27		4,207
Celltrion Healthcare Co. Ltd.		558		27,501
Celltrion Pharm, Inc.*		129		6,505
Celltrion, Inc.		559		74,598
Cheil Worldwide, Inc.		320		5,884
CJ CheilJedang Corp.		49		14,676
CJ Corp.		66		3,838
Coway Co. Ltd.		325		14,194
DB Insurance Co. Ltd.		281		13,231
Doosan Bobcat, Inc.		409		11,025
Doosan Enerbility Co. Ltd.*		2,580		32,767
Ecopro BM Co. Ltd.		264		22,780
E-MART, Inc.		125		8,729
F&F Co. Ltd. / New		56		6,433
GS Holdings Corp.		304		11,202
Hana Financial Group, Inc.		1,889		63,809
Hankook Tire & Technology Co. Ltd.		342		8,817
Hanmi Pharm. Co. Ltd.		27		5,354
Hanon Systems		837		5,521
Hanwha Solutions Corp.*		760		29,562
HD Hyundai Co. Ltd.		312		15,259
HLB, Inc.*		620		15,302
HMM Co. Ltd.		1,587		26,834
Hotel Shilla Co. Ltd.		152		8,413
HYBE Co. Ltd.*		99		10,734
Hyundai Engineering & Construction Co. Ltd.		541		16,818
Hyundai Glovis Co. Ltd.		107		14,320
Hyundai Heavy Industries Co. Ltd.*		124		11,142
Hyundai Mipo Dockyard Co. Ltd.*		203		13,314
Hyundai Mobis Co. Ltd.		343		55,396
Hyundai Motor Co.		836		107,127

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
Hyundai Steel Co.		483	$	12,415
Iljin Materials Co. Ltd.		143		6,712
Industrial Bank of Korea		1,244		10,564
Kakao Corp.		1,782		76,206
Kakao Games Corp.*		182		6,003
KakaoBank Corp.*		701		13,315
Kangwon Land, Inc.*		553		10,504
KB Financial Group, Inc.		2,498		99,439
Kia Corp.		1,645		85,565
Korea Aerospace Industries Ltd.		409		15,041
Korea Electric Power Corp.*		1,514		23,763
Korea Investment Holdings Co. Ltd.		286		12,513
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		219		13,002
Korea Zinc Co. Ltd.		32		15,286
Korean Air Lines Co. Ltd.*		989		19,085
Krafton, Inc.*		221		38,038
KT&G Corp.		665		50,372
Kumho Petrochemical Co. Ltd.		141		15,983
L&F Co. Ltd.*		134		22,363
LG Chem Ltd.		300		168,328
LG Corp.		615		39,217
LG Display Co. Ltd.		1,336		14,638
LG Electronics, Inc.		627		46,400
LG Energy Solution Ltd.*		222		98,809
LG H&H Co. Ltd.		66		32,829
LG Innotek Co. Ltd.		85		20,012
LG Uplus Corp.		922		8,459
Lotte Chemical Corp.		91		12,661
Lotte Shopping Co. Ltd.		70		4,485
Meritz Fire & Marine Insurance Co. Ltd.		328		11,440
Meritz Securities Co. Ltd.		3,176		14,064
Mirae Asset Securities Co. Ltd.		1,783		8,990
NAVER Corp.		794		112,581
NCSoft Corp.		98		34,962
Netmarble Corp., 144A		128		4,751
NH Investment & Securities Co. Ltd.		155		1,132
Orion Corp.		110		9,800
Pan Ocean Co. Ltd.		1,682		6,874
Pearl Abyss Corp.*		207		6,828
POSCO Chemical Co. Ltd.		150		24,851
POSCO Holdings, Inc.		480		109,004
S-1 Corp.		77		3,748
Samsung Biologics Co. Ltd., 144A*		107		71,963
Samsung C&T Corp.		527		48,750
Samsung Electro-Mechanics Co. Ltd.		347		37,098
Samsung Electronics Co. Ltd.		29,455		1,389,166
Samsung Engineering Co. Ltd.*		903		16,809
Samsung Fire & Marine Insurance Co. Ltd.		176		27,424
Samsung Heavy Industries Co. Ltd.*		3,789		14,968
Samsung Life Insurance Co. Ltd.		611		34,005
Samsung SDI Co. Ltd.		334		184,620
Samsung SDS Co. Ltd.		260		25,136
Samsung Securities Co. Ltd.		383		10,222
SD Biosensor, Inc.		280		6,985
Shinhan Financial Group Co. Ltd.		2,987		86,291

	Number of Shares		Value
South Korea (Continued)
SK Biopharmaceuticals Co. Ltd.*		223	$	12,445
SK Bioscience Co. Ltd.*		145		9,103
SK Hynix, Inc.		3,317		213,781
SK IE Technology Co. Ltd., 144A*		142		7,095
SK Innovation Co. Ltd.*		315		42,753
SK Square Co. Ltd.*		560		15,902
SK, Inc.		244		40,517
SKC Co. Ltd.		116		9,851
S-Oil Corp.		293		19,373
Woori Financial Group, Inc.		3,004		29,611
Yuhan Corp.		284		12,576
(Cost $3,831,607)				4,391,470
Spain — 1.5%
Acciona SA		156		30,259
ACS Actividades de Construccion y Servicios SA		1,559		43,899
Aena SME SA, 144A*		465		59,662
Amadeus IT Group SA*		2,837		151,329
Banco Bilbao Vizcaya Argentaria SA		37,356		218,153
Banco Santander SA		4,119		11,208
Banco Santander SA		100,563		298,293
CaixaBank SA		27,030		100,190
Cellnex Telecom SA, 144A*		3,256		110,455
Corp ACCIONA Energias Renovables SA		384		15,128
EDP Renovaveis SA		1,637		37,561
Enagas SA		1,497		26,841
Endesa SA		1,889		34,793
Ferrovial SA		2,736		72,885
Grifols SA* (b)		1,771		18,715
Iberdrola SA		36,994		414,987
Industria de Diseno Textil SA		6,650		172,031
Naturgy Energy Group SA (b)		1,074		29,929
Red Electrica Corp. SA		2,830		49,460
Repsol SA		8,169		125,810
Siemens Gamesa Renewable Energy SA*		1,430		26,830
Telefonica SA		30,917		115,338
(Cost $2,527,069)				2,163,756
Sweden — 2.0%
Alfa Laval AB		1,859		52,698
Assa Abloy AB, Class B		6,181		140,255
Atlas Copco AB, Class A		15,812		194,468
Atlas Copco AB, Class B (b)		8,852		98,585
Boliden AB		1,586		58,581
Electrolux AB, Class B (b)		1,518		21,468
Embracer Group AB* (b)		4,467		18,888
Epiroc AB, Class A (b)		3,950		75,187
Epiroc AB, Class B		2,344		38,770
EQT AB		1,744		39,059
Essity AB, Class B		4,000		97,354
Evolution AB, 144A		1,155		117,349
Fastighets AB Balder, Class B*		3,804		16,688
Getinge AB, Class B		1,384		31,866
H & M Hennes & Mauritz AB, Class B		4,620		51,321
Hexagon AB, Class B		11,980		134,780
Holmen AB, Class B		623		25,503

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Husqvarna AB, Class B		2,481	$	19,122
Industrivarden AB, Class A		724		18,476
Industrivarden AB, Class C		1,058		26,808
Indutrade AB		1,888		40,108
Investment AB Latour, Class B		881		17,172
Investor AB, Class A (b)		2,911		55,424
Investor AB, Class B		10,984		201,861
Kinnevik AB, Class B*		1,369		20,773
L E Lundbergforetagen AB, Class B		447		19,273
Lifco AB, Class B		1,561		26,681
Nibe Industrier AB, Class B		9,465		88,306
Sagax AB, Class B		1,080		23,725
Sandvik AB		6,952		126,438
Securitas AB, Class B (b)		2,900		23,577
Skandinaviska Enskilda Banken AB, Class A		9,829		112,078
Skanska AB, Class B		1,879		30,139
SKF AB, Class B		2,194		36,216
Svenska Cellulosa AB SCA, Class B		3,631		48,785
Svenska Handelsbanken AB, Class A		8,635		86,869
Swedbank AB, Class A		5,357		86,309
Swedish Match AB		9,216		100,919
Swedish Orphan Biovitrum AB*		1,173		25,366
Tele2 AB, Class B		3,808		33,657
Telefonaktiebolaget LM Ericsson, Class B		17,153		106,363
Telia Co. AB		15,585		42,473
Volvo AB, Class A		1,038		19,748
Volvo AB, Class B		9,527		174,159
Volvo Car AB, Class B*		3,804		18,683
(Cost $3,027,947)				2,842,328
Switzerland — 6.7%
ABB Ltd.		9,687		300,566
Adecco Group AG		1,126		37,900
Alcon, Inc.		3,094		209,460
Bachem Holding AG (b)		234		22,442
Baloise Holding AG		278		41,807
Banque Cantonale Vaudoise		207		19,349
Barry Callebaut AG		22		44,709
BKW AG		146		18,870
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		13		136,285
Cie Financiere Richemont SA, Class A		3,158		414,003
Clariant AG*		1,336		21,461
Coca-Cola HBC AG*		1,169		28,390
Credit Suisse Group AG (b)		15,669		46,730
EMS-Chemie Holding AG		46		31,696
Geberit AG		229		108,129
Givaudan SA		55		184,021
Glencore PLC		60,283		409,417
Holcim AG*		3,412		175,819
Julius Baer Group Ltd.		1,392		79,202
Kuehne + Nagel International AG		360		86,971
Logitech International SA		976		57,616
Lonza Group AG		447		231,566
Nestle SA		16,776		1,991,668

	Number of Shares		Value
Switzerland (Continued)
Novartis AG		13,266	$	1,172,736
Partners Group Holding AG		137		133,923
Roche Holding AG (b)		168		67,182
Roche Holding AG		4,299		1,398,396
Schindler Holding AG		186		33,180
Schindler Holding AG Participation Certificates		264		49,424
SGS SA		40		92,999
SIG Group AG*		1,938		42,395
Sika AG		888		222,411
Sonova Holding AG		305		78,003
STMicroelectronics NV		4,041		151,614
Straumann Holding AG		726		82,555
Swatch Group AG — Bearer		169		44,614
Swatch Group AG — Registered		318		15,177
Swiss Life Holding AG		188		99,657
Swiss Prime Site AG		504		41,811
Swiss Re AG		1,897		168,841
Swisscom AG		166		89,153
Temenos AG		432		26,050
UBS Group AG		20,662		376,119
VAT Group AG, 144A		171		46,769
Zurich Insurance Group AG		931		445,601
(Cost $8,618,982)				9,576,687
Taiwan — 3.9%
Accton Technology Corp.		1,744		15,321
Acer, Inc.		15,004		11,943
Advantech Co. Ltd.		3,380		36,419
ASE Technology Holding Co. Ltd.		19,926		62,669
Asia Cement Corp.		11,957		15,978
Asustek Computer, Inc.		4,969		42,768
AUO Corp.		37,692		19,635
Catcher Technology Co. Ltd.		5,469		32,383
Cathay Financial Holding Co. Ltd.		51,088		71,990
Chailease Holding Co. Ltd.		8,081		52,687
Chang Hwa Commercial Bank Ltd.		36,579		20,713
Cheng Shin Rubber Industry Co. Ltd.		9,594		10,850
China Airlines Ltd.		17,656		10,340
China Development Financial Holding Corp.		92,961		40,156
China Steel Corp.		74,594		70,357
Chunghwa Telecom Co. Ltd.		22,587		82,950
Compal Electronics, Inc.		25,125		17,601
CTBC Financial Holding Co. Ltd.		108,406		80,676
Delta Electronics, Inc.		12,562		122,752
E Ink Holdings, Inc.		4,643		27,192
E.Sun Financial Holding Co. Ltd.		68,318		54,821
Eclat Textile Co. Ltd.		1,129		16,695
eMemory Technology, Inc.		336		15,873
Eva Airways Corp.		15,796		14,285
Evergreen Marine Corp. Taiwan Ltd.		5,990		31,592
Far Eastern New Century Corp.		23,992		25,230
Far EasTone Telecommunications Co. Ltd.		9,472		20,841
Feng TAY Enterprise Co. Ltd.		2,227		13,439
First Financial Holding Co. Ltd.		62,274		52,792

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Formosa Chemicals & Fibre Corp.		23,380	$	57,570
Formosa Petrochemical Corp.		8,746		23,941
Formosa Plastics Corp.		26,719		77,981
Fubon Financial Holding Co. Ltd.		45,062		88,650
Giant Manufacturing Co. Ltd.		1,596		11,877
Globalwafers Co. Ltd.		1,063		16,166
Hon Hai Precision Industry Co. Ltd.		74,266		241,502
Hotai Motor Co. Ltd.		2,327		48,941
Hua Nan Financial Holdings Co. Ltd.		60,347		44,325
Innolux Corp.		50,163		20,127
Inventec Corp.		13,870		11,130
Largan Precision Co. Ltd.		610		45,298
Lite-On Technology Corp.		12,678		26,910
MediaTek, Inc.		9,280		220,098
Mega Financial Holding Co. Ltd.		60,712		62,862
Micro-Star International Co. Ltd.		4,501		17,913
momo.com, Inc.		296		5,747
Nan Ya Plastics Corp.		29,376		73,094
Nan Ya Printed Circuit Board Corp.		1,805		15,740
Nanya Technology Corp.		7,561		13,896
Nien Made Enterprise Co. Ltd.		1,542		14,519
Novatek Microelectronics Corp.		3,668		35,427
Pegatron Corp.		12,436		24,948
PharmaEssentia Corp.*		1,000		17,149
Pou Chen Corp.		11,351		11,845
Powerchip Semiconductor Manufacturing Corp.		17,656		19,024
President Chain Store Corp.		4,049		35,701
Quanta Computer, Inc.		17,017		39,424
Realtek Semiconductor Corp.		2,916		29,910
Ruentex Development Co. Ltd.		10,153		15,161
Shanghai Commercial & Savings Bank Ltd.		26,800		44,052
Shin Kong Financial Holding Co. Ltd.		87,480		25,220
SinoPac Financial Holdings Co. Ltd.		50,368		29,661
Synnex Technology International Corp.		7,230		13,639
Taishin Financial Holding Co. Ltd.		75,403		36,963
Taiwan Business Bank		34,000		14,412
Taiwan Cement Corp.		38,975		42,751
Taiwan Cooperative Financial Holding Co. Ltd.		64,818		55,893
Taiwan High Speed Rail Corp.		9,687		9,074
Taiwan Mobile Co. Ltd.		12,900		39,862
Taiwan Semiconductor Manufacturing Co. Ltd.		150,021		2,378,550
Unimicron Technology Corp.		7,427		37,369
Uni-President Enterprises Corp.		31,268		66,875
United Microelectronics Corp.*		67,321		99,765
Vanguard International Semiconductor Corp.		5,110		13,608
Voltronic Power Technology Corp.		354		19,816
Walsin Lihwa Corp.		15,905		24,033
Wan Hai Lines Ltd.		4,590		11,302
Win Semiconductors Corp.		1,933		9,757
Winbond Electronics Corp.		17,887		12,270
Wiwynn Corp.		484		13,781
WPG Holdings Ltd.		9,996		15,687

	Number of Shares		Value
Taiwan (Continued)
Yageo Corp.		2,463	$	36,899
Yang Ming Marine Transport Corp.		9,989		21,364
Yuanta Financial Holding Co. Ltd.		50,334		36,807
Zhen Ding Technology Holding Ltd.		3,857		14,914
(Cost $4,171,644)				5,582,148
Thailand — 0.6%
Advanced Info Service PCL, NVDR		7,500		40,196
Airports of Thailand PCL, NVDR*		26,200		55,721
Asset World Corp. PCL, NVDR		40,500		7,235
B Grimm Power PCL, NVDR		7,500		7,975
Bangkok Dusit Medical Services PCL, NVDR		60,900		52,239
Bangkok Expressway & Metro PCL, NVDR		64,200		17,022
Berli Jucker PCL, NVDR		7,600		7,381
BTS Group Holdings PCL, NVDR		46,100		10,981
Bumrungrad Hospital PCL, NVDR		4,000		25,748
Carabao Group PCL, NVDR		1,900		5,145
Central Pattana PCL, NVDR		16,300		33,511
Central Retail Corp. PCL, NVDR		9,800		11,950
Charoen Pokphand Foods PCL, NVDR		23,600		15,994
CP ALL PCL, NVDR		36,600		67,461
Delta Electronics Thailand PCL, NVDR		2,000		38,111
Electricity Generating PCL, NVDR		1,600		7,781
Energy Absolute PCL, NVDR		9,700		26,612
Global Power Synergy PCL, Class F		5,600		11,036
Gulf Energy Development PCL, NVDR		18,910		28,420
Home Product Center PCL, NVDR		29,000		12,088
Indorama Ventures PCL, NVDR		10,200		12,293
Intouch Holdings PCL, NVDR		6,400		13,384
JMT Network Services PCL, NVDR		5,500		10,449
Krung Thai Bank PCL, NVDR		26,200		13,076
Krungthai Card PCL, NVDR		5,800		9,663
Land & Houses PCL, NVDR		53,300		14,510
Minor International PCL, NVDR*		19,194		16,737
Osotspa PCL, NVDR		11,300		9,052
PTT Exploration & Production PCL, NVDR		8,700		46,380
PTT Global Chemical PCL, NVDR		6,000		8,167
PTT Oil & Retail Business PCL, NVDR		16,400		11,347
PTT PCL, NVDR		53,600		50,537
Ratch Group PCL, NVDR		5,300		6,162
SCB X PCL, NVDR		8,700		25,904
SCG Packaging PCL, NVDR		7,900		12,377
Siam Cement PCL		700		6,670
Siam Cement PCL, NVDR		3,300		31,442
Srisawad Corp. PCL, NVDR		5,200		6,672
Thai Oil PCL, NVDR		11,175		17,587
Thai Union Group PCL, NVDR		19,700		9,553
True Corp. PCL, NVDR		65,000		8,368
(Cost $847,648)				822,937
Turkey — 0.1%
Akbank TAS		10,750		9,984
Aselsan Elektronik Sanayi Ve Ticaret AS		2,864		7,456
BIM Birlesik Magazalar AS		2,466		17,796

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Turkey (Continued)
Eregli Demir ve Celik Fabrikalari TAS		8,429	$	19,293
Ford Otomotiv Sanayi AS		286		6,827
Haci Omer Sabanci Holding AS		6,969		15,682
KOC Holding AS		5,007		18,966
Sasa Polyester Sanayi AS*		2,984		20,765
Turk Hava Yollari AO*		3,472		22,354
Turkcell Iletisim Hizmetleri AS		5,784		10,514
Turkiye Is Bankasi AS, Class C		11,035		6,134
Turkiye Petrol Rafinerileri AS*		976		25,204
Turkiye Sise ve Cam Fabrikalari AS		4,429		9,292
Yapi ve Kredi Bankasi AS		22,378		14,468
(Cost $170,108)				204,735
United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		17,219		45,894
Abu Dhabi Islamic Bank PJSC		10,861		28,386
Abu Dhabi National Oil Co. for Distribution PJSC		15,036		18,667
Aldar Properties PJSC		21,996		28,445
Dubai Islamic Bank PJSC		16,344		25,274
Emaar Properties PJSC		27,551		45,604
Emirates NBD Bank PJSC		12,647		45,622
Emirates Telecommunications Group Co. PJSC		20,633		144,927
First Abu Dhabi Bank PJSC		28,633		137,198
Multiply Group*		20,274		26,825
Q Holding PJSC*		12,291		15,058
(Cost $501,475)				561,900
United Kingdom — 9.0%
3i Group PLC		6,191		100,621
abrdn PLC (b)		13,145		30,799
Admiral Group PLC		1,166		28,472
Anglo American PLC		7,759		318,654
Ashtead Group PLC		2,687		161,116
Associated British Foods PLC		2,140		40,778
AstraZeneca PLC		9,470		1,274,456
Auto Trader Group PLC, 144A		5,490		37,438
AVEVA Group PLC		775		29,713
Aviva PLC		17,216		92,190
BAE Systems PLC		18,987		188,245
Barclays PLC		98,058		190,561
Barratt Developments PLC		6,381		30,586
Berkeley Group Holdings PLC		699		32,107
BP PLC		114,934		689,158
British American Tobacco PLC		13,084		534,744
British Land Co. PLC REIT		5,264		25,016
BT Group PLC		42,985		62,895
Bunzl PLC		2,034		74,721
Burberry Group PLC		2,505		65,727
CNH Industrial NV		6,005		95,419
Coca-Cola Europacific Partners PLC		1,222		64,876
Compass Group PLC		10,633		239,905
Croda International PLC		874		71,567
Diageo PLC		14,021		643,507
Entain PLC		3,498		59,108
GSK PLC		24,355		412,950

	Number of Shares		Value
United Kingdom (Continued)
Haleon PLC*		29,410	$	100,703
Halma PLC		2,448		64,084
Hargreaves Lansdown PLC		1,594		16,207
HSBC Holdings PLC		122,147		750,369
Imperial Brands PLC		5,354		137,124
Informa PLC		8,988		66,535
InterContinental Hotels Group PLC		1,144		66,141
Intertek Group PLC		1,014		49,435
J Sainsbury PLC		10,437		28,001
JD Sports Fashion PLC		14,680		22,302
Johnson Matthey PLC		1,149		28,929
Kingfisher PLC		12,104		35,173
Land Securities Group PLC REIT		4,100		30,351
Legal & General Group PLC		34,712		105,261
Lloyds Banking Group PLC		416,421		235,412
London Stock Exchange Group PLC		1,992		198,023
M&G PLC		15,895		36,821
Melrose Industries PLC		25,933		41,304
Mondi PLC		2,637		49,040
National Grid PLC		22,401		273,903
NatWest Group PLC		30,561		96,467
Next PLC		790		55,605
Ocado Group PLC* (b)		3,430		25,738
Pearson PLC		3,601		43,193
Pepco Group NV, 144A*		1,528		13,995
Persimmon PLC		2,152		32,992
Phoenix Group Holdings PLC		5,079		36,043
Prudential PLC		16,740		197,603
Reckitt Benckiser Group PLC		4,408		316,002
RELX PLC		11,962		333,326
Rentokil Initial PLC		16,148		105,369
Rio Tinto PLC		6,807		458,201
Rolls-Royce Holdings PLC*		49,768		54,536
Sage Group PLC		6,024		57,837
Schroders PLC		4,182		22,299
Segro PLC REIT		7,493		71,417
Severn Trent PLC		1,382		45,173
Shell PLC		44,505		1,310,954
Smith & Nephew PLC		5,196		67,979
Smiths Group PLC		2,489		47,653
Spirax-Sarco Engineering PLC		402		54,289
SSE PLC		6,258		128,863
St James’s Place PLC		3,356		46,495
Standard Chartered PLC		15,466		115,086
Taylor Wimpey PLC		22,278		27,763
Tesco PLC		44,332		121,556
Unilever PLC		15,635		780,899
United Utilities Group PLC		3,769		46,516
Vodafone Group PLC		162,256		179,602
Whitbread PLC		1,308		40,736
WPP PLC		6,986		72,882
(Cost $13,537,934)				12,937,516
United States — 0.0%
Brookfield Renewable Corp., Class A		777		25,312
Legend Biotech Corp., ADR*		287		14,783

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
United States (Continued)
Parade Technologies Ltd.		418	$	10,739
(Cost $83,586)				50,834
TOTAL COMMON STOCKS (Cost $134,103,443)				137,006,084
PREFERRED STOCKS — 0.9%
Brazil — 0.4%
Banco Bradesco SA		30,186		90,627
Braskem SA, Class A		1,034		5,607
Centrais Eletricas Brasileiras SA, Class B		2,074		19,616
Cia Energetica de Minas Gerais		7,925		17,532
Gerdau SA		7,389		44,952
Itau Unibanco Holding SA		28,369		142,136
Itausa SA		28,228		48,304
Petroleo Brasileiro SA		29,658		152,366
(Cost $485,080)				521,140
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $27,929)		805		79,913
Colombia — 0.0%
Bancolombia SA (Cost $25,225)		2,686		17,797
Germany — 0.3%
Bayerische Motoren Werke AG		329		28,296
Dr Ing hc F Porsche AG*		733		82,988
Henkel AG & Co. KGaA		1,056		75,207
Porsche Automobil Holding SE		933		56,641
Sartorius AG		152		56,372
Volkswagen AG		1,115		162,322
(Cost $533,718)				461,826
Russia — 0.0%
Surgutneftegas PJSC (c) (Cost $22,479)		41,062		0
South Korea — 0.2%
Hyundai Motor Co.		104		6,608
Hyundai Motor Co. — 2nd Preferred		204		12,715
LG Chem Ltd.		44		11,176
Samsung Electronics Co. Ltd.		4,971		210,698
(Cost $166,418)				241,197
TOTAL PREFERRED STOCKS (Cost $1,260,849)				1,321,873
	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $0)		INR    17,168		205

	Number of Shares		Value
RIGHTS — 0.0%
South Korea — 0.0%
HLB, Inc.*, expires 12/7/22 (Cost $0)		55	$	77
Switzerland — 0.0%
Credit Suisse Group AG* (b), expires 12/13/22 (Cost $0)		15,669		1,457
Taiwan — 0.0%
Shanghai Commercial & Savings Bank Ltd.*, expires 12/22/22 (Cost $0)		1,964		877
TOTAL RIGHTS (Cost $0)				2,411
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		4,502		3,996
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		3,960		31
BTS Group Holdings PCL*, expires 11/20/26		7,920		70
(Cost $0)				101
TOTAL WARRANTS (Cost $0)				4,097
SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (e)(f) (Cost $883,140)		883,140		883,140
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 3.74% (e) (Cost $223,043)		223,043		223,043
TOTAL INVESTMENTS — 97.3% (Cost $136,470,475)			$	139,440,853
Other assets and liabilities, net — 2.7%				3,796,389
NET ASSETS — 100.0%			$	143,237,242

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (d)
		146,908		10,665		(23,589	)		(8,003	)		4,670		—		—		12,404		130,651
SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (e)(f)
		2,880,589		—		(1,997,449	)(g)		—			—		9,585		—		883,140		883,140
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 3.74% (e)
		—		29,985,781		(29,762,738	)		—			—		38,974		—		223,043		223,043
		3,027,497		29,996,446		(31,783,776	)		(8,003	)		4,670		48,559		—		1,118,587		1,236,834

* 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, 2022 amounted to $2,204,943, which is 1.5% 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 $1,424,292.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

ADR: American Depositary Receipt

CDI: Chess Depositary Interest

CPO: Ordinary Participation Certificates

CVA: Credit Valuation Adjustment

GDR: Global Depositary Receipt

JSC: Joint Stock Company

KSC: Kuwait Shareholding Company

KSCP: Kuwait Shareholding Company Public

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

PSQC: Public Shareholders Qatari Company

QPSC: Qatari Public Shareholders Company

QSC: Qatari Shareholders Company

REIT: Real Estate Investment Trust

SAE: Societe Anonyme Egyptienne

SAQ: Societe Anonyme Qatar

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

Securities are listed in country of domicile.

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

At November 30, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MSCI EAFE Futures	USD	39	$	3,665,895	$	3,860,610	12/16/2022	$	194,715
MSCI Emerging Markets Index Future	USD	32		1,490,318		1,572,000	12/16/2022		81,682
S&P TSX 60 IX Futures	CAD	2		354,941		368,821	12/15/2022		13,880
MINI S&P/TSX 60 Futures	CAD	9		401,669		414,924	12/15/2022		13,255
Total unrealized appreciation								$	303,532

As of November 30, 2022, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	AUD	3,116,400	USD	1,994,418	$	—	$	(120,839	)
Goldman Sachs & Co.	12/2/2022	AUD	362,000	USD	231,668		—		(14,040	)
JP Morgan & Chase Co.	12/2/2022	AUD	3,623,800	USD	2,319,141		—		(140,514	)
RBC Capital Markets	12/2/2022	AUD	3,334,000	USD	2,133,643		—		(129,310	)
Goldman Sachs & Co.	12/2/2022	CAD	3,954,800	USD	2,899,790		—		(40,254	)
Goldman Sachs & Co.	12/2/2022	CAD	905,000	USD	663,563		—		(9,225	)
JP Morgan & Chase Co.	12/2/2022	CAD	5,909,200	USD	4,332,884		—		(60,083	)
RBC Capital Markets	12/2/2022	CAD	4,738,500	USD	3,474,475		—		(48,180	)
Goldman Sachs & Co.	12/2/2022	CHF	473,000	USD	474,155		—		(25,713	)
Goldman Sachs & Co.	12/2/2022	CHF	3,073,000	USD	3,080,547		—		(167,009	)
JP Morgan & Chase Co.	12/2/2022	CHF	2,805,900	USD	2,812,777		—		(152,507	)
RBC Capital Markets	12/2/2022	CHF	2,590,800	USD	2,597,176		—		(140,790	)
JP Morgan & Chase Co.	12/2/2022	CNH	9,577,400	USD	1,308,834		—		(50,347	)
RBC Capital Markets	12/2/2022	CNH	3,948,800	USD	539,639		—		(20,757	)
Goldman Sachs & Co.	12/2/2022	CZK	1,029,400	USD	41,457		—		(2,541	)
JP Morgan & Chase Co.	12/2/2022	CZK	707,000	USD	28,473		—		(1,745	)
JP Morgan & Chase Co.	12/2/2022	DKK	6,271,600	USD	834,444		—		(43,052	)
JP Morgan & Chase Co.	12/2/2022	DKK	1,376,000	USD	183,076		—		(9,448	)
RBC Capital Markets	12/2/2022	DKK	9,764,100	USD	1,299,160		—		(66,993	)
Goldman Sachs & Co.	12/2/2022	EUR	9,007,800	USD	8,921,595		—		(451,927	)
JP Morgan & Chase Co.	12/2/2022	EUR	8,019,400	USD	7,942,654		—		(402,338	)
RBC Capital Markets	12/2/2022	EUR	7,734,900	USD	7,660,838		—		(388,103	)
RBC Capital Markets	12/2/2022	EUR	2,294,000	USD	2,271,984		—		(115,153	)
Goldman Sachs & Co.	12/2/2022	GBP	286,000	USD	329,536		—		(15,166	)
Goldman Sachs & Co.	12/2/2022	GBP	4,186,700	USD	4,824,083		—		(221,939	)
JP Morgan & Chase Co.	12/2/2022	GBP	4,543,900	USD	5,235,800		—		(240,738	)
RBC Capital Markets	12/2/2022	GBP	2,455,300	USD	2,829,156		—		(130,095	)
Goldman Sachs & Co.	12/2/2022	HKD	27,502,100	USD	3,505,573		—		(15,394	)
JP Morgan & Chase Co.	12/2/2022	HKD	26,257,700	USD	3,346,994		—		(14,659	)
RBC Capital Markets	12/2/2022	HKD	32,130,800	USD	4,095,621		—		(17,938	)
Goldman Sachs & Co.	12/2/2022	HUF	14,453,900	USD	34,528		—		(2,228	)
JP Morgan & Chase Co.	12/2/2022	HUF	11,896,900	USD	28,422		—		(1,832	)
Goldman Sachs & Co.	12/2/2022	ILS	650,100	USD	185,056		—		(5,489	)
JP Morgan & Chase Co.	12/2/2022	ILS	473,700	USD	134,840		—		(4,002	)
RBC Capital Markets	12/2/2022	ILS	603,000	USD	171,648		—		(5,091	)
Goldman Sachs & Co.	12/2/2022	JPY	818,322,300	USD	5,523,812		—		(402,195	)
Goldman Sachs & Co.	12/2/2022	JPY	53,725,000	USD	362,646		—		(26,412	)
JP Morgan & Chase Co.	12/2/2022	JPY	1,131,876,300	USD	7,640,353		—		(556,303	)
RBC Capital Markets	12/2/2022	JPY	740,391,100	USD	4,997,746		—		(363,910	)
Goldman Sachs & Co.	12/2/2022	MXN	1,484,000	USD	74,375		—		(2,540	)
Goldman Sachs & Co.	12/2/2022	MXN	6,571,600	USD	329,362		—		(11,241	)
JP Morgan & Chase Co.	12/2/2022	MXN	7,730,800	USD	387,460		—		(13,224	)
RBC Capital Markets	12/2/2022	MXN	3,211,600	USD	160,962		—		(5,494	)
Goldman Sachs & Co.	12/2/2022	NOK	5,610,200	USD	540,099		—		(29,586	)
Goldman Sachs & Co.	12/2/2022	NOK	539,000	USD	51,888		—		(2,845	)
JP Morgan & Chase Co.	12/2/2022	NOK	1,145,500	USD	110,278		—		(6,041	)

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/2/2022	NZD	36,000	USD	20,924	$	—	$	(1,761	)
JP Morgan & Chase Co.	12/2/2022	NZD	22,300	USD	12,961		—		(1,091	)
RBC Capital Markets	12/2/2022	NZD	220,300	USD	128,043		—		(10,779	)
Goldman Sachs & Co.	12/2/2022	PLN	1,016,200	USD	212,268		—		(14,194	)
JP Morgan & Chase Co.	12/2/2022	PLN	89,400	USD	18,676		—		(1,247	)
JP Morgan & Chase Co.	12/2/2022	SEK	17,086,800	USD	1,549,198		—		(77,830	)
JP Morgan & Chase Co.	12/2/2022	SEK	2,811,000	USD	254,869		—		(12,799	)
RBC Capital Markets	12/2/2022	SEK	12,320,600	USD	1,117,064		—		(56,120	)
JP Morgan & Chase Co.	12/2/2022	SGD	986,500	USD	697,250		—		(27,718	)
RBC Capital Markets	12/2/2022	SGD	564,400	USD	398,913		—		(15,858	)
JP Morgan & Chase Co.	12/2/2022	THB	28,945,600	USD	762,077		—		(58,725	)
JP Morgan & Chase Co.	12/2/2022	THB	1,204,000	USD	31,686		—		(2,456	)
JP Morgan & Chase Co.	12/2/2022	TRY	2,539,500	USD	133,402		—		(2,852	)
JP Morgan & Chase Co.	12/2/2022	TRY	407,000	USD	21,364		—		(474	)
Goldman Sachs & Co.	12/2/2022	USD	2,329,484	AUD	3,478,400		31,480		—
JP Morgan & Chase Co.	12/2/2022	USD	2,426,859	AUD	3,623,800		32,796		—
RBC Capital Markets	12/2/2022	USD	2,232,780	AUD	3,334,000		30,174		—
Goldman Sachs & Co.	12/2/2022	USD	3,584,716	CAD	4,859,800		28,115		—
JP Morgan & Chase Co.	12/2/2022	USD	292,591	CAD	390,000		—		(2,660	)
JP Morgan & Chase Co.	12/2/2022	USD	4,071,107	CAD	5,519,200		31,930		—
RBC Capital Markets	12/2/2022	USD	3,495,242	CAD	4,738,500		27,413		—
Goldman Sachs & Co.	12/2/2022	USD	3,721,858	CHF	3,546,000		25,566		—
JP Morgan & Chase Co.	12/2/2022	USD	2,945,054	CHF	2,805,900		20,230		—
RBC Capital Markets	12/2/2022	USD	2,719,286	CHF	2,590,800		18,679		—
JP Morgan & Chase Co.	12/2/2022	USD	66,149	CNH	484,000		2,538		—
JP Morgan & Chase Co.	12/2/2022	USD	1,283,735	CNH	9,093,400		6,759		—
RBC Capital Markets	12/2/2022	USD	557,461	CNH	3,948,800		2,935		—
Goldman Sachs & Co.	12/2/2022	USD	43,531	CZK	1,029,400		467		—
JP Morgan & Chase Co.	12/2/2022	USD	29,898	CZK	707,000		320		—
JP Morgan & Chase Co.	12/2/2022	USD	1,058,682	DKK	7,647,600		11,339		—
RBC Capital Markets	12/2/2022	USD	1,351,676	DKK	9,764,100		14,477		—
Goldman Sachs & Co.	12/2/2022	USD	9,274,881	EUR	9,007,800		98,641		—
JP Morgan & Chase Co.	12/2/2022	USD	8,257,175	EUR	8,019,400		87,817		—
RBC Capital Markets	12/2/2022	USD	10,326,257	EUR	10,028,900		109,822		—
Goldman Sachs & Co.	12/2/2022	USD	5,326,538	GBP	4,472,700		64,186		—
JP Morgan & Chase Co.	12/2/2022	USD	5,411,331	GBP	4,543,900		65,208		—
RBC Capital Markets	12/2/2022	USD	2,924,017	GBP	2,455,300		35,235		—
Goldman Sachs & Co.	12/2/2022	USD	3,523,426	HKD	27,502,100		—		(2,458	)
JP Morgan & Chase Co.	12/2/2022	USD	3,364,000	HKD	26,257,700		—		(2,347	)
RBC Capital Markets	12/2/2022	USD	1,671,488	HKD	13,112,000		7,181		—
RBC Capital Markets	12/2/2022	USD	2,436,590	HKD	19,018,800		—		(1,700	)
Goldman Sachs & Co.	12/2/2022	USD	36,305	HUF	14,453,900		451		—
JP Morgan & Chase Co.	12/2/2022	USD	29,883	HUF	11,896,900		371		—
Goldman Sachs & Co.	12/2/2022	USD	188,418	ILS	650,100		2,126		—
JP Morgan & Chase Co.	12/2/2022	USD	137,292	ILS	473,700		1,549		—
RBC Capital Markets	12/2/2022	USD	174,767	ILS	603,000		1,972		—
Goldman Sachs & Co.	12/2/2022	USD	6,258,862	JPY	872,047,300		56,202		—
JP Morgan & Chase Co.	12/2/2022	USD	8,111,483	JPY	1,131,876,300		85,174		—
RBC Capital Markets	12/2/2022	USD	5,305,942	JPY	740,391,100		55,715		—
Goldman Sachs & Co.	12/2/2022	USD	415,805	MXN	8,055,600		1,713		—
JP Morgan & Chase Co.	12/2/2022	USD	399,040	MXN	7,730,800		1,644		—
RBC Capital Markets	12/2/2022	USD	165,773	MXN	3,211,600		683		—
Goldman Sachs & Co.	12/2/2022	USD	616,699	NOK	6,149,200		7,718		—
JP Morgan & Chase Co.	12/2/2022	USD	114,881	NOK	1,145,500		1,438		—
JP Morgan & Chase Co.	12/2/2022	USD	36,210	NZD	58,300		528		—
RBC Capital Markets	12/2/2022	USD	136,828	NZD	220,300		1,994		—
Goldman Sachs & Co.	12/2/2022	USD	223,838	PLN	1,016,200		2,624		—
JP Morgan & Chase Co.	12/2/2022	USD	19,692	PLN	89,400		231		—

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/2/2022	USD	1,865,920	SEK	19,897,800	$	28,775	$	—
RBC Capital Markets	12/2/2022	USD	1,155,367	SEK	12,320,600		17,817		—
JP Morgan & Chase Co.	12/2/2022	USD	719,915	SGD	986,500		5,053		—
RBC Capital Markets	12/2/2022	USD	411,881	SGD	564,400		2,891		—
JP Morgan & Chase Co.	12/2/2022	USD	854,157	THB	30,149,600		787		—
JP Morgan & Chase Co.	12/2/2022	USD	158,466	TRY	2,946,500		—		(375	)
JP Morgan & Chase Co.	12/2/2022	USD	708,251	ZAR	12,038,500		—		(11,454	)
RBC Capital Markets	12/2/2022	USD	738,244	ZAR	12,548,300		—		(11,939	)
JP Morgan & Chase Co.	12/2/2022	ZAR	10,445,500	USD	567,028		—		(37,566	)
JP Morgan & Chase Co.	12/2/2022	ZAR	1,593,000	USD	86,469		—		(5,735	)
RBC Capital Markets	12/2/2022	ZAR	12,548,300	USD	681,177		—		(45,128	)
Goldman Sachs & Co.	12/5/2022	AED	1,932,000	USD	525,993		10		—
Goldman Sachs & Co.	12/5/2022	AED	75,000	USD	20,419		—		—
Goldman Sachs & Co.	12/5/2022	BRL	873,000	USD	165,317		—		(2,749	)
Goldman Sachs & Co.	12/5/2022	BRL	4,475,500	USD	847,576		—		(14,029	)
JP Morgan & Chase Co.	12/5/2022	BRL	3,681,800	USD	697,540		—		(11,265	)
RBC Capital Markets	12/5/2022	BRL	3,308,900	USD	626,882		—		(10,134	)
Goldman Sachs & Co.	12/5/2022	CLP	30,233,000	USD	31,857		—		(2,065	)
Goldman Sachs & Co.	12/5/2022	CLP	92,158,400	USD	97,150		—		(6,254	)
JP Morgan & Chase Co.	12/5/2022	CLP	85,394,300	USD	89,653		—		(6,162	)
Goldman Sachs & Co.	12/5/2022	COP	98,581,700	USD	20,075		—		(327	)
JP Morgan & Chase Co.	12/5/2022	COP	163,398,300	USD	33,192		—		(624	)
JP Morgan & Chase Co.	12/5/2022	IDR	6,904,113,200	USD	441,892		3,045		—
JP Morgan & Chase Co.	12/5/2022	IDR	1,011,875,000	USD	64,586		269		—
RBC Capital Markets	12/5/2022	IDR	5,018,076,700	USD	320,972		2,008		—
Goldman Sachs & Co.	12/5/2022	INR	196,462,700	USD	2,361,955		—		(49,864	)
Goldman Sachs & Co.	12/5/2022	INR	45,935,000	USD	552,452		—		(11,456	)
JP Morgan & Chase Co.	12/5/2022	INR	242,265,700	USD	2,914,825		—		(59,282	)
Goldman Sachs & Co.	12/5/2022	KRW	2,295,912,100	USD	1,609,382		—		(131,594	)
JP Morgan & Chase Co.	12/5/2022	KRW	1,045,818,400	USD	733,619		—		(59,418	)
JP Morgan & Chase Co.	12/5/2022	KRW	615,654,000	USD	431,118		—		(35,729	)
RBC Capital Markets	12/5/2022	KRW	2,139,256,900	USD	1,501,602		—		(120,584	)
Goldman Sachs & Co.	12/5/2022	KWD	17,000	USD	54,839		—		(462	)
Goldman Sachs & Co.	12/5/2022	KWD	97,000	USD	313,206		—		(2,334	)
RBC Capital Markets	12/5/2022	MYR	218,000	USD	46,035		—		(2,992	)
RBC Capital Markets	12/5/2022	MYR	2,561,200	USD	540,452		—		(35,553	)
JP Morgan & Chase Co.	12/5/2022	PHP	2,672,200	USD	45,833		—		(1,410	)
RBC Capital Markets	12/5/2022	PHP	13,104,400	USD	225,123		—		(6,556	)
Goldman Sachs & Co.	12/5/2022	QAR	1,604,000	USD	436,998		—		(3,514	)
Goldman Sachs & Co.	12/5/2022	SAR	6,447,000	USD	1,714,149		—		(768	)
Goldman Sachs & Co.	12/5/2022	SAR	637,000	USD	169,483		39		—
Goldman Sachs & Co.	12/5/2022	TWD	55,909,600	USD	1,730,305		—		(79,577	)
JP Morgan & Chase Co.	12/5/2022	TWD	46,137,200	USD	1,428,883		—		(64,651	)
RBC Capital Markets	12/5/2022	TWD	57,122,200	USD	1,769,311		—		(79,825	)
Goldman Sachs & Co.	12/5/2022	USD	546,420	AED	2,007,000		—		(18	)
Goldman Sachs & Co.	12/5/2022	USD	1,016,922	BRL	5,348,500		12,750		—
JP Morgan & Chase Co.	12/5/2022	USD	699,776	BRL	3,681,800		9,029		—
RBC Capital Markets	12/5/2022	USD	629,212	BRL	3,308,900		7,804		—
Goldman Sachs & Co.	12/5/2022	USD	136,559	CLP	122,391,400		769		—
JP Morgan & Chase Co.	12/5/2022	USD	95,399	CLP	85,394,300		416		—
Goldman Sachs & Co.	12/5/2022	USD	20,462	COP	98,581,700		—		(60	)
JP Morgan & Chase Co.	12/5/2022	USD	33,828	COP	163,398,300		—		(12	)
JP Morgan & Chase Co.	12/5/2022	USD	503,818	IDR	7,915,988,200		—		(654	)
RBC Capital Markets	12/5/2022	USD	318,993	IDR	5,018,076,700		—		(29	)
Goldman Sachs & Co.	12/5/2022	USD	2,976,031	INR	242,397,700		—		(303	)
JP Morgan & Chase Co.	12/5/2022	USD	2,978,066	INR	242,265,700		—		(3,960	)
Goldman Sachs & Co.	12/5/2022	USD	1,744,879	KRW	2,295,912,100		—		(3,903	)
JP Morgan & Chase Co.	12/5/2022	USD	1,260,123	KRW	1,661,472,400		—		(239	)

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/5/2022	USD	1,626,193	KRW	2,139,256,900	$	—	$	(4,007	)
Goldman Sachs & Co.	12/5/2022	USD	370,070	KWD	114,000		772		—
RBC Capital Markets	12/5/2022	USD	624,539	MYR	2,779,200		493		—
JP Morgan & Chase Co.	12/5/2022	USD	47,296	PHP	2,672,200		—		(52	)
RBC Capital Markets	12/5/2022	USD	231,772	PHP	13,104,400		—		(93	)
Goldman Sachs & Co.	12/5/2022	USD	436,326	QAR	1,604,000		4,185		—
Goldman Sachs & Co.	12/5/2022	USD	1,884,418	SAR	7,084,000		—		(58	)
Goldman Sachs & Co.	12/5/2022	USD	1,731,397	TWD	53,413,600		—		(2,315	)
Goldman Sachs & Co.	12/5/2022	USD	77,497	TWD	2,496,000		3,302		—
JP Morgan & Chase Co.	12/5/2022	USD	1,504,065	TWD	46,137,200		—		(10,531	)
RBC Capital Markets	12/5/2022	USD	1,855,822	TWD	57,122,200		—		(6,687	)
Goldman Sachs & Co.	12/6/2022	EGP	407,000	USD	16,578		51		—
Goldman Sachs & Co.	12/6/2022	USD	16,578	EGP	407,000		—		(51	)
Goldman Sachs & Co.	1/3/2023	AED	2,007,000	USD	546,360		—		(26	)
Goldman Sachs & Co.	1/3/2023	CZK	1,029,400	USD	43,480		—		(453	)
JP Morgan & Chase Co.	1/3/2023	CZK	707,000	USD	29,860		—		(313	)
JP Morgan & Chase Co.	1/3/2023	DKK	7,647,600	USD	1,061,732		—		(11,751	)
JP Morgan & Chase Co.	1/3/2023	DKK	675,000	USD	93,696		—		(1,053	)
RBC Capital Markets	1/3/2023	DKK	9,764,100	USD	1,355,523		—		(15,050	)
Goldman Sachs & Co.	1/3/2023	EUR	9,007,800	USD	9,301,184		—		(101,507	)
JP Morgan & Chase Co.	1/3/2023	EUR	8,019,400	USD	8,280,592		—		(90,369	)
JP Morgan & Chase Co.	1/3/2023	EUR	1,061,000	USD	1,095,376		—		(12,137	)
RBC Capital Markets	1/3/2023	EUR	10,028,900	USD	10,355,391		—		(113,164	)
Goldman Sachs & Co.	1/3/2023	HUF	14,453,900	USD	35,984		—		(394	)
JP Morgan & Chase Co.	1/3/2023	HUF	11,896,900	USD	29,607		—		(335	)
Goldman Sachs & Co.	1/3/2023	ILS	650,100	USD	188,664		—		(2,208	)
JP Morgan & Chase Co.	1/3/2023	ILS	473,700	USD	137,484		—		(1,597	)
RBC Capital Markets	1/3/2023	ILS	603,000	USD	175,011		—		(2,033	)
Goldman Sachs & Co.	1/3/2023	MXN	8,055,600	USD	413,564		—		(1,386	)
JP Morgan & Chase Co.	1/3/2023	MXN	7,730,800	USD	396,885		—		(1,335	)
RBC Capital Markets	1/3/2023	MXN	3,211,600	USD	164,879		—		(553	)
Goldman Sachs & Co.	1/3/2023	NOK	6,149,200	USD	617,424		—		(7,835	)
JP Morgan & Chase Co.	1/3/2023	NOK	1,145,500	USD	115,015		—		(1,461	)
Goldman Sachs & Co.	1/3/2023	PLN	1,016,200	USD	222,052		—		(2,493	)
JP Morgan & Chase Co.	1/3/2023	PLN	89,400	USD	19,535		—		(219	)
Goldman Sachs & Co.	1/3/2023	SAR	7,084,000	USD	1,883,517		—		(544	)
JP Morgan & Chase Co.	1/3/2023	SEK	19,897,800	USD	1,870,586		—		(29,356	)
JP Morgan & Chase Co.	1/3/2023	SEK	861,000	USD	80,943		—		(1,270	)
RBC Capital Markets	1/3/2023	SEK	12,320,600	USD	1,158,212		—		(18,220	)
JP Morgan & Chase Co.	1/3/2023	TRY	1,463,000	USD	77,432		317		—
JP Morgan & Chase Co.	1/3/2023	TRY	2,946,500	USD	156,032		722		—
Goldman Sachs & Co.	1/3/2023	USD	32,435	NOK	323,000		408		—
Goldman Sachs & Co.	1/3/2023	USD	196,303	SAR	738,000		—		(24	)
Goldman Sachs & Co.	1/4/2023	AUD	3,478,400	USD	2,332,883		—		(31,937	)
Goldman Sachs & Co.	1/4/2023	AUD	513,000	USD	344,052		—		(4,715	)
JP Morgan & Chase Co.	1/4/2023	AUD	3,623,800	USD	2,430,399		—		(33,272	)
RBC Capital Markets	1/4/2023	AUD	3,334,000	USD	2,236,037		—		(30,611	)
Goldman Sachs & Co.	1/4/2023	CAD	4,859,800	USD	3,586,912		—		(28,277	)
Goldman Sachs & Co.	1/4/2023	CAD	474,000	USD	349,844		—		(2,763	)
JP Morgan & Chase Co.	1/4/2023	CAD	5,519,200	USD	4,073,511		—		(32,204	)
RBC Capital Markets	1/4/2023	CAD	4,738,500	USD	3,497,384		—		(27,571	)
Goldman Sachs & Co.	1/4/2023	CHF	3,546,000	USD	3,738,712		—		(27,481	)
JP Morgan & Chase Co.	1/4/2023	CHF	2,805,900	USD	2,958,390		—		(21,745	)
RBC Capital Markets	1/4/2023	CHF	2,590,800	USD	2,731,586		—		(20,092	)
JP Morgan & Chase Co.	1/4/2023	CNH	9,093,400	USD	1,287,133		—		(7,177	)
JP Morgan & Chase Co.	1/4/2023	CNH	1,079,000	USD	152,717		—		(863	)
RBC Capital Markets	1/4/2023	CNH	3,948,800	USD	558,952		—		(3,101	)
Goldman Sachs & Co.	1/4/2023	GBP	108,000	USD	128,780		—		(1,569	)

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	1/4/2023	GBP	4,472,700	USD	5,333,337	$	—	$	(64,886	)
JP Morgan & Chase Co.	1/4/2023	GBP	4,543,900	USD	5,418,219		—		(65,937	)
RBC Capital Markets	1/4/2023	GBP	2,455,300	USD	2,927,749		—		(35,619	)
Goldman Sachs & Co.	1/4/2023	HKD	27,502,100	USD	3,521,959		2,407		—
JP Morgan & Chase Co.	1/4/2023	HKD	26,257,700	USD	3,362,600		2,298		—
RBC Capital Markets	1/4/2023	HKD	19,018,800	USD	2,435,575		1,664		—
RBC Capital Markets	1/4/2023	HKD	16,272,000	USD	2,083,764		1,372		—
Goldman Sachs & Co.	1/4/2023	KWD	114,000	USD	370,070		—		(1,374	)
JP Morgan & Chase Co.	1/4/2023	NZD	58,300	USD	36,228		—		(530	)
RBC Capital Markets	1/4/2023	NZD	220,300	USD	136,901		—		(1,998	)
JP Morgan & Chase Co.	1/4/2023	PHP	2,760,000	USD	48,742		—		(39	)
JP Morgan & Chase Co.	1/4/2023	PHP	2,672,200	USD	47,262		33		—
RBC Capital Markets	1/4/2023	PHP	13,104,400	USD	231,527		—		(84	)
Goldman Sachs & Co.	1/4/2023	QAR	1,604,000	USD	436,326		—		(4,527	)
JP Morgan & Chase Co.	1/4/2023	SGD	134,000	USD	97,803		—		(691	)
JP Morgan & Chase Co.	1/4/2023	SGD	986,500	USD	720,014		—		(5,087	)
RBC Capital Markets	1/4/2023	SGD	564,400	USD	411,937		—		(2,910	)
JP Morgan & Chase Co.	1/4/2023	THB	30,149,600	USD	858,657		264		—
Goldman Sachs & Co.	1/4/2023	USD	83,292	CHF	79,000		614		—
Goldman Sachs & Co.	1/5/2023	BRL	5,348,500	USD	1,010,772		—		(12,673	)
JP Morgan & Chase Co.	1/5/2023	BRL	3,681,800	USD	695,359		—		(9,160	)
RBC Capital Markets	1/5/2023	BRL	3,308,900	USD	625,406		—		(7,757	)
Goldman Sachs & Co.	1/5/2023	CLP	122,391,400	USD	135,801		—		(814	)
JP Morgan & Chase Co.	1/5/2023	CLP	85,394,300	USD	94,869		—		(449	)
Goldman Sachs & Co.	1/5/2023	COP	98,581,700	USD	20,344		52		—
JP Morgan & Chase Co.	1/5/2023	COP	163,398,300	USD	33,633		—		(2	)
Goldman Sachs & Co.	1/5/2023	EGP	407,000	USD	16,280		2		—
JP Morgan & Chase Co.	1/5/2023	IDR	7,915,988,200	USD	503,562		611		—
RBC Capital Markets	1/5/2023	IDR	5,018,076,700	USD	318,831		2		—
Goldman Sachs & Co.	1/5/2023	INR	10,299,000	USD	126,235		10		—
Goldman Sachs & Co.	1/5/2023	INR	242,397,700	USD	2,968,741		—		(2,084	)
JP Morgan & Chase Co.	1/5/2023	INR	242,265,700	USD	2,971,674		2,467		—
Goldman Sachs & Co.	1/5/2023	JPY	872,047,300	USD	6,287,450		—		(60,378	)
Goldman Sachs & Co.	1/5/2023	JPY	16,424,000	USD	118,236		—		(1,318	)
JP Morgan & Chase Co.	1/5/2023	JPY	1,131,876,300	USD	8,148,476		—		(90,705	)
RBC Capital Markets	1/5/2023	JPY	740,391,100	USD	5,330,140		—		(59,333	)
Goldman Sachs & Co.	1/5/2023	KRW	292,374,000	USD	221,756		—		(84	)
Goldman Sachs & Co.	1/5/2023	KRW	2,295,912,100	USD	1,745,941		3,908		—
JP Morgan & Chase Co.	1/5/2023	KRW	1,661,472,400	USD	1,260,553		—		(95	)
RBC Capital Markets	1/5/2023	KRW	2,139,256,900	USD	1,626,811		3,642		—
RBC Capital Markets	1/5/2023	MYR	2,779,200	USD	623,908		—		(2,008	)
Goldman Sachs & Co.	1/5/2023	TWD	53,413,600	USD	1,745,542		11,484		—
JP Morgan & Chase Co.	1/5/2023	TWD	46,137,200	USD	1,517,421		19,590		—
JP Morgan & Chase Co.	1/5/2023	TWD	25,364,000	USD	829,160		5,724		—
RBC Capital Markets	1/5/2023	TWD	57,122,200	USD	1,869,488		15,031		—
Goldman Sachs & Co.	1/5/2023	USD	169,895	BRL	899,000		2,130		—
JP Morgan & Chase Co.	1/5/2023	ZAR	12,038,500	USD	705,988		11,636		—
JP Morgan & Chase Co.	1/5/2023	ZAR	820,000	USD	48,088		793		—
RBC Capital Markets	1/5/2023	ZAR	12,548,300	USD	735,884		12,128		—
Total unrealized appreciation (depreciation)						$	1,175,015	$	(7,053,652	)

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

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

Currency Abbreviations

AED Arab Emirates Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Yuan

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

EGP Egyptian Pound

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

KWD Kuwaiti Dinar

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

SAR Saudi Riyal

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	136,988,031	$	—		$	18,053	$	137,006,084
Preferred Stocks (a)		1,321,873		—			0		1,321,873
Corporate Bonds		—		205			—		205
Rights (a)		1,457		954			—		2,411
Warrants (a)		4,097		—			—		4,097
Short-Term Investments (a)		1,106,183		—			—		1,106,183
Derivatives (b)
Forward Foreign Currency Contracts		—		1,175,015			—		1,175,015
Futures Contracts		303,532		—			—		303,532
TOTAL	$	139,725,173	$	1,176,174		$	18,053	$	140,919,400
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(7,053,652	)	$	—	$	(7,053,652	)
TOTAL	$	—	$	(7,053,652	)	$	—	$	(7,053,652	)

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

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

During the period ended November 30, 2022, the amount of transfers from Level 1 to Level 3 was $17,469. 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. 37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 95.5%
Brazil — 4.0%
Ambev SA		66,619	$	204,375
Americanas SA		8,687		17,677
Atacadao SA		9,109		28,032
B3 SA — Brasil Bolsa Balcao		86,609		212,461
Banco Bradesco SA		24,109		63,927
Banco BTG Pactual SA		17,579		85,264
Banco do Brasil SA		12,089		82,187
Banco Santander Brasil SA		6,043		32,210
BB Seguridade Participacoes SA		10,259		61,918
BRF SA*		8,737		15,860
CCR SA		17,214		39,176
Centrais Eletricas Brasileiras SA		17,112		156,632
Cia de Saneamento Basico do Estado de Sao Paulo		4,838		56,208
Cia Siderurgica Nacional SA		9,963		27,877
Cosan SA		18,171		63,134
CPFL Energia SA		3,053		20,532
Energisa SA		2,558		21,349
Engie Brasil Energia SA		2,780		21,161
Equatorial Energia SA		14,533		77,155
Hapvida Participacoes e Investimentos SA, 144A		67,532		67,671
Hypera SA		5,917		50,671
JBS SA		12,031		51,121
Klabin SA		10,204		38,737
Localiza Rent a Car SA		10,899		126,226
Localiza Rent a Car SA*		31		341
Lojas Renner SA		14,481		64,601
Magazine Luiza SA*		46,307		30,429
Natura & Co. Holding SA		12,932		29,182
Petro Rio SA*		9,814		68,177
Petroleo Brasileiro SA		52,637		308,254
Raia Drogasil SA		15,807		70,211
Rede D’Or Sao Luiz SA, 144A		5,573		33,356
Rumo SA		19,016		71,310
Sendas Distribuidora SA		11,074		42,786
Suzano SA		10,597		108,536
Telefonica Brasil SA		7,021		51,480
TIM SA		12,462		31,219
TOTVS SA		6,877		40,896
Ultrapar Participacoes SA		10,356		28,338
Vale SA		54,392		898,366
Vibra Energia SA		16,221		51,670
WEG SA		23,463		176,334
(Cost $2,904,208)				3,727,047
Chile — 0.3%
Banco de Chile		681,403		64,467
Banco de Credito e Inversiones SA		798		21,610
Banco Santander Chile		950,267		36,944
Cencosud SA		20,904		31,080
Cia Cervecerias Unidas SA		1,715		10,392
Cia Sud Americana de Vapores SA		203,741		16,588
Empresas CMPC SA		15,216		25,203
Empresas Copec SA		5,553		38,812
Enel Americas SA		330,835		43,839

	Number of Shares		Value
Chile (Continued)
Enel Chile SA		408,382	$	18,573
Falabella SA		10,090		18,016
(Cost $477,727)				325,524
China — 27.5%
360 DigiTech, Inc., ADR		1,637		25,685
360 Security Technology, Inc., Class A		7,500		7,333
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,000		2,509
3SBio, Inc., 144A		19,170		20,248
AAC Technologies Holdings, Inc.* (a)		10,091		23,203
Advanced Micro-Fabrication Equipment Inc China, Class A*		525		7,331
AECC Aviation Power Co. Ltd., Class A		2,400		15,528
Agricultural Bank of China Ltd., Class A		78,700		32,166
Agricultural Bank of China Ltd., Class H		423,972		141,126
Aier Eye Hospital Group Co. Ltd., Class A		6,654		25,591
Air China Ltd., Class A*		4,400		6,532
Air China Ltd., Class H*		21,583		17,132
Airtac International Group		1,959		59,900
Alibaba Group Holding Ltd.*		210,701		2,155,309
Aluminum Corp. of China Ltd., Class A		18,200		11,545
Aluminum Corp. of China Ltd., Class H		51,485		21,554
Anhui Conch Cement Co. Ltd., Class A		3,300		13,389
Anhui Conch Cement Co. Ltd., Class H		18,536		67,039
Anhui Gujing Distillery Co. Ltd., Class A		360		12,175
Anhui Gujing Distillery Co. Ltd., Class B		1,800		26,317
Anhui Honglu Steel Construction Group Co. Ltd., Class A		1,100		5,244
Anhui Kouzi Distillery Co. Ltd., Class A		900		6,003
Anjoy Foods Group Co. Ltd., Class A		200		4,485
ANTA Sports Products Ltd.		17,174		199,863
Apeloa Pharmaceutical Co. Ltd., Class A		800		2,339
Asymchem Laboratories Tianjin Co. Ltd., Class A		364		6,930
Autohome, Inc., ADR		1,082		32,352
Avary Holding Shenzhen Co. Ltd., Class A		2,400		9,877
AVIC Electromechanical Systems Co. Ltd., Class A		5,000		7,862
AVIC Industry-Finance Holdings Co. Ltd., Class A		2,300		1,113
AviChina Industry & Technology Co. Ltd., Class H		39,363		18,444
Baidu, Inc., Class A*		31,308		407,235
Bank of Beijing Co. Ltd., Class A		16,300		9,924
Bank of Chengdu Co. Ltd., Class A		2,955		6,437
Bank of China Ltd., Class A		35,100		15,691
Bank of China Ltd., Class H		1,129,212		400,453
Bank of Communications Co. Ltd., Class A		32,100		21,502
Bank of Communications Co. Ltd., Class H		122,295		69,047
Bank of Hangzhou Co. Ltd., Class A		5,960		11,182
Bank of Jiangsu Co. Ltd., Class A		16,222		17,059
Bank of Nanjing Co. Ltd., Class A		8,400		12,362
Bank of Ningbo Co. Ltd., Class A		4,870		22,192
Bank of Shanghai Co. Ltd., Class A		12,540		10,624
Baoshan Iron & Steel Co. Ltd., Class A		17,500		14,007
BBMG Corp., Class A		4,000		1,516

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
BeiGene Ltd.*		9,000	$	132,852
Beijing Capital International Airport Co. Ltd., Class H*		29,839		19,215
Beijing Dabeinong Technology Group Co. Ltd., Class A*		2,100		2,778
Beijing Easpring Material Technology Co. Ltd., Class A		500		4,348
Beijing Kingsoft Office Software, Inc., Class A		328		11,906
Beijing New Building Materials PLC, Class A		1,770		6,591
Beijing Roborock Technology Co. Ltd., Class A		140		5,144
Beijing Shiji Information Technology Co. Ltd., Class A		392		826
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,728		5,437
Beijing Tongrentang Co. Ltd., Class A		900		6,278
Beijing United Information Technology Co. Ltd., Class A		435		6,367
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		435		10,051
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		200		2,937
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		41,910		29,322
Betta Pharmaceuticals Co. Ltd., Class A		600		4,307
BGI Genomics Co. Ltd., Class A		600		5,111
Bilibili, Inc., Class Z*		2,603		42,256
Bloomage Biotechnology Corp. Ltd., Class A		320		4,923
BOC International China Co. Ltd., Class A		2,100		3,356
BOE Technology Group Co. Ltd., Class A		32,200		16,359
BYD Co. Ltd., Class A		1,500		55,245
BYD Co. Ltd., Class H		11,743		287,902
BYD Electronic International Co. Ltd.		10,333		33,601
By-health Co. Ltd., Class A		2,100		5,931
Caitong Securities Co. Ltd., Class A		3,204		3,442
CECEP Solar Energy Co. Ltd., Class A		5,200		5,520
CGN Power Co. Ltd., Class H, 144A		136,852		33,114
Changchun High & New Technology Industry Group, Inc., Class A		360		8,639
Changjiang Securities Co. Ltd., Class A		1,400		1,117
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		400		7,493
Chaozhou Three-Circle Group Co. Ltd., Class A		2,000		8,566
Chengxin Lithium Group Co. Ltd., Class A		1,200		7,217
Chifeng Jilong Gold Mining Co. Ltd., Class A*		1,900		5,315
China Baoan Group Co. Ltd., Class A		1,700		3,160
China Cinda Asset Management Co. Ltd., Class H		123,328		16,105
China CITIC Bank Corp. Ltd., Class H		123,697		54,794
China Coal Energy Co. Ltd., Class H		28,001		25,667
China Communications Services Corp. Ltd., Class H		36,117		12,392

	Number of Shares		Value
China (Continued)
China Conch Venture Holdings Ltd.		23,847	$	54,161
China Construction Bank Corp., Class A		10,400		8,250
China Construction Bank Corp., Class H		1,367,942		824,869
China CSSC Holdings Ltd., Class A		3,500		12,462
China Eastern Airlines Corp. Ltd., Class A*		14,800		11,237
China Energy Engineering Corp. Ltd., Class A		40,300		14,012
China Everbright Bank Co. Ltd., Class A		34,400		14,597
China Everbright Bank Co. Ltd., Class H		47,525		14,116
China Evergrande Group* (b)		25,065		0
China Feihe Ltd., 144A		49,499		40,114
China Galaxy Securities Co. Ltd., Class A		3,700		5,209
China Galaxy Securities Co. Ltd., Class H		54,319		26,843
China Greatwall Technology Group Co. Ltd., Class A		3,300		5,596
China Hongqiao Group Ltd.		31,961		29,584
China International Capital Corp. Ltd., Class A		1,000		5,448
China International Capital Corp. Ltd., Class H, 144A		22,837		42,511
China Jushi Co. Ltd., Class A		4,572		9,317
China Lesso Group Holdings Ltd.		16,213		19,698
China Life Insurance Co. Ltd., Class A		2,400		12,313
China Life Insurance Co. Ltd., Class H		107,336		162,977
China Literature Ltd., 144A*		5,574		19,874
China Longyuan Power Group Corp. Ltd., Class H		47,132		57,445
China Medical System Holdings Ltd.		19,176		27,791
China Meheco Co. Ltd., Class A		3,000		7,161
China Meidong Auto Holdings Ltd.		7,544		14,256
China Merchants Bank Co. Ltd., Class A		17,863		88,625
China Merchants Bank Co. Ltd., Class H		54,908		275,561
China Merchants Energy Shipping Co. Ltd., Class A		5,200		4,848
China Merchants Securities Co. Ltd., Class A		6,100		11,687
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		5,700		12,376
China Minsheng Banking Corp. Ltd., Class A		30,600		15,286
China Minsheng Banking Corp. Ltd., Class H (a)		96,891		33,368
China National Building Material Co. Ltd., Class H		58,374		51,267
China National Chemical Engineering Co. Ltd., Class A		5,200		6,214
China National Nuclear Power Co. Ltd., Class A		11,400		10,095
China National Software & Service Co. Ltd., Class A		700		6,427
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		3,000		11,142
China Oilfield Services Ltd., Class H		26,663		33,419
China Pacific Insurance Group Co. Ltd., Class A		5,900		20,380
China Pacific Insurance Group Co. Ltd., Class H		37,562		84,733

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
China Petroleum & Chemical Corp., Class A		26,500	$	17,036
China Petroleum & Chemical Corp., Class H		368,942		173,349
China Railway Group Ltd., Class A		18,600		15,521
China Railway Group Ltd., Class H		62,557		35,159
China Rare Earth Resources And Technology Co. Ltd., Class A*		1,300		6,046
China Resources Microelectronics Ltd., Class A		893		6,729
China Resources Mixc Lifestyle Services Ltd., 144A		9,843		46,563
China Resources Pharmaceutical Group Ltd., 144A		18,787		15,393
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		200		1,681
China Shenhua Energy Co. Ltd., Class A		5,465		23,694
China Shenhua Energy Co. Ltd., Class H		49,398		151,781
China Southern Airlines Co. Ltd., Class A*		8,400		8,881
China Southern Airlines Co. Ltd., Class H*		18,291		10,819
China State Construction Engineering Corp. Ltd., Class A		38,500		32,127
China Three Gorges Renewables Group Co. Ltd., Class A		27,800		22,882
China Tourism Group Duty Free Corp. Ltd., Class A		1,600		44,841
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		923		23,184
China Tower Corp. Ltd., Class H, 144A		634,334		68,217
China United Network Communications Ltd., Class A		26,500		16,585
China Vanke Co. Ltd., Class A		9,000		23,820
China Vanke Co. Ltd., Class H		23,954		49,252
China Yangtze Power Co. Ltd., Class A		20,500		61,735
China Zhenhua Group Science & Technology Co. Ltd., Class A		600		9,721
China Zheshang Bank Co. Ltd., Class A*		8,500		3,559
Chinasoft International Ltd.*		36,644		31,104
Chongqing Brewery Co. Ltd., Class A		500		7,805
Chongqing Changan Automobile Co. Ltd., Class A		7,462		14,243
Chongqing Fuling Zhacai Group Co. Ltd., Class A		1,200		4,303
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,252		16,073
CITIC Ltd.		85,140		87,092
CITIC Securities Co. Ltd., Class A		9,810		27,593
CITIC Securities Co. Ltd., Class H		28,939		57,649
CMOC Group Ltd., Class A		15,700		10,383
CMOC Group Ltd., Class H		53,789		24,860
CNGR Advanced Material Co. Ltd., Class A		600		6,448
Contemporary Amperex Technology Co. Ltd., Class A		2,018		110,258
COSCO SHIPPING Development Co. Ltd., Class A		14,000		5,205
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		3,500		7,639

	Number of Shares		Value
China (Continued)
COSCO SHIPPING Holdings Co. Ltd., Class A		11,930	$	21,383
COSCO SHIPPING Holdings Co. Ltd., Class H		48,602		52,454
Country Garden Holdings Co. Ltd. (a)		143,812		55,419
Country Garden Services Holdings Co. Ltd.		28,362		69,426
CRRC Corp. Ltd., Class A		20,700		15,746
CRRC Corp. Ltd., Class H		52,497		21,507
CSC Financial Co. Ltd., Class A		2,925		10,199
CSPC Pharmaceutical Group Ltd.		129,505		165,633
Dali Foods Group Co. Ltd., 144A		25,907		12,239
Daqin Railway Co. Ltd., Class A		13,600		13,221
Daqo New Energy Corp., ADR*		837		47,634
DaShenLin Pharmaceutical Group Co. Ltd., Class A		960		5,751
DHC Software Co. Ltd., Class A		800		675
Do-Fluoride New Materials Co. Ltd., Class A		900		4,866
Dong-E-E-Jiao Co. Ltd., Class A		200		1,100
Dongfang Electric Corp. Ltd., Class A		2,280		7,817
Dongfeng Motor Group Co. Ltd., Class H		37,938		21,225
Dongxing Securities Co. Ltd., Class A		600		702
Dongyue Group Ltd.		21,734		23,902
East Money Information Co. Ltd., Class A		9,967		26,168
Ecovacs Robotics Co. Ltd., Class A		500		5,112
ENN Energy Holdings Ltd.		11,374		159,450
ENN Natural Gas Co. Ltd., Class A		2,300		6,071
Eve Energy Co. Ltd., Class A		1,967		23,155
Everbright Securities Co. Ltd., Class A		4,800		11,015
Fangda Carbon New Material Co. Ltd., Class A*		3,834		3,504
First Capital Securities Co. Ltd., Class A		900		766
Flat Glass Group Co. Ltd., Class A		700		3,496
Flat Glass Group Co. Ltd., Class H		6,761		17,441
Focus Media Information Technology Co. Ltd., Class A		11,720		9,963
Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,193		31,883
Fosun International Ltd.		38,428		29,223
Founder Securities Co. Ltd., Class A		7,900		7,601
Foxconn Industrial Internet Co. Ltd., Class A		7,100		9,220
Fuyao Glass Industry Group Co. Ltd., Class A		2,100		11,066
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		8,070		35,231
Ganfeng Lithium Group Co. Ltd., Class A		1,680		19,312
Ganfeng Lithium Group Co. Ltd., Class H, 144A		5,014		43,522
GD Power Development Co. Ltd., Class A*		21,800		14,015
GDS Holdings Ltd., Class A*		12,716		22,043
Gemdale Corp., Class A		4,300		7,140
Genscript Biotech Corp.*		15,722		39,773
GF Securities Co. Ltd., Class A		6,300		14,314
GF Securities Co. Ltd., Class H		15,263		22,120
GigaDevice Semiconductor, Inc., Class A		641		9,169

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
Ginlong Technologies Co. Ltd., Class A*		450	$	12,627
GoerTek, Inc., Class A		2,100		5,406
Gotion High-tech Co. Ltd., Class A		1,200		5,450
Great Wall Motor Co. Ltd., Class A		1,900		8,623
Great Wall Motor Co. Ltd., Class H		41,478		59,899
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,400		6,392
Greentown China Holdings Ltd.		14,011		23,785
Greentown Service Group Co. Ltd.		21,052		14,392
Guangdong Haid Group Co. Ltd., Class A		1,885		15,133
Guangdong Kinlong Hardware Products Co. Ltd., Class A		400		5,900
Guanghui Energy Co. Ltd., Class A		8,300		12,603
Guangzhou Automobile Group Co. Ltd., Class A		4,800		8,392
Guangzhou Automobile Group Co. Ltd., Class H		41,151		29,292
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		600		2,496
Guangzhou Haige Communications Group, Inc. Co., Class A		600		737
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		4,839
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		600		5,222
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,940		12,378
Guolian Securities Co. Ltd., Class A		1,900		2,966
Guosen Securities Co. Ltd., Class A		6,400		8,292
Guotai Junan Securities Co. Ltd., Class A		6,100		12,111
Guoyuan Securities Co. Ltd., Class A		6,630		6,539
H World Group Ltd., ADR		2,800		107,184
Haichang Ocean Park Holdings Ltd., 144A*		45,024		18,618
Haidilao International Holding Ltd., 144A*		16,819		41,170
Haier Smart Home Co. Ltd., Class A		6,200		21,583
Haier Smart Home Co. Ltd., Class H		31,481		103,177
Haitian International Holdings Ltd.		10,436		26,855
Haitong Securities Co. Ltd., Class A		7,800		9,896
Haitong Securities Co. Ltd., Class H		39,622		24,349
Hangzhou First Applied Material Co. Ltd., Class A		1,540		13,133
Hangzhou Lion Electronics Co. Ltd., Class A		600		3,948
Hangzhou Oxygen Plant Group Co. Ltd., Class A		1,100		6,435
Hangzhou Robam Appliances Co. Ltd., Class A		200		737
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,300		6,752
Hangzhou Tigermed Consulting Co. Ltd., Class A		600		7,544
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		1,639		15,465
Hansoh Pharmaceutical Group Co. Ltd., 144A		17,999		34,012
Henan Shenhuo Coal & Power Co. Ltd., Class A		3,100		7,382

	Number of Shares		Value
China (Continued)
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,308	$	8,274
Hengan International Group Co. Ltd.		9,202		42,352
Hengli Petrochemical Co. Ltd., Class A		6,210		14,806
Hengtong Optic-electric Co. Ltd., Class A		1,900		4,422
Hengyi Petrochemical Co. Ltd., Class A		7,241		7,368
Hesteel Co. Ltd., Class A		2,700		935
Hithink RoyalFlush Information Network Co. Ltd., Class A		500		7,135
Hongfa Technology Co. Ltd., Class A		700		3,448
Hoshine Silicon Industry Co. Ltd., Class A		500		6,344
Hua Hong Semiconductor Ltd., 144A*		8,894		30,630
Huadian Power International Corp. Ltd., Class A		7,800		6,531
Huadong Medicine Co. Ltd., Class A		1,900		11,115
Huafon Chemical Co. Ltd., Class A		2,500		2,572
Huaibei Mining Holdings Co. Ltd., Class A		2,600		5,302
Hualan Biological Engineering, Inc., Class A		2,573		7,471
Huaneng Power International, Inc., Class A*		7,900		8,689
Huaneng Power International, Inc., Class H* (a)		56,884		26,217
Huatai Securities Co. Ltd., Class A		5,800		10,758
Huatai Securities Co. Ltd., Class H, 144A		22,891		26,405
Huaxia Bank Co. Ltd., Class A		14,100		10,485
Huaxin Cement Co. Ltd., Class A		1,500		3,304
Huayu Automotive Systems Co. Ltd., Class A		2,800		7,335
Hubei Xingfa Chemicals Group Co. Ltd., Class A		1,000		4,345
Huizhou Desay Sv Automotive Co. Ltd., Class A		400		6,244
Humanwell Healthcare Group Co. Ltd., Class A		1,500		4,779
Hunan Valin Steel Co. Ltd., Class A		4,600		3,133
Hundsun Technologies, Inc., Class A		1,689		9,578
Hygeia Healthcare Holdings Co. Ltd., 144A* (a)		4,662		29,156
Iflytek Co. Ltd., Class A		2,050		9,382
Imeik Technology Development Co. Ltd., Class A		200		13,613
Industrial & Commercial Bank of China Ltd., Class A		48,600		29,657
Industrial & Commercial Bank of China Ltd., Class H		803,735		402,333
Industrial Bank Co. Ltd., Class A		18,500		46,470
Industrial Securities Co. Ltd., Class A*		6,700		5,781
Ingenic Semiconductor Co. Ltd., Class A		600		6,721
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		49,800		14,064
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		2,900		5,535
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		9,600		5,722
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,300		21,700

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
Inner Mongolia Yitai Coal Co. Ltd., Class B		15,100	$	22,257
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		4,700		5,416
Innovent Biologics, Inc., 144A*		14,301		56,117
Inspur Electronic Information Industry Co. Ltd., Class A		1,585		4,994
iQIYI, Inc., ADR*		5,461		16,219
JA Solar Technology Co. Ltd., Class A		1,960		16,189
Jafron Biomedical Co. Ltd., Class A		950		4,270
Jason Furniture Hangzhou Co. Ltd., Class A		1,170		5,977
JCET Group Co. Ltd., Class A		1,800		6,386
JD Health International, Inc., 144A* (a)		15,697		136,855
JD.com, Inc., Class A		30,615		857,586
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,400		4,523
Jiangsu Expressway Co. Ltd., Class H		21,084		19,003
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,332		12,433
Jiangsu Hengrui Medicine Co. Ltd., Class A		5,878		33,225
Jiangsu King’s Luck Brewery JSC Ltd., Class A		1,540		9,175
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,200		24,077
Jiangsu Yoke Technology Co. Ltd., Class A		500		3,803
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,000		7,106
Jiangxi Copper Co. Ltd., Class A		500		1,233
Jiangxi Copper Co. Ltd., Class H		17,014		24,614
Jiangxi Special Electric Motor Co. Ltd., Class A*		1,700		4,905
JiuGui Liquor Co. Ltd., Class A		300		5,048
Jiumaojiu International Holdings Ltd., 144A (a)		10,587		26,566
Jizhong Energy Resources Co. Ltd., Class A		5,500		5,425
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		2,500		4,321
Joinn Laboratories China Co. Ltd., Class A		280		2,310
Jointown Pharmaceutical Group Co. Ltd., Class A		500		957
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		980		5,139
Juewei Food Co. Ltd., Class A		300		2,435
Kangmei Pharmaceutical Co. Ltd., Class A*		606		231
Kanzhun Ltd., ADR*		2,618		49,271
KE Holdings, Inc., ADR*		9,412		159,251
Keda Industrial Group Co. Ltd., Class A		2,200		4,992
Kingdee International Software Group Co. Ltd.*		39,120		64,508
Kingfa Sci & Tech Co. Ltd., Class A		1,700		2,427
Kingsoft Corp. Ltd.		13,299		41,714
Koolearn Technology Holding Ltd., 144A*		5,573		29,253
Kuaishou Technology, 144A*		25,004		181,025
Kuang-Chi Technologies Co. Ltd., Class A*		1,600		3,983
Kweichow Moutai Co. Ltd., Class A		1,100		249,615

	Number of Shares		Value
China (Continued)
LB Group Co. Ltd., Class A		2,300	$	5,836
Lenovo Group Ltd.		99,406		83,740
Lens Technology Co. Ltd., Class A		3,700		5,582
Lepu Medical Technology Beijing Co. Ltd., Class A		1,020		3,279
Li Auto, Inc., Class A*		15,000		149,886
Li Ning Co. Ltd.		33,251		260,740
Lingyi iTech Guangdong Co., Class A*		6,890		4,811
Longfor Group Holdings Ltd., 144A		26,157		78,863
LONGi Green Energy Technology Co. Ltd., Class A		6,554		42,581
Lufax Holding Ltd., ADR		11,958		22,242
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		500		4,634
Luxshare Precision Industry Co. Ltd., Class A		6,570		28,820
Luzhou Laojiao Co. Ltd., Class A		1,200		31,677
Mango Excellent Media Co. Ltd., Class A		1,803		6,443
Maxscend Microelectronics Co. Ltd., Class A		448		7,318
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		3,708		2,805
Meituan, Class B, 144A*		62,634		1,311,866
Metallurgical Corp. of China Ltd., Class A		21,700		10,255
Microport Scientific Corp.*		9,089		21,271
Ming Yang Smart Energy Group Ltd., Class A		1,200		4,559
Minth Group Ltd.		10,071		27,012
Montage Technology Co. Ltd., Class A		489		4,670
Muyuan Foods Co. Ltd., Class A		5,064		34,546
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,600		6,476
Nanjing Securities Co. Ltd., Class A		4,000		4,842
NARI Technology Co. Ltd., Class A		5,304		20,000
National Silicon Industry Group Co. Ltd., Class A*		1,239		3,387
NAURA Technology Group Co. Ltd., Class A		537		16,986
NavInfo Co. Ltd., Class A		2,200		3,678
NetEase, Inc.		27,989		391,655
New China Life Insurance Co. Ltd., Class A		2,100		8,547
New China Life Insurance Co. Ltd., Class H		11,730		27,362
New Hope Liuhe Co. Ltd., Class A*		4,300		8,311
New Oriental Education & Technology Group, Inc.*		22,097		63,369
Ninestar Corp., Class A		1,200		9,201
Ningbo Deye Technology Co. Ltd., Class A		200		10,303
Ningbo Joyson Electronic Corp., Class A*		1,500		3,180
Ningbo Orient Wires & Cables Co. Ltd., Class A		600		6,042
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		398		4,362
Ningbo Shanshan Co. Ltd., Class A		2,000		5,467
Ningbo Tuopu Group Co. Ltd., Class A		900		8,620
Ningxia Baofeng Energy Group Co. Ltd., Class A		6,000		11,257
NIO, Inc., ADR* (a)		19,356		247,370

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
Nongfu Spring Co. Ltd., Class H, 144A (a)		25,413	$	146,733
North Industries Group Red Arrow Co. Ltd., Class A		1,400		4,252
Offshore Oil Engineering Co. Ltd., Class A		4,600		3,734
OFILM Group Co. Ltd., Class A*		4,100		2,967
Oppein Home Group, Inc., Class A		460		7,116
Orient Securities Co. Ltd., Class A		9,088		11,517
Ovctek China, Inc., Class A		900		4,023
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		6,600		5,067
People’s Insurance Co. Group of China Ltd., Class A		6,700		5,153
People’s Insurance Co. Group of China Ltd., Class H		116,022		38,917
Perfect World Co. Ltd., Class A		2,250		4,339
PetroChina Co. Ltd., Class A		13,632		10,137
PetroChina Co. Ltd., Class H		298,399		135,237
Pharmaron Beijing Co. Ltd., Class A		1,050		9,555
Pharmaron Beijing Co. Ltd., Class H, 144A		2,635		14,978
PICC Property & Casualty Co. Ltd., Class H		101,060		101,695
Pinduoduo, Inc., ADR*		7,188		589,703
Ping An Bank Co. Ltd., Class A		17,700		32,730
Ping An Healthcare and Technology Co. Ltd., 144A* (a)		6,760		16,842
Ping An Insurance Group Co. of China Ltd., Class A		9,400		59,964
Ping An Insurance Group Co. of China Ltd., Class H		89,633		547,946
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		2,900		5,070
Poly Developments and Holdings Group Co. Ltd., Class A		9,900		23,393
Pop Mart International Group Ltd., 144A (a)		7,768		17,245
Postal Savings Bank of China Co. Ltd., Class A		23,800		15,064
Postal Savings Bank of China Co. Ltd., Class H, 144A		115,334		69,103
Power Construction Corp. of China Ltd., Class A		12,201		13,229
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,600		16,510
Raytron Technology Co. Ltd., Class A		344		1,977
Rongsheng Petrochemical Co. Ltd., Class A		8,875		15,605
SAIC Motor Corp. Ltd., Class A		7,300		15,726
Sailun Group Co. Ltd., Class A		2,700		3,655
Sangfor Technologies, Inc., Class A		375		5,973
Sany Heavy Equipment International Holdings Co. Ltd.		15,595		16,591
Sany Heavy Industry Co. Ltd., Class A		6,000		13,547
Satellite Chemical Co. Ltd., Class A		3,917		8,088
SDIC Power Holdings Co. Ltd., Class A		5,900		9,210
Seazen Holdings Co. Ltd., Class A*		2,200		7,112
SF Holding Co. Ltd., Class A		4,269		32,109
SG Micro Corp., Class A		450		11,304
Shaanxi Coal Industry Co. Ltd., Class A		7,100		20,323

	Number of Shares		Value
China (Continued)
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		2,500	$	5,992
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		338		1,086
Shandong Gold Mining Co. Ltd., Class A		4,136		12,003
Shandong Gold Mining Co. Ltd., Class H, 144A		12,383		24,161
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,560		7,374
Shandong Linglong Tyre Co. Ltd., Class A		1,400		3,991
Shandong Nanshan Aluminum Co. Ltd., Class A		6,800		3,378
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		36,427		52,885
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		980		5,048
Shanghai Baosight Software Co. Ltd., Class A		1,690		9,445
Shanghai Baosight Software Co. Ltd., Class B		7,150		21,464
Shanghai Electric Group Co. Ltd., Class A*		4,700		2,828
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,700		8,951
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		7,007		23,144
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		569		6,151
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		3,882		18,115
Shanghai International Airport Co. Ltd., Class A*		900		7,086
Shanghai International Port Group Co. Ltd., Class A		11,400		8,817
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,100		8,664
Shanghai Junshi Biosciences Co. Ltd., Class A*		514		4,822
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		14,259		11,464
Shanghai M&G Stationery, Inc., Class A		1,475		10,002
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,800		7,689
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		13,250		21,951
Shanghai Pudong Development Bank Co. Ltd., Class A		28,800		29,509
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,600		12,602
Shanghai RAAS Blood Products Co. Ltd., Class A		5,600		4,403
Shanghai Rural Commercial Bank Co. Ltd., Class A		9,000		7,548
Shanxi Coking Coal Energy Group Co. Ltd., Class A		3,640		6,798
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		3,000		8,119
Shanxi Meijin Energy Co. Ltd., Class A		4,700		6,557

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
Shanxi Securities Co. Ltd., Class A		4,050	$	3,207
Shanxi Taigang Stainless Steel Co. Ltd., Class A		5,900		3,776
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		980		35,611
Shenghe Resources Holding Co. Ltd., Class A		1,600		3,308
Shengyi Technology Co. Ltd., Class A		2,455		5,257
Shennan Circuits Co. Ltd., Class A		658		7,053
Shenwan Hongyuan Group Co. Ltd., Class A		21,000		12,308
Shenzhen Capchem Technology Co. Ltd., Class A		540		3,046
Shenzhen Dynanonic Co. Ltd., Class A		200		6,420
Shenzhen Energy Group Co. Ltd., Class A		6,260		5,464
Shenzhen Inovance Technology Co. Ltd., Class A		2,664		26,563
Shenzhen Kangtai Biological Products Co. Ltd., Class A		752		3,671
Shenzhen Kedali Industry Co. Ltd., Class A		300		4,101
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,136		52,331
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		1,100		7,674
Shenzhen Overseas Chinese Town Co. Ltd., Class A		12,200		10,128
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		200		985
Shenzhen SC New Energy Technology Corp., Class A		300		5,471
Shenzhen Senior Technology Material Co. Ltd., Class A		2,200		7,140
Shenzhen Transsion Holdings Co. Ltd., Class A		994		10,966
Shenzhou International Group Holdings Ltd.		11,307		100,824
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		1,700		10,832
Sichuan Chuantou Energy Co. Ltd., Class A		2,200		3,725
Sichuan Hebang Biotechnology Co. Ltd., Class A		11,600		5,218
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		400		1,339
Sichuan New Energy Power Co. Ltd.*		1,800		5,318
Sichuan Road & Bridge Group Co. Ltd., Class A		4,900		8,157
Sichuan Swellfun Co. Ltd., Class A		500		4,449
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,500		5,820
Sieyuan Electric Co. Ltd., Class A		1,000		5,367
Silergy Corp.		4,713		68,624
Sinolink Securities Co. Ltd., Class A		800		1,026
Sinoma Science & Technology Co. Ltd., Class A		1,000		3,304
Sinomine Resource Group Co. Ltd., Class A		500		5,520

	Number of Shares		Value
China (Continued)
Sinopec Shanghai Petrochemical Co. Ltd., Class A		1,200	$	560
Sinopharm Group Co. Ltd., Class H		17,235		40,688
Skshu Paint Co. Ltd., Class A*		420		7,179
Smoore International Holdings Ltd., 144A (a)		24,869		38,015
Songcheng Performance Development Co. Ltd., Class A		2,520		5,075
SooChow Securities Co. Ltd., Class A		1,352		1,326
StarPower Semiconductor Ltd., Class A		200		9,593
Sunac China Holdings Ltd.* (b)		40,216		0
Sungrow Power Supply Co. Ltd., Class A		1,140		18,605
Sunny Optical Technology Group Co. Ltd.		9,904		115,258
Sunwoda Electronic Co. Ltd., Class A		1,800		6,182
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,500		9,189
Suzhou Maxwell Technologies Co. Ltd., Class A		160		9,764
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		800		6,914
TAL Education Group, ADR*		6,864		40,978
TBEA Co. Ltd., Class A		3,300		10,069
TCL Technology Group Corp., Class A		12,800		7,302
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		3,236		19,091
Tencent Holdings Ltd.		88,961		3,270,998
Tencent Music Entertainment Group, ADR*		9,803		68,719
Thunder Software Technology Co. Ltd., Class A		400		6,500
Tianma Microelectronics Co. Ltd., Class A		1,000		1,300
Tianqi Lithium Corp., Class A*		1,200		15,349
Tianshan Aluminum Group Co. Ltd., Class A		6,100		6,190
Tibet Summit Resources Co. Ltd., Class A*		1,400		4,576
Tingyi Cayman Islands Holding Corp.		29,730		48,567
Titan Wind Energy Suzhou Co. Ltd., Class A		2,500		5,024
Tongcheng Travel Holdings Ltd.*		17,200		36,730
Tongkun Group Co. Ltd., Class A		2,000		4,022
Tongling Nonferrous Metals Group Co. Ltd., Class A		2,600		1,081
Tongwei Co. Ltd., Class A		4,400		27,050
Topchoice Medical Corp., Class A*		255		4,578
Topsports International Holdings Ltd., 144A		28,957		18,425
TravelSky Technology Ltd., Class H		12,968		26,066
Trina Solar Co. Ltd., Class A		2,056		18,820
Trip.com Group Ltd., ADR*		7,695		245,855
Tsingtao Brewery Co. Ltd., Class A		500		7,188
Tsingtao Brewery Co. Ltd., Class H		8,448		78,846
Unigroup Guoxin Microelectronics Co. Ltd., Class A		929		17,336
Uni-President China Holdings Ltd.		22,189		19,431
Unisplendour Corp. Ltd., Class A		2,954		7,915
Vipshop Holdings Ltd., ADR*		5,876		65,517
Walvax Biotechnology Co. Ltd., Class A		1,300		7,798

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
China (Continued)
Wanhua Chemical Group Co. Ltd., Class A		2,899	$	36,821
Want Want China Holdings Ltd.		64,011		43,434
Weibo Corp., ADR*		878		13,995
Weichai Power Co. Ltd., Class A		5,900		8,984
Weichai Power Co. Ltd., Class H		27,216		35,958
Weihai Guangwei Composites Co. Ltd., Class A		500		5,044
Wens Foodstuffs Group Co. Ltd., Class A		7,120		18,147
Western Securities Co. Ltd., Class A		900		819
Western Superconducting Technologies Co. Ltd., Class A		564		7,833
Westone Information Industry, Inc., Class A		1,400		7,000
Will Semiconductor Co. Ltd., Class A		791		9,125
Wingtech Technology Co. Ltd., Class A		1,035		8,090
Wuchan Zhongda Group Co. Ltd., Class A		4,500		2,906
Wuhan Guide Infrared Co. Ltd., Class A		3,665		6,101
Wuliangye Yibin Co. Ltd., Class A		3,200		71,235
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,200		3,959
WuXi AppTec Co. Ltd., Class A		1,957		21,663
WuXi AppTec Co. Ltd., Class H, 144A		4,948		48,650
Wuxi Biologics Cayman, Inc., 144A*		51,215		328,825
Wuxi Shangji Automation Co. Ltd., Class A		280		4,625
XCMG Construction Machinery Co. Ltd., Class A		8,400		6,282
Xiamen C & D, Inc., Class A		3,500		7,734
Xiamen Faratronic Co. Ltd., Class A		300		6,727
Xiamen Tungsten Co. Ltd., Class A		1,800		5,495
Xiaomi Corp., Class B, 144A*		215,253		284,397
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		5,333		8,711
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		9,121		9,797
Xinyi Solar Holdings Ltd.		69,181		79,801
XPeng, Inc., Class A*		11,000		47,389
Xtep International Holdings Ltd.		18,063		20,304
Yadea Group Holdings Ltd., 144A		18,214		34,232
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		700		5,625
Yankuang Energy Group Co. Ltd., Class A		2,200		12,670
Yankuang Energy Group Co. Ltd., Class H		22,705		75,141
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		4,878
Yealink Network Technology Corp. Ltd., Class A		900		8,128
Yifeng Pharmacy Chain Co. Ltd., Class A		730		6,744
Yihai International Holding Ltd.*		6,978		21,619
Yihai Kerry Arawana Holdings Co. Ltd., Class A		900		5,269
Yintai Gold Co. Ltd., Class A		2,400		4,871
YongXing Special Materials Technology Co. Ltd., Class A		400		5,976
Yonyou Network Technology Co. Ltd., Class A		2,697		8,769
Youngy Co. Ltd., Class A*		300		5,237
YTO Express Group Co. Ltd., Class A		2,500		6,890

	Number of Shares		Value
China (Continued)
Yum China Holdings, Inc.		5,900	$	325,208
Yunda Holding Co. Ltd., Class A		3,160		5,516
Yunnan Aluminium Co. Ltd., Class A		3,800		5,738
Yunnan Baiyao Group Co. Ltd., Class A		1,400		11,241
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		200		3,597
Yunnan Energy New Material Co. Ltd., Class A		760		13,419
Yunnan Yuntianhua Co. Ltd., Class A*		1,500		4,502
Zai Lab Ltd., ADR* (a)		1,255		48,393
Zangge Mining Co. Ltd., Class A		1,300		5,679
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		500		18,091
Zhaojin Mining Industry Co. Ltd., Class H*		14,135		15,653
Zhejiang Century Huatong Group Co. Ltd., Class A*		8,280		4,630
Zhejiang Chint Electrics Co. Ltd., Class A		2,300		9,387
Zhejiang Dahua Technology Co. Ltd., Class A		4,500		7,587
Zhejiang Expressway Co. Ltd., Class H		22,154		16,450
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		2,000		5,762
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,627		14,433
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,100		10,069
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		1,000		5,620
Zhejiang Juhua Co. Ltd., Class A		2,100		5,022
Zhejiang NHU Co. Ltd., Class A		3,952		11,049
Zhejiang Supcon Technology Co. Ltd., Class A		486		6,272
Zhejiang Supor Co. Ltd., Class A		945		6,146
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,500		4,343
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,900		5,854
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		700		5,031
Zhejiang Yongtai Technology Co. Ltd., Class A		1,000		3,666
Zheshang Securities Co. Ltd., Class A		2,100		3,186
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		10,518		27,066
Zhongji Innolight Co. Ltd., Class A		700		2,844
Zhongsheng Group Holdings Ltd.		8,110		41,324
Zhongtai Securities Co. Ltd., Class A		4,000		3,911
Zhuzhou CRRC Times Electric Co. Ltd.		7,304		33,570
Zhuzhou CRRC Times Electric Co. Ltd., Class A		771		6,089
Zhuzhou Kibing Group Co. Ltd., Class A		1,800		2,524
Zijin Mining Group Co. Ltd., Class A		16,400		22,878
Zijin Mining Group Co. Ltd., Class H		80,597		104,629
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		6,976		5,782
ZTE Corp., Class A		2,900		10,083
ZTE Corp., Class H		11,615		25,190
ZTO Express Cayman, Inc., ADR (a)		5,865		147,036
(Cost $26,905,410)				25,748,148

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Colombia — 0.1%
Bancolombia SA		3,881	$	32,154
Ecopetrol SA		48,529		23,018
Interconexion Electrica SA ESP		6,327		25,555
(Cost $84,726)				80,727
Cyprus — 0.0%
Polymetal International PLC* (b)		4,894		0
TCS Group Holding PLC, GDR* (b)		1,702		0
(Cost $173,897)				0
Czech Republic — 0.1%
CEZ AS		2,371		81,477
Komercni Banka AS		1,165		34,357
Moneta Money Bank AS, 144A		5,503		16,935
(Cost $106,441)				132,769
Egypt — 0.1%
Commercial International Bank Egypt SAE		35,140		57,326
Eastern Co. SAE		17,485		9,195
Egyptian Financial Group-Hermes Holding Co.*		13,302		8,182
Fawry for Banking & Payment Technology Services SAE*		6,535		1,291
(Cost $92,812)				75,994
Greece — 0.3%
Alpha Services and Holdings SA*		31,487		33,142
Eurobank Ergasias Services and Holdings SA*		40,524		45,965
Hellenic Telecommunications Organization SA		2,874		44,113
JUMBO SA		1,539		24,327
Mytilineos SA		1,192		22,253
National Bank of Greece SA*		7,351		29,603
OPAP SA		2,901		39,938
Public Power Corp. SA*		2,685		18,412
Terna Energy SA		840		17,045
(Cost $257,138)				274,798
Hong Kong — 2.0%
Alibaba Health Information Technology Ltd.*		67,634		55,330
Beijing Enterprises Holdings Ltd.		8,264		26,133
Beijing Enterprises Water Group Ltd.		74,063		19,628
Bosideng International Holdings Ltd.		42,963		21,121
C&D International Investment Group Ltd.		8,932		20,949
China Everbright Environment Group Ltd.		48,785		22,297
China Gas Holdings Ltd.		43,869		55,658
China Jinmao Holdings Group Ltd.		89,584		20,988
China Mengniu Dairy Co. Ltd.*		43,979		195,939
China Merchants Port Holdings Co. Ltd.		19,509		28,323
China Overseas Land & Investment Ltd.		54,886		148,266
China Overseas Property Holdings Ltd.		19,758		21,830
China Power International Development Ltd.		75,394		28,957
China Resources Beer Holdings Co. Ltd.		22,835		156,551
China Resources Cement Holdings Ltd.		35,981		19,393
China Resources Gas Group Ltd.		12,820		45,135

	Number of Shares		Value
Hong Kong (Continued)
China Resources Land Ltd.		45,532	$	209,853
China Resources Power Holdings Co. Ltd.		27,597		50,806
China Ruyi Holdings Ltd.* (a)		65,936		14,435
China State Construction International Holdings Ltd.		26,812		32,095
China Taiping Insurance Holdings Co. Ltd.		22,489		22,803
China Traditional Chinese Medicine Holdings Co. Ltd.		43,599		21,713
Chow Tai Fook Jewellery Group Ltd.		27,704		48,450
COSCO SHIPPING Ports Ltd.		28,442		21,447
Far East Horizon Ltd.		22,104		16,781
GCL Technology Holdings Ltd.*		288,502		90,123
Geely Automobile Holdings Ltd.		86,217		125,612
Guangdong Investment Ltd.		42,955		39,375
Hopson Development Holdings Ltd.		1,117		1,270
HUTCHMED China Ltd.*		5,000		13,731
Kingboard Holdings Ltd.		9,511		31,172
Kingboard Laminates Holdings Ltd.		14,898		15,602
Kunlun Energy Co. Ltd.		52,449		40,289
Nine Dragons Paper Holdings Ltd.		26,964		21,368
Orient Overseas International Ltd.		1,831		34,271
Shenzhen International Holdings Ltd.		16,806		15,449
Shimao Group Holdings Ltd.* (a)(b)		18,475		0
Sino Biopharmaceutical Ltd.		141,132		82,754
Vinda International Holdings Ltd.		5,927		15,404
Yuexiu Property Co. Ltd.		22,084		27,821
(Cost $1,806,747)				1,879,122
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		5,815		41,701
OTP Bank Nyrt		3,055		83,516
Richter Gedeon Nyrt		2,024		43,492
(Cost $155,686)				168,709
India — 14.7%
ABB India Ltd.		660		24,319
ACC Ltd.		1,163		36,606
Adani Enterprises Ltd.		3,990		191,959
Adani Green Energy Ltd.*		4,654		120,956
Adani Ports & Special Economic Zone Ltd.		7,778		84,145
Adani Power Ltd.*		10,666		43,581
Adani Total Gas Ltd.		3,902		174,062
Adani Transmission Ltd.*		3,956		141,289
Ambuja Cements Ltd.		8,211		57,547
Apollo Hospitals Enterprise Ltd.		1,471		85,374
Asian Paints Ltd.		5,428		211,634
AU Small Finance Bank Ltd., 144A		1,978		15,528
Aurobindo Pharma Ltd.		3,858		22,140
Avenue Supermarts Ltd., 144A*		2,232		110,331
Axis Bank Ltd.		32,290		357,351
Bajaj Auto Ltd.		1,057		48,682
Bajaj Finance Ltd.		3,839		316,833
Bajaj Finserv Ltd.		5,393		107,713
Bajaj Holdings & Investment Ltd.		383		29,606
Balkrishna Industries Ltd.		1,177		29,514
Bandhan Bank Ltd., 144A*		9,111		26,672
Berger Paints India Ltd.		3,075		23,502

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
India (Continued)
Bharat Electronics Ltd.		50,203	$	64,791
Bharat Forge Ltd.		3,423		36,129
Bharat Petroleum Corp. Ltd.		12,136		50,840
Bharti Airtel Ltd.		31,645		329,813
Biocon Ltd.		5,732		19,909
Britannia Industries Ltd.		1,510		80,886
Cholamandalam Investment and Finance Co. Ltd.		5,553		48,744
Cipla Ltd.		6,613		92,545
Coal India Ltd.		23,407		65,318
Colgate-Palmolive India Ltd.		1,838		36,837
Container Corp. Of India Ltd.		3,807		36,087
Dabur India Ltd.		8,591		62,067
Divi’s Laboratories Ltd.		1,943		81,233
DLF Ltd.		8,757		43,298
Dr. Reddy’s Laboratories Ltd.		1,588		87,499
Eicher Motors Ltd.		2,000		85,576
GAIL India Ltd.		32,547		37,868
Godrej Consumer Products Ltd.*		5,891		63,763
Godrej Properties Ltd.*		1,931		30,947
Grasim Industries Ltd.		3,628		78,397
Havells India Ltd.		3,454		53,167
HCL Technologies Ltd.		15,384		211,729
HDFC Life Insurance Co. Ltd., 144A		14,081		102,120
Hero MotoCorp Ltd.		1,632		57,153
Hindalco Industries Ltd.		18,832		104,224
Hindustan Petroleum Corp. Ltd.		8,217		24,125
Hindustan Unilever Ltd.		11,642		383,751
Housing Development Finance Corp. Ltd.		24,466		808,926
ICICI Bank Ltd.		73,391		858,761
ICICI Lombard General Insurance Co. Ltd., 144A		3,570		53,094
ICICI Prudential Life Insurance Co. Ltd., 144A		4,903		28,670
Indian Hotels Co. Ltd.		11,283		44,565
Indian Oil Corp. Ltd.		43,023		40,494
Indian Railway Catering & Tourism Corp. Ltd.		3,782		34,190
Indraprastha Gas Ltd.		4,455		24,213
Indus Towers Ltd.		9,244		22,748
Info Edge India Ltd.		1,076		52,767
Infosys Ltd.		47,866		960,979
InterGlobe Aviation Ltd., 144A*		1,488		35,401
ITC Ltd.		41,958		175,177
Jindal Steel & Power Ltd.		5,260		34,604
JSW Steel Ltd.		10,622		96,964
Jubilant Foodworks Ltd.		6,057		40,673
Kotak Mahindra Bank Ltd.		7,901		188,904
Larsen & Toubro Infotech Ltd., 144A		511		30,361
Larsen & Toubro Ltd.		10,205		260,005
Lupin Ltd.		3,185		29,962
Mahindra & Mahindra Ltd.		12,261		196,570
Marico Ltd.		7,086		44,146
Maruti Suzuki India Ltd.		1,705		187,888
Mindtree Ltd. (b)		990		43,593
Mphasis Ltd.		1,288		31,905
MRF Ltd.		27		31,019

	Number of Shares		Value
India (Continued)
Muthoot Finance Ltd.		1,907	$	25,308
Nestle India Ltd.		467		115,745
NTPC Ltd.		56,272		118,989
Oil & Natural Gas Corp. Ltd.		37,864		65,605
Page Industries Ltd.		91		52,985
Petronet LNG Ltd.		11,375		29,703
PI Industries Ltd.		1,076		46,152
Pidilite Industries Ltd.		2,207		74,492
Power Grid Corp. of India Ltd.		46,395		127,615
Reliance Industries Ltd.		43,367		1,454,518
Samvardhana Motherson International Ltd.		32,557		29,884
SBI Cards & Payment Services Ltd.		3,097		31,346
SBI Life Insurance Co. Ltd., 144A		6,339		99,861
Shree Cement Ltd.		152		44,571
Shriram Transport Finance Co. Ltd.		3,557		58,966
Siemens Ltd.		1,029		35,063
SRF Ltd.		2,084		60,540
State Bank of India		25,564		189,118
Sun Pharmaceutical Industries Ltd.		13,907		178,636
Tata Consultancy Services Ltd.		13,008		541,620
Tata Consumer Products Ltd.		8,175		82,120
Tata Elxsi Ltd.		479		41,234
Tata Motors Ltd.*		24,082		129,938
Tata Power Co. Ltd.		21,323		58,861
Tata Steel Ltd.		102,481		135,469
Tech Mahindra Ltd.		8,530		112,810
Titan Co. Ltd.		5,152		167,840
Torrent Pharmaceuticals Ltd.		1,557		31,736
Trent Ltd.		2,775		50,148
Tube Investments of India Ltd.		1,494		50,842
TVS Motor Co. Ltd.		2,949		37,956
UltraTech Cement Ltd.		1,452		126,182
United Spirits Ltd.*		4,324		49,502
UPL Ltd.		7,332		71,100
Varun Beverages Ltd.		3,135		48,111
Vedanta Ltd.		9,892		36,969
Wipro Ltd.		19,652		98,192
Yes Bank Ltd.*		173,997		36,643
Zomato Ltd.*		41,189		33,002
(Cost $9,796,451)				13,764,111
Indonesia — 1.9%
Aneka Tambang Tbk		119,465		15,074
PT Adaro Energy Indonesia Tbk		214,200		52,694
PT Astra International Tbk		280,736		107,965
PT Bank Central Asia Tbk		785,393		464,301
PT Bank Jago Tbk*		58,483		17,064
PT Bank Mandiri Persero Tbk		261,316		174,831
PT Bank Negara Indonesia Persero Tbk		110,842		69,754
PT Bank Rakyat Indonesia Persero Tbk		957,201		303,014
PT Barito Pacific Tbk		444,362		22,315
PT Charoen Pokphand Indonesia Tbk		108,356		39,261
PT Gudang Garam Tbk		7,858		9,965
PT Indah Kiat Pulp & Paper Tbk		37,805		24,031
PT Indofood CBP Sukses Makmur Tbk		34,443		22,113
PT Indofood Sukses Makmur Tbk		70,629		28,958

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Indonesia (Continued)
PT Kalbe Farma Tbk		321,188	$	42,263
PT Merdeka Copper Gold Tbk*		166,719		43,981
PT Sarana Menara Nusantara Tbk		317,188		22,784
PT Semen Indonesia Persero Tbk		49,843		24,079
PT Sumber Alfaria Trijaya Tbk		230,982		45,370
PT Telkom Indonesia Persero Tbk		694,631		178,388
PT Unilever Indonesia Tbk		109,804		33,503
PT United Tractors Tbk		24,731		48,420
PT Vale Indonesia Tbk*		33,490		15,700
(Cost $1,541,391)				1,805,828
Kuwait — 0.9%
Agility Public Warehousing Co. KSC		21,772		55,722
Boubyan Bank KSCP		19,452		53,390
Gulf Bank KSCP		19,504		21,502
Kuwait Finance House KSCP		104,789		295,113
Mabanee Co KPSC		8,013		22,958
Mobile Telecommunications Co. KSCP		31,112		59,391
National Bank of Kuwait SAKP		102,281		373,201
(Cost $654,971)				881,277
Luxembourg — 0.0%
Reinet Investments SCA (Cost $38,822)		2,064		36,437
Malaysia — 1.5%
AMMB Holdings Bhd		25,746		24,140
Axiata Group Bhd		41,099		30,033
CIMB Group Holdings Bhd		100,239		130,722
Dialog Group Bhd		56,236		28,703
DiGi.Com Bhd		43,760		39,357
Genting Bhd		30,867		30,746
Genting Malaysia Bhd		47,134		28,296
HAP Seng Consolidated Bhd		8,151		12,169
Hartalega Holdings Bhd		25,002		9,725
Hong Leong Bank Bhd		9,841		46,157
Hong Leong Financial Group Bhd		2,700		11,243
IHH Healthcare Bhd		24,835		32,387
Inari Amertron Bhd		39,500		23,625
IOI Corp. Bhd		38,194		32,805
Kuala Lumpur Kepong Bhd		6,710		31,532
Malayan Banking Bhd		66,318		128,684
Malaysia Airports Holdings Bhd*		9,900		14,313
Maxis Bhd		36,396		31,425
MISC Bhd		19,800		32,054
MR DIY Group M Bhd, 144A		29,100		13,740
Nestle Malaysia Bhd		1,000		31,231
Petronas Chemicals Group Bhd		32,224		61,876
Petronas Dagangan Bhd		3,804		20,339
Petronas Gas Bhd		10,135		38,284
PPB Group Bhd		9,862		38,140
Press Metal Aluminium Holdings Bhd		54,800		59,759
Public Bank Bhd		203,310		205,710
QL Resources Bhd		17,100		21,416
RHB Bank Bhd		20,831		26,323
Sime Darby Bhd		34,123		16,496
Sime Darby Plantation Bhd		33,923		32,493
Telekom Malaysia Bhd		16,645		20,958

	Number of Shares		Value
Malaysia (Continued)
Tenaga Nasional Bhd		38,205	$	80,920
Top Glove Corp. Bhd		77,500		15,160
(Cost $1,495,378)				1,400,961
Mexico — 2.4%
Alfa SAB de CV, Class A		43,804		30,355
America Movil SAB de CV, Series L		394,626		383,908
Arca Continental SAB de CV		6,569		54,822
Banco del Bajio SA, 144A		10,985		36,666
Cemex SAB de CV, Series CPO*		207,455		95,158
Coca-Cola Femsa SAB de CV		7,185		48,996
Fibra Uno Administracion SA de CV REIT		42,787		53,157
Fomento Economico Mexicano SAB de CV		27,288		217,438
Gruma SAB de CV, Class B		3,276		40,891
Grupo Aeroportuario del Pacifico SAB de CV, Class B		5,212		84,109
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,754		68,133
Grupo Bimbo SAB de CV, Series A		19,842		84,267
Grupo Carso SAB de CV, Series A1		6,792		29,334
Grupo Financiero Banorte SAB de CV, Class O		36,916		295,229
Grupo Financiero Inbursa SAB de CV, Class O*		31,172		57,888
Grupo Mexico SAB de CV, Series B		43,158		175,996
Grupo Televisa SAB, Series CPO		34,344		37,719
Industrias Penoles SAB de CV*		2,213		29,751
Kimberly-Clark de Mexico SAB de CV, Class A		19,580		33,286
Operadora De Sites Mexicanos SAB de CV, Class A-1		19,467		21,350
Orbia Advance Corp. SAB de CV		12,109		23,680
Promotora y Operadora de Infraestructura SAB de CV		3,464		30,565
Wal-Mart de Mexico SAB de CV		74,055		294,470
(Cost $2,215,261)				2,227,168
Netherlands — 0.0%
NEPI Rockcastle NV (Cost $83,858)		6,494		38,727
Peru — 0.3%
Cia de Minas Buenaventura SAA, ADR		3,254		26,553
Credicorp Ltd.		998		153,243
Southern Copper Corp. (a)		1,271		77,556
(Cost $252,107)				257,352
Philippines — 0.7%
Aboitiz Equity Ventures, Inc.		26,730		28,356
ACEN Corp.		112,478		14,139
Ayala Corp.		3,726		45,850
Ayala Land, Inc.		107,024		59,605
Bank of the Philippine Islands		27,944		52,321
BDO Unibank, Inc.		28,125		64,693
Globe Telecom, Inc.		351		14,273
International Container Terminal Services, Inc.		14,231		51,580
JG Summit Holdings, Inc.		41,634		36,143

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Philippines (Continued)
Jollibee Foods Corp.		6,903	$	29,902
Manila Electric Co.		3,660		18,119
Metropolitan Bank & Trust Co.		27,832		28,196
Monde Nissin Corp., 144A		94,200		21,052
PLDT, Inc.		1,266		39,216
SM Investments Corp.		3,383		56,164
SM Prime Holdings, Inc.		161,491		103,930
Universal Robina Corp.		12,989		30,543
(Cost $816,184)				694,082
Poland — 0.6%
Allegro.eu SA, 144A* (a)		4,942		24,609
Bank Polska Kasa Opieki SA		2,756		51,530
CD Projekt SA		989		28,868
Cyfrowy Polsat SA		4,429		18,348
Dino Polska SA, 144A*		678		54,968
KGHM Polska Miedz SA		2,047		52,825
LPP SA		15		31,974
mBank SA*		185		12,995
PGE Polska Grupa Energetyczna SA*		12,138		17,501
Polski Koncern Naftowy ORLEN SA		8,790		127,914
Powszechna Kasa Oszczednosci Bank Polski SA		12,464		78,745
Powszechny Zaklad Ubezpieczen SA		8,816		62,083
Santander Bank Polska SA		476		29,023
(Cost $830,120)				591,383
Qatar — 1.1%
Barwa Real Estate Co.		30,415		27,561
Commercial Bank PSQC		45,936		74,925
Industries Qatar QSC		22,125		90,462
Masraf Al Rayan QSC		80,184		77,900
Mesaieed Petrochemical Holding Co.		63,668		40,735
Ooredoo QPSC		11,903		28,998
Qatar Electricity & Water Co. QSC		5,812		26,987
Qatar Fuel QSC		8,654		43,083
Qatar Gas Transport Co. Ltd.		31,681		34,537
Qatar International Islamic Bank QSC		14,356		43,205
Qatar Islamic Bank SAQ		24,186		161,251
Qatar National Bank QPSC		64,961		349,622
(Cost $801,217)				999,266
Russia — 0.0%
Alrosa PJSC* (b)		34,709		0
Gazprom PJSC* (b)		164,723		0
Inter RAO UES PJSC* (b)		490,959		0
LUKOIL PJSC (b)		5,651		0
Magnit PJSC, GDR (b)		4		0
Magnit PJSC* (b)		933		0
MMC Norilsk Nickel PJSC* (b)		883		0
Mobile TeleSystems PJSC, ADR* (b)		6,594		0
Moscow Exchange MICEX-RTS PJSC* (b)		20,735		0
Novatek PJSC* (b)		12,810		0
Novolipetsk Steel PJSC (b)		21,183		0
Ozon Holdings PLC, ADR* (b)		700		0
PhosAgro PJSC* (b)		713		0
PhosAgro PJSC, GDR* (b)		13		0
Polyus PJSC* (b)		476		0

	Number of Shares		Value
Russia (Continued)
Rosneft Oil Co. PJSC* (b)		14,582	$	0
Sberbank of Russia PJSC* (b)		146,997		0
Severstal PAO, GDR (b)		2,248		0
Severstal PAO (b)		707		0
Surgutneftegas PJSC, ADR* (b)		2,000		0
Surgutneftegas PJSC* (b)		68,300		0
Tatneft PJSC (b)		17,973		0
United Co RUSAL International PJSC* (b)		39,327		0
VK Co. Ltd., GDR* (b)		1,691		0
VTB Bank PJSC* (b)		48,782,071		0
X5 Retail Group NV, GDR (b)		1,749		0
Yandex NV, Class A* (b)		4,277		0
(Cost $2,809,837)				0
Saudi Arabia — 4.1%
ACWA Power Co.		1,089		40,614
Advanced Petrochemical Co.		2,141		23,664
Al Rajhi Bank*		27,860		596,590
Alinma Bank		13,828		126,904
Almarai Co. JSC		3,796		53,720
Arab National Bank		8,426		77,665
Arabian Internet & Communications Services Co.		332		21,778
Bank AlBilad*		6,927		95,634
Bank Al-Jazira		6,174		34,752
Banque Saudi Fransi		8,753		99,771
Bupa Arabia for Cooperative Insurance Co.		797		37,738
Dallah Healthcare Co.		464		21,427
Dar Al Arkan Real Estate Development Co.*		7,898		28,951
Dr Sulaiman Al Habib Medical Services Group Co.		1,237		76,341
Elm Co.		324		28,356
Emaar Economic City*		6,696		15,211
Etihad Etisalat Co.		5,412		52,547
Jarir Marketing Co.		893		39,195
Mobile Telecommunications Co. Saudi Arabia*		7,012		20,854
Mouwasat Medical Services Co.		713		35,733
Nahdi Medical Co.		556		28,101
National Industrialization Co.*		4,370		12,834
Rabigh Refining & Petrochemical Co.*		5,886		16,033
Riyad Bank		19,160		175,838
SABIC Agri-Nutrients Co.		3,151		120,868
Sahara International Petrochemical Co.		5,163		49,237
Saudi Arabian Mining Co.*		12,278		224,053
Saudi Arabian Oil Co., 144A		34,195		304,724
Saudi Basic Industries Corp.		12,706		280,534
Saudi British Bank		13,330		145,915
Saudi Electricity Co.		12,443		81,889
Saudi Industrial Investment Group		5,337		29,019
Saudi Investment Bank		6,580		32,906
Saudi Kayan Petrochemical Co.*		9,722		30,103
Saudi National Bank		31,139		425,762
Saudi Research & Media Group*		494		25,152
Saudi Tadawul Group Holding Co.		686		31,387

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Saudi Arabia (Continued)
Saudi Telecom Co.		21,145	$	216,273
Savola Group		3,638		27,581
Yanbu National Petrochemical Co.		3,916		43,699
(Cost $3,132,919)				3,829,353
Singapore — 0.0%
BOC Aviation Ltd., 144A		2,892		22,678
JOYY, Inc., ADR (a)		603		18,367
(Cost $55,768)				41,045
South Africa — 3.6%
Absa Group Ltd.		12,040		142,994
African Rainbow Minerals Ltd.		1,482		24,876
Anglo American Platinum Ltd.		795		79,032
AngloGold Ashanti Ltd.		5,766		102,845
Aspen Pharmacare Holdings Ltd.		5,454		44,786
Bid Corp. Ltd.		4,622		89,249
Bidvest Group Ltd.		4,253		57,165
Capitec Bank Holdings Ltd.		1,237		144,937
Clicks Group Ltd.		3,238		55,281
Discovery Ltd.*		7,425		54,829
Exxaro Resources Ltd.		3,163		41,353
FirstRand Ltd.		71,912		278,709
Foschini Group Ltd.		5,031		31,135
Gold Fields Ltd.		12,827		139,897
Growthpoint Properties Ltd. REIT		53,385		43,878
Harmony Gold Mining Co. Ltd.		8,461		30,162
Impala Platinum Holdings Ltd.		11,892		144,306
Kumba Iron Ore Ltd. (a)		959		26,846
Mr Price Group Ltd.		3,800		37,217
MTN Group Ltd.		23,859		194,469
MultiChoice Group		5,508		37,906
Naspers Ltd., Class N		3,090		471,469
Nedbank Group Ltd.		6,449		85,267
Northam Platinum Holdings Ltd.*		4,688		53,243
Old Mutual Ltd.		68,736		44,161
Pepkor Holdings Ltd., 144A		25,036		31,909
Remgro Ltd.		7,269		60,670
Sanlam Ltd.		26,496		86,127
Sasol Ltd.		7,974		138,084
Shoprite Holdings Ltd.		7,030		102,588
Sibanye Stillwater Ltd.		38,932		105,167
SPAR Group Ltd. (a)		3,059		23,579
Standard Bank Group Ltd.		19,055		198,525
Vodacom Group Ltd. (a)		9,302		67,705
Woolworths Holdings Ltd.		14,972		57,351
(Cost $3,961,069)				3,327,717
South Korea — 11.0%
Amorepacific Corp.		408		40,372
BGF retail Co. Ltd.		104		16,205
Celltrion Healthcare Co. Ltd.		1,163		57,319
Celltrion Pharm, Inc.*		242		12,202
Celltrion, Inc.		1,382		184,427
Cheil Worldwide, Inc.		1,143		21,017
CJ CheilJedang Corp.		124		37,138
CJ Corp.		217		12,620
Coway Co. Ltd.		776		33,891

	Number of Shares		Value
South Korea (Continued)
DB Insurance Co. Ltd.		739	$	34,797
Doosan Bobcat, Inc.		746		20,109
Doosan Enerbility Co. Ltd.*		6,228		79,098
Ecopro BM Co. Ltd.		717		61,868
E-MART, Inc.		348		24,302
F&F Co. Ltd. / New		250		28,718
GS Holdings Corp.		657		24,211
Hana Financial Group, Inc.		4,081		137,854
Hankook Tire & Technology Co. Ltd.		1,124		28,977
Hanmi Pharm. Co. Ltd.		93		18,440
Hanon Systems		2,266		14,948
Hanwha Solutions Corp.*		1,706		66,359
HD Hyundai Co. Ltd.		662		32,376
HLB, Inc.*		1,309		32,307
HMM Co. Ltd.		3,972		67,161
Hotel Shilla Co. Ltd.		471		26,070
HYBE Co. Ltd.*		280		30,360
Hyundai Engineering & Construction Co. Ltd.		1,150		35,751
Hyundai Glovis Co. Ltd.		289		38,676
Hyundai Heavy Industries Co. Ltd.*		229		20,576
Hyundai Mipo Dockyard Co. Ltd.*		314		20,594
Hyundai Mobis Co. Ltd.		863		139,378
Hyundai Motor Co.		1,956		250,646
Hyundai Steel Co.		1,325		34,058
Iljin Materials Co. Ltd.		308		14,456
Industrial Bank of Korea		4,142		35,175
Kakao Corp.		4,399		188,121
Kakao Games Corp.*		402		13,259
KakaoBank Corp.*		2,005		38,083
Kangwon Land, Inc.*		1,174		22,299
KB Financial Group, Inc.		5,453		217,070
Kia Corp.		3,703		192,612
Korea Aerospace Industries Ltd.		1,087		39,974
Korea Electric Power Corp.*		3,602		56,535
Korea Investment Holdings Co. Ltd.		619		27,081
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		630		37,403
Korea Zinc Co. Ltd.		121		57,800
Korean Air Lines Co. Ltd.*		2,605		50,269
Krafton, Inc.*		409		70,397
KT&G Corp.		1,611		122,030
Kumho Petrochemical Co. Ltd.		273		30,946
L&F Co. Ltd.*		311		51,902
LG Chem Ltd.		698		391,644
LG Corp.		1,355		86,405
LG Display Co. Ltd.		3,290		36,047
LG Electronics, Inc.		1,459		107,972
LG Energy Solution Ltd.*		494		219,872
LG H&H Co. Ltd.		142		70,631
LG Innotek Co. Ltd.		207		48,734
LG Uplus Corp.		2,950		27,065
Lotte Chemical Corp.		225		31,306
Lotte Shopping Co. Ltd.		157		10,059
Meritz Fire & Marine Insurance Co. Ltd.		554		19,323
Meritz Securities Co. Ltd.		4,531		20,064
Mirae Asset Securities Co. Ltd.		3,882		19,574

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
NAVER Corp.		1,856	$	263,163
NCSoft Corp.		238		84,907
Netmarble Corp., 144A		332		12,322
NH Investment & Securities Co. Ltd.		1,668		12,179
Orion Corp.		361		32,162
Pan Ocean Co. Ltd.		3,856		15,759
Pearl Abyss Corp.*		439		14,480
POSCO Chemical Co. Ltd.		382		63,288
POSCO Holdings, Inc.		1,105		250,936
S-1 Corp.		230		11,196
Samsung Biologics Co. Ltd., 144A*		256		172,174
Samsung C&T Corp.		1,203		111,283
Samsung Electro-Mechanics Co. Ltd.		841		89,912
Samsung Electronics Co. Ltd.		67,968		3,205,527
Samsung Engineering Co. Ltd.*		2,136		39,761
Samsung Fire & Marine Insurance Co. Ltd.		451		70,274
Samsung Heavy Industries Co. Ltd.*		8,671		34,254
Samsung Life Insurance Co. Ltd.		1,156		64,337
Samsung SDI Co. Ltd.		782		432,254
Samsung SDS Co. Ltd.		504		48,724
Samsung Securities Co. Ltd.		816		21,779
SD Biosensor, Inc.		545		13,596
Shinhan Financial Group Co. Ltd.		6,473		186,997
SK Biopharmaceuticals Co. Ltd.*		472		26,341
SK Bioscience Co. Ltd.*		337		21,158
SK Hynix, Inc.		7,765		500,455
SK IE Technology Co. Ltd., 144A*		352		17,589
SK Innovation Co. Ltd.*		791		107,358
SK Square Co. Ltd.*		1,359		38,590
SK, Inc.		552		91,662
SKC Co. Ltd.		275		23,354
S-Oil Corp.		618		40,861
Woori Financial Group, Inc.		7,576		74,677
Yuhan Corp.		796		35,248
(Cost $7,396,920)				10,265,490
Taiwan — 13.9%
Accton Technology Corp.		7,134		62,671
Acer, Inc.		40,823		32,494
Advantech Co. Ltd.		6,230		67,127
ASE Technology Holding Co. Ltd.		45,563		143,299
Asia Cement Corp.		34,399		45,968
Asustek Computer, Inc.		10,280		88,479
AUO Corp.		90,175		46,976
Catcher Technology Co. Ltd.		9,807		58,070
Cathay Financial Holding Co. Ltd.		110,068		155,101
Chailease Holding Co. Ltd.		20,189		131,630
Chang Hwa Commercial Bank Ltd.		74,011		41,908
Cheng Shin Rubber Industry Co. Ltd.		26,951		30,478
China Airlines Ltd.		46,000		26,940
China Development Financial Holding Corp.		229,989		99,346
China Steel Corp.		164,125		154,802
Chunghwa Telecom Co. Ltd.		53,422		196,192
Compal Electronics, Inc.		64,820		45,408
CTBC Financial Holding Co. Ltd.		244,143		181,692
Delta Electronics, Inc.		27,455		268,283

	Number of Shares		Value
Taiwan (Continued)
E Ink Holdings, Inc.		12,888	$	75,479
E.Sun Financial Holding Co. Ltd.		180,695		144,998
Eclat Textile Co. Ltd.		2,659		39,319
eMemory Technology, Inc.		888		41,950
Eva Airways Corp.		39,000		35,270
Evergreen Marine Corp. Taiwan Ltd.		14,783		77,968
Far Eastern New Century Corp.		43,864		46,127
Far EasTone Telecommunications Co. Ltd.		24,117		53,064
Feng TAY Enterprise Co. Ltd.		6,035		36,418
First Financial Holding Co. Ltd.		152,073		128,919
Formosa Chemicals & Fibre Corp.		50,741		124,942
Formosa Petrochemical Corp.		15,647		42,832
Formosa Plastics Corp.		60,648		177,006
Fubon Financial Holding Co. Ltd.		105,351		207,256
Giant Manufacturing Co. Ltd.		4,764		35,454
Globalwafers Co. Ltd.		2,980		45,319
Hon Hai Precision Industry Co. Ltd.		176,528		574,042
Hotai Motor Co. Ltd.		4,454		93,676
Hua Nan Financial Holdings Co. Ltd.		130,475		95,833
Innolux Corp.		128,852		51,698
Inventec Corp.		36,520		29,305
Largan Precision Co. Ltd.		1,446		107,378
Lite-On Technology Corp.		29,814		63,283
MediaTek, Inc.		21,597		512,226
Mega Financial Holding Co. Ltd.		156,033		161,559
Micro-Star International Co. Ltd.		9,964		39,655
momo.com, Inc.		1,011		19,628
Nan Ya Plastics Corp.		66,057		164,365
Nan Ya Printed Circuit Board Corp.		3,074		26,806
Nanya Technology Corp.		17,892		32,883
Nien Made Enterprise Co. Ltd.		2,332		21,958
Novatek Microelectronics Corp.		8,049		77,741
Pegatron Corp.		28,646		57,467
PharmaEssentia Corp.*		2,000		34,298
Pou Chen Corp.		35,962		37,526
Powerchip Semiconductor Manufacturing Corp.		44,000		47,409
President Chain Store Corp.		8,214		72,424
Quanta Computer, Inc.		38,125		88,326
Realtek Semiconductor Corp.		6,505		66,722
Ruentex Development Co. Ltd.		24,535		36,637
Shanghai Commercial & Savings Bank Ltd.		53,781		88,401
Shin Kong Financial Holding Co. Ltd.		172,715		49,793
SinoPac Financial Holdings Co. Ltd.		147,714		86,988
Synnex Technology International Corp.		18,067		34,081
Taishin Financial Holding Co. Ltd.		157,944		77,425
Taiwan Business Bank		82,000		34,758
Taiwan Cement Corp.		88,351		96,912
Taiwan Cooperative Financial Holding Co. Ltd.		144,298		124,429
Taiwan High Speed Rail Corp.		28,748		26,929
Taiwan Mobile Co. Ltd.		25,352		78,339
Taiwan Semiconductor Manufacturing Co. Ltd.		350,769		5,561,366
Unimicron Technology Corp.		18,071		90,924
Uni-President Enterprises Corp.		67,205		143,737

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
United Microelectronics Corp.*		167,157	$	247,716
Vanguard International Semiconductor Corp.		13,563		36,118
Voltronic Power Technology Corp.		917		51,331
Walsin Lihwa Corp.		35,481		53,614
Wan Hai Lines Ltd.		9,733		23,966
Win Semiconductors Corp.		4,753		23,991
Winbond Electronics Corp.		37,223		25,534
Wiwynn Corp.		1,222		34,795
WPG Holdings Ltd.		24,994		39,223
Yageo Corp.		4,663		69,857
Yang Ming Marine Transport Corp.		24,809		53,061
Yuanta Financial Holding Co. Ltd.		140,216		102,535
Zhen Ding Technology Holding Ltd.		9,355		36,172
(Cost $7,290,070)				12,994,025
Thailand — 2.1%
Advanced Info Service PCL, NVDR		17,674		94,722
Airports of Thailand PCL, NVDR*		57,200		121,650
Asset World Corp. PCL, NVDR		124,000		22,152
B Grimm Power PCL, NVDR		10,700		11,378
Bangkok Dusit Medical Services PCL, NVDR		148,500		127,382
Bangkok Expressway & Metro PCL, NVDR		107,800		28,582
Berli Jucker PCL, NVDR		18,800		18,259
BTS Group Holdings PCL, NVDR		124,344		29,618
Bumrungrad Hospital PCL, NVDR		8,600		55,358
Carabao Group PCL, NVDR		4,500		12,186
Central Pattana PCL, NVDR		26,900		55,303
Central Retail Corp. PCL, NVDR		28,200		34,385
Charoen Pokphand Foods PCL, NVDR		54,043		36,626
CP ALL PCL, NVDR		79,700		146,902
Delta Electronics Thailand PCL, NVDR		4,337		82,645
Electricity Generating PCL, NVDR		3,800		18,480
Energy Absolute PCL, NVDR		25,500		69,960
Global Power Synergy PCL, NVDR		10,700		21,087
Gulf Energy Development PCL, NVDR		41,350		62,145
Home Product Center PCL, NVDR		94,200		39,267
Indorama Ventures PCL, NVDR		18,197		21,930
Intouch Holdings PCL, NVDR		15,800		33,043
JMT Network Services PCL, NVDR		11,500		21,849
Kasikornbank PCL, NVDR		9,100		37,288
Krung Thai Bank PCL, NVDR		53,906		26,903
Krungthai Card PCL, NVDR		15,500		25,822
Land & Houses PCL, NVDR		122,600		33,375
Minor International PCL, NVDR*		36,560		31,879
Muangthai Capital PCL, NVDR		10,000		10,492
Osotspa PCL, NVDR		23,700		18,986
PTT Exploration & Production PCL, NVDR		20,313		108,290
PTT Global Chemical PCL, NVDR		30,600		41,650
PTT Oil & Retail Business PCL, NVDR		42,200		29,198
PTT PCL		14,000		13,200
PTT PCL, NVDR		129,780		122,365
Ratch Group PCL, NVDR		11,100		12,905
SCB X PCL, NVDR		11,198		33,342
SCG Packaging PCL, NVDR		17,200		26,947
Siam Cement PCL		4,758		45,334

	Number of Shares		Value
Thailand (Continued)
Siam Cement PCL, NVDR		6,800	$	64,789
Srisawad Corp. PCL, NVDR		10,700		13,730
Thai Oil PCL, NVDR		19,449		30,609
Thai Union Group PCL, NVDR		39,300		19,057
True Corp. PCL, NVDR		187,200		24,100
(Cost $1,935,339)				1,935,170
Turkey — 0.6%
Akbank TAS		45,017		41,810
Aselsan Elektronik Sanayi Ve Ticaret AS		10,582		27,548
BIM Birlesik Magazalar AS		6,662		48,076
Eregli Demir ve Celik Fabrikalari TAS		19,502		44,638
Ford Otomotiv Sanayi AS		926		22,104
Haci Omer Sabanci Holding AS		16,265		36,600
KOC Holding AS		9,921		37,580
Sasa Polyester Sanayi AS*		6,371		44,335
Turk Hava Yollari AO*		7,299		46,994
Turkcell Iletisim Hizmetleri AS		16,306		29,641
Turkiye Is Bankasi AS, Class C		51,842		28,817
Turkiye Petrol Rafinerileri AS*		1,728		44,623
Turkiye Sise ve Cam Fabrikalari AS		21,594		45,301
Yapi ve Kredi Bankasi AS		42,844		27,700
(Cost $582,167)				525,767
United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC		41,242		109,923
Abu Dhabi Islamic Bank PJSC		20,316		53,098
Abu Dhabi National Oil Co. for Distribution PJSC		45,846		56,916
Aldar Properties PJSC		52,892		68,399
Dubai Islamic Bank PJSC		42,076		65,065
Emaar Properties PJSC		59,372		98,277
Emirates NBD Bank PJSC		26,312		94,916
Emirates Telecommunications Group Co. PJSC		49,214		345,681
First Abu Dhabi Bank PJSC		62,446		299,216
Multiply Group*		46,529		61,564
Q Holding PJSC*		27,762		34,012
(Cost $1,034,409)				1,287,067
United Kingdom — 0.0%
Pepco Group NV, 144A* (Cost $17,760)		1,939		17,760
United States — 0.1%
Legend Biotech Corp., ADR*		670		34,512
Parade Technologies Ltd.		1,040		26,719
(Cost $111,640)				61,231
TOTAL COMMON STOCKS (Cost $79,818,450)				89,394,055
PREFERRED STOCKS — 2.2%
Brazil — 1.3%
Banco Bradesco SA		74,659		224,149
Braskem SA, Class A		2,430		13,177
Centrais Eletricas Brasileiras SA, Class B		3,547		33,547
Cia Energetica de Minas Gerais		18,078		39,993
Gerdau SA		17,012		103,494

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Brazil (Continued)
Itau Unibanco Holding SA		69,237	$	346,896
Itausa SA		71,965		123,146
Petroleo Brasileiro SA		67,603		347,307
(Cost $1,109,953)				1,231,709
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $51,178)		2,011		199,632
Colombia — 0.1%
Bancolombia SA (Cost $59,441)		6,260		41,478
Russia — 0.0%
Surgutneftegas PJSC (b) (Cost $55,823)		101,715		0
South Korea — 0.6%
Hyundai Motor Co.		345		21,921
Hyundai Motor Co. — 2nd Preferred		549		34,218
LG Chem Ltd.		117		29,719
Samsung Electronics Co. Ltd.		11,665		494,426
(Cost $287,743)				580,284
TOTAL PREFERRED STOCKS (Cost $1,564,138)				2,053,103
	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $0)	INR	45,965		548
	Number of Shares
RIGHTS — 0.0%
South Korea — 0.0%
HLB, Inc.*, expires 12/7/22 (Cost $0)		117		164
Taiwan — 0.0%
Shanghai Commercial & Savings Bank Ltd.*, expires 12/22/22 (Cost $0)		3,942		1,760
TOTAL RIGHTS (Cost $0)				1,924

	Number of Shares		Value
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		11,834	$	94
BTS Group Holdings PCL*, expires 11/20/26		23,669		208
Srisawad Corp. PCL*, expires 8/29/25		432		40
(Cost $0)				342
TOTAL WARRANTS (Cost $0)				342
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d) (Cost $267,405)		267,405		267,405
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c) (Cost $291,213)		291,213		291,213
TOTAL INVESTMENTS — 98.3% (Cost $81,941,206)			$	92,008,590
Other assets and liabilities, net — 1.7%				1,638,554
NET ASSETS — 100.0%			$	93,647,144

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
		281,038		—		(13,633	)(e)		—		—		3,402		—		267,405		267,405
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
		93,470		11,402,526		(11,204,783	)		—		—		13,155		—		291,213		291,213
		374,508		11,402,526		(11,218,416	)		—		—		16,557		—		558,618		558,618

* 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, 2022 amounted to $1,207,854, which is 1.3% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $984,242.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

ADR: American Depositary Receipt

CPO: Ordinary Participation Certificates

GDR: Global Depositary Receipt

JSC: Joint Stock Company

KSC: Kuwait Shareholding Company

KSCP: Kuwait Shareholding Company Public

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

PSQC: Public Shareholders Qatari Company

QPSC: Qatari Public Shareholders Company

QSC: Qatari Shareholders Company

REIT: Real Estate Investment Trust

SAE: Societe Anonyme Egyptienne

SAQ: Societe Anonyme Qatar

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

Securities are listed in country of domicile.

At November 30, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MSCI Emerging Markets Index Future	USD	50	$	2,307,686	$	2,456,250	12/16/2022	$	148,564

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

As of November 30, 2022, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/2/2022	CNH	16,139,200	USD	2,205,561	$	—	$	(84,841	)
RBC Capital Markets	12/2/2022	CNH	16,917,300	USD	2,311,899		—		(88,927	)
JP Morgan & Chase Co.	12/2/2022	CZK	3,743,000	USD	150,741		—		(9,239	)
JP Morgan & Chase Co.	12/2/2022	EUR	29,000	USD	28,722		—		(1,455	)
JP Morgan & Chase Co.	12/2/2022	EUR	230,800	USD	228,591		—		(11,579	)
Goldman Sachs & Co.	12/2/2022	HKD	53,458,500	USD	6,814,123		—		(29,923	)
JP Morgan & Chase Co.	12/2/2022	HKD	58,890,000	USD	7,506,539		—		(32,877	)
RBC Capital Markets	12/2/2022	HKD	45,363,600	USD	5,782,368		—		(25,325	)
JP Morgan & Chase Co.	12/2/2022	HUF	33,454,000	USD	79,923		—		(5,151	)
RBC Capital Markets	12/2/2022	HUF	28,733,400	USD	68,640		—		(4,429	)
Goldman Sachs & Co.	12/2/2022	MXN	3,416,000	USD	171,202		—		(5,847	)
Goldman Sachs & Co.	12/2/2022	MXN	10,710,000	USD	536,775		—		(18,320	)
JP Morgan & Chase Co.	12/2/2022	MXN	13,772,200	USD	690,249		—		(23,558	)
RBC Capital Markets	12/2/2022	MXN	15,617,000	USD	782,709		—		(26,714	)
Goldman Sachs & Co.	12/2/2022	PLN	1,200,000	USD	250,661		—		(16,761	)
Goldman Sachs & Co.	12/2/2022	PLN	243,000	USD	50,747		—		(3,406	)
JP Morgan & Chase Co.	12/2/2022	PLN	1,058,300	USD	221,078		—		(14,765	)
Goldman Sachs & Co.	12/2/2022	THB	12,591,100	USD	331,497		—		(25,545	)
Goldman Sachs & Co.	12/2/2022	THB	4,777,000	USD	125,765		—		(9,695	)
JP Morgan & Chase Co.	12/2/2022	THB	54,110,900	USD	1,424,627		—		(109,781	)
JP Morgan & Chase Co.	12/2/2022	TRY	3,435,200	USD	180,454		—		(3,857	)
JP Morgan & Chase Co.	12/2/2022	TRY	1,308,000	USD	68,657		—		(1,522	)
RBC Capital Markets	12/2/2022	TRY	2,514,100	USD	132,068		—		(2,823	)
JP Morgan & Chase Co.	12/2/2022	USD	2,026,978	CNH	14,358,200		10,672		—
JP Morgan & Chase Co.	12/2/2022	USD	243,412	CNH	1,781,000		9,339		—
RBC Capital Markets	12/2/2022	USD	2,388,252	CNH	16,917,300		12,574		—
JP Morgan & Chase Co.	12/2/2022	USD	158,284	CZK	3,743,000		1,696		—
JP Morgan & Chase Co.	12/2/2022	USD	267,503	EUR	259,800		2,845		—
Goldman Sachs & Co.	12/2/2022	USD	6,848,825	HKD	53,458,500		—		(4,779	)
JP Morgan & Chase Co.	12/2/2022	USD	3,951,316	HKD	30,842,000		—		(2,757	)
JP Morgan & Chase Co.	12/2/2022	USD	3,575,340	HKD	28,048,000		15,517		—
RBC Capital Markets	12/2/2022	USD	5,811,748	HKD	45,363,600		—		(4,055	)
JP Morgan & Chase Co.	12/2/2022	USD	84,030	HUF	33,454,000		1,044		—
RBC Capital Markets	12/2/2022	USD	72,173	HUF	28,733,400		897		—
Goldman Sachs & Co.	12/2/2022	USD	729,140	MXN	14,126,000		3,004		—
JP Morgan & Chase Co.	12/2/2022	USD	710,878	MXN	13,772,200		2,929		—
RBC Capital Markets	12/2/2022	USD	806,101	MXN	15,617,000		3,321		—
Goldman Sachs & Co.	12/2/2022	USD	317,848	PLN	1,443,000		3,726		—
JP Morgan & Chase Co.	12/2/2022	USD	233,111	PLN	1,058,300		2,733		—
Goldman Sachs & Co.	12/2/2022	USD	492,049	THB	17,368,100		453		—
JP Morgan & Chase Co.	12/2/2022	USD	1,532,995	THB	54,110,900		1,413		—
JP Morgan & Chase Co.	12/2/2022	USD	255,094	TRY	4,743,200		—		(604	)
RBC Capital Markets	12/2/2022	USD	135,211	TRY	2,514,100		—		(320	)
JP Morgan & Chase Co.	12/2/2022	USD	1,704,615	ZAR	28,974,200		—		(27,567	)
RBC Capital Markets	12/2/2022	USD	1,644,601	ZAR	27,954,100		—		(26,596	)
JP Morgan & Chase Co.	12/2/2022	ZAR	26,192,200	USD	1,421,828		—		(94,196	)
JP Morgan & Chase Co.	12/2/2022	ZAR	2,782,000	USD	151,009		—		(10,015	)
RBC Capital Markets	12/2/2022	ZAR	27,954,100	USD	1,517,471		—		(100,533	)
Goldman Sachs & Co.	12/5/2022	AED	4,513,200	USD	1,228,734		23		—
Goldman Sachs & Co.	12/5/2022	AED	65,000	USD	17,696		—		—
Goldman Sachs & Co.	12/5/2022	BRL	10,246,000	USD	1,940,402		—		(32,116	)
JP Morgan & Chase Co.	12/5/2022	BRL	8,270,600	USD	1,566,918		—		(25,304	)
JP Morgan & Chase Co.	12/5/2022	BRL	1,428,000	USD	270,354		—		(4,559	)
RBC Capital Markets	12/5/2022	BRL	8,353,900	USD	1,582,673		—		(25,586	)
Goldman Sachs & Co.	12/5/2022	CLP	292,557,300	USD	308,405		—		(19,854	)
Goldman Sachs & Co.	12/5/2022	CLP	17,219,000	USD	18,144		—		(1,176	)
RBC Capital Markets	12/5/2022	CLP	175,586,400	USD	185,098		—		(11,916	)
Goldman Sachs & Co.	12/5/2022	COP	615,517,400	USD	125,342		—		(2,042	)

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2022	IDR	9,376,985,600	USD	600,204	$	4,175	$	—
Goldman Sachs & Co.	12/5/2022	IDR	1,704,820,000	USD	109,039		675		—
JP Morgan & Chase Co.	12/5/2022	IDR	9,160,856,700	USD	586,332		4,041		—
RBC Capital Markets	12/5/2022	IDR	9,876,349,800	USD	631,723		3,952		—
Goldman Sachs & Co.	12/5/2022	INR	81,861,000	USD	984,528		—		(20,416	)
Goldman Sachs & Co.	12/5/2022	INR	474,590,100	USD	5,705,717		—		(120,455	)
JP Morgan & Chase Co.	12/5/2022	INR	557,166,300	USD	6,703,559		—		(136,337	)
JP Morgan & Chase Co.	12/5/2022	KRW	6,217,533,000	USD	4,361,467		—		(353,251	)
JP Morgan & Chase Co.	12/5/2022	KRW	1,186,314,000	USD	830,729		—		(68,846	)
RBC Capital Markets	12/5/2022	KRW	6,622,847,800	USD	4,648,754		—		(373,311	)
Goldman Sachs & Co.	12/5/2022	KWD	224,000	USD	723,281		—		(5,390	)
Goldman Sachs & Co.	12/5/2022	KWD	46,000	USD	148,387		—		(1,251	)
RBC Capital Markets	12/5/2022	MYR	405,000	USD	85,524		—		(5,559	)
RBC Capital Markets	12/5/2022	MYR	5,963,600	USD	1,258,409		—		(82,784	)
Goldman Sachs & Co.	12/5/2022	PHP	16,674,300	USD	286,993		—		(7,800	)
Goldman Sachs & Co.	12/5/2022	PHP	1,695,000	USD	29,174		—		(793	)
JP Morgan & Chase Co.	12/5/2022	PHP	10,973,100	USD	188,208		—		(5,791	)
RBC Capital Markets	12/5/2022	PHP	9,114,200	USD	156,574		—		(4,560	)
Goldman Sachs & Co.	12/5/2022	QAR	4,031,200	USD	1,098,270		—		(8,831	)
Goldman Sachs & Co.	12/5/2022	SAR	14,968,000	USD	3,979,740		—		(1,782	)
Goldman Sachs & Co.	12/5/2022	SAR	1,238,000	USD	329,387		76		—
Goldman Sachs & Co.	12/5/2022	TWD	131,078,800	USD	4,056,660		—		(186,567	)
JP Morgan & Chase Co.	12/5/2022	TWD	139,051,200	USD	4,306,457		—		(194,849	)
RBC Capital Markets	12/5/2022	TWD	103,373,000	USD	3,201,889		—		(144,457	)
Goldman Sachs & Co.	12/5/2022	USD	1,246,447	AED	4,578,200		—		(40	)
Goldman Sachs & Co.	12/5/2022	USD	1,948,094	BRL	10,246,000		24,424		—
JP Morgan & Chase Co.	12/5/2022	USD	1,843,350	BRL	9,698,600		23,785		—
RBC Capital Markets	12/5/2022	USD	1,588,556	BRL	8,353,900		19,702		—
Goldman Sachs & Co.	12/5/2022	USD	345,634	CLP	309,776,300		1,945		—
RBC Capital Markets	12/5/2022	USD	195,911	CLP	175,586,400		1,103		—
Goldman Sachs & Co.	12/5/2022	USD	127,760	COP	615,517,400		—		(376	)
Goldman Sachs & Co.	12/5/2022	USD	704,860	IDR	11,081,805,600		—		(467	)
JP Morgan & Chase Co.	12/5/2022	USD	583,048	IDR	9,160,856,700		—		(757	)
RBC Capital Markets	12/5/2022	USD	627,827	IDR	9,876,349,800		—		(57	)
Goldman Sachs & Co.	12/5/2022	USD	6,831,812	INR	556,451,100		—		(697	)
JP Morgan & Chase Co.	12/5/2022	USD	6,849,002	INR	557,166,300		—		(9,106	)
JP Morgan & Chase Co.	12/5/2022	USD	5,615,356	KRW	7,403,847,000		—		(1,063	)
RBC Capital Markets	12/5/2022	USD	5,034,472	KRW	6,622,847,800		—		(12,406	)
Goldman Sachs & Co.	12/5/2022	USD	876,481	KWD	270,000		1,828		—
RBC Capital Markets	12/5/2022	USD	1,431,146	MYR	6,368,600		1,130		—
Goldman Sachs & Co.	12/5/2022	USD	324,546	PHP	18,369,300		214		—
JP Morgan & Chase Co.	12/5/2022	USD	194,214	PHP	10,973,100		—		(215	)
RBC Capital Markets	12/5/2022	USD	161,199	PHP	9,114,200		—		(65	)
Goldman Sachs & Co.	12/5/2022	USD	1,053,602	QAR	3,873,200		10,107		—
Goldman Sachs & Co.	12/5/2022	USD	42,842	QAR	158,000		550		—
Goldman Sachs & Co.	12/5/2022	USD	4,310,966	SAR	16,206,000		—		(134	)
Goldman Sachs & Co.	12/5/2022	USD	3,824,207	TWD	117,976,800		—		(5,113	)
Goldman Sachs & Co.	12/5/2022	USD	406,800	TWD	13,102,000		17,333		—
JP Morgan & Chase Co.	12/5/2022	USD	4,533,046	TWD	139,051,200		—		(31,740	)
RBC Capital Markets	12/5/2022	USD	3,358,447	TWD	103,373,000		—		(12,100	)
Goldman Sachs & Co.	12/6/2022	EGP	479,000	USD	19,511		60		—
Goldman Sachs & Co.	12/6/2022	EGP	1,082,600	USD	44,098		136		—
Goldman Sachs & Co.	12/6/2022	USD	63,609	EGP	1,561,600		—		(196	)
Goldman Sachs & Co.	1/3/2023	AED	146,000	USD	39,748		1		—
Goldman Sachs & Co.	1/3/2023	AED	4,578,200	USD	1,246,311		—		(59	)
JP Morgan & Chase Co.	1/3/2023	CZK	3,743,000	USD	158,087		—		(1,659	)
JP Morgan & Chase Co.	1/3/2023	EUR	259,800	USD	268,262		—		(2,928	)
JP Morgan & Chase Co.	1/3/2023	HUF	10,031,000	USD	24,945		—		(302	)
JP Morgan & Chase Co.	1/3/2023	HUF	33,454,000	USD	83,256		—		(942	)
RBC Capital Markets	1/3/2023	HUF	28,733,400	USD	71,535		—		(782	)

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		1/3/2023		MXN	14,126,000		USD	725,210	$	—	$	(2,431	)
JP Morgan & Chase Co.		1/3/2023		MXN	13,772,200		USD	707,039		—		(2,378	)
RBC Capital Markets		1/3/2023		MXN	15,617,000		USD	801,756		—		(2,688	)
Goldman Sachs & Co.		1/3/2023		PLN	330,000		USD	72,107		—		(811	)
Goldman Sachs & Co.		1/3/2023		PLN	1,443,000		USD	315,313		—		(3,539	)
JP Morgan & Chase Co.		1/3/2023		PLN	1,058,300		USD	231,252		—		(2,596	)
Goldman Sachs & Co.		1/3/2023		SAR	16,206,000		USD	4,308,903		—		(1,245	)
JP Morgan & Chase Co.		1/3/2023		TRY	4,743,200		USD	251,177		1,162		—
JP Morgan & Chase Co.		1/3/2023		TRY	3,491,000		USD	184,769		757		—
RBC Capital Markets		1/3/2023		TRY	2,514,100		USD	133,135		616		—
Goldman Sachs & Co.		1/3/2023		USD	27,415		MXN	534,000		92		—
Goldman Sachs & Co.		1/3/2023		USD	369,996		SAR	1,391,000		—		(46	)
JP Morgan & Chase Co.		1/4/2023		CNH	14,358,200		USD	2,032,343		—		(11,332	)
JP Morgan & Chase Co.		1/4/2023		CNH	2,776,000		USD	392,902		—		(2,220	)
RBC Capital Markets		1/4/2023		CNH	16,917,300		USD	2,394,641		—		(13,283	)
Goldman Sachs & Co.		1/4/2023		HKD	53,458,500		USD	6,845,974		4,678		—
JP Morgan & Chase Co.		1/4/2023		HKD	30,842,000		USD	3,949,672		2,699		—
JP Morgan & Chase Co.		1/4/2023		HKD	32,706,000		USD	4,188,196		2,680		—
RBC Capital Markets		1/4/2023		HKD	45,363,600		USD	5,809,329		3,970		—
Goldman Sachs & Co.		1/4/2023		KWD	14,000		USD	45,447		—		(169	)
Goldman Sachs & Co.		1/4/2023		KWD	270,000		USD	876,481		—		(3,254	)
Goldman Sachs & Co.		1/4/2023		PHP	4,003,000		USD	70,649		—		(100	)
Goldman Sachs & Co.		1/4/2023		PHP	18,369,300		USD	324,374		—		(289	)
JP Morgan & Chase Co.		1/4/2023		PHP	10,973,100		USD	194,077		136		—
RBC Capital Markets		1/4/2023		PHP	9,114,200		USD	161,028		—		(58	)
Goldman Sachs & Co.		1/4/2023		QAR	3,873,200		USD	1,053,602		—		(10,931	)
Goldman Sachs & Co.		1/4/2023		THB	17,368,100		USD	494,712		222		—
Goldman Sachs & Co.		1/4/2023		THB	1,388,000		USD	39,535		17		—
JP Morgan & Chase Co.		1/4/2023		THB	54,110,900		USD	1,541,072		474		—
Goldman Sachs & Co.		1/4/2023		USD	43,549		QAR	160,000		426		—
Goldman Sachs & Co.		1/5/2023		BRL	10,246,000		USD	1,936,313		—		(24,277	)
JP Morgan & Chase Co.		1/5/2023		BRL	9,698,600		USD	1,831,715		—		(24,129	)
RBC Capital Markets		1/5/2023		BRL	8,353,900		USD	1,578,948		—		(19,585	)
Goldman Sachs & Co.		1/5/2023		CLP	309,776,300		USD	343,717		—		(2,060	)
RBC Capital Markets		1/5/2023		CLP	175,586,400		USD	194,824		—		(1,168	)
Goldman Sachs & Co.		1/5/2023		COP	615,517,400		USD	127,022		322		—
Goldman Sachs & Co.		1/5/2023		EGP	1,561,600		USD	62,464		8		—
Goldman Sachs & Co.		1/5/2023		IDR	11,081,805,600		USD	704,412		318		—
JP Morgan & Chase Co.		1/5/2023		IDR	9,160,856,700		USD	582,752		707		—
RBC Capital Markets		1/5/2023		IDR	9,876,349,800		USD	627,508		4		—
Goldman Sachs & Co.		1/5/2023		INR	43,840,000		USD	537,345		43		—
Goldman Sachs & Co.		1/5/2023		INR	556,451,100		USD	6,815,078		—		(4,784	)
JP Morgan & Chase Co.		1/5/2023		INR	557,166,300		USD	6,834,300		5,673		—
JP Morgan & Chase Co.		1/5/2023		KRW	7,403,847,000		USD	5,617,273		—		(425	)
JP Morgan & Chase Co.		1/5/2023		KRW	891,827,000		USD	676,303		—		(374	)
RBC Capital Markets		1/5/2023		KRW	6,622,847,800		USD	5,036,386		11,274		—
RBC Capital Markets		1/5/2023		MYR	6,368,600		USD	1,429,700		—		(4,602	)
RBC Capital Markets		1/5/2023		MYR	159,000		USD	35,816		7		—
Goldman Sachs & Co.		1/5/2023		TWD	117,976,800		USD	3,855,451		25,366		—
JP Morgan & Chase Co.		1/5/2023		TWD	139,051,200		USD	4,573,300		59,041		—
RBC Capital Markets		1/5/2023		TWD	64,902,000		USD	2,120,614		13,588		—
RBC Capital Markets		1/5/2023		TWD	103,373,000		USD	3,383,178		27,201		—
Goldman Sachs & Co.		1/5/2023		USD	334,310		BRL	1,769,000		4,191		—
JP Morgan & Chase Co.		1/5/2023		ZAR	2,089,000		USD	122,508		2,019		—
JP Morgan & Chase Co.		1/5/2023		ZAR	28,974,200		USD	1,699,167		28,005		—
RBC Capital Markets		1/5/2023		ZAR	27,954,100		USD	1,639,344		27,019		—
Total unrealized appreciation (depreciation)									$	410,138	$	(2,893,323	)

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

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

Currency Abbreviations

AED Arab Emirates Dirham

BRL Brazilian Real

CLP Chilean Peso

CNH Chinese Yuan

COP Colombian Peso

CZK Czech Koruna

EGP Egyptian Pound

EUR Euro

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

INR Indian Rupee

KRW South Korean Won

KWD Kuwaiti Dinar

MXN Mexican Peso

MYR Malaysian Ringgit

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

SAR Saudi Riyal

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	89,350,462	$	—		$	43,593	$	89,394,055
Preferred Stocks (a)		2,053,103		—			0		2,053,103
Corporate Bonds		—		548			—		548
Rights (a)		—		1,924			—		1,924
Warrants		342		—			—		342
Short-Term Investments (a)		558,618		—			—		558,618
Derivatives (b)
Forward Foreign Currency Contracts		—		410,138			—		410,138
Futures Contracts		148,564		—			—		148,564
TOTAL	$	92,111,089	$	412,610		$	43,593	$	92,567,292
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(2,893,323	)	$	—	$	(2,893,323	)
TOTAL	$	—	$	(2,893,323	)	$	—	$	(2,893,323	)

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

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

During the year ended November 30, 2022, the amount of transfers from Level 1 to Level 3 was $ 39,570, the amount of transfers from Level 3 to Level 1 was $ 8,479. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.3%
Austria — 0.3%
Erste Group Bank AG		17,651	$	543,682
OMV AG		7,562		394,710
Verbund AG		3,482		311,791
voestalpine AG		5,563		150,279
(Cost $1,604,990)				1,400,462
Belgium — 1.2%
Ageas SA/NV		8,195		328,061
Anheuser-Busch InBev SA/NV		43,827		2,556,239
D’ieteren Group		1,291		242,755
Elia Group SA/NV		1,654		234,077
Groupe Bruxelles Lambert NV		4,846		386,376
KBC Group NV		12,413		681,241
Sofina SA		768		164,312
Solvay SA		3,832		374,354
UCB SA		6,396		511,023
Umicore SA		10,524		374,534
Warehouses De Pauw CVA REIT		7,736		203,667
(Cost $8,682,685)				6,056,639
Chile — 0.1%
Antofagasta PLC (Cost $315,637)		19,504		331,099
Denmark — 4.2%
A.P. Moller — Maersk A/S, Class A		153		321,749
A.P. Moller — Maersk A/S, Class B		262		562,700
Carlsberg A/S, Class B		4,938		617,254
Chr Hansen Holding A/S		5,406		330,238
Coloplast A/S, Class B		6,097		711,117
Danske Bank A/S		34,965		623,750
Demant A/S*		4,141		115,878
DSV A/S		9,405		1,472,502
Genmab A/S*		3,313		1,515,317
Novo Nordisk A/S, Class B		83,387		10,313,777
Novozymes A/S, Class B		10,370		595,461
Orsted AS, 144A		9,381		814,438
Pandora A/S		4,539		335,067
ROCKWOOL A/S, Class B		495		107,316
Tryg A/S		18,932		438,391
Vestas Wind Systems A/S		50,522		1,268,573
(Cost $16,269,619)				20,143,528
Finland — 1.9%
Elisa OYJ		7,297		377,841
Fortum OYJ		23,448		371,246
Kesko OYJ, Class B		14,088		300,383
Kone OYJ, Class B		16,836		832,354
Neste OYJ		21,588		1,108,398
Nokia OYJ		270,359		1,309,055
Nordea Bank Abp		167,772		1,749,314
Orion OYJ, Class B		5,513		291,087
Sampo OYJ, Class A		24,295		1,227,159
Stora Enso OYJ, Class R		27,908		405,849
UPM-Kymmene OYJ		26,508		964,621
Wartsila OYJ Abp		22,764		195,143
(Cost $10,282,179)				9,132,450

	Number of Shares		Value
France — 17.4%
Accor SA*		8,364	$	219,504
Aeroports de Paris*		1,532		233,949
Air Liquide SA		26,371		3,792,989
Airbus SE		29,753		3,380,940
Alstom SA (a)		16,334		422,550
Amundi SA, 144A		2,980		165,903
Arkema SA		2,979		260,768
AXA SA		94,177		2,647,977
BioMerieux		2,290		228,909
BNP Paribas SA		55,953		3,110,947
Bollore SE		43,634		243,374
Bouygues SA		11,788		362,601
Bureau Veritas SA		15,041		391,605
Capgemini SE		8,182		1,455,927
Carrefour SA		29,198		499,048
Cie de Saint-Gobain		24,835		1,130,516
Cie Generale des Etablissements Michelin SCA		34,601		962,256
Covivio REIT		2,503		144,036
Credit Agricole SA		60,019		600,200
Danone SA		32,347		1,685,708
Dassault Aviation SA		1,210		190,380
Dassault Systemes SE		34,050		1,243,147
Edenred		12,677		692,300
Eiffage SA		4,287		419,071
Electricite de France SA		28,589		356,997
Engie SA		91,511		1,382,687
EssilorLuxottica SA (a)		14,550		2,684,453
Eurazeo SE		2,007		124,996
Gecina SA REIT		2,355		228,520
Getlink SE		21,962		361,888
Hermes International		1,605		2,576,228
Ipsen SA		1,802		201,017
Kering SA		3,779		2,231,261
Klepierre SA REIT*		10,340		236,501
La Francaise des Jeux SAEM, 144A		5,503		218,864
Legrand SA		13,630		1,098,929
L’Oreal SA		12,169		4,492,857
LVMH Moet Hennessy Louis Vuitton SE		13,968		10,716,736
Orange SA (a)		100,637		1,022,933
Pernod Ricard SA (a)		10,433		2,051,352
Publicis Groupe SA		11,290		733,099
Remy Cointreau SA		1,101		188,811
Renault SA*		9,519		344,810
Safran SA		17,182		2,099,422
Sanofi		57,529		5,177,100
Sartorius Stedim Biotech		1,408		473,688
Schneider Electric SE		27,320		3,949,386
SEB SA		1,057		82,714
Societe Generale SA		41,156		1,027,419
Sodexo SA		4,548		433,984
Teleperformance		2,993		670,867
Thales SA		5,435		690,839
TotalEnergies SE (a)		125,295		7,863,341
Ubisoft Entertainment SA*		5,038		139,347
Unibail-Rodamco-Westfield REIT* (a)		5,965		314,332
Valeo		10,642		196,565

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
France (Continued)
Veolia Environnement SA		33,642	$	860,494
Vinci SA		27,210		2,735,770
Vivendi SE		36,372		324,742
Wendel SE		1,368		125,912
Worldline SA, 144A*		12,150		568,316
(Cost $85,144,966)				83,471,782
Germany — 11.4%
adidas AG		8,674		1,103,540
Allianz SE		20,577		4,375,632
BASF SE		46,125		2,328,609
Bayer AG		49,485		2,851,744
Bayerische Motoren Werke AG		16,771		1,506,275
Bechtle AG		4,008		143,348
Beiersdorf AG		5,078		549,289
Brenntag SE		7,852		490,084
Carl Zeiss Meditec AG		2,097		281,823
Commerzbank AG*		53,355		444,503
Continental AG		5,289		315,254
Covestro AG, 144A		9,992		396,880
Daimler Truck Holding AG*		23,013		751,228
Delivery Hero SE, 144A*		8,919		380,247
Deutsche Bank AG (b)		104,910		1,105,013
Deutsche Boerse AG		9,560		1,749,878
Deutsche Lufthansa AG*		32,207		256,621
Deutsche Post AG		49,876		1,963,415
Deutsche Telekom AG		163,186		3,295,361
E.ON SE		112,120		1,064,517
Evonik Industries AG		9,909		193,079
Fresenius Medical Care AG & Co. KGaA		10,515		325,194
Fresenius SE & Co. KGaA		21,369		590,604
GEA Group AG		7,347		297,249
Hannover Rueck SE		3,054		577,124
HeidelbergCement AG		6,969		377,971
HelloFresh SE*		8,956		217,893
Henkel AG & Co. KGaA		5,431		360,001
Infineon Technologies AG		65,731		2,155,959
Knorr-Bremse AG		3,589		202,571
LEG Immobilien SE		4,027		254,363
Mercedes-Benz Group AG		40,433		2,709,605
Merck KGaA		6,466		1,169,417
MTU Aero Engines AG		2,754		574,309
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		7,058		2,212,181
Nemetschek SE		3,269		158,520
Puma SE		5,544		280,955
Rational AG		238		146,740
Rheinmetall AG		2,234		451,922
RWE AG		32,102		1,403,025
SAP SE		52,512		5,708,114
Scout24 SE, 144A		4,048		218,874
Siemens AG		38,539		5,262,408
Siemens Energy AG		21,925		360,708
Siemens Healthineers AG, 144A		14,360		757,014
Symrise AG		6,757		766,064
Telefonica Deutschland Holding AG		49,925		118,866
United Internet AG		4,669		98,046

	Number of Shares		Value
Germany (Continued)
Volkswagen AG		1,407	$	268,008
Vonovia SE		36,457		891,144
Zalando SE, 144A*		11,576		358,248
(Cost $71,184,773)				54,819,437
Ireland — 1.5%
AerCap Holdings NV*		6,943		426,300
AIB Group PLC		52,967		170,534
Bank of Ireland Group PLC		53,559		435,167
CRH PLC		39,202		1,550,566
DCC PLC		4,841		256,081
Experian PLC		46,297		1,620,975
Flutter Entertainment PLC*		8,482		1,242,312
Kerry Group PLC, Class A		8,096		762,773
Kingspan Group PLC		7,479		415,905
Smurfit Kappa Group PLC		12,116		431,569
(Cost $7,927,698)				7,312,182
Italy — 3.0%
Amplifon SpA		5,833		162,975
Assicurazioni Generali SpA		56,621		998,102
Atlantia SpA		26,845		640,548
Davide Campari-Milano NV		24,792		258,631
DiaSorin SpA		1,366		180,454
Enel SpA		408,510		2,182,441
Eni SpA		125,983		1,877,847
Ferrari NV		6,324		1,394,463
FinecoBank Banca Fineco SpA		31,518		506,396
Infrastrutture Wireless Italiane SpA, 144A		15,740		155,568
Intesa Sanpaolo SpA		838,815		1,852,233
Mediobanca Banca di Credito Finanziario SpA (a)		30,100		288,602
Moncler SpA		10,416		531,648
Nexi SpA, 144A*		30,190		264,018
Poste Italiane SpA, 144A		27,223		265,889
Prysmian SpA		13,043		453,323
Recordati Industria Chimica e Farmaceutica SpA		5,006		211,704
Snam SpA		101,692		515,135
Telecom Italia SpA* (a)		485,440		104,162
Terna — Rete Elettrica Nazionale		71,364		542,851
UniCredit SpA		96,767		1,311,462
(Cost $17,593,840)				14,698,452
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $278,677)		8,655		157,932
Luxembourg — 0.4%
ArcelorMittal SA		26,995		725,029
Aroundtown SA		56,862		135,797
Eurofins Scientific SE		6,602		456,308
Tenaris SA		24,140		419,882
(Cost $2,014,294)				1,737,016
Netherlands — 7.2%
ABN AMRO Bank NV, 144A		20,295		258,391
Adyen NV, 144A*		1,085		1,652,706

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Netherlands (Continued)
Aegon NV		89,521	$	434,478
Akzo Nobel NV		9,016		640,044
Argenx SE*		2,811		1,140,800
ASM International NV		2,397		646,029
ASML Holding NV		20,482		11,959,050
Euronext NV, 144A		4,097		310,115
EXOR NV*		5,556		434,081
Heineken Holding NV		4,991		374,202
Heineken NV		12,963		1,190,836
IMCD NV		2,927		424,133
ING Groep NV		189,515		2,285,657
JDE Peet’s NV		5,692		174,968
Just Eat Takeaway.com NV, 144A*		9,985		224,329
Koninklijke Ahold Delhaize NV		53,286		1,542,326
Koninklijke DSM NV		8,711		1,108,609
Koninklijke KPN NV		166,839		510,769
Koninklijke Philips NV		45,160		666,932
NN Group NV		14,020		592,614
OCI NV		5,560		234,785
Prosus NV*		41,761		2,715,598
QIAGEN NV*		11,576		570,016
Randstad NV		6,204		355,074
Stellantis NV*		110,961		1,719,521
Universal Music Group NV		36,411		852,509
Wolters Kluwer NV		13,130		1,437,357
(Cost $34,865,024)				34,455,929
Norway — 1.2%
Adevinta ASA*		14,274		111,970
Aker BP ASA		16,092		558,356
DNB Bank ASA		46,912		907,476
Equinor ASA		47,802		1,840,163
Gjensidige Forsikring ASA		9,424		181,056
Kongsberg Gruppen ASA		4,269		175,305
Mowi ASA		20,680		322,656
Norsk Hydro ASA		68,734		506,576
Orkla ASA		38,913		276,440
Salmar ASA		3,057		107,157
Telenor ASA		36,145		349,782
Yara International ASA		8,569		391,561
(Cost $5,751,081)				5,728,498
Portugal — 0.3%
EDP — Energias de Portugal SA		141,350		664,695
Galp Energia SGPS SA		23,758		291,356
Jeronimo Martins SGPS SA		14,560		321,204
(Cost $1,301,028)				1,277,255
Spain — 3.7%
Acciona SA		1,304		252,934
ACS Actividades de Construccion y Servicios SA		10,912		307,267
Aena SME SA, 144A*		3,779		484,869
Amadeus IT Group SA*		22,507		1,200,550
Banco Bilbao Vizcaya Argentaria SA		305,235		1,782,527
Banco Santander SA		844,837		2,505,983
CaixaBank SA		226,036		837,829
Cellnex Telecom SA, 144A*		26,837		910,407

	Number of Shares		Value
Spain (Continued)
Corp ACCIONA Energias Renovables SA		3,229	$	127,213
EDP Renovaveis SA		14,800		339,590
Enagas SA		13,301		238,481
Endesa SA		16,458		303,134
Ferrovial SA		24,258		646,218
Grifols SA* (a)		13,823		146,072
Iberdrola SA		303,884		3,408,872
Industria de Diseno Textil SA		55,726		1,441,594
Naturgy Energy Group SA (a)		7,422		206,831
Red Electrica Corp. SA		20,177		352,631
Repsol SA		69,107		1,064,309
Siemens Gamesa Renewable Energy SA*		12,679		237,884
Telefonica SA		261,456		975,375
(Cost $25,098,089)				17,770,570
Sweden — 4.9%
Alfa Laval AB		14,885		421,951
Assa Abloy AB, Class B		50,005		1,134,675
Atlas Copco AB, Class A		136,600		1,680,014
Atlas Copco AB, Class B (a)		76,178		848,401
Boliden AB		14,004		517,257
Electrolux AB, Class B (a)		10,882		153,896
Embracer Group AB* (a)		34,422		145,547
Epiroc AB, Class A (a)		32,893		626,110
Epiroc AB, Class B		19,827		327,937
EQT AB (a)		15,281		342,234
Essity AB, Class B		30,292		737,264
Evolution AB, 144A		9,102		924,774
Fastighets AB Balder, Class B*		31,237		137,032
Getinge AB, Class B		11,335		260,983
H & M Hennes & Mauritz AB, Class B (a)		37,504		416,614
Hexagon AB, Class B		98,787		1,111,393
Holmen AB, Class B		4,478		183,310
Husqvarna AB, Class B		20,156		155,347
Industrivarden AB, Class A		7,042		179,707
Industrivarden AB, Class C		7,852		198,957
Indutrade AB		14,722		312,752
Investment AB Latour, Class B (a)		7,150		139,366
Investor AB, Class A (a)		26,170		498,264
Investor AB, Class B		89,840		1,651,054
Kinnevik AB, Class B*		12,587		190,989
L E Lundbergforetagen AB, Class B		3,670		158,237
Lifco AB, Class B		10,924		186,716
Nibe Industrier AB, Class B		77,193		720,194
Sagax AB, Class B		10,381		228,045
Sandvik AB		52,888		961,888
Securitas AB, Class B (a)		26,607		216,315
Skandinaviska Enskilda Banken AB, Class A		83,207		948,789
Skanska AB, Class B		16,320		261,773
SKF AB, Class B		19,834		327,392
Svenska Cellulosa AB SCA, Class B		31,006		416,588
Svenska Handelsbanken AB, Class A		74,502		749,500
Swedbank AB, Class A		46,248		745,122
Swedish Match AB		82,617		904,694
Swedish Orphan Biovitrum AB*		8,663		187,335
Tele2 AB, Class B		28,022		247,671

See Notes to Financial Statements. 61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Telefonaktiebolaget LM Ericsson, Class B		148,826	$	922,842
Telia Co. AB		134,492		366,522
Volvo AB, Class A		9,884		188,045
Volvo AB, Class B		75,643		1,382,799
Volvo Car AB, Class B* (a)		31,742		155,901
(Cost $27,865,081)				23,572,196
Switzerland — 16.4%
ABB Ltd.		79,031		2,452,153
Adecco Group AG		8,367		281,626
Alcon, Inc.		25,097		1,699,037
Bachem Holding AG		1,575		151,050
Baloise Holding AG		2,371		356,558
Banque Cantonale Vaudoise		1,512		141,333
Barry Callebaut AG		185		375,963
BKW AG		1,035		133,771
Chocoladefabriken Lindt & Spruengli AG		6		614,425
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		54		566,108
Cie Financiere Richemont SA, Class A		26,309		3,449,016
Clariant AG*		11,493		184,617
Coca-Cola HBC AG*		9,745		236,665
Credit Suisse Group AG (a)		140,221		418,181
EMS-Chemie Holding AG		371		255,632
Geberit AG		1,791		845,674
Givaudan SA		470		1,572,544
Glencore PLC		490,171		3,329,039
Holcim AG*		27,858		1,435,515
Julius Baer Group Ltd.		10,708		609,267
Kuehne + Nagel International AG		2,777		670,882
Logitech International SA		8,831		521,321
Lonza Group AG		3,756		1,945,777
Nestle SA		138,604		16,455,243
Novartis AG		109,165		9,650,359
Partners Group Holding AG		1,138		1,112,444
Roche Holding AG		1,335		533,859
Roche Holding AG		35,427		11,523,837
Schindler Holding AG		1,183		211,033
Schindler Holding AG Participation Certificates		2,067		386,969
SGS SA		322		748,639
SIG Group AG*		15,106		330,456
Sika AG		7,324		1,834,386
Sonova Holding AG		2,738		700,234
STMicroelectronics NV		34,252		1,285,096
Straumann Holding AG		5,575		633,945
Swatch Group AG — Bearer		1,409		371,961
Swatch Group AG — Registered		2,500		119,313
Swiss Life Holding AG		1,547		820,053
Swiss Prime Site AG		3,941		326,942
Swiss Re AG		15,101		1,344,049
Swisscom AG		1,345		722,356
Temenos AG		2,905		175,175
UBS Group AG		168,674		3,070,446
VAT Group AG, 144A		1,390		380,166
Zurich Insurance Group AG		7,583		3,629,422
(Cost $76,867,655)				78,612,537

	Number of Shares		Value
United Kingdom — 22.2%
3i Group PLC		48,208	$	783,515
abrdn PLC (a)		106,707		250,015
Admiral Group PLC		8,589		209,729
Anglo American PLC		64,870		2,664,140
Ashtead Group PLC		22,171		1,329,400
Associated British Foods PLC		18,417		350,936
AstraZeneca PLC		78,093		10,509,621
Auto Trader Group PLC, 144A		48,302		329,386
AVEVA Group PLC		6,416		245,983
Aviva PLC		140,636		753,096
BAE Systems PLC		157,591		1,562,419
Barclays PLC		807,442		1,569,139
Barratt Developments PLC		48,762		233,730
Berkeley Group Holdings PLC		5,562		255,474
BP PLC		946,187		5,673,452
British American Tobacco PLC		107,724		4,402,685
British Land Co. PLC REIT		41,130		195,462
BT Group PLC		351,199		513,865
Bunzl PLC		17,115		628,737
Burberry Group PLC		19,094		500,994
CNH Industrial NV		51,752		822,338
Coca-Cola Europacific Partners PLC		10,390		551,605
Compass Group PLC		88,807		2,003,689
Croda International PLC		7,103		581,627
Diageo PLC		114,799		5,268,808
Entain PLC		28,679		484,607
GSK PLC		205,033		3,476,430
Haleon PLC*		252,291		863,874
Halma PLC		19,233		503,482
Hargreaves Lansdown PLC		18,622		189,339
HSBC Holdings PLC		1,005,774		6,178,633
Imperial Brands PLC		46,026		1,178,798
Informa PLC		72,155		534,138
InterContinental Hotels Group PLC		9,103		526,298
Intertek Group PLC		8,288		404,060
J Sainsbury PLC		93,972		252,116
JD Sports Fashion PLC		124,999		189,901
Johnson Matthey PLC		9,352		235,462
Kingfisher PLC		100,350		291,603
Land Securities Group PLC REIT		35,512		262,883
Legal & General Group PLC		305,317		925,847
Lloyds Banking Group PLC		3,429,679		1,938,876
London Stock Exchange Group PLC		16,572		1,647,407
M&G PLC		128,765		298,283
Melrose Industries PLC		203,190		323,629
Mondi PLC		24,893		462,936
National Grid PLC		186,254		2,277,377
NatWest Group PLC		266,237		840,391
Next PLC		6,363		447,870
Ocado Group PLC* (a)		29,780		223,466
Pearson PLC		34,810		417,534
Persimmon PLC		16,494		252,866
Phoenix Group Holdings PLC		37,936		269,213
Prudential PLC		138,453		1,634,330
Reckitt Benckiser Group PLC		36,464		2,614,042
RELX PLC		96,579		2,691,212
Rentokil Initial PLC		124,098		809,768
Rio Tinto PLC		56,487		3,802,323

See Notes to Financial Statements. 62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Rolls-Royce Holdings PLC*		428,087	$	469,104
Sage Group PLC		51,724		496,604
Schroders PLC		35,967		191,777
Segro PLC REIT		60,624		577,815
Severn Trent PLC		12,772		417,471
Shell PLC		365,820		10,775,712
Smith & Nephew PLC		44,198		578,242
Smiths Group PLC		17,938		343,430
Spirax-Sarco Engineering PLC		3,736		504,541
SSE PLC		53,967		1,111,273
St James’s Place PLC		28,162		390,166
Standard Chartered PLC		125,422		933,292
Taylor Wimpey PLC		177,941		221,755
Tesco PLC		376,297		1,031,786
Unilever PLC		128,215		6,403,773
United Utilities Group PLC		34,454		425,223
Vodafone Group PLC		1,328,026		1,469,995
Whitbread PLC		9,784		304,710
WPP PLC		55,081		574,641
(Cost $125,822,204)				106,860,149
TOTAL COMMON STOCKS (Cost $518,869,520)				467,538,113
PREFERRED STOCKS — 0.8%
Germany — 0.8%
Bayerische Motoren Werke AG		2,711		233,161
Dr Ing hc F Porsche AG*		5,790		655,528
Henkel AG & Co. KGaA		8,842		629,716
Porsche Automobil Holding SE		7,727		469,096
Sartorius AG		1,197		443,931
Volkswagen AG		9,527		1,386,941
(Cost $4,933,891)				3,818,373

	Number of Shares		Value
RIGHTS — 0.0%
Switzerland — 0.0%
Credit Suisse Group AG* (a), expires 12/13/22 (Cost $0)		136,938	$	12,735
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		48,882		43,393
EXCHANGE-TRADED FUNDS — 0.4%
iShares Currency Hedged MSCI Eurozone ETF		34,236		1,191,071
iShares Currency Hedged MSCI United Kingdom ETF		15,800		402,677
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,584,689)			1,593,748
SECURITIES LENDING COLLATERAL — 0.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d) (Cost $4,340,635)		4,340,635		4,340,635
CASH EQUIVALENTS — 0.1%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (c) (Cost $649,489)		649,489		649,230
TOTAL INVESTMENTS — 99.5% (Cost $530,378,224)			$	477,996,227
Other assets and liabilities, net — 0.5%				2,242,777
NET ASSETS — 100.0%			$	480,239,004

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG (b)
	1,228,546		85,686		(154,538	)		(78,726	)		24,045		—		—		104,910		1,105,013
SECURITIES LENDING COLLATERAL — 0.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
	21,303,043		—		(16,962,408	)(e)		—			—		41,429		—		4,340,635		4,340,635
CASH EQUIVALENTS — 0.1%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (c)
	641,141		7,963		—			—			126		8,032		—		649,489		649,230
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
	—		132,632,237		(132,632,237	)		—			—		130,327		—		—		—
	23,172,730		132,725,886		(149,749,183	)		(78,726	)		24,171		179,788		—		5,095,034		6,094,878

* 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, 2022 amounted to $14,569,093, which is 3.0% of net assets.

See Notes to Financial Statements. 63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

(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 $10,986,459.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

CVA: Credit Valuation Adjustment

REIT: Real Estate Investment Trust

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

Securities are listed in country of domicile.

At November 30, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
AMSTERDAM Index Futures	EUR	9	$	1,335,621	$	1,357,328		12/16/2022	$	21,707
CAC40 10 EURO Futures	EUR	39		2,699,459		2,733,902		12/16/2022		34,443
DAX Index Futures	EUR	6		2,226,265		2,250,507		12/16/2022		24,242
FTSE 100 Index Futures	GBP	41		3,645,178		3,755,067		12/16/2022		109,889
FTSE/MIB Index Futures	EUR	4		492,201		512,662		12/16/2022		20,461
IBEX 35 Index Futures	EUR	6		509,829		521,628		12/16/2022		11,799
OMXS30 Index Futures	SEK	43		855,123		860,565		12/16/2022		5,442
SWISS MKT IX Futures	EUR	19		2,219,260		2,241,247		12/16/2022		21,987
Total unrealized appreciation									$	249,970

As of November 30, 2022, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	CHF	22,980,400	USD	23,036,840	$	—	$	(1,248,919	)
Goldman Sachs & Co.	12/2/2022	CHF	3,274,000	USD	3,281,992		—		(177,982	)
JP Morgan & Chase Co.	12/2/2022	CHF	25,433,122	USD	25,495,458		—		(1,382,345	)
RBC Capital Markets	12/2/2022	CHF	22,338,517	USD	22,393,493		—		(1,213,922	)
Goldman Sachs & Co.	12/2/2022	DKK	9,953,000	USD	1,324,231		—		(68,352	)
Goldman Sachs & Co.	12/2/2022	DKK	42,792,200	USD	5,693,708		—		(293,602	)
JP Morgan & Chase Co.	12/2/2022	DKK	48,671,542	USD	6,475,810		—		(334,113	)
RBC Capital Markets	12/2/2022	DKK	44,279,200	USD	5,891,560		—		(303,804	)
Goldman Sachs & Co.	12/2/2022	EUR	66,469,300	USD	65,833,189		—		(3,334,804	)
JP Morgan & Chase Co.	12/2/2022	EUR	74,451,623	USD	73,739,121		—		(3,735,282	)
RBC Capital Markets	12/2/2022	EUR	16,803,000	USD	16,641,742		—		(843,470	)
RBC Capital Markets	12/2/2022	EUR	66,068,073	USD	65,435,471		—		(3,315,005	)
Goldman Sachs & Co.	12/2/2022	GBP	32,833,454	USD	37,832,019		—		(1,740,520	)
JP Morgan & Chase Co.	12/2/2022	GBP	1,171,000	USD	1,349,298		—		(62,051	)
JP Morgan & Chase Co.	12/2/2022	GBP	28,634,350	USD	32,994,502		—		(1,517,064	)
RBC Capital Markets	12/2/2022	GBP	31,926,420	USD	36,787,696		—		(1,691,639	)
Goldman Sachs & Co.	12/2/2022	NOK	18,455,000	USD	1,776,680		—		(97,323	)
JP Morgan & Chase Co.	12/2/2022	NOK	20,041,891	USD	1,929,452		—		(105,692	)
RBC Capital Markets	12/2/2022	NOK	3,026,000	USD	291,288		—		(15,986	)
RBC Capital Markets	12/2/2022	NOK	18,440,700	USD	1,775,304		—		(97,248	)
Goldman Sachs & Co.	12/2/2022	SEK	84,204,550	USD	7,634,519		—		(383,549	)
JP Morgan & Chase Co.	12/2/2022	SEK	85,435,136	USD	7,746,092		—		(389,154	)
RBC Capital Markets	12/2/2022	SEK	20,559,000	USD	1,863,984		—		(93,672	)
RBC Capital Markets	12/2/2022	SEK	78,710,500	USD	7,136,394		—		(358,524	)
Goldman Sachs & Co.	12/2/2022	USD	578,156	CHF	550,000		3,086		—
Goldman Sachs & Co.	12/2/2022	USD	806,367	CHF	768,400		5,681		—
Goldman Sachs & Co.	12/2/2022	USD	26,172,658	CHF	24,936,000		179,786		—
JP Morgan & Chase Co.	12/2/2022	USD	25,539,881	CHF	24,333,122		175,439		—
JP Morgan & Chase Co.	12/2/2022	USD	1,147,915	CHF	1,100,000		14,568		—
RBC Capital Markets	12/2/2022	USD	23,446,357	CHF	22,338,517		161,058		—
Goldman Sachs & Co.	12/2/2022	USD	210,086	DKK	1,512,400		1,522		—

See Notes to Financial Statements. 64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	USD	180,994	DKK	1,300,000	$	896	$	—
Goldman Sachs & Co.	12/2/2022	USD	6,912,358	DKK	49,932,800		74,035		—
JP Morgan & Chase Co.	12/2/2022	USD	275,654	DKK	2,000,000		4,178		—
JP Morgan & Chase Co.	12/2/2022	USD	6,460,892	DKK	46,671,542		69,200		—
RBC Capital Markets	12/2/2022	USD	6,129,712	DKK	44,279,200		65,653		—
Goldman Sachs & Co.	12/2/2022	USD	68,440,115	EUR	66,469,300		727,878		—
JP Morgan & Chase Co.	12/2/2022	USD	73,158,304	EUR	71,051,623		778,057		—
JP Morgan & Chase Co.	12/2/2022	USD	3,485,139	EUR	3,400,000		52,903		—
RBC Capital Markets	12/2/2022	USD	2,399,950	EUR	2,323,100		17,469		—
RBC Capital Markets	12/2/2022	USD	81,082,850	EUR	78,747,973		862,337		—
RBC Capital Markets	12/2/2022	USD	1,864,111	EUR	1,800,000		8,971		—
Goldman Sachs & Co.	12/2/2022	USD	952,240	GBP	800,000		11,960		—
Goldman Sachs & Co.	12/2/2022	USD	1,166,668	GBP	981,600		16,406		—
Goldman Sachs & Co.	12/2/2022	USD	36,979,653	GBP	31,051,854		445,611		—
JP Morgan & Chase Co.	12/2/2022	USD	33,827,931	GBP	28,405,350		407,633		—
JP Morgan & Chase Co.	12/2/2022	USD	1,654,964	GBP	1,400,000		32,387		—
RBC Capital Markets	12/2/2022	USD	38,021,174	GBP	31,926,420		458,162		—
Goldman Sachs & Co.	12/2/2022	USD	1,850,840	NOK	18,455,000		23,164		—
JP Morgan & Chase Co.	12/2/2022	USD	2,009,988	NOK	20,041,891		25,156		—
RBC Capital Markets	12/2/2022	USD	61,088	NOK	622,500		2,123		—
RBC Capital Markets	12/2/2022	USD	2,020,248	NOK	20,144,200		25,284		—
RBC Capital Markets	12/2/2022	USD	68,786	NOK	700,000		2,295		—
Goldman Sachs & Co.	12/2/2022	USD	7,896,299	SEK	84,204,550		121,770		—
JP Morgan & Chase Co.	12/2/2022	USD	7,674,106	SEK	81,835,136		118,343		—
JP Morgan & Chase Co.	12/2/2022	USD	336,256	SEK	3,600,000		6,541		—
RBC Capital Markets	12/2/2022	USD	8,794,060	SEK	93,778,100		135,614		—
RBC Capital Markets	12/2/2022	USD	254,638	SEK	2,700,000		2,460		—
RBC Capital Markets	12/2/2022	USD	262,555	SEK	2,791,400		3,246		—
Goldman Sachs & Co.	1/3/2023	DKK	49,932,800	USD	6,932,271		—		(76,724	)
JP Morgan & Chase Co.	1/3/2023	DKK	46,671,542	USD	6,479,504		—		(71,713	)
RBC Capital Markets	1/3/2023	DKK	7,533,000	USD	1,045,672		—		(11,724	)
RBC Capital Markets	1/3/2023	DKK	44,279,200	USD	6,147,157		—		(68,250	)
Goldman Sachs & Co.	1/3/2023	EUR	15,952,000	USD	16,471,317		—		(179,999	)
Goldman Sachs & Co.	1/3/2023	EUR	66,469,300	USD	68,634,205		—		(749,029	)
JP Morgan & Chase Co.	1/3/2023	EUR	71,051,623	USD	73,365,774		—		(800,667	)
RBC Capital Markets	1/3/2023	EUR	78,747,973	USD	81,311,613		—		(888,576	)
Goldman Sachs & Co.	1/3/2023	NOK	18,455,000	USD	1,853,014		—		(23,513	)
JP Morgan & Chase Co.	1/3/2023	NOK	20,041,891	USD	2,012,329		—		(25,555	)
RBC Capital Markets	1/3/2023	NOK	20,144,200	USD	2,022,622		—		(25,665	)
Goldman Sachs & Co.	1/3/2023	SEK	84,204,550	USD	7,916,119		—		(124,155	)
JP Morgan & Chase Co.	1/3/2023	SEK	81,835,136	USD	7,693,297		—		(120,733	)
JP Morgan & Chase Co.	1/3/2023	SEK	14,440,000	USD	1,357,513		—		(21,291	)
RBC Capital Markets	1/3/2023	SEK	93,778,100	USD	8,815,720		—		(138,685	)
RBC Capital Markets	1/3/2023	USD	582,638	DKK	4,151,500		102		—
Goldman Sachs & Co.	1/3/2023	USD	6,779,237	EUR	6,495,700		1,226		—
RBC Capital Markets	1/3/2023	USD	166,782	NOK	1,640,300		6		—
JP Morgan & Chase Co.	1/3/2023	USD	732,357	SEK	7,671,500		156		—
Goldman Sachs & Co.	1/4/2023	CHF	865,000	USD	911,996		—		(6,717	)
Goldman Sachs & Co.	1/4/2023	CHF	24,936,000	USD	26,291,179		—		(193,248	)
JP Morgan & Chase Co.	1/4/2023	CHF	24,333,122	USD	25,655,537		—		(188,576	)
RBC Capital Markets	1/4/2023	CHF	22,338,517	USD	23,552,408		—		(173,242	)
Goldman Sachs & Co.	1/4/2023	GBP	31,051,854	USD	37,026,852		—		(450,473	)
JP Morgan & Chase Co.	1/4/2023	GBP	28,405,350	USD	33,870,994		—		(412,194	)
JP Morgan & Chase Co.	1/4/2023	GBP	4,046,000	USD	4,823,852		—		(59,376	)
RBC Capital Markets	1/4/2023	GBP	31,926,420	USD	38,069,702		—		(463,161	)
Goldman Sachs & Co.	1/4/2023	USD	2,152,017	CHF	2,027,200		1,064		—
JP Morgan & Chase Co.	1/4/2023	USD	3,221,592	GBP	2,669,400		179		—
Total unrealized appreciation (depreciation)						$	5,043,605	$	(28,077,288	)

See Notes to Financial Statements. 65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (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

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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	467,538,113	$	—		$	—	$	467,538,113
Preferred Stocks		3,818,373		—			—		3,818,373
Rights		12,735		—			—		12,735
Warrants		43,393		—			—		43,393
Exchange-Traded Funds		1,593,748		—			—		1,593,748
Short-Term Investments (a)		4,989,865		—			—		4,989,865
Derivatives (b)
Forward Foreign Currency Contracts		—		5,043,605			—		5,043,605
Futures Contracts		249,970		—			—		249,970
TOTAL	$	478,246,197	$	5,043,605		$	—	$	483,289,802
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(28,077,288	)	$	—	$	(28,077,288	)
TOTAL	$	—	$	(28,077,288	)	$	—	$	(28,077,288	)

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

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

See Notes to Financial Statements. 66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.1%
Austria — 1.0%
Agrana Beteiligungs AG		33	$	532
ANDRITZ AG		148		8,001
AT&S Austria Technologie & Systemtechnik AG		45		1,620
BAWAG Group AG, 144A*		178		9,143
CA Immobilien Anlagen AG		107		3,530
DO & CO AG*		9		830
Erste Group Bank AG		721		22,208
EVN AG		69		1,269
IMMOFINANZ AG*		69		882
Kontron AG (a)		80		1,282
Lenzing AG		27		1,829
Oesterreichische Post AG		75		2,490
OMV AG		305		15,920
Palfinger AG		27		705
Porr AG		15		202
Raiffeisen Bank International AG*		288		4,504
Schoeller-Bleckmann Oilfield Equipment AG		27		1,821
Semperit AG Holding		20		407
Strabag SE		44		1,831
UNIQA Insurance Group AG		252		1,870
Verbund AG		140		12,536
Vienna Insurance Group AG Wiener Versicherung Gruppe		69		1,601
voestalpine AG		262		7,078
Wienerberger AG		260		6,813
(Cost $115,854)				108,904
Belgium — 3.0%
Ackermans & van Haaren NV		52		8,171
Aedifica SA REIT		84		6,551
Ageas SA/NV		345		13,811
AGFA-Gevaert NV*		322		931
Anheuser-Busch InBev SA/NV		1,849		107,844
Barco NV		163		3,684
Bekaert SA		63		2,215
bpost SA		176		1,005
Cofinimmo SA REIT		64		5,521
Deme Group NV*		15		1,837
D’ieteren Group		57		10,718
Econocom Group SA/NV		224		656
Elia Group SA/NV		73		10,331
Etablissements Franz Colruyt NV		133		3,485
Euronav NV*		357		6,914
Fagron		140		1,824
Galapagos NV*		106		4,204
Groupe Bruxelles Lambert NV		209		16,664
Immobel SA		9		451
Intervest Offices & Warehouses NV REIT (b)		39		832
Ion Beam Applications		39		584
KBC Ancora		69		2,836
KBC Group NV		539		29,581
Kinepolis Group NV*		27		1,022
Melexis NV		52		4,478

	Number of Shares		Value
Belgium (Continued)
Mithra Pharmaceuticals SA*		24	$	113
Montea NV REIT		21		1,385
Ontex Group NV*		140		931
Proximus SADP		348		3,621
Recticel SA		86		1,335
Retail Estates NV REIT		21		1,318
Sofina SA		32		6,846
Solvay SA		153		14,947
Telenet Group Holding NV		86		1,356
Tessenderlo Group SA*		39		1,295
UCB SA		275		21,972
Umicore SA		456		16,228
Van de Velde NV		9		303
VGP NV (a)		26		2,075
Warehouses De Pauw CVA REIT		338		8,899
X-Fab Silicon Foundries SE, 144A*		92		616
Xior Student Housing NV REIT		63		1,790
(Cost $493,441)				331,180
Finland — 3.6%
Aktia Bank OYJ		80		839
Anora Group OYJ		69		531
Cargotec OYJ, Class B		81		3,329
Caverion OYJ		230		1,666
Citycon OYJ* (a)		134		901
Elisa OYJ		311		16,104
Finnair OYJ* (a)		978		457
Fortum OYJ		934		14,788
F-Secure OYJ*		152		481
Huhtamaki OYJ		218		7,958
Kemira OYJ		260		3,758
Kempower OYJ*		55		1,399
Kesko OYJ, Class B		558		11,898
Kojamo OYJ		275		4,086
Kone OYJ, Class B		714		35,299
Konecranes OYJ		145		4,229
Marimekko OYJ		56		530
Metsa Board OYJ, Class B		428		3,784
Metso Outotec OYJ		1,410		13,129
Musti Group OYJ*		48		762
Neste OYJ		895		45,952
Nokia OYJ		11,464		55,508
Nokian Renkaat OYJ		248		2,692
Oriola OYJ, Class B		200		373
Orion OYJ, Class B		225		11,880
Outokumpu OYJ		893		4,437
Puuilo OYJ (a)		78		450
QT Group OYJ*		31		1,457
Revenio Group OYJ		45		1,902
Rovio Entertainment OYJ, 144A		92		562
Sampo OYJ, Class A		1,008		50,915
Sanoma OYJ		192		2,250
Stora Enso OYJ, Class R		1,144		16,637
Talenom OYJ		37		368
TietoEVRY OYJ		172		4,639
Tokmanni Group Corp.		104		1,420
UPM-Kymmene OYJ		1,128		41,048

See Notes to Financial Statements. 67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Finland (Continued)
Uponor OYJ		161	$	2,456
Valmet OYJ (a)		359		9,160
Wartsila OYJ Abp		1,020		8,744
YIT OYJ		242		672
(Cost $404,507)				389,450
France — 33.7%
AB Science SA*		45		410
ABC arbitrage		39		271
Accor SA*		362		9,500
Aeroports de Paris*		63		9,621
Air France-KLM* (a)		2,322		3,099
Air Liquide SA		1,114		160,229
Airbus SE		1,252		142,269
AKWEL		15		257
ALD SA, 144A		206		2,056
Alstom SA (a)		665		17,203
Altarea SCA REIT		6		845
Alten SA		64		7,959
Amundi SA, 144A		128		7,126
Antin Infrastructure Partners SA (a)		72		1,669
Arkema SA		121		10,592
Atos SE* (a)		198		2,065
Aubay		9		467
AXA SA		3,954		111,175
Believe SA*		39		459
Beneteau SA		51		574
BioMerieux		90		8,996
BNP Paribas SA		2,351		130,714
Boiron SA		9		423
Bollore SE		1,885		10,514
Bonduelle SCA		21		269
Bouygues SA		507		15,595
Bureau Veritas SA		653		17,001
Capgemini SE		349		62,102
Carmila SA REIT*		106		1,511
Carrefour SA		1,252		21,399
Casino Guichard Perrachon SA* (a)		69		765
CGG SA* (a)		1,341		920
Chargeurs SA		33		438
Cie de Saint-Gobain		1,047		47,661
Cie des Alpes*		16		233
Cie Generale des Etablissements Michelin SCA		1,430		39,768
Cie Plastic Omnium SA		104		1,605
Coface SA		265		3,224
Covivio REIT		99		5,697
Credit Agricole SA		2,547		25,470
Danone SA		1,356		70,666
Dassault Aviation SA		51		8,024
Dassault Systemes SE		1,418		51,770
Derichebourg SA		209		1,110
Edenred		540		29,490
Eiffage SA		175		17,107
Electricite de France SA		1,220		15,234
Elior Group SA, 144A*		188		567
Elis SA		403		5,242

	Number of Shares		Value
France (Continued)
Engie SA		3,867	$	58,429
Equasens		14		1,145
Eramet SA		26		2,183
Esker SA (a)		9		1,413
EssilorLuxottica SA		616		113,651
Etablissements Maurel et Prom SA		202		867
Eurazeo SE		90		5,605
Euroapi SA*		99		1,761
Eutelsat Communications SA (a)		320		2,532
Faurecia SE*		369		6,050
Fnac Darty SA		27		990
Gaztransport Et Technigaz SA		55		6,828
Gecina SA REIT		100		9,704
Getlink SE		978		16,115
Hermes International		67		107,543
ICADE REIT		75		3,077
ID Logistics Group*		5		1,415
Imerys SA		63		2,469
Interparfums SA		39		2,192
Ipsen SA		79		8,813
IPSOS		82		4,659
JCDecaux SE*		113		2,034
Kaufman & Broad SA		23		616
Kering SA		158		93,289
Klepierre SA REIT*		443		10,132
Korian SA		150		1,495
La Francaise des Jeux SAEM, 144A		238		9,466
Legrand SA		563		45,392
LISI		30		634
L’Oreal SA		511		188,664
LVMH Moet Hennessy Louis Vuitton SE		589		451,901
Maisons du Monde SA, 144A		75		921
Manitou BF SA		15		341
McPhy Energy SA* (a)		36		508
Mercialys SA REIT		133		1,270
Mersen SA		33		1,264
Metropole Television SA		45		643
Neoen SA, 144A		98		3,924
Nexans SA		47		4,113
Nexity SA (a)		75		1,875
Orange SA		4,211		42,803
Orpea SA* (a)		128		870
Pernod Ricard SA (a)		436		85,727
PEUGEOT INVEST		9		831
Publicis Groupe SA		487		31,623
Quadient SA		63		953
Remy Cointreau SA		48		8,232
Renault SA*		408		14,779
Rexel SA*		513		9,315
Rubis SCA		168		4,231
Safran SA		724		88,464
Sanofi		2,427		218,409
Sartorius Stedim Biotech		58		19,513
Schneider Electric SE		1,147		165,811
SCOR SE		326		6,189
SEB SA		50		3,913
SES-imagotag SA*		9		1,229

See Notes to Financial Statements. 68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
France (Continued)
SMCP SA, 144A*		69	$	487
Societe BIC SA		45		2,964
Societe Generale SA		1,713		42,763
Sodexo SA		186		17,749
SOITEC*		60		9,587
Somfy SA		18		2,690
Sopra Steria Group SACA		30		4,495
SPIE SA		283		6,950
Technicolor Creative Studios SA* (a)		354		108
Technip Energies NV		284		4,460
Teleperformance		126		28,242
Television Francaise 1		74		553
Thales SA		230		29,235
TotalEnergies SE		5,303		332,809
Trigano SA		21		2,609
Ubisoft Entertainment SA*		211		5,836
Unibail-Rodamco-Westfield REIT*		261		13,754
Valeo		470		8,681
Vallourec SA*		328		3,787
Valneva SE* (a)		209		1,362
Veolia Environnement SA		1,434		36,679
Verallia SA, 144A		140		4,242
Vicat SA		38		909
Vilmorin & Cie SA		15		766
Vinci SA		1,137		114,317
Virbac SA		8		2,027
Vivendi SE		1,490		13,303
Voltalia SA* (a)		42		809
Wavestone		25		1,150
Wendel SE		59		5,430
Worldline SA, 144A*		503		23,528
(Cost $3,444,878)				3,682,457
Germany — 23.1%
1&1 AG		78		1,118
Aareal Bank AG*		133		4,512
About You Holding SE*		69		419
Adesso SE		5		706
adidas AG		366		46,564
AIXTRON SE		230		7,434
Allianz SE		864		183,727
Amadeus Fire AG		9		1,062
Atoss Software AG		8		1,207
AURELIUS Equity Opportunities SE & Co. KGaA		75		1,525
Aurubis AG		68		5,365
Auto1 Group SE, 144A*		178		1,528
BASF SE		1,945		98,193
Basler AG		15		529
Bayer AG		2,081		119,925
Bayerische Motoren Werke AG		701		62,960
BayWa AG		24		1,156
Bechtle AG		174		6,223
Beiersdorf AG		212		22,932
Bertrandt AG		9		327
Bilfinger SE		80		2,273
Borussia Dortmund GmbH & Co. KGaA*		145		535

	Number of Shares		Value
Germany (Continued)
Brenntag SE		328	$	20,472
CANCOM SE		72		2,138
Carl Zeiss Meditec AG		84		11,289
CECONOMY AG		324		753
Cewe Stiftung & Co. KGaA		9		898
Commerzbank AG*		2,208		18,395
CompuGroup Medical SE & Co. KGaA		46		1,717
Continental AG		234		13,948
Covestro AG, 144A		409		16,245
CropEnergies AG		86		1,299
CTS Eventim AG & Co. KGaA*		123		7,603
CureVac NV*		116		827
Daimler Truck Holding AG*		957		31,240
Datagroup SE		9		651
Delivery Hero SE, 144A* (a)		359		15,305
Dermapharm Holding SE		33		1,429
Deutsche Bank AG (c)		4,341		45,724
Deutsche Beteiligungs AG		27		820
Deutsche Boerse AG		403		73,766
Deutsche EuroShop AG		41		908
Deutsche Lufthansa AG*		1,265		10,079
Deutsche Pfandbriefbank AG, 144A		254		2,001
Deutsche Post AG		2,102		82,747
Deutsche Telekom AG		6,868		138,692
Deutz AG		218		980
DIC Asset AG		91		711
Draegerwerk AG & Co. KGaA		3		120
Duerr AG		92		3,086
E.ON SE		4,771		45,298
Eckert & Ziegler Strahlen- und Medizintechnik AG		27		1,507
Einhell Germany AG		3		416
Elmos Semiconductor SE		16		994
ElringKlinger AG		51		390
Encavis AG		262		5,390
Energiekontor AG		12		1,089
Evonik Industries AG		451		8,788
Evotec SE*		302		5,328
Fielmann AG		63		2,281
flatexDEGIRO AG*		134		1,414
Fraport AG Frankfurt Airport Services Worldwide*		75		3,233
Freenet AG		242		5,344
Fresenius Medical Care AG & Co. KGaA		453		14,010
Fresenius SE & Co. KGaA		880		24,322
GEA Group AG		314		12,704
Gerresheimer AG		70		5,113
GFT Technologies SE		33		1,233
GRENKE AG		52		1,118
Hamborner REIT AG REIT		154		1,163
Hamburger Hafen und Logistik AG		45		544
Hannover Rueck SE		127		24,000
HeidelbergCement AG		303		16,434
Heidelberger Druckmaschinen AG*		492		847
HelloFresh SE*		337		8,199
Henkel AG & Co. KGaA		230		15,246
Hensoldt AG		75		1,725

See Notes to Financial Statements. 69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Germany (Continued)
HOCHTIEF AG		45	$	2,582
Hornbach Holding AG & Co. KGaA		17		1,337
HUGO BOSS AG		116		6,443
Hypoport SE*		7		758
Indus Holding AG		65		1,529
Infineon Technologies AG		2,764		90,658
Instone Real Estate Group SE, 144A		83		733
Jenoptik AG		94		2,588
JOST Werke AG, 144A		23		1,271
K+S AG		394		8,598
KION Group AG		153		4,294
Kloeckner & Co. SE		128		1,205
Knorr-Bremse AG		150		8,466
Krones AG		27		3,040
KWS Saat SE & Co. KGaA		27		1,849
LANXESS AG		178		7,039
LEG Immobilien SE		151		9,538
MBB SE		3		307
Medios AG*		50		1,046
Mercedes-Benz Group AG		1,696		113,657
Merck KGaA		275		49,735
METRO AG*		337		2,983
MLP SE		110		607
MorphoSys AG*		57		923
MTU Aero Engines AG		113		23,565
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		296		92,775
Nagarro SE*		15		1,708
Nemetschek SE		120		5,819
Nordex SE*		268		3,352
Norma Group SE		90		1,564
OHB SE		9		325
PATRIZIA SE		80		783
Pfeiffer Vacuum Technology AG		9		1,630
PNE AG		66		1,508
ProSiebenSat.1 Media SE		418		3,775
Puma SE		237		12,010
PVA TePla AG*		37		698
Rational AG		11		6,782
Rheinmetall AG		94		19,015
RWE AG		1,367		59,745
Salzgitter AG (a)		62		1,788
SAP SE		2,212		240,447
Scout24 SE, 144A		185		10,003
Secunet Security Networks AG		3		684
SGL Carbon SE* (a)		86		668
Siemens AG		1,624		221,753
Siemens Energy AG (a)		906		14,905
Siemens Healthineers AG, 144A		601		31,683
Siltronic AG		34		2,770
Sixt SE		27		2,583
SMA Solar Technology AG*		21		1,378
Software AG		121		3,070
Stabilus SE		64		4,082
Steico SE		14		664
STRATEC SE		14		1,206
Stroeer SE & Co. KGaA		77		3,510

	Number of Shares		Value
Germany (Continued)
Suedzucker AG		124	$	1,815
SUSE SA*		109		2,122
Symrise AG		283		32,085
Synlab AG		163		2,286
TAG Immobilien AG		427		2,533
Takkt AG		57		795
TeamViewer AG, 144A*		311		3,979
Telefonica Deutschland Holding AG		2,219		5,283
thyssenkrupp AG*		944		5,224
Uniper SE		204		926
United Internet AG		206		4,326
Varta AG (a)		49		1,429
VERBIO Vereinigte BioEnergie AG		45		3,517
Vitesco Technologies Group AG*		39		2,049
Volkswagen AG		61		11,619
Vonovia SE		1,521		37,179
Vossloh AG		20		872
Wacker Neuson SE		51		898
Wuestenrot & Wuerttembergische AG		33		521
Zalando SE, 144A*		460		14,236
(Cost $3,052,557)				2,513,321
Ireland — 2.2%
AerCap Holdings NV*		284		17,438
AIB Group PLC		2,201		7,086
Bank of Ireland Group PLC		2,170		17,631
Cairn Homes PLC		1,607		1,544
CRH PLC		1,602		63,364
Dalata Hotel Group PLC*		562		2,018
Flutter Entertainment PLC*		354		51,848
Glanbia PLC		451		5,435
Glenveagh Properties PLC, 144A*		1,310		1,262
Irish Residential Properties REIT PLC REIT		982		1,147
Kerry Group PLC, Class A		339		31,939
Kingspan Group PLC		321		17,851
Origin Enterprises PLC		224		910
Smurfit Kappa Group PLC		529		18,843
Uniphar PLC		412		1,528
(Cost $249,142)				239,844
Italy — 7.1%
A2A SpA		2,984		3,965
ACEA SpA		93		1,273
AMCO — Asset Management Co SpA, Class B* (b)		13		0
Amplifon SpA		260		7,264
Anima Holding SpA, 144A		492		1,859
Antares Vision SpA*		92		841
Ariston Holding NV		199		2,017
Arnoldo Mondadori Editore SpA		167		318
Ascopiave SpA		87		224
Assicurazioni Generali SpA		2,326		41,002
Atlantia SpA		1,081		25,794
Autogrill SpA*		414		2,774
Azimut Holding SpA		208		4,210
Banca Generali SpA		119		3,990
Banca IFIS SpA		99		1,353

See Notes to Financial Statements. 70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Italy (Continued)
Banca Mediolanum SpA		445	$	3,731
Banca Monte dei Paschi di Siena SpA*		1,113		2,181
Banca Popolare di Sondrio SpA		1,070		4,280
Banco BPM SpA		3,238		11,160
BFF Bank SpA, 144A		284		2,205
Biesse SpA		21		275
BPER Banca		2,373		4,870
Brembo SpA		356		4,138
Brunello Cucinelli SpA		67		4,385
Buzzi Unicem SpA		227		4,344
Carel Industries SpA, 144A		75		1,854
Cementir Holding NV		45		296
CIR SpA-Compagnie Industriali*		1,353		603
Credito Emiliano SpA		162		1,138
Danieli & C Officine Meccaniche SpA		21		464
Danieli & C Officine Meccaniche SpA-RSP		57		881
Datalogic SpA		33		290
Davide Campari-Milano NV		1,170		12,205
De’ Longhi SpA		167		3,708
DiaSorin SpA		55		7,266
Digital Bros SpA		14		324
Digital Value SpA*		6		445
doValue SpA, 144A		160		1,145
El.En. SpA		131		1,960
Enav SpA, 144A		527		2,321
Enel SpA		17,181		91,788
Eni SpA		5,262		78,433
ERG SpA		139		4,377
Esprinet SpA		98		712
Ferrari NV		266		58,654
Fila SpA		39		277
Fincantieri SpA*		875		504
FinecoBank Banca Fineco SpA		1,292		20,758
Gruppo MutuiOnline SpA		75		2,096
GVS SpA, 144A*		122		422
Hera SpA		1,884		5,174
Illimity Bank SpA*		113		882
Infrastrutture Wireless Italiane SpA, 144A		674		6,662
Interpump Group SpA		153		6,766
Intesa Sanpaolo SpA		35,318		77,988
Iren SpA		1,568		2,571
Italgas SpA		1,134		6,614
Italmobiliare SpA		27		721
Iveco Group NV*		486		3,248
Juventus Football Club SpA* (a)		1,671		476
Leonardo SpA		838		6,683
Maire Tecnimont SpA		212		669
MARR SpA		63		746
Mediobanca Banca di Credito Finanziario SpA		1,312		12,580
MFE-MediaForEurope NV, Class A		451		189
MFE-MediaForEurope NV, Class B		451		264
Moncler SpA		432		22,050
Nexi SpA, 144A*		1,200		10,494
OVS SpA, 144A		409		923
Pharmanutra SpA		8		530
Piaggio & C SpA		301		874

	Number of Shares		Value
Italy (Continued)
Pirelli & C SpA, 144A		704	$	3,106
Poste Italiane SpA, 144A		1,113		10,871
Prysmian SpA		539		18,734
RAI Way SpA, 144A		187		1,021
Recordati Industria Chimica e Farmaceutica SpA		218		9,219
Reply SpA		45		5,282
Safilo Group SpA*		681		1,091
Saipem SpA*		2,498		2,664
Salcef Group SpA		30		541
Salvatore Ferragamo SpA		138		2,443
Sanlorenzo SpA		23		838
Saras SpA*		1,030		1,252
Seco SpA*		63		388
Sesa SpA		15		1,850
Snam SpA		4,207		21,311
SOL SpA		69		1,337
Tamburi Investment Partners SpA		307		2,422
Technogym SpA, 144A		366		2,809
Technoprobe SpA*		272		2,102
Telecom Italia SpA* (a)		21,207		4,550
Terna — Rete Elettrica Nazionale		2,918		22,197
Tinexta SpA		51		1,207
UniCredit SpA		4,067		55,119
Unipol Gruppo SpA		798		4,064
Webuild SpA (a)		710		1,115
Wiit SpA		65		1,171
Zignago Vetro SpA		105		1,530
(Cost $850,379)				778,712
Luxembourg — 0.8%
APERAM SA		98		3,039
ArcelorMittal SA		1,099		29,517
Aroundtown SA		2,226		5,316
B&S Group SARL, 144A		45		241
Befesa SA, 144A		94		3,963
Eurofins Scientific SE		283		19,560
Global Fashion Group SA* (a)		133		151
Grand City Properties SA		212		2,105
SES SA		804		5,498
Shurgard Self Storage SA		50		2,172
Tenaris SA		1,030		17,915
(Cost $121,853)				89,477
Netherlands — 14.1%
Aalberts NV		211		8,256
ABN AMRO Bank NV, 144A		874		11,128
Adyen NV, 144A*		46		70,069
Aegon NV		3,809		18,486
Akzo Nobel NV		382		27,118
Alfen Beheer BV, 144A*		47		4,488
AMG Advanced Metallurgical Group NV		57		2,236
Arcadis NV		153		6,126
Argenx SE*		117		47,483
ASM International NV		100		26,952
ASML Holding NV		864		504,473
ASR Nederland NV		280		12,672

See Notes to Financial Statements. 71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Netherlands (Continued)
Basic-Fit NV, 144A* (a)		122	$	3,255
BE Semiconductor Industries NV		162		10,216
Brunel International NV		45		455
CM.com NV* (a)		36		505
Corbion NV		111		3,377
Ebusco Holding NV*		42		703
Eurocommercial Properties NV REIT		79		1,882
Euronext NV, 144A		190		14,382
EXOR NV*		229		17,891
Fastned BV* (a)		15		536
Flow Traders, 144A		57		1,314
Fugro NV*		212		3,320
Heineken Holding NV		224		16,794
Heineken NV		548		50,342
IMCD NV		119		17,243
ING Groep NV		7,975		96,183
JDE Peet’s NV		210		6,455
Just Eat Takeaway.com NV, 144A*		383		8,605
Koninklijke Ahold Delhaize NV		2,214		64,083
Koninklijke BAM Groep NV*		546		1,267
Koninklijke DSM NV		371		47,215
Koninklijke KPN NV		6,852		20,977
Koninklijke Philips NV		1,886		27,853
Koninklijke Vopak NV		143		4,204
NN Group NV		596		25,192
NSI NV REIT		34		844
OCI NV		216		9,121
Pharming Group NV*		1,005		1,280
PostNL NV		847		1,558
Prosus NV*		1,756		114,188
QIAGEN NV*		497		24,473
Randstad NV		253		14,480
SBM Offshore NV		308		4,873
Shop Apotheke Europe NV, 144A*		26		1,145
Signify NV, 144A		266		8,930
Sligro Food Group NV		45		783
Stellantis NV*		4,652		72,090
TKH Group NV		85		3,303
TomTom NV*		128		1,024
Universal Music Group NV		1,541		36,080
Van Lanschot Kempen NV		51		1,213
Vastned Retail NV REIT		27		590
Wereldhave NV REIT		69		951
Wolters Kluwer NV		556		60,866
(Cost $1,260,986)				1,541,528
Poland — 0.1%
InPost SA* (Cost $8,314)		511		3,737
Portugal — 0.6%
Altri SGPS SA		116		672
Banco Comercial Portugues SA, Class R (a)		16,255		2,583
Corticeira Amorim SGPS SA		89		825
CTT-Correios de Portugal SA (a)		230		761
EDP — Energias de Portugal SA		5,770		27,133
Galp Energia SGPS SA		1,112		13,637

	Number of Shares		Value
Portugal (Continued)
Greenvolt-Energias Renovaveis SA*		187	$	1,563
Jeronimo Martins SGPS SA		603		13,303
Navigator Co. SA		449		1,806
NOS SGPS SA		462		1,848
REN — Redes Energeticas Nacionais SGPS SA		785		2,067
Semapa-Sociedade de Investimento e Gestao		44		656
Sonae SGPS SA		2,254		2,259
(Cost $70,333)				69,113
Spain — 7.7%
Acciona SA		53		10,280
Acerinox SA		427		4,178
ACS Actividades de Construccion y Servicios SA		443		12,474
Aena SME SA, 144A*		156		20,016
Almirall SA		195		1,878
Amadeus IT Group SA*		955		50,941
Applus Services SA		367		2,416
Atresmedia Corp. de Medios de Comunicacion SA		152		530
Banco Bilbao Vizcaya Argentaria SA		12,833		74,943
Banco de Sabadell SA		11,716		10,843
Banco Santander SA		35,536		105,408
Bankinter SA (a)		1,507		9,867
CaixaBank SA		9,395		34,824
Cellnex Telecom SA, 144A*		1,149		38,978
Cia de Distribucion Integral Logista Holdings SA		167		3,927
CIE Automotive SA		125		3,161
Construcciones y Auxiliar de Ferrocarriles SA		33		960
Corp ACCIONA Energias Renovables SA		141		5,555
Distribuidora Internacional de Alimentacion SA*		23,550		338
Ebro Foods SA (a)		123		1,938
EDP Renovaveis SA		624		14,318
eDreams ODIGEO SA*		136		594
Enagas SA		504		9,036
Ence Energia y Celulosa SA		194		632
Endesa SA		655		12,064
Faes Farma SA		825		3,164
Ferrovial SA		1,019		27,145
Fluidra SA (a)		208		3,095
Gestamp Automocion SA, 144A		277		1,042
Global Dominion Access SA, 144A		182		685
Grenergy Renovables SA*		20		680
Grifols SA* (a)		621		6,562
Grupo Catalana Occidente SA		81		2,537
Iberdrola SA		12,758		143,115
Indra Sistemas SA		271		2,762
Industria de Diseno Textil SA		2,306		59,655
Inmobiliaria Colonial Socimi SA REIT		679		4,151
Laboratorios Farmaceuticos Rovi SA		34		1,289
Lar Espana Real Estate Socimi SA REIT		164		787

See Notes to Financial Statements. 72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Spain (Continued)
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		1,195	$	1,245
Mapfre SA (a)		2,028		3,837
Mediaset Espana Comunicacion SA*		73		241
Melia Hotels International SA*		194		1,051
Merlin Properties Socimi SA REIT (a)		760		7,015
Miquel y Costas & Miquel SA		60		687
Naturgy Energy Group SA (a)		321		8,945
Neinor Homes SA, 144A*		98		896
Pharma Mar SA		28		2,000
Prosegur Cash SA, 144A		917		583
Prosegur Cia de Seguridad SA		468		857
Red Electrica Corp. SA		843		14,733
Repsol SA		2,889		44,493
Sacyr SA		761		2,106
Siemens Gamesa Renewable Energy SA*		511		9,587
Solaria Energia y Medio Ambiente SA*		164		2,915
Soltec Power Holdings SA*		97		480
Talgo SA, 144A		185		602
Tecnicas Reunidas SA*		57		540
Telefonica SA		10,960		40,887
Unicaja Banco SA, 144A		3,420		3,523
Vidrala SA		41		3,396
Viscofan SA		92		5,701
(Cost $1,148,135)				843,088
Switzerland — 0.5%
STMicroelectronics NV (Cost $34,086)		1,443		54,140
United Kingdom — 0.6%
Allfunds Group PLC		541		3,918
CNH Industrial NV		2,150		34,164
Coca-Cola Europacific Partners PLC		427		22,669
(Cost $42,387)				60,751
TOTAL COMMON STOCKS (Cost $11,296,852)				10,705,702
PREFERRED STOCKS — 1.6%
Germany — 1.6%
Bayerische Motoren Werke AG		122		10,493
Dr Ing hc F Porsche AG*		241		27,285
Draegerwerk AG & Co. KGaA		26		1,170
FUCHS PETROLUB SE		147		5,085
Henkel AG & Co. KGaA		370		26,351
Jungheinrich AG		129		3,743
Porsche Automobil Holding SE		334		20,277
Sartorius AG		51		18,914
Schaeffler AG		346		2,311
Sixt SE		29		1,753
STO SE & Co. KGaA		3		488
Volkswagen AG		394		57,358
(Cost $190,221)				175,228
RIGHTS — 0.0%
Austria — 0.0%
S IMMO AG*, expires 12/31/49 (b) (Cost $0)		101		0

	Number of Shares		Value
France — 0.0%
ALD SA*, expires 12/20/22 (Cost $0)		206	$	178
TOTAL RIGHTS (Cost $0)				178
WARRANTS — 0.0%
Italy — 0.0%
Webuild SpA* (b), expires 8/2/30 (Cost $0)		38		14
Spain — 0.0%
Abengoa SA* (b), expires 3/31/25 (Cost $43)		7,125		0
TOTAL WARRANTS (Cost $43)				14
EXCHANGE-TRADED FUNDS — 0.4%
iShares Currency Hedged MSCI Eurozone ETF (a)		1,064		37,017
iShares MSCI Eurozone ETF		100		4,054
TOTAL EXCHANGE-TRADED FUNDS (Cost $37,407)				41,071
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e) (Cost $154,052)		154,052		154,052
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (d) (Cost $47,577)		47,577		47,577
TOTAL INVESTMENTS — 101.9% (Cost $11,726,152)			$	11,123,822
Other assets and liabilities, net — (1.9%)				(204,672	)
NET ASSETS — 100.0%			$	10,919,150

See Notes to Financial Statements. 73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
COMMON STOCKS — 0.5%
Germany — 0.5%
Deutsche Bank AG (c)
	53,391		3,408		(7,814	)		(2,598	)		(663	)		—		—		4,341		45,724
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e)
	999,756		—		(845,704	)(f)		—			—			1,547		—		154,052		154,052
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (d)
	22,163		713,741		(688,327	)		—			—			429		—		47,577		47,577
	1,075,310		717,149		(1,541,845	)		(2,598	)		(663	)		1,976		—		205,970		247,353

* 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, 2022 amounted to $209,581, which is 1.9% of net assets.

(b) Investment was valued using significant unobservable inputs.

(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 $66,121.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

CVA: Credit Valuation Adjustment

REIT: Real Estate Investment Trust

RSP: Risparmio (Convertible Savings Shares)

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

Securities are listed in country of domicile.

At November 30, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
EURO STOXX 50 Futures	EUR	3	$	113,625	$123,779		12/16/2022	$	10,154

As of November 30, 2022, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	EUR	3,694,600	USD	3,659,243	$	—	$	(185,360	)
JP Morgan & Chase Co.	12/2/2022	EUR	2,410,530	USD	2,387,461		—		(120,938	)
JP Morgan & Chase Co.	12/2/2022	EUR	763,000	USD	755,687		—		(38,291	)
RBC Capital Markets	12/2/2022	EUR	3,191,200	USD	3,160,644		—		(160,120	)
Goldman Sachs & Co.	12/2/2022	USD	3,804,145	EUR	3,694,600		40,458		—
JP Morgan & Chase Co.	12/2/2022	USD	3,267,625	EUR	3,173,530		34,752		—
RBC Capital Markets	12/2/2022	USD	3,285,819	EUR	3,191,200		34,946		—
Goldman Sachs & Co.	1/3/2023	EUR	3,694,600	USD	3,814,933		—		(41,634	)
JP Morgan & Chase Co.	1/3/2023	EUR	3,173,530	USD	3,276,892		—		(35,762	)
JP Morgan & Chase Co.	1/3/2023	EUR	346,000	USD	357,210		—		(3,958	)
RBC Capital Markets	1/3/2023	EUR	3,191,200	USD	3,295,090		—		(36,009	)
Total unrealized appreciation (depreciation)						$	110,156	$	(622,072	)

See Notes to Financial Statements. 74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (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

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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	10,704,870	$	—		$	832	$	10,705,702
Preferred Stocks		175,228		—			—		175,228
Rights (a)		178		—			0		178
Warrants (a)		—		—			14		14
Exchange-Traded Funds		41,071		—			—		41,071
Short-Term Investments (a)		201,629		—			—		201,629
Derivatives (b)
Forward Foreign Currency Contracts		—		110,156			—		110,156
Futures Contracts		10,154		—			—		10,154
TOTAL	$	11,133,130	$	110,156		$	846	$	11,244,132
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(622,072	)	$	—	$	(622,072	)
TOTAL	$	—	$	(622,072	)	$	—	$	(622,072	)

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

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

During the period ended November 30, 2022, the amount of transfers from Level 1 to Level 3 was $1,369. The investments were 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. 75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 92.7%
Communication Services — 6.3%
Deutsche Telekom AG		23,043	$	465,328
Scout24 SE, 144A		570		30,820
Telefonica Deutschland Holding AG		7,565		18,011
United Internet AG		713		14,973
(Cost $538,808)				529,132
Consumer Discretionary — 11.6%
adidas AG		1,229		156,358
Bayerische Motoren Werke AG		2,354		211,423
Continental AG		782		46,611
Delivery Hero SE, 144A*		1,211		51,629
Mercedes-Benz Group AG		5,705		382,319
Puma SE		751		38,059
Volkswagen AG		210		40,001
Zalando SE, 144A*		1,592		49,268
(Cost $1,479,729)				975,668
Consumer Staples — 1.8%
Beiersdorf AG		717		77,558
HelloFresh SE*		1,175		28,587
Henkel AG & Co. KGaA		739		48,986
(Cost $215,155)				155,131
Financials — 17.5%
Allianz SE		2,904		617,526
Commerzbank AG*		7,568		63,049
Deutsche Bank AG (a)		14,694		154,771
Deutsche Boerse AG		1,351		247,289
Hannover Rueck SE		429		81,070
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		996		312,175
(Cost $1,565,272)				1,475,880
Health Care — 10.9%
Bayer AG		6,985		402,535
Carl Zeiss Meditec AG		286		38,437
Fresenius Medical Care AG & Co. KGaA		1,460		45,153
Fresenius SE & Co. KGaA		3,003		82,998
Merck KGaA		919		166,207
QIAGEN NV*		1,619		79,721
Siemens Healthineers AG, 144A		2,005		105,697
(Cost $1,613,404)				920,748
Industrials — 17.9%
Brenntag SE		1,098		68,532
Daimler Truck Holding AG*		3,218		105,047
Deutsche Lufthansa AG*		4,250		33,863
Deutsche Post AG		7,047		277,412
GEA Group AG		1,077		43,574
Knorr-Bremse AG		516		29,124
MTU Aero Engines AG		380		79,244
Rational AG		36		22,196
Rheinmetall AG		310		62,711
Siemens AG		5,439		742,682
Siemens Energy AG		3,100		51,001
(Cost $1,429,602)				1,515,386

	Number of Shares		Value
Information Technology — 13.6%
Bechtle AG		603	$	21,567
Infineon Technologies AG		9,284		304,513
Nemetschek SE		411		19,930
SAP SE		7,424		806,997
(Cost $1,028,956)				1,153,007
Materials — 6.8%
BASF SE		6,530		329,665
Covestro AG, 144A		1,374		54,575
Evonik Industries AG		1,491		29,052
HeidelbergCement AG		1,030		55,863
Symrise AG		944		107,025
(Cost $942,102)				576,180
Real Estate — 2.1%
Aroundtown SA		7,264		17,348
LEG Immobilien SE		527		33,288
Vonovia SE		5,092		124,467
(Cost $344,083)				175,103
Utilities — 4.2%
E.ON SE		15,962		151,550
RWE AG		4,567		199,602
(Cost $278,053)				351,152
TOTAL COMMON STOCKS (Cost $9,435,164)				7,827,387
PREFERRED STOCKS — 6.4%
Consumer Discretionary — 4.6%
Bayerische Motoren Werke AG		422		36,294
Dr Ing hc F Porsche AG*		810		91,706
Porsche Automobil Holding SE		1,089		66,112
Volkswagen AG		1,319		192,020
(Cost $532,778)				386,132
Consumer Staples — 1.1%
Henkel AG & Co. KGaA (Cost $145,012)		1,267		90,234
Health Care — 0.7%
Sartorius AG (Cost $31,290)		173		64,161
TOTAL PREFERRED STOCKS (Cost $709,080)				540,527
EXCHANGE-TRADED FUNDS — 1.1%
iShares Currency Hedged MSCI Germany ETF (Cost $92,753)		3,400		96,968
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (b) (Cost $35,722)		35,722		35,722
TOTAL INVESTMENTS — 100.6% (Cost $10,272,719)			$	8,500,604
Other assets and liabilities, net — (0.6%)				(47,820	)
NET ASSETS — 100.0%			$	8,452,784

See Notes to Financial Statements. 76

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
COMMON STOCKS — 1.9%
Financials — 1.9%
Deutsche Bank AG (a)
	186,311		13,564		(32,429	)		(48,528	)		35,853		—		—		14,694		154,771
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (b)(c)
	15,960		—		(15,960	)(d)		—			—		43		—		—		—
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (b)
	6,428		473,823		(444,529	)		—			—		487		—		35,722		35,722
	208,699		487,387		(492,918	)		(48,528	)		35,853		530		—		50,416		190,493

* Non-income producing security.

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

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

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, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
DAX Mini Futures	EUR	1	$	70,080	$75,017		12/16/2022	$	4,937

As of November 30, 2022, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	EUR	2,281,867	USD	2,260,030	$	—	$	(114,483	)
JP Morgan & Chase Co.	12/2/2022	EUR	2,235,000	USD	2,213,611		—		(112,131	)
JP Morgan & Chase Co.	12/2/2022	EUR	598,000	USD	592,269		—		(30,010	)
RBC Capital Markets	12/2/2022	EUR	2,612,319	USD	2,587,306		—		(131,075	)
Goldman Sachs & Co.	12/2/2022	USD	2,349,524	EUR	2,281,867		24,988		—
JP Morgan & Chase Co.	12/2/2022	USD	2,916,998	EUR	2,833,000		31,023		—
RBC Capital Markets	12/2/2022	USD	2,689,774	EUR	2,612,319		28,606		—
Goldman Sachs & Co.	1/3/2023	EUR	2,281,867	USD	2,356,187		—		(25,714	)
Goldman Sachs & Co.	1/3/2023	EUR	348,000	USD	359,329		—		(3,927	)
JP Morgan & Chase Co.	1/3/2023	EUR	2,833,000	USD	2,925,271		—		(31,924	)
RBC Capital Markets	1/3/2023	EUR	2,612,319	USD	2,697,363		—		(29,477	)
Total unrealized appreciation (depreciation)						$	84,617	$	(478,741	)

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

Currency Abbreviations

EUR Euro

USD U.S. Dollar

See Notes to Financial Statements. 77

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2022 (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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	7,827,387	$	—		$	—	$	7,827,387
Preferred Stocks (a)		540,527		—			—		540,527
Exchange-Traded Funds		96,968		—			—		96,968
Short-Term Investments (a)		35,722		—			—		35,722
Derivatives (b)
Forward Foreign Currency Contracts		—		84,617			—		84,617
Futures Contracts		4,937		—			—		4,937
TOTAL	$	8,505,541	$	84,617		$	—	$	8,590,158
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(478,741	)	$	—	$	(478,741	)
TOTAL	$	—	$	(478,741	)	$	—	$	(478,741	)

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

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

See Notes to Financial Statements. 78

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.4%
Communication Services — 8.2%
Capcom Co. Ltd.		13,200	$	399,088
CyberAgent, Inc.		31,500		280,350
Dentsu Group, Inc.		16,236		517,332
Hakuhodo DY Holdings, Inc.		18,080		174,267
Kakaku.com, Inc.		9,436		165,911
KDDI Corp.		121,715		3,623,509
Koei Tecmo Holdings Co. Ltd.		8,740		150,319
Konami Group Corp.		6,864		320,608
Nexon Co. Ltd.		36,264		759,997
Nintendo Co. Ltd.		83,210		3,551,595
Nippon Telegraph & Telephone Corp.		90,952		2,516,016
SoftBank Corp.		216,100		2,343,470
SoftBank Group Corp.		90,986		3,921,708
Square Enix Holdings Co. Ltd.		6,700		300,333
Toho Co. Ltd.		8,398		321,713
Z Holdings Corp.		199,028		538,322
(Cost $20,839,159)				19,884,538
Consumer Discretionary — 18.1%
Aisin Corp.		11,323		308,720
Bandai Namco Holdings, Inc.		15,207		996,070
Bridgestone Corp.		42,807		1,601,736
Denso Corp.		32,510		1,768,992
Fast Retailing Co. Ltd.		4,389		2,568,434
Hikari Tsushin, Inc.		1,452		201,570
Honda Motor Co. Ltd.		124,045		3,014,664
Iida Group Holdings Co. Ltd.		11,566		183,679
Isuzu Motors Ltd.		43,595		566,366
Koito Manufacturing Co. Ltd.		15,544		243,702
Mazda Motor Corp.		44,504		351,610
McDonald’s Holdings Co. Japan Ltd.		6,819		252,336
Nissan Motor Co. Ltd.		169,347		602,384
Nitori Holdings Co. Ltd.		6,047		681,596
Open House Group Co. Ltd.		5,700		238,584
Oriental Land Co. Ltd.		15,025		2,145,651
Pan Pacific International Holdings Corp.		28,100		485,121
Panasonic Holdings Corp.		167,944		1,549,429
Rakuten Group, Inc.		68,438		323,630
Sekisui Chemical Co. Ltd.		27,252		380,293
Sekisui House Ltd.		45,652		848,640
Sharp Corp. (a)		17,955		126,513
Shimano, Inc.		5,584		945,426
Sony Group Corp.		95,193		7,758,688
Subaru Corp.		46,817		797,235
Sumitomo Electric Industries Ltd.		53,613		621,389
Suzuki Motor Corp.		27,989		995,800
Toyota Motor Corp.		800,165		11,649,879
USS Co. Ltd.		16,318		271,317
Yamaha Corp.		10,807		423,390
Yamaha Motor Co. Ltd.		22,624		559,497
ZOZO, Inc.		9,434		233,988
(Cost $44,838,818)				43,696,329
Consumer Staples — 6.5%
Aeon Co. Ltd.		49,802		1,018,112
Ajinomoto Co., Inc.		34,801		1,092,493

	Number of Shares		Value
Consumer Staples (Continued)
Asahi Group Holdings Ltd.		34,697	$	1,105,058
Ito En Ltd.		4,000		152,654
Japan Tobacco, Inc.		91,389		1,863,319
Kao Corp.		36,084		1,427,002
Kikkoman Corp.		11,048		617,645
Kirin Holdings Co. Ltd.		60,589		949,925
Kobayashi Pharmaceutical Co. Ltd.		3,900		240,061
Kobe Bussan Co. Ltd.		11,600		300,311
Kose Corp.		2,588		271,563
MEIJI Holdings Co. Ltd.		8,393		401,143
Nisshin Seifun Group, Inc.		13,775		161,102
Nissin Foods Holdings Co. Ltd.		4,770		362,007
Seven & i Holdings Co. Ltd.		56,702		2,290,828
Shiseido Co. Ltd.		29,807		1,251,726
Suntory Beverage & Food Ltd.		10,636		359,309
Unicharm Corp.		30,774		1,132,770
Welcia Holdings Co. Ltd.		6,700		146,528
Yakult Honsha Co. Ltd.		9,738		617,043
(Cost $17,969,797)				15,760,599
Energy — 0.8%
ENEOS Holdings, Inc.		229,937		775,948
Idemitsu Kosan Co. Ltd.		15,660		367,430
Inpex Corp.		79,044		877,503
(Cost $2,567,850)				2,020,881
Financials — 10.5%
Chiba Bank Ltd.		38,560		232,885
Concordia Financial Group Ltd.		85,938		296,853
Dai-ichi Life Holdings, Inc.		74,419		1,370,734
Daiwa Securities Group, Inc.		98,944		435,643
Japan Exchange Group, Inc.		37,332		534,067
Japan Post Bank Co. Ltd.		29,925		227,758
Japan Post Holdings Co. Ltd.		177,370		1,384,639
Japan Post Insurance Co. Ltd.		14,400		238,488
Mitsubishi HC Capital, Inc.		49,816		235,931
Mitsubishi UFJ Financial Group, Inc.		901,442		4,929,241
Mizuho Financial Group, Inc.		181,577		2,257,714
MS&AD Insurance Group Holdings, Inc.		33,889		1,006,191
Nomura Holdings, Inc.		220,377		799,064
ORIX Corp.		90,927		1,455,530
Resona Holdings, Inc.		163,476		782,398
SBI Holdings, Inc.		17,899		339,341
Shizuoka Financial Group, Inc.		33,182		241,494
Sompo Holdings, Inc.		23,775		1,043,180
Sumitomo Mitsui Financial Group, Inc.		98,372		3,328,933
Sumitomo Mitsui Trust Holdings, Inc.		25,762		822,168
T&D Holdings, Inc.		41,149		497,042
Tokio Marine Holdings, Inc.		138,213		2,829,518
(Cost $27,449,364)				25,288,812
Health Care — 9.9%
Asahi Intecc Co. Ltd.		17,500		305,924
Astellas Pharma, Inc.		137,935		2,125,611
Chugai Pharmaceutical Co. Ltd.		51,035		1,339,350
Daiichi Sankyo Co. Ltd.		132,183		4,324,736
Eisai Co. Ltd.		19,212		1,298,330
Hoya Corp.		27,186		2,768,015

See Notes to Financial Statements. 79

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Kyowa Kirin Co. Ltd.		19,760	$	454,327
M3, Inc.		33,584		1,022,672
Nippon Shinyaku Co. Ltd.		3,500		205,047
Olympus Corp.		91,676		1,862,864
Ono Pharmaceutical Co. Ltd.		27,183		692,124
Otsuka Holdings Co. Ltd.		29,500		1,001,919
Shionogi & Co. Ltd.		20,108		1,012,025
Sysmex Corp.		12,744		767,648
Takeda Pharmaceutical Co. Ltd.		112,923		3,311,885
Terumo Corp.		49,002		1,434,681
(Cost $23,290,079)				23,927,158
Industrials — 22.1%
AGC, Inc.		14,562		485,084
ANA Holdings, Inc.* (a)		12,218		260,525
Central Japan Railway Co.		10,826		1,303,761
Dai Nippon Printing Co. Ltd.		16,343		336,233
Daifuku Co. Ltd.		7,600		387,457
Daikin Industries Ltd.		18,748		3,041,849
East Japan Railway Co.		23,085		1,305,793
FANUC Corp.		14,589		2,151,531
Fuji Electric Co. Ltd.		9,906		403,155
Hankyu Hanshin Holdings, Inc.		17,140		532,483
Hitachi Construction Machinery Co. Ltd.		7,620		177,132
Hitachi Ltd.		73,034		3,860,346
Hoshizaki Corp.		7,908		265,433
ITOCHU Corp.		89,388		2,775,048
Japan Airlines Co. Ltd.*		10,454		206,900
Kajima Corp.		32,176		361,162
Keio Corp.		8,136		301,661
Keisei Electric Railway Co. Ltd.		9,984		283,057
Kintetsu Group Holdings Co. Ltd.		13,110		465,197
Komatsu Ltd.		69,237		1,593,920
Kubota Corp.		77,463		1,138,749
Kurita Water Industries Ltd.		7,842		346,413
Lixil Corp.		21,816		333,188
Makita Corp.		16,544		374,993
Marubeni Corp.		117,787		1,320,402
MINEBEA MITSUMI, Inc.		28,224		458,443
MISUMI Group, Inc.		21,220		514,787
Mitsubishi Corp.		95,291		3,177,747
Mitsubishi Electric Corp.		144,526		1,441,702
Mitsubishi Heavy Industries Ltd.		24,402		964,311
Mitsui & Co. Ltd.		107,971		3,114,262
Mitsui OSK Lines Ltd. (a)		25,800		628,699
MonotaRO Co. Ltd.		18,300		309,572
NGK Insulators Ltd.		18,864		247,394
Nidec Corp.		33,590		2,075,871
Nihon M&A Center Holdings, Inc.		22,300		297,140
NIPPON EXPRESS HOLDINGS, Inc.		5,839		342,078
Nippon Yusen KK (a)		36,536		803,533
Obayashi Corp.		47,108		349,327
Odakyu Electric Railway Co. Ltd.		21,977		286,788
Persol Holdings Co. Ltd.		13,400		305,670
Recruit Holdings Co. Ltd.		108,791		3,410,502
Secom Co. Ltd.		15,972		981,406
SG Holdings Co. Ltd.		21,300		328,547

	Number of Shares		Value
Industrials (Continued)
Shimizu Corp.		44,568	$	238,187
SMC Corp.		4,358		1,949,092
Sumitomo Corp.		85,673		1,394,071
Taisei Corp.		13,752		414,781
Tobu Railway Co. Ltd.		14,390		344,926
Tokyu Corp.		38,722		490,439
TOPPAN, Inc.		20,339		314,018
Toshiba Corp.		29,623		1,006,096
TOTO Ltd.		10,838		372,412
Toyota Industries Corp.		10,899		616,418
Toyota Tsusho Corp.		16,131		610,943
West Japan Railway Co.		16,679		704,893
Yamato Holdings Co. Ltd.		21,217		352,311
Yaskawa Electric Corp.		18,182		585,263
(Cost $54,147,481)				53,443,101
Information Technology — 13.5%
Advantest Corp. (a)		14,400		952,075
Azbil Corp.		8,600		260,012
Brother Industries Ltd.		17,122		274,517
Canon, Inc.		75,097		1,746,771
Disco Corp.		2,200		646,824
FUJIFILM Holdings Corp.		26,857		1,422,688
Fujitsu Ltd.		14,940		1,997,734
GMO Payment Gateway, Inc.		3,300		290,593
Hamamatsu Photonics KK		10,288		533,435
Hirose Electric Co. Ltd.		2,266		298,654
Ibiden Co. Ltd.		8,500		339,163
Itochu Techno-Solutions Corp.		7,500		181,946
Keyence Corp.		14,686		6,076,892
Kyocera Corp.		23,908		1,208,645
Lasertec Corp.		5,700		1,037,508
Murata Manufacturing Co. Ltd.		43,645		2,359,087
NEC Corp.		18,693		657,213
Nomura Research Institute Ltd.		25,422		551,556
NTT Data Corp.		47,640		725,174
Obic Co. Ltd.		5,262		826,891
Omron Corp.		14,117		720,111
Oracle Corp.		3,172		184,453
Otsuka Corp.		8,360		276,669
Renesas Electronics Corp.*		88,900		847,218
Ricoh Co. Ltd.		41,634		327,428
Rohm Co. Ltd.		6,712		527,375
SCSK Corp.		11,700		186,570
Seiko Epson Corp.		21,824		340,106
Shimadzu Corp.		18,436		558,060
SUMCO Corp.		25,900		379,431
TDK Corp.		29,584		1,045,477
TIS, Inc.		16,800		473,257
Tokyo Electron Ltd.		11,214		3,661,665
Trend Micro, Inc.		9,872		486,844
Yokogawa Electric Corp.		17,008		316,044
(Cost $30,646,071)				32,718,086
Materials — 4.4%
Asahi Kasei Corp.		94,584		697,959
JFE Holdings, Inc.		38,319		423,454
JSR Corp.		13,351		277,771

See Notes to Financial Statements. 80

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Mitsubishi Chemical Group Corp.		95,496	$	504,277
Mitsui Chemicals, Inc.		13,781		309,371
Nippon Paint Holdings Co. Ltd.		61,615		499,738
Nippon Sanso Holdings Corp.		13,380		220,239
Nippon Steel Corp.		61,337		973,868
Nissan Chemical Corp.		9,502		463,781
Nitto Denko Corp.		10,818		674,509
Oji Holdings Corp.		59,084		225,913
Shin-Etsu Chemical Co. Ltd.		28,231		3,591,996
Sumitomo Chemical Co. Ltd.		112,656		406,276
Sumitomo Metal Mining Co. Ltd.		18,505		622,462
Toray Industries, Inc.		107,142		573,069
Tosoh Corp.		20,100		236,239
(Cost $12,225,634)				10,700,922
Real Estate — 3.4%
Daito Trust Construction Co. Ltd.		4,751		527,086
Daiwa House Industry Co. Ltd.		44,517		1,018,388
Daiwa House REIT Investment Corp. REIT		165		367,424
GLP J REIT		318		354,638
Hulic Co. Ltd.		28,310		236,378
Japan Metropolitan Fund Invest REIT		524		417,789
Japan Real Estate Investment Corp. REIT		98		432,196
Mitsubishi Estate Co. Ltd.		88,324		1,240,847
Mitsui Fudosan Co. Ltd.		68,982		1,386,983
Nippon Building Fund, Inc. REIT		116		537,620
Nippon Prologis REIT, Inc. REIT (a)		159		388,605
Nomura Real Estate Holdings, Inc.		9,028		217,054
Nomura Real Estate Master Fund, Inc. REIT		316		394,743
Sumitomo Realty & Development Co. Ltd.		23,550		633,730
(Cost $9,519,511)				8,153,481

	Number of Shares		Value
Utilities — 1.0%
Chubu Electric Power Co., Inc.		50,034	$	466,680
Kansai Electric Power Co., Inc.		53,307		450,112
Osaka Gas Co. Ltd.		28,389		436,248
Tokyo Electric Power Co. Holdings, Inc.*		112,784		407,554
Tokyo Gas Co. Ltd.		28,965		529,840
(Cost $2,995,073)				2,290,434
TOTAL COMMON STOCKS (Cost $246,488,837)				237,884,341
EXCHANGE-TRADED FUNDS — 0.2%
iShares Currency Hedged MSCI Japan ETF (Cost $456,083)		11,250		456,075
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (b)(c) (Cost $649,356)		649,356		649,356
CASH EQUIVALENTS — 0.1%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (b)		119,439		119,391
DWS Government Money Market Series “Institutional Shares”, 3.74% (b)		217,039		217,039
TOTAL CASH EQUIVALENTS (Cost $336,476)				336,430
TOTAL INVESTMENTS — 99.0% (Cost $247,930,752)			$	239,326,202
Other assets and liabilities, net — 1.0%				2,316,414
NET ASSETS — 100.0%			$	241,642,616

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (b)(c)
		466,150		183,206	(d)		—			—		—		14,966		—		649,356		649,356
CASH EQUIVALENTS — 0.1%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (b)
		117,904		1,464			—			—		23		1,477		—		119,439		119,391
DWS Government Money Market Series “Institutional Shares”, 3.74% (b)
		—		68,030,343			(67,813,304	)				— —		63,012		—		217,039		217,039
		584,054		68,215,013			(67,813,304	)		—		23		79,455		—		985,834		985,786

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2022 amounted to $2,005,483, 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.

See Notes to Financial Statements. 81

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

(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 $1,461,767.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

REIT: Real Estate Investment Trust

At November 30, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
Nikkei 225 Futures	JPY	3	$	607,100	$	609,168	12/08/2022	$	2,068
TOPIX Index Futures	JPY	36		5,126,536		5,187,921	12/08/2022		61,385
Total unrealized appreciation								$	63,453

As of November 30, 2022, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/2/2022	JPY	354,610,700	USD	2,515,571	$	—	$	(52,397	)
Goldman Sachs & Co.	12/2/2022	JPY	9,415,480,100	USD	63,556,056		—		(4,627,594	)
Goldman Sachs & Co.	12/2/2022	JPY	1,057,770,000	USD	7,139,993		—		(520,011	)
Goldman Sachs & Co.	12/2/2022	JPY	709,221,300	USD	4,785,352		—		(350,583	)
JP Morgan & Chase Co.	12/2/2022	JPY	9,506,798,400	USD	64,172,469		—		(4,672,475	)
RBC Capital Markets	12/2/2022	JPY	12,289,522,800	USD	82,956,042		—		(6,040,430	)
Goldman Sachs & Co.	12/2/2022	USD	80,258,892	JPY	11,182,471,400		720,697		—
JP Morgan & Chase Co.	12/2/2022	USD	70,670,841	JPY	9,861,409,100		742,072		—
RBC Capital Markets	12/2/2022	USD	9,968,052	JPY	1,400,000,000		170,263		—
RBC Capital Markets	12/2/2022	USD	78,038,719	JPY	10,889,522,800		819,438		—
Goldman Sachs & Co.	1/5/2023	JPY	11,182,471,400	USD	80,625,476		—		(774,238	)
JP Morgan & Chase Co.	1/5/2023	JPY	9,861,409,100	USD	70,993,144		—		(790,262	)
JP Morgan & Chase Co.	1/5/2023	JPY	1,375,772,000	USD	9,904,231		—		(110,321	)
RBC Capital Markets	1/5/2023	JPY	10,889,522,800	USD	78,394,624		—		(872,652	)
Total unrealized appreciation (depreciation)						$	2,452,470	$	(18,810,963	)

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

Currency Abbreviations

JPY Japanese Yen

USD U.S. Dollar

See Notes to Financial Statements. 82

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2022 (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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	237,884,341	$	—		$	—	$	237,884,341
Exchange-Traded Funds		456,075		—			—		456,075
Short-Term Investments (a)		985,786		—			—		985,786
Derivatives (b)
Forward Foreign Currency Contracts		—		2,452,470			—		2,452,470
Futures Contracts		63,453		—			—		63,453
TOTAL	$	239,389,655	$	2,452,470		$	—	$	241,842,125
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(18,810,963	)	$	—	$	(18,810,963	)
TOTAL	$	—	$	(18,810,963	)	$	—	$	(18,810,963	)

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

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

See Notes to Financial Statements. 83

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2022 (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	$	138,204,019	$	91,449,972		$	471,901,349		$	10,876,469
Investment in affiliated securities at value		130,651		—			1,105,013			45,724
Investment in DWS ESG Liquidity Fund		—		—			649,230			—
Investment in DWS Government Money Market Series*		223,043		291,213			—			47,577
Investment in DWS Government & Agency Securities Portfolio**		883,140		267,405			4,340,635			154,052
Cash		1,471		831			—			—
Foreign currency at value		239,403		162,742			557,094			31,524
Receivable for return of collateral pledged for forward foreign currency contracts		5,620,000		1,950,000			20,010,000			20,000
Unrealized appreciation on forward foreign currency contracts		1,175,015		410,138			5,043,605			110,156
Deposit with broker for futures contracts		365,093		146,495			1,143,764			12,975
Receivables:
Investment securities sold		5,076,270		3,863,926			23,558,722			433,489
Variation margin on futures contracts		164,669		60,899			1,028,214			865
Dividends		323,415		140,641			464,337			1,097
Interest		4,031		2,301			13,726			136
Securities lending income		1,621		614			7,795			311
Foreign tax reclaim		149,952		525			1,786,888			10,580
Total assets	$	152,561,793	$	98,747,702		$	531,610,372		$	11,744,955
Liabilities
Due to custodian	$	—	$	—		$	1,827,880		$	—
Payable upon return of securities loaned		883,140		267,405			4,340,635			154,052
Payable upon return of deposit for forward foreign currency contracts		—		—			—			20,000
Unrealized depreciation on forward foreign currency contracts		7,053,652		2,893,323			28,077,288			622,072
Payables:
Investment securities purchased		1,167,367		1,432,025			3,124,660			25,778
Capital shares		—		—			13,822,702			—
Investment advisory fees		45,355		47,409			178,203			3,903
Deferred foreign tax payable		175,037		460,396			—			—
Total liabilities		9,324,551		5,100,558			51,371,368			825,805
Net Assets, at value	$	143,237,242	$	93,647,144		$	480,239,004		$	10,919,150
Net Assets Consist of
Paid-in capital	$	132,089,007	$	105,268,321		$	592,779,445		$	12,162,132
Distributable earnings (loss)		11,148,235		(11,621,177	)		(112,540,441	)		(1,242,982	)
Net Assets, at value	$	143,237,242	$	93,647,144		$	480,239,004		$	10,919,150
Number of Common Shares outstanding		4,600,001		4,200,800			13,900,001			300,001
Net Asset Value	$	31.14	$	22.29		$	34.55		$	36.40
Investment in non-affiliated securities at cost	$	135,203,591	$	81,382,588		$	522,779,208		$	11,400,601
Investment in affiliated securities at cost	$	160,701	$	—		$	2,608,892		$	123,922
Value of securities loaned	$	2,204,943	$	1,207,854		$	14,569,093		$	209,581
Investment in DWS ESG Liquidity Fund at cost	$	—	$	—		$	649,489		$	—
Investment in DWS Government Money Market Series at cost*	$	223,043	$	291,213		$	—		$	47,577
Investment in DWS Government & Agency Securities Portfolio at cost**	$	883,140	$	267,405		$	4,340,635		$	154,052
Non-cash collateral for securities on loan	$	1,424,292	$	984,242		$	10,986,459		$	66,121
Foreign currency at cost	$	254,253	$	215,568		$	548,451		$	30,209
*   Includes collateral held for forward foreign currency contracts	$	—	$	—		$	—		$	20,000

** Represents collateral on securities loaned.

See Notes to Financial Statements. 84

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2022 (Unaudited)

	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	8,310,111		$	238,340,416
Investment in affiliated securities at value		154,771			—
Investment in DWS ESG Liquidity Fund		—			119,391
Investment in DWS Government Money Market Series		35,722			217,039
Investment in DWS Government & Agency Securities Portfolio*		—			649,356
Cash		—			3,074
Foreign currency at value		7,315			578,158
Receivable for return of collateral pledged for forward foreign currency contracts		—			15,030,000
Unrealized appreciation on forward foreign currency contracts		84,617			2,452,470
Deposit with broker for futures contracts		8,033			252,049
Receivables:
Investment securities sold		370,240			2,116,258
Variation margin on futures contracts		209			500,762
Dividends		—			1,502,808
Interest		101			8,623
Securities lending income		—			296
Foreign tax reclaim		26,552			23,088
Total assets	$	8,997,671		$	261,793,788
Liabilities
Payable upon return of securities loaned	$	—		$	649,356
Unrealized depreciation on forward foreign currency contracts		478,741			18,810,963
Payables:
Investment securities purchased		63,129			603,248
Investment advisory fees		3,017			87,605
Total liabilities		544,887			20,151,172
Net Assets, at value	$	8,452,784		$	241,642,616
Net Assets Consist of
Paid-in capital	$	17,573,232		$	379,252,304
Distributable earnings (loss)		(9,120,448	)		(137,609,688	)
Net Assets, at value	$	8,452,784		$	241,642,616
Number of Common Shares outstanding		300,800			4,700,800
Net Asset Value	$	28.10		$	51.40
Investment in non-affiliated securities at cost	$	9,768,664		$	246,944,920
Investment in affiliated securities at cost	$	468,333		$	—
Value of securities loaned	$	—		$	2,005,483
Investment in DWS ESG Liquidity Fund at cost	$	—		$	119,437
Investment in DWS Government Money Market Series at cost	$	35,722		$	217,039
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	649,356
Non-cash collateral for securities on loan	$	—		$	1,461,767
Foreign currency at cost	$	7,214		$	564,862

* Represents collateral on securities loaned.

See Notes to Financial Statements. 85

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2022 (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*	$	1,882,751			$	1,717,437		$	5,587,643		$	68,093
Income distributions from affiliated funds		38,974				13,155			138,359			429
Affiliated securities lending income		9,585				3,402			41,429			1,547
Unaffiliated non-cash dividend income		—				—			575,654			10,134
Unaffiliated securities lending income, net of borrower rebates		—				1,111			—			600
Other Income		—				—			261,810			—
Total investment income**		1,931,310				1,735,105			6,604,895			80,803
Expenses
Investment advisory fees		274,912				294,850			1,099,387			24,381
Interest expense (see note 2):		16,561				6,806			67,613			205
Other expenses		3,651				403			62,612			289
Total expenses		295,124				302,059			1,229,612			24,875
Less fees waived (see note 3):
Waiver		(920	)			(281	)		(3,369	)		(6	)
Net expenses		294,204				301,778			1,226,243			24,869
Net investment income (loss)		1,637,106				1,433,327			5,378,652			55,934
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments***		(3,819,205	)			(2,092,748	)		(11,185,312	)		(224,157	)
Investments in affiliates		(10,541	)			—			(90,928	)		(2,128	)
In-kind redemptions		2,609,462				—			7,311,821			297,623
In-kind redemptions in affiliates		2,538				—			12,202			(470	)
Futures contracts		(169,026	)			(64,438	)		146,192			2,731
Foreign currency transactions		(30,882	)			29,035			(30,905	)		4,853
Forward foreign currency contracts		10,861,451				5,008,983			37,643,333			836,908
Payments by Affiliates (see note 6)		—				—			48			—
Net realized gain (loss)		9,443,797				2,880,832			33,806,451			915,360
Net change in unrealized appreciation (depreciation) on:
Investments****		(6,439,490	)			(7,233,731	)		(13,157,711	)		(458,221	)
Investments in affiliates		4,670				—			24,171			(663	)
Futures contracts		246,390				121,504			126,808			5,283
Foreign currency translations		(44,597	)			(65,136	)		(137,957	)		(4,124	)
Forward foreign currency contracts		(4,542,023	)			(1,886,566	)		(17,050,133	)		(303,607	)
Net change in unrealized appreciation (depreciation)		(10,775,050	)	��		(9,063,929	)		(30,194,822	)		(761,332	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1,331,253	)			(6,183,097	)		3,611,629			154,028
Net Increase (Decrease) in Net Assets Resulting from Operations	$	305,853			$	(4,749,770	)	$	8,990,281		$	209,962
*    Unaffiliated foreign tax withheld	$	192,436			$	219,135		$	303,641		$	11,766
**   Total investment income includes $1,562,846 of non-recurring foreign dividend reclaims and $261,810 of non-recurring related interest which are included in Unaffiliated dividend income and Other income, respectively for Xtrackers MSCI Europe Hedged Equity ETF
***   Including foreign taxes	$	18,804			$	3,727		$	—		$	—
**** Including change in deferred foreign taxes	$	63,058			$	180,172		$	—		$	—

See Notes to Financial Statements. 86

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2022 (Unaudited)

	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	4,566		$	2,189,037
Income distributions from affiliated funds		487			64,489
Affiliated securities lending income		43			—
Unaffiliated securities lending income, net of borrower rebates		—			14,966
Total investment income		5,096			2,268,492
Expenses
Investment advisory fees		18,232			466,735
Interest expense (see note 2):		—			43,257
Other expenses		173			2,825
Total expenses		18,405			512,817
Less fees waived (see note 3):
Waiver		(11	)		(1,367	)
Net expenses		18,394			511,450
Net investment income (loss)		(13,298	)		1,757,042
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(413,442	)		(5,711,280	)
Investments in affiliates		(29,201	)		—
In-kind redemptions		(16,368	)		1,367,866
In-kind redemptions in affiliates		(19,327	)		—
Futures contracts		(5,157	)		348,824
Foreign currency transactions		(1,520	)		(148,052	)
Forward foreign currency contracts		641,385			29,291,047
Net realized gain (loss)		156,370			25,148,405
Net change in unrealized appreciation (depreciation) on:
Investments		(91,569	)		1,252,128
Investments in affiliates		35,853			23
Futures contracts		2,284			27,482
Foreign currency translations		(5,229	)		111,764
Forward foreign currency contracts		(229,688	)		(15,268,609	)
Net change in unrealized appreciation (depreciation)		(288,349	)		(13,877,212	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(131,979	)		11,271,193
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(145,277	)	$	13,028,235
*   Unaffiliated foreign tax withheld	$	719		$	247,513

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, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,637,106		$	3,790,573		$	1,433,327		$	2,206,226
Net realized gain (loss)		9,443,797			11,166,776			2,880,832			2,104,464
Net change in net unrealized appreciation (depreciation)		(10,775,050	)		(20,502,502	)		(9,063,929	)		(25,281,095	)
Net increase (decrease) in net assets resulting from operations		305,853			(5,545,153	)		(4,749,770	)		(20,970,405	)
Distributions to Shareholders		(1,711,201	)		(2,755,823	)		(1,115,581	)		(1,932,852	)
Fund Shares Transactions
Proceeds from shares sold		—			38,846,234			2,054,311			10,392,890
Value of shares redeemed		(11,041,632	)		—			—			(7,486,062	)
Net increase (decrease) in net assets resulting from fund share transactions		(11,041,632	)		38,846,234			2,054,311			2,906,828
Total net increase (decrease) in Net Assets		(12,446,980	)		30,545,258			(3,811,040	)		(19,996,429	)
Net Assets
Beginning of period		155,684,222			125,138,964			97,458,184			117,454,613
End of period	$	143,237,242		$	155,684,222		$	93,647,144		$	97,458,184
Changes in Shares Outstanding
Shares outstanding, beginning of period		4,950,001			3,750,001			4,100,800			4,000,800
Shares sold		—			1,200,000			100,000			400,000
Shares redeemed		(350,000	)		—			—			(300,000	)
Shares outstanding, end of period		4,600,001			4,950,001			4,200,800			4,100,800

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, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	5,378,652		$	16,144,511		$	55,934		$	344,293
Net realized gain (loss)		33,806,451			88,684,890			915,360			2,307,837
Net change in net unrealized appreciation (depreciation)		(30,194,822	)		(89,272,383	)		(761,332	)		(3,058,939	)
Net increase (decrease) in net assets resulting from operations		8,990,281			15,557,018			209,962			(406,809	)
Distributions to Shareholders		(7,843,237	)		(11,268,402	)		(206,410	)		(261,109	)
Fund Shares Transactions
Proceeds from shares sold		—			78,587,519			—			—
Value of shares redeemed		(47,503,939	)		(119,387,070	)		(1,771,612	)		(1,813,038	)
Net increase (decrease) in net assets resulting from fund share transactions		(47,503,939	)		(40,799,551	)		(1,771,612	)		(1,813,038	)
Total net increase (decrease) in Net Assets		(46,356,895	)		(36,510,935	)		(1,768,060	)		(2,480,956	)
Net Assets
Beginning of period		526,595,899			563,106,834			12,687,210			15,168,166
End of period	$	480,239,004		$	526,595,899		$	10,919,150		$	12,687,210
Changes in Shares Outstanding
Shares outstanding, beginning of period		15,350,001			16,550,001			350,001			400,001
Shares sold		—			2,250,000			—			—
Shares redeemed		(1,450,000	)		(3,450,000	)		(50,000	)		(50,000	)
Shares outstanding, end of period		13,900,001			15,350,001			300,001			350,001

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, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	(13,298	)	$	260,783		$	1,757,042		$	3,125,480
Net realized gain (loss)		156,370			2,289,243			25,148,405			31,413,571
Net change in net unrealized appreciation (depreciation)		(288,349	)		(3,573,222	)		(13,877,212	)		(31,093,217	)
Net increase (decrease) in net assets resulting from operations		(145,277	)		(1,023,196	)		13,028,235			3,445,834
Distributions to Shareholders		(239,488	)		(263,720	)		(1,463,693	)		(4,701,108	)
Fund Shares Transactions
Proceeds from shares sold		—			—			54,230,740			9,961,877
Value of shares redeemed		(1,278,801	)		(3,221,344	)		(14,664,697	)		(16,999,026	)
Net increase (decrease) in net assets resulting from fund share transactions		(1,278,801	)		(3,221,344	)		39,566,043			(7,037,149	)
Total net increase (decrease) in Net Assets		(1,663,566	)		(4,508,260	)		51,130,585			(8,292,423	)
Net Assets
Beginning of period		10,116,350			14,624,610			190,512,031			198,804,454
End of period	$	8,452,784		$	10,116,350		$	241,642,616		$	190,512,031
Changes in Shares Outstanding
Shares outstanding, beginning of period		350,800			450,800			3,900,800			4,050,800
Shares sold		—			—			1,100,000			200,000
Shares redeemed		(50,000	)		(100,000	)		(300,000	)		(350,000	)
Shares outstanding, end of period		300,800			350,800			4,700,800			3,900,800

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 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	31.45		$	33.37		$	25.63		$	26.61		$	27.71		$	26.20
Income (loss) from investment operations:
Net investment income (loss) (a)		0.35			0.88			0.64			0.62			0.73			0.67
Net realized and unrealized gain (loss)		(0.29	)		(2.11	)		7.73			(0.76	)		(1.12	)		1.51
Total from investment operations		0.06			(1.23	)		8.37			(0.14	)		(0.39	)		2.18
Less distributions from:
Net investment income		(0.37	)		(0.69	)		(0.63	)		(0.84	)		(0.71	)		(0.67	)
Total distributions		(0.37	)		(0.69	)		(0.63	)		(0.84	)		(0.71	)		(0.67	)
Net Asset Value, end of period	$	31.14		$	31.45		$	33.37		$	25.63		$	26.61		$	27.71
Total Return (%)		0.27	**(b)		(3.79	)(b)		33.10	(b)		(0.78	)(b)		(1.30	)(b)		8.43
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		143			156			125			99			98			127
Ratio of expenses before fee waiver (%)		0.43	*		0.40			0.40			0.41			0.41			0.40
Ratio of expenses after fee waiver (%)		0.43	*		0.40			0.40			0.41			0.41			0.40
Ratio of net investment income (loss) (%)		2.38	*		2.69			2.15			2.29			2.74			2.46
Portfolio turnover rate (%) (c)		8	**		6			14			10			13			11

Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	23.77		$	29.36		$	21.03		$	21.81		$	23.91		$	21.47
Income (loss) from investment operations:
Net investment income (loss) (a)		0.35			0.53			0.39			0.58			0.52			0.41
Net realized and unrealized gain (loss)		(1.56	)		(5.65	)		8.42			(0.74	)		(2.02	)		2.39
Total from investment operations		(1.21	)		(5.12	)		8.81			(0.16	)		(1.50	)		2.80
Less distributions from:
Net investment income		(0.27	)		(0.47	)		(0.48	)		(0.62	)		(0.60	)		(0.36	)
Total distributions		(0.27	)		(0.47	)		(0.48	)		(0.62	)		(0.60	)		(0.36	)
Net Asset Value, end of period	$	22.29		$	23.77		$	29.36		$	21.03		$	21.81		$	23.91
Total Return (%)		(5.05	)**(b)		(17.67	)(b)		42.20	(b)		(1.01	)(b)		(6.18	)(b)		13.09
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		94			97			117			89			112			195
Ratio of expenses before fee waiver (%)		0.67	*		0.65			0.65			0.66			0.66			0.65
Ratio of expenses after fee waiver (%)		0.67	*		0.65			0.65			0.66			0.66			0.65
Ratio of net investment income (loss) (%)		3.16	*		2.00			1.48			2.62			2.29			1.74
Portfolio turnover rate (%) (c)		6	**		14			13			20			13			15

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

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 91

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	34.31		$	34.02		$	26.91		$	28.31		$	28.71		$	28.29
Income (loss) from investment operations:
Net investment income (loss) (a)		0.36	(b)		0.97			0.77			0.52			0.75			0.68
Net realized and unrealized gain (loss)		0.39			(0.00	)(c)		7.07			(1.06	)		(0.26	)		0.39
Total from investment operations		0.75			0.97			7.84			(0.54	)		0.49			1.07
Less distributions from:
Net investment income		(0.51	)		(0.68	)		(0.73	)		(0.86	)		(0.89	)		(0.65	)
Total distributions		(0.51	)		(0.68	)		(0.73	)		(0.86	)		(0.89	)		(0.65	)
Net Asset Value, end of period	$	34.55		$	34.31		$	34.02		$	26.91		$	28.31		$	28.71
Total Return (%)		2.33	**(d)		2.85	(d)		29.68	(d)		(2.16	)(d)		1.88	(d)		3.82
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		480			527			563			487			849			1,543
Ratio of expenses before fee waiver (%)		0.49			0.45			0.45			0.46			0.47			0.45
Ratio of expenses after fee waiver (%)		0.49			0.45			0.45			0.46			0.47			0.45
Ratio of net investment income (loss) (%)		1.72	*(b)		2.77			2.58			1.79			2.67			2.41
Portfolio turnover rate (%) (e)		6	**		5			9			13			7			11

Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	36.25		$	37.92		$	28.10		$	29.80		$	30.90		$	30.29
Income (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.88			0.76			0.40			0.71			0.62
Net realized and unrealized gain (loss)		0.57			(1.90	)		9.71			(1.15	)		(1.13	)		0.63
Total from investment operations		0.74			(1.02	)		10.47			(0.75	)		(0.42	)		1.25
Less distributions from:
Net investment income		(0.59	)		(0.65	)		(0.65	)		(0.95	)		(0.68	)		(0.64	)
Total distributions		(0.59	)		(0.65	)		(0.65	)		(0.95	)		(0.68	)		(0.64	)
Net Asset Value, end of period	$	36.40		$	36.25		$	37.92		$	28.10		$	29.80		$	30.90
Total Return (%)		2.21	**(d)		(2.77	)(d)		37.79	(d)		(2.80	)(d)		(1.34	)(d)		4.19
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		11			13			15			21			31			42
Ratio of expenses before fee waiver (%)		0.46	*		0.45			0.45			0.47			0.47			0.45
Ratio of expenses after fee waiver (%)		0.46	*		0.45			0.45			0.46			0.47			0.45
Ratio of net investment income (loss) (%)		0.94	*		2.32			2.37			1.31			2.42			2.05
Portfolio turnover rate (%) (e)		8	**		7			10			11			5			14

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

(b) Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.12 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 1.36%.

(c) Less than 0.005.

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 92

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	28.84		$	32.44		$	25.49		$	25.77		$	27.93		$	27.87
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.04	)		0.66			0.95			0.24			0.53			0.57
Net realized and unrealized gain (loss)		(0.02	)		(3.67	)		6.84			0.08			(2.02	)		(0.09	)
Total from investment operations		(0.06	)		(3.01	)		7.79			0.32			(1.49	)		0.48
Less distributions from:
Net investment income		(0.68	)		(0.59	)		(0.84	)		(0.60	)		(0.67	)		(0.42	)
Total distributions		(0.68	)		(0.59	)		(0.84	)		(0.60	)		(0.67	)		(0.42	)
Net Asset Value, end of period	$	28.10		$	28.84		$	32.44		$	25.49		$	25.77		$	27.93
Total Return (%)		0.02	**(b)		(9.49	)(b)		31.15	(b)		1.15	(b)		(5.48	)(b)		1.73
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		8			10			15			15			23			36
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.45			0.45			0.46			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.45			0.45			0.46			0.45
Ratio of net investment income (loss) (%)		(0.33	)*		2.10			3.29			0.90			2.03			2.04
Portfolio turnover rate (%) (c)		10	**		7			15			14			11			17

Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	48.84		$	49.08		$	39.80		$	37.95		$	42.95		$	38.65
Income (loss) from investment operations:
Net investment income (loss) (a)		0.42			0.79			0.62			0.67			0.64			0.52
Net realized and unrealized gain (loss)		2.51			0.13			9.82			2.27			(4.24	)		4.69
Total from investment operations		2.93			0.92			10.44			2.94			(3.60	)		5.21
Less distributions from:
Net investment income		(0.37	)		(1.16	)		(1.16	)		(1.09	)		(1.40	)		(0.91	)
Total distributions		(0.37	)		(1.16	)		(1.16	)		(1.09	)		(1.40	)		(0.91	)
Net Asset Value, end of period	$	51.40		$	48.84		$	49.08		$	39.80		$	37.95		$	42.95
Total Return (%)		6.08	**(b)		1.87	(b)		26.96	(b)		7.88	(b)		(8.59	)(b)		13.74
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		242			191			199			221			414			1,153
Ratio of expenses before fee waiver (%)		0.49	*		0.45			0.45			0.46			0.47			0.46
Ratio of expenses after fee waiver (%)		0.49	*		0.45			0.45			0.46			0.47			0.46
Ratio of net investment income (loss) (%)		1.69	*		1.61			1.41			1.69			1.55			1.24
Portfolio turnover rate (%) (c)		8	**		6			12			12			15			12

(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, 2022, the Trust consists of thirty-eight 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

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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.

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

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

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales

95

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

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

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

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

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

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

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

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

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

Tax Information and Dividends and Distributions to Shareholders    It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

96

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2022, the Funds did not incur any interest or penalties.

At May 31, 2022, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

	Short-Term		Long-Term		Total Amount
Xtrackers MSCI Emerging Markets Hedged Equity ETF	$	10,907,023	$	8,694,383	$	19,601,406
Xtrackers MSCI Europe Hedged Equity ETF		—		73,521,123		73,521,123
Xtrackers MSCI Eurozone Hedged Equity ETF		—		1,077,777		1,077,777
Xtrackers MSCI Germany Hedged Equity ETF		1,164,407		5,795,783		6,960,190
Xtrackers MSCI Japan Hedged Equity ETF		57,421,520		80,209,771		137,631,291

As of May 31, 2022, 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	$	149,267,042	$	7,430,642		$	22,393,618	$	(14,962,976	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		84,226,860		13,110,909			27,915,430		(14,804,521	)
Xtrackers MSCI Europe Hedged Equity ETF		582,965,621		(47,641,109	)		38,285,032		(85,926,141	)
Xtrackers MSCI Eurozone Hedged Equity ETF		13,993,059		(361,526	)		1,892,016		(2,253,542	)
Xtrackers MSCI Germany Hedged Equity ETF		12,118,805		(2,012,256	)		741,178		(2,753,434	)
Xtrackers MSCI Japan Hedged Equity ETF		199,853,706		(12,945,872	)		17,416,857		(30,362,729	)

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, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

In consideration of recent decisions rendered by European courts, Xtrackers MSCI Europe Hedged Equity ETF has filed for additional reclaims (“EU reclaims”) related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Statement of Assets and Liabilities. During the six months ended November 30, 2022, the Fund received reclaims and interest related to EU reclaims, which is reported in unaffiliated dividend income and other income in the Statement of Operations. Expenses incurred related to filing EU reclaims are recorded in other expenses in the Statement of Operations.

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.

97

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

Securities Lending    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, 2022, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

Remaining Contractual Maturity of the Agreements, as of November 30, 2022
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	$	883,140	$	169	$	11,218	$	1,412,905	$	2,307,432
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,307,432
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Common Stocks	$	267,405	$	—	$	7,409	$	976,833	$	1,251,647
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,251,647
Xtrackers MSCI Europe Hedged Equity ETF
Common Stocks	$	4,340,635	$	—	$	1,998,285	$	8,988,174	$	15,327,094
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	15,327,094
Xtrackers MSCI Eurozone Hedged Equity ETF
Common Stocks	$	136,552	$	—	$	9,965	$	56,156	$	202,673
Exchange-Traded Funds	$	17,500	$	—	$	—	$	—	$	17,500
Total Borrowings	$	154,052	$	—	$	9,965	$	56,156	$	220,173
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	220,173
Xtrackers MSCI Japan Hedged Equity ETF
Common Stocks	$	649,356	$	—	$	—	$	1,461,767	$	2,111,123
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,111,123

As of November 30, 2022, MSCI Germany Hedged Equity ETF had no securities on loan.

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Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2022, 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, 2022 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, 2022.

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, 2022, 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, 2022 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, 2022 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*	$	303,532	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,175,015	Unrealized depreciation on forward foreign currency contracts		7,053,652
		Total	$	1,478,547	Total	$	7,053,652
Xtrackers MSCI Emerging Markets Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	148,564	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		410,138	Unrealized depreciation on forward foreign currency contracts		2,893,323
		Total	$	558,702	Total	$	2,893,323
Xtrackers MSCI Europe Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	249,970	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		5,043,605	Unrealized depreciation on forward foreign currency contracts		28,077,288
		Total	$	5,293,575	Total	$	28,077,288
Xtrackers MSCI Eurozone Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	10,154	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		110,156	Unrealized depreciation on forward foreign currency contracts		622,072
		Total	$	120,310	Total	$	622,072
Xtrackers MSCI Germany Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	4,937	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		84,617	Unrealized depreciation on forward foreign currency contracts		478,741
		Total	$	89,554	Total	$	478,741
Xtrackers MSCI Japan Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	63,453	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,452,470	Unrealized depreciation on forward foreign currency contracts		18,810,963
		Total	$	2,515,923		$	18,810,963

* 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, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	(169,026	)	$	10,861,451	$	10,692,425
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(64,438	)		5,008,983		4,944,545
Xtrackers MSCI Europe Hedged Equity ETF		146,192			37,643,333		37,789,525
Xtrackers MSCI Eurozone Hedged Equity ETF		2,731			836,908		839,639
Xtrackers MSCI Germany Hedged Equity ETF		(5,157	)		641,385		636,228
Xtrackers MSCI Japan Hedged Equity ETF		348,824			29,291,047		29,639,871

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	$	246,390	$	(4,542,023	)	$	(4,295,633	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		121,504		(1,886,566	)		(1,765,062	)
Xtrackers MSCI Europe Hedged Equity ETF		126,808		(17,050,133	)		(16,923,325	)
Xtrackers MSCI Eurozone Hedged Equity ETF		5,283		(303,607	)		(298,324	)
Xtrackers MSCI Germany Hedged Equity ETF		2,284		(229,688	)		(227,404	)
Xtrackers MSCI Japan Hedged Equity ETF		27,482		(15,268,609	)		(15,241,127	)

For the period ended November 30, 2022 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	$	3,169,286	$	(137,067,415	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,353,027		(89,614,875	)
Xtrackers MSCI Europe Hedged Equity ETF		11,660,388		(478,618,656	)
Xtrackers MSCI Eurozone Hedged Equity ETF		65,911		(10,829,903	)
Xtrackers MSCI Germany Hedged Equity ETF		95,784		(8,257,030	)
Xtrackers MSCI Japan Hedged Equity ETF		3,787,083		(205,481,467	)

As of November 30, 2022, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Interest expense on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to

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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
Goldman Sachs & Co.	$	362,182	$	(362,182	)	$	—	$	—	$	2,256,686	$	(362,182	)	$	(1,760,000	)	$	134,504
JP Morgan & Chase Co.		441,701		(441,701	)		—		—		2,617,064		(441,701	)		(2,020,000	)		155,363
RBC Capital Markets		371,132		(371,132	)		—		—		2,179,902		(371,132	)		(1,808,770	)		—
	$	1,175,015	$	(1,175,015	)	$	—	$	—	$	7,053,652	$	(1,175,015	)	$	(5,588,770	)	$	289,867
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Goldman Sachs & Co.	$	104,413	$	(104,413	)	$	—	$	—	$	583,767	$	(104,413	)	$	(380,000	)	$	99,354
JP Morgan & Chase Co.		179,367		(179,367	)		—		—		1,314,867		(179,367	)		(830,000	)		305,500
RBC Capital Markets		126,358		(126,358	)		—		—		994,689		(126,358	)		(740,000	)		128,331
	$	410,138	$	(410,138	)	$	—	$	—	$	2,893,323	$	(410,138	)	$	(1,950,000	)	$	533,185
Xtrackers MSCI Europe Hedged Equity ETF
Goldman Sachs & Co.	$	1,614,085	$	(1,614,085	)	$	—	$	—	$	9,148,909	$	(1,614,085	)	$	(6,120,000	)	$	1,414,824
JP Morgan & Chase Co.		1,684,740		(1,684,740	)		—		—		9,225,806		(1,684,740	)		(6,730,000	)		811,066
RBC Capital Markets		1,744,780		(1,744,780	)		—		—		9,702,573		(1,744,780	)		(7,160,000	)		797,793
	$	5,043,605	$	(5,043,605	)	$	—	$	—	$	28,077,288	$	(5,043,605	)	$	(20,010,000	)	$	3,023,683
Xtrackers MSCI Eurozone Hedged Equity ETF
Goldman Sachs & Co.	$	40,458	$	(40,458	)	$	—	$	—	$	226,994	$	(40,458	)	$	—		$	186,536
JP Morgan & Chase Co.		34,752		(34,752	)		—		—		198,949		(34,752	)		—			164,197
RBC Capital Markets		34,946		(34,946	)		—		—		196,129		(34,946	)		(20,000	)		141,183
	$	110,156	$	(110,156	)	$	—	$	—	$	622,072	$	(110,156	)	$	(20,000	)	$	491,916
Xtrackers MSCI Germany Hedged Equity ETF
Goldman Sachs & Co.	$	24,988	$	(24,988	)	$	—	$	—	$	144,123	$	(24,988	)	$	—		$	119,135
JP Morgan & Chase Co.		31,023		(31,023	)		—		—		174,066		(31,023	)		—			143,043
RBC Capital Markets		28,606		(28,606	)		—		—		160,552		(28,606	)		—			131,946
	$	84,617	$	(84,617	)	$	—	$	—	$	478,741	$	(84,617	)	$	—		$	394,124
Xtrackers MSCI Japan Hedged Equity ETF
Goldman Sachs & Co.	$	720,697	$	(720,697	)	$	—	$	—	$	6,272,426	$	(720,697	)	$	(4,970,000	)	$	581,729
JP Morgan & Chase Co.		742,072		(742,072	)		—		—		5,625,455		(742,072	)		(4,340,000	)		543,383
RBC Capital Markets		989,701		(989,701	)		—		—		6,913,082		(989,701	)		(5,720,000	)		203,381
	$	2,452,470	$	(2,452,470	)	$	—	$	—	$	18,810,963	$	(2,452,470	)	$	(15,030,000	)	$	1,328,493

(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 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.

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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, 2022, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers MSCI All World ex US Hedged Equity ETF	$	920
Xtrackers MSCI Emerging Markets Hedged Equity ETF		281
Xtrackers MSCI Europe Hedged Equity ETF		3,369
Xtrackers MSCI Eurozone Hedged Equity ETF		6
Xtrackers MSCI Germany Hedged Equity ETF		11
Xtrackers MSCI Japan Hedged Equity ETF		1,367

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

	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	12,068,580	$	11,151,506
Xtrackers MSCI Emerging Markets Hedged Equity ETF		8,570,751		5,394,232
Xtrackers MSCI Europe Hedged Equity ETF		49,561,489		26,656,771
Xtrackers MSCI Eurozone Hedged Equity ETF		1,301,293		827,373
Xtrackers MSCI Germany Hedged Equity ETF		989,268		828,563
Xtrackers MSCI Japan Hedged Equity ETF		32,324,014		15,263,120

For the period ended November 30, 2022, 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	$	—	$	8,894,655
Xtrackers MSCI Emerging Markets Hedged Equity ETF		303,904		—
Xtrackers MSCI Europe Hedged Equity ETF		—		46,048,639
Xtrackers MSCI Eurozone Hedged Equity ETF		—		1,751,909
Xtrackers MSCI Germany Hedged Equity ETF		—		1,224,360
Xtrackers MSCI Japan Hedged Equity ETF		52,021,205		14,082,209

5. Fund Share Transactions

As of November 30, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are 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. Payments by Affiliates

During the period ended November 30, 2022, the Advisor agreed to reimburse Xtrackers MSCI Europe Hedged Equity ETF $48 for a loss due to a FX trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

7. Investing in Emerging Markets

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

Russia’s recent military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the

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resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Funds’ investments, even beyond any direct exposure the Funds may have to Russian issuers or the adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial.

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

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate (SOFR) plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2022.

9. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, which at times 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 significant portions of the population remaining unvaccinated 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. 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.

106

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security, and the Fund excludes it, the Fund’s tracking error may increase, and the performance of the Fund and Underlying Index may diverge. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. DBGR is non-diversified and can take larger positions in fewer issues, increasing the Fund’s potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

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

On January 31, 2020, the United Kingdom officially withdrew from the EU pursuant to a withdrawal agreement, providing for a transition period in which the United Kingdom negotiated and finalized a trade deal with the EU, the EU-UK Trade and Cooperation Agreement provisionally applied effective January 1, 2021. As a result, as of January 1, 2021 the United Kingdom is no longer part of the EU customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom’s withdrawal from the EU is still unknown and could have adverse economic and political effects on the United Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations.

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

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

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

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

Copyright © 2023 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-049077-7 (1/23) DBX005408 (1/24)

November 30, 2022

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		29

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, 2022.

Mounting inflation, rising COVID-19 cases in China, a surging greenback, and escalating trade concerns with Russia weighed on global markets during the period. Major central banks across the world hiked interest rates to curb inflation, despite fears that doing so could tip the global economy into a recession. However, rising hopes of a slowdown in the pace of rate hikes by the U.S. Federal Reserve (Fed) boosted investor sentiment and supported gains for the markets. Despite reeling under high inflation, U.S. markets staged a turnaround toward the end of the period and posted their first back-to-back monthly gains since 2021. The U.S. labor market remained resilient, with the unemployment rate remaining unchanged at 3.7%. Fed officials, meanwhile, noted consecutive rate hikes have had little impact on soaring inflation. The Fed approved a fourth consecutive rate hike by 75 bps¹, bringing rates in the U.S. to their highest level since 2008. Eurozone continued reeling under high energy prices, Russia’s war with Ukraine, and decades-high inflation throughout the period.

The Eurozone recovered on higher-than-expected corporate earnings and hopes of a slowdown in rate hikes by the European Central Bank (ECB) after inflation cooled in the Eurozone. The region, however, kept reeling under high energy prices, Russia’s war with Ukraine, and decades-high inflation throughout the period. The manufacturing and services sectors remained dull, and business activity had contracted for five straight months by November. The ECB hiked rates three times from July to October, in a bid to counter red-hot inflation. Despite having cooled marginally, prices in the region remain at historical highs. Meanwhile, European markets rose after Liz Truss resigned after 45 days as the UK’s prime minister. Newly appointed Prime Minister Rishi Sunak promised a supportive approach to restoring the UK’s economic stability. In France, the manufacturing sector recovered slightly at the end of the period on easing price pressures. However, its manufacturing PMI² had contracted for three consecutive months by November. Germany’s manufacturing activity also improved, but the country’s manufacturing sector continued to witness a contraction. Housing-sector activity also declined, resulting in a slump in construction activity.

In Japan, markets were buoyed by expectations of reduced monetary tightening by the Fed. Japan’s GDP³, however, contracted in the third quarter for the first time in a year. The contraction came on the back of spike in inflation, weakness in the yen, and high import costs. The Japanese government also announced new measures to tackle unprecedented levels of inflation.

Fresh COVID-19 cases, the Zero-COVID policy, and softness in its property market wreaked havoc on China’s economy. However, markets improved toward the end of the period. China’s economy recovered at a faster-than-expected rate in the third quarter, with GDP³ increasing by 3.9% year on year. Australian markets recovered toward the end of the period on steady consumer spending and improving manufacturing activity.

We believe the global economy is likely to witness weaker growth ahead, weighed down by record-high inflation and high retail inventories. We expect global inflation to peak in the fourth quarter of 2022. While the U.S. might narrowly miss a recession in 2023, the Eurozone is expected to witness a contraction in GDP³. Meanwhile, slowing demand and declining housing prices are likely to help reduce inflation levels and prompt the world’s major central banks to pause or scale back further rate hikes.

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 Basis points (bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

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

³ 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 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, 2022 (14.5% of Net Assets)

Description	% of Net Assets
Nestle SA (Switzerland)		2.2%
Roche Holding AG (Switzerland)		1.6%
ASML Holding NV (Netherlands)		1.6%
Shell PLC (United Kingdom)		1.4%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.4%
AstraZeneca PLC (United Kingdom)		1.4%
Novo Nordisk A/S (Denmark)		1.4%
Novartis AG (Switzerland)		1.3%
BHP Group Ltd. (Australia)		1.1%
TotalEnergies SE (France)		1.1%

Country Diversification* as of November 30, 2022

Japan	21.9%
United Kingdom	14.7%
France	11.5%
Switzerland	10.8%
Germany	8.1%
Australia	8.0%
Netherlands	4.7%
Sweden	3.2%
Hong Kong	2.8%
Denmark	2.7%
Spain	2.4%
Italy	2.0%
Other	7.2%
Total	100.0%

Sector Diversification* as of November 30, 2022

Financials	18.0%
Industrials	15.2%
Health Care	13.4%
Consumer Discretionary	11.3%
Consumer Staples	10.5%
Information Technology	8.2%
Materials	7.8%
Energy	5.1%
Communication Services	4.5%
Utilities	3.4%
Real Estate	2.6%
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 recent six-month period the Fund limited these expenses; had it not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2022 to November 30, 2022).

Actual expenses

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

Hypothetical example for comparison purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the 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, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio(1)			Expenses Paid During the Period Per $1,000(2)
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,029.80		0.38	%	$	1.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.16		0.38	%	$	1.93

(1) Includes interest expense on collateral received on forward foreign currency contracts of 0.03%.

(2) 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, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 96.9%
Australia — 7.8%
Ampol Ltd.		69,818	$	1,354,851
APA Group (a)		357,872		2,718,115
Aristocrat Leisure Ltd.		179,727		4,273,301
ASX Ltd.		59,415		2,841,910
Aurizon Holdings Ltd.		554,081		1,432,875
Australia & New Zealand Banking Group Ltd.		884,976		14,860,765
BHP Group Ltd.		1,488,413		45,987,066
BlueScope Steel Ltd.		144,592		1,720,427
Brambles Ltd.		390,245		3,207,683
Cochlear Ltd.		19,471		2,828,741
Coles Group Ltd.		391,899		4,508,726
Commonwealth Bank of Australia		499,277		36,552,069
Computershare Ltd.		161,593		3,053,527
CSL Ltd.		141,267		28,776,050
Dexus REIT		310,614		1,686,635
Endeavour Group Ltd.		395,533		1,871,223
Fortescue Metals Group Ltd.		500,659		6,585,758
Goodman Group REIT		498,497		6,469,347
GPT Group REIT		565,230		1,718,752
IDP Education Ltd.		62,704		1,267,873
IGO Ltd.		193,300		2,020,517
Insurance Australia Group Ltd.		721,547		2,341,006
Lendlease Corp. Ltd. (a)		197,676		1,021,054
Lottery Corp. Ltd.*		641,449		2,007,119
Macquarie Group Ltd.		108,023		13,103,131
Medibank Pvt Ltd.		812,616		1,616,080
Mineral Resources Ltd.		49,921		2,962,130
Mirvac Group REIT		1,141,672		1,728,050
National Australia Bank Ltd.		927,201		19,849,317
Newcrest Mining Ltd.		270,892		3,642,425
Northern Star Resources Ltd.		348,241		2,505,508
Orica Ltd.		131,746		1,326,138
Origin Energy Ltd.		525,838		2,805,333
Pilbara Minerals Ltd.*		737,474		2,332,613
Qantas Airways Ltd.*		274,777		1,163,791
QBE Insurance Group Ltd.		440,437		3,847,444
Ramsay Health Care Ltd.		54,657		2,441,449
REA Group Ltd.		16,104		1,347,851
Reece Ltd. (b)		63,044		656,416
Rio Tinto Ltd.		108,426		8,067,393
Santos Ltd.		949,212		4,767,656
Scentre Group REIT		1,513,856		3,051,764
SEEK Ltd.		94,709		1,419,385
Sonic Healthcare Ltd.		135,448		2,967,673
South32 Ltd.		1,340,453		3,657,528
Stockland REIT		709,998		1,831,263
Suncorp Group Ltd.		367,802		2,975,777
Telstra Group Ltd.		1,174,523		3,172,887
Transurban Group (a)		909,893		8,825,362
Treasury Wine Estates Ltd.		208,985		1,957,511
Vicinity Ltd. REIT		1,118,564		1,541,228
Washington H Soul Pattinson & Co. Ltd.		64,080		1,231,324
Wesfarmers Ltd.		327,407		10,793,593
Westpac Banking Corp.		1,025,206		16,540,564

	Number of Shares		Value
Australia (Continued)
WiseTech Global Ltd.		43,737	$	1,691,834
Woodside Energy Group Ltd.		554,440		14,033,207
Woolworths Group Ltd.		359,076		8,401,129
(Cost $330,497,667)				339,360,144
Austria — 0.2%
Erste Group Bank AG		103,644		3,192,419
OMV AG		44,695		2,332,924
Verbund AG		19,196		1,718,881
voestalpine AG		32,009		864,691
(Cost $7,512,862)				8,108,915
Belgium — 0.8%
Ageas SA/NV		49,054		1,963,725
Anheuser-Busch InBev SA/NV		254,388		14,837,349
D’ieteren Group		6,725		1,264,546
Elia Group SA/NV		9,597		1,358,184
Groupe Bruxelles Lambert NV		25,415		2,026,359
KBC Group NV		75,003		4,116,260
Sofina SA		4,733		1,012,613
Solvay SA		21,192		2,070,280
UCB SA		38,575		3,082,039
Umicore SA		62,972		2,241,081
Warehouses De Pauw CVA REIT		46,636		1,227,795
(Cost $46,329,642)				35,200,231
Chile — 0.0%
Antofagasta PLC (Cost $1,612,739)		113,658		1,929,453
Denmark — 2.7%
A.P. Moller — Maersk A/S, Class A		930		1,955,731
A.P. Moller — Maersk A/S, Class B		1,502		3,225,859
Carlsberg A/S, Class B		29,193		3,649,151
Chr Hansen Holding A/S		31,497		1,924,066
Coloplast A/S, Class B		35,628		4,155,433
Danske Bank A/S		206,384		3,681,742
Demant A/S*		26,966		754,594
DSV A/S		53,424		8,364,377
Genmab A/S*		19,143		8,755,723
Novo Nordisk A/S, Class B		485,433		60,041,103
Novozymes A/S, Class B		61,624		3,538,542
Orsted AS, 144A		56,658		4,918,924
Pandora A/S		27,357		2,019,484
ROCKWOOL A/S, Class B		2,387		517,501
Tryg A/S		108,457		2,511,439
Vestas Wind Systems A/S		302,220		7,588,535
(Cost $77,628,587)				117,602,204
Finland — 1.2%
Elisa OYJ		43,732		2,264,455
Fortum OYJ		128,950		2,041,632
Kesko OYJ, Class B		77,683		1,656,350
Kone OYJ, Class B		101,681		5,027,000
Neste OYJ		126,581		6,499,078
Nokia OYJ		1,571,298		7,608,091
Nordea Bank Abp		978,511		10,202,674
Orion OYJ, Class B		31,026		1,638,175
Sampo OYJ, Class A		143,270		7,236,675

See Notes to Financial Statements. 4

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Finland (Continued)
Stora Enso OYJ, Class R		165,626	$	2,408,598
UPM-Kymmene OYJ		159,442		5,802,063
Wartsila OYJ Abp		143,999		1,234,427
(Cost $52,860,055)				53,619,218
France — 11.2%
Accor SA*		47,503		1,246,666
Aeroports de Paris*		9,054		1,382,619
Air Liquide SA		153,211		22,036,616
Airbus SE		173,269		19,689,178
Alstom SA (b)		95,481		2,470,030
Amundi SA, 144A		18,715		1,041,904
Arkema SA		16,842		1,474,270
AXA SA		548,229		15,414,570
BioMerieux		12,175		1,217,014
BNP Paribas SA		325,675		18,107,299
Bollore SE		253,998		1,416,704
Bouygues SA		69,240		2,129,833
Bureau Veritas SA		89,333		2,325,858
Capgemini SE		47,477		8,448,186
Carrefour SA		181,750		3,106,446
Cie de Saint-Gobain		142,417		6,482,975
Cie Generale des Etablissements Michelin SCA		196,270		5,458,279
Covivio REIT		12,653		728,120
Credit Agricole SA		361,778		3,617,842
Danone SA		187,934		9,793,857
Dassault Aviation SA		6,328		995,640
Dassault Systemes SE		193,036		7,047,642
Edenred		75,129		4,102,849
Eiffage SA		25,045		2,448,249
Electricite de France SA		162,005		2,022,990
Engie SA		536,429		8,105,185
EssilorLuxottica SA (b)		86,011		15,868,899
Eurazeo SE		12,859		800,858
Gecina SA REIT		13,577		1,317,458
Getlink SE		132,933		2,190,458
Hermes International		9,240		14,831,368
Ipsen SA		11,456		1,277,944
Kering SA		21,793		12,867,389
Klepierre SA REIT*		59,099		1,351,736
La Francaise des Jeux SAEM, 144A		31,595		1,256,589
Legrand SA		80,039		6,453,203
L’Oreal SA		70,910		26,180,333
LVMH Moet Hennessy Louis Vuitton SE		81,068		62,198,192
Orange SA (b)		584,844		5,944,697
Pernod Ricard SA (b)		60,490		11,893,633
Publicis Groupe SA		68,724		4,462,488
Remy Cointreau SA		7,002		1,200,780
Renault SA*		55,663		2,016,298
Safran SA		99,895		12,205,902
Sanofi		335,345		30,178,079
Sartorius Stedim Biotech		8,043		2,705,876
Schneider Electric SE		158,935		22,975,681
SEB SA		7,216		564,675
Societe Generale SA		238,140		5,944,929
Sodexo SA		25,624		2,445,121

	Number of Shares		Value
France (Continued)
Teleperformance		17,661	$	3,958,631
Thales SA		31,784		4,040,044
TotalEnergies SE (b)		730,456		45,842,412
Ubisoft Entertainment SA*		26,879		743,451
Unibail-Rodamco-Westfield REIT*(b)		21,403		1,127,853
Unibail-Rodamco-Westfield CDI*		285,626		779,352
Valeo		59,264		1,094,645
Veolia Environnement SA		200,011		5,115,874
Vinci SA (b)		159,296		16,016,070
Vivendi SE		218,139		1,947,622
Wendel SE		7,523		692,425
Worldline SA, 144A*		71,857		3,361,111
(Cost $413,356,255)				486,162,897
Germany — 7.3%
adidas AG		51,730		6,581,289
Allianz SE		119,597		25,431,911
BASF SE		267,754		13,517,491
Bayer AG		287,924		16,592,617
Bayerische Motoren Werke AG		96,097		8,630,879
Bechtle AG		25,863		925,002
Beiersdorf AG		30,314		3,279,078
Brenntag SE		46,335		2,892,009
Carl Zeiss Meditec AG		11,828		1,589,607
Commerzbank AG*		318,873		2,656,546
Continental AG		33,496		1,996,549
Covestro AG, 144A		56,604		2,248,295
Daimler Truck Holding AG*		135,520		4,423,866
Delivery Hero SE, 144A*(b)		49,291		2,101,443
Deutsche Bank AG (c)		618,816		6,517,964
Deutsche Boerse AG		56,804		10,397,498
Deutsche Lufthansa AG*		182,953		1,457,747
Deutsche Post AG		287,718		11,326,284
Deutsche Telekom AG		949,578		19,175,679
E.ON SE		653,861		6,208,044
Evonik Industries AG		61,402		1,196,433
Fresenius Medical Care AG & Co. KGaA		60,093		1,858,475
Fresenius SE & Co. KGaA		126,413		3,493,847
GEA Group AG		46,004		1,861,255
Hannover Rueck SE		18,069		3,414,554
HeidelbergCement AG		42,781		2,320,275
HelloFresh SE*		46,077		1,121,019
Henkel AG & Co. KGaA		28,393		1,882,066
Infineon Technologies AG		382,068		12,531,728
Knorr-Bremse AG		21,761		1,228,238
LEG Immobilien SE		21,985		1,388,671
Mercedes-Benz Group AG		234,746		15,731,428
Merck KGaA		38,722		7,003,121
MTU Aero Engines AG		16,251		3,388,924
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		41,074		12,873,779
Nemetschek SE		17,826		864,418
Puma SE		32,312		1,637,483
Rational AG		1,270		783,026
Rheinmetall AG		13,057		2,641,337
RWE AG		187,230		8,182,929

See Notes to Financial Statements. 5

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Germany (Continued)
SAP SE		305,960	$	33,258,200
Scout24 SE, 144A		21,982		1,188,558
Siemens AG		224,217		30,616,295
Siemens Energy AG (b)		128,342		2,111,469
Siemens Healthineers AG, 144A		84,601		4,459,896
Symrise AG		39,662		4,496,617
Telefonica Deutschland Holding AG		262,628		625,289
United Internet AG		25,173		528,616
Volkswagen AG		8,897		1,694,718
Vonovia SE		204,086		4,988,619
Zalando SE, 144A*		64,889		2,008,150
(Cost $357,560,988)				319,329,231
Hong Kong — 2.7%
AIA Group Ltd.		3,493,670		35,111,362
BOC Hong Kong Holdings Ltd.		1,096,364		3,473,970
Budweiser Brewing Co. APAC Ltd., 144A		490,732		1,407,306
CK Asset Holdings Ltd.		568,987		3,390,925
CK Hutchison Holdings Ltd.		762,747		4,423,590
CK Infrastructure Holdings Ltd.		187,622		944,001
CLP Holdings Ltd.		473,058		3,427,891
ESR Group Ltd., 144A		592,956		1,339,113
Futu Holdings Ltd., ADR*		18,010		1,107,435
Galaxy Entertainment Group Ltd.		655,132		3,916,894
Hang Lung Properties Ltd.		619,153		1,139,864
Hang Seng Bank Ltd.		227,389		3,499,211
Henderson Land Development Co. Ltd.		439,640		1,446,527
HK Electric Investments & HK Electric Investments Ltd. (a)		798,228		589,656
HKT Trust & HKT Ltd. (a)		1,095,382		1,329,444
Hong Kong & China Gas Co. Ltd.		3,361,845		2,857,866
Hong Kong Exchanges & Clearing Ltd.		350,312		13,723,743
Hongkong Land Holdings Ltd.		333,100		1,335,731
Jardine Matheson Holdings Ltd.		47,757		2,307,618
Link REIT		632,465		4,251,008
MTR Corp. Ltd.		463,211		2,226,819
New World Development Co. Ltd.		436,934		1,033,746
Power Assets Holdings Ltd.		412,103		2,118,300
Sino Land Co. Ltd.		957,559		1,190,367
SITC International Holdings Co. Ltd.		377,053		822,561
Sun Hung Kai Properties Ltd.		430,157		5,160,155
Swire Pacific Ltd., Class A		150,239		1,174,261
Swire Properties Ltd.		357,542		800,138
Techtronic Industries Co. Ltd.		415,937		4,941,647
WH Group Ltd., 144A		2,529,487		1,479,942
Wharf Real Estate Investment Co. Ltd.		501,117		2,309,605
Xinyi Glass Holdings Ltd.		506,111		969,334
(Cost $118,870,688)				115,250,030
Ireland — 1.0%
AerCap Holdings NV*		40,670		2,497,138
AIB Group PLC		295,123		950,184
Bank of Ireland Group PLC		306,817		2,492,891
CRH PLC		215,735		8,533,016
DCC PLC		29,745		1,573,464
Experian PLC		268,296		9,393,721

	Number of Shares		Value
Ireland (Continued)
Flutter Entertainment PLC*		50,023	$	7,326,595
James Hardie Industries PLC CDI		132,231		2,620,753
Kerry Group PLC, Class A		47,839		4,507,198
Kingspan Group PLC		46,335		2,576,675
Smurfit Kappa Group PLC		74,212		2,643,414
(Cost $40,270,786)				45,115,049
Israel — 0.7%
Azrieli Group Ltd.		13,671		962,075
Bank Hapoalim BM		381,117		3,643,835
Bank Leumi Le-Israel BM		462,452		4,165,294
Bezeq The Israeli Telecommunication Corp. Ltd.		553,880		1,022,757
Check Point Software Technologies Ltd.*		30,680		4,075,224
CyberArk Software Ltd.*		12,381		1,845,636
Elbit Systems Ltd.		7,467		1,300,017
ICL Group Ltd.		218,329		1,796,904
Israel Discount Bank Ltd., Class A		359,194		2,108,757
Mizrahi Tefahot Bank Ltd.		47,002		1,720,661
Nice Ltd.*		17,521		3,322,612
Teva Pharmaceutical Industries Ltd., ADR*		332,974		2,920,182
Tower Semiconductor Ltd.*		32,936		1,461,548
Wix.com Ltd.*		16,786		1,518,965
ZIM Integrated Shipping Services Ltd. (b)		25,151		528,674
(Cost $34,014,515)				32,393,141
Italy — 2.0%
Amplifon SpA		35,640		995,786
Assicurazioni Generali SpA		330,609		5,827,901
Atlantia SpA		148,127		3,534,454
Davide Campari-Milano NV		153,073		1,596,861
DiaSorin SpA		7,672		1,013,504
Enel SpA		2,362,562		12,621,854
Eni SpA		727,913		10,849,953
Ferrari NV		37,696		8,312,091
FinecoBank Banca Fineco SpA		182,257		2,928,300
Infrastrutture Wireless Italiane SpA, 144A		106,143		1,049,078
Intesa Sanpaolo SpA		4,928,582		10,883,070
Mediobanca Banca di Credito Finanziario SpA		181,125		1,736,643
Moncler SpA		62,437		3,186,876
Nexi SpA, 144A*		158,480		1,385,940
Poste Italiane SpA, 144A		156,278		1,526,379
Prysmian SpA		76,311		2,652,270
Recordati Industria Chimica e Farmaceutica SpA		31,437		1,329,471
Snam SpA		599,956		3,039,163
Telecom Italia SpA*(b)		2,919,903		626,529
Terna — Rete Elettrica Nazionale		418,274		3,181,723
UniCredit SpA		561,863		7,614,807
(Cost $88,914,267)				85,892,653

See Notes to Financial Statements. 6

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares			Value
Japan — 21.3%
Advantest Corp.		56,800		$	3,755,406
Aeon Co. Ltd.		196,000			4,006,865
AGC, Inc.		55,600			1,852,125
Aisin Corp.		45,254			1,233,843
Ajinomoto Co., Inc.		136,947			4,299,118
ANA Holdings, Inc.*(b)		49,900			1,064,020
Asahi Group Holdings Ltd.		129,965			4,139,229
Asahi Intecc Co. Ltd.		63,300			1,106,570
Asahi Kasei Corp.		324,100			2,391,613
Astellas Pharma, Inc.		531,232			8,186,412
Azbil Corp.		35,500			1,073,304
Bandai Namco Holdings, Inc.		59,200			3,877,645
Bridgestone Corp.		170,476			6,378,807
Brother Industries Ltd.		71,800			1,151,171
Canon, Inc.		290,686			6,761,412
Capcom Co. Ltd.		53,000			1,602,397
Central Japan Railway Co.		43,054			5,184,938
Chiba Bank Ltd.		167,100			1,009,207
Chubu Electric Power Co., Inc.		192,900			1,799,227
Chugai Pharmaceutical Co. Ltd.		201,200			5,280,243
Concordia Financial Group Ltd.		331,915			1,146,524
CyberAgent, Inc.		128,900			1,147,209
Dai Nippon Printing Co. Ltd.		62,700			1,289,961
Daifuku Co. Ltd.		30,121			1,535,606
Dai-ichi Life Holdings, Inc.		293,238			5,401,194
Daiichi Sankyo Co. Ltd.		514,093			16,819,988
Daikin Industries Ltd.		72,188	��		11,712,449
Daito Trust Construction Co. Ltd.		18,713			2,076,060
Daiwa House Industry Co. Ltd.		179,136			4,097,984
Daiwa House REIT Investment Corp. REIT		678			1,509,776
Daiwa Securities Group, Inc.		396,287			1,744,822
Denso Corp.		129,553			7,049,470
Dentsu Group, Inc.		65,800			2,096,604
Disco Corp.		8,600			2,528,496
East Japan Railway Co.		90,253			5,105,121
Eisai Co. Ltd.		75,652			5,112,495
ENEOS Holdings, Inc.		916,728			3,093,600
FANUC Corp.		55,217			8,143,198
Fast Retailing Co. Ltd.		17,417			10,192,395
Fuji Electric Co. Ltd.		37,500			1,526,179
FUJIFILM Holdings Corp.		102,054			5,406,076
Fujitsu Ltd.		57,402			7,675,631
GLP J REIT		998			1,112,984
GMO Payment Gateway, Inc.		13,000			1,144,761
Hakuhodo DY Holdings, Inc.		66,559			641,538
Hamamatsu Photonics KK		40,800			2,115,490
Hankyu Hanshin Holdings, Inc.		69,040			2,144,845
Hikari Tsushin, Inc.		6,300			874,582
Hirose Electric Co. Ltd.		8,466			1,115,803
Hitachi Construction Machinery Co. Ltd.		32,600			757,810
Hitachi Ltd.		283,101			14,963,822
Honda Motor Co. Ltd.		475,499			11,556,048
Hoshizaki Corp.		33,400			1,121,073
Hoya Corp.		105,274			10,718,752
Hulic Co. Ltd.		114,900			959,372

	Number of Shares		Value
Japan (Continued)
Ibiden Co. Ltd.		31,400	$	1,252,908
Idemitsu Kosan Co. Ltd.		62,584		1,468,406
Iida Group Holdings Co. Ltd.		43,000		682,881
Inpex Corp.		310,317		3,444,970
Isuzu Motors Ltd.		167,400		2,174,782
Ito En Ltd.		17,300		660,229
ITOCHU Corp.		344,954		10,709,087
Itochu Techno-Solutions Corp.		24,700		599,211
Japan Airlines Co. Ltd.*		44,073		872,268
Japan Exchange Group, Inc.		151,678		2,169,888
Japan Metropolitan Fund Invest REIT		1,722		1,372,961
Japan Post Bank Co. Ltd.		103,458		787,417
Japan Post Holdings Co. Ltd.		710,413		5,545,841
Japan Post Insurance Co. Ltd.		56,900		942,359
Japan Real Estate Investment Corp. REIT		374		1,649,403
Japan Tobacco, Inc.		358,441		7,308,209
JFE Holdings, Inc.		151,385		1,672,920
JSR Corp.		51,500		1,071,472
Kajima Corp.		127,200		1,427,765
Kakaku.com, Inc.		40,300		708,584
Kansai Electric Power Co., Inc.		212,967		1,798,244
Kao Corp.		136,104		5,382,460
KDDI Corp.		471,333		14,031,791
Keio Corp.		32,360		1,199,820
Keisei Electric Railway Co. Ltd.		39,528		1,120,661
Keyence Corp.		56,970		23,573,509
Kikkoman Corp.		43,782		2,447,658
Kintetsu Group Holdings Co. Ltd.		49,440		1,754,334
Kirin Holdings Co. Ltd.		228,223		3,578,122
Kobayashi Pharmaceutical Co. Ltd.		14,800		911,000
Kobe Bussan Co. Ltd.		45,400		1,175,357
Koei Tecmo Holdings Co. Ltd.		37,200		639,800
Koito Manufacturing Co. Ltd.		64,300		1,008,107
Komatsu Ltd.		276,173		6,357,839
Konami Group Corp.		26,266		1,226,850
Kose Corp.		9,500		996,850
Kubota Corp.		305,081		4,484,861
Kurita Water Industries Ltd.		32,300		1,426,823
Kyocera Corp.		96,100		4,858,238
Kyowa Kirin Co. Ltd.		81,900		1,883,065
Lasertec Corp.		22,600		4,113,629
Lixil Corp.		89,600		1,368,429
M3, Inc.		132,342		4,029,967
Makita Corp.		66,000		1,495,981
Marubeni Corp.		462,400		5,183,541
Mazda Motor Corp.		171,100		1,351,800
McDonald’s Holdings Co. Japan Ltd.		26,622		985,143
MEIJI Holdings Co. Ltd.		33,390		1,595,872
MINEBEA MITSUMI, Inc.		108,720		1,765,942
MISUMI Group, Inc.		86,000		2,086,321
Mitsubishi Chemical Group Corp.		385,300		2,034,621
Mitsubishi Corp.		368,125		12,276,165
Mitsubishi Electric Corp.		554,279		5,529,143
Mitsubishi Estate Co. Ltd.		353,051		4,959,946
Mitsubishi HC Capital, Inc.		194,800		922,581
Mitsubishi Heavy Industries Ltd.		95,899		3,789,708

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Mitsubishi UFJ Financial Group, Inc.		3,493,152	$	19,101,159
Mitsui & Co. Ltd.		416,960		12,026,589
Mitsui Chemicals, Inc.		52,600		1,180,824
Mitsui Fudosan Co. Ltd.		270,626		5,441,329
Mitsui OSK Lines Ltd.		100,300		2,444,127
Mizuho Financial Group, Inc.		698,958		8,690,788
MonotaRO Co. Ltd.		76,300		1,290,729
MS&AD Insurance Group Holdings, Inc.		132,921		3,946,528
Murata Manufacturing Co. Ltd.		165,477		8,944,314
NEC Corp.		73,559		2,586,204
Nexon Co. Ltd.		138,345		2,899,344
NGK Insulators Ltd.		65,600		860,320
Nidec Corp.		128,646		7,950,358
Nihon M&A Center Holdings, Inc.		93,500		1,245,854
Nintendo Co. Ltd.		323,210		13,795,349
Nippon Building Fund, Inc. REIT		384		1,779,709
NIPPON EXPRESS HOLDINGS, Inc.		23,300		1,365,030
Nippon Paint Holdings Co. Ltd.		249,410		2,022,878
Nippon Prologis REIT, Inc. REIT (b)		658		1,608,190
Nippon Sanso Holdings Corp.		52,900		870,749
Nippon Shinyaku Co. Ltd.		15,200		890,492
Nippon Steel Corp.		241,609		3,836,105
Nippon Telegraph & Telephone Corp.		347,902		9,624,054
Nippon Yusen KK		145,200		3,193,370
Nissan Chemical Corp.		37,549		1,832,720
Nissan Motor Co. Ltd.		696,042		2,475,891
Nisshin Seifun Group, Inc.		61,400		718,090
Nissin Foods Holdings Co. Ltd.		18,700		1,419,190
Nitori Holdings Co. Ltd.		24,101		2,716,577
Nitto Denko Corp.		42,824		2,670,104
Nomura Holdings, Inc.		866,654		3,142,397
Nomura Real Estate Holdings, Inc.		36,336		873,601
Nomura Real Estate Master Fund, Inc. REIT		1,292		1,613,947
Nomura Research Institute Ltd.		100,843		2,187,889
NTT Data Corp.		190,134		2,894,212
Obayashi Corp.		194,900		1,445,272
Obic Co. Ltd.		20,600		3,237,164
Odakyu Electric Railway Co. Ltd.		89,350		1,165,969
Oji Holdings Corp.		241,468		923,275
Olympus Corp.		355,116		7,215,986
Omron Corp.		55,892		2,851,063
Ono Pharmaceutical Co. Ltd.		108,206		2,755,104
Open House Group Co. Ltd.		25,800		1,079,904
Oracle Corp.		11,300		657,100
Oriental Land Co. Ltd.		58,100		8,296,995
ORIX Corp.		340,346		5,448,149
Osaka Gas Co. Ltd.		106,300		1,633,490
Otsuka Corp.		34,700		1,148,374
Otsuka Holdings Co. Ltd.		109,067		3,704,282
Pan Pacific International Holdings Corp.		114,372		1,974,530
Panasonic Holdings Corp.		661,285		6,100,928
Persol Holdings Co. Ltd.		54,000		1,231,805
Rakuten Group, Inc.		263,886		1,247,864
Recruit Holdings Co. Ltd.		419,953		13,165,157

	Number of Shares		Value
Japan (Continued)
Renesas Electronics Corp.*		350,700	$	3,342,177
Resona Holdings, Inc.		646,425		3,093,796
Ricoh Co. Ltd.		166,500		1,309,429
Rohm Co. Ltd.		26,300		2,066,442
SBI Holdings, Inc.		74,725		1,416,685
SCSK Corp.		40,500		645,818
Secom Co. Ltd.		62,800		3,858,773
Seiko Epson Corp.		84,159		1,311,537
Sekisui Chemical Co. Ltd.		105,300		1,469,426
Sekisui House Ltd.		184,451		3,428,820
Seven & i Holdings Co. Ltd.		218,976		8,846,890
SG Holdings Co. Ltd.		87,000		1,341,951
Sharp Corp.		76,973		542,362
Shimadzu Corp.		71,400		2,161,286
Shimano, Inc.		20,594		3,486,767
Shimizu Corp.		167,200		893,574
Shin-Etsu Chemical Co. Ltd.		109,104		13,881,941
Shionogi & Co. Ltd.		79,395		3,995,910
Shiseido Co. Ltd.		114,157		4,793,949
Shizuoka Financial Group, Inc.		108,700		791,104
SMC Corp.		17,082		7,639,831
SoftBank Corp.		830,400		9,005,171
SoftBank Group Corp.		353,028		15,216,327
Sompo Holdings, Inc.		93,535		4,104,052
Sony Group Corp.		369,516		30,117,334
Square Enix Holdings Co. Ltd.		25,300		1,134,094
Subaru Corp.		184,334		3,138,978
SUMCO Corp.		106,600		1,561,676
Sumitomo Chemical Co. Ltd.		449,322		1,620,410
Sumitomo Corp.		336,276		5,471,882
Sumitomo Electric Industries Ltd.		188,300		2,182,447
Sumitomo Metal Mining Co. Ltd.		74,000		2,489,174
Sumitomo Mitsui Financial Group, Inc.		380,715		12,883,490
Sumitomo Mitsui Trust Holdings, Inc.		100,681		3,213,130
Sumitomo Realty & Development Co. Ltd.		92,803		2,497,327
Suntory Beverage & Food Ltd.		41,000		1,385,075
Suzuki Motor Corp.		110,326		3,925,206
Sysmex Corp.		50,307		3,030,296
T&D Holdings, Inc.		150,100		1,813,070
Taisei Corp.		54,315		1,638,221
Takeda Pharmaceutical Co. Ltd.		435,111		12,761,239
TDK Corp.		116,472		4,116,036
Terumo Corp.		193,144		5,654,871
TIS, Inc.		65,800		1,853,588
Tobu Railway Co. Ltd.		52,679		1,262,709
Toho Co. Ltd.		33,700		1,290,991
Tokio Marine Holdings, Inc.		535,650		10,965,910
Tokyo Electric Power Co. Holdings, Inc.*		465,800		1,683,208
Tokyo Electron Ltd.		43,664		14,257,439
Tokyo Gas Co. Ltd.		119,380		2,183,749
Tokyu Corp.		142,210		1,801,183
TOPPAN, Inc.		79,589		1,228,791
Toray Industries, Inc.		416,943		2,230,097
Toshiba Corp.		116,716		3,964,067
Tosoh Corp.		80,040		940,727

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Japan (Continued)
TOTO Ltd.		42,615	$	1,464,322
Toyota Industries Corp.		44,000		2,488,522
Toyota Motor Corp.		3,110,420		45,285,679
Toyota Tsusho Corp.		61,111		2,314,509
Trend Micro, Inc.		39,776		1,961,580
Unicharm Corp.		121,200		4,461,290
USS Co. Ltd.		61,100		1,015,900
Welcia Holdings Co. Ltd.		23,600		516,127
West Japan Railway Co.		65,706		2,776,886
Yakult Honsha Co. Ltd.		38,179		2,419,192
Yamaha Corp.		42,581		1,668,211
Yamaha Motor Co. Ltd.		90,274		2,232,498
Yamato Holdings Co. Ltd.		83,471		1,386,045
Yaskawa Electric Corp.		72,520		2,334,357
Yokogawa Electric Corp.		69,544		1,292,272
Z Holdings Corp.		803,400		2,173,002
ZOZO, Inc.		33,597		833,295
(Cost $889,403,192)				926,642,551
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $1,524,747)		50,815		927,246
Luxembourg — 0.2%
ArcelorMittal SA		150,543		4,043,269
Aroundtown SA		278,637		665,435
Eurofins Scientific SE		40,816		2,821,067
Tenaris SA		141,875		2,467,722
(Cost $10,096,137)				9,997,493
Macau — 0.1%
Sands China Ltd.* (Cost $2,958,896)		728,866		1,959,581
Netherlands — 4.6%
ABN AMRO Bank NV, 144A		124,393		1,583,740
Adyen NV, 144A*		6,295		9,588,740
Aegon NV		526,460		2,555,100
Akzo Nobel NV		54,137		3,843,173
Argenx SE*		16,108		6,537,178
ASM International NV		14,025		3,779,956
ASML Holding NV		119,293		69,652,915
Euronext NV, 144A		25,542		1,933,358
EXOR NV*		32,699		2,554,717
Heineken Holding NV		30,712		2,302,641
Heineken NV		77,301		7,101,196
IMCD NV		17,074		2,474,085
ING Groep NV		1,102,081		13,291,715
JDE Peet’s NV		28,678		881,543
Just Eat Takeaway.com NV, 144A*		55,218		1,240,559
Koninklijke Ahold Delhaize NV		306,268		8,864,715
Koninklijke DSM NV		50,359		6,408,961
Koninklijke KPN NV		995,024		3,046,213
Koninklijke Philips NV		264,748		3,909,852
NN Group NV		83,407		3,525,547
OCI NV		31,533		1,331,562
Prosus NV*		243,223		15,816,094
QIAGEN NV*		68,332		3,364,751
Randstad NV		35,877		2,053,349

	Number of Shares		Value
Netherlands (Continued)
Stellantis NV*		641,269	$	9,937,505
Universal Music Group NV		206,584		4,836,857
Wolters Kluwer NV		78,224		8,563,274
(Cost $160,095,288)				200,979,296
New Zealand — 0.2%
Auckland International Airport Ltd.*		362,994		1,839,075
Fisher & Paykel Healthcare Corp. Ltd.		177,251		2,635,996
Mercury NZ Ltd.		177,636		615,656
Meridian Energy Ltd.		324,246		1,000,164
Spark New Zealand Ltd.		549,633		1,783,709
Xero Ltd.*		40,823		1,957,337
(Cost $9,756,116)				9,831,937
Norway — 0.8%
Adevinta ASA*		69,394		544,348
Aker BP ASA		96,451		3,346,633
DNB Bank ASA		281,106		5,437,778
Equinor ASA		276,439		10,641,662
Gjensidige Forsikring ASA		57,305		1,100,956
Kongsberg Gruppen ASA		27,671		1,136,298
Mowi ASA		125,938		1,964,924
Norsk Hydro ASA		386,217		2,846,458
Orkla ASA		226,818		1,611,327
Salmar ASA		15,100		529,303
Telenor ASA		209,902		2,031,262
Yara International ASA		50,687		2,316,143
(Cost $32,088,793)				33,507,092
Portugal — 0.2%
EDP — Energias de Portugal SA		838,870		3,944,764
Galp Energia SGPS SA		151,223		1,854,520
Jeronimo Martins SGPS SA		84,173		1,856,918
(Cost $6,901,940)				7,656,202
Singapore — 1.5%
CapitaLand Ascendas REIT		1,023,099		2,097,701
CapitaLand Integrated Commercial Trust REIT		1,622,534		2,468,231
Capitaland Investment Ltd.		788,800		2,127,427
City Developments Ltd.		110,600		673,800
DBS Group Holdings Ltd.		526,287		13,610,171
Genting Singapore Ltd.		1,844,078		1,192,569
Grab Holdings Ltd., Class A*		392,970		1,186,769
Jardine Cycle & Carriage Ltd.		26,800		594,987
Keppel Corp. Ltd.		443,400		2,456,907
Mapletree Logistics Trust REIT		886,775		1,049,206
Mapletree Pan Asia Commercial Trust REIT		769,800		967,377
Oversea-Chinese Banking Corp. Ltd.		974,287		8,906,949
Sea Ltd., ADR*(b)		108,428		6,328,942
Singapore Airlines Ltd.*(b)		385,050		1,556,329
Singapore Exchange Ltd.		257,000		1,709,241
Singapore Technologies Engineering Ltd.		460,000		1,159,508
Singapore Telecommunications Ltd.		2,489,289		4,975,834
United Overseas Bank Ltd.		340,854		7,815,282
UOL Group Ltd.		152,381		745,807

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Singapore (Continued)
Venture Corp. Ltd.		77,100	$	980,217
Wilmar International Ltd.		553,166		1,666,714
(Cost $71,523,216)				64,269,968
Spain — 2.4%
Acciona SA		7,567		1,467,755
ACS Actividades de Construccion y Servicios SA		59,915		1,687,126
Aena SME SA, 144A*		22,461		2,881,882
Amadeus IT Group SA*		134,981		7,200,047
Banco Bilbao Vizcaya Argentaria SA		1,772,531		10,351,316
Banco Santander SA		4,898,745		14,530,814
CaixaBank SA		1,328,437		4,924,010
Cellnex Telecom SA, 144A*		163,693		5,553,052
Corp ACCIONA Energias Renovables SA		17,514		690,001
EDP Renovaveis SA		82,548		1,894,084
Enagas SA		73,758		1,322,448
Endesa SA		95,919		1,766,697
Ferrovial SA (b)		136,426		3,634,303
Grifols SA*(b)		87,244		921,933
Iberdrola SA		1,778,384		19,949,333
Industria de Diseno Textil SA		326,996		8,459,168
Naturgy Energy Group SA		40,619		1,131,941
Red Electrica Corp. SA		120,986		2,114,459
Repsol SA		395,887		6,097,012
Siemens Gamesa Renewable Energy SA*		68,799		1,290,809
Telefonica SA		1,510,088		5,633,464
(Cost $134,525,072)				103,501,654
Sweden — 3.2%
Alfa Laval AB		85,202		2,415,254
Assa Abloy AB, Class B		286,041		6,490,625
Atlas Copco AB, Class A		766,785		9,430,524
Atlas Copco AB, Class B (b)		465,297		5,182,052
Boliden AB		78,343		2,893,704
Electrolux AB, Class B (b)		56,855		804,059
Embracer Group AB*(b)		205,057		867,043
Epiroc AB, Class A (b)		188,378		3,585,727
Epiroc AB, Class B		112,873		1,866,913
EQT AB (b)		89,893		2,013,248
Essity AB, Class B		183,450		4,464,910
Evolution AB, 144A		54,845		5,572,315
Fastighets AB Balder, Class B*		162,768		714,038
Getinge AB, Class B		69,375		1,597,326
H & M Hennes & Mauritz AB, Class B (b)		221,668		2,462,403
Hexagon AB, Class B		558,987		6,288,827
Holmen AB, Class B		25,356		1,037,964
Husqvarna AB, Class B		133,957		1,032,435
Industrivarden AB, Class A		44,186		1,127,596
Industrivarden AB, Class C		39,810		1,008,721
Indutrade AB		83,170		1,766,853
Investment AB Latour, Class B (b)		45,481		886,507
Investor AB, Class A (b)		154,898		2,949,181
Investor AB, Class B		516,710		9,495,949
Kinnevik AB, Class B*		72,474		1,099,685

	Number of Shares		Value
Sweden (Continued)
L E Lundbergforetagen AB, Class B		21,202	$	914,150
Lifco AB, Class B		60,997		1,042,575
Nibe Industrier AB, Class B		454,020		4,235,909
Sagax AB, Class B		55,736		1,224,384
Sandvik AB		319,172		5,804,868
Securitas AB, Class B (b)		148,828		1,209,971
Skandinaviska Enskilda Banken AB, Class A		485,661		5,537,872
Skanska AB, Class B		102,863		1,649,926
SKF AB, Class B		115,108		1,900,044
Svenska Cellulosa AB SCA, Class B		186,688		2,508,289
Svenska Handelsbanken AB, Class A		434,107		4,367,174
Swedbank AB, Class A		271,752		4,378,318
Swedish Match AB		467,344		5,117,628
Swedish Orphan Biovitrum AB*		46,592		1,007,541
Tele2 AB, Class B		170,337		1,505,514
Telefonaktiebolaget LM Ericsson, Class B		874,659		5,423,596
Telia Co. AB		804,883		2,193,495
Volvo AB, Class A		59,133		1,125,018
Volvo AB, Class B		434,201		7,937,450
Volvo Car AB, Class B*(b)		180,544		886,745
(Cost $137,073,160)				137,024,326
Switzerland — 10.5%
ABB Ltd.		458,064		14,212,691
Adecco Group AG		49,133		1,653,777
Alcon, Inc.		144,629		9,791,211
Bachem Holding AG (b)		7,944		761,868
Baloise Holding AG		13,411		2,016,788
Banque Cantonale Vaudoise		8,157		762,469
Barry Callebaut AG		975		1,981,427
BKW AG		5,528		714,478
Chocoladefabriken Lindt & Spruengli AG		29		2,969,723
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		318		3,333,749
Cie Financiere Richemont SA, Class A		152,293		19,965,069
Clariant AG*		64,663		1,038,708
Coca-Cola HBC AG*		59,138		1,436,214
Credit Suisse Group AG (b)		795,013		2,370,966
EMS-Chemie Holding AG		2,171		1,495,896
Geberit AG		10,682		5,043,823
Givaudan SA		2,753		9,211,094
Glencore PLC		2,871,058		19,499,040
Holcim AG*		165,604		8,533,528
Julius Baer Group Ltd.		60,406		3,436,998
Kuehne + Nagel International AG		15,658		3,782,741
Logitech International SA		52,013		3,070,485
Lonza Group AG		21,763		11,274,212
Nestle SA		808,966		96,041,469
Novartis AG		636,269		56,247,188
Partners Group Holding AG		6,765		6,613,078
Roche Holding AG (b)		7,918		3,166,363
Roche Holding AG		206,377		67,131,139
Schindler Holding AG		7,134		1,272,623
Schindler Holding AG Participation Certificates		12,179		2,280,063

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Switzerland (Continued)
SGS SA		1,907	$	4,433,712
SIG Group AG*		91,760		2,007,326
Sika AG		42,247		10,581,283
Sonova Holding AG		16,092		4,115,471
STMicroelectronics NV		198,861		7,461,037
Straumann Holding AG		33,605		3,821,292
Swatch Group AG — Bearer		8,996		2,374,849
Swatch Group AG — Registered		13,726		655,077
Swiss Life Holding AG		8,850		4,691,318
Swiss Prime Site AG		23,365		1,938,338
Swiss Re AG		87,905		7,823,893
Swisscom AG		7,806		4,192,348
Temenos AG		17,679		1,066,065
UBS Group AG		980,939		17,856,459
VAT Group AG, 144A		8,154		2,230,124
Zurich Insurance Group AG		44,100		21,107,414
(Cost $400,056,159)				457,464,884
United Kingdom — 14.3%
3i Group PLC		278,983		4,534,256
abrdn PLC (b)		659,892		1,546,132
Admiral Group PLC		55,199		1,347,870
Anglo American PLC		374,666		15,387,125
Ashtead Group PLC		127,914		7,669,879
Associated British Foods PLC		108,145		2,060,704
AstraZeneca PLC		455,429		61,290,850
Auto Trader Group PLC, 144A		283,313		1,931,999
AVEVA Group PLC		36,458		1,397,764
Aviva PLC		846,495		4,532,920
BAE Systems PLC		919,914		9,120,387
Barclays PLC		4,673,579		9,082,381
Barratt Developments PLC		251,653		1,206,244
Berkeley Group Holdings PLC		34,190		1,570,418
BP PLC		5,509,787		33,037,352
British American Tobacco PLC		627,882		25,661,566
British Land Co. PLC REIT		272,580		1,295,383
BT Group PLC		2,068,564		3,026,669
Bunzl PLC		100,693		3,699,062
Burberry Group PLC		118,959		3,121,282
CNH Industrial NV		304,753		4,842,516
Coca-Cola Europacific Partners PLC		61,002		3,238,596
Compass Group PLC		512,816		11,570,303
Croda International PLC		41,670		3,412,136
Diageo PLC		668,400		30,676,847
Entain PLC		177,555		3,000,256
GSK PLC		1,194,246		20,248,996
Haleon PLC*		1,521,141		5,208,564
Halma PLC		113,991		2,984,061
Hargreaves Lansdown PLC		106,792		1,085,807
HSBC Holdings PLC		5,865,345		36,031,765
Imperial Brands PLC		270,244		6,921,374
Informa PLC		409,911		3,034,427
InterContinental Hotels Group PLC		50,506		2,920,048
Intertek Group PLC		48,815		2,379,848
J Sainsbury PLC		496,119		1,331,032
JD Sports Fashion PLC		734,536		1,115,921
Johnson Matthey PLC		53,833		1,355,390

	Number of Shares		Value
United Kingdom (Continued)
Kingfisher PLC		608,354	$	1,767,791
Land Securities Group PLC REIT		215,551		1,595,648
Legal & General Group PLC		1,789,485		5,426,453
Lloyds Banking Group PLC		19,877,065		11,236,958
London Stock Exchange Group PLC		96,376		9,580,648
M&G PLC		748,711		1,734,383
Melrose Industries PLC		1,276,447		2,033,046
Mondi PLC		145,445		2,704,843
National Grid PLC		1,071,533		13,101,920
NatWest Group PLC		1,598,625		5,046,142
Next PLC		39,265		2,763,731
Ocado Group PLC*(b)		170,762		1,281,379
Pearson PLC		201,263		2,414,080
Persimmon PLC		94,067		1,442,121
Phoenix Group Holdings PLC		228,733		1,623,207
Prudential PLC		798,438		9,424,941
Reckitt Benckiser Group PLC		209,957		15,051,461
RELX PLC		559,756		15,597,821
Rentokil Initial PLC		712,405		4,648,604
Rio Tinto PLC		331,286		22,299,935
Rolls-Royce Holdings PLC*		2,446,816		2,681,255
Sage Group PLC		308,294		2,959,939
Schroders PLC		221,722		1,182,228
Segro PLC REIT		364,255		3,471,759
Severn Trent PLC		75,293		2,461,057
Shell PLC		2,132,239		62,807,922
Smith & Nephew PLC		261,695		3,423,754
Smiths Group PLC		98,114		1,878,432
Spirax-Sarco Engineering PLC		22,071		2,980,652
SSE PLC		318,919		6,567,086
St James’s Place PLC		142,341		1,972,043
Standard Chartered PLC		754,719		5,616,028
Taylor Wimpey PLC		869,559		1,083,670
Tesco PLC		2,179,648		5,976,475
Unilever PLC		747,646		37,341,615
United Utilities Group PLC		204,803		2,527,631
Vodafone Group PLC		7,710,934		8,535,249
Whitbread PLC		59,293		1,846,602
WPP PLC		328,968		3,432,008
(Cost $687,086,807)				623,398,647
TOTAL COMMON STOCKS (Cost $4,112,518,574)				4,217,124,043
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		18,298		1,573,731
Dr Ing hc F Porsche AG*		34,135		3,864,674
Henkel AG & Co. KGaA		52,691		3,752,585
Porsche Automobil Holding SE		45,925		2,788,044
Sartorius AG		7,329		2,718,107
Volkswagen AG		53,606		7,803,963
(Cost $27,107,916)				22,501,104
RIGHTS — 0.0%
Switzerland — 0.0%
Credit Suisse Group AG*(b), expires 12/13/22 (Cost $0)		795,013		73,935

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		255,836	$	227,109
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e) (Cost $31,927,979)		31,927,979		31,927,979
CASH EQUIVALENTS — 0.3%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (d) (Cost $11,534,644)		11,534,644		11,530,030
TOTAL INVESTMENTS — 98.4% (Cost $4,183,089,113)			$	4,283,384,200
Other assets and liabilities, net — 1.6%				67,693,490
NET ASSETS — 100.0%			$	4,351,077,690

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		6,384,048		657,017		(351,303	)		(704,892	)		533,094		—		—		618,816		6,517,964
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e)
		87,362,002		—		(55,434,023	)(f)		—			—		328,762		—		31,927,979		31,927,979
CASH EQUIVALENTS — 0.3%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (d)
		11,386,377		141,431		—			—			2,222		142,639		—		11,534,644		11,530,030
DWS Government Money Market Series “Institutional Shares”, 3.74% (d)
		—		1,003,183,969		(1,003,183,969	)		—			—		756,396		—		—		—
		105,132,427		1,003,982,417		(1,058,969,295	)		(704,892	)		535,316		1,227,797		—		44,081,439		49,975,973

* 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, 2022 amounted to $95,318,577, which is 2.2% 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 $67,957,626.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

ADR: American Depositary Receipt

CDI: Chess Depositary Interest

CVA: Credit Valuation Adjustment

REIT: Real Estate Investment Trust

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

Securities are listed in country of domicile.

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

At November 30, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
AMSTERDAM Index Futures	EUR	59	$	8,714,514	$	8,898,040	12/16/2022	$	183,526
CAC40 10 EURO Futures	EUR	323		22,220,134		22,642,319	12/16/2022		422,185
DAX Index Futures	EUR	53		19,560,489		19,879,478	12/16/2022		318,989
FTSE 100 Index Futures	GBP	346		30,726,194		31,689,098	12/16/2022		962,904
FTSE/MIB Index Futures	EUR	43		5,474,157		5,511,120	12/16/2022		36,963
IBEX 35 Index Futures	EUR	62		5,235,113		5,390,157	12/16/2022		155,044
MSCI EAFE Futures	USD	215		20,370,555		21,282,850	12/16/2022		912,295
MSCI Singapore Index Futures	SGD	88		1,918,079		1,920,382	12/29/2022		2,303
OMXS30 Index Futures	SEK	344		6,816,784		6,884,520	12/16/2022		67,736
SPI 200 Futures	AUD	72		8,752,908		8,929,774	12/15/2022		176,866
SWISS MKT IX Futures	CHF	161		18,581,325		18,991,620	12/16/2022		410,295
TOPIX Index Futures	JPY	215		30,696,960		30,983,417	12/08/2022		286,457
Total unrealized appreciation								$	3,935,563

As of November 30, 2022, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	AUD	166,264,642	USD	106,405,214	$	—	$	(6,446,950	)
JP Morgan & Chase Co.	12/2/2022	AUD	155,009,500	USD	99,202,205		—		(6,010,529	)
JP Morgan & Chase Co.	12/2/2022	AUD	11,997,000	USD	7,677,792		—		(465,174	)
RBC Capital Markets	12/2/2022	AUD	158,875,500	USD	101,674,759		—		(6,162,023	)
Goldman Sachs & Co.	12/2/2022	CHF	135,801,400	USD	136,134,931		—		(7,380,420	)
JP Morgan & Chase Co.	12/2/2022	CHF	134,165,600	USD	134,494,439		—		(7,292,193	)
RBC Capital Markets	12/2/2022	CHF	132,931,200	USD	133,258,349		—		(7,223,764	)
RBC Capital Markets	12/2/2022	CHF	22,957,000	USD	23,013,613		—		(1,247,417	)
Goldman Sachs & Co.	12/2/2022	DKK	240,149,100	USD	31,952,992		—		(1,647,688	)
Goldman Sachs & Co.	12/2/2022	DKK	66,778,000	USD	8,884,706		—		(458,599	)
JP Morgan & Chase Co.	12/2/2022	DKK	264,758,500	USD	35,226,453		—		(1,817,473	)
RBC Capital Markets	12/2/2022	DKK	263,533,400	USD	35,064,385		—		(1,808,130	)
Goldman Sachs & Co.	12/2/2022	EUR	411,163,200	USD	407,228,368		—		(20,628,302	)
JP Morgan & Chase Co.	12/2/2022	EUR	365,506,100	USD	362,008,207		—		(18,337,658	)
JP Morgan & Chase Co.	12/2/2022	EUR	110,492,000	USD	109,433,045		—		(5,544,996	)
RBC Capital Markets	12/2/2022	EUR	397,675,100	USD	393,867,361		—		(19,953,584	)
Goldman Sachs & Co.	12/2/2022	GBP	176,801,100	USD	203,717,299		—		(9,372,324	)
JP Morgan & Chase Co.	12/2/2022	GBP	12,548,000	USD	14,458,571		—		(664,913	)
JP Morgan & Chase Co.	12/2/2022	GBP	173,137,200	USD	199,500,801		—		(9,172,905	)
RBC Capital Markets	12/2/2022	GBP	181,655,900	USD	209,315,736		—		(9,625,138	)
Goldman Sachs & Co.	12/2/2022	HKD	310,004,300	USD	39,514,904		—		(173,521	)
JP Morgan & Chase Co.	12/2/2022	HKD	235,857,200	USD	30,064,039		—		(131,673	)
RBC Capital Markets	12/2/2022	HKD	316,739,400	USD	40,373,861		—		(176,827	)
Goldman Sachs & Co.	12/2/2022	ILS	24,779,400	USD	7,053,629		—		(209,223	)
Goldman Sachs & Co.	12/2/2022	ILS	4,796,000	USD	1,365,181		—		(40,529	)
JP Morgan & Chase Co.	12/2/2022	ILS	24,790,400	USD	7,056,660		—		(209,416	)
RBC Capital Markets	12/2/2022	ILS	27,352,200	USD	7,785,995		—		(230,946	)
Goldman Sachs & Co.	12/2/2022	JPY	42,735,719,400	USD	288,473,210		—		(21,004,083	)
JP Morgan & Chase Co.	12/2/2022	JPY	42,625,812,300	USD	287,731,318		—		(20,950,065	)
RBC Capital Markets	12/2/2022	JPY	43,275,388,200	USD	292,115,078		—		(21,270,310	)
RBC Capital Markets	12/2/2022	JPY	2,001,420,000	USD	13,509,641		—		(983,950	)
Goldman Sachs & Co.	12/2/2022	NOK	104,741,700	USD	10,083,582		—		(552,360	)
Goldman Sachs & Co.	12/2/2022	NOK	21,894,000	USD	2,107,664		—		(115,551	)
JP Morgan & Chase Co.	12/2/2022	NOK	108,617,300	USD	10,456,690		—		(572,798	)
RBC Capital Markets	12/2/2022	NOK	106,084,300	USD	10,212,836		—		(559,441	)
Goldman Sachs & Co.	12/2/2022	NZD	3,743,400	USD	2,175,758		—		(183,146	)
JP Morgan & Chase Co.	12/2/2022	NZD	3,866,400	USD	2,247,231		—		(189,181	)
RBC Capital Markets	12/2/2022	NZD	4,313,800	USD	2,507,269		—		(211,073	)
Goldman Sachs & Co.	12/2/2022	SEK	133,003,000	USD	12,058,170		—		(606,551	)

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	SEK	448,531,700	USD	40,666,733	$	—	$	(2,043,047	)
JP Morgan & Chase Co.	12/2/2022	SEK	482,412,000	USD	43,738,536		—		(2,197,370	)
RBC Capital Markets	12/2/2022	SEK	480,805,100	USD	43,592,845		—		(2,190,051	)
Goldman Sachs & Co.	12/2/2022	SGD	25,093,800	USD	17,736,077		—		(705,077	)
JP Morgan & Chase Co.	12/2/2022	SGD	25,483,400	USD	18,011,443		—		(716,024	)
RBC Capital Markets	12/2/2022	SGD	24,697,200	USD	17,455,764		—		(693,933	)
Goldman Sachs & Co.	12/2/2022	USD	111,347,431	AUD	166,264,642		1,504,733		—
JP Morgan & Chase Co.	12/2/2022	USD	100,593,293	AUD	150,206,500		1,359,404		—
JP Morgan & Chase Co.	12/2/2022	USD	11,300,547	AUD	16,800,000		102,457		—
RBC Capital Markets	12/2/2022	USD	106,398,922	AUD	158,875,500		1,437,860		—
Goldman Sachs & Co.	12/2/2022	USD	142,536,237	CHF	135,801,400		979,113		—
JP Morgan & Chase Co.	12/2/2022	USD	140,819,313	CHF	134,165,600		967,319		—
RBC Capital Markets	12/2/2022	USD	17,696,321	CHF	16,700,000		—		(47,708	)
RBC Capital Markets	12/2/2022	USD	146,091,000	CHF	139,188,200		1,003,531		—
Goldman Sachs & Co.	12/2/2022	USD	4,464,286	DKK	32,000,000		13,023		—
Goldman Sachs & Co.	12/2/2022	USD	38,059,042	DKK	274,927,100		407,634		—
JP Morgan & Chase Co.	12/2/2022	USD	36,651,370	DKK	264,758,500		392,557		—
RBC Capital Markets	12/2/2022	USD	36,481,775	DKK	263,533,400		390,740		—
Goldman Sachs & Co.	12/2/2022	USD	423,354,189	EUR	411,163,200		4,502,481		—
JP Morgan & Chase Co.	12/2/2022	USD	54,989,556	EUR	53,000,000		162,275		—
JP Morgan & Chase Co.	12/2/2022	USD	435,539,994	EUR	422,998,100		4,632,080		—
RBC Capital Markets	12/2/2022	USD	409,466,167	EUR	397,675,100		4,354,778		—
Goldman Sachs & Co.	12/2/2022	USD	210,552,430	GBP	176,801,100		2,537,194		—
JP Morgan & Chase Co.	12/2/2022	USD	194,813,615	GBP	163,585,200		2,347,538		—
JP Morgan & Chase Co.	12/2/2022	USD	26,271,859	GBP	22,100,000		364,178		—
RBC Capital Markets	12/2/2022	USD	216,334,011	GBP	181,655,900		2,606,863		—
Goldman Sachs & Co.	12/2/2022	USD	35,744,578	HKD	279,004,300		—		(24,940	)
Goldman Sachs & Co.	12/2/2022	USD	3,962,168	HKD	31,000,000		6,620		—
JP Morgan & Chase Co.	12/2/2022	USD	30,216,796	HKD	235,857,200		—		(21,083	)
RBC Capital Markets	12/2/2022	USD	12,602,701	HKD	98,862,000		54,146		—
RBC Capital Markets	12/2/2022	USD	27,913,318	HKD	217,877,400		—		(19,476	)
Goldman Sachs & Co.	12/2/2022	USD	7,905,226	ILS	27,275,400		89,206		—
Goldman Sachs & Co.	12/2/2022	USD	670,828	ILS	2,300,000		3,303		—
JP Morgan & Chase Co.	12/2/2022	USD	7,184,998	ILS	24,790,400		81,078		—
RBC Capital Markets	12/2/2022	USD	7,927,485	ILS	27,352,200		89,457		—
Goldman Sachs & Co.	12/2/2022	USD	306,723,027	JPY	42,735,719,400		2,754,266		—
JP Morgan & Chase Co.	12/2/2022	USD	305,473,787	JPY	42,625,812,300		3,207,596		—
RBC Capital Markets	12/2/2022	USD	32,995,607	JPY	4,600,000,000		316,002		—
RBC Capital Markets	12/2/2022	USD	291,506,437	JPY	40,676,808,200		3,060,934		—
Goldman Sachs & Co.	12/2/2022	USD	11,546,883	NOK	115,135,700		144,513		—
Goldman Sachs & Co.	12/2/2022	USD	1,146,446	NOK	11,500,000		21,316		—
JP Morgan & Chase Co.	12/2/2022	USD	10,893,157	NOK	108,617,300		136,332		—
RBC Capital Markets	12/2/2022	USD	10,639,124	NOK	106,084,300		133,152		—
Goldman Sachs & Co.	12/2/2022	USD	2,325,026	NZD	3,743,400		33,878		—
JP Morgan & Chase Co.	12/2/2022	USD	2,401,421	NZD	3,866,400		34,991		—
RBC Capital Markets	12/2/2022	USD	2,554,460	NZD	4,112,800		37,221		—
RBC Capital Markets	12/2/2022	USD	116,834	NZD	201,000		9,827		—
Goldman Sachs & Co.	12/2/2022	USD	5,810,077	SEK	61,000,000		—		(1,577	)
Goldman Sachs & Co.	12/2/2022	USD	48,813,247	SEK	520,534,700		752,754		—
JP Morgan & Chase Co.	12/2/2022	USD	45,238,283	SEK	482,412,000		697,624		—
RBC Capital Markets	12/2/2022	USD	45,087,595	SEK	480,805,100		695,300		—
Goldman Sachs & Co.	12/2/2022	USD	485,576	SGD	687,000		19,293		—
Goldman Sachs & Co.	12/2/2022	USD	17,811,282	SGD	24,406,800		125,003		—
JP Morgan & Chase Co.	12/2/2022	USD	16,918,485	SGD	23,183,400		118,737		—
JP Morgan & Chase Co.	12/2/2022	USD	1,677,008	SGD	2,300,000		13,236		—
RBC Capital Markets	12/2/2022	USD	18,023,207	SGD	24,697,200		126,490		—
Goldman Sachs & Co.	1/3/2023	DKK	40,983,000	USD	5,689,667		—		(63,057	)
Goldman Sachs & Co.	1/3/2023	DKK	274,927,100	USD	38,168,681		—		(422,436	)
JP Morgan & Chase Co.	1/3/2023	DKK	264,758,500	USD	36,756,954		—		(406,812	)

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	1/3/2023	DKK	263,533,400	USD	36,585,601	$	—	$	(406,199	)
Goldman Sachs & Co.	1/3/2023	EUR	87,053,000	USD	89,887,010		—		(982,289	)
Goldman Sachs & Co.	1/3/2023	EUR	411,163,200	USD	424,554,785		—		(4,633,317	)
JP Morgan & Chase Co.	1/3/2023	EUR	422,998,100	USD	436,775,148		—		(4,766,682	)
RBC Capital Markets	1/3/2023	EUR	397,675,100	USD	410,621,413		—		(4,487,287	)
Goldman Sachs & Co.	1/3/2023	ILS	27,275,400	USD	7,915,549		—		(92,657	)
JP Morgan & Chase Co.	1/3/2023	ILS	24,790,400	USD	7,195,008		—		(83,589	)
RBC Capital Markets	1/3/2023	ILS	27,352,200	USD	7,938,529		—		(92,227	)
Goldman Sachs & Co.	1/3/2023	NOK	115,135,700	USD	11,560,448		—		(146,691	)
JP Morgan & Chase Co.	1/3/2023	NOK	108,617,300	USD	10,905,844		—		(138,496	)
RBC Capital Markets	1/3/2023	NOK	106,084,300	USD	10,651,622		—		(135,159	)
Goldman Sachs & Co.	1/3/2023	SEK	75,007,000	USD	7,051,347		—		(110,699	)
Goldman Sachs & Co.	1/3/2023	SEK	520,534,700	USD	48,935,772		—		(767,498	)
JP Morgan & Chase Co.	1/3/2023	SEK	482,412,000	USD	45,351,408		—		(711,715	)
RBC Capital Markets	1/3/2023	SEK	480,805,100	USD	45,198,644		—		(711,044	)
Goldman Sachs & Co.	1/3/2023	USD	1,347,164	ILS	4,641,000		15,459		—
Goldman Sachs & Co.	1/4/2023	AUD	166,264,642	USD	111,509,871		—		(1,526,559	)
JP Morgan & Chase Co.	1/4/2023	AUD	150,206,500	USD	100,740,045		—		(1,379,121	)
JP Morgan & Chase Co.	1/4/2023	AUD	37,092,000	USD	24,876,714		—		(340,597	)
RBC Capital Markets	1/4/2023	AUD	158,875,500	USD	106,554,144		—		(1,458,716	)
Goldman Sachs & Co.	1/4/2023	CHF	135,801,400	USD	143,181,701		—		(1,052,428	)
JP Morgan & Chase Co.	1/4/2023	CHF	134,165,600	USD	141,457,001		—		(1,039,751	)
JP Morgan & Chase Co.	1/4/2023	CHF	2,048,000	USD	2,158,983		—		(16,190	)
RBC Capital Markets	1/4/2023	CHF	139,188,200	USD	146,751,787		—		(1,079,449	)
Goldman Sachs & Co.	1/4/2023	GBP	176,801,100	USD	210,821,168		—		(2,564,877	)
Goldman Sachs & Co.	1/4/2023	GBP	20,651,000	USD	24,624,314		—		(299,938	)
JP Morgan & Chase Co.	1/4/2023	GBP	163,585,200	USD	195,061,610		—		(2,373,807	)
RBC Capital Markets	1/4/2023	GBP	181,655,900	USD	216,610,128		—		(2,635,307	)
Goldman Sachs & Co.	1/4/2023	HKD	135,218,000	USD	17,315,783		11,401		—
Goldman Sachs & Co.	1/4/2023	HKD	279,004,300	USD	35,729,701		24,417		—
JP Morgan & Chase Co.	1/4/2023	HKD	235,857,200	USD	30,204,220		20,641		—
RBC Capital Markets	1/4/2023	HKD	217,877,400	USD	27,901,700		19,067		—
Goldman Sachs & Co.	1/4/2023	NZD	697,000	USD	433,130		—		(6,326	)
Goldman Sachs & Co.	1/4/2023	NZD	3,743,400	USD	2,326,261		—		(33,943	)
JP Morgan & Chase Co.	1/4/2023	NZD	3,866,400	USD	2,402,639		—		(35,117	)
RBC Capital Markets	1/4/2023	NZD	4,112,800	USD	2,555,817		—		(37,293	)
Goldman Sachs & Co.	1/4/2023	SGD	24,406,800	USD	17,813,713		—		(125,857	)
Goldman Sachs & Co.	1/4/2023	SGD	5,282,000	USD	3,854,830		—		(27,564	)
JP Morgan & Chase Co.	1/4/2023	SGD	23,183,400	USD	16,920,794		—		(119,549	)
RBC Capital Markets	1/4/2023	SGD	24,697,200	USD	18,025,667		—		(127,355	)
Goldman Sachs & Co.	1/5/2023	JPY	3,917,207,000	USD	28,199,909		—		(314,319	)
Goldman Sachs & Co.	1/5/2023	JPY	42,735,719,400	USD	308,123,993		—		(2,958,881	)
JP Morgan & Chase Co.	1/5/2023	JPY	42,625,812,300	USD	306,866,938		—		(3,415,898	)
RBC Capital Markets	1/5/2023	JPY	40,676,808,200	USD	292,835,887		—		(3,259,711	)
Total unrealized appreciation (depreciation)						$	42,919,018	$	(263,677,517	)

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

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	4,217,124,043	$	—		$	—	$	4,217,124,043
Preferred Stocks		22,501,104		—			—		22,501,104
Rights		73,935		—			—		73,935
Warrants		227,109		—			—		227,109
Short-Term Investments (a)		43,458,009		—			—		43,458,009
Derivatives (b)
Forward Foreign Currency Contracts		—		42,919,018			—		42,919,018
Futures Contracts		3,935,563		—			—		3,935,563
TOTAL	$	4,287,319,763	$	42,919,018		$	—	$	4,330,238,781
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(263,677,517	)	$	—	$	(263,677,517	)
TOTAL	$	—	$	(263,677,517	)	$	—	$	(263,677,517	)

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

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

See Notes to Financial Statements. 16

This Page is Intentionally Left Blank

17

DBX ETF Trust

Statement of Assets and Liabilities

November 30, 2022 (Unaudited)

	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	4,233,408,227
Investment in affiliated securities at value		6,517,964
Investment in DWS ESG Liquidity Fund		11,530,030
Investment in DWS Government & Agency Securities Portfolio*		31,927,979
Foreign currency at value		5,995,246
Receivable for return of collateral pledged for forward foreign currency contracts		195,900,000
Unrealized appreciation on forward foreign currency contracts		42,919,018
Deposit with broker for futures contracts		13,263,771
Receivables:
Investment securities sold		92,700,355
Variation margin on futures contracts		6,122,761
Dividends		11,539,567
Interest		53,860
Securities lending income		68,913
Foreign tax reclaim		8,889,604
Total assets	$	4,660,837,295
Liabilities
Due to custodian	$	1,423,859
Payable upon return of securities loaned		31,927,979
Unrealized depreciation on forward foreign currency contracts		263,677,517
Payables:
Investment securities purchased		11,515,211
Investment advisory fees		1,215,039
Total liabilities		309,759,605
Net Assets, at value	$	4,351,077,690
Net Assets Consist of
Paid-in capital	$	4,072,521,069
Distributable earnings (loss)		278,556,621
Net Assets, at value	$	4,351,077,690
Number of Common Shares outstanding		114,550,800
Net Asset Value	$	37.98
Investment in non-affiliated securities at cost	$	4,123,729,134
Investment in affiliated securities at cost	$	15,897,356
Value of securities loaned	$	95,318,577
Investment in DWS ESG Liquidity Fund at cost	$	11,534,644
Investment in DWS Government & Agency Securities Portfolio at cost*	$	31,927,979
Non-cash collateral for securities on loan	$	67,957,626
Foreign currency at cost	$	5,909,426

* Represents collateral on securities loaned.

See Notes to Financial Statements. 18

DBX ETF Trust

Statement of Operations

For the Six Months Ended November 30, 2022 (Unaudited)

	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	48,184,085
Income distributions from affiliated funds		899,035
Affiliated securities lending income		328,762
Unaffiliated non-cash dividend income		3,026,823
Other Income		747,013
Total investment income**		53,185,718
Expenses
Investment advisory fees		7,152,177
Interest expense (see note 2):		603,470
Other expenses		63,612
Total expenses		7,819,259
Less fees waived (see note 3):
Waiver		(20,524	)
Net expenses		7,798,735
Net investment income (loss)		45,386,983
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(95,481,085	)
Investments in affiliates		(699,794	)
In-kind redemptions		8,623,454
In-kind redemptions in affiliates		(5,098	)
Futures contracts		(913,619	)
Foreign currency transactions		(1,313,746	)
Forward foreign currency contracts		373,178,098
Payments by Affiliates (see note 6)		3,701
Net realized gain (loss)		283,391,911
Net change in unrealized appreciation (depreciation) on:
Investments		(26,075,162	)
Investments in affiliates		535,316
Futures contracts		3,288,401
Foreign currency translations		(400,578	)
Forward foreign currency contracts		(180,445,910	)
Net change in unrealized appreciation (depreciation)		(203,097,933	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		80,293,978
Net Increase (Decrease) in Net Assets Resulting from Operations	$	125,680,961
*   Unaffiliated foreign tax withheld	$	2,951,516

** Total investment income includes $4,342,744 of non-recurring foreign dividend reclaims and $747,013 of non-recurring related interest which are included in Unaffiliated dividend income and Other income, respectively.

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, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	45,386,983		$	123,933,141
Net realized gain (loss)		283,391,911			495,536,392
Net change in net unrealized appreciation (depreciation)		(203,097,933	)		(546,081,819	)
Net increase (decrease) in net assets resulting from operations		125,680,961			73,387,714
Distributions to Shareholders		(57,271,962	)		(95,706,043	)
Fund Shares Transactions
Proceeds from shares sold		84,317,506			369,115,706
Value of shares redeemed		(42,293,147	)		(61,152,615	)
Net increase (decrease) in net assets resulting from fund share transactions		42,024,359			307,963,091
Total net increase (decrease) in Net Assets		110,433,358			285,644,762
Net Assets
Beginning of period	$	4,240,644,332		$	3,954,999,570
End of period	$	4,351,077,690		$	4,240,644,332
Changes in Shares Outstanding
Shares outstanding, beginning of period		113,350,800			105,350,800
Shares sold		2,400,000			9,600,000
Shares redeemed		(1,200,000	)		(1,600,000	)
Shares outstanding, end of period		114,550,800			113,350,800

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 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	37.41		$	37.54		$	29.75		$	30.87		$	31.86		$	30.68
Income (loss) from investment operations:
Net investment income (loss)(a)		0.40	(b)		1.13			0.78			0.66			0.91			0.80
Net realized and unrealized gain (loss)		0.67			(0.37	)		7.82			(0.76	)		(1.00	)		1.33
Total from investment operations		1.07			0.76			8.60			(0.10	)		(0.09	)		2.13
Less distributions from:
Net investment income		(0.50	)		(0.89	)		(0.81	)		(1.02	)		(0.90	)		(0.95	)
Total distributions		(0.50	)		(0.89	)		(0.81	)		(1.02	)		(0.90	)		(0.95	)
Net Asset Value, end of period	$	37.98		$	37.41		$	37.54		$	29.75		$	30.87		$	31.86
Total Return (%)		2.98	**(c)		2.01	(c)		29.41	(c)		(0.56	)(c)		(0.14	)(c)		7.05
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4,351			4,241			3,955			3,831			4,715			6,140
Ratio of expenses before fee waiver (%)		0.38	*		0.35			0.35			0.36			0.36			0.35
Ratio of expenses after fee waiver (%)		0.38	*		0.35			0.35			0.36			0.36			0.35
Ratio of net investment income (loss) (%)		2.02	*(b)		2.97			2.35			2.10			2.93			2.57
Portfolio turnover rate (%)(d)		7	**		4			8			9			5			10

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

(b) Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.04 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 1.90%.

(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. 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, 2022, the Trust consists of thirty-eight investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust. The Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

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

The investment objective of the Fund is to 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)

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

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

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

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

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

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

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

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

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

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

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

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

23

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the period ended November 30, 2022, the Fund did not incur any interest or penalties.

As of May 31, 2022, 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)
$	4,175,094,404	$	72,220,872	$	647,547,578	$	(575,326,706	)

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, 2022, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

In consideration of recent decisions rendered by European courts, the Fund has filed for additional reclaims (“EU reclaims”) related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Statement of Assets and Liabilities. During the six months ended November 30, 2022, the Fund received reclaims and interest related to EU reclaims, which is reported in unaffiliated dividend income and other income in the Statement of Operations. Expenses incurred related to filing EU reclaims are recorded in other expenses in the Statement of Operations.

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

24

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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 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, 2022, 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 (0.07% annualized effective rate as of November 30, 2022) 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, 2022, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of November 30, 2022
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	31,927,979	$	—	$	11,995,170	$	55,962,456	$	99,885,605
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	99,885,605

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, 2022, 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, 2022 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, 2022.

25

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Futures Contracts    The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2022, 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, 2022 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, 2022 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*	$	3,935,563	Unrealized depreciation on futures contracts*	$	—
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		42,919,018	Unrealized depreciation on forward foreign currency contracts		263,677,517
	Total	$	46,854,581	Total	$	263,677,517

* 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, 2022 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
	$	(913,619	)	$	373,178,098		$	372,264,479
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
	$	3,288,401		$	(180,445,910	)	$	(177,157,509	)

26

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

For the period ended November 30, 2022 the average monthly volume of derivatives was as follows:

Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
$	78,572,269	$	(4,029,375,425	)

As of November 30, 2022, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Interest expense on the Statement of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received(a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged(a)			Net Amount of Derivatives Liabilities
Goldman Sachs & Co.	$	13,945,607	$	(13,945,607	)	$	—	$	—	$	87,723,224	$	(13,945,607	)	$	(61,950,000	)	$	11,827,617
JP Morgan & Chase Co.		14,638,043		(14,638,043	)		—		—		89,120,775		(14,638,043	)		(67,820,000	)		6,662,732
RBC Capital Markets		14,335,368		(14,335,368	)		—		—		86,833,518		(14,335,368	)		(66,130,000	)		6,368,150
	$	42,919,018	$	(42,919,018	)	$	—	$	—	$	263,677,517	$	(42,919,018	)	$	(195,900,000	)	$	24,858,499

(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.

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, 2022 through November 30, 2022, the Advisor waived $20,524 of expenses to the Fund.

27

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

Purchases		Sales
$	436,256,303	$	271,164,122

For the period ended November 30, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Purchases		Sales
$	79,141,513	$	39,736,736

5. Fund Share Transactions

As of November 30, 2022, 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. Payments by Affiliates

During the period ended November 30, 2022, the Advisor agreed to reimburse Xtrackers MSCI EAFE Hedged Equity ETF $3,701 for a loss due to a FX trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

7. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, which at times 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 significant portions of the population remaining unvaccinated 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 Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic. 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.

28

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.

29

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

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

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

Copyright © 2023 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-049078-7 (1/23) DBX005409 (1/24)

November 30, 2022

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		2
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		3
Xtrackers MSCI All China Equity ETF		4
Xtrackers MSCI China A Inclusion Equity ETF		5
Fees and Expenses		6
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		7
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		12
Xtrackers MSCI All China Equity ETF		20
Xtrackers MSCI China A Inclusion Equity ETF		24
Statements of Assets and Liabilities		32
Statements of Operations		33
Statements of Changes in Net Assets		34
Financial Highlights		36
Notes to Financial Statements		38
Additional Information		47

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report on our four flagship ETFs tracking China’s equity market for the period ended November 30, 2022.

The global economy has continued to face significant challenges during the reporting period, with high inflation, interest rate hikes, geopolitical tensions, and rising COVID-19 cases in China. Major central banks across the world hiked interest rates to curb inflation, despite fears that doing so could tip the global economy into a recession. However, rising hopes of a slowdown in the pace of rate hikes by the U.S. Federal Reserve (Fed) boosted investor sentiment and supported gains for the markets. Despite reeling under high inflation, U.S. markets staged a turnaround toward the end of the period and posted their first back-to-back monthly gains since 2021. The Fed raised the policy rate by 75 bps¹ in June, July, September and November, bringing the rate between 3.75% and 4%. The Eurozone continued reeling under high energy prices, Russia’s war with Ukraine, and decades-high inflation throughout the period, and the European Central Bank (ECB) hiked interest rates by 75 bps in September, following a 50 bps hike in July, to fight soaring inflation.

China’s economy recovered at a faster-than-expected pace, with GDP² increasing by 3.9% year on year. The economy was buoyed by a series of policies and stimulus from Beijing. Industrial production rose in both mining and manufacturing. Economic data shows that growth in industrial activity has been a major source of strength for the economy. Automobile manufacturing also increased, and the country produced more than double the number of new-energy vehicles compared to last year. Investments in fixed assets continued to increase. Exports remain essential to China’s development, with imports only modestly improving throughout the period. The unemployment rate remained steady at 5.5%.

On the policy front, the People’s Bank of China (PBoC) kept its key lending rates unchanged for the third straight month in November. The State Council announced RMB300bn in policy financing for property and RMB200bn in special bonds for power producers. The PBoC lowered the rate of one-year medium-term lending facility loans to some financial institutions by 10 bps. This was followed by asymmetric one-year loan prime rates and a preliminary agreement with the U.S. over audit inspections. The PBoC also cut the seven-day reverse repo rate from 2.1% to 2% to boost support for the economy affected by COVID-19-related lockdowns and a property downturn.

We believe the global economy is likely to witness weaker growth ahead, weighed down by record-high inflation and high retail inventories. We expect global inflation to peak in the fourth quarter of 2022. While the U.S. might narrowly miss a recession in 2023, the Eurozone is expected to witness a contraction in GDP. Meanwhile, slowing demand and declining housing prices are likely to help reduce inflation levels and prompt the world’s major central banks to pause or scale back further rate hikes.

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 Basis points (bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

² 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 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, 2022 (22.4% of Net Assets)

Description	% of Net Assets
Kweichow Moutai Co. Ltd., Class A		5.6%
Contemporary Amperex Technology Co. Ltd., Class A		3.0%
Ping An Insurance Group Co. of China Ltd., Class A		2.7%
China Merchants Bank Co. Ltd., Class A		2.4%
Wuliangye Yibin Co. Ltd., Class A		1.7%
LONGi Green Energy Technology Co. Ltd., Class A		1.6%
Industrial Bank Co. Ltd., Class A		1.4%
China Yangtze Power Co. Ltd., Class A		1.4%
Midea Group Co. Ltd., Class A		1.3%
BYD Co. Ltd., Class A		1.3%

Sector Diversification* as of November 30, 2022

Financials	21.8%
Industrials	15.8%
Consumer Staples	14.3%
Information Technology	14.0%
Materials	9.6%
Health Care	8.3%
Consumer Discretionary	8.1%
Utilities	2.9%
Real Estate	2.0%
Energy	2.0%
Communication Services	1.2%
Total	100.0%

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

2

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, 2022 (6.4% of Net Assets)

Description	% of Net Assets
Guanghui Energy Co. Ltd., Class A		0.8%
Jiangsu Zhongtian Technology Co. Ltd., Class A		0.7%
Ming Yang Smart Energy Group Ltd., Class A		0.7%
Ninestar Corp., Class A		0.6%
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		0.6%
Wintime Energy Co. Ltd., Class A		0.6%
Beijing United Information Technology Co. Ltd., Class A		0.6%
Centre Testing International Group Co. Ltd., Class A		0.6%
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		0.6%
China Baoan Group Co. Ltd., Class A		0.6%

Sector Diversification* as of November 30, 2022

Materials	19.9%
Industrials	17.9%
Information Technology	15.5%
Health Care	11.8%
Financials	8.7%
Consumer Staples	6.7%
Consumer Discretionary	5.9%
Energy	3.7%
Utilities	3.5%
Real Estate	3.3%
Communication Services	3.1%
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 12 .

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI All China Equity ETF (CN)

The Xtrackers MSCI All China Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the “Underlying Index”). The Underlying Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includes A-Shares, H-Shares, B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Fund expects to obtain exposure to the A-Share components of the Underlying Index indirectly by investing in the Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC (the “Advisor”). The Fund may also invest in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF or other affiliated funds advised by the Advisor and sub-advised by Harvest Global Investments Limited. It is not possible to invest directly into an index.

Ten Largest Equity and ETF Holdings

as of November 30, 2022 (72.2% of Net Assets)

Description	% of Net Assets
Xtrackers MSCI China A Inclusion Equity ETF		46.8%
Tencent Holdings Ltd.		6.8%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		4.7%
Alibaba Group Holding Ltd.		4.5%
Meituan		2.7%
JD.com, Inc.		1.8%
China Construction Bank Corp.		1.7%
Pinduoduo, Inc.		1.2%
Ping An Insurance Group Co. of China Ltd.		1.1%
Baidu, Inc.		0.9%

Sector Diversification* as of November 30, 2022

Consumer Discretionary	20.2%
Financials	16.5%
Industrials	10.5%
Communication Services	10.4%
Consumer Staples	9.3%
Information Technology	8.9%
Materials	7.7%
Health Care	7.6%
Utilities	3.0%
Real Estate	3.0%
Energy	2.9%
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 20.

4

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, 2022 (17.8% of Net Assets)

Description	% of Net Assets
Kweichow Moutai Co. Ltd.		5.2%
Contemporary Amperex Technology Co. Ltd.		2.4%
China Merchants Bank Co. Ltd.		1.9%
Wuliangye Yibin Co. Ltd.		1.6%
Ping An Insurance Group Co. of China Ltd.		1.3%
China Yangtze Power Co. Ltd.		1.2%
BYD Co. Ltd.		1.2%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		1.0%
China Tourism Group Duty Free Corp. Ltd.		1.0%
Industrial Bank Co. Ltd.		1.0%

Sector Diversification* as of November 30, 2022

Financials	18.0%
Industrials	16.6%
Consumer Staples	15.1%
Information Technology	12.8%
Materials	12.4%
Health Care	9.2%
Consumer Discretionary	6.3%
Utilities	3.3%
Energy	3.3%
Real Estate	1.9%
Communication Services	1.1%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24 .

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 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, 2022 to, November 30, 2022).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	903.00		0.65	%	$	3.10
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	$	977.30		0.65	%	$	3.22
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	$	912.30		0.19	%	$	0.91
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12		0.19	%	$	0.96
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	913.40		0.60	%	$	2.88
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.

6

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 1.2%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,030,804	$	2,586,354
China United Network Communications Ltd., Class A		16,008,781		10,019,048
Focus Media Information Technology Co. Ltd., Class A		7,951,653		6,759,489
Mango Excellent Media Co. Ltd., Class A		589,489		2,106,499
Zhejiang Century Huatong Group Co. Ltd., Class A*		3,697,913		2,067,676
(Cost $23,683,774)				23,539,066
Consumer Discretionary — 8.1%
Beijing Roborock Technology Co. Ltd., Class A		36,495		1,340,896
BYD Co. Ltd., Class A		698,195		25,714,447
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		116,524		2,182,660
China Tourism Group Duty Free Corp. Ltd., Class A		752,496		21,089,046
Chongqing Changan Automobile Co. Ltd., Class A		3,899,284		7,442,808
Ecovacs Robotics Co. Ltd., Class A		178,792		1,827,895
FAW Jiefang Group Co. Ltd., Class A		856,287		983,100
Fuyao Glass Industry Group Co. Ltd., Class A		1,270,244		6,693,322
Great Wall Motor Co. Ltd., Class A		971,477		4,409,006
Gree Electric Appliances, Inc. of Zhuhai, Class A		3,708,719		16,931,858
Guangzhou Automobile Group Co. Ltd., Class A		1,754,382		3,067,359
Haier Smart Home Co. Ltd., Class A		2,934,408		10,215,219
Huali Industrial Group Co. Ltd., Class A		82,117		569,282
Huayu Automotive Systems Co. Ltd., Class A		1,268,554		3,323,305
Huizhou Desay Sv Automotive Co. Ltd., Class A		232,097		3,622,866
Midea Group Co. Ltd., Class A		3,818,947		25,943,985
Offcn Education Technology Co. Ltd., Class A*		1,448,351		1,017,440
Oppein Home Group, Inc., Class A		146,728		2,269,704
SAIC Motor Corp. Ltd., Class A		3,732,776		8,041,431
Shandong Linglong Tyre Co. Ltd., Class A		495,791		1,413,540
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		1,225,601		1,266,222
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,138,857		2,605,895
TCL Technology Group Corp., Class A		10,808,943		6,166,502
Zhejiang Supor Co. Ltd., Class A		139,338		906,252
(Cost $135,003,527)				159,044,040
Consumer Staples — 14.3%
Anhui Gujing Distillery Co. Ltd., Class A		127,699		4,318,764

	Number of Shares		Value
Consumer Staples (Continued)
Chongqing Brewery Co. Ltd., Class A		181,327	$	2,830,641
Eastroc Beverage Group Co. Ltd., Class A		33,000		800,829
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,095,658		10,940,331
Guangdong Haid Group Co. Ltd., Class A		648,763		5,208,370
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,418,927		5,086,546
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,993,839		16,351,816
Jiangsu King’s Luck Brewery JSC Ltd., Class A		500,382		2,981,081
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		460,474		9,238,952
Kweichow Moutai Co. Ltd., Class A		483,193		109,647,497
Luzhou Laojiao Co. Ltd., Class A		566,396		14,951,545
Muyuan Foods Co. Ltd., Class A		2,073,877		14,147,729
New Hope Liuhe Co. Ltd., Class A*		1,760,727		3,403,289
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		406,007		2,091,557
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		382,332		13,892,969
Tongwei Co. Ltd., Class A		2,071,389		12,734,437
Tsingtao Brewery Co. Ltd., Class A		279,782		4,022,155
Wens Foodstuffs Group Co. Ltd., Class A		3,929,654		10,015,907
Wuliangye Yibin Co. Ltd., Class A		1,498,838		33,365,415
Yihai Kerry Arawana Holdings Co. Ltd., Class A		465,593		2,725,587
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		73,162		1,315,815
(Cost $191,438,022)				280,071,232
Energy — 2.0%
China Coal Energy Co. Ltd., Class A		1,406,898		1,936,707
China Oilfield Services Ltd., Class A		472,359		1,187,861
China Petroleum & Chemical Corp., Class A		10,208,598		6,562,872
China Shenhua Energy Co. Ltd., Class A		2,596,184		11,255,799
PetroChina Co. Ltd., Class A		7,467,041		5,552,767
Shaanxi Coal Industry Co. Ltd., Class A		3,009,516		8,614,542
Yankuang Energy Group Co. Ltd., Class A		704,978		4,059,917
(Cost $30,333,717)				39,170,465
Financials — 21.7%
Agricultural Bank of China Ltd., Class A		26,074,800		10,657,200
Bank of Beijing Co. Ltd., Class A		11,458,043		6,975,854
Bank of Chengdu Co. Ltd., Class A		1,695,256		3,692,949
Bank of China Ltd., Class A		16,724,200		7,476,279
Bank of Communications Co. Ltd., Class A		21,581,450		14,456,137
Bank of Hangzhou Co. Ltd., Class A		2,329,633		4,370,676

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Bank of Jiangsu Co. Ltd., Class A		9,189,065	$	9,663,160
Bank of Nanjing Co. Ltd., Class A		4,012,825		5,905,527
Bank of Ningbo Co. Ltd., Class A		3,085,358		14,059,682
Bank of Shanghai Co. Ltd., Class A		7,864,588		6,663,155
China CITIC Bank Corp. Ltd., Class A		2,443,629		1,744,347
China Construction Bank Corp., Class A		5,629,528		4,465,946
China Everbright Bank Co. Ltd., Class A		13,507,704		5,731,686
China Galaxy Securities Co. Ltd., Class A		1,064,071		1,498,000
China International Capital Corp. Ltd., Class A		446,319		2,431,606
China Life Insurance Co. Ltd., Class A		1,322,285		6,783,643
China Merchants Bank Co. Ltd., Class A		9,516,318		47,213,913
China Merchants Securities Co. Ltd., Class A		2,879,035		5,515,824
China Minsheng Banking Corp. Ltd., Class A		19,487,308		9,734,735
China Pacific Insurance Group Co. Ltd., Class A		2,717,280		9,386,087
China Zheshang Bank Co. Ltd., Class A*		6,383,684		2,672,533
CITIC Securities Co. Ltd., Class A		7,620,452		21,434,532
CSC Financial Co. Ltd., Class A		1,038,621		3,621,528
East Money Information Co. Ltd., Class A		8,225,834		21,596,397
Everbright Securities Co. Ltd., Class A		1,522,427		3,493,623
Founder Securities Co. Ltd., Class A		3,392,738		3,264,447
GF Securities Co. Ltd., Class A		2,318,702		5,268,244
Guosen Securities Co. Ltd., Class A		2,206,251		2,858,612
Guotai Junan Securities Co. Ltd., Class A		3,497,432		6,943,790
Haitong Securities Co. Ltd., Class A		7,505,127		9,521,934
Hithink RoyalFlush Information Network Co. Ltd., Class A		174,890		2,495,858
Hongta Securities Co. Ltd., Class A		757,510		853,568
Huatai Securities Co. Ltd., Class A		4,566,388		8,469,895
Huaxia Bank Co. Ltd., Class A		4,731,061		3,518,191
Industrial & Commercial Bank of China Ltd., Class A		27,261,584		16,636,009
Industrial Bank Co. Ltd., Class A		11,247,189		28,251,850
Industrial Securities Co. Ltd., Class A*		5,320,336		4,590,630
New China Life Insurance Co. Ltd., Class A		636,460		2,590,478
Orient Securities Co. Ltd., Class A		4,028,874		5,105,812
People’s Insurance Co. Group of China Ltd., Class A		2,606,898		2,005,178
Ping An Bank Co. Ltd., Class A		7,467,281		13,808,183
Ping An Insurance Group Co. of China Ltd., Class A		8,279,542		52,816,016
Postal Savings Bank of China Co. Ltd., Class A		8,462,100		5,356,026
SDIC Capital Co. Ltd., Class A		1,883,449		1,742,734
Shanghai Pudong Development Bank Co. Ltd., Class A		9,198,949		9,425,514

	Number of Shares		Value
Financials (Continued)
Shanghai Rural Commercial Bank Co. Ltd., Class A		694,800	$	582,743
Shenwan Hongyuan Group Co. Ltd., Class A		7,061,910		4,139,061
Zheshang Securities Co. Ltd., Class A		1,562,950		2,371,114
Zhongtai Securities Co. Ltd., Class A		2,261,263		2,211,056
(Cost $413,778,187)				426,071,962
Health Care — 8.3%
Aier Eye Hospital Group Co. Ltd., Class A		2,707,264		10,411,889
Asymchem Laboratories Tianjin Co. Ltd., Class A		160,573		3,057,210
Beijing Tiantan Biological Products Corp. Ltd., Class A		639,664		2,012,552
Beijing Tongrentang Co. Ltd., Class A		538,696		3,757,482
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		137,685		3,181,247
Bloomage Biotechnology Corp. Ltd., Class A		76,442		1,175,956
Changchun High & New Technology Industry Group, Inc., Class A		257,314		6,174,995
Chongqing Zhifei Biological Products Co. Ltd., Class A		615,943		7,907,273
Gan & Lee Pharmaceuticals Co. Ltd., Class A		175,880		850,889
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		579,761		2,411,540
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		219,365		2,123,153
Hangzhou Tigermed Consulting Co. Ltd., Class A		404,482		5,085,839
Huadong Medicine Co. Ltd., Class A		680,930		3,983,273
Hualan Biological Engineering, Inc., Class A		844,980		2,453,475
Imeik Technology Development Co. Ltd., Class A		66,905		4,553,731
Jafron Biomedical Co. Ltd., Class A		378,524		1,701,262
Jiangsu Hengrui Medicine Co. Ltd., Class��A		3,475,219		19,643,646
Lepu Medical Technology Beijing Co. Ltd., Class A		974,365		3,131,984
Ovctek China, Inc., Class A		369,150		1,650,225
Pharmaron Beijing Co. Ltd., Class A		383,426		3,489,030
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		974,035		5,128,355
Shanghai RAAS Blood Products Co. Ltd., Class A		3,201,801		2,517,292
Shenzhen Kangtai Biological Products Co. Ltd., Class A		518,617		2,531,831
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		385,691		17,767,145
Topchoice Medical Corp., Class A*		165,883		2,978,217
Walvax Biotechnology Co. Ltd., Class A		1,228,984		7,372,387
WuXi AppTec Co. Ltd., Class A		1,588,858		17,587,711
Yunnan Baiyao Group Co. Ltd., Class A		562,404		4,515,865

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		243,707	$	8,817,646
Zhejiang NHU Co. Ltd., Class A		1,430,781		4,000,083
(Cost $153,590,846)				161,973,183
Industrials — 15.8%
AECC Aviation Power Co. Ltd., Class A		1,226,471		7,935,175
Air China Ltd., Class A*		2,374,337		3,524,550
Beijing New Building Materials PLC, Class A		809,033		3,012,726
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		15,738,483		11,011,321
China CSSC Holdings Ltd., Class A		1,397,026		4,974,332
China Eastern Airlines Corp. Ltd., Class A*		4,341,824		3,296,519
China Energy Engineering Corp. Ltd., Class A		10,946,777		3,806,116
China National Chemical Engineering Co. Ltd., Class A		2,920,702		3,490,029
China Railway Group Ltd., Class A		8,623,930		7,196,348
China Southern Airlines Co. Ltd., Class A*		3,994,876		4,223,662
China State Construction Engineering Corp. Ltd., Class A		16,740,880		13,969,640
Contemporary Amperex Technology Co. Ltd., Class A		1,074,151		58,688,863
COSCO SHIPPING Holdings Co. Ltd., Class A		4,881,696		8,749,913
CRRC Corp. Ltd., Class A		10,491,699		7,980,686
Daqin Railway Co. Ltd., Class A		4,995,028		4,855,770
Eve Energy Co. Ltd., Class A		871,073		10,254,171
Ginlong Technologies Co. Ltd., Class A*		120,918		3,392,901
Gongniu Group Co. Ltd., Class A		65,459		1,267,572
Gotion High-tech Co. Ltd., Class A		865,156		3,928,927
Guangdong Kinlong Hardware Products Co. Ltd., Class A		103,979		1,533,615
Han’s Laser Technology Industry Group Co. Ltd., Class A		669,764		2,523,573
Jiangsu Hengli Hydraulic Co. Ltd., Class A		428,720		4,001,577
Metallurgical Corp. of China Ltd., Class A		6,173,709		2,917,561
NARI Technology Co. Ltd., Class A		2,643,376		9,967,360
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		213,203		2,336,430
Power Construction Corp. of China Ltd., Class A		6,043,428		6,552,490
Sany Heavy Industry Co. Ltd., Class A		4,663,646		10,529,928
SF Holding Co. Ltd., Class A		1,513,110		11,380,884
Shanghai International Airport Co. Ltd., Class A*		803,884		6,329,356
Shanghai International Port Group Co. Ltd., Class A		2,672,947		2,067,361
Shanghai M&G Stationery, Inc., Class A		306,578		2,078,819
Shenzhen Inovance Technology Co. Ltd., Class A		1,449,671		14,454,638

	Number of Shares		Value
Industrials (Continued)
Spring Airlines Co. Ltd., Class A*		289,395	$	2,327,004
Sungrow Power Supply Co. Ltd., Class A		806,014		13,154,370
Sunwoda Electronic Co. Ltd., Class A		962,958		3,307,138
Suzhou Maxwell Technologies Co. Ltd., Class A		55,665		3,396,881
TBEA Co. Ltd., Class A		2,915,826		8,896,715
Weichai Power Co. Ltd., Class A		4,404,671		6,707,224
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		877,460		5,449,219
Wuxi Shangji Automation Co. Ltd., Class A		153,924		2,542,664
XCMG Construction Machinery Co. Ltd., Class A		4,979,187		3,723,906
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,306,624		3,767,747
Yunda Holding Co. Ltd., Class A		1,130,235		1,972,893
Zhejiang Chint Electrics Co. Ltd., Class A		862,592		3,520,659
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,442,918		4,504,991
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,222,153		3,499,262
(Cost $301,543,897)				309,003,486
Information Technology — 14.0%
360 Security Technology, Inc., Class A		2,798,268		2,736,139
Advanced Micro-Fabrication Equipment Inc China, Class A*		311,567		4,350,871
Anker Innovations Technology Co. Ltd., Class A		151,070		1,246,688
Avary Holding Shenzhen Co. Ltd., Class A		620,259		2,552,706
Beijing Kingsoft Office Software, Inc., Class A		146,209		5,307,259
BOE Technology Group Co. Ltd., Class A		30,461,075		15,475,970
Chaozhou Three-Circle Group Co. Ltd., Class A		1,044,699		4,474,454
China Greatwall Technology Group Co. Ltd., Class A		1,654,603		2,806,024
China Resources Microelectronics Ltd., Class A		479,516		3,613,493
Flat Glass Group Co. Ltd., Class A		430,758		2,151,207
Foxconn Industrial Internet Co. Ltd., Class A		3,879,431		5,037,543
GigaDevice Semiconductor, Inc., Class A		530,861		7,593,253
Glodon Co. Ltd., Class A		748,200		5,900,485
GoerTek, Inc., Class A		1,883,276		4,848,204
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		288,053		2,507,119
Hangzhou First Applied Material Co. Ltd., Class A		434,067		3,701,593
Hangzhou Silan Microelectronics Co. Ltd., Class A		716,927		3,723,794
Hundsun Technologies, Inc., Class A		1,222,352		6,931,885

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Iflytek Co. Ltd., Class A		1,503,995	$	6,883,443
Ingenic Semiconductor Co. Ltd., Class A		164,322		1,840,634
Inspur Electronic Information Industry Co. Ltd., Class A		983,186		3,097,550
JA Solar Technology Co. Ltd., Class A		749,450		6,190,066
JCET Group Co. Ltd., Class A		1,274,864		4,523,072
Lens Technology Co. Ltd., Class A		1,709,287		2,578,563
Lingyi iTech Guangdong Co., Class A*		2,700,504		1,885,556
LONGi Green Energy Technology Co. Ltd., Class A		4,716,879		30,645,037
Luxshare Precision Industry Co. Ltd., Class A		3,862,325		16,942,498
Maxscend Microelectronics Co. Ltd., Class A		262,961		4,295,700
Montage Technology Co. Ltd., Class A		375,063		3,581,660
National Silicon Industry Group Co. Ltd., Class A*		987,818		2,699,995
NAURA Technology Group Co. Ltd., Class A		203,909		6,449,954
Qi An Xin Technology Group, Inc., Class A*		236,020		2,043,188
Sangfor Technologies, Inc., Class A		195,652		3,116,183
SG Micro Corp., Class A		197,677		4,965,454
Shanghai Baosight Software Co. Ltd., Class A		485,657		2,714,157
Shengyi Technology Co. Ltd., Class A		1,299,981		2,783,914
Shennan Circuits Co. Ltd., Class A		195,830		2,099,076
Shenzhen Goodix Technology Co. Ltd., Class A		211,680		1,563,016
Shenzhen Transsion Holdings Co. Ltd., Class A		198,726		2,192,446
StarPower Semiconductor Ltd., Class A		55,000		2,638,208
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,812,773		10,694,318
Thunder Software Technology Co. Ltd., Class A		269,431		4,378,070
Trina Solar Co. Ltd., Class A		848,582		7,767,534
Unigroup Guoxin Microelectronics Co. Ltd., Class A		470,082		8,771,946
Unisplendour Corp. Ltd., Class A		1,292,386		3,462,772
Will Semiconductor Co. Ltd. Shanghai, Class A		585,930		6,759,468
Wingtech Technology Co. Ltd., Class A		597,426		4,669,901
Wuhan Guide Infrared Co. Ltd., Class A		1,117,609		1,860,448
Yealink Network Technology Corp. Ltd., Class A		329,123		2,972,473
Yonyou Network Technology Co. Ltd., Class A		1,433,574		4,660,954
Zhejiang Dahua Technology Co. Ltd., Class A		1,609,859		2,714,151
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		531,803		4,867,883
ZTE Corp., Class A		2,645,134		9,196,941
(Cost $265,214,478)				273,464,916

	Number of Shares		Value
Materials — 9.6%
Aluminum Corp. of China Ltd., Class A		6,134,867	$	3,891,726
Anhui Conch Cement Co. Ltd., Class A		1,895,916		7,692,418
Baoshan Iron & Steel Co. Ltd., Class A		6,945,442		5,559,153
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,565,716		7,308,134
Cathay Biotech, Inc., Class A		143,308		1,275,575
China Jushi Co. Ltd., Class A		1,960,856		3,996,040
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,701,471		6,319,139
Citic Pacific Special Steel Group Co. Ltd., Class A		806,076		2,047,664
CMOC Group Ltd., Class A		5,665,885		3,746,997
CNGR Advanced Material Co. Ltd., Class A		143,700		1,544,381
Ganfeng Lithium Group Co. Ltd., Class A		879,700		10,112,283
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,058,538		6,754,020
Hengli Petrochemical Co. Ltd., Class A		1,637,683		3,904,529
Hengyi Petrochemical Co. Ltd., Class A		1,716,928		1,747,032
Hoshine Silicon Industry Co. Ltd., Class A		157,608		1,999,610
Huafon Chemical Co. Ltd., Class A		1,261,602		1,298,046
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		17,767,027		5,017,616
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,710,673		1,615,683
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,402,000		2,642,261
Jiangxi Copper Co. Ltd., Class A		899,201		2,217,871
LB Group Co. Ltd., Class A		1,147,250		2,911,087
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,734,774		3,254,647
Qinghai Salt Lake Industry Co. Ltd., Class A*		3,337,125		11,977,080
Rongsheng Petrochemical Co. Ltd., Class A		2,362,837		4,154,653
Satellite Chemical Co. Ltd., Class A		1,307,259		2,699,319
Shandong Gold Mining Co. Ltd., Class A		1,534,166		4,452,412
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,166,438		5,513,990
Shandong Nanshan Aluminum Co. Ltd., Class A		5,813,490		2,887,584
Shanghai Putailai New Energy Technology Co. Ltd., Class A		547,151		4,309,529
Tianqi Lithium Corp., Class A*		798,087		10,208,201
Wanhua Chemical Group Co. Ltd., Class A		1,233,714		15,669,933
Xinjiang Tianshan Cement Co. Ltd., Class A		541,851		698,994
Yunnan Energy New Material Co. Ltd., Class A		415,630		7,338,828
Zangge Mining Co. Ltd., Class A		387,001		1,690,481
Zhejiang Huayou Cobalt Co. Ltd., Class A		980,479		8,697,960

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Zhejiang Longsheng Group Co. Ltd., Class A		2,162,100	$	2,997,782
Zhongjin Gold Corp. Ltd., Class A		2,442,544		2,797,342
Zijin Mining Group Co. Ltd., Class A		11,131,162		15,528,290
(Cost $173,547,939)				188,478,290
Real Estate — 2.0%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,473,624		5,370,995
China Vanke Co. Ltd., Class A		5,256,356		13,912,117
Gemdale Corp., Class A		2,066,936		3,431,963
Greenland Holdings Corp. Ltd., Class A*		3,332,346		1,626,815
Poly Developments and Holdings Group Co. Ltd., Class A		5,513,931		13,028,823
Seazen Holdings Co. Ltd., Class A*		662,843		2,142,861
(Cost $34,732,113)				39,513,574
Utilities — 2.9%
CGN Power Co. Ltd., Class A		9,558,079		3,730,207
China Longyuan Power Group Corp. Ltd., Class A		103,200		289,252

	Number of Shares		Value
Utilities (Continued)
China National Nuclear Power Co. Ltd., Class A		7,339,701	$	6,499,689
China Three Gorges Renewables Group Co. Ltd., Class A		6,901,200		5,680,444
China Yangtze Power Co. Ltd., Class A		8,900,195		26,802,452
GD Power Development Co. Ltd., Class A*		7,099,453		4,564,074
Huaneng Lancang River Hydropower, Inc., Class A		1,588,000		1,521,191
Huaneng Power International, Inc., Class A*		3,414,842		3,755,796
SDIC Power Holdings Co. Ltd., Class A		2,417,966		3,774,613
(Cost $49,726,384)				56,617,718
TOTAL COMMON STOCKS (Cost $1,772,592,884)				1,956,947,932
TOTAL INVESTMENTS — 99.9% (Cost $1,772,592,884)			$	1,956,947,932
Other assets and liabilities, net — 0.1%				2,614,979
NET ASSETS — 100.0%			$	1,959,562,911

* Non-income producing security.

JSC: Joint Stock Company

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,956,947,932	$	—	$	—	$	1,956,947,932
TOTAL	$	1,956,947,932	$	—	$	—	$	1,956,947,932

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

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 3.1%
Beijing Enlight Media Co. Ltd., Class A		35,000	$	41,127
Beijing Gehua CATV Network Co. Ltd., Class A		29,300		35,552
Beijing Jetsen Technology Co. Ltd., Class A*		56,100		37,737
Bluefocus Intelligent Communications Group Co. Ltd., Class A		70,100		53,522
China South Publishing & Media Group Co. Ltd., Class A		21,000		30,100
Chinese Universe Publishing and Media Group Co. Ltd., Class A		17,389		23,764
G-bits Network Technology Xiamen Co. Ltd., Class A		1,273		58,786
Inmyshow Digital Technology Group Co. Ltd., Class A		25,300		25,636
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		81,300		35,305
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		23,600		28,267
Kunlun Tech Co. Ltd., Class A		27,300		54,705
Leo Group Co. Ltd., Class A*		201,195		52,537
NanJi E-Commerce Co. Ltd., Class A		58,100		38,671
Oriental Pearl Group Co. Ltd., Class A		60,400		57,345
People.cn Co. Ltd., Class A		17,800		27,231
Perfect World Co. Ltd., Class A		38,700		74,638
Wanda Film Holding Co. Ltd., Class A*		32,500		61,620
Wasu Media Holding Co. Ltd., Class A		24,500		25,486
Youzu Interactive Co. Ltd., Class A*		22,900		28,599
(Cost $959,706)				790,628
Consumer Discretionary — 5.9%
Anhui Jianghuai Automobile Group Corp. Ltd., Class A		50,500		105,709
Anhui Zhongding Sealing Parts Co. Ltd., Class A		23,800		50,360
Autel Intelligent Technology Corp. Ltd., Class A		8,442		42,890
Beiqi Foton Motor Co. Ltd., Class A*		139,800		53,369
BTG Hotels Group Co. Ltd., Class A		16,445		56,712
China Grand Automotive Services Group Co. Ltd., Class A*		116,100		37,072
Chow Tai Seng Jewellery Co. Ltd., Class A		14,200		26,621
DongFeng Automobile Co. Ltd., Class A		23,000		20,955
Easyhome New Retail Group Co. Ltd., Class A		53,200		29,294
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		10,117		24,336
Hang Zhou Great Star Industrial Co. Ltd., Class A*		19,453		59,134
Hangzhou Robam Appliances Co. Ltd., Class A		13,800		50,880
Hisense Visual Technology Co. Ltd., Class A		22,200		42,879
HLA Group Corp. Ltd., Class A		46,200		31,996
Joyoung Co. Ltd., Class A		9,201		20,174

	Number of Shares		Value
Consumer Discretionary (Continued)
Keboda Technology Co. Ltd., Class A		1,500	$	14,613
KingClean Electric Co. Ltd., Class A		3,800		16,550
Liaoning Cheng Da Co. Ltd., Class A		30,158		57,008
Ninebot Ltd.*		10,722		50,792
Ningbo Huaxiang Electronic Co. Ltd., Class A		15,000		31,633
Ningbo Joyson Electronic Corp., Class A*		27,920		59,196
Sailun Group Co. Ltd., Class A		72,000		97,479
Shenzhen MTC Co. Ltd., Class A*		63,000		31,114
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A*		34,950		29,562
Sichuan Changhong Electric Co. Ltd., Class A		101,900		40,347
Songcheng Performance Development Co. Ltd., Class A		45,700		92,029
Suofeiya Home Collection Co. Ltd., Class A		17,618		42,730
Tianneng Battery Group Co. Ltd., Class A		3,936		21,304
Wangfujing Group Co. Ltd., Class A		19,630		71,205
Wanxiang Qianchao Co. Ltd., Class A		47,200		35,099
Weifu High-Technology Group Co. Ltd., Class A		16,700		43,371
Wuchan Zhongda Group Co. Ltd., Class A		87,400		56,435
Xiamen Intretech, Inc., Class A		9,730		24,496
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		47,838		25,526
Zhejiang Semir Garment Co. Ltd., Class A		24,300		17,415
(Cost $1,647,351)				1,510,285
Consumer Staples — 6.6%
Angel Yeast Co. Ltd., Class A		14,300		88,481
Anhui Kouzi Distillery Co. Ltd., Class A		9,900		66,033
Anhui Yingjia Distillery Co. Ltd., Class A		7,100		48,163
Anjoy Foods Group Co. Ltd., Class A		4,300		96,417
Beijing Dabeinong Technology Group Co. Ltd., Class A*		94,062		124,412
Beijing Yanjing Brewery Co. Ltd., Class A		39,800		57,838
Bestore Co. Ltd., Class A		3,000		15,752
Bright Dairy & Food Co. Ltd., Class A		20,800		30,108
By-health Co. Ltd., Class A		29,600		83,594
C&S Paper Co. Ltd., Class A		24,700		39,085
Chacha Food Co. Ltd., Class A		8,600		56,910
Chongqing Fuling Zhacai Group Co. Ltd., Class A		18,138		65,047
COFCO Sugar Holding Co. Ltd., Class A		29,900		30,170
DaShenLin Pharmaceutical Group Co. Ltd., Class A		10,760		64,455
Fujian Sunner Development Co. Ltd., Class A		21,900		77,886
Guangdong Marubi Biotechnology Co. Ltd., Class A		1,400		7,153
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		14,200		40,304
Heilongjiang Agriculture Co. Ltd., Class A		21,400		44,341
Juewei Food Co. Ltd., Class A		10,500		85,219
Laobaixing Pharmacy Chain JSC, Class A		7,020		41,324
New Hope Dairy Co. Ltd., Class A		6,100		9,886

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Consumer Staples (Continued)
Opple Lighting Co. Ltd., Class A		4,590	$	10,592
Pengdu Agriculture & Animal Husbandry Co. Ltd., Class A*		88,620		34,711
Proya Cosmetics Co. Ltd., Class A		4,170		100,355
Shanghai Bailian Group Co. Ltd., Class A		21,800		34,588
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		1,700		18,063
Shanghai Jahwa United Co. Ltd., Class A		9,664		39,348
Sichuan Teway Food Group Co. Ltd., Class A		7,314		27,921
Tech-Bank Food Co. Ltd., Class A*		44,720		39,856
Toly Bread Co. Ltd., Class A		16,544		30,733
Yantai Changyu Pioneer Wine Co. Ltd., Class A		4,100		17,275
Yifeng Pharmacy Chain Co. Ltd., Class A		10,500		97,007
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		30,454		68,113
(Cost $1,652,449)				1,691,140
Energy — 3.7%
China Merchants Energy Shipping Co. Ltd., Class A		91,700		85,499
China Petroleum Engineering Corp.		51,500		23,242
China Suntien Green Energy Corp. Ltd., Class A		4,500		6,910
CNOOC Energy Technology & Services Ltd., Class A		65,200		28,962
COFCO Capital Holdings Co. Ltd., Class A		25,500		25,947
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		40,100		87,525
Guanghui Energy Co. Ltd., Class A		130,300		197,859
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		20,900		39,893
Jizhong Energy Resources Co. Ltd., Class A		29,400		28,998
Oriental Energy Co. Ltd., Class A		32,300		39,146
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		34,170		81,904
Shanxi Coking Coal Energy Group Co. Ltd., Class A		57,350		107,107
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		33,700		91,203
Sinopec Oilfield Service Corp., Class A*		126,500		35,904
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		14,941		66,262
(Cost $507,233)				946,361
Financials — 8.7%
AVIC Industry-Finance Holdings Co. Ltd., Class A		147,700		71,477
Bank of Changsha Co. Ltd., Class A		55,600		54,524
Bank of Guiyang Co. Ltd., Class A		83,200		66,948
Bank of Lanzhou Co. Ltd., Class A		21,500		12,479
Bank of Qingdao Co. Ltd., Class A		46,270		24,296
Bank of Suzhou Co. Ltd., Class A		55,010		60,346
Bank of Xi’an Co. Ltd., Class A		35,000		17,633
Bank of Zhengzhou Co. Ltd., Class A*		150,206		52,865

	Number of Shares		Value
Financials (Continued)
BOC International China Co. Ltd., Class A		47,400	$	75,743
Caida Securities Co. Ltd., Class A		18,100		22,527
Caitong Securities Co. Ltd., Class A		94,725		101,763
Changjiang Securities Co. Ltd., Class A		110,998		88,528
China Great Wall Securities Co. Ltd., Class A		35,000		43,312
Chinalin Securities Co. Ltd., Class A		8,800		17,696
Chongqing Rural Commercial Bank Co. Ltd., Class A		182,400		93,705
Dongxing Securities Co. Ltd., Class A		46,300		54,208
First Capital Securities Co. Ltd., Class A		98,100		83,532
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		41,755		37,925
Guolian Securities Co. Ltd., Class A		22,700		35,436
Guosheng Financial Holding, Inc., Class A*		33,787		38,743
Guoyuan Securities Co. Ltd., Class A		73,400		72,395
Huaan Securities Co. Ltd., Class A		80,715		56,472
Huaxi Securities Co. Ltd., Class A		45,400		54,958
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		78,555		84,503
Jiangsu Financial Leasing Co. Ltd., Class A		34,100		27,875
Jiangsu Zijin Rural Commercial Bank Co. Ltd., Class A		79,400		30,874
Minmetals Capital Co. Ltd., Class A		63,800		47,263
Nanjing Securities Co. Ltd., Class A		63,900		77,353
Northeast Securities Co. Ltd., Class A		40,249		40,098
Polaris Bay Group Co. Ltd., Class A*		35,300		36,721
Qilu Bank Co. Ltd., Class A		17,100		10,386
Qingdao Rural Commercial Bank Corp., Class A		105,300		44,831
Sealand Securities Co. Ltd., Class A		113,270		56,101
Shaanxi International Trust Co. Ltd., Class A		61,390		28,576
Shanxi Securities Co. Ltd., Class A		64,040		50,713
Sinolink Securities Co. Ltd., Class A		64,200		82,363
SooChow Securities Co. Ltd., Class A		113,020		110,831
Southwest Securities Co. Ltd., Class A		96,600		54,836
Tianfeng Securities Co. Ltd., Class A		201,400		87,746
Western Securities Co. Ltd., Class A		78,700		71,592
Xiamen Bank Co. Ltd., Class A		28,300		23,134
Yongan Futures Co. Ltd., Class A		5,300		13,193
(Cost $2,675,846)				2,216,500
Health Care — 11.8%
Anhui Anke Biotechnology Group Co. Ltd., Class A		32,808		47,258
Apeloa Pharmaceutical Co. Ltd., Class A		17,000		49,699
Autobio Diagnostics Co. Ltd., Class A		7,000		60,390
Betta Pharmaceuticals Co. Ltd., Class A		7,000		50,246
BGI Genomics Co. Ltd., Class A		7,200		61,338
Blue Sail Medical Co. Ltd., Class A*		19,800		27,312
CanSino Biologics, Inc., Class A		1,875		59,456
China Animal Husbandry Industry Co. Ltd., Class A		17,957		33,588
China Meheco Co. Ltd., Class A		20,421		48,745

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
China National Accord Medicines Corp. Ltd., Class A		3,973	$	19,622
China National Medicines Corp. Ltd., Class A		10,233		40,400
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		11,249		32,295
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		11,418		95,959
Contec Medical Systems Co. Ltd., Class A		4,300		15,884
Daan Gene Co. Ltd., Class A		27,718		70,529
Dian Diagnostics Group Co. Ltd., Class A		13,740		53,311
Double Medical Technology, Inc., Class A		1,100		5,904
Guangzhou Wondfo Biotech Co. Ltd., Class A		7,140		48,637
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		38,550		28,722
Hainan Poly Pharm Co. Ltd., Class A		7,099		26,436
Haisco Pharmaceutical Group Co. Ltd., Class A		6,600		20,194
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		10,400		48,292
Humanwell Healthcare Group Co. Ltd., Class A		27,800		88,570
Intco Medical Technology Co. Ltd., Class A		12,920		45,105
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		17,385		90,694
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		26,400		59,121
Jinyu Bio-Technology Co. Ltd., Class A		31,804		39,944
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		32,156		55,583
Joinn Laboratories China Co. Ltd., Class A		6,540		53,952
Jointown Pharmaceutical Group Co. Ltd., Class A		25,300		48,435
Livzon Pharmaceutical Group, Inc., Class A		10,862		58,299
Maccura Biotechnology Co. Ltd., Class A		11,300		30,709
Micro-Tech Nanjing Co. Ltd., Class A		2,137		24,068
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		14,974		37,295
Porton Pharma Solutions Ltd., Class A		9,100		53,930
Sansure Biotech, Inc., Class A		8,028		28,847
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		15,800		50,787
Shandong Pharmaceutical Glass Co. Ltd., Class A		13,538		55,755
Shanghai Junshi Biosciences Co. Ltd., Class A*		9,877		92,653
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		31,700		87,050
Shenzhen Chipscreen Biosciences Co. Ltd., Class A*		8,498		29,487
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		11,300		21,986
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		9,000		62,789

	Number of Shares		Value
Health Care (Continued)
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		15,900	$	78,299
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		23,700		151,016
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		28,800		96,376
Tasly Pharmaceutical Group Co. Ltd., Class A		24,500		40,959
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		49,200		46,362
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		8,462		36,915
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		39,200		51,347
Winner Medical Co. Ltd., Class A		3,800		36,309
Winning Health Technology Group Co. Ltd., Class A		49,800		61,769
Yifan Pharmaceutical Co. Ltd., Class A*		22,500		40,840
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		57,940		39,057
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		25,720		74,097
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		14,317		80,460
Zhejiang Medicine Co. Ltd., Class A		18,400		33,033
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		8,900		63,961
(Cost $3,044,889)				2,990,076
Industrials — 17.9%
AECC Aero-Engine Control Co. Ltd., Class A		25,200		96,631
AVICOPTER PLC, Class A		10,400		70,815
Beijing Bei Mo Gao Ke Friction Material Co. Ltd., Class A		7,659		50,412
Beijing Easpring Material Technology Co. Ltd., Class A		10,600		92,184
Beijing Originwater Technology Co. Ltd., Class A		61,800		44,729
Beijing United Information Technology Co. Ltd., Class A		10,155		148,626
Bohai Leasing Co. Ltd., Class A*		62,700		21,089
Centre Testing International Group Co. Ltd., Class A		48,300		143,945
China Baoan Group Co. Ltd., Class A		76,580		142,369
China First Heavy Industries Co. Ltd., Class A*		93,100		40,033
China International Marine Containers Group Co. Ltd., Class A		55,280		58,289
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		26,443		29,496
China Merchants Port Group Co. Ltd., Class A		7,000		14,861
China Railway Hi-tech Industry Co. Ltd., Class A		40,500		46,498
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		34,500		29,768

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, 2022 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
China XD Electric Co. Ltd., Class A		67,400	$	47,156
CITIC Heavy Industries Co. Ltd., Class A		62,800		32,797
CMST Development Co. Ltd., Class A		29,100		21,186
COSCO SHIPPING Development Co. Ltd., Class A		115,100		42,797
Deppon Logistics Co. Ltd., Class A*		10,000		26,779
Dongfang Electric Corp. Ltd., Class A		33,200		113,832
East Group Co. Ltd., Class A		34,500		36,867
Eastern Air Logistics Co. Ltd., Class A		5,700		12,966
Eternal Asia Supply Chain Management Ltd., Class A		50,300		40,403
Fangda Carbon New Material Co. Ltd., Class A*		67,800		61,964
GoodWe Technologies Co. Ltd., Class A		1,715		83,683
Guangshen Railway Co. Ltd., Class A*		112,600		34,036
Guangxi Liugong Machinery Co. Ltd., Class A		33,730		29,774
Guangzhou Port Co. Ltd., Class A		38,700		17,630
Hefei Meiya Optoelectronic Technology, Inc., Class A		11,500		39,822
Hongfa Technology Co. Ltd., Class A		24,612		121,235
Infore Environment Technology Group Co. Ltd., Class A		43,500		30,187
Jiangsu Expressway Co. Ltd., Class A		13,600		15,499
Jiangsu Zhongtian Technology Co. Ltd., Class A		77,835		184,358
Jihua Group Corp. Ltd., Class A*		77,600		34,249
Juneyao Airlines Co. Ltd., Class A*		19,740		44,066
Kaishan Group Co. Ltd., Class A*		12,351		28,167
Keda Industrial Group Co. Ltd., Class A		38,600		87,592
Kuang-Chi Technologies Co. Ltd., Class A*		42,700		106,288
Liaoning Port Co. Ltd., Class A		165,520		38,524
Ming Yang Smart Energy Group Ltd., Class A		45,800		173,998
Ningbo Deye Technology Co. Ltd., Class A		2,100		108,182
North Industries Group Red Arrow Co. Ltd., Class A		24,547		74,549
Orient Group, Inc., Class A*		73,690		27,818
Qingdao Port International Co. Ltd., Class A		23,800		19,117
Qingdao TGOOD Electric Co. Ltd., Class A		22,481		50,728
Riyue Heavy Industry Co. Ltd., Class A		13,700		38,515
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		12,500		47,418
Shandong Hi-speed Co. Ltd., Class A		17,600		14,337
Shanghai Construction Group Co. Ltd., Class A		159,200		63,034
Shanghai Environment Group Co. Ltd., Class A		20,840		27,387
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		12,249		21,103
Shanghai Tunnel Engineering Co. Ltd., Class A		64,700		50,501
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		11,700		21,088

	Number of Shares		Value
Industrials (Continued)
Shanxi Coal International Energy Group Co. Ltd., Class A		28,400	$	66,058
Shenzhen Airport Co. Ltd., Class A		31,000		32,247
Siasun Robot & Automation Co. Ltd., Class A*		37,200		52,846
Sichuan Road & Bridge Group Co. Ltd., Class A		56,200		93,554
Sieyuan Electric Co. Ltd., Class A		17,980		96,503
Sinochem International Corp., Class A		39,200		40,110
Sinoma International Engineering Co., Class A		35,850		47,519
Sinotrans Ltd., Class A		39,900		22,650
State Grid Yingda Co. Ltd., Class A		54,000		39,773
STO Express Co. Ltd., Class A*		21,800		31,557
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A*		38,900		28,652
TangShan Port Group Co. Ltd., Class A		84,774		35,250
Tian Di Science & Technology Co. Ltd., Class A		54,600		41,997
Tianjin Port Co. Ltd., Class A		40,076		23,887
Wolong Electric Group Co. Ltd., Class A		29,339		55,043
Xiamen C & D, Inc., Class A		42,100		93,025
Xiamen ITG Group Corp. Ltd., Class A		36,548		39,783
Xuji Electric Co. Ltd., Class A		20,200		62,551
Yantai Eddie Precision Machinery Co. Ltd., Class A		12,240		27,949
YTO Express Group Co. Ltd., Class A		39,700		109,413
Yutong Bus Co. Ltd., Class A		41,500		46,880
Zhefu Holding Group Co. Ltd., Class A		69,300		40,519
Zhejiang HangKe Technology, Inc. Co., Class A		3,961		25,774
Zhejiang Wanliyang Co. Ltd., Class A*		22,800		27,147
Zhejiang Weiming Environment Protection Co. Ltd., Class A		15,488		44,839
Zhejiang Weixing New Building Materials Co. Ltd., Class A		19,280		59,401
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		26,500		49,002
Zhongshan Broad Ocean Motor Co. Ltd., Class A		60,900		47,362
Zhuzhou Kibing Group Co. Ltd., Class A		45,500		63,797
(Cost $4,271,348)				4,544,465
Information Technology — 15.5%
Accelink Technologies Co. Ltd., Class A		14,922		35,809
Addsino Co. Ltd., Class A		37,800		55,253
Aisino Corp., Class A		33,000		51,609
Amlogic Shanghai Co. Ltd., Class A*		7,149		76,609
Arcsoft Corp. Ltd., Class A		6,133		21,150
Beijing E-Hualu Information Technology Co. Ltd., Class A		12,640		41,670
Beijing Orient National Communication Science & Technology Co. Ltd., Class A*		26,219		31,107
Beijing Shiji Information Technology Co. Ltd., Class A		19,515		41,099
Beijing Sinnet Technology Co. Ltd., Class A		36,500		45,014

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, 2022 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		4,000	$	58,747
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		28,800		54,727
Cambricon Technologies Corp. Ltd., Class A*		5,900		53,102
China National Software & Service Co. Ltd., Class A		11,660		107,061
China Railway Signal & Communication Corp. Ltd., Class A		83,746		55,858
China TransInfo Technology Co. Ltd., Class A*		32,200		41,082
DHC Software Co. Ltd., Class A		67,400		56,912
Fiberhome Telecommunication Technologies Co. Ltd., Class A		23,100		44,879
Fujian Star-net Communication Co. Ltd., Class A		13,600		38,871
GCL System Integration Technology Co. Ltd., Class A*		120,400		55,190
GRG Banking Equipment Co. Ltd., Class A		36,900		52,576
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		23,600		52,147
Guangzhou Haige Communications Group, Inc. Co., Class A		56,700		69,684
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		23,800		65,998
Hengtong Optic-electric Co. Ltd., Class A		54,300		126,378
Huagong Tech Co. Ltd., Class A		30,459		75,083
IRICO Display Devices Co. Ltd., Class A*		44,300		28,165
Leyard Optoelectronic Co. Ltd., Class A		62,400		51,894
MLS Co. Ltd., Class A		25,673		31,661
Neusoft Corp., Class A		25,900		39,844
Newland Digital Technology Co. Ltd., Class A		23,140		43,873
Ninestar Corp., Class A		20,745		159,066
PCI Technology Group Co. Ltd., Class A		39,650		32,692
Raytron Technology Co. Ltd., Class A		7,918		45,509
Shanghai 2345 Network Holding Group Co. Ltd., Class A		166,448		49,605
Shanghai Aiko Solar Energy Co. Ltd., Class A*		20,000		117,506
Shanghai Belling Co. Ltd., Class A		17,200		46,720
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		1,380		45,524
Shenzhen Aisidi Co. Ltd., Class A		24,200		35,168
Shenzhen Everwin Precision Technology Co. Ltd., Class A*		24,636		40,591
Shenzhen Huaqiang Industry Co. Ltd., Class A		10,840		17,891
Shenzhen Kaifa Technology Co. Ltd., Class A		29,200		48,484
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		18,500		28,197
Shenzhen Kinwong Electronic Co. Ltd., Class A		7,520		22,251
Shenzhen SC New Energy Technology Corp., Class A		7,200		131,300

	Number of Shares		Value
Information Technology (Continued)
Shenzhen Sunlord Electronics Co. Ltd., Class A		19,200	$	69,101
Shenzhen Suntak Circuit Technology Co. Ltd., Class A		12,800		19,183
Shenzhen Sunway Communication Co. Ltd., Class A		29,100		69,710
Sinosoft Co. Ltd., Class A		11,020		46,245
State Grid Information & Communication Co. Ltd., Class A		13,800		33,000
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		39,000		143,349
Taiji Computer Corp. Ltd., Class A		11,919		49,206
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		9,500		50,099
Tianma Microelectronics Co. Ltd., Class A		35,900		46,668
Tianshui Huatian Technology Co. Ltd., Class A		68,300		85,394
TongFu Microelectronics Co. Ltd., Class A*		27,100		66,650
Topsec Technologies Group, Inc., Class A		33,680		53,533
Venustech Group, Inc., Class A		19,600		75,018
Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		7,754		52,512
Visionox Technology, Inc., Class A*		30,600		26,142
Wangsu Science & Technology Co. Ltd., Class A		73,000		56,875
Westone Information Industry, Inc., Class A		17,004		85,015
Wonders Information Co. Ltd., Class A*		36,594		46,220
Wuhu Token Science Co. Ltd., Class A		71,200		64,365
Wuxi Taiji Industry Co. Ltd., Class A		45,300		36,322
Xiamen Faratronic Co. Ltd., Class A		4,000		89,691
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		4,300		21,108
Zhejiang Crystal-Optech Co. Ltd., Class A		42,362		72,623
Zhejiang Supcon Technology Co. Ltd., Class A		8,820		113,817
Zhongji Innolight Co. Ltd., Class A		14,100		57,289
(Cost $4,260,395)				3,952,691
Materials — 19.9%
ADAMA Ltd., Class A		13,100		17,847
Angang Steel Co. Ltd., Class A		72,000		28,304
BBMG Corp., Class A		126,500		47,932
Beijing Haixin Energy Technology Co. Ltd., Class A		48,300		29,680
Beijing Shougang Co. Ltd., Class A		42,400		24,249
Bluestar Adisseo Co., Class A		13,900		17,734
Chengxin Lithium Group Co. Ltd., Class A		17,400		104,650
Chengzhi Co. Ltd., Class A*		19,709		26,460
Chifeng Jilong Gold Mining Co. Ltd., Class A*		38,100		106,572
China Hainan Rubber Industry Group Co. Ltd., Class A		57,000		35,754
China Rare Earth Resources And Technology Co. Ltd., Class A*		17,200		79,990
Chongqing Iron & Steel Co. Ltd., Class A*		199,300		46,951

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, 2022 (Unaudited)

	Number of Shares		Value
Materials (Continued)
COFCO Biotechnology Co. Ltd., Class A		32,785	$	40,711
CSG Holding Co. Ltd., Class A		40,161		41,321
Do-Fluoride New Materials Co. Ltd., Class A		22,100		119,494
Fangda Special Steel Technology Co. Ltd., Class A		33,046		28,655
Fushun Special Steel Co. Ltd., Class A*		44,900		96,026
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*		94,000		22,811
Guangdong HEC Technology Holding Co. Ltd., Class A		42,605		56,231
Guangdong Hongda Holdings Group Co. Ltd., Class A		14,900		62,548
Guangdong Tapai Group Co. Ltd., Class A		21,600		23,358
Guangdong Zhongnan Iron & Steel Co. Ltd., Class A		34,200		14,998
Hainan Mining Co. Ltd., Class A*		18,100		18,494
Hangzhou Iron & Steel Co., Class A		40,610		24,839
Hangzhou Oxygen Plant Group Co. Ltd., Class A		12,100		70,782
Hesteel Co. Ltd., Class A		124,200		43,007
Hongda Xingye Co. Ltd., Class A*		68,078		32,849
Huabao Flavours & Fragrances Co. Ltd., Class A		3,900		13,793
Huaibei Mining Holdings Co. Ltd., Class A		28,600		58,325
Huapont Life Sciences Co. Ltd., Class A		46,050		35,747
Huaxin Cement Co. Ltd., Class A		19,072		42,007
Hubei Xingfa Chemicals Group Co. Ltd., Class A		22,420		97,425
Hunan Gold Corp. Ltd., Class A		23,800		48,165
Hunan Valin Steel Co. Ltd., Class A		116,020		79,032
Inner Mongolia Dazhong Mining Co. Ltd., Class A*		7,500		15,785
Jiangsu Yangnong Chemical Co. Ltd., Class A		5,600		84,114
Jiangsu Yoke Technology Co. Ltd., Class A		8,496		64,626
Jinduicheng Molybdenum Co. Ltd., Class A		29,700		41,348
Kingfa Sci & Tech Co. Ltd., Class A		51,400		73,382
Lianhe Chemical Technology Co. Ltd., Class A		21,559		53,175
Liuzhou Iron & Steel Co. Ltd., Class A		13,600		6,832
Luxi Chemical Group Co. Ltd., Class A		33,000		62,053
Maanshan Iron & Steel Co. Ltd., Class A		72,500		29,735
Nanjing Hanrui Cobalt Co. Ltd., Class A		6,200		38,257
Nanjing Iron & Steel Co. Ltd., Class A		83,100		39,389
ORG Technology Co. Ltd., Class A		53,550		38,150
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		122,300		93,897
Red Avenue New Materials Group Co. Ltd., Class A		5,900		28,912
Rising Nonferrous Metals Share Co. Ltd., Class A*		5,800		34,727
Sansteel Minguang Co. Ltd. Fujian, Class A		34,450		24,542
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A		38,590		31,490

	Number of Shares		Value
Materials (Continued)
Shandong Chenming Paper Holdings Ltd., Class A*		37,250	$	27,013
Shandong Iron and Steel Co. Ltd., Class A		156,730		34,476
Shandong Sinocera Functional Material Co. Ltd., Class A		23,300		90,503
Shandong Sun Paper Industry JSC Ltd., Class A		45,500		70,900
Shanghai Huayi Group Co. Ltd., Class A		20,600		18,914
Shanxi Taigang Stainless Steel Co. Ltd., Class A		61,300		39,235
Shanying International Holding Co. Ltd., Class A		94,700		33,867
Shenghe Resources Holding Co. Ltd., Class A		39,890		82,481
Shenzhen Capchem Technology Co. Ltd., Class A		15,080		85,068
Shenzhen Dynanonic Co. Ltd., Class A		3,000		96,300
Shenzhen Jinjia Group Co. Ltd., Class A		28,300		31,046
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		11,140		51,918
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		76,200		45,527
Shinghwa Advanced Material Group Co. Ltd., Class A		4,000		57,249
Sichuan Hebang Biotechnology Co. Ltd., Class A		176,980		79,619
Sichuan Yahua Industrial Group Co. Ltd., Class A		33,200		128,815
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		11,600		100,255
Tangshan Jidong Cement Co. Ltd., Class A		28,481		35,165
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		33,700		31,756
Tianshan Aluminum Group Co. Ltd., Class A		38,100		38,659
Tongling Nonferrous Metals Group Co. Ltd., Class A		210,300		87,446
Transfar Zhilian Co. Ltd., Class A		34,700		28,069
Weihai Guangwei Composites Co. Ltd., Class A		9,000		90,799
Western Mining Co. Ltd., Class A		54,300		83,995
Western Superconducting Technologies Co. Ltd., Class A		8,134		112,963
Xiamen Tungsten Co. Ltd., Class A		24,920		76,070
Xinfengming Group Co. Ltd., Class A		23,016		32,271
Xinjiang Zhongtai Chemical Co. Ltd., Class A		55,600		51,367
Xinxing Ductile Iron Pipes Co. Ltd., Class A		71,350		39,287
Xinyu Iron & Steel Co. Ltd., Class A		58,000		35,476
Yintai Gold Co. Ltd., Class A		47,908		97,224
YongXing Special Materials Technology Co. Ltd., Class A		5,700		85,155
Yunnan Aluminium Co. Ltd., Class A		49,300		74,442
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		102,500		76,805

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, 2022 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Yunnan Copper Co. Ltd., Class A		34,800	$	59,115
Yunnan Tin Co. Ltd., Class A		28,830		54,948
Yunnan Yuntianhua Co. Ltd., Class A*		36,700		110,155
Zhejiang Hailiang Co. Ltd., Class A		33,700		58,682
Zhejiang Juhua Co. Ltd., Class A		39,490		94,432
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A		5,960		24,393
Zhejiang Yongtai Technology Co. Ltd., Class A		17,900		65,616
Zibo Qixiang Tengda Chemical Co. Ltd., Class A*		47,621		50,416
(Cost $4,964,331)				5,065,047
Real Estate — 3.3%
Beijing Capital Development Co. Ltd., Class A		35,700		33,843
China Green Electricity Investment of Tianjin Co. Ltd., Class A		16,000		33,197
China Merchants Property Operation & Service Co. Ltd., Class A		12,900		29,090
Financial Street Holdings Co. Ltd., Class A		36,800		32,118
Grandjoy Holdings Group Co. Ltd., Class A*		41,400		24,206
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		36,300		57,697
Jiangsu Zhongnan Construction Group Co. Ltd., Class A*		57,100		22,203
Jinke Properties Group Co. Ltd., Class A*		100,700		34,298
Nanjing Gaoke Co. Ltd., Class A		36,908		38,498
Red Star Macalline Group Corp. Ltd., Class A		13,300		9,117
RiseSun Real Estate Development Co. Ltd., Class A*		63,000		23,156
Shanghai Lingang Holdings Corp. Ltd., Class A		27,600		49,470
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		22,800		32,842
Shanghai Shimao Co. Ltd., Class A*		31,200		13,328
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		24,800		43,255
Suning Universal Co. Ltd., Class A		46,200		23,210
Xiangcai Co. Ltd., Class A		24,000		27,044
Xinhu Zhongbao Co. Ltd., Class A*		124,000		49,273
Yango Group Co. Ltd., Class A*		73,700		23,219
Youngor Group Co. Ltd., Class A		77,200		70,666

	Number of Shares		Value
Real Estate (Continued)
Zhejiang China Commodities City Group Co. Ltd., Class A		79,800	$	50,169
Zhongtian Financial Group Co. Ltd., Class A*		132,100		32,807
Zhuhai Huafa Properties Co. Ltd., Class A		48,940		77,996
(Cost $983,187)				830,702
Utilities — 3.5%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		123,890		50,812
CECEP Wind-Power Corp., Class A		111,930		64,332
Chengdu Xingrong Environment Co. Ltd., Class A		50,300		36,263
Chongqing Gas Group Corp. Ltd., Class A		7,100		8,635
Datang International Power Generation Co. Ltd., Class A*		75,800		32,165
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		64,900		60,235
Guangxi Guiguan Electric Power Co. Ltd., Class A		70,300		61,755
Huadian Power International Corp. Ltd., Class A		92,800		77,702
Hubei Energy Group Co. Ltd., Class A		60,000		37,806
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		90,200		49,411
Jinko Power Technology Co. Ltd., Class A		48,200		35,022
Luenmei Quantum Co. Ltd., Class A		27,450		26,568
Shanghai Electric Power Co. Ltd., Class A*		32,700		48,030
Shenergy Co. Ltd., Class A		68,149		55,611
Shenzhen Energy Group Co. Ltd., Class A		51,260		44,739
Shenzhen Gas Corp. Ltd., Class A		18,700		18,497
Wintime Energy Co. Ltd., Class A*		645,500		150,235
Zhongshan Public Utilities Group Co. Ltd., Class A		24,260		24,685
(Cost $867,327)				882,503
TOTAL COMMON STOCKS (Cost $25,834,062)				25,420,398
TOTAL INVESTMENTS — 99.9% (Cost $25,834,062)			$	25,420,398
Other assets and liabilities, net — 0.1%				29,277
NET ASSETS — 100.0%			$	25,449,675

* Non-income producing security.

JSC: Joint Stock Company

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, 2022 (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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	25,420,398	$	—	$	—	$	25,420,398
TOTAL	$	25,420,398	$	—	$	—	$	25,420,398

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

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 48.0%
Communication Services — 9.7%
Autohome, Inc., ADR		182	$	5,442
Baidu, Inc., Class A*		5,631		73,296
Bilibili, Inc., Class Z*		439		7,132
China Literature Ltd., 144A*		1,122		4,003
China Ruyi Holdings Ltd.*(a)		10,742		2,353
China Tower Corp. Ltd., Class H, 144A		111,763		12,027
iQIYI, Inc., ADR*		872		2,590
JOYY, Inc., ADR (a)		119		3,625
Kanzhun Ltd., ADR*		522		9,824
Kingsoft Corp. Ltd.		2,359		7,404
Kuaishou Technology, 144A*		4,442		32,182
NetEase, Inc.		5,036		70,519
Tencent Holdings Ltd.		16,010		589,081
Tencent Music Entertainment Group, ADR*		1,862		13,053
Weibo Corp., ADR*		181		2,885
(Cost $1,200,137)				835,416
Consumer Discretionary — 16.9%
Alibaba Group Holding Ltd.*		37,928		388,245
Alibaba Health Information Technology Ltd.*		11,776		9,640
ANTA Sports Products Ltd.		3,128		36,428
Bosideng International Holdings Ltd.		8,327		4,097
BYD Co. Ltd., Class H		2,103		51,595
China Meidong Auto Holdings Ltd.		1,633		3,088
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		160		4,022
Chow Tai Fook Jewellery Group Ltd.		4,700		8,225
Dongfeng Motor Group Co. Ltd., Class H		7,939		4,445
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		1,475		6,444
Geely Automobile Holdings Ltd.		15,360		22,394
Great Wall Motor Co. Ltd., Class H		8,252		11,925
Guangzhou Automobile Group Co. Ltd., Class H		7,731		5,507
H World Group Ltd., ADR		497		19,025
Haichang Ocean Park Holdings Ltd., 144A*		7,500		3,104
Haidilao International Holding Ltd., 144A*		2,876		7,045
Haier Smart Home Co. Ltd., Class H		5,837		19,144
JD Health International, Inc., 144A*(a)		2,855		24,909
JD.com, Inc., Class A		5,495		154,033
Jiumaojiu International Holdings Ltd., 144A(a)		1,882		4,726
Koolearn Technology Holding Ltd., 144A*		900		4,727
Li Auto, Inc., Class A*(a)		2,792		27,918
Li Ning Co. Ltd.		6,012		47,176
Meituan, Class B, 144A*		11,245		235,690
Minth Group Ltd.		1,930		5,180
New Oriental Education & Technology Group, Inc.*		3,883		11,143
NIO, Inc., ADR*		3,355		42,877
Pinduoduo, Inc., ADR*		1,289		105,750
Ping An Healthcare and Technology Co. Ltd., 144A*(a)		1,283		3,199
Pop Mart International Group Ltd., 144A(a)		1,441		3,201

	Number of Shares		Value
Consumer Discretionary (Continued)
Shenzhou International Group Holdings Ltd.		2,108	$	18,810
TAL Education Group, ADR*		1,101		6,573
Tongcheng Travel Holdings Ltd.*		3,134		6,697
Topsports International Holdings Ltd., 144A		4,063		2,587
Trip.com Group Ltd., ADR*		1,383		44,187
Vipshop Holdings Ltd., ADR*		1,151		12,834
XPeng, Inc., Class A*(a)		2,162		9,320
Xtep International Holdings Ltd.(a)		3,379		3,801
Yadea Group Holdings Ltd., 144A		2,762		5,195
Yum China Holdings, Inc.		1,087		59,915
Zhongsheng Group Holdings Ltd.		1,566		7,985
(Cost $2,186,953)				1,452,806
Consumer Staples — 1.9%
Anhui Gujing Distillery Co. Ltd., Class B		306		4,477
China Feihe Ltd., 144A		9,366		7,596
China Mengniu Dairy Co. Ltd.*		8,129		36,242
China Resources Beer Holdings Co. Ltd.		4,140		28,403
Dali Foods Group Co. Ltd., 144A		6,297		2,977
Hengan International Group Co. Ltd.		1,716		7,903
Nongfu Spring Co. Ltd., Class H, 144A(a)		4,592		26,532
Smoore International Holdings Ltd., 144A(a)		4,590		7,021
Tingyi Cayman Islands Holding Corp.		5,240		8,566
Tsingtao Brewery Co. Ltd., Class H		1,588		14,831
Uni-President China Holdings Ltd.		3,972		3,481
Vinda International Holdings Ltd.(a)		923		2,401
Want Want China Holdings Ltd.		12,768		8,670
Yihai International Holding Ltd.*		1,237		3,835
(Cost $180,526)				162,935
Energy — 1.2%
China Coal Energy Co. Ltd., Class H		5,241		4,808
China Oilfield Services Ltd., Class H		4,969		6,232
China Petroleum & Chemical Corp., Class H		64,291		30,228
China Shenhua Energy Co. Ltd., Class H		8,680		26,689
PetroChina Co. Ltd., Class H		53,923		24,456
Yankuang Energy Group Co. Ltd., Class H		3,879		12,846
(Cost $101,425)				105,259
Financials — 7.5%
360 DigiTech, Inc., ADR		341		5,350
Agricultural Bank of China Ltd., Class H		75,156		25,034
Bank of China Ltd., Class H		203,074		72,067
Bank of Communications Co. Ltd., Class H		22,989		12,989
China Cinda Asset Management Co. Ltd., Class H		23,162		3,027
China CITIC Bank Corp. Ltd., Class H		23,619		10,470
China Construction Bank Corp., Class H		245,663		148,238
China Everbright Bank Co. Ltd., Class H		9,978		2,966
China Galaxy Securities Co. Ltd., Class H		9,209		4,554
China International Capital Corp. Ltd., Class H, 144A		3,949		7,356
China Life Insurance Co. Ltd., Class H		19,150		29,097
China Merchants Bank Co. Ltd., Class H		10,035		50,397

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Financials (Continued)
China Minsheng Banking Corp. Ltd., Class H(a)		15,297	$	5,272
China Pacific Insurance Group Co. Ltd., Class H		6,925		15,632
China Taiping Insurance Holdings Co. Ltd.		4,280		4,343
CITIC Securities Co. Ltd., Class H		5,348		10,661
Far East Horizon Ltd.		4,654		3,536
GF Securities Co. Ltd., Class H		2,905		4,213
Haitong Securities Co. Ltd., Class H		8,031		4,939
Huatai Securities Co. Ltd., Class H, 144A		3,828		4,419
Industrial & Commercial Bank of China Ltd., Class H		144,207		72,237
Lufax Holding Ltd., ADR		1,754		3,262
New China Life Insurance Co. Ltd., Class H		2,487		5,805
People’s Insurance Co. Group of China Ltd., Class H		21,937		7,363
PICC Property & Casualty Co. Ltd., Class H		17,627		17,750
Ping An Insurance Group Co. of China Ltd., Class H		16,157		98,840
Postal Savings Bank of China Co. Ltd., Class H, 144A		20,860		12,507
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		1,812		4,666
(Cost $911,246)				646,990
Health Care — 2.7%
3SBio, Inc., 144A		4,044		4,274
BeiGene Ltd.*(a)		1,586		23,428
China Medical System Holdings Ltd.		3,674		5,328
China Resources Pharmaceutical Group Ltd., 144A		3,500		2,870
China Traditional Chinese Medicine Holdings Co. Ltd.		5,879		2,930
CSPC Pharmaceutical Group Ltd.		23,007		29,446
Genscript Biotech Corp.*		3,114		7,883
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		361		3,408
Hansoh Pharmaceutical Group Co. Ltd., 144A		3,058		5,783
HUTCHMED China Ltd.*(a)		1,085		2,982
Hygeia Healthcare Holdings Co. Ltd., 144A*		886		5,545
Innovent Biologics, Inc., 144A*		2,642		10,374
Legend Biotech Corp., ADR*		145		7,469
Microport Scientific Corp.*		1,687		3,951
Pharmaron Beijing Co. Ltd., Class H, 144A		525		2,986
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		5,882		8,545
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,421		4,697
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,017		3,344
Sino Biopharmaceutical Ltd.		27,491		16,131
Sinopharm Group Co. Ltd., Class H		3,524		8,325
WuXi AppTec Co. Ltd., Class H, 144A		906		8,914
Wuxi Biologics Cayman, Inc., 144A*		9,151		58,795
Zai Lab Ltd., ADR*(a)		212		8,175
(Cost $241,879)				235,583

	Number of Shares			Value
Industrials — 1.8%
Air China Ltd., Class H*		4,793		$	3,807
AviChina Industry & Technology Co. Ltd., Class H		6,585			3,088
Beijing Capital International Airport Co. Ltd., Class H*		4,795			3,090
BOC Aviation Ltd., 144A		547			4,292
China Communications Services Corp. Ltd., Class H		6,281			2,157
China Conch Venture Holdings Ltd.		4,380			9,955
China Everbright Environment Group Ltd.		9,775			4,471
China Lesso Group Holdings Ltd.		2,852			3,468
China Merchants Port Holdings Co. Ltd.		3,382			4,913
China Railway Group Ltd., Class H		10,609			5,967
China Southern Airlines Co. Ltd., Class H*		4,449			2,633
China State Construction International Holdings Ltd.		5,342	��		6,399
CITIC Ltd.		15,281			15,642
COSCO SHIPPING Holdings Co. Ltd., Class H		8,399			9,071
COSCO SHIPPING Ports Ltd.		4,789			3,614
CRRC Corp. Ltd., Class H		11,391			4,670
Fosun International Ltd.		6,571			5,001
Haitian International Holdings Ltd.		1,692			4,357
Jiangsu Expressway Co. Ltd., Class H		3,209			2,894
Orient Overseas International Ltd.		338			6,331
Sany Heavy Equipment International Holdings Co. Ltd.		3,300			3,513
Shenzhen International Holdings Ltd.		3,180			2,925
Weichai Power Co. Ltd., Class H		5,168			6,833
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)		1,604			1,724
Zhejiang Expressway Co. Ltd., Class H		3,794			2,819
Zhuzhou CRRC Times Electric Co. Ltd.		1,243			5,717
ZTO Express Cayman, Inc., ADR(a)		1,076			26,975
(Cost $194,483)					156,326
Information Technology — 2.2%
AAC Technologies Holdings, Inc.*(a)		1,917			4,411
BYD Electronic International Co. Ltd.		1,737			5,652
Chinasoft International Ltd.*		7,176			6,095
Daqo New Energy Corp., ADR*		151			8,593
Flat Glass Group Co. Ltd., Class H		1,196			3,088
GCL Technology Holdings Ltd.*		50,000			15,630
GDS Holdings Ltd., Class A*		1,936			3,358
Hua Hong Semiconductor Ltd., 144A*		1,381			4,759
Kingboard Holdings Ltd.		1,712			5,615
Kingboard Laminates Holdings Ltd.		2,458			2,576
Kingdee International Software Group Co. Ltd.*		6,838			11,284
Lenovo Group Ltd.		18,976			15,997
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		600			2,802
Sunny Optical Technology Group Co. Ltd.		1,822			21,218
TravelSky Technology Ltd., Class H		2,500			5,029
Xiaomi Corp., Class B, 144A*		39,285			51,940
Xinyi Solar Holdings Ltd.		12,842			14,824
ZTE Corp., Class H		1,931			4,191
(Cost $219,091)					187,062

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Materials — 1.0%
Aluminum Corp. of China Ltd., Class H		10,485	$	4,393
Anhui Conch Cement Co. Ltd., Class H		3,285		11,889
China Hongqiao Group Ltd.		6,020		5,576
China National Building Material Co. Ltd., Class H		9,961		8,754
China Resources Cement Holdings Ltd.		6,419		3,462
CMOC Group Ltd., Class H		9,155		4,234
Dongyue Group Ltd.		3,220		3,544
Ganfeng Lithium Group Co. Ltd., Class H, 144A		928		8,061
Jiangxi Copper Co. Ltd., Class H		2,915		4,220
Nine Dragons Paper Holdings Ltd.		4,347		3,447
Shandong Gold Mining Co. Ltd., Class H, 144A		1,792		3,499
Zhaojin Mining Industry Co. Ltd., Class H*		3,019		3,346
Zijin Mining Group Co. Ltd., Class H		14,658		19,042
(Cost $78,836)				83,467
Real Estate — 1.9%
C&D International Investment Group Ltd.		1,500		3,521
China Evergrande Group*(b)		8,413		0
China Jinmao Holdings Group Ltd.		17,308		4,058
China Overseas Land & Investment Ltd.		9,766		26,400
China Overseas Property Holdings Ltd.		2,910		3,217
China Resources Land Ltd.		8,336		38,447
China Resources Mixc Lifestyle Services Ltd., 144A		1,593		7,541
China Vanke Co. Ltd., Class H		4,259		8,763
Country Garden Holdings Co. Ltd.(a)		21,279		8,206
Country Garden Services Holdings Co. Ltd.		5,266		12,899
Greentown China Holdings Ltd.		2,390		4,060
Greentown Service Group Co. Ltd.		4,359		2,982
Hopson Development Holdings Ltd.		206		234
KE Holdings, Inc., ADR*		1,702		28,798
Longfor Group Holdings Ltd., 144A		4,820		14,542
Shimao Group Holdings Ltd.*(a)(b)		4,310		0
Sunac China Holdings Ltd.*(b)		7,560		0
Yuexiu Property Co. Ltd.		3,660		4,614
(Cost $307,799)				168,282
Utilities — 1.2%
Beijing Enterprises Holdings Ltd.		1,326		4,196
Beijing Enterprises Water Group Ltd.		11,993		3,181

	Number of Shares		Value
Utilities (Continued)
CGN Power Co. Ltd., Class H, 144A		24,574	$	5,950
China Gas Holdings Ltd.		7,997		10,153
China Longyuan Power Group Corp. Ltd., Class H		8,772		10,699
China Power International Development Ltd.		13,822		5,312
China Resources Gas Group Ltd.		2,456		8,653
China Resources Power Holdings Co. Ltd.		5,151		9,490
ENN Energy Holdings Ltd.		2,036		28,562
Guangdong Investment Ltd.		7,782		7,138
Huaneng Power International, Inc., Class H*(a)		9,334		4,305
Kunlun Energy Co. Ltd.		10,234		7,867
(Cost $122,342)				105,506
TOTAL COMMON STOCKS (Cost $5,744,717)				4,139,632
EXCHANGE-TRADED FUNDS — 51.6%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF(c)		12,618		405,543
Xtrackers MSCI China A Inclusion Equity ETF(c)		181,353		4,036,954
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,354,982)				4,442,497
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69%(d)(e) (Cost $40,230)		40,230		40,230
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74%(d) (Cost $22,425)		22,425		22,425
TOTAL INVESTMENTS — 100.3% (Cost $11,162,354)			$	8,644,784
Other assets and liabilities, net — (0.3%)				(27,540	)
NET ASSETS — 100.0%			$	8,617,244

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
EXCHANGE-TRADED FUNDS — 51.6%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)
		506,451		3,992		(96,835	)		(22,819	)		14,754			—		—		12,618		405,543
Xtrackers MSCI China A Inclusion Equity ETF (c)
		4,186,445		126,724		—			—			(276,215	)		—		—		181,353		4,036,954

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e)
		46,367		—		(6,137	) (f)		—			—			488		—		40,230		40,230
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (d)
		6,466		56,253		(40,294	)		—			—			111		—		22,425		22,425
		4,745,729		186,969		(143,266	)		(22,819	)		(261,461	)		599		—		256,626		4,505,152

* 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, 2022 amounted to $189,213, which is 2.2% 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 $157,703.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

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, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
FTSE China A50 Index Futures	USD	2	$	24,536	$25,390		12/29/2022	$	854

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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	4,139,632	$	—	$	0	$	4,139,632
Exchange-Traded Funds		4,442,497		—		—		4,442,497
Short-Term Investments (a)		62,655		—		—		62,655
Derivatives (b)
Futures Contracts		854		—		—		854
TOTAL	$	8,645,638	$	—	$	0	$	8,645,638

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

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

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.2%
Communication Services — 1.1%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,300	$	5,740
Beijing Enlight Media Co. Ltd., Class A		2,500		2,922
China United Network Communications Ltd., Class A		32,700		20,358
Focus Media Information Technology Co. Ltd., Class A		13,223		11,182
G-bits Network Technology Xiamen Co. Ltd., Class A		100		4,594
Mango Excellent Media Co. Ltd., Class A		1,900		6,754
Perfect World Co. Ltd., Class A		2,100		4,029
Zhejiang Century Huatong Group Co. Ltd., Class A*		8,220		4,572
(Cost $66,632)				60,151
Consumer Discretionary — 6.3%
Beijing Roborock Technology Co. Ltd., Class A		100		3,655
Bethel Automotive Safety Systems Co. Ltd., Class A		400		4,790
BTG Hotels Group Co. Ltd., Class A		1,000		3,430
BYD Co. Ltd., Class A		1,798		65,873
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		300		5,590
China Tourism Group Duty Free Corp. Ltd., Class A		1,943		54,168
Chongqing Changan Automobile Co. Ltd., Class A		8,762		16,637
Ecovacs Robotics Co. Ltd., Class A		500		5,085
FAW Jiefang Group Co. Ltd., Class A		3,200		3,655
Fuyao Glass Industry Group Co. Ltd., Class A		2,009		10,531
Great Wall Motor Co. Ltd., Class A		2,300		10,384
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,800		12,716
Guangzhou Automobile Group Co. Ltd., Class A		4,900		8,522
Haier Smart Home Co. Ltd., Class A		6,400		22,163
Hangzhou Robam Appliances Co. Ltd., Class A		1,100		4,034
Huayu Automotive Systems Co. Ltd., Class A		3,300		8,600
Huizhou Desay Sv Automotive Co. Ltd., Class A		600		9,317
Jason Furniture Hangzhou Co. Ltd., Class A		910		4,625
Ningbo Joyson Electronic Corp., Class A*		1,300		2,742
Ningbo Tuopu Group Co. Ltd., Class A		1,200		11,433
Oppein Home Group, Inc., Class A		540		8,309
SAIC Motor Corp. Ltd., Class A		8,127		17,416
Sailun Group Co. Ltd., Class A		3,300		4,444
Shandong Linglong Tyre Co. Ltd., Class A		1,700		4,821
Shanghai Jinjiang International Hotels Co. Ltd., Class A		900		7,052
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		3,700		3,803
Shenzhen Kedali Industry Co. Ltd., Class A		200		2,720

	Number of Shares		Value
Consumer Discretionary (Continued)
Shenzhen Overseas Chinese Town Co. Ltd., Class A		8,300	$	6,855
Songcheng Performance Development Co. Ltd., Class A		2,843		5,695
TCL Technology Group Corp., Class A		12,500		7,094
Wuchan Zhongda Group Co. Ltd., Class A		5,500		3,533
Zhejiang Supor Co. Ltd., Class A		500		3,235
(Cost $252,018)				342,927
Consumer Staples — 14.9%
Angel Yeast Co. Ltd., Class A		1,000		6,155
Anhui Gujing Distillery Co. Ltd., Class A		400		13,457
Anhui Kouzi Distillery Co. Ltd., Class A		700		4,645
Anhui Yingjia Distillery Co. Ltd., Class A		700		4,724
Anjoy Foods Group Co. Ltd., Class A		300		6,692
Beijing Dabeinong Technology Group Co. Ltd., Class A*		4,200		5,526
Beijing Yanjing Brewery Co. Ltd., Class A		2,300		3,325
By-health Co. Ltd., Class A		1,800		5,057
Chacha Food Co. Ltd., Class A		200		1,317
Chongqing Brewery Co. Ltd., Class A		500		7,764
Chongqing Fuling Zhacai Group Co. Ltd., Class A		900		3,211
DaShenLin Pharmaceutical Group Co. Ltd., Class A		936		5,577
Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,893		38,669
Fujian Sunner Development Co. Ltd., Class A		1,400		4,953
Guangdong Haid Group Co. Ltd., Class A		1,700		13,576
Heilongjiang Agriculture Co. Ltd., Class A		2,000		4,122
Henan Shuanghui Investment & Development Co. Ltd., Class A		3,600		12,838
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		6,213		25,304
Jiangsu King’s Luck Brewery JSC Ltd., Class A		1,300		7,704
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,524		30,417
JiuGui Liquor Co. Ltd., Class A		300		5,022
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		800		4,173
Juewei Food Co. Ltd., Class A		600		4,844
Kweichow Moutai Co. Ltd., Class A		1,250		282,168
Luzhou Laojiao Co. Ltd., Class A		1,506		39,547
Muyuan Foods Co. Ltd., Class A		5,485		37,222
New Hope Liuhe Co. Ltd., Class A*		4,072		7,829
Proya Cosmetics Co. Ltd., Class A		140		3,352
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		1,092		5,596
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,274		46,051
Sichuan Swellfun Co. Ltd., Class A		500		4,426
Toly Bread Co. Ltd., Class A		1,596		2,949
Tongwei Co. Ltd., Class A		4,400		26,909
Tsingtao Brewery Co. Ltd., Class A		700		10,010
Wens Foodstuffs Group Co. Ltd., Class A		6,744		17,099

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Consumer Staples (Continued)
Wuliangye Yibin Co. Ltd., Class A		3,954	$	87,558
Yifeng Pharmacy Chain Co. Ltd., Class A		786		7,224
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,500		8,735
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		1,200		2,670
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		300		5,367
(Cost $475,067)				813,784
Energy — 3.3%
China Merchants Energy Shipping Co. Ltd., Class A		8,100		7,513
China Petroleum & Chemical Corp., Class A		33,150		21,200
China Shenhua Energy Co. Ltd., Class A		6,800		29,327
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		3,600		7,816
Guanghui Energy Co. Ltd., Class A		7,200		10,876
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		1,800		3,418
Jizhong Energy Resources Co. Ltd., Class A		3,300		3,238
Offshore Oil Engineering Co. Ltd., Class A		3,900		3,149
PetroChina Co. Ltd., Class A		21,235		15,708
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		2,200		3,826
Shaanxi Coal Industry Co. Ltd., Class A		9,799		27,902
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		2,200		5,246
Shanxi Coking Coal Energy Group Co. Ltd., Class A		4,600		8,546
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		3,200		8,615
Yankuang Energy Group Co. Ltd., Class A		2,700		15,468
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		4,853
(Cost $116,173)				176,701
Financials — 17.9%
Agricultural Bank of China Ltd., Class A		86,717		35,257
AVIC Industry-Finance Holdings Co. Ltd., Class A		9,710		4,674
Bank of Beijing Co. Ltd., Class A		21,314		12,908
Bank of Changsha Co. Ltd., Class A		3,800		3,707
Bank of Chengdu Co. Ltd., Class A		3,750		8,126
Bank of China Ltd., Class A		36,112		16,059
Bank of Communications Co. Ltd., Class A		39,838		26,545
Bank of Hangzhou Co. Ltd., Class A		6,240		11,646
Bank of Jiangsu Co. Ltd., Class A		15,299		16,004
Bank of Nanjing Co. Ltd., Class A		10,600		15,518
Bank of Ningbo Co. Ltd., Class A		6,455		29,261
Bank of Shanghai Co. Ltd., Class A		14,135		11,913
Bank of Suzhou Co. Ltd., Class A		3,400		3,710
BOC International China Co. Ltd., Class A		2,800		4,451
Caitong Securities Co. Ltd., Class A		4,810		5,140
Changjiang Securities Co. Ltd., Class A		5,600		4,443
China Construction Bank Corp., Class A		9,700		7,655
China Everbright Bank Co. Ltd., Class A		43,631		18,417

	Number of Shares		Value
Financials (Continued)
China Galaxy Securities Co. Ltd., Class A		4,700	$	6,582
China Great Wall Securities Co. Ltd., Class A		2,700		3,324
China International Capital Corp. Ltd., Class A		1,200		6,503
China Life Insurance Co. Ltd., Class A		2,814		14,361
China Merchants Bank Co. Ltd., Class A		20,743		102,374
China Merchants Securities Co. Ltd., Class A		7,731		14,734
China Minsheng Banking Corp. Ltd., Class A		37,671		18,720
China Pacific Insurance Group Co. Ltd., Class A		6,677		22,943
China Zheshang Bank Co. Ltd., Class A*		16,300		6,788
Chongqing Rural Commercial Bank Co. Ltd., Class A		9,300		4,753
CITIC Securities Co. Ltd., Class A		12,093		33,837
CSC Financial Co. Ltd., Class A		4,200		14,568
Dongxing Securities Co. Ltd., Class A		3,100		3,610
East Money Information Co. Ltd., Class A		13,508		35,279
Everbright Securities Co. Ltd., Class A		4,237		9,672
First Capital Securities Co. Ltd., Class A		4,000		3,388
Founder Securities Co. Ltd., Class A		8,700		8,327
GF Securities Co. Ltd., Class A		5,900		13,335
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		3,867		3,494
Guolian Securities Co. Ltd., Class A		2,100		3,261
Guosen Securities Co. Ltd., Class A		6,700		8,636
Guotai Junan Securities Co. Ltd., Class A		7,851		15,506
Guoyuan Securities Co. Ltd., Class A		4,690		4,602
Haitong Securities Co. Ltd., Class A		8,914		11,250
Hithink RoyalFlush Information Network Co. Ltd., Class A		600		8,518
Huatai Securities Co. Ltd., Class A		6,880		12,694
Huaxi Securities Co. Ltd., Class A		2,800		3,372
Huaxia Bank Co. Ltd., Class A		12,598		9,319
Industrial & Commercial Bank of China Ltd., Class A		63,333		38,446
Industrial Bank Co. Ltd., Class A		21,185		52,936
Industrial Securities Co. Ltd., Class A*		6,620		5,682
Nanjing Securities Co. Ltd., Class A		4,200		5,058
New China Life Insurance Co. Ltd., Class A		1,964		7,952
Orient Securities Co. Ltd., Class A		7,585		9,562
People’s Insurance Co. Group of China Ltd., Class A		7,200		5,509
Ping An Bank Co. Ltd., Class A		19,866		36,543
Ping An Insurance Group Co. of China Ltd., Class A		10,809		68,590
Postal Savings Bank of China Co. Ltd., Class A		26,700		16,811
Sealand Securities Co. Ltd., Class A		5,260		2,591
Shanghai Pudong Development Bank Co. Ltd., Class A		30,327		30,911
Shanghai Rural Commercial Bank Co. Ltd., Class A		9,400		7,843
Shanxi Securities Co. Ltd., Class A		3,680		2,899
Shenwan Hongyuan Group Co. Ltd., Class A		23,695		13,815

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Sinolink Securities Co. Ltd., Class A		3,200	$	4,084
SooChow Securities Co. Ltd., Class A		5,373		5,241
Southwest Securities Co. Ltd., Class A		7,200		4,066
Western Securities Co. Ltd., Class A		4,600		4,163
Zheshang Securities Co. Ltd., Class A		4,100		6,187
Zhongtai Securities Co. Ltd., Class A		6,200		6,031
(Cost $1,007,304)				974,104
Health Care — 9.1%
Aier Eye Hospital Group Co. Ltd., Class A		7,168		27,423
Apeloa Pharmaceutical Co. Ltd., Class A		1,300		3,781
Asymchem Laboratories Tianjin Co. Ltd., Class A		320		6,061
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,608		5,033
Beijing Tongrentang Co. Ltd., Class A		1,400		9,714
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		580		13,331
Betta Pharmaceuticals Co. Ltd., Class A		400		2,856
BGI Genomics Co. Ltd., Class A		400		3,390
Bloomage Biotechnology Corp. Ltd., Class A		303		4,637
Changchun High & New Technology Industry Group, Inc., Class A		400		9,549
China Meheco Co. Ltd., Class A		1,400		3,324
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,075		8,987
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,600		20,433
Daan Gene Co. Ltd., Class A		1,496		3,787
Dong-E-E-Jiao Co. Ltd., Class A		500		2,735
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,500		6,207
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		4,814
Hangzhou Tigermed Consulting Co. Ltd., Class A		450		5,629
Huadong Medicine Co. Ltd., Class A		1,860		10,824
Hualan Biological Engineering, Inc., Class A		1,840		5,315
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		900		4,157
Humanwell Healthcare Group Co. Ltd., Class A		1,700		5,388
Imeik Technology Development Co. Ltd., Class A		200		13,541
Jafron Biomedical Co. Ltd., Class A		950		4,247
Jiangsu Hengrui Medicine Co. Ltd., Class A		6,276		35,289
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		1,200		6,227
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		1,300		2,235
Joinn Laboratories China Co. Ltd., Class A		420		3,447
Jointown Pharmaceutical Group Co. Ltd., Class A		1,500		2,857
Kangmei Pharmaceutical Co. Ltd., Class A*		12,413		4,714

	Number of Shares		Value
Health Care (Continued)
Lepu Medical Technology Beijing Co. Ltd., Class A		2,000	$	6,395
Livzon Pharmaceutical Group, Inc., Class A		600		3,203
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		4,132		3,109
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		1,623		4,021
Ovctek China, Inc., Class A		860		3,824
Pharmaron Beijing Co. Ltd., Class A		1,050		9,505
Porton Pharma Solutions Ltd., Class A		500		2,948
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		1,238		3,959
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,200		11,522
Shanghai Junshi Biosciences Co. Ltd., Class A*		745		6,952
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,800		7,649
Shanghai RAAS Blood Products Co. Ltd., Class A		7,400		5,787
Shenzhen Kangtai Biological Products Co. Ltd., Class A		1,120		5,439
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,200		54,989
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		700		4,858
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		1,200		5,878
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		1,780		11,283
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,600		5,326
Topchoice Medical Corp., Class A*		300		5,358
Walvax Biotechnology Co. Ltd., Class A		1,700		10,145
WuXi AppTec Co. Ltd., Class A		2,636		29,026
Yunnan Baiyao Group Co. Ltd., Class A		1,778		14,202
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		596		21,451
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,420		4,069
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		900		5,031
Zhejiang NHU Co. Ltd., Class A		3,264		9,077
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		500		3,574
(Cost $421,029)				498,512
Industrials — 16.4%
AECC Aero-Engine Control Co. Ltd., Class A		1,500		5,722
AECC Aviation Power Co. Ltd., Class A		2,700		17,377
Air China Ltd., Class A*		6,700		9,894
AVIC Electromechanical Systems Co. Ltd., Class A		4,200		6,570
AVICOPTER PLC, Class A		700		4,741
Beijing Easpring Material Technology Co. Ltd., Class A		500		4,325

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Beijing New Building Materials PLC, Class A		1,700	$	6,297
Beijing Originwater Technology Co. Ltd., Class A		3,700		2,664
Beijing United Information Technology Co. Ltd., Class A		535		7,789
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		40,300		28,048
China Baoan Group Co. Ltd., Class A		2,700		4,993
China CSSC Holdings Ltd., Class A		4,400		15,585
China Eastern Airlines Corp. Ltd., Class A*		9,100		6,873
China Energy Engineering Corp. Ltd., Class A		33,700		11,656
China National Chemical Engineering Co. Ltd., Class A		5,200		6,181
China Railway Group Ltd., Class A		20,500		17,017
China Southern Airlines Co. Ltd., Class A*		10,800		11,359
China State Construction Engineering Corp. Ltd., Class A		42,400		35,196
Contemporary Amperex Technology Co. Ltd., Class A		2,400		130,443
COSCO SHIPPING Development Co. Ltd., Class A		10,800		3,995
COSCO SHIPPING Holdings Co. Ltd., Class A		12,850		22,912
CRRC Corp. Ltd., Class A		23,100		17,479
Dajin Heavy Industry Co. Ltd., Class A		500		3,083
Daqin Railway Co. Ltd., Class A		14,200		13,732
Dongfang Electric Corp. Ltd., Class A		3,000		10,232
Eve Energy Co. Ltd., Class A		1,962		22,975
Fangda Carbon New Material Co. Ltd., Class A*		4,273		3,885
Gaona Aero Material Co. Ltd., Class A		500		3,367
Ginlong Technologies Co. Ltd., Class A*		350		9,769
Gotion High-tech Co. Ltd., Class A		1,800		8,131
Guangdong Kinlong Hardware Products Co. Ltd., Class A		300		4,402
Guangzhou Great Power Energy & Technology Co. Ltd., Class A		400		4,304
Hongfa Technology Co. Ltd., Class A		420		2,058
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,308		12,145
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,700		8,718
Jiangxi Special Electric Motor Co. Ltd., Class A*		1,700		4,879
Juneyao Airlines Co. Ltd., Class A*		1,800		3,997
Keda Industrial Group Co. Ltd., Class A		1,800		4,063
Kuang-Chi Technologies Co. Ltd., Class A*		2,200		5,448
Liaoning Port Co. Ltd., Class A		14,800		3,427
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		340		3,134
Metallurgical Corp. of China Ltd., Class A		19,214		9,033
Ming Yang Smart Energy Group Ltd., Class A		2,200		8,314
NARI Technology Co. Ltd., Class A		6,840		25,656
Ningbo Deye Technology Co. Ltd., Class A		200		10,249
Ningbo Orient Wires & Cables Co. Ltd., Class A		700		7,012

	Number of Shares		Value
Industrials (Continued)
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		469	$	5,113
North Industries Group Red Arrow Co. Ltd., Class A		1,400		4,229
Power Construction Corp. of China Ltd., Class A		14,500		15,639
Pylon Technologies Co. Ltd., Class A		159		7,362
Riyue Heavy Industry Co. Ltd., Class A		600		1,678
Sany Heavy Industry Co. Ltd., Class A		8,150		18,305
SF Holding Co. Ltd., Class A		5,000		37,411
Shanghai Construction Group Co. Ltd., Class A		8,700		3,427
Shanghai Electric Group Co. Ltd., Class A*		13,700		8,200
Shanghai International Airport Co. Ltd., Class A*		1,295		10,143
Shanghai International Port Group Co. Ltd., Class A		10,000		7,694
Shanghai M&G Stationery, Inc., Class A		900		6,071
Shenzhen Inovance Technology Co. Ltd., Class A		2,700		26,781
Shenzhen Kstar Science And Technology Co. Ltd., Class A		600		4,333
Sichuan New Energy Power Co. Ltd.*		1,600		4,703
Sichuan Road and Bridge Group Co. Ltd., Class A		5,200		8,611
Sieyuan Electric Co. Ltd., Class A		800		4,271
Sungrow Power Supply Co. Ltd., Class A		1,500		24,352
Sunwoda Electronic Co. Ltd., Class A		1,800		6,149
Suzhou Maxwell Technologies Co. Ltd., Class A		160		9,713
TBEA Co. Ltd., Class A		3,481		10,566
Titan Wind Energy Suzhou Co. Ltd., Class A		1,800		3,598
Weichai Power Co. Ltd., Class A		6,900		10,452
Wuxi Shangji Automation Co. Ltd., Class A		420		6,902
XCMG Construction Machinery Co. Ltd., Class A		11,749		8,741
Xiamen C & D, Inc., Class A		3,200		7,034
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		3,743		6,082
YTO Express Group Co. Ltd., Class A		3,700		10,144
Yunda Holding Co. Ltd., Class A		3,210		5,574
Zhefu Holding Group Co. Ltd., Class A		6,000		3,490
Zhejiang Chint Electrics Co. Ltd., Class A		2,217		9,001
Zhejiang Dingli Machinery Co. Ltd., Class A		580		4,158
Zhejiang HangKe Technology, Inc. Co., Class A		441		2,854
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,590		4,579
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,700		5,210
Zhuzhou CRRC Times Electric Co. Ltd., Class A		524		4,117
Zhuzhou Kibing Group Co. Ltd., Class A		3,000		4,184
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		7,750		6,389
(Cost $671,362)				896,389

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Information Technology — 12.7%
360 Security Technology, Inc., Class A		7,700	$	7,490
Advanced Micro-Fabrication Equipment Inc China, Class A*		649		9,015
Amlogic Shanghai Co. Ltd., Class A*		386		4,115
Avary Holding Shenzhen Co. Ltd., Class A		2,000		8,188
Beijing Kingsoft Office Software, Inc., Class A		421		15,202
Beijing Shiji Information Technology Co. Ltd., Class A		1,736		3,637
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		200		2,922
BOE Technology Group Co. Ltd., Class A		37,702		19,054
Chaozhou Three-Circle Group Co. Ltd., Class A		1,758		7,490
China Greatwall Technology Group Co. Ltd., Class A		3,400		5,736
China National Software & Service Co. Ltd., Class A		600		5,480
China Railway Signal & Communication Corp. Ltd., Class A		7,720		5,122
China Resources Microelectronics Ltd., Class A		1,151		8,628
China Zhenhua Group Science & Technology Co. Ltd., Class A		500		8,058
DHC Software Co. Ltd., Class A		2,500		2,100
Flat Glass Group Co. Ltd., Class A		1,700		8,445
Foxconn Industrial Internet Co. Ltd., Class A		10,200		13,176
GCL System Integration Technology Co. Ltd., Class A*		6,100		2,781
GigaDevice Semiconductor, Inc., Class A		712		10,131
GoerTek, Inc., Class A		3,577		9,160
GRG Banking Equipment Co. Ltd., Class A		2,600		3,685
Guangzhou Haige Communications Group, Inc. Co., Class A		1,800		2,201
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		700		6,061
Hangzhou Chang Chuan Technology Co. Ltd., Class A		600		4,884
Hangzhou First Applied Material Co. Ltd., Class A		1,344		11,401
Hangzhou Lion Electronics Co. Ltd., Class A		700		4,582
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,400		7,234
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		1,600		4,414
Hengtong Optic-electric Co. Ltd., Class A		2,300		5,325
Huagong Tech Co. Ltd., Class A		1,200		2,943
Hundsun Technologies, Inc., Class A		1,946		10,978
Iflytek Co. Ltd., Class A		2,434		11,082
Ingenic Semiconductor Co. Ltd., Class A		500		5,571
Inspur Electronic Information Industry Co. Ltd., Class A		1,288		4,037
JA Solar Technology Co. Ltd., Class A		2,380		19,555
JCET Group Co. Ltd., Class A		1,800		6,353
Lens Technology Co. Ltd., Class A		5,400		8,104

	Number of Shares		Value
Information Technology (Continued)
Lingyi iTech Guangdong Co., Class A*		7,700	$	5,348
LONGi Green Energy Technology Co. Ltd., Class A		7,603		49,137
Luxshare Precision Industry Co. Ltd., Class A		7,033		30,689
Maxscend Microelectronics Co. Ltd., Class A		512		8,320
Montage Technology Co. Ltd., Class A		1,184		11,247
National Silicon Industry Group Co. Ltd., Class A*		2,245		6,104
NAURA Technology Group Co. Ltd., Class A		500		15,733
NavInfo Co. Ltd., Class A		2,200		3,659
Ninestar Corp., Class A		1,500		11,441
OFILM Group Co. Ltd., Class A*		3,500		2,520
Raytron Technology Co. Ltd., Class A		495		2,830
Sangfor Technologies, Inc., Class A		400		6,337
SG Micro Corp., Class A		375		9,370
Shanghai Baosight Software Co. Ltd., Class A		1,351		7,511
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		128		4,200
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		500		5,377
Shengyi Technology Co. Ltd., Class A		2,600		5,539
Shennan Circuits Co. Ltd., Class A		580		6,184
Shenzhen SC New Energy Technology Corp., Class A		300		5,442
Shenzhen Sunlord Electronics Co. Ltd., Class A		800		2,864
Shenzhen Transsion Holdings Co. Ltd., Class A		696		7,638
StarPower Semiconductor Ltd., Class A		200		9,543
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,800		6,581
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		3,400		19,953
Thunder Software Technology Co. Ltd., Class A		400		6,466
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		800		4,197
Tianma Microelectronics Co. Ltd., Class A		2,500		3,233
Tianshui Huatian Technology Co. Ltd., Class A		3,200		3,980
TongFu Microelectronics Co. Ltd., Class A*		1,200		2,936
Trina Solar Co. Ltd., Class A		2,171		19,768
Unigroup Guoxin Microelectronics Co. Ltd., Class A		839		15,574
Unisplendour Corp. Ltd., Class A		3,008		8,017
Westone Information Industry, Inc., Class A		800		3,979
Will Semiconductor Co. Ltd., Class A		1,215		13,943
Wingtech Technology Co. Ltd., Class A		1,264		9,829
Wuhan DR Laser Technology Corp. Ltd., Class A		200		3,728
Wuhan Guide Infrared Co. Ltd., Class A		3,323		5,503
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,210		3,956

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Xiamen Faratronic Co. Ltd., Class A		200	$	4,461
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		500		3,997
Yealink Network Technology Corp. Ltd., Class A		900		8,086
Yonyou Network Technology Co. Ltd., Class A		3,626		11,727
Zhejiang Dahua Technology Co. Ltd., Class A		3,200		5,367
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,300		11,837
Zhejiang Supcon Technology Co. Ltd., Class A		400		5,135
Zhongji Innolight Co. Ltd., Class A		800		3,233
Zhuzhou Hongda Electronics Corp. Ltd., Class A		400		2,512
ZTE Corp., Class A		4,200		14,527
(Cost $638,357)				693,898
Materials — 12.3%
Aluminum Corp. of China Ltd., Class A		13,408		8,461
Anhui Conch Cement Co. Ltd., Class A		4,064		16,403
Anhui Honglu Steel Construction Group Co. Ltd., Class A		780		3,699
Asia — Potash International Investment Guangzhou Co. Ltd., Class A*		700		2,785
Baoshan Iron & Steel Co. Ltd., Class A		22,557		17,960
BBMG Corp., Class A		9,500		3,581
Chengtun Mining Group Co. Ltd., Class A		2,700		2,321
Chengxin Lithium Group Co. Ltd., Class A		800		4,786
Chifeng Jilong Gold Mining Co. Ltd., Class A*		1,700		4,730
China Jushi Co. Ltd., Class A		3,672		7,444
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		3,793		14,013
China Rare Earth Resources And Technology Co. Ltd., Class A*		1,100		5,089
CMOC Group Ltd., Class A		18,600		12,236
CNGR Advanced Material Co. Ltd., Class A		400		4,276
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		3,190		3,143
Do-Fluoride New Materials Co. Ltd., Class A		800		4,303
Ganfeng Lithium Group Co. Ltd., Class A		1,680		19,211
GEM Co. Ltd., Class A		5,200		5,983
Guangdong HEC Technology Holding Co. Ltd., Class A		2,600		3,414
Guangzhou Tinci Materials Technology Co. Ltd., Class A		2,080		13,202
Hangzhou Oxygen Plant Group Co. Ltd., Class A		900		5,237
Henan Shenhuo Coal & Power Co. Ltd., Class A		2,100		4,975
Hengli Petrochemical Co. Ltd., Class A		6,220		14,752
Hengyi Petrochemical Co. Ltd., Class A		3,960		4,008
Hesteel Co. Ltd., Class A		11,200		3,858
Hoshine Silicon Industry Co. Ltd., Class A		500		6,310
Huafon Chemical Co. Ltd., Class A		5,200		5,322

	Number of Shares		Value
Materials (Continued)
Huaibei Mining Holdings Co. Ltd., Class A		2,300	$	4,666
Huaxin Cement Co. Ltd., Class A		1,600		3,506
Hubei Feilihua Quartz Glass Co. Ltd., Class A		500		4,070
Hubei Xingfa Chemicals Group Co. Ltd., Class A		1,200		5,187
Hunan Valin Steel Co. Ltd., Class A		7,200		4,879
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		48,600		13,653
Inner Mongolia ERDOS Resources Co. Ltd., Class A		1,120		2,557
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		9,195		5,452
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		3,700		4,241
Jiangsu Eastern Shenghong Co. Ltd., Class A		4,300		8,062
Jiangsu Yangnong Chemical Co. Ltd., Class A		300		4,483
Jiangsu Yoke Technology Co. Ltd., Class A		500		3,783
Jiangxi Copper Co. Ltd., Class A		2,244		5,506
Kingfa Sci & Tech Co. Ltd., Class A		2,900		4,119
LB Group Co. Ltd., Class A		2,000		5,048
Luxi Chemical Group Co. Ltd., Class A		2,200		4,115
Ningbo Shanshan Co. Ltd., Class A		2,200		5,982
Ningxia Baofeng Energy Group Co. Ltd., Class A		5,700		10,638
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		9,700		7,408
Qinghai Salt Lake Industry Co. Ltd., Class A*		5,500		19,636
Rongsheng Petrochemical Co. Ltd., Class A		9,728		17,016
Satellite Chemical Co. Ltd., Class A		3,486		7,160
Shandong Gold Mining Co. Ltd., Class A		3,753		10,835
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		2,270		10,675
Shandong Nanshan Aluminum Co. Ltd., Class A		9,900		4,892
Shandong Sun Paper Industry JSC Ltd., Class A		3,100		4,805
Shandong Weifang Rainbow Chemical Co. Ltd., Class A		200		2,674
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,480		11,596
Shanxi Meijin Energy Co. Ltd., Class A		4,500		6,245
Shanxi Taigang Stainless Steel Co. Ltd., Class A		6,300		4,011
Shenghe Resources Holding Co. Ltd., Class A		1,900		3,908
Shenzhen Capchem Technology Co. Ltd., Class A		720		4,040
Shenzhen Dynanonic Co. Ltd., Class A		200		6,386
Shenzhen Senior Technology Material Co. Ltd., Class A		1,198		3,868
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		900		4,173
Sichuan Hebang Biotechnology Co. Ltd., Class A		9,200		4,117

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,300	$	5,018
Sinoma Science & Technology Co. Ltd., Class A		1,800		5,916
Sinomine Resource Group Co. Ltd., Class A		420		4,612
Sinopec Shanghai Petrochemical Co. Ltd., Class A		6,570		3,052
Skshu Paint Co. Ltd., Class A*		340		5,781
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		600		5,158
Tangshan Jidong Cement Co. Ltd., Class A		2,400		2,948
Tianqi Lithium Corp., Class A*		1,500		19,086
Tianshan Aluminum Group Co. Ltd., Class A		3,000		3,028
Tibet Summit Resources Co. Ltd., Class A*		900		2,926
Tongkun Group Co. Ltd., Class A		2,500		5,001
Tongling Nonferrous Metals Group Co. Ltd., Class A		11,700		4,840
Wanhua Chemical Group Co. Ltd., Class A		3,200		40,432
Weihai Guangwei Composites Co. Ltd., Class A		600		6,022
Western Mining Co. Ltd., Class A		2,100		3,231
Western Superconducting Technologies Co. Ltd., Class A		436		6,023
Xiamen Tungsten Co. Ltd., Class A		1,400		4,251
Xinjiang Zhongtai Chemical Co. Ltd., Class A		2,700		2,481
Yintai Gold Co. Ltd., Class A		2,880		5,814
YongXing Special Materials Technology Co. Ltd., Class A		400		5,945
Youngy Co. Ltd., Class A*		200		3,473
Yunnan Aluminium Co. Ltd., Class A	��	3,500		5,257
Yunnan Energy New Material Co. Ltd., Class A		900		15,808
Yunnan Tin Co. Ltd., Class A		1,700		3,223
Yunnan Yuntianhua Co. Ltd., Class A*		1,800		5,374
Zangge Mining Co. Ltd., Class A		1,600		6,952
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,601		14,128
Zhejiang Juhua Co. Ltd., Class A		2,500		5,947
Zhejiang Yongtai Technology Co. Ltd., Class A		900		3,282
Zibo Qixiang Tengda Chemical Co. Ltd., Class A*		2,800		2,949
Zijin Mining Group Co. Ltd., Class A		20,997		29,138
(Cost $626,891)				671,990
Real Estate — 1.9%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		8,215		17,744
China Vanke Co. Ltd., Class A		9,396		24,738
Gemdale Corp., Class A		4,722		7,799
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		3,000		4,743
Poly Developments and Holdings Group Co. Ltd., Class A		12,073		28,378
Seazen Holdings Co. Ltd., Class A*		1,913		6,152

	Number of Shares		Value
Real Estate (Continued)
Shanghai Lingang Holdings Corp. Ltd., Class A		2,500	$	4,458
Youngor Group Co. Ltd., Class A		5,100		4,644
Zhejiang China Commodities City Group Co. Ltd., Class A		6,200		3,878
(Cost $105,302)				102,534
Utilities — 3.3%
CECEP Solar Energy Co. Ltd., Class A		4,100		4,329
CECEP Wind-Power Corp., Class A		6,760		3,865
China National Nuclear Power Co. Ltd., Class A		18,084		15,930
China Three Gorges Renewables Group Co. Ltd., Class A		29,200		23,909
China Yangtze Power Co. Ltd., Class A		22,800		68,301
Datang International Power Generation Co. Ltd., Class A*		7,800		3,292
ENN Natural Gas Co. Ltd., Class A		2,500		6,565
GD Power Development Co. Ltd., Class A*		18,700		11,959
Huadian Power International Corp. Ltd., Class A		7,700		6,413
Huaneng Power International, Inc., Class A*		9,200		10,066
SDIC Power Holdings Co. Ltd., Class A		7,095		11,018
Shanghai Electric Power Co. Ltd., Class A*		2,600		3,799
Shenzhen Energy Group Co. Ltd., Class A		4,200		3,647
Sichuan Chuantou Energy Co. Ltd., Class A		4,100		6,905
(Cost $161,185)				179,998
TOTAL COMMON STOCKS (Cost $4,541,320)				5,410,988
EXCHANGE-TRADED FUNDS — 0.5%
Xtrackers Harvest CSI 300 China A-Shares ETF(a) (Cost $28,100)		1,000		28,320
CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 3.74%(b) (Cost $56,478)		56,478		56,478
TOTAL INVESTMENTS — 100.7%
(Cost $4,625,898)			$	5,495,786
Other assets and liabilities, net — (0.7%)				(37,536	)
NET ASSETS — 100.0%			$	5,458,250

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
EXCHANGE-TRADED FUNDS — 0.5%
Xtrackers Harvest CSI 300 China A-Shares ETF (a)
		—		28,100		—			—		220		—		—		1,000		28,320
CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 3.74% (b)
		3,816		157,952		(105,290	)		—		—		276		—		56,478		56,478
		3,816		186,052		(105,290	)		—		220		276		—		57,478		84,798

* Non-income producing security.

(a) Affiliated fund advised by DBX Advisors LLC.

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

JSC: Joint Stock Company

At November 30, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
FTSE China A50 Index Futures	USD	1	$	12,268	$12,695		12/29/2022	$	427

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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	5,410,988	$	—	$	—	$	5,410,988
Exchange-Traded Funds		28,320		—		—		28,320
Short-Term Investments (a)		56,478		—		—		56,478
Derivatives (b)
Futures Contracts		427		—		—		427
TOTAL	$	5,496,213	$	—	$	—	$	5,496,213

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

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

During the period ended November 30, 2022, the amount of transfers from Level 3 to Level 1 was $ 7,118. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 31

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2022 (Unaudited)

	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Assets
Investment in non-affiliated securities at value	$	1,956,947,932		$	25,420,398		$	4,139,632		$	5,410,988
Investment in affiliated securities at value		—			—			4,442,497			28,320
Investment in DWS Government Money Market Series		—			—			22,425			56,478
Investment in DWS Government & Agency Securities Portfolio*		—			—			40,230			—
Cash		2,560			—			—			—
Foreign currency at value		2,981,788	†		44,829	†		9,215			—
Deposit with broker for futures contracts		—			—			1,870			935
Receivables:
Investment securities sold		—			—			214,057			—
Variation margin on futures contracts		—			—			146			73
Dividends		—			—			3,450			—
Interest		—			—			61			46
Securities lending income		—			—			105			—
Due from authorized participant		567,218			—			—			—
Total assets	$	1,960,499,498		$	25,465,227		$	8,873,688		$	5,496,840
Liabilities
Due to custodian	$	—		$	593		$	—		$	—
Due to foreign custodian		—			—			—			681
Payable upon return of securities loaned	$	—		$	—	��	$	40,230		$	—
Payables:
Investment securities purchased		—			—			215,056			35,323
Investment advisory fees		936,587			14,959			1,158			2,586
Total liabilities		936,587			15,552			256,444			38,590
Net Assets, at value	$	1,959,562,911		$	25,449,675		$	8,617,244		$	5,458,250
Net Assets Consist of
Paid-in capital	$	2,298,624,202		$	42,032,130		$	24,819,567		$	6,005,654
Distributable earnings (loss)		(339,061,291	)		(16,582,455	)		(16,202,323	)		(547,404	)
Net Assets, at value	$	1,959,562,911		$	25,449,675		$	8,617,244		$	5,458,250
Number of Common Shares outstanding		70,400,001			800,001			300,001			250,001
Net Asset Value	$	27.83		$	31.81		$	28.72		$	21.83
Investment in non-affiliated securities at cost	$	1,772,592,884		$	25,834,062		$	5,744,717		$	4,541,320
Investment in affiliated securities at cost	$	—		$	—		$	5,354,982		$	28,100
Value of securities loaned	$	—		$	—		$	189,213		$	—
Investment in DWS Government Money Market Series at cost	$	—		$	—		$	22,425		$	56,478
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	40,230		$	—
Non-cash collateral for securities on loan	$	—		$	—		$	157,703		$	—
Foreign currency at cost	$	2,965,852		$	45,446		$	9,181		$	(679	)

* Represents collateral on securities loaned.

† Included in foreign currency at value is $178,290 and $12,860 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

See Notes to Financial Statements. 32

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2022 (Unaudited)

	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Investment Income
Unaffiliated interest income	$	8,293		$	177		$	—		$	—
Unaffiliated dividend income*		39,941,302			408,814			86,089			96,490
Income distributions from affiliated funds		—			—			111			276
Affiliated securities lending income		—			—			488			—
Unaffiliated securities lending income, net of borrower rebates		—			—			165			—
Total investment income		39,949,595			408,991			86,853			96,766
Expenses
Investment advisory fees		6,327,288			106,342			22,307			17,447
Other expenses		58			58			58			58
Total expenses		6,327,346			106,400			22,365			17,505
Less fees waived (see note 3):
Waiver		—			—			(14,044	)		(37	)
Net expenses		6,327,346			106,400			8,321			17,468
Net investment income (loss)		33,622,249			302,591			78,532			79,298
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(97,277,007	)		(1,599,052	)		(172,239	)		(50,048	)
Investments in affiliates		—			—			(22,819	)		—
Futures contracts		—			—			(7,048	)		(2,620	)
Foreign currency transactions		(2,893,771	)		(114,364	)		133			(225	)
Net realized gain (loss)		(100,170,778	)		(1,713,416	)		(201,973	)		(52,893	)
Net change in unrealized appreciation (depreciation) on:
Investments		(108,725,825	)		732,649			(443,126	)		(544,568	)
Investments in affiliates		—			—			(261,461	)		220
Futures contracts		—			—			854			(45	)
Foreign currency translations		18			(2,002	)		66			(20	)
Net change in unrealized appreciation (depreciation)		(108,725,807	)		730,647			(703,667	)		(544,413	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(208,896,585	)		(982,769	)		(905,640	)		(597,306	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(175,274,336	)	$	(680,178	)	$	(827,108	)	$	(518,008	)
*   Unaffiliated foreign tax withheld	$	4,441,655		$	45,780		$	7,004		$	10,761

See Notes to Financial Statements. 33

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Harvest CSI 300 China A-Shares ETF						Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	33,622,249		$	23,808,796		$	302,591		$	274,693
Net realized gain (loss)		(100,170,778	)		(161,499,191	)		(1,713,416	)		5,609,063
Net change in net unrealized appreciation (depreciation)		(108,725,807	)		(694,688,035	)		730,647			(11,757,074	)
Net increase (decrease) in net assets resulting from operations		(175,274,336	)		(832,378,430	)		(680,178	)		(5,873,318	)
Distributions to Shareholders		—			(23,518,334	)		—			(315,040	)
Fund Shares Transactions
Proceeds from shares sold		1,504,026,465			1,830,677,155			—			7,908,275
Value of shares redeemed		(1,041,253,142	)		(2,017,705,513	)		(8,049,666	)		(7,816,588	)
Net increase (decrease) in net assets resulting from fund share transactions		462,773,323			(187,028,358	)		(8,049,666	)		91,687
Total net increase (decrease) in Net Assets		287,498,987			(1,042,925,122	)		(8,729,844	)		(6,096,671	)
Net Assets
Beginning of period		1,672,063,924			2,714,989,046			34,179,519			40,276,190
End of period	$	1,959,562,911		$	1,672,063,924		$	25,449,675		$	34,179,519
Changes in Shares Outstanding
Shares outstanding, beginning of period		54,250,001			64,900,001			1,050,001			1,050,001
Shares sold		49,000,000			47,950,000			—			200,000
Shares redeemed		(32,850,000	)		(58,600,000	)		(250,000	)		(200,000	)
Shares outstanding, end of period		70,400,001			54,250,001			800,001			1,050,001

See Notes to Financial Statements. 34

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI All China Equity ETF						Xtrackers MSCI China A Inclusion Equity ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	78,532		$	305,700		$	79,298		$	131,487
Net realized gain (loss)		(201,973	)		1,080,022			(52,893	)		2,030,731
Net change in net unrealized appreciation (depreciation)		(703,667	)		(9,259,280	)		(544,413	)		(4,571,179	)
Net increase (decrease) in net assets resulting from operations		(827,108	)		(7,873,558	)		(518,008	)		(2,408,961	)
Distributions to Shareholders		—			(423,116	)		—			(114,292	)
Fund Shares Transactions
Proceeds from shares sold		—			—			—			—
Value of shares redeemed		—			(17,240,981	)		—			(7,191,275	)
Net increase (decrease) in net assets resulting from fund share transactions		—			(17,240,981	)		—			(7,191,275	)
Total net increase (decrease) in Net Assets		(827,108	)		(25,537,655	)		(518,008	)		(9,714,528	)
Net Assets
Beginning of period		9,444,352			34,982,007			5,976,258			15,690,786
End of period	$	8,617,244		$	9,444,352		$	5,458,250		$	5,976,258
Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			750,001			250,001			500,001
Shares sold		—			—			—			—
Shares redeemed		—			(450,000	)		—			(250,000	)
Shares outstanding, end of period		300,001			300,001			250,001			250,001

See Notes to Financial Statements. 35

DBX ETF Trust

Financial Highlights

Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	30.82		$	41.83		$	27.18		$	26.27		$	29.56		$	25.84
Income (loss) from investment operations:
Net investment income (loss)(a)		0.52			0.36			0.30			0.29			0.22			0.25
Net realized and unrealized gain (loss)		(3.51	)		(11.02	)		14.67			0.91			(3.22	)		3.73
Total from investment operations		(2.99	)		(10.66	)		14.97			1.20			(3.00	)		3.98
Less distributions from:
Net investment income		—			(0.35	)		(0.32	)		(0.29	)		—			(0.26	)
Net realized gains		—			—			—			—			(0.29	)		—
Total distributions		—			(0.35	)		(0.32	)		(0.29	)		(0.29	)		(0.26	)
Net Asset Value, end of period	$	27.83		$	30.82		$	41.83		$	27.18		$	26.27		$	29.56
Total Return (%)		(9.70	)**		(25.67	)		55.20			4.50			(10.02	)		15.38
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,960			1,672			2,715			1,271			1,449			686
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.65			0.66
Ratio of net investment income (loss) (%)		3.45	*		0.97			0.79			1.05			0.87			0.82
Portfolio turnover rate (%)(b)		59	**		95			78			115			81			65
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	32.55		$	38.36		$	27.59		$	25.93		$	32.53		$	31.36
Income (loss) from investment operations:
Net investment income (loss)(a)		0.30			0.28			0.13			0.17			0.20			0.04
Net realized and unrealized gain (loss)		(1.04	)		(5.77	)		10.79			1.65			(6.80	)		1.13
Total from investment operations		(0.74	)		(5.49	)		10.92			1.82			(6.60	)		1.17
Less distributions from:
Net investment income		—			(0.32	)		(0.15	)		(0.16	)		—			—
Total distributions		—			(0.32	)		(0.15	)		(0.16	)		—			—
Net Asset Value, end of period	$	31.81		$	32.55		$	38.36		$	27.59		$	25.93		$	32.53
Total Return (%)		(2.27	)**		(14.50	)		39.64			7.02			(20.29	)		3.73
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		25			34			40			30			74			24
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		1.85	*		0.73			0.37			0.63			0.74			0.10
Portfolio turnover rate (%)(b)		21	**		62			34			48			16			29

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 36

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI All China Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	31.48		$	46.64		$	32.66		$	31.13		$	37.78		$	30.54
Income (loss) from investment operations:
Net investment income (loss)(a)		0.26			0.54			0.48			0.76			0.36			0.79
Net realized and unrealized gain (loss)		(3.02	)		(14.93	)		13.85			2.21			(6.42	)		6.75
Total from investment operations		(2.76	)		(14.39	)		14.33			2.97			(6.06	)		7.54
Less distributions from:
Net investment income		—			(0.77	)		(0.35	)		(1.44	)		(0.59	)		(0.30	)
Total distributions		—			(0.77	)		(0.35	)		(1.44	)		(0.59	)		(0.30	)
Net Asset Value, end of period	$	28.72		$	31.48		$	46.64		$	32.66		$	31.13		$	37.78
Total Return (%)(b)		(8.77	)**		(31.15	)		43.94			9.35			(15.89	)		24.71
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		9			9			35			20			227			36
Ratio of expenses before fee waiver (%)(c)		0.50	*		0.50			0.50			0.50			0.50			0.60
Ratio of expenses after fee waiver (%)(c)		0.19	*		0.21			0.25			0.26			0.28			0.36
Ratio of net investment income (loss) (%)		1.76	*		1.34			1.10			2.27			1.07			2.10
Portfolio turnover rate (%)(d)		3	**		5			8			14			102			3
Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	23.90		$	31.38		$	19.98		$	18.75		$	20.80		$	19.53
Income (loss) from investment operations:
Net investment income (loss)(a)		0.32			0.32			0.20			0.41			0.15			0.52
Net realized and unrealized gain (loss)		(2.39	)		(7.55	)		11.44			1.19			(2.03	)		1.30
Total from investment operations		(2.07	)		(7.23	)		11.64			1.60			(1.88	)		1.82
Less distributions from:
Net investment income		—			(0.25	)		(0.24	)		(0.37	)		(0.17	)		(0.55	)
Total distributions		—			(0.25	)		(0.24	)		(0.37	)		(0.17	)		(0.55	)
Net Asset Value, end of period	$	21.83		$	23.90		$	31.38		$	19.98		$	18.75		$	20.80
Total Return (%)(b)		(8.66	)**		(23.20	)		58.37			8.49			(8.91	)		9.12
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			6			16			14			83			2
Ratio of expenses before fee waiver (%)(c)		0.60	*		0.60			0.60			0.60			0.60			0.70
Ratio of expenses after fee waiver (%)(c)		0.60	*		0.60			0.60			0.60			0.60			0.05
Ratio of net investment income (loss) (%)		2.73	*		1.11			0.74			2.03			0.75			2.38
Portfolio turnover rate (%)(d)		4	**		18			33			27			180			3

(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.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 37

DBX ETF Trust

Notes to Financial Statements(Unaudited)

1. Organization

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

As of November 30, 2022, the Trust consists of thirty-eight 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. is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

MSCI China All Shares Index and MSCI China A Inclusion Equity Index are each calculated and maintained by MSCI, Inc. (“MSCI”). The MSCI China All Share Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, 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

38

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.

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

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

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

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

39

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

Tax Information and Dividends and Distributions to Shareholders    It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

40

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, 2022, the Funds did not incur any interest or penalties.

At May 31, 2022, 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	$	292,519,760	$	53,281,828	$	345,801,588
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		13,051,086		900,519		13,951,605
Xtrackers MSCI All China Equity ETF		8,167,344		5,306,192		13,473,536
Xtrackers MSCI China A Inclusion Equity ETF		1,370,051		—		1,370,051

As of May 31, 2022, 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	$	1,487,562,133	$	180,924,373		$	400,845,479	$	(219,921,106	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		36,187,169		(2,172,907	)		4,186,104		(6,359,011	)
Xtrackers MSCI All China Equity ETF		11,420,667		(1,943,594	)		553,221		(2,496,815	)
Xtrackers MSCI China A Inclusion Equity ETF		4,634,760		1,320,653			1,885,315		(564,662	)

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, 2022, 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.

Since November 17, 2014, RQFIIs have been temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises). With respect to gains derived from equity investments prior to November 17, 2014, 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

41

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2022, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of November 30, 2022
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All China Equity ETF
Common Stocks	$	40,230	$	—	$	1,218	$	156,485	$	197,933
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	197,933

42

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, 2022, 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, 2022 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2022 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*	$	854	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI China A Inclusion Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	427	Unrealized depreciation on futures contracts*	$	—

* 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, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts
Xtrackers MSCI All China Equity ETF	$	(7,048	)
Xtrackers MSCI China A Inclusion Equity ETF		(2,620	)

43

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers MSCI All China Equity ETF	$	854
Xtrackers MSCI China A Inclusion Equity ETF		(45	)

For the period ended November 30, 2022 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI All China Equity ETF	$	28,559
Xtrackers MSCI China A Inclusion Equity ETF		17,279

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

3. Investment Advisory and Other Agreements

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

Harvest Global Investments Limited serves as investment sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.

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

	Unitary Advisory Fee
Xtrackers Harvest CSI 300 China A-Shares ETF		0.65	%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		0.65	%
Xtrackers MSCI All China Equity ETF		0.50	%
Xtrackers MSCI China A Inclusion Equity ETF		0.60	%

The Advisor for Xtrackers MSCI All China Equity ETF has contractually agreed, until November 14, 2024, to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. In addition, the Advisor has contractually agreed, until September 30, 2023, 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, 2022, the Advisor waived $13,996 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

44

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Notes to Financial Statements (Unaudited) (Continued)

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2022, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers MSCI All China Equity ETF	$	48
Xtrackers MSCI China A Inclusion Equity ETF		37

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

	Purchases		Sales
Xtrackers Harvest CSI 300 China A-Shares ETF	$	1,619,057,053	$	1,124,595,623
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		6,815,447		14,542,989
Xtrackers MSCI All China Equity ETF		307,349		248,190
Xtrackers MSCI China A Inclusion Equity ETF		339,534		254,913

5. Fund Share Transactions

As of November 30, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are 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, 2022, Xtrackers MSCI All China Equity ETF held 73% of the total shares outstanding of the Fund.

45

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, the President of the United States 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 $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate (SOFR) plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2022.

9. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, which at times 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 significant portions of the population remaining unvaccinated 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. 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.

46

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.

47

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards, the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

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

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

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

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

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

The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.

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

Copyright © 2023 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-049076-7 (1/23) DBX005407 (1/24)

November 30, 2022

Semi-Annual Report

DBX ETF Trust

Xtrackers International Real Estate ETF (HAUZ)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers International Real Estate ETF		2
Fees and Expenses		3
Schedule of Investments
Xtrackers International Real Estate ETF		4
Statement of Assets and Liabilities		14
Statement of Operations		15
Statement of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		18
Additional Information		25

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semiannual report on our sector ETF for the period ended November 30, 2022.

The global economy has continued to experience a sharper-than-expected slowdown, due to inflation, interest rate hikes, geopolitical tensions, tightening global financial conditions and China’s economic slowdown. After experiencing two quarters of contraction, the U.S. Economy recovered, clocking GDP¹ growth of 2.9% in Q3 2022 primarily driven by exports and consumer spending. Global equity markets were oversold during the reporting period on the back of accelerating inflation and fears surrounding central banks’ actions to control the price surge. However, in November, The U.S. Federal Reserve’s indication to slow the pace of rate hikes boosted investor sentiment and supported market gains.

The European economy experienced a slowdown owing to the ongoing energy crisis and advancing inflation. Furthermore, the Eurozone PMI² was below 50 points for the fifth consecutive month of contraction in November 2022 clearly indicating a decline in GDP growth. However, monetary policy, increasing fiscal support in response to the energy crisis, and easing supply chain bottlenecks continued to support the economy. The European Central Bank (ECB) made significant headway in doing away with its monetary policy accommodation in October, when it increased its benchmark interest rate by 75 bps³. This was the third significant policy rate hike in a row. The manufacturing and services sectors remained dull, and business activity contracted for five straight months in November. The ECB hiked rates three times between July and October to counter red-hot inflation. Despite cooling marginally, prices remained at historical highs in the region. Meanwhile, the European markets expanded after Liz Truss resigned after 45 days as the UK’s prime minister. Newly appointed Prime Minister Rishi Sunak promised a supportive approach to restore the UK’s economic stability.

Japan’s GDP contracted in the third quarter of 2022, owing to inflation and a weak yen, as well as a large COVID-19 wave over the three-month period. A depleted yen and high commodity prices raised the cost of imports which, in turn, affected the trade balance this year. However, export growth continued to be strong. Industrial production numbers were influenced by production cuts announced by Japanese automakers as a result of the global semiconductor shortage. The Japanese government announced new measures to tackle unprecedented inflation.

Global real estate markets continued to battle a change in the macro environment, due to the war in Ukraine, spiraling inflation, tightening central bank policy, and stagnating economies. Real assets as a whole underperformed throughout the reporting period, owing to the impact of rate hikes and a strengthening U.S. dollar. Homeowners around the world had to deal with more unsustainable mortgage payments, and prospective homebuyers were confronted with growing housing prices, which outpaced wage growth.

We believe the global economy is likely to witness weaker growth ahead, weighed down by record-high inflation and high retail inventories. We expect global inflation to peak in the fourth quarter of 2022. While the U.S. might narrowly miss a recession in 2023, the Eurozone is expected to witness a contraction in GDP. Meanwhile, slowing demand and declining housing prices are likely to stall the pace of inflation and prompt the major central banks around the globe to pause or scale back further rate hikes.

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.

³ Basis points (bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

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 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, 2022 (18.1% of Net Assets)

Description	% of Net Assets
Goodman Group (Australia)		2.5%
Mitsubishi Estate Co. Ltd. (Japan)		2.2%
Mitsui Fudosan Co. Ltd. (Japan)		2.2%
Sun Hung Kai Properties Ltd. (Hong Kong)		2.1%
Vonovia SE (Germany)		2.0%
Link (Hong Kong)		1.6%
China Resources Land Ltd. (Hong Kong)		1.5%
Sumitomo Realty & Development Co. Ltd. (Japan)		1.4%
CK Asset Holdings Ltd. (Hong Kong)		1.3%
Segro PLC (United Kingdom)		1.3%

Country Diversification* as of November 30, 2022

Japan	22.7%
Hong Kong	14.2%
Australia	10.4%
Singapore	7.1%
United Kingdom	6.9%
Canada	6.7%
Sweden	3.6%
Germany	3.0%
France	2.5%
Philippines	2.4%
Thailand	2.4%
Israel	2.3%
Switzerland	2.0%
Other	13.8%
Total	100.0%

Sector Diversification* as of November 30, 2022

Real Estate Operations/Development	34.0%
Diversified	16.3%
Real Estate Management/Services	12.4%
Warehouse/Industry	9.3%
Shopping Centers	9.0%
Office Property	5.8%
Apartments	3.8%
Other	9.4%
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 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, 2022 to November 30, 2022).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers International Real Estate ETF
Actual	$	1,000.00	$	874.80		0.10	%	$	0.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.57		0.10	%	$	0.51

(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.

3

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF

November 30, 2022 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.8%
Australia — 10.3%
Abacus Property Group REIT		240,227	$	442,420
Arena REIT		221,871		579,489
BWP Trust REIT		285,390		783,616
Centuria Industrial REIT		330,338		712,352
Centuria Office REIT		309,544		328,573
Charter Hall Group REIT		288,096		2,691,484
Charter Hall Long Wale REIT		393,528		1,172,779
Charter Hall Retail REIT		309,519		839,504
Charter Hall Social Infrastructure REIT		212,825		487,449
Cromwell Property Group REIT (a)		976,445		461,017
Dexus REIT		643,867		3,449,583
Dexus Industria REIT		121,749		239,714
GDI Property Group Partnership REIT		304,885		158,241
Goodman Group REIT		1,032,703		13,223,419
GPT Group REIT		966,697		2,900,339
Growthpoint Properties Australia Ltd. REIT		182,138		392,769
HMC Capital Ltd. REIT		126,729		443,024
HomeCo Daily Needs REIT		905,090		800,103
Ingenia Communities Group REIT		219,821		635,965
Lifestyle Communities Ltd.		59,856		764,833
Mirvac Group REIT		2,370,671		3,540,435
National Storage REIT		657,021		1,051,617
REA Group Ltd. (a)		30,691		2,534,485
Region RE Ltd. REIT		670,195		1,238,770
Rural Funds Group REIT		233,034		422,930
Scentre Group REIT		3,111,606		6,189,014
Stockland REIT		1,446,690		3,681,625
US Masters Residential Property Fund REIT*		182,497		35,443
Vicinity Ltd. REIT		2,769,939		3,765,708
Waypoint REIT Ltd. REIT		423,957		789,309
(Cost $58,948,057)				54,756,009
Austria — 0.2%
CA Immobilien Anlagen AG		29,308		956,610
IMMOFINANZ AG*		19,259		243,513
UBM Development AG		2,821		86,268
(Cost $1,512,449)				1,286,391
Belgium — 1.7%
Aedifica SA REIT		23,951		1,848,354
Ascencio REIT		3,217		172,244
Atenor		2,167		108,662
Care Property Invest NV REIT (a)		16,087		245,478
Cofinimmo SA REIT		17,757		1,515,702
Home Invest Belgium SA REIT		6,514		155,908
Immobel SA		2,586		128,341
Intervest Offices & Warehouses NV REIT (b)		15,241		321,704
Montea NV REIT		7,861		513,165
Nextensa REIT		1,528		72,765
Retail Estates NV REIT		6,060		376,253
VGP NV		8,107		640,244
Warehouses De Pauw CVA REIT		85,446		2,225,881
Wereldhave Belgium Comm VA REIT		1,316		67,412
Xior Student Housing NV REIT		13,837		388,951
(Cost $12,910,075)				8,781,064

	Number of Shares		Value
Brazil — 0.5%
Aliansce Sonae Shopping Centers SA		91,917	$	313,043
BR Malls Participacoes SA		421,497		701,319
Cyrela Brazil Realty SA Empreendimentos e Participacoes		185,518		506,587
Ez Tec Empreendimentos e Participacoes SA		83,523		239,032
Multiplan Empreendimentos Imobiliarios SA		189,952		828,250
(Cost $3,443,810)				2,588,231
Canada — 6.6%
Allied Properties Real Estate Investment Trust REIT		77,502		1,501,219
Altus Group Ltd.		27,394		1,075,594
American Hotel Income Properties REIT LP (a)		38,655		80,121
Artis Real Estate Investment Trust REIT (a)		45,072		308,193
Boardwalk Real Estate Investment Trust REIT		20,694		760,780
Canadian Apartment Properties REIT (a)		104,273		3,361,164
Chartwell Retirement Residences		141,066		865,729
Choice Properties Real Estate Investment Trust REIT (a)		150,576		1,636,044
Colliers International Group, Inc.		22,563		2,114,002
Crombie Real Estate Investment Trust REIT (a)		62,703		752,510
CT Real Estate Investment Trust REIT (a)		42,704		490,764
Dream Industrial Real Estate Investment Trust REIT		153,413		1,368,122
Dream Office Real Estate Investment Trust REIT (a)		21,110		241,044
DREAM Unlimited Corp., Class A		15,383		327,926
First Capital Real Estate Investment Trust REIT (a)		120,545		1,524,929
FirstService Corp.		22,242		2,859,123
Granite Real Estate Investment Trust REIT		39,695		2,333,329
H&R Real Estate Investment Trust REIT (a)		165,957		1,522,833
InterRent Real Estate Investment Trust REIT		86,481		799,297
Killam Apartment Real Estate Investment Trust REIT (a)		69,398		870,226
Minto Apartment Real Estate Investment Trust REIT, 144A (a)		22,799		244,017
Morguard Corp.		2,566		216,417
Morguard North American Residential Real Estate Investment Trust REIT (a)		18,981		228,354
NorthWest Healthcare Properties Real Estate Investment Trust REIT		127,900		956,632
Primaris Real Estate Investment Trust REIT		43,118		476,757
RioCan Real Estate Investment Trust REIT (a)		187,467		2,923,252
SmartCentres Real Estate Investment Trust REIT (a)		79,350		1,609,593

See Notes to Financial Statements. 4

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Canada (Continued)
Summit Industrial Income REIT		114,062	$	1,897,247
Tricon Residential, Inc.		165,957		1,411,436
True North Commercial Real Estate Investment Trust REIT (a)		50,302		225,222
(Cost $39,700,061)				34,981,876
Chile — 0.2%
Cencosud Shopping SA		287,468		365,327
Parque Arauco SA		415,519		437,191
Plaza SA		162,321		181,110
(Cost $1,339,597)				983,628
China — 1.2%
A-Living Smart City Services Co. Ltd., 144A		412,938		477,718
China Resources Mixc Lifestyle Services Ltd., 144A		363,960		1,722,929
China Vanke Co. Ltd., Class H		1,038,074		2,135,862
Guangzhou R&F Properties Co. Ltd., Class H*(a)		1,060,267		264,880
Poly Property Services Co. Ltd., Class H		99,715		587,648
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		134,500		123,067
Shanghai Lingang Holdings Corp. Ltd., Class B		71,106		65,844
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		653,128		525,115
Sino-Ocean Group Holding Ltd.		2,005,458		254,360
(Cost $9,229,177)				6,157,423
Denmark — 0.0%
Jeudan A/S (a)
(Cost $232,664)		5,829		207,380
Egypt — 0.1%
Arab Developers Holding*		1,870,254		31,615
El Kahera Housing*		428,198		21,401
Emaar Misr for Development SAE*		501,235		55,942
Heliopolis Housing		211,443		53,744
Medinet Nasr Housing*		687,824		86,013
Palm Hills Developments SAE		743,811		51,718
Pioneers Properties*		533,726		43,220
Six of October Development & Investment*		55,509		29,326
Talaat Moustafa Group		628,120		222,593
(Cost $729,141)				595,572
Finland — 0.4%
Citycon OYJ*		49,589		329,843
Kojamo OYJ		116,488		1,712,771
(Cost $2,616,188)				2,042,614
France — 2.5%
Altarea SCA REIT		2,968		413,783
ARGAN SA REIT		6,230		494,575
Carmila SA REIT*		33,623		474,293
Covivio REIT		27,880		1,587,478
Gecina SA REIT		28,524		2,738,729
ICADE REIT		19,147		777,154

	Number of Shares		Value
France (Continued)
Klepierre SA REIT*		114,349	$	2,587,914
Mercialys SA REIT		43,053		406,723
Nexity SA		24,231		599,286
Unibail-Rodamco-Westfield REIT*		61,784		3,221,510
(Cost $17,426,075)				13,301,445
Germany — 3.0%
Deutsche EuroShop AG		5,803		127,149
Deutsche Wohnen SE		31,584		670,572
DIC Asset AG		25,073		193,881
Hamborner REIT AG REIT		42,500		317,699
Instone Real Estate Group SE, 144A		30,781		269,079
LEG Immobilien SE		43,940		2,746,240
PATRIZIA SE		27,653		267,930
TAG Immobilien AG		105,200		617,420
Vonovia SE		434,619		10,511,907
(Cost $31,397,687)				15,721,877
Greece — 0.1%
LAMDA Development SA*
(Cost $379,382)		51,444		304,574
Hong Kong — 14.0%
C C Land Holdings Ltd.		578,604		155,668
C&D International Investment Group Ltd. (a)		361,619		848,743
Champion REIT (a)		1,459,967		505,017
China Jinmao Holdings Group Ltd.		4,167,144		976,987
China Motor Bus Co. Ltd.		5,154		45,231
China Overseas Grand Oceans Group Ltd.		1,176,194		542,476
China Overseas Land & Investment Ltd.		2,247,486		6,075,454
China Overseas Property Holdings Ltd.		774,770		856,609
China Resources Land Ltd.		1,747,293		8,058,747
Chinese Estates Holdings Ltd.*		233,564		67,327
CK Asset Holdings Ltd.		1,171,619		6,987,235
Emperor International Holdings Ltd.		296,842		20,536
ESR Group Ltd., 144A		1,889,595		4,270,381
Far East Consortium International Ltd.		693,114		164,277
Hang Lung Group Ltd.		501,868		880,865
Hang Lung Properties Ltd.		1,119,739		2,062,885
Henderson Land Development Co. Ltd.		794,074		2,614,528
HKR International Ltd.		296,554		86,244
Hong Kong Ferry Holdings Co. Ltd.		139,456		116,846
Hongkong Land Holdings Ltd.		653,287		2,619,681
Hysan Development Co. Ltd.		365,219		961,534
Joy City Property Ltd.*		1,820,999		60,657
K Wah International Holdings Ltd.		584,583		184,239
Kerry Properties Ltd.		351,466		670,017
Kowloon Development Co. Ltd.		201,948		187,576
Lai Sun Development Co. Ltd.*		70,552		14,552
Landing International Development Ltd.*		384,041		7,134
Langham Hospitality Investments and Langham Hospitality Investments Ltd. (c)		435,004		41,798
Link REIT (a)		1,279,678		8,607,148
New World Development Co. Ltd.		830,401		1,966,025

See Notes to Financial Statements. 5

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
Poly Property Group Co. Ltd.		930,419	$	230,057
Prosperity REIT		686,676		152,194
Regal Real Estate Investment Trust REIT		316,204		40,105
SEA Holdings Ltd.		33,168		15,085
Shandong Hi-Speed Holdings Group Ltd.*(a)		1,022,611		677,330
Shenzhen Investment Ltd. (a)		1,320,942		214,925
Shun Tak Holdings Ltd.*		916,618		146,790
Sino Land Co. Ltd.		2,108,347		2,622,772
Sun Hung Kai Properties Ltd.		930,232		11,166,836
Sunlight Real Estate Investment Trust REIT		549,322		210,425
Swire Properties Ltd.		637,036		1,426,608
Wharf Holdings Ltd.		579,107		1,561,745
Wharf Real Estate Investment Co. Ltd.		932,541		4,301,003
Yuexiu Property Co. Ltd.		773,124		974,638
(Cost $86,931,882)				74,396,930
India — 1.7%
Brigade Enterprises Ltd.		97,874		584,399
DLF Ltd.		584,464		2,889,799
Godrej Properties Ltd.*		81,866		1,312,037
Indiabulls Real Estate Ltd.*		309,616		316,702
Macrotech Developers Ltd., 144A*		64,604		781,646
Oberoi Realty Ltd.		71,576		812,035
Omaxe Ltd.*		128		119
Phoenix Mills Ltd.		60,148		1,077,197
Prestige Estates Projects Ltd.		111,360		649,128
Privi Speciality Chemicals Ltd.		10,536		161,993
Sobha Ltd.		25,388		194,768
Sunteck Realty Ltd.		39,700		197,169
(Cost $7,441,680)				8,976,992
Indonesia — 0.3%
PT Alam Sutera Realty Tbk*		9,863,483		110,977
PT Andalan Perkasa Abadi Tbk*		507,804		1,614
PT Bumi Serpong Damai Tbk*		5,856,540		340,637
PT Ciputra Development Tbk		5,580,145		358,259
PT Jaya Real Property Tbk		2,227,963		65,714
PT Kawasan Industri Jababeka Tbk*		9,188,448		85,860
PT Lippo Cikarang Tbk*		301,803		20,911
PT Lippo Karawaci Tbk*		19,826,675		122,251
PT Pakuwon Jati Tbk		9,540,119		287,450
PT PP Properti Tbk*		3,262,532		10,369
PT Puradelta Lestari Tbk		5,159,679		53,461
PT Summarecon Agung Tbk		6,983,550		281,890
(Cost $1,963,285)				1,739,393
Israel — 2.2%
Adgar Investment and Development Ltd.		71,189		117,214
AFI Properties Ltd.*		3,429		113,495
Africa Israel Residences Ltd.		3,997		185,931
Airport City Ltd.*		42,079		732,843
Alony Hetz Properties & Investments Ltd.		90,755		1,038,989
Alrov Properties and Lodgings Ltd. (a)		1,334		76,669
Amot Investments Ltd.		127,264		806,304

	Number of Shares		Value
Israel (Continued)
Arad Investment & Industrial Development Ltd.		1,597	$	199,353
Aura Investments Ltd. (a)		76,781		136,102
Azrieli Group Ltd.		22,020		1,532,331
Big Shopping Centers Ltd.		6,839		783,543
Blue Square Real Estate Ltd.		3,311		229,351
Duniec Brothers Ltd. (a)		1,984		86,828
Electra Real Estate Ltd.		13,959		163,367
G City Ltd. (a)		50,437		175,418
Gav-Yam Lands Corp. Ltd.		21,100		177,714
Israel Canada T.R Ltd.		86,709		234,873
Isras Investment Co. Ltd.		1,131		208,742
Keystone REIT Ltd. REIT		66,215		120,904
Kvutzat Acro Ltd.		13,149		163,872
Lahav L.R. Real Estate Ltd.*(a)		36,433		39,313
Megureit Israel Ltd. REIT		84,178		146,384
Melisron Ltd.		14,436		1,066,498
Menivim- The New REIT Ltd. REIT		358,156		179,062
Mivne Real Estate KD Ltd.		400,117		1,324,330
Norstar Holdings, Inc.		14,217		73,139
Prashkovsky Investments and Construction Ltd. (a)		3,441		85,469
Property & Building Corp. Ltd.*		1,165		82,387
Rani Zim Shopping Centers Ltd.		96		109
Reit 1 Ltd. REIT		112,646		609,868
REIT Azorim HF Living Ltd. REIT*(a)		23,634		70,416
Sella Capital Real Estate Ltd. REIT		140,713		355,667
Summit Real Estate Holdings Ltd.		25,529		369,953
Villar International Ltd.		2,988		141,160
Vitania Ltd.		12,574		96,902
(Cost $12,188,317)				11,924,500
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA REIT		34,075		110,519
Risanamento SpA*(a)		850,161		104,344
(Cost $226,810)				214,863
Japan — 22.4%
Activia Properties, Inc. REIT (a)		454		1,389,265
Advance Logistics Investment Corp. REIT		370		389,516
Advance Residence Investment Corp. REIT		851		2,097,922
Aeon Mall Co. Ltd.		57,100		677,229
AEON REIT Investment Corp. REIT		1,019		1,165,489
Comforia Residential REIT, Inc. REIT		409		924,749
CRE Logistics REIT, Inc. REIT		368		541,425
Daito Trust Construction Co. Ltd.		41,900		4,600,172
Daiwa House REIT Investment Corp. REIT		1,290		2,842,733
Daiwa Office Investment Corp. REIT (a)		167		810,226
Daiwa Securities Living Investments Corp. REIT		1,109		937,810
ES-Con Japan Ltd. (a)		24,300		145,932
ESCON Japan Reit Investment Corp. REIT		197		167,578
Frontier Real Estate Investment Corp. REIT		319		1,209,338

See Notes to Financial Statements. 6

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Fukuoka REIT Corp. REIT		437	$	545,859
Global One Real Estate Investment Corp. REIT		615		472,467
GLP J REIT		2,730		3,012,900
Goldcrest Co. Ltd.		6,500		82,170
Hankyu Hanshin REIT, Inc. REIT (a)		445		486,968
Health Care & Medical Investment Corp. REIT		180		243,930
Heiwa Real Estate Co. Ltd.		17,800		521,729
Heiwa Real Estate REIT, Inc. REIT (a)		585		675,387
Hoshino Resorts REIT, Inc. REIT		149		735,710
Hulic Co. Ltd.		414,400		3,424,131
Hulic Reit, Inc. REIT		799		987,155
Ichigo Office REIT Investment Corp. REIT		950		583,453
Ichigo, Inc.		155,700		344,785
Industrial & Infrastructure Fund Investment Corp. REIT		1,271		1,449,162
Invincible Investment Corp. REIT		3,752		1,281,230
Japan Excellent, Inc. REIT		819		800,570
Japan Hotel REIT Investment Corp. REIT		2,652		1,419,696
Japan Logistics Fund, Inc. REIT		536		1,231,102
Japan Metropolitan Fund Invest REIT		4,251		3,354,129
Japan Prime Realty Investment Corp. REIT		439		1,236,398
Japan Real Estate Investment Corp. REIT		838		3,657,317
Kabuki-Za Co. Ltd.		5,200		180,550
Keihanshin Building Co. Ltd.		31,600		290,320
Kenedix Office Investment Corp. REIT		504		1,219,005
Kenedix Residential Next Investment Corp. REIT		624		934,167
Kenedix Retail REIT Corp. REIT		358		681,416
Ki-Star Real Estate Co. Ltd.		6,000		211,982
LaSalle Logiport REIT		1,068		1,234,545
Leopalace21 Corp.*		149,500		327,841
LIFULL Co. Ltd.		49,800		88,865
Mirai Corp. REIT		1,072		360,304
Mirarth Holdings, Inc.		47,900		133,876
Mitsubishi Estate Co. Ltd.		841,700		11,702,007
Mitsubishi Estate Logistics REIT Investment Corp. REIT		283		893,375
Mitsui Fudosan Co. Ltd.		581,200		11,564,439
Mitsui Fudosan Logistics Park, Inc. REIT		326		1,166,956
Mori Hills REIT Investment Corp. REIT		1,002		1,159,689
Mori Trust Hotel Reit, Inc. REIT		138		133,708
Mori Trust Sogo Reit, Inc. REIT		613		644,893
Nippon Accommodations Fund, Inc. REIT		317		1,424,387
Nippon Building Fund, Inc. REIT		1,028		4,714,920
Nippon Kanzai Co. Ltd.		13,400		244,108
Nippon Prologis REIT, Inc. REIT (a)		1,376		3,328,078
NIPPON REIT Investment Corp. REIT		299		784,248
Nomura Real Estate Holdings, Inc.		69,300		1,648,818
Nomura Real Estate Master Fund, Inc. REIT		2,829		3,497,223
NTT UD REIT Investment Corp. REIT		883		933,370

	Number of Shares		Value
Japan (Continued)
One REIT, Inc. REIT		139	$	251,921
Open House Group Co. Ltd.		49,800		2,062,806
Orix JREIT, Inc. REIT		1,631		2,261,706
Pressance Corp.		14,600		166,256
Relo Group, Inc.		69,100		1,120,634
SAMTY Co. Ltd. (a)		18,600		303,113
Samty Residential Investment Corp. REIT		258		221,687
Sankei Real Estate, Inc. REIT		294		196,154
Sekisui House Reit, Inc. REIT		2,624		1,513,774
SOSiLA Logistics REIT, Inc. REIT (a)		400		393,866
SRE Holdings Corp.*		5,900		193,439
Star Asia Investment Corp. REIT		1,058		423,837
Starts Corp., Inc.		19,900		391,896
Starts Proceed Investment Corp. REIT		109		182,942
Sumitomo Realty & Development Co. Ltd.		288,500		7,682,858
Sun Frontier Fudousan Co. Ltd.		15,200		127,665
Takara Leben Real Estate Investment Corp. REIT		368		273,745
Tama Home Co. Ltd. (a)		10,700		190,091
TOC Co. Ltd.		29,400		153,173
Tokyo Tatemono Co. Ltd.		128,300		1,766,263
Tokyu Fudosan Holdings Corp.		361,900		1,924,393
Tokyu REIT, Inc. REIT		567		876,058
Tosei Corp. (a)		25,300		254,197
Tosei Reit Investment Corp. REIT (a)		164		157,254
United Urban Investment Corp. REIT (a)		1,895		2,094,088
XYMAX REIT Investment Corp. REIT		116		100,754
(Cost $138,829,038)				119,233,292
Luxembourg — 0.3%
ADLER Group SA, 144A*		47,224		87,961
Aroundtown SA		501,646		1,185,414
Grand City Properties SA		50,412		495,190
(Cost $4,946,661)				1,768,565
Malaysia — 0.6%
AmFIRST Real Estate Investment Trust REIT		442,600		36,821
Axis Real Estate Investment Trust REIT		715,084		305,488
Capitaland Malaysia Trust REIT		225,008		27,826
Eastern & Oriental Bhd*		490,636		46,885
Eco World Development Group Bhd		523,900		80,102
Eco World International Bhd*		546,800		47,949
IGB Commercial Real Estate Investment Trust REIT		859,000		320,616
IGB Commercial Real Estate Investment Trust REIT		459,500		55,274
IOI Properties Group Bhd		603,700		153,385
KIP REIT		222,352		44,995
KLCCP Stapled Group (c)		119,700		178,709
KSL Holdings Bhd*		233,500		40,689
Land & General Bhd		1,121,900		25,225
LBS Bina Group Bhd		409,500		40,513
Mah Sing Group Bhd		664,000		79,128
Malton Bhd*		97,400		8,979
Matrix Concepts Holdings Bhd		525,294		186,614

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Malaysia (Continued)
MKH Bhd		125,900	$	36,234
Paramount Corp. Bhd		202,240		34,105
Pavilion Real Estate Investment Trust REIT		324,500		87,555
Sentral REIT		204,400		40,903
Sime Darby Property Bhd		1,651,346		180,079
SP Setia Bhd Group		858,805		134,203
Sunway Bhd		1,053,261		397,859
Sunway Real Estate Investment Trust REIT		887,600		289,381
Symphony Life Bhd*		322,700		30,837
Titijaya Land Bhd*		487,600		26,860
Tropicana Corp. Bhd*		208,591		64,254
UEM Sunrise Bhd*		413,100		26,007
UOA Development Bhd		199,400		72,183
YNH Property Bhd*		239,100		224,719
YTL Hospitality REIT		360,700		71,370
(Cost $3,722,629)				3,395,747
Mexico — 1.2%
CFE Capital S de RL de CV REIT		509,259		670,303
Corp. Inmobiliaria Vesta SAB de CV		403,081		897,770
FIBRA Macquarie Mexico REIT, 144A		462,410		687,403
Fibra MTY SAPI de CV REIT		585,380		368,629
Fibra Uno Administracion SA de CV REIT		1,705,601		2,110,267
Prologis Property Mexico SA de CV REIT (a)		281,106		863,189
TF Administradora Industrial S de RL de CV REIT (a)		471,372		680,775
(Cost $5,238,682)				6,278,336
Netherlands — 0.6%
Argo Properties NV*(a)		8,460		188,041
CTP NV, 144A		68,438		738,496
Eurocommercial Properties NV REIT		26,322		620,646
NEPI Rockcastle NV		244,380		1,481,305
NSI NV REIT		12,180		299,106
(Cost $4,182,710)				3,327,594
New Zealand — 0.7%
Argosy Property Ltd.		566,712		410,062
Goodman Property Trust REIT		634,987		820,332
Kiwi Property Group Ltd.		963,170		556,349
Precinct Properties New Zealand Ltd.		803,288		638,620
Property for Industry Ltd.		305,015		442,354
Stride Property Group (c)		360,168		335,551
Vital Healthcare Property Trust REIT		274,383		395,373
(Cost $4,629,508)				3,598,641
Norway — 0.2%
Entra ASA, 144A		35,231		369,583
KMC Properties ASA*		46,137		31,001
Olav Thon Eiendomsselskap ASA		16,137		287,260
Selvaag Bolig ASA		30,583		88,334
(Cost $1,229,600)				776,178

	Number of Shares		Value
Philippines — 2.4%
8990 Holdings, Inc.*		1,316,100	$	221,289
ACEN Corp.		464,085		58,339
AREIT, Inc. REIT		428,540		274,278
Ayala Corp.		170,095		2,093,107
Ayala Land, Inc.		4,800,896		2,673,766
Belle Corp.*		1,272,000		27,662
DDMP Reit, Inc. REIT		4,040,000		92,143
DoubleDragon Corp.		308,370		38,055
Filinvest Land, Inc.		4,149,000		66,020
Filinvest REIT Corp. REIT		957,500		95,987
GT Capital Holdings, Inc.		58,701		455,618
Megaworld Corp.		6,882,600		272,578
MREIT, Inc. REIT		587,300		122,943
RL Commercial REIT, Inc. REIT		2,148,100		225,976
Robinsons Land Corp.		1,174,261		333,427
SM Prime Holdings, Inc.		8,733,557		5,620,606
Vista Land & Lifescapes, Inc.		1,603,900		39,417
(Cost $15,361,366)				12,711,211
Poland — 0.1%
Atal SA (a)		6,777		46,276
Develia SA (a)		318,405		152,543
Dom Development SA (a)		6,607		132,434
Echo Investment SA (a)		87,838		56,883
Globe Trade Centre SA (a)		119,382		163,036
MLP Group SA*		5,848		94,807
(Cost $859,699)				645,979
Russia — 0.0%
LSR Group PJSC*(b)		30,984		0
PIK Group PJSC*(b)		192,287		0
(Cost $2,472,023)				0
Singapore — 7.0%
AIMS APAC REIT		402,300		352,302
Bukit Sembawang Estates Ltd.		115,700		358,845
CapitaLand Ascendas REIT		2,017,469		4,107,669
CapitaLand Ascott Trust (c)		1,228,496		847,208
CapitaLand China Trust REIT		712,147		587,263
Capitaland India Trust		548,600		468,410
CapitaLand Integrated Commercial Trust REIT		3,054,992		4,614,926
Capitaland Investment Ltd.		1,500,663		4,019,144
CDL Hospitality Trusts (c)		525,981		452,936
Chip Eng Seng Corp. Ltd.		298,500		161,198
City Developments Ltd.		304,698		1,843,353
Cromwell European Real Estate Investment Trust REIT		226,119		358,548
Digital Core REIT Management Pte Ltd. REIT		432,600		263,886
ESR-LOGOS REIT REIT		3,752,287		944,712
Far East Hospitality Trust (c)		597,400		274,657
First Real Estate Investment Trust REIT		721,200		126,314
Frasers Centrepoint Trust REIT		647,100		958,632
Frasers Hospitality Trust (c)		498,000		161,724
Frasers Logistics & Commercial Trust REIT		1,734,678		1,443,139
Frasers Property Ltd.		276,700		186,782

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Singapore (Continued)
GuocoLand Ltd.		170,300	$	201,333
Ho Bee Land Ltd.		138,900		247,330
Keppel REIT		1,200,100		788,214
Keppel DC REIT		815,155		1,100,516
Keppel Pacific Oak US REIT		480,654		269,166
Lendlease Global Commercial REIT		976,851		516,834
Lippo Malls Indonesia Retail Trust REIT*		2,726,800		59,698
Manulife US Real Estate Investment Trust REIT		929,226		362,398
Mapletree Industrial Trust REIT		1,201,322		1,955,008
Mapletree Logistics Trust REIT		1,916,191		2,251,381
Mapletree Pan Asia Commercial Trust REIT		1,387,970		1,732,050
OUE Commercial Real Estate Investment Trust REIT		1,622,139		432,081
Parkway Life Real Estate Investment Trust REIT		235,100		667,401
Prime US REIT		339,500		164,657
Singapore Land Group Ltd.		103,400		168,271
SPH REIT		628,800		412,990
Starhill Global REIT		891,009		344,621
Suntec Real Estate Investment Trust REIT		1,141,200		1,157,606
UOL Group Ltd.		284,517		1,382,824
Wing Tai Holdings Ltd.		205,800		225,279
Yanlord Land Group Ltd.		342,200		245,980
(Cost $40,573,326)				37,217,286
South Africa — 0.9%
Attacq Ltd. REIT		375,102		168,600
Equites Property Fund Ltd. REIT		407,777		397,041
Fortress REIT Ltd., Class A REIT*		616,485		402,225
Fortress REIT Ltd., Class B REIT*		559,828		149,529
Growthpoint Properties Ltd. REIT (a)		1,759,063		1,469,551
Hyprop Investments Ltd. REIT		190,948		385,659
Redefine Properties Ltd. REIT (a)		3,598,441		853,168
Resilient REIT Ltd. REIT (a)		197,990		620,965
SA Corporate Real Estate Ltd. REIT		1,360,486		184,093
Vukile Property Fund Ltd. REIT		475,647		386,450
(Cost $5,550,323)				5,017,281
South Korea — 0.4%
D&D Platform REIT Co. Ltd. REIT		20,000		52,470
E KOCREF CR-REIT Co. Ltd. REIT		15,427		63,633
ESR Kendall Square REIT Co. Ltd. REIT		85,899		262,155
JR Global REIT REIT		117,037		383,364
Koramco Energy Plus REIT		26,386		99,134
Korea Asset In Trust Co. Ltd.		37,138		91,940
Korea Real Estate Investment & Trust Co. Ltd.		100,571		106,378
LOTTE Reit Co. Ltd. REIT		71,444		212,352
Mirae Asset Global REIT Co. Ltd. REIT		17,123		48,038
NH All-One REIT Co. Ltd. REIT		34,506		82,285
Seobu T&D		19,787		111,624
Shinhan Alpha REIT Co. Ltd. REIT		46,171		240,159
SK D&D Co. Ltd.		6,271		109,125
SK REITs Co. Ltd. REIT		67,094		238,595
(Cost $2,839,627)				2,101,252

	Number of Shares		Value
Spain — 0.7%
Aedas Homes SA, 144A		8,907	$	138,484
Inmobiliaria Colonial Socimi SA REIT		181,998		1,100,941
Lar Espana Real Estate Socimi SA REIT		19,422		92,190
Merlin Properties Socimi SA REIT (a)		202,154		1,846,272
Metrovacesa SA, 144A*(a)		11,327		83,973
Neinor Homes SA, 144A*		20,552		186,008
(Cost $4,467,183)				3,447,868
Sweden — 3.6%
Atrium Ljungberg AB, Class B		27,459		432,338
Castellum AB (a)		172,194		2,065,269
Catena AB		19,408		666,116
Cibus Nordic Real Estate AB		26,146		359,686
Corem Property Group AB, Class B		344,780		231,011
Corem Property Group AB, Class D		2,215		34,896
Dios Fastigheter AB		56,978		411,688
Eastnine AB		6,918		75,772
Fabege AB		168,269		1,373,128
Fastighets AB Balder, Class B*		377,673		1,631,632
Fastighets AB Trianon		36,438		65,948
FastPartner AB, Class A		31,706		233,102
Heba Fastighets AB, Class B (a)		88,332		257,198
Hemnet Group AB		38,659		477,809
Hufvudstaden AB, Class A		72,633		1,007,373
JM AB		32,700		512,097
John Mattson Fastighetsforetagen AB*(a)		11,865		75,660
K-fast Holding AB*(a)		39,547		78,769
Klarabo Sverige AB, Class B*(a)		59,764		90,230
Nivika Fastigheter AB, Class B*		13,792		51,087
NP3 Fastigheter AB		16,658		283,991
Nyfosa AB		98,961		698,327
Pandox AB*		59,144		723,784
Platzer Fastigheter Holding AB, Class B		39,918		293,850
Sagax AB, Class A		4,417		93,610
Sagax AB, Class B		119,794		2,591,616
Sagax AB, Class D		65,466		159,616
Samhallsbyggnadsbolaget i Norden AB (a)		690,036		1,219,427
Samhallsbyggnadsbolaget i Norden AB, Class D (a)		96,083		171,014
Stendorren Fastigheter AB*		7,969		149,459
Swedish Logistic Property AB, Class B*		38,358		86,149
Wallenstam AB, Class B (a)		278,875		1,080,582
Wihlborgs Fastigheter AB		166,687		1,274,717
(Cost $28,535,037)				18,956,951
Switzerland — 2.0%
Allreal Holding AG		9,415		1,419,044
Fundamenta Real Estate AG*		14,835		255,360
Intershop Holding AG		814		539,107
Mobimo Holding AG		4,397		1,061,464
Peach Property Group AG*(a)		6,273		125,098
PSP Swiss Property AG		27,632		3,016,245
Swiss Prime Site AG		46,240		3,809,856
Zug Estates Holding AG, Class B		162		282,256
(Cost $12,413,820)				10,508,430

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
Taiwan — 1.2%
Cathay No. 1 REIT		827,504	$	481,955
Cathay Real Estate Development Co. Ltd.		363,424		182,268
Chong Hong Construction Co. Ltd.		135,740		316,670
Farglory Land Development Co. Ltd.		161,144		285,211
Fubon No. 1 REIT		314,630		167,467
Highwealth Construction Corp.		913,204		1,323,762
Hong Pu Real Estate Development Co. Ltd.*		130,515		96,074
Huaku Development Co. Ltd.		153,338		442,071
Huang Hsiang Construction Corp.		64,643		89,313
Hung Sheng Construction Ltd.		221,721		185,093
KEE TAI Properties Co. Ltd.		191,788		76,950
Kindom Development Co. Ltd.		234,531		217,415
Kuo Yang Construction Co. Ltd.*		203,597		127,143
O-Bank No1 Real Estate Investment Trust REIT		87,357		23,602
Prince Housing & Development Corp.		797,799		282,665
Radium Life Tech Co. Ltd.		318,402		95,813
Ruentex Development Co. Ltd.		1,300,917		1,942,609
Shining Building Business Co. Ltd.*		318,249		98,547
Sinyi Realty, Inc.		196,039		185,221
Taiwan Land Development Corp.*(b)		243,531		0
(Cost $6,051,896)				6,619,849
Thailand — 2.3%
Amata Corp. PCL, NVDR		535,300		294,480
Ananda Development PCL, NVDR*		2,464,400		94,341
AP Thailand PCL, NVDR		1,518,400		434,874
Asset World Corp. PCL, NVDR		4,855,500		867,422
Bangkok Land PCL, NVDR		7,972,900		237,390
Central Pattana PCL, NVDR		1,984,500		4,079,860
CP Tower Growth Leasehold Property Fund		800		163
CPN Retail Growth Leasehold REIT		1,036,700		543,852
Frasers Property Thailand Industrial Freehold & Leasehold REIT		845,300		237,302
Frasers Property Thailand PCL, NVDR		277,425		119,576
Golden Ventures Leasehold Real Estate Investment Trust REIT		13,500		3,503
Grand Canal Land PCL, NVDR*		734,300		45,809
IMPACT Growth Real Estate Investment Trust REIT		344,232		118,112
Land & Houses PCL, NVDR		5,001,000		1,361,395
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT*		11,700		3,650
LPN Development PCL, NVDR		1,176,000		152,732
Noble Development PCL, NVDR		809,757		112,973
Nusasiri PCL, NVDR*		3,844,000		125,354
Origin Property PCL, NVDR		553,200		164,713
Platinum Group PCL, NVDR*		892,100		80,445
Principal Capital PCL, NVDR*		492,100		83,726
Property Perfect PCL, NVDR		5,424,806		59,994
Pruksa Holding PCL, NVDR		547,800		187,959
Quality Houses PCL, NVDR		5,020,100		316,025
Sansiri PCL, NVDR		8,778,500		390,819
SC Asset Corp. PCL, NVDR		1,147,300		134,039
Singha Estate PCL, NVDR*		1,709,400		89,675

	Number of Shares		Value
Thailand (Continued)
Supalai PCL, NVDR		946,900	$	617,573
U City PLC, NVDR*		2,679,600		107,138
U City PLC, PFD NVDR*		10,389,300		291,660
Univentures PCL, NVDR		398,400		33,892
WHA Corp. PCL, NVDR		6,399,800		696,873
WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust, Class F REIT		1,151,700		333,116
(Cost $12,030,651)				12,420,435
Turkey — 0.4%
Akfen Gayrimenkul Yatirim Ortakligi AS REIT*		207,636		60,189
AKIS Gayrimenkul Yatirimi AS REIT*		37,623		13,456
Alarko Gayrimenkul Yatirim Ortakligi AS REIT		16,752		67,030
Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS		62,111		73,823
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		1,258,364		466,289
Halk Gayrimenkul Yatirim Ortakligi AS REIT		20,288		5,336
Is Gayrimenkul Yatirim Ortakligi AS REIT*		273,715		143,379
Kiler Gayrimenkul Yatirim Ortakligi AS REIT*		2		0
Kizilbuk Gayrimenkul Yatirim Ortakligi AS*		34,316		35,656
Kuyumcukent Gayrimenkul Yatirimlari AS REIT*		79,012		77,763
Ozak Gayrimenkul Yatirim Ortakligi REIT*		271,141		232,149
Panora Gayrimenkul Yatirim Ortakligi		20,085		29,835
Reysas Gayrimenkul Yatirim Ortakligi AS, Class O REIT*		6		4
Servet Gayrimenkul Yatirim Ortakligi AS, Class O*		5,000		40,390
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT*		233,611		39,325
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT*		165,974		168,260
Vakif Gayrimenkul Yatirim Ortakligi AS REIT*		343,066		76,016
Yeni Gimat Gayrimenkul Ortakligi AS		168,121		287,708
Yesil Gayrimenkul Yatirim Ortakligi AS REIT*		753,011		64,796
Ziraat Gayrimenkul Yatirim Ortakligi AS		455,555		132,301
(Cost $1,265,534)				2,013,705
United Kingdom — 6.8%
Assura PLC REIT		1,759,236		1,122,960
Big Yellow Group PLC REIT		113,151		1,468,792
British Land Co. PLC REIT		521,599		2,449,282
Capital & Counties Properties PLC REIT		431,442		521,511
CLS Holdings PLC REIT		103,477		199,634
Derwent London PLC REIT		61,846		1,726,413
Empiric Student Property PLC REIT		359,846		368,974
Grainger PLC		414,985		1,198,943

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2022 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Great Portland Estates PLC REIT		122,683	$	727,886
Hammerson PLC REIT		2,184,415		626,422
Helical PLC REIT		72,266		288,306
Henry Boot PLC		71,151		198,277
Industrials REIT Ltd. REIT		159,011		263,342
Land Securities Group PLC REIT		411,105		3,007,031
LondonMetric Property PLC REIT		567,144		1,195,479
LXI REIT PLC REIT		969,682		1,321,085
Picton Property Income Ltd. REIT		330,411		342,333
Primary Health Properties PLC REIT		796,024		1,055,107
Rightmove PLC		512,381		3,376,817
Safestore Holdings PLC REIT		129,799		1,402,019
Savills PLC		85,706		967,088
Segro PLC REIT		735,072		6,922,642
Shaftesbury PLC REIT		118,389		505,306
Tritax Big Box REIT PLC REIT		1,145,071		1,950,041
UK Commercial Property REIT Ltd. REIT		465,112		325,140
UNITE Group PLC REIT, Series 6		197,975		2,174,964
Workspace Group PLC REIT		87,017		439,178
(Cost $48,058,485)				36,144,972
TOTAL COMMON STOCKS (Cost $631,874,135)				525,144,334
PREFERRED STOCKS — 0.0%
Thailand — 0.0%
U City PLC*
(Cost $1,617)		64,000		1,796
RIGHTS — 0.0%
Austria — 0.0%
S IMMO AG*, expires 12/31/49 (b)
(Cost $0)		22,553		0
Hong Kong — 0.0%
Lai Sun Development Co. Ltd.*, expires 1/6/23 (b)
(Cost $0)		35,276		0
Israel — 0.0%
Norstar Holdings, Inc.*, expires 12/28/22		43		3,552
REIT Azorim HF Living Ltd.*, expires 12/16/22 (b)		369		0
(Cost $0)				3,552
TOTAL RIGHTS (Cost $0)				3,552
WARRANTS — 0.0%
Malaysia — 0.0%
Eco World Development Group Bhd*, expires 4/12/29		106,640		2,757
Paramount Corp. Bhd*, expires 7/28/24		7,840		53
(Cost $0)				2,810

	Number of Shares		Value
Thailand — 0.0%
Noble Development PCL*, expires 1/12/24
(Cost $0)		54,825	$	731
TOTAL WARRANTS (Cost $0)				3,541
EXCHANGE-TRADED FUNDS — 0.0%
iShares Global REIT ETF		2,500		59,000
Vanguard Global ex-U.S. Real Estate ETF		1,500		63,450
TOTAL EXCHANGE-TRADED FUNDS (Cost $125,635)				122,450
SECURITIES LENDING COLLATERAL — 2.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e) (Cost $14,292,581)		14,292,581		14,292,581
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (d) (Cost $1,379,311)		1,379,311		1,379,311
TOTAL INVESTMENTS — 101.8%
(Cost $647,673,279)			$	540,947,565
Other assets and liabilities, net — (1.8%)				(9,390,151	)
NET ASSETS — 100.0%			$	531,557,414

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
SECURITIES LENDING COLLATERAL — 2.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e)
		10,913,250		3,379,331	(f)		—			—		—		105,343		—		14,292,581		14,292,581
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (d)
		620,850		13,055,555			(12,297,094	)		—		—		10,371		—		1,379,311		1,379,311
		11,534,100		16,434,886			(12,297,094	)		—		—		115,714		—		15,671,892		15,671,892

* 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, 2022 amounted to $41,740,541, which is 7.9% 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 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 $30,658,947.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022.

CVA: Credit Valuation Adjustment

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, 2022, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
EURO CAC40 10 Futures	EUR	4	$	273,044	$	277,450	12/16/2022	$	4,406
EURO STOXX 50 Futures	EUR	22		841,792		898,164	12/16/2022		56,372
E-Mini S&P 500 Futures	USD	10		2,064,925		2,040,625	12/16/2022		(24,300	)
MINI TOPIX Index Futures	JPY	15		205,094		213,917	12/08/2022		8,823
SPI 200 Futures	AUD	13		1,500,057		1,590,823	12/15/2022		90,766
TOPIX Index Futures	JPY	8		1,131,284		1,140,891	12/08/2022		9,607
Total net unrealized appreciation								$	145,674

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. 12

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2022 (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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	524,822,630		$	—	$	321,704	$	525,144,334
Preferred Stocks		1,796			—		—		1,796
Rights (a)		–			3,552		0		3,552
Warrants (a)		3,541			–		–		3,541
Exchange-Traded Funds		122,450			–		–		122,450
Short-Term Investments (a)		15,671,892			—		—		15,671,892
Derivatives (b)
Futures Contracts		169,974			–		–		169,974
TOTAL	$	540,792,283		$	3,552	$	321,704	$	541,117,539
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(24,300	)	$	—	$	—	$	(24,300	)
TOTAL	$	(24,300	)	$	—	$	—	$	(24,300	)

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

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

During the period ended November 30, 2022, the amount of transfers from Level 1 to Level 3 was $398,547. 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. 13

DBX ETF Trust

Statement of Assets and Liabilities

November 30, 2022 (Unaudited)

	Xtrackers International Real Estate ETF
Assets
Investment in non-affiliated securities at value	$	525,275,673
Investment in DWS Government Money Market Series		1,379,311
Investment in DWS Government & Agency Securities Portfolio*		14,292,581
Foreign currency at value		2,526,318
Deposit with broker for futures contracts		425,410
Receivables:
Investment securities sold		2,635
Variation margin on futures contracts		64,603
Dividends		1,809,841
Interest		3,911
Securities lending income		37,388
Foreign tax reclaim		287,786
Total assets	$	546,105,457
Liabilities
Payable upon return of securities loaned	$	14,292,581
Payables:
Investment advisory fees		41,824
Deferred foreign tax payable		213,638
Total liabilities		14,548,043
Net Assets, at value	$	531,557,414
Net Assets Consist of
Paid-in capital	$	658,289,587
Distributable earnings (loss)		(126,732,173	)
Net Assets, at value	$	531,557,414
Number of Common Shares outstanding		24,800,001
Net Asset Value	$	21.43
Investment in non-affiliated securities at cost	$	632,001,387
Value of securities loaned	$	41,740,541
Investment in DWS Government Money Market Series at cost	$	1,379,311
Investment in DWS Government & Agency Securities Portfolio at cost*	$	14,292,581
Non-cash collateral for securities on loan	$	30,658,947
Foreign currency at cost	$	2,468,006

* Represents collateral on securities loaned.

See Notes to Financial Statements. 14

DBX ETF Trust

Statement of Operations

For the Six Months Ended November 30, 2022 (Unaudited)

	Xtrackers International Real Estate ETF
Investment Income
Unaffiliated dividend income*	$	9,397,734
Income distributions from affiliated funds		10,371
Affiliated securities lending income		105,343
Unaffiliated securities lending income, net of borrower rebates		64,795
Total investment income		9,578,243
Expenses
Investment advisory fees		307,045
Other expenses		179
Total expenses		307,224
Less fees waived (see note 3):
Waiver		(51,401	)
Net expenses		255,823
Net investment income (loss)		9,322,420
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(5,187,313	)
In-kind redemptions		462,033
Futures contracts		(96,150	)
Foreign currency transactions		(258,366	)
Net realized gain (loss)		(5,079,796	)
Net change in unrealized appreciation (depreciation) on:
Investments**		(72,210,889	)
Futures contracts		78,693
Foreign currency translations		93,700
Net change in unrealized appreciation (depreciation)		(72,038,496	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(77,118,292	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(67,795,872	)
*   Unaffiliated foreign tax withheld	$	998,927
**   Including change in deferred foreign taxes	$	95,498

See Notes to Financial Statements. 15

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers International Real Estate ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	9,322,420		$	18,055,590
Net realized gain (loss)		(5,079,796	)		(2,295,310	)
Net change in net unrealized appreciation (depreciation)		(72,038,496	)		(83,902,671	)
Net increase (decrease) in net assets resulting from operations		(67,795,872	)		(68,142,391	)
Distributions to Shareholders		(3,842,456	)		(23,945,405	)
Fund Shares Transactions
Proceeds from shares sold		47,555,598			212,069,381
Value of shares redeemed		(3,232,508	)		(18,792,278	)
Net increase (decrease) in net assets resulting from fund share transactions		44,323,090			193,277,103
Total net increase (decrease) in Net Assets		(27,315,238	)		101,189,307
Net Assets
Beginning of period	$	558,872,652		$	457,683,345
End of period	$	531,557,414		$	558,872,652
Changes in Shares Outstanding
Shares outstanding, beginning of period		22,650,001			15,700,001
Shares sold		2,300,000			7,700,000
Shares redeemed		(150,000	)		(750,000	)
Shares outstanding, end of period		24,800,001			22,650,001

See Notes to Financial Statements. 16

DBX ETF Trust

Financial Highlights

Xtrackers International Real Estate ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
				2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	24.67		$	29.15		$	22.85		$	27.84		$	29.17		$	26.22
Income (loss) from investment operations:
Net investment income (loss)(a)		0.39			0.92			0.92			0.84			1.14			0.68
Net realized and unrealized gain (loss)		(3.46	)		(4.05	)		6.28			(4.74	)		(1.98	)		3.01
Total from investment operations		(3.07	)		(3.13	)		7.20			(3.90	)		(0.84	)		3.69
Less distributions from:
Net investment income		(0.17	)		(1.35	)		(0.90	)		(1.09	)		(0.49	)		(0.74	)
Total distributions		(0.17	)		(1.35	)		(0.90	)		(1.09	)		(0.49	)		(0.74	)
Net Asset Value, end of period	$	21.43		$	24.67		$	29.15		$	22.85		$	27.84		$	29.17
Total Return (%)		(12.52	)**(b)		(11.26	)(b)		32.15	(b)		(14.80	)(b)		(2.78	)(b)		14.20
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		532			559			458			231			60			4
Ratio of expenses before fee waiver (%)		0.12	*		0.12			0.12			0.12			0.30			0.60
Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.10			0.10			0.28			0.60
Ratio of net investment income (loss) (%)		3.64	*		3.38			3.55			3.21			4.25			2.40
Portfolio turnover rate (%)(c)		3	**		17			9			12			43			24

(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. 17

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2022, the Trust consists of thirty-eight investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers International Real Estate ETF (the “Fund”), a diversified series of the Trust.

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 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of 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 iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”).

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is a free-float capitalization weighted index designed to measure the performance of international real estate securities of issuers incorporated 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 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.

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

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,

18

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the 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 a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

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

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

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

Tax Information and Dividends and Distributions to Shareholders    It is 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, 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 reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital

19

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2022, the Fund did not incur any interest or penalties.

At May 31, 2022, 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
$	1,682,956	$	415,035	$	2,097,991

As of May 31, 2022, 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)
$	622,546,613	$	(56,269,614	)	$	14,308,035	$	(70,577,649	)

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 invest. These foreign taxes, if any, are paid by the Fund 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, 2022, if any, are disclosed in the Fund’s Statements of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Fund 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 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

20

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2022, 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 (0.07% annualized effective rate as of November 30, 2022) 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, 2022, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of November 30, 2022
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	14,292,581	$	6,310	$	2,446,219	$	28,206,418	$	44,951,528
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	44,951,528

Derivatives

Futures Contracts    The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2022, 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, 2022 is included in a table following the Fund’s Schedule of Investments.

21

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2022 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*	$	169,974	Unrealized depreciation on futures contracts*	$	24,300

* 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 Fund’s earnings during the period ended November 30, 2022 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
	$	(96,150	)

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
	$	78,693

For the period ended November 30, 2022 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers International Real Estate ETF	$	3,865,995

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.

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 0.12%.

The Advisor for the Fund has contractually agreed, until September 30, 2023, 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

22

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended November 30, 2022, the Advisor waived $51,153 of the expenses of the Fund.

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, 2022 through November 30, 2022, the Advisor waived $248 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 each 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, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers International Real Estate ETF	$	25,711,143	$	13,785,213

For the period ended November 30, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers International Real Estate ETF	$	38,475,374	$	3,021,662

5. Fund Share Transactions

As of November 30, 2022, 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. 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

23

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate (SOFR) plus .10%. 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, 2022.

7. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, which at times 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 significant portions of the population remaining unvaccinated 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 Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic. 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.

24

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings Information

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

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

Discount & Premium Information

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

25

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

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

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

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

The 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.

Copyright © 2023 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-049074-7 (1/23) DBX005411 (1/24)

(b) Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(2)(1)	Not applicable.
(a)(2)(2)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	DBX ETF Trust
By (Signature and Title)	/s/ Freddi Klassen
	Freddi Klassen
	President and Chief Executive Officer
Date	February 3, 2023

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, 2023
By (Signature and Title)	/s/ Diane Kenneally
	Diane Kenneally
	Treasurer and Chief Financial Officer
Date	February 3, 2023