DBX ETF Trust

November 30, 2021

Semi-Annual Report

DBX ETF Trust

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

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

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DBX ETF Trust

Table of Contents


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

To our Shareholders: (Unaudited)

Dear shareholder,

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

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

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

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

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

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

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.

This Page is Intentionally Left Blank

DBX ETF Trust

Portfolio Summary (Unaudited)

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

The Xtrackers MSCI All World ex US Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.


Ten Largest Equity Holdings as of November 30, 2021 (11.3% of Net Assets)


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

Country Diversification* as of November 30, 2021


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

Total			100.0%

Sector Diversification* as of November 30, 2021


Financials			19.1%
Information Technology			13.6%
Consumer Discretionary			12.6%
Industrials			12.3%
Health Care			9.4%
Consumer Staples			8.4%
Materials			7.9%
Communication Services			6.5%
Energy			4.8%
Utilities			3.0%
Real Estate			2.4%

Total			100.0%

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 11.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

The Xtrackers MSCI Emerging Markets Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into and index.

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


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

Country Diversification* as of November 30, 2021


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

Total			100.0%

Sector Diversification* as of November 30, 2021


Information Technology			21.7%
Financials			19.2%
Consumer Discretionary			14.5%
Communication Services			11.0%
Materials			8.4%
Consumer Staples			5.8%
Energy			5.5%
Industrials			5.0%
Health Care			4.6%
Utilities			2.3%
Real Estate			2.0%

Total			100.0%

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 39.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

The X-trackers MSCI Europe Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2021 (19.4% of Net Assets)


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

Country Diversification* as of November 30, 2021


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

Total			100.0%

Sector Diversification* as of November 30, 2021


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

Total			100.0%

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

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

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

The Xtrackers MSCI Eurozone Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2021 (23.0% of Net Assets)


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

Country Diversification* as of November 30, 2021


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

Total			100.0%

Sector Diversification* as of November 30, 2021


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

Total			100.0%

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

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

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

The Xtrackers MSCI Germany Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of November 30, 2021
(51.9% of Net Assets)


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

Sector Diversification* as of November 30, 2021


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

Total			100.0%

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

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

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

The Xtrackers MSCI Japan Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of November 30, 2021
(23.7% of Net Assets)


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

Sector Diversification* as of November 30, 2021


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

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 79.

DBX ETF Trust

Fees and Expenses (Unaudited)

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2021 to November 30, 2021).

Actual expenses

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

Hypothetical example for comparison purposes

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

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


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

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

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2021 (Unaudited)


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


	Number of Shares		Value
Australia (Continued)
Transurban Group (a)		15,039	$	146,443
Treasury Wine Estates Ltd.		4,160		35,882
Vicinity Centres REIT		15,262		18,441
Washington H Soul Pattinson & Co. Ltd.		1,090		24,149
Wesfarmers Ltd.		5,894		238,900
Westpac Banking Corp.		18,814		275,205
WiseTech Global Ltd.		896		33,513
Woodside Petroleum Ltd.		5,090		77,757
Woolworths Group Ltd.		6,488		188,791

(Cost $5,521,816)				6,021,566

Austria — 0.1%
Erste Group Bank AG		1,763		77,118
OMV AG		824		43,893
Raiffeisen Bank International AG		827		24,592
Verbund AG		320		33,569
voestalpine AG		506		17,147

(Cost $170,829)				196,319

Belgium — 0.5%
Ageas SA/NV		760		39,329
Anheuser-Busch InBev SA/NV		3,902		217,966
Elia Group SA/NV		257		32,032
Etablissements Franz Colruyt NV		262		12,284
Groupe Bruxelles Lambert SA		577		62,506
KBC Group NV		1,274		106,948
Proximus SADP (b)		845		15,352
Sofina SA		71		32,917
Solvay SA		410		45,996
UCB SA		595		64,874
Umicore SA		1,031		50,290

(Cost $799,137)				680,494

Brazil — 0.8%
Ambev SA		24,810		70,875
Americanas SA*		1,806		9,740
Atacadao SA		1,728		4,712
B3 SA — Brasil Bolsa Balcao		31,865		62,972
Banco Bradesco SA		6,398		19,370
Banco BTG Pactual SA		6,203		23,105
Banco do Brasil SA		3,608		20,434
Banco Inter SA		1,197		7,714
Banco Santander Brasil SA		2,049		12,013
BB Seguridade Participacoes SA		5,043		18,730
BRF SA*		2,728		9,584
CCR SA		5,921		12,965
Centrais Eletricas Brasileiras SA		1,047		6,077
Cia de Saneamento Basico do Estado de Sao Paulo		1,764		10,568
Cia Siderurgica Nacional SA		2,953		11,430
Cosan SA		5,775		21,829
Energisa SA		1,284		10,390
Engie Brasil Energia SA		1,304		8,937
Equatorial Energia SA		4,715		18,929
Hapvida Participacoes e Investimentos SA, 144A		5,245		10,179
Hypera SA		1,860		8,973


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


	Number of Shares		Value
Brazil (Continued)
JBS SA		5,044	$	31,986
Klabin SA		2,672		11,345
Localiza Rent a Car SA		2,709		24,628
Lojas Renner SA		6,128		31,011
Magazine Luiza SA		14,268		19,796
Natura & Co. Holding SA*		6,051		28,727
Notre Dame Intermedica Participacoes SA		2,765		30,228
Petroleo Brasileiro SA		19,845		106,394
Raia Drogasil SA		4,370		17,397
Rede D’Or Sao Luiz SA, 144A		2,304		20,561
Rumo SA*		5,811		18,161
Suzano SA*		3,531		35,273
Telefonica Brasil SA		3,863		34,556
TIM SA		3,349		8,221
TOTVS SA		1,919		10,817
Ultrapar Participacoes SA		3,444		8,840
Vale SA		20,178		251,065
Via S/A*		5,215		5,260
Vibra Energia SA		5,262		20,367
WEG SA		7,976		45,726

(Cost $1,148,889)				1,139,885

Canada — 7.2%
Agnico Eagle Mines Ltd.		1,329		66,250
Air Canada*		941		15,322
Algonquin Power & Utilities Corp.		3,019		40,861
Alimentation Couche-Tard, Inc., Class B		4,288		157,093
AltaGas Ltd.		1,184		22,522
Ballard Power Systems, Inc.*		1,119		17,038
Bank of Montreal		3,444		358,675
Bank of Nova Scotia		6,119		382,147
Barrick Gold Corp.		6,266		119,095
Barrick Gold Corp.		2,794		53,806
BCE, Inc.		420		21,137
BlackBerry Ltd.*		2,629		25,046
Brookfield Asset Management, Inc., Class A		7,275		406,277
CAE, Inc.*		1,666		40,038
Cameco Corp.		1,874		43,701
Canadian Apartment Properties REIT		401		17,849
Canadian Imperial Bank of Commerce		2,283		254,580
Canadian National Railway Co.		3,657		463,362
Canadian Natural Resources Ltd.		6,093		249,167
Canadian Pacific Railway Ltd.		3,360		235,143
Canadian Tire Corp. Ltd., Class A		265		35,025
Canadian Utilities Ltd., Class A		732		19,654
Canopy Growth Corp.*		1,085		11,653
CCL Industries, Inc., Class B		836		41,026
Cenovus Energy, Inc.		6,904		81,932
CGI, Inc.*		1,107		92,480
Constellation Software, Inc.		100		170,159
Dollarama, Inc.		1,520		65,657
Emera, Inc.		1,304		59,910
Empire Co. Ltd., Class A		944		27,069
Enbridge, Inc.		10,226		383,680
Fairfax Financial Holdings Ltd.		146		64,797
First Quantum Minerals Ltd.		3,116		66,420


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

(Cost $7,541,763)				9,928,694


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


	Number of Shares		Value
Chile — 0.1%
Antofagasta PLC		2,299	$	42,194
Banco de Chile		190,744		18,443
Banco de Credito e Inversiones SA		205		6,938
Banco Santander Chile		312,455		13,973
Cencosud SA		8,433		13,454
Empresas CMPC SA		4,132		6,692
Empresas COPEC SA		1,142		8,424
Enel Americas SA		168,740		21,745
Enel Chile SA		123,794		5,386
Falabella SA		2,985		9,236

(Cost $180,484)				146,485

China — 9.1%
360 DigiTech, Inc., ADR*		473		11,011
360 Security Technology, Inc., Class A*		3,700		6,951
3SBio, Inc., 144A*		10,076		8,618
51job, Inc., ADR*		134		7,732
AAC Technologies Holdings, Inc.		3,752		16,359
AECC Aviation Power Co. Ltd., Class A		1,000		10,106
Agile Group Holdings Ltd.		7,637		5,034
Agora, Inc., ADR*		378		7,900
Agricultural Bank of China Ltd., Class A		19,900		9,096
Agricultural Bank of China Ltd., Class H		141,363		46,589
Aier Eye Hospital Group Co. Ltd., Class A		1,205		8,078
Air China Ltd., Class H*		10,436		6,571
Airtac International Group		527		16,205
Akeso, Inc., 144A*		2,000		12,721
Alibaba Group Holding Ltd.*		77,918		1,271,988
A-Living Smart City Services Co. Ltd., 144A		1,682		3,965
Aluminum Corp. of China Ltd., Class H*		19,623		9,638
Anhui Conch Cement Co. Ltd., Class A		1,200		6,827
Anhui Conch Cement Co. Ltd., Class H		5,526		25,121
Anhui Gujing Distillery Co. Ltd., Class B		1,210		16,741
ANTA Sports Products Ltd.		5,749		91,565
Asymchem Laboratories Tianjin Co. Ltd., Class A		200		16,120
Autohome, Inc., ADR		352		12,028
AviChina Industry & Technology Co. Ltd., Class H		23,032		15,181
Baidu, Inc., ADR*		1,458		218,467
Bank of Beijing Co. Ltd., Class A		11,100		7,637
Bank of China Ltd., Class A		16,800		8,048
Bank of China Ltd., Class H		393,799		136,855
Bank of Communications Co. Ltd., Class A		13,200		9,475
Bank of Communications Co. Ltd., Class H		49,017		28,538
Bank of Hangzhou Co. Ltd., Class A		4,400		9,510
Bank of Jiangsu Co. Ltd., Class A		13,000		12,027
Bank of Nanjing Co. Ltd., Class A		8,600		12,252
Bank of Ningbo Co. Ltd., Class A (c)		3,100		18,932
Bank of Shanghai Co. Ltd., Class A		5,590		6,278
Baoshan Iron & Steel Co. Ltd., Class A		10,200		10,446
BeiGene Ltd., ADR*		242		84,102
Beijing Capital International Airport Co. Ltd., Class H*		6,836		3,980
Beijing Kingsoft Office Software, Inc., Class A		256		10,891


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


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


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


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


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


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


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


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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

(Cost $11,681,325)				12,673,870

Colombia — 0.0%
Bancolombia SA		1,060		8,589
Ecopetrol SA		23,874		15,537
Grupo de Inversiones Suramericana SA		1,654		10,413
Interconexion Electrica SA ESP		1,750		9,768

(Cost $37,329)				44,307

Cyprus — 0.0%
TCS Group Holding PLC, GDR (Cost $33,089)		580		56,759


	Number of Shares		Value
Czech Republic — 0.0%
CEZ AS		888	$	29,017
Komercni Banka AS		568		21,730

(Cost $38,435)				50,747

Denmark — 1.7%
A.P. Moller — Maersk A/S, Class A		16		45,796
A.P. Moller — Maersk A/S, Class B		33		99,511
Ambu A/S, Class B		889		25,188
Carlsberg A/S, Class B		477		74,193
Chr Hansen Holding A/S		511		38,018
Coloplast A/S, Class B		577		94,410
Danske Bank A/S		3,145		51,939
Demant A/S*		610		29,180
DSV A/S		1,020		222,111
Genmab A/S*		334		129,265
GN Store Nord AS		692		39,782
Novo Nordisk A/S, Class B		8,652		929,742
Novozymes A/S, Class B		1,072		81,261
Orsted AS, 144A		1,007		129,725
Pandora A/S		498		61,815
ROCKWOOL International A/S, Class B		44		18,331
Tryg A/S		1,896		45,956
Vestas Wind Systems A/S		5,267		176,696

(Cost $1,388,754)				2,292,919

Egypt — 0.0%
Commercial International Bank Egypt SAE*		7,798		25,450
Eastern Co. SAE		4,376		3,109

(Cost $27,118)				28,559

Finland — 0.8%
Elisa OYJ		799		47,989
Fortum OYJ		2,506		72,217
Kesko OYJ, Class B		1,255		39,482
Kone OYJ, Class B		1,688		111,492
Neste OYJ		2,256		106,870
Nokia OYJ*		28,777		160,390
Nordea Bank Abp		16,123		191,570
Orion OYJ, Class B		650		26,752
Sampo OYJ, Class A		2,390		117,609
Stora Enso OYJ, Class R		3,025		51,374
UPM-Kymmene OYJ		2,621		95,268
Wartsila OYJ Abp		2,465		34,343

(Cost $950,436)				1,055,356

France — 6.8%
Accor SA*		908		26,949
Aeroports de Paris*		138		16,136
Air Liquide SA		2,426		401,199
Airbus SE*		3,013		337,331
Alstom SA (b)		1,691		60,371
Amundi SA, 144A		350		29,155
Arkema SA		305		39,986
AXA SA		9,905		273,530
BioMerieux		217		30,812
BNP Paribas SA		5,683		354,996
Bollore SA		3,502		18,810


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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

(Cost $7,432,464)				9,370,647


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

(Cost $6,349,524)				6,904,910


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


	Number of Shares		Value
Greece — 0.1%
Alpha Services and Holdings SA*		11,100	$	13,067
Eurobank Ergasias Services and Holdings SA*		15,253		15,205
FF Group*(c)		197		1,073
Hellenic Telecommunications Organization SA		1,504		26,020
JUMBO SA		741		10,412
OPAP SA		889		12,371
Public Power Corp. SA*		1,072		11,440

(Cost $87,511)				89,588

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


	Number of Shares		Value
Hong Kong (Continued)
Henderson Land Development Co. Ltd.		6,894	$	28,202
HK Electric Investments & HK Electric Investments Ltd. (a)		12,131		11,870
HKT Trust & HKT Ltd. (a)		16,894		22,921
Hong Kong & China Gas Co. Ltd.		59,641		89,026
Hong Kong Exchanges & Clearing Ltd.		6,144		338,795
Hongkong Land Holdings Ltd.		6,700		36,180
Hopson Development Holdings Ltd.		3,520		8,577
Huabao International Holdings Ltd.		5,625		16,194
Hutchmed China Ltd., ADR*		304		10,293
Jardine Matheson Holdings Ltd.		1,021		57,778
Kingboard Holdings Ltd.		2,849		14,285
Kingboard Laminates Holdings Ltd.		7,089		12,564
Kunlun Energy Co. Ltd.		15,562		14,648
Link REIT		12,684		109,956
Melco Resorts & Entertainment Ltd., ADR*		1,344		13,117
MTR Corp. Ltd.		7,377		39,354
New World Development Co. Ltd.		12,077		47,701
Nine Dragons Paper Holdings Ltd.		12,014		13,496
Power Assets Holdings Ltd.		6,710		40,399
Shenzhen International Holdings Ltd.		4,309		4,697
Shimao Group Holdings Ltd.		6,017		6,944
Sino Biopharmaceutical Ltd.		47,813		34,888
Sino Land Co. Ltd.		15,642		18,695
SITC International Holdings Co. Ltd.		7,577		30,364
Sun Hung Kai Properties Ltd.		6,695		81,391
Swire Pacific Ltd., Class A		2,671		14,780
Swire Properties Ltd.		5,983		14,209
Techtronic Industries Co. Ltd.		7,091		146,312
Vinda International Holdings Ltd. (b)		3,290		8,902
WH Group Ltd., 144A		63,286		39,686
Wharf Holdings Ltd.		5,552		19,401
Wharf Real Estate Investment Co. Ltd.		7,713		39,069
Xinyi Glass Holdings Ltd.		8,402		20,493
Yuexiu Property Co. Ltd.		5,314		4,961

(Cost $3,097,513)				3,256,844

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		1,707		12,837
OTP Bank Nyrt*		1,264		69,994
Richter Gedeon Nyrt		779		20,732

(Cost $77,652)				103,563

India — 3.5%
ACC Ltd.		400		12,169
Adani Enterprises Ltd.		1,325		29,317
Adani Green Energy Ltd.*		1,753		30,216
Adani Ports & Special Economic Zone Ltd.		2,391		21,757
Adani Total Gas Ltd.		1,272		27,078
Adani Transmission Ltd.*		1,270		30,410
Ambuja Cements Ltd.		4,048		20,177
Apollo Hospitals Enterprise Ltd.		476		36,025
Asian Paints Ltd.		1,992		83,326
Aurobindo Pharma Ltd.		998		8,768
Avenue Supermarts Ltd., 144A*		1,043		65,380
Axis Bank Ltd.*		12,278		107,117
Bajaj Auto Ltd.		458		19,747


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


	Number of Shares		Value
India (Continued)
Maruti Suzuki India Ltd.		785	$	73,826
Mindtree Ltd.		425		24,479
Motherson Sumi Systems Ltd.		5,715		15,958
Mphasis Ltd.		567		21,843
MRF Ltd.		18		17,875
Muthoot Finance Ltd.		540		10,248
Nestle India Ltd.		151		38,482
NTPC Ltd.		32,771		55,489
Oil & Natural Gas Corp. Ltd.		12,131		22,938
Page Industries Ltd.		15		7,663
Petronet LNG Ltd.		3,652		10,684
PI Industries Ltd.		318		12,142
Pidilite Industries Ltd.		786		23,070
Piramal Enterprises Ltd.		437		14,062
Power Grid Corp. of India Ltd.		20,114		55,335
Reliance Industries Ltd.		14,584		466,789
SBI Cards & Payment Services Ltd.*		822		10,396
SBI Life Insurance Co. Ltd., 144A		2,058		31,781
Shree Cement Ltd.		32		11,114
Shriram Transport Finance Co. Ltd.		903		16,902
Siemens Ltd.		413		11,826
SRF Ltd.		984		26,263
State Bank of India		9,814		60,142
Sun Pharmaceutical Industries Ltd.		4,538		45,505
Tata Consultancy Services Ltd.		4,744		222,778
Tata Consumer Products Ltd.		3,320		34,396
Tata Motors Ltd.*		7,221		44,064
Tata Power Co. Ltd.		8,273		23,866
Tata Steel Ltd.		3,409		48,591
Tech Mahindra Ltd.		3,239		66,435
Titan Co. Ltd.		1,841		58,192
Torrent Pharmaceuticals Ltd.		248		10,039
Trent Ltd.		962		12,985
UltraTech Cement Ltd.		466		46,095
United Spirits Ltd.*		1,528		17,952
UPL Ltd.		2,430		22,042
Vedanta Ltd.		5,028		22,670
Wipro Ltd.		7,795		66,097
Yes Bank Ltd.*		56,316		9,292
Zomato Ltd.*		9,586		19,458

(Cost $3,775,207)				4,878,166

Indonesia — 0.4%
PT Adaro Energy Tbk		30,996		3,679
PT Astra International Tbk		105,187		42,413
PT Bank Central Asia Tbk		252,785		128,400
PT Bank Mandiri Persero Tbk		103,803		50,733
PT Bank Negara Indonesia Persero Tbk		38,214		18,143
PT Bank Rakyat Indonesia Persero Tbk		358,404		102,348
PT Barito Pacific Tbk		131,246		8,431
PT Charoen Pokphand Indonesia Tbk		42,509		18,031
PT Gudang Garam Tbk		4,533		9,938
PT Indah Kiat Pulp & Paper Tbk		19,084		10,060
PT Indofood CBP Sukses Makmur Tbk		13,972		8,243
PT Indofood Sukses Makmur Tbk		18,861		8,296
PT Kalbe Farma Tbk		117,214		13,094
PT Merdeka Copper Gold Tbk*		69,800		17,837


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


	Number of Shares		Value
Indonesia (Continued)
PT Sarana Menara Nusantara Tbk		151,046	$	12,233
PT Semen Indonesia Persero Tbk		21,235		11,861
PT Telkom Indonesia Persero Tbk		271,038		75,506
PT Tower Bersama Infrastructure Tbk		44,462		9,375
PT Unilever Indonesia Tbk		43,218		13,518
PT United Tractors Tbk		10,339		15,412

(Cost $528,372)				577,551

Ireland — 0.7%
CRH PLC		3,961		192,804
DCC PLC		567		41,761
Experian PLC		4,745		213,299
Flutter Entertainment PLC*		827		112,314
Flutter Entertainment PLC*		48		6,505
James Hardie Industries PLC CDI		2,280		90,480
Kerry Group PLC, Class A		820		100,994
Kingspan Group PLC		850		98,519
Smurfit Kappa Group PLC		1,139		58,154

(Cost $682,669)				914,830

Israel — 0.5%
Azrieli Group Ltd.		228		20,825
Bank Hapoalim BM		5,768		56,382
Bank Leumi Le-Israel BM		6,695		64,784
Check Point Software Technologies Ltd.*		525		58,438
CyberArk Software Ltd.*		206		35,607
Elbit Systems Ltd.		131		19,168
Fiverr International Ltd.*		159		22,518
ICL Group Ltd.		3,526		30,898
Inmode Ltd.*		305		23,180
Israel Discount Bank Ltd., Class A*		7,337		45,089
Kornit Digital Ltd.*		254		39,347
Mizrahi Tefahot Bank Ltd.		725		26,797
Nice Ltd.*		329		93,837
Teva Pharmaceutical Industries Ltd., ADR*		5,675		46,819
Wix.com Ltd.*		270		41,256

(Cost $592,018)				624,945

Italy — 1.3%
Amplifon SpA		610		29,830
Assicurazioni Generali SpA		5,602		112,643
Atlantia SpA*		2,637		48,239
Davide Campari-Milano NV		3,072		44,839
DiaSorin SpA		136		29,112
Enel SpA		41,159		313,072
Eni SpA		12,902		170,348
Ferrari NV		656		172,378
FinecoBank Banca Fineco SpA		3,312		58,183
Infrastrutture Wireless Italiane SpA, 144A		1,980		22,758
Intesa Sanpaolo SpA		83,965		201,448
Mediobanca Banca di Credito Finanziario SpA (b)		3,818		42,304
Moncler SpA		1,114		80,958
Nexi SpA, 144A*		2,301		35,373
Poste Italiane SpA, 144A		2,466		31,155
Prysmian SpA		1,356		50,426
Recordati Industria Chimica e Farmaceutica SpA		575		36,153


	Number of Shares		Value
Italy (Continued)
Snam SpA		10,367	$	58,480
Telecom Italia SpA		46,063		24,030
Terna — Rete Elettrica Nazionale		7,685		57,314
UniCredit SpA		10,325		125,175

(Cost $1,574,002)				1,744,218

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


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


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


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


	Number of Shares		Value
Japan (Continued)
Sysmex Corp.		800	$	100,217
T&D Holdings, Inc.		2,900		34,430
Taisei Corp.		900		26,355
Taisho Pharmaceutical Holdings Co. Ltd.		100		4,937
Takeda Pharmaceutical Co. Ltd.		8,087		216,851
TDK Corp.		1,800		71,659
Terumo Corp.		3,500		143,301
TIS, Inc.		1,100		34,158
Tobu Railway Co. Ltd.		1,092		24,780
Toho Co. Ltd.		500		22,338
Tokio Marine Holdings, Inc.		3,234		163,309
Tokyo Century Corp.		200		9,590
Tokyo Electric Power Co. Holdings, Inc.*		8,000		21,445
Tokyo Electron Ltd.		798		422,456
Tokyo Gas Co. Ltd.		1,700		29,252
Tokyu Corp.		3,400		47,254
TOPPAN, Inc.		1,500		22,865
Toray Industries, Inc.		7,200		42,091
Toshiba Corp.		2,051		82,142
Tosoh Corp.		900		12,986
TOTO Ltd.		640		28,480
Toyo Suisan Kaisha Ltd.		400		16,278
Toyota Industries Corp.		800		65,962
Toyota Motor Corp.		54,720		968,680
Toyota Tsusho Corp.		1,000		43,836
Trend Micro, Inc.		600		34,768
Tsuruha Holdings, Inc.		200		22,648
Unicharm Corp.		2,005		86,703
USS Co. Ltd.		1,100		16,213
Welcia Holdings Co. Ltd.		400		14,243
West Japan Railway Co.		1,000		43,332
Yakult Honsha Co. Ltd.		700		35,113
Yamaha Corp.		700		36,042
Yamaha Motor Co. Ltd.		1,300		32,881
Yamato Holdings Co. Ltd.		1,400		31,013
Yaskawa Electric Corp.		1,300		58,539
Yokogawa Electric Corp.		961		18,151
Z Holdings Corp.		14,200		94,470
ZOZO, Inc.		633		20,244

(Cost $16,084,962)				19,766,348

Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $28,314)		868		25,570

Kuwait — 0.2%
Agility Public Warehousing Co. KSC		5,817		17,730
Boubyan Bank KSCP*		4,865		12,191
Kuwait Finance House KSCP		25,549		66,892
Mobile Telecommunications Co. KSCP		11,344		21,338
National Bank of Kuwait SAKP		35,195		114,485

(Cost $194,602)				232,636

Luxembourg — 0.2%
ArcelorMittal SA		3,711		100,713
Aroundtown SA		5,086		30,570
Eurofins Scientific SE		692		88,635
Reinet Investments SCA		743		12,307
Tenaris SA		2,552		25,070

(Cost $238,019)				257,295


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


	Number of Shares		Value
Macau — 0.0%
Sands China Ltd.* (Cost $43,881)		9,660	$	22,199

Malaysia — 0.4%
AMMB Holdings Bhd*		6,287		4,717
Axiata Group Bhd		13,276		12,294
CIMB Group Holdings Bhd		40,781		50,159
Dialog Group Bhd		16,100		9,787
DiGi.Com Bhd		21,544		21,332
Fraser & Neave Holdings Bhd		800		4,863
Genting Bhd		10,100		10,552
Genting Malaysia Bhd		21,700		14,273
HAP Seng Consolidated Bhd		2,069		3,734
Hartalega Holdings Bhd		9,900		15,256
Hong Leong Bank Bhd		5,082		21,817
Hong Leong Financial Group Bhd		1,753		7,159
IHH Healthcare Bhd		7,891		12,329
Inari Amertron Bhd		21,000		20,893
IOI Corp. Bhd		12,200		10,660
Kuala Lumpur Kepong Bhd		1,320		6,594
Malayan Banking Bhd		20,504		38,851
Malaysia Airports Holdings Bhd*		9,100		12,381
Maxis Bhd		13,500		15,002
MISC Bhd		6,700		10,579
Nestle Malaysia Bhd		300		9,517
Petronas Chemicals Group Bhd		9,057		18,280
Petronas Dagangan Bhd		1,500		7,088
Petronas Gas Bhd		4,741		18,935
PPB Group Bhd		1,840		7,785
Press Metal Aluminium Holdings Bhd		11,000		13,974
Public Bank Bhd		71,000		66,423
QL Resources Bhd		7,800		8,427
RHB Bank Bhd		7,059		8,850
Sime Darby Plantation Bhd		13,111		11,456
Telekom Malaysia Bhd		4,400		5,809
Tenaga Nasional Bhd		12,300		26,986
Top Glove Corp. Bhd		19,800		13,775
Westports Holdings Bhd		5,300		5,097

(Cost $545,427)				525,634

Mexico — 0.5%
Alfa SAB de CV, Class A		18,971		13,563
America Movil SAB de CV, Series L		191,902		168,342
Arca Continental SAB de CV		2,131		12,996
Becle SAB de CV		4,808		11,012
Cemex SAB de CV, Series CPO*		79,244		49,152
Coca-Cola Femsa SAB de CV		2,724		13,378
Fibra Uno Administracion SA de CV REIT		10,095		9,275
Fomento Economico Mexicano SAB de CV		10,678		75,918
Gruma SAB de CV, Class B		1,161		14,073
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		2,082		24,050
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,116		20,445
Grupo Bimbo SAB de CV, Series A		8,514		22,323
Grupo Carso SAB de CV, Series A1		3,539		10,294
Grupo Financiero Banorte SAB de CV, Class O		13,925		83,209


	Number of Shares		Value
Mexico (Continued)
Grupo Financiero Inbursa SAB de CV, Class O*		13,814	$	13,329
Grupo Mexico SAB de CV, Series B		14,862		62,186
Grupo Televisa SAB, Series CPO		12,957		23,935
Industrias Penoles SAB de CV		525		6,437
Kimberly-Clark de Mexico SAB de CV, Class A		7,311		11,480
Megacable Holdings SAB de CV, Series CPO		2,305		6,390
Orbia Advance Corp. SAB de CV		5,998		13,969
Wal-Mart de Mexico SAB de CV		29,113		91,483

(Cost $805,968)				757,239

Netherlands — 3.9%
ABN AMRO Bank NV, 144A		2,234		31,923
Adyen NV, 144A*		99		274,795
Aegon NV		8,104		35,945
Akzo Nobel NV		942		99,269
Argenx SE*		249		69,751
ASM International NV		240		108,003
ASML Holding NV		2,167		1,719,334
Euronext NV, 144A		460		45,308
EXOR NV		490		43,179
Heineken Holding NV		587		48,964
Heineken NV		1,257		125,364
IMCD NV		325		72,279
ING Groep NV		20,162		279,145
JDE Peet’s NV		507		13,857
Just Eat Takeaway.com NV, 144A*		902		56,457
Koninklijke Ahold Delhaize NV		5,444		183,060
Koninklijke DSM NV		900		194,084
Koninklijke KPN NV		17,209		50,763
Koninklijke Philips NV		4,702		166,349
NN Group NV		1,363		67,922
Prosus NV*		4,822		387,835
QIAGEN NV*		1,119		62,184
Randstad NV		656		41,454
Royal Dutch Shell PLC, Class A		21,018		440,817
Royal Dutch Shell PLC, Class B		19,035		399,329
Stellantis NV		10,535		180,889
Universal Music Group NV		3,525		101,182
Wolters Kluwer NV		1,360		153,096

(Cost $4,074,760)				5,452,537

New Zealand — 0.2%
Auckland International Airport Ltd.*		5,276		28,447
Fisher & Paykel Healthcare Corp. Ltd.		3,034		69,017
Mercury NZ Ltd.		2,422		9,951
Meridian Energy Ltd.		7,121		23,085
Ryman Healthcare Ltd. (b)		2,525		21,197
Spark New Zealand Ltd.		10,559		33,150
Xero Ltd.*		639		65,976

(Cost $197,294)				250,823

Norway — 0.4%
Adevinta ASA*		1,461		20,935
Aker BP ASA		661		20,931
DNB Bank ASA		4,483		98,239


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


	Number of Shares		Value
Norway (Continued)
Equinor ASA		4,888	$	123,598
Gjensidige Forsikring ASA		1,151		26,139
Mowi ASA		2,402		54,761
Norsk Hydro ASA		7,606		49,532
Orkla ASA		4,034		36,939
Schibsted ASA, Class A		273		12,203
Schibsted ASA, Class B		602		23,256
Telenor ASA		3,557		52,640
Yara International ASA		904		44,538

(Cost $508,811)				563,711

Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR*(b)		1,102		8,056
Credicorp Ltd.		323		38,114
Southern Copper Corp.		427		24,979

(Cost $88,371)				71,149

Philippines — 0.2%
Aboitiz Equity Ventures, Inc.		4,000		3,898
AC Energy Corp.		59,400		13,298
Ayala Corp.		1,460		24,225
Ayala Land, Inc.		38,500		26,362
Bank of the Philippine Islands		11,880		21,456
BDO Unibank, Inc.		10,090		24,832
Globe Telecom, Inc.		160		10,422
GT Capital Holdings, Inc.		1		11
International Container Terminal Services, Inc.		5,540		21,760
JG Summit Holdings, Inc.		23,280		26,129
Jollibee Foods Corp.		1,750		8,162
Manila Electric Co.		930		5,316
Metropolitan Bank & Trust Co.		491		486
Monde Nissin Corp., 144A*		39,200		13,242
PLDT, Inc.		240		8,002
SM Investments Corp.		1,155		22,465
SM Prime Holdings, Inc.		52,000		38,599
Universal Robina Corp.		4,820		12,723

(Cost $256,324)				281,388

Poland — 0.2%
Allegro.eu SA, 144A*		1,913		18,335
Bank Polska Kasa Opieki SA		822		23,766
CD Projekt SA		356		15,841
Cyfrowy Polsat SA		1,085		9,267
Dino Polska SA, 144A*		338		27,997
InPost SA*		915		10,206
KGHM Polska Miedz SA		713		24,486
LPP SA		6		19,546
Orange Polska SA*		3,647		7,579
PGE Polska Grupa Energetyczna SA*		4,845		9,777
Polski Koncern Naftowy ORLEN SA		1,623		28,404
Polskie Gornictwo Naftowe i Gazownictwo SA		6,505		8,768
Powszechna Kasa Oszczednosci Bank Polski SA*		4,919		52,146
Powszechny Zaklad Ubezpieczen SA		3,365		29,445
Santander Bank Polska SA		155		13,763

(Cost $288,366)				299,326


	Number of Shares		Value
Portugal — 0.1%
EDP — Energias de Portugal SA		14,154	$	77,596
Galp Energia SGPS SA		2,789		26,152
Jeronimo Martins SGPS SA		1,145		24,951

(Cost $117,856)				128,699

Qatar — 0.2%
Barwa Real Estate Co.		8,950		7,598
Commercial Bank PSQC		8,970		16,137
Industries Qatar QSC		6,257		24,952
Masraf Al Rayan QSC		16,472		21,941
Mesaieed Petrochemical Holding Co.		20,910		11,945
Ooredoo QPSC		1,983		3,703
Qatar Electricity & Water Co. QSC		1,690		7,659
Qatar Fuel QSC		1,750		8,748
Qatar Gas Transport Co. Ltd.		18,209		16,504
Qatar International Islamic Bank QSC		4,987		12,752
Qatar Islamic Bank SAQ		7,732		36,526
Qatar National Bank QPSC		23,103		123,034

(Cost $234,516)				291,499

Romania — 0.0%
NEPI Rockcastle PLC (Cost $27,523)		2,300		14,266

Russia — 1.0%
Alrosa PJSC		14,578		25,322
Gazprom PJSC		60,473		276,184
Inter RAO UES PJSC		190,879		11,035
LUKOIL PJSC		2,094		186,421
Magnit PJSC, GDR		2,026		31,302
Norilsk Nickel PJSC		336		98,511
Mobile TeleSystems PJSC, ADR		2,755		22,067
Moscow Exchange MICEX-RTS PJSC		7,741		15,864
Novatek PJSC, GDR		467		102,320
Novolipetsk Steel PJSC		6,595		19,270
Ozon Holdings PLC, ADR*		306		12,588
PhosAgro PJSC, GDR		600		13,236
Polymetal International PLC		1,658		31,107
Polyus PJSC		188		36,821
Rosneft Oil Co. PJSC		5,827		44,745
Sberbank of Russia PJSC		54,998		236,664
Severstal PAO		1,187		25,278
Surgutneftegas PJSC		28,260		14,100
Tatneft PJSC		7,194		46,341
United Co RUSAL International PJSC*		19,590		18,297
VK Co. Ltd., GDR*		432		7,317
VTB Bank PJSC		16,181,878		10,456
X5 Retail Group NV, GDR		607		17,103
Yandex NV, Class A*		1,504		109,497

(Cost $1,124,786)				1,411,846

Saudi Arabia — 0.9%
Advanced Petrochemical Co.		842		15,374
Al Rajhi Bank		6,479		228,309
Alinma Bank		4,886		29,668
Almarai Co. JSC		788		10,051
Arab National Bank		2,656		15,490
Bank AlBilad*		2,759		31,550


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


	Number of Shares		Value
Saudi Arabia (Continued)
Bank Al-Jazira		1,168	$	5,654
Banque Saudi Fransi		2,705		28,985
Bupa Arabia for Cooperative Insurance Co.		297		10,687
Dar Al Arkan Real Estate Development Co*		4,027		9,822
Dr Sulaiman Al Habib Medical Services Group Co.		193		8,447
Etihad Etisalat Co.		2,362		19,769
Jarir Marketing Co.		225		11,119
Mobile Telecommunications Co. Saudi Arabia*		2,628		8,588
Mouwasat Medical Services Co.		305		13,886
National Industrialization Co.*		3,705		19,850
National Petrochemical Co.		769		8,199
Rabigh Refining & Petrochemical Co.*		1,926		11,294
Riyad Bank		6,677		49,834
SABIC Agri-Nutrients Co.		1,037		47,709
Sahara International Petrochemical Co.		2,629		26,945
Saudi Arabian Mining Co.*		2,145		40,881
Saudi Arabian Oil Co., 144A		10,456		96,572
Saudi Basic Industries Corp.		4,800		138,437
Saudi British Bank		3,759		30,059
Saudi Cement Co.		623		9,233
Saudi Electricity Co.		6,330		39,820
Saudi Industrial Investment Group		1,267		10,216
Saudi Kayan Petrochemical Co.*		4,804		21,359
Saudi National Bank		11,218		180,608
Saudi Telecom Co.		3,198		94,620
Savola Group		735		6,113
Yanbu National Petrochemical Co.		1,170		19,866

(Cost $1,090,119)				1,299,014

Singapore — 0.8%
Ascendas Real Estate Investment Trust REIT		15,646		33,481
BOC Aviation Ltd., 144A		736		5,196
CapitaLand Integrated Commercial Trust REIT		28,140		43,513
Capitaland Investment Ltd.*		13,257		32,643
City Developments Ltd.		1,600		8,231
DBS Group Holdings Ltd.		9,206		201,519
Genting Singapore Ltd.		40,200		22,684
JOYY, Inc., ADR (b)		268		13,722
Keppel Corp. Ltd.		7,800		29,153
Mapletree Commercial Trust REIT		7,000		10,465
Mapletree Logistics Trust REIT		9,652		13,157
Oversea-Chinese Banking Corp. Ltd.		17,265		138,925
Sea Ltd., ADR*		720		207,411
Singapore Airlines Ltd.*		8,050		28,730
Singapore Exchange Ltd.		4,393		28,749
Singapore Technologies Engineering Ltd.		8,730		24,375
Singapore Telecommunications Ltd.		44,100		76,271
United Overseas Bank Ltd.		6,322		118,003
UOL Group Ltd.		1,500		7,563
Venture Corp. Ltd.		1,500		20,347
Wilmar International Ltd.		9,037		27,219

(Cost $1,107,367)				1,091,357


	Number of Shares		Value
South Africa — 0.9%
Absa Group Ltd. (b)		3,570	$	30,077
African Rainbow Minerals Ltd.		563		7,292
Anglo American Platinum Ltd.		333		35,613
AngloGold Ashanti Ltd.		1,885		40,899
Aspen Pharmacare Holdings Ltd.		1,936		29,002
Bid Corp. Ltd.		1,678		32,176
Bidvest Group Ltd.		1,829		20,791
Capitec Bank Holdings Ltd.		403		46,191
Clicks Group Ltd.		1,283		22,869
Discovery Ltd.*		2,493		20,891
Exxaro Resources Ltd.		1,065		10,165
FirstRand Ltd.		26,051		91,445
Gold Fields Ltd.		4,390		51,973
Growthpoint Properties Ltd. REIT		15,906		13,351
Harmony Gold Mining Co. Ltd.		2,006		8,627
Impala Platinum Holdings Ltd.		4,311		54,846
Kumba Iron Ore Ltd.		377		10,749
Mr Price Group Ltd.		1,001		12,524
MTN Group Ltd.*		9,063		92,077
MultiChoice Group		2,441		18,879
Naspers Ltd., Class N*		1,117		172,641
Nedbank Group Ltd.		2,464		25,590
Northam Platinum Holdings Ltd.*		1,927		26,919
Old Mutual Ltd.		18,588		14,200
Pepkor Holdings Ltd., 144A*		10,000		13,788
Rand Merchant Investment Holdings Ltd.		9,460		24,892
Remgro Ltd.		2,877		22,705
Sanlam Ltd.		10,218		35,591
Sasol Ltd.*		2,916		48,649
Shoprite Holdings Ltd.		2,858		35,428
Sibanye Stillwater Ltd.		12,234		38,798
SPAR Group Ltd.		854		8,731
Standard Bank Group Ltd.		6,796		55,393
Tiger Brands Ltd.		977		11,010
Vodacom Group Ltd.		3,172		26,626
Woolworths Holdings Ltd.		5,302		17,201

(Cost $1,161,782)				1,228,599

South Korea — 3.3%
Alteogen, Inc.*		130		7,518
Amorepacific Corp.		143		18,900
AMOREPACIFIC Group		63		2,188
BGF retail Co. Ltd.		34		4,179
Celltrion Healthcare Co. Ltd.*		464		31,639
Celltrion Pharm, Inc.*		53		5,354
Celltrion, Inc.*		481		83,818
Cheil Worldwide, Inc.		320		5,846
CJ CheilJedang Corp.		34		10,132
CJ ENM Co. Ltd.		120		13,718
Coway Co. Ltd.		253		14,419
DB Insurance Co. Ltd.		302		13,678
Doosan Bobcat, Inc.*		409		12,464
Doosan Heavy Industries & Construction Co. Ltd.*		1,368		21,881
Douzone Bizon Co. Ltd.		101		6,411
Ecopro BM Co. Ltd.		64		29,277
E-MART, Inc.		89		10,714


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


	Number of Shares		Value
South Korea (Continued)
POSCO Chemical Co. Ltd.		164	$	21,744
S-1 Corp.		77		4,764
Samsung Biologics Co. Ltd., 144A*		91		68,103
Samsung C&T Corp.		485		43,074
Samsung Electro-Mechanics Co. Ltd.		327		45,833
Samsung Electronics Co. Ltd.		24,558		1,474,017
Samsung Engineering Co. Ltd.*		550		9,607
Samsung Fire & Marine Insurance Co. Ltd.		131		22,276
Samsung Heavy Industries Co. Ltd.*		2,773		11,835
Samsung Life Insurance Co. Ltd.		377		18,979
Samsung SDI Co. Ltd.		287		166,223
Samsung SDS Co. Ltd.		146		17,637
Samsung Securities Co. Ltd.		383		14,299
SD Biosensor, Inc.*		464		22,811
Seegene, Inc.		160		10,196
Shin Poong Pharmaceutical Co. Ltd.		149		4,127
Shinhan Financial Group Co. Ltd.		2,493		72,719
SK Biopharmaceuticals Co. Ltd.*		223		17,890
SK Bioscience Co. Ltd.*		97		22,905
SK Chemicals Co. Ltd.		54		6,319
SK Hynix, Inc.		2,799		268,613
SK IE Technology Co. Ltd., 144A*		114		14,923
SK Innovation Co. Ltd.*		284		46,501
SK Square Co. Ltd.*		139		7,957
SK Telecom Co. Ltd.		215		9,864
SK, Inc.		145		31,676
SKC Co. Ltd.		85		14,168
S-Oil Corp.		231		15,537
Woori Financial Group, Inc.		2,236		23,717
Yuhan Corp.		204		9,926

(Cost $3,249,048)				4,631,716

Spain — 1.4%
ACS Actividades de Construccion y Servicios SA		1,324		31,848
Aena SME SA, 144A*		356		52,284
Amadeus IT Group SA*		2,292		146,812
Banco Bilbao Vizcaya Argentaria SA		34,180		182,286
Banco Santander SA		3,531		11,517
Banco Santander SA		84,056		262,152
CaixaBank SA		23,611		60,891
Cellnex Telecom SA, 144A*		2,626		154,983
EDP Renovaveis SA		1,511		38,762
Enagas SA		1,141		25,997
Endesa SA		1,742		39,186
Ferrovial SA		2,471		68,826
Grifols SA		1,408		25,278
Iberdrola SA		30,277		340,075
Industria de Diseno Textil SA		5,567		175,895
Naturgy Energy Group SA		990		27,283
Red Electrica Corp. SA		2,266		48,147
Repsol SA		7,039		78,161
Siemens Gamesa Renewable Energy SA*		1,318		35,171
Telefonica SA (b)		25,279		114,575

(Cost $2,247,264)				1,920,129


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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

(Cost $2,520,195)				3,152,198

Switzerland — 6.6%
ABB Ltd.		8,522		296,026
Adecco Group AG		730		34,033
Alcon, Inc.		2,549		201,910
Bachem Holding AG		37		26,761
Baloise Holding AG		257		38,520
Barry Callebaut AG		19		45,117
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		10		123,196
Cie Financiere Richemont SA		2,634		392,209


	Number of Shares		Value
Switzerland (Continued)
Clariant AG*		1,231	$	24,203
Coca-Cola HBC AG*		862		26,620
Credit Suisse Group AG		13,249		128,615
EMS-Chemie Holding AG		39		37,256
Geberit AG		186		142,592
Givaudan SA		48		235,281
Glencore PLC*		51,467		244,430
Holcim Ltd.*		2,794		135,280
Julius Baer Group Ltd.		1,100		68,585
Kuehne + Nagel International AG		269		77,267
Logitech International SA		900		71,428
Lonza Group AG		383		309,971
Nestle SA		14,341		1,843,296
Novartis AG		11,479		918,270
Partners Group Holding AG		116		200,904
Roche Holding AG		3,627		1,420,893
Roche Holding AG		155		64,496
Schindler Holding AG		100		24,923
Schindler Holding AG Participation Certificates		211		54,471
SGS SA		33		99,821
Sika AG		727		285,637
Sonova Holding AG		294		110,965
STMicroelectronics NV		3,589		175,531
Straumann Holding AG		54		115,111
Swatch Group AG — Bearer		168		49,665
Swatch Group AG — Registered		290		16,600
Swiss Life Holding AG		159		91,758
Swiss Prime Site AG		329		31,250
Swiss Re AG		1,520		143,117
Swisscom AG		122		67,827
Temenos AG		352		45,186
UBS Group AG		18,469		320,675
VAT Group AG, 144A		157		75,759
Vifor Pharma AG		236		26,529
Zurich Insurance Group AG		769		317,551

(Cost $6,903,234)				9,159,535

Taiwan — 4.3%
Accton Technology Corp.		2,826		29,323
Acer, Inc.		16,145		16,084
Advantech Co. Ltd.		1,562		21,460
ASE Technology Holding Co. Ltd.		16,687		61,216
Asia Cement Corp.		9,867		14,905
ASMedia Technology, Inc.		156		10,913
Asustek Computer, Inc.		2,962		37,552
AU Optronics Corp.		37,038		26,775
Catcher Technology Co. Ltd.		2,747		15,314
Cathay Financial Holding Co. Ltd.		39,943		86,194
Chailease Holding Co. Ltd.		6,249		55,513
Chang Hwa Commercial Bank Ltd.		22,356		13,186
Cheng Shin Rubber Industry Co. Ltd.		9,594		11,559
China Development Financial Holding Corp.		78,751		46,450
China Life Insurance Co. Ltd.		8,914		9,826
China Steel Corp.		62,447		73,105
Chunghwa Telecom Co. Ltd.		17,437		70,238


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


	Number of Shares		Value
Taiwan (Continued)
United Microelectronics Corp.		59,818	$	137,043
Vanguard International Semiconductor Corp.		4,502		25,097
Voltronic Power Technology Corp.		382		21,776
Wan Hai Lines Ltd.		3,300		18,574
Win Semiconductors Corp.		1,988		25,919
Winbond Electronics Corp.		12,252		14,123
Wistron Corp.		8,893		9,147
Wiwynn Corp.		519		19,599
WPG Holdings Ltd.		10,759		19,464
Yageo Corp.		2,101		34,495
Yang Ming Marine Transport Corp.*		7,000		29,078
Yuanta Financial Holding Co. Ltd.		50,529		43,070
Zhen Ding Technology Holding Ltd.		2,151		7,581

(Cost $3,128,726)				6,026,159

Thailand — 0.5%
Advanced Info Service PCL, NVDR		6,800		41,570
Airports of Thailand PCL, NVDR		24,100		42,732
Bangkok Dusit Medical Services PCL, NVDR		56,000		37,059
Bangkok Expressway & Metro PCL, NVDR		59,300		14,870
Berli Jucker PCL, NVDR		6,900		6,757
BTS Group Holdings PCL, NVDR		42,600		11,631
Bumrungrad Hospital PCL, NVDR		1,700		7,265
Central Pattana PCL, NVDR		14,900		22,993
Central Retail Corp. PCL, NVDR		9,100		8,642
Charoen Pokphand Foods PCL, NVDR		21,500		15,185
CP ALL PCL, NVDR		33,800		58,678
Delta Electronics Thailand PCL, NVDR		1,200		15,882
Electricity Generating PCL, NVDR		1,600		7,882
Energy Absolute PCL, NVDR		9,000		21,901
Global Power Synergy PCL, Class F		4,900		10,688
Gulf Energy Development PCL, NVDR		17,510		20,395
Home Product Center PCL, NVDR		26,900		10,857
Indorama Ventures PCL, NVDR		9,500		11,065
Intouch Holdings PCL, NVDR		5,700		12,306
Krung Thai Bank PCL, NVDR		24,100		8,082
Krungthai Card PCL, NVDR		5,100		8,097
Land & Houses PCL, NVDR		49,100		12,167
Minor International PCL, NVDR*		17,794		14,389
PTT Exploration & Production PCL, NVDR		8,000		26,946
PTT Global Chemical PCL, NVDR		7,800		13,020
PTT Oil & Retail Business PCL, NVDR		15,000		11,128
PTT PCL, NVDR		46,900		49,409
Ratch Group PCL, NVDR		4,600		5,904
SCG Packaging PCL, NVDR		7,200		13,247
Siam Cement PCL		700		7,728
Siam Cement PCL, NVDR		4,300		47,469
Siam Commercial Bank PCL, NVDR		4,100		14,844
Srisawad Corp. PCL, NVDR		4,500		8,012
Thai Oil PCL, NVDR		9,600		13,247
Thai Union Group PCL, NVDR		18,300		10,698
True Corp. PCL, NVDR		60,100		8,061

(Cost $734,845)				650,806


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


	Number of Shares		Value
Turkey — 0.1%
Akbank TAS		23,233	$	11,066
Aselsan Elektronik Sanayi Ve Ticaret AS		7,557		12,002
BIM Birlesik Magazalar AS		2,277		11,545
Eregli Demir ve Celik Fabrikalari TAS		7,785		12,819
Ford Otomotiv Sanayi AS		265		4,763
KOC Holding AS		4,622		9,637
Turkcell Iletisim Hizmetleri AS		5,343		7,377
Turkiye Garanti Bankasi AS		12,741		10,630
Turkiye Petrol Rafinerileri AS*		899		9,963

(Cost $151,123)				89,802

United Arab Emirates — 0.3%
Abu Dhabi Commercial Bank PJSC		12,383		28,656
Abu Dhabi Islamic Bank PJSC		11,262		19,868
Abu Dhabi National Oil Co. for Distribution PJSC		13,198		14,876
Aldar Properties PJSC		19,526		21,370
Dubai Islamic Bank PJSC		24,164		33,946
Emaar Properties PJSC		14,089		17,989
Emirates NBD Bank PJSC		12,876		46,272
Emirates Telecommunications Group Co. PJSC		19,702		171,322
First Abu Dhabi Bank PJSC		21,551		112,534

(Cost $387,200)				466,833

United Kingdom — 7.6%
3i Group PLC		4,766		87,916
abrdn PLC		10,850		33,665
Admiral Group PLC		859		33,782
Anglo American PLC		6,443		237,529
Ashtead Group PLC		2,387		191,872
Associated British Foods PLC		1,842		47,109
AstraZeneca PLC		7,961		876,241
Auto Trader Group PLC, 144A		5,070		49,398
AVEVA Group PLC		712		30,368
Aviva PLC		19,518		99,938
BAE Systems PLC		15,307		111,600
Barclays PLC		88,004		215,613
Barratt Developments PLC		5,891		54,640
Berkeley Group Holdings PLC		643		36,635
BP PLC		103,898		449,704
British American Tobacco PLC		11,225		377,696
British Land Co. PLC REIT		4,865		32,920
BT Group PLC*		44,660		94,201
Bunzl PLC		1,880		71,709
Burberry Group PLC		2,316		54,134
CNH Industrial NV		5,237		87,040
Coca-Cola Europacific Partners PLC		1,054		52,036
Compass Group PLC*		9,142		177,817
Croda International PLC		671		90,266
Diageo PLC		12,166		614,766
Entain PLC*		2,855		63,372
Evraz PLC		3,276		25,096
Ferguson PLC		1,144		174,436
GlaxoSmithKline PLC		25,572		518,645
Halma PLC		1,990		79,425
Hargreaves Lansdown PLC		1,785		31,740


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

(Cost $10,853,750)				10,587,931

United States — 0.1%
Bausch Health Cos., Inc.*		1,690		40,112
Brookfield Renewable Corp., Class A		609		22,645
Legend Biotech Corp., ADR*		266		13,702
Parade Technologies Ltd.		433		33,170

(Cost $112,167)				109,629

TOTAL COMMON STOCKS (Cost $112,222,936)				133,547,095


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


	Number of Shares		Value
PREFERRED STOCKS — 0.9%
Brazil — 0.3%
Alpargatas SA		1,066	$	7,412
Banco Bradesco SA		25,979		92,006
Bradespar SA		857		7,584
Braskem SA, Class A*		1,034		9,205
Centrais Eletricas Brasileiras SA, Class B		2,235		12,742
Cia Energetica de Minas Gerais		4,398		10,279
Gerdau SA		4,611		21,161
Itau Unibanco Holding SA		24,308		96,768
Itausa SA		21,785		37,472
Petroleo Brasileiro SA		23,763		124,398

(Cost $422,663)				419,027

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $25,914)		769		48,424

Colombia — 0.0%
Bancolombia SA (Cost $22,691)		2,425		19,667

Germany — 0.3%
Bayerische Motoren Werke AG		210		16,529
FUCHS PETROLUB SE		425		19,087
Henkel AG & Co. KGaA		925		73,118
Porsche Automobil Holding SE		863		72,602
Sartorius AG		138		94,999
Volkswagen AG		947		173,622

(Cost $437,055)				449,957

Russia — 0.0%
Surgutneftegas PJSC (Cost $21,591)		39,214		19,873

South Korea — 0.2%
Hyundai Motor Co.		289		22,090
Hyundai Motor Co.—2nd Preferred		156		12,174
LG Chem Ltd.		22		5,982
LG Household & Health Care Ltd.		17		8,529
Samsung Electronics Co. Ltd.		4,217		226,843

(Cost $158,753)				275,618

TOTAL PREFERRED STOCKS (Cost $1,088,667)				1,232,566


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. 8.00%, 8/28/22		INR 9,360		127
Series N3, 5.50%, 6/3/24		INR 17,168		229

(Cost $132)				356

TOTAL CORPORATE BONDS (Cost $132)				356


	Number of Shares		Value
RIGHTS — 0.0%
China — 0.0%
CIFI Holdings Group Co. Ltd.*, expires 12/27/21 (Cost $0)		628	$	20

Germany — 0.0%
Vonovia SE*, expires 1/7/22 (Cost $0)		2,831		9,985

Singapore — 0.0%
Mapletree Industrial Trust*, expires 12/21/21 (Cost $0)		357		5

Thailand — 0.0%
Charoen Pokphand Foods PCL* , expires 12/31/22 (c)		307		0
CP ALL PCL* , expires 12/31/21 (c)		2,253		0

(Cost $0)				0

TOTAL RIGHTS (Cost $0)				10,010

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		4,502		4,904

Thailand — 0.0%
BTS Group Holdings PCL*, expires 9/5/22		1,980		48
BTS Group Holdings PCL*, expires 11/7/24		3,960		60
BTS Group Holdings PCL*(c), expires 11/20/26		7,920		68

(Cost $0)				176

TOTAL WARRANTS (Cost $0)				5,080

SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (e)(f) (Cost $1,087,572)		1,087,572		1,087,572

CASH EQUIVALENTS — 3.9%
DWS Government Money Market Series “Institutional Shares”, 0.04% (e) (Cost $5,435,979)		5,435,979		5,435,979


TOTAL INVESTMENTS — 101.8% (Cost $119,835,286)			$	141,318,658
Other assets and liabilities, net — (1.8%)				(2,458,910	)

NET ASSETS — 100.0%			$	138,859,748


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

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


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG *(d)
		132,123		23,260		—			—		(26,159	)		—		—		10,689		129,224

SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (e)(f)
		2,372,722		–		(1,285,150	) (g)		—		—			73		—		1,087,572		1,087,572

CASH EQUIVALENTS — 3.9%
DWS Government Money Market Series “Institutional Shares”, 0.04% (e)
		1,498,682		18,934,029		(14,996,732	)		—		—			682		—		5,435,979		5,435,979

		4,003,527		18,957,289		(16,281,882	)		—		(26,159	)		755		—		6,534,240		6,652,775

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2021 amounted to $1,953,624, which is 1.4% of net assets.

(c)	Investment was valued using significant unobservable inputs.

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

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

(f)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $968,472.

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

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interest

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

KSC:

Kuwait Shareholding Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar

144A:

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

Securities are listed in country of domicile.

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


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

Total net unrealized depreciation								$	(175,480	)


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

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


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


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)


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

Total unrealized appreciation (depreciation)						$	3,001,636	$	(881,410	)

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

Currency Abbreviations

AED

Arab Emirates Dirham

AUD

Australian Dollar

BRL

Brazilian Real

CAD

Canadian Dollar

CHF

Swiss Franc

CLP

Chilean Peso

CNH

Chinese Yuan

COP

Colombian Peso

CZK

Czech Koruna

DKK

Danish Krone

EGP

Egyptian Pound

EUR

Euro

GBP

Pound Sterling

HKD

Hong Kong Dollar

HUF

Hungarian Forint

IDR

Indonesian Rupiah

ILS

Israeli Shekel

INR

Indian Rupee

JPY

Japanese Yen

KRW

South Korean Won

KWD

Kuwaiti Dinar

MXN

Mexican Peso

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

PLN

Polish Zloty

QAR

Qatari Rial

RUB

Russian Ruble

SAR

Saudi Riyal

SEK

Swedish Krona

SGD

Singapore Dollar

THB

Thai Baht

TRY

Turkish Lira

TWD

New Taiwan Dollar

USD

U.S. Dollar

ZAR

South African Rand


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2021 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (h)	$	133,482,073		$	—		$	65,022	$	133,547,095
Preferred Stocks (h)		1,232,566			—			—		1,232,566
Corporate Bonds		—			356			—		356
Rights (h)		9,985			25			0		10,010
Warrants (h)		5,012			—			68		5,080
Short-Term Investments (h)		6,523,551			—			—		6,523,551
Derivatives (i)
Forward Foreign Currency Contracts		—			3,001,636			—		3,001,636
Futures Contracts		5,009			—			—		5,009

TOTAL	$	141,258,196		$	3,002,017		$	65,090	$	144,325,303


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—		$	(881,410	)	$	—	$	(881,410	)
Futures Contracts		(180,489	)		—			—		(180,489	)

TOTAL	$	(180,489	)	$	(881,410	)	$	—	$	(1,061,899	)

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

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

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


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2021 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 95.9%
Australia — 0.0%
MMG Ltd.* (Cost $24,195)		44,722	$	16,230

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

(Cost $2,833,881)				3,212,901

Chile — 0.3%
Banco de Chile		636,726		61,566
Banco de Credito e Inversiones SA		773		26,160
Banco Santander Chile		985,378		44,066
Cencosud SA		21,678		34,585
Cia Cervecerias Unidas SA		1,715		13,681
Empresas CMPC SA		15,988		25,894
Empresas COPEC SA		5,759		42,480


	Number of Shares		Value
Chile (Continued)
Enel Americas SA		318,424	$	41,034
Enel Chile SA		408,382		17,769
Falabella SA		10,460		32,364

(Cost $463,854)				339,599

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


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


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


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


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


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


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


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


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


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


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


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


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


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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

(Cost $28,315,982)				35,333,588

Colombia — 0.1%
Bancolombia SA		3,210		26,009
Ecopetrol SA		65,565		42,671
Grupo de Inversiones Suramericana SA		3,686		23,205


	Number of Shares		Value
Colombia (Continued)
Interconexion Electrica SA ESP		6,557	$	36,601

(Cost $135,780)				128,486

Cyprus — 0.2%
TCS Group Holding PLC, GDR (Cost $96,164)		1,744		170,668

Czech Republic — 0.1%
CEZ AS		2,186		71,433
Komercni Banka AS		1,290		49,351
Moneta Money Bank AS, 144A*		3,735		15,941

(Cost $99,991)				136,725

Egypt — 0.1%
Commercial International Bank Egypt SAE*		24,222		79,051
Eastern Co. SAE		17,485		12,423
Fawry for Banking & Payment Technology Services SAE*		6,956		5,737

(Cost $93,824)				97,211

Greece — 0.2%
Alpha Services and Holdings SA*		31,866		37,513
Eurobank Ergasias Services and Holdings SA*		34,923		34,814
FF Group*(a)		1,458		7,937
Hellenic Telecommunications Organization SA		3,550		61,417
JUMBO SA		1,558		21,892
OPAP SA		3,212		44,696
Public Power Corp. SA*		3,043		32,475

(Cost $245,816)				240,744

Hong Kong — 2.1%
Alibaba Health Information Technology Ltd.*		58,863		54,273
Alibaba Pictures Group Ltd.*		164,638		16,890
Beijing Enterprises Holdings Ltd.		8,365		28,266
Beijing Enterprises Water Group Ltd.		74,972		27,977
Bosideng International Holdings Ltd.		55,421		38,947
Brilliance China Automotive Holdings Ltd.*(a)		44,597		41,749
China Education Group Holdings Ltd.		10,753		19,774
China Everbright Environment Group Ltd.		50,593		33,608
China Gas Holdings Ltd.		45,131		81,141
China Jinmao Holdings Group Ltd.		83,744		25,559
China Mengniu Dairy Co. Ltd.*		45,368		253,079
China Merchants Port Holdings Co. Ltd.		20,235		31,191
China Overseas Land & Investment Ltd.		56,228		129,502
China Overseas Property Holdings Ltd. (b)		19,032		17,865
China Power International Development Ltd.		62,334		31,814
China Resources Beer Holdings Co. Ltd.		20,380		166,741
China Resources Cement Holdings Ltd.		36,421		26,622
China Resources Gas Group Ltd.		13,295		68,794
China Resources Land Ltd.		45,067		187,538
China Resources Power Holdings Co. Ltd.		28,622		74,326


See Notes to Financial Statements.		46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Hong Kong (Continued)
China State Construction International Holdings Ltd.		27,804	$	28,168
China Taiping Insurance Holdings Co. Ltd.		23,320		32,477
China Traditional Chinese Medicine Holdings Co. Ltd.		42,000		20,251
China Youzan Ltd.*		203,418		18,260
COSCO SHIPPING Ports Ltd.		28,790		22,632
Far East Horizon Ltd.		29,983		26,030
Geely Automobile Holdings Ltd.		85,107		252,658
Guangdong Investment Ltd.		44,544		59,293
Hopson Development Holdings Ltd.		9,788		23,849
Huabao International Holdings Ltd.		14,000		40,305
Hutchmed China Ltd., ADR*		1,246		42,190
Kingboard Holdings Ltd.		9,863		49,454
Kingboard Laminates Holdings Ltd.		14,352		25,435
Kunlun Energy Co. Ltd.		54,388		51,194
Lee & Man Paper Manufacturing Ltd.		18,661		12,875
Nine Dragons Paper Holdings Ltd.		27,294		30,661
Shenzhen International Holdings Ltd.		20,427		22,266
Shimao Group Holdings Ltd.		18,475		21,323
Sino Biopharmaceutical Ltd.		144,666		105,559
Sun Art Retail Group Ltd. (b)		25,367		10,312
Vinda International Holdings Ltd.		5,708		15,445
Wharf Holdings Ltd.		19,318		67,506
Yuexiu Property Co. Ltd.		21,274		19,861

(Cost $1,957,867)				2,353,660

Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		5,888		44,280
OTP Bank Nyrt*		3,183		176,259
Richter Gedeon Nyrt		2,049		54,531

(Cost $165,298)				275,070

India — 11.9%
ACC Ltd.		1,207		36,721
Adani Enterprises Ltd.		3,973		87,908
Adani Green Energy Ltd.*		5,813		100,198
Adani Ports & Special Economic Zone Ltd.		7,464		67,919
Adani Total Gas Ltd.		3,933		83,726
Adani Transmission Ltd.*		3,928		94,055
Ambuja Cements Ltd.		9,929		49,491
Apollo Hospitals Enterprise Ltd.		1,400		105,956
Asian Paints Ltd.		5,463		228,519
Aurobindo Pharma Ltd.		4,001		35,151
Avenue Supermarts Ltd., 144A*		2,465		154,517
Axis Bank Ltd.*		8,590		74,941
Axis Bank Ltd., GDR*		4,537		201,443
Bajaj Auto Ltd.		630		27,163
Bajaj Finance Ltd.		3,914		364,422
Bajaj Finserv Ltd.		589		135,096
Balkrishna Industries Ltd.		1,411		40,831
Bandhan Bank Ltd., 144A		9,449		34,255
Berger Paints India Ltd.		3,231		32,320
Bharat Electronics Ltd.		17,144		46,480
Bharat Forge Ltd.		3,229		29,803
Bharat Petroleum Corp. Ltd.		12,581		61,940


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


See Notes to Financial Statements.		47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
India (Continued)
Nestle India Ltd.		485	$	123,602
NTPC Ltd.		69,396		117,503
Oil & Natural Gas Corp. Ltd.		35,593		67,300
Page Industries Ltd.		93		47,508
Petronet LNG Ltd.		11,514		33,683
PI Industries Ltd.		1,322		50,477
Pidilite Industries Ltd.		1,989		58,380
Piramal Enterprises Ltd.		1,435		46,177
Power Grid Corp. of India Ltd.		44,875		123,454
Reliance Industries Ltd.		1,596		51,083
Reliance Industries Ltd., GDR, 144A		19,428		1,241,449
SBI Cards & Payment Services Ltd.*		3,211		40,611
SBI Life Insurance Co. Ltd., 144A		6,495		100,300
Shree Cement Ltd.		158		54,877
Shriram Transport Finance Co. Ltd.		2,939		55,012
Siemens Ltd.		1,068		30,581
SRF Ltd.		1,925		51,379
State Bank of India		25,942		158,978
Sun Pharmaceutical Industries Ltd.		12,424		124,583
Tata Consultancy Services Ltd.		12,988		609,915
Tata Consumer Products Ltd.		9,152		94,817
Tata Motors Ltd., ADR*(b)		5,045		154,074
Tata Power Co. Ltd.		19,890		57,379
Tata Steel Ltd.		10,178		145,074
Tech Mahindra Ltd.		9,128		187,224
Titan Co. Ltd.		5,070		160,258
Torrent Pharmaceuticals Ltd.		795		32,180
Trent Ltd.		2,877		38,833
UltraTech Cement Ltd.		1,407		139,174
United Spirits Ltd.*		4,191		49,239
UPL Ltd.		7,512		68,141
Vedanta Ltd.		16,541		74,581
Wipro Ltd., ADR		8,076		68,969
Wipro Ltd.		11,944		101,278
Yes Bank Ltd.*		179,838		29,673
Zomato Ltd.*		19,945		40,486

(Cost $8,177,651)				13,479,002

Indonesia — 1.4%
Aneka Tambang Tbk		120,904		19,416
PT Adaro Energy Tbk		190,060		22,559
PT Astra International Tbk		303,816		122,502
PT Bank Central Asia Tbk		792,190		402,387
PT Bank Mandiri Persero Tbk		275,574		134,684
PT Bank Negara Indonesia Persero Tbk		125,100		59,395
PT Bank Rakyat Indonesia Persero Tbk		930,595		265,745
PT Barito Pacific Tbk		449,719		28,887
PT Charoen Pokphand Indonesia Tbk		109,663		46,514
PT Gudang Garam Tbk		7,952		17,434
PT Indah Kiat Pulp & Paper Tbk		38,261		20,169
PT Indocement Tunggal Prakarsa Tbk		22,241		16,422
PT Indofood CBP Sukses Makmur Tbk		34,858		20,566
PT Indofood Sukses Makmur Tbk		57,856		25,449
PT Kalbe Farma Tbk		277,474		30,997
PT Merdeka Copper Gold Tbk*		142,354		36,377
PT Sarana Menara Nusantara Tbk		321,012		25,999
PT Semen Indonesia Persero Tbk		50,446		28,177


	Number of Shares		Value
Indonesia (Continued)
PT Telkom Indonesia Persero Tbk		698,598	$	194,617
PT Tower Bersama Infrastructure Tbk		110,896		23,383
PT Unilever Indonesia Tbk		111,130		34,761
PT United Tractors Tbk		25,029		37,310

(Cost $1,450,154)				1,613,750

Kuwait — 0.6%
Agility Public Warehousing Co. KSC		17,118		52,174
Boubyan Bank KSCP*		19,212		48,141
Kuwait Finance House KSCP		66,601		174,373
Mabanee Co KPSC		7,944		20,484
Mobile Telecommunications Co. KSCP		28,925		54,408
National Bank of Kuwait SAKP		98,994		322,017

(Cost $542,669)				671,597

Luxembourg — 0.0%
Reinet Investments SCA (Cost $39,434)		2,089		34,602

Malaysia — 1.3%
AMMB Holdings Bhd*		25,746		19,318
Axiata Group Bhd		42,599		39,448
CIMB Group Holdings Bhd		87,543		107,675
Dialog Group Bhd		58,336		35,460
DiGi.Com Bhd		45,860		45,408
Fraser & Neave Holdings Bhd		1,800		10,941
Genting Bhd		32,067		33,502
Genting Malaysia Bhd		48,934		32,185
HAP Seng Consolidated Bhd		8,151		14,709
Hartalega Holdings Bhd		26,202		40,378
Hong Leong Bank Bhd		10,141		43,535
Hong Leong Financial Group Bhd		2,700		11,027
IHH Healthcare Bhd		21,735		33,959
Inari Amertron Bhd		41,500		41,288
IOI Corp. Bhd		32,394		28,306
Kuala Lumpur Kepong Bhd		7,010		35,021
Malayan Banking Bhd		60,540		114,712
Malaysia Airports Holdings Bhd*		16,200		22,041
Maxis Bhd		32,096		35,666
MISC Bhd		20,700		32,686
Nestle Malaysia Bhd		800		25,378
Petronas Chemicals Group Bhd		37,924		76,541
Petronas Dagangan Bhd		4,104		19,392
Petronas Gas Bhd		10,735		42,874
PPB Group Bhd		9,962		42,152
Press Metal Aluminium Holdings Bhd		44,100		56,022
Public Bank Bhd		197,010		184,310
QL Resources Bhd		17,100		18,474
RHB Bank Bhd		25,259		31,667
Sime Darby Bhd		34,123		17,744
Sime Darby Plantation Bhd		28,823		25,186
Telekom Malaysia Bhd		16,645		21,975
Tenaga Nasional Bhd		32,205		70,658
Top Glove Corp. Bhd		80,500		56,005
Westports Holdings Bhd		14,807		14,239

(Cost $1,507,980)				1,479,882


See Notes to Financial Statements.		48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Mexico — 1.8%
Alfa SAB de CV, Class A		34,251	$	24,487
America Movil SAB de CV, Series L		476,632		418,116
Arca Continental SAB de CV		6,647		40,538
Becle SAB de CV		8,852		20,274
Cemex SAB de CV, Series CPO*		213,459		132,401
Coca-Cola Femsa SAB de CV		8,593		42,203
Fibra Uno Administracion SA de CV REIT		49,523		45,499
Fomento Economico Mexicano SAB de CV		27,772		197,451
Gruma SAB de CV, Class B		3,316		40,194
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		5,275		60,933
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,041		55,712
Grupo Bimbo SAB de CV, Series A		23,488		61,583
Grupo Carso SAB de CV, Series A1		6,873		19,991
Grupo Financiero Banorte SAB de CV, Class O		36,604		218,728
Grupo Financiero Inbursa SAB de CV, Class O*		31,548		30,441
Grupo Mexico SAB de CV, Series B		43,503		182,026
Grupo Televisa SAB, Series CPO		34,758		64,207
Industrias Penoles SAB de CV		2,241		27,475
Kimberly-Clark de Mexico SAB de CV, Class A		24,734		38,838
Megacable Holdings SAB de CV, Series CPO		3,615		10,021
Orbia Advance Corp. SAB de CV		16,857		39,260
Promotora y Operadora de Infraestructura SAB de CV		2,738		18,828
Telesites SAB de CV		14,219		12,586
Wal-Mart de Mexico SAB de CV		74,073		232,764

(Cost $2,352,946)				2,034,556

Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR*(b)		3,292		24,065
Credicorp Ltd.		987		116,466
Southern Copper Corp.		1,285		75,172

(Cost $253,077)				215,703

Philippines — 0.7%
Aboitiz Equity Ventures, Inc.		27,490		26,789
AC Energy Corp.		103,500		23,171
Ayala Corp.		3,826		63,482
Ayala Land, Inc.		120,724		82,663
Bank of the Philippine Islands		24,904		44,979
BDO Unibank, Inc.		28,395		69,881
Globe Telecom, Inc.		439		28,596
GT Capital Holdings, Inc.		1,565		17,705
International Container Terminal Services, Inc.		14,591		57,310
JG Summit Holdings, Inc.		42,654		47,873
Jollibee Foods Corp.		7,083		33,036
Manila Electric Co.		3,760		21,492
Metro Pacific Investments Corp.		192,127		15,481
Metropolitan Bank & Trust Co.		28,512		28,238
Monde Nissin Corp., 144A*		45,600		15,404


	Number of Shares		Value
Philippines (Continued)
PLDT, Inc.		1,061	$	35,377
SM Investments Corp.		3,463		67,356
SM Prime Holdings, Inc.		148,591		110,297
Universal Robina Corp.		13,309		35,131

(Cost $878,165)				824,261

Poland — 0.7%
Allegro.eu SA, 144A*		5,002		47,941
Bank Polska Kasa Opieki SA		2,788		80,609
CD Projekt SA		1,001		44,542
Cyfrowy Polsat SA		2,976		25,418
Dino Polska SA, 144A*		763		63,199
KGHM Polska Miedz SA		2,073		71,191
LPP SA		15		48,865
mBank SA*		187		22,082
Orange Polska SA*		8,810		18,308
PGE Polska Grupa Energetyczna SA*		12,284		24,788
Polski Koncern Naftowy ORLEN SA		4,107		71,877
Polskie Gornictwo Naftowe i Gazownictwo SA		27,442		36,988
Powszechna Kasa Oszczednosci Bank Polski SA*		12,590		133,465
Powszechny Zaklad Ubezpieczen SA		8,923		78,081
Santander Bank Polska SA		485		43,066

(Cost $837,702)				810,420

Qatar — 0.7%
Barwa Real Estate Co.		30,787		26,136
Commercial Bank PSQC		28,021		50,409
Industries Qatar QSC		21,307		84,971
Masraf Al Rayan QSC		54,613		72,747
Mesaieed Petrochemical Holding Co.		66,023		37,717
Ooredoo QPSC		9,806		18,314
Qatar Electricity & Water Co. QSC		5,883		26,660
Qatar Fuel QSC		7,765		38,814
Qatar Gas Transport Co. Ltd.		33,234		30,122
Qatar International Islamic Bank QSC		12,810		32,755
Qatar Islamic Bank SAQ		15,836		74,809
Qatar National Bank QPSC		64,992		346,112

(Cost $657,977)				839,566

Romania — 0.0%
NEPI Rockcastle PLC (Cost $85,530)		6,574		40,775

Russia — 3.5%
Alrosa PJSC		35,559		61,767
Gazprom PJSC		168,751		770,697
Inter RAO UES PJSC		502,967		29,077
LUKOIL PJSC		3,627		322,898
LUKOIL PJSC, ADR		2,366		206,410
Magnit PJSC, GDR		4,783		73,897
MMC Norilsk Nickel PJSC		905		265,335
Mobile TeleSystems PJSC, ADR		6,756		54,116
Moscow Exchange MICEX-RTS PJSC		21,243		43,534
Novatek PJSC, GDR		1,313		287,678
Novolipetsk Steel PJSC		21,701		63,408
Ozon Holdings PLC, ADR*		718		29,536


See Notes to Financial Statements.		49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Russia (Continued)
PhosAgro PJSC, GDR		2,205	$	48,642
Polymetal International PLC		5,014		94,070
Polyus PJSC		488		95,577
Rosneft Oil Co. PJSC		552		4,239
Rosneft Oil Co. PJSC, GDR		15,924		120,608
Sberbank of Russia PJSC		150,593		648,022
Severstal PAO		725		15,439
Severstal PAO, GDR		2,304		48,384
Surgutneftegas PJSC, ADR		11,096		54,104
Tatneft PJSC		18,413		118,609
United Co RUSAL International PJSC*		40,289		37,631
VK Co. Ltd., GDR*		1,733		29,354
VTB Bank PJSC		43,225,935		27,932
VTB Bank PJSC, GDR		3,374		4,130
X5 Retail Group NV, GDR		1,793		50,520
Yandex NV, Class A*		4,381		318,954

(Cost $2,987,466)				3,924,568

Saudi Arabia — 3.2%
Abdullah Al Othaim Markets Co.		731		20,849
Advanced Petrochemical Co.		1,850		33,779
Al Rajhi Bank		17,610		620,546
Alinma Bank		13,590		82,520
Almarai Co. JSC		3,503		44,679
Arab National Bank		8,632		50,343
Bank AlBilad*		5,350		61,178
Bank Al-Jazira		5,352		25,907
Banque Saudi Fransi		8,345		89,420
Bupa Arabia for Cooperative Insurance Co.		826		29,723
Co. for Cooperative Insurance		703		14,523
Dar Al Arkan Real Estate Development Co.*		6,066		14,795
Dr Sulaiman Al Habib Medical Services Group Co.		727		31,819
Emaar Economic City*		7,036		20,780
Etihad Etisalat Co.		5,612		46,971
Jarir Marketing Co.		796		39,338
Mobile Telecommunications Co. Saudi Arabia*		7,368		24,078
Mouwasat Medical Services Co.		634		28,864
National Industrialization Co.*		4,594		24,613
National Petrochemical Co.		1,664		17,742
Rabigh Refining & Petrochemical Co.*		4,036		23,668
Riyad Bank		19,664		146,762
SABIC Agri-Nutrients Co.		3,093		142,300
Sahara International Petrochemical Co.		5,286		54,176
Saudi Arabian Mining Co.*		6,296		119,993
Saudi Arabian Oil Co., 144A		30,444		281,183
Saudi Basic Industries Corp.		12,894		371,876
Saudi British Bank		11,841		94,688
Saudi Cement Co.		1,309		19,400
Saudi Electricity Co.		12,439		78,249
Saudi Industrial Investment Group		3,185		25,681
Saudi Kayan Petrochemical Co.*		10,081		44,821
Saudi National Bank		31,486		506,918
Saudi Telecom Co.		8,632		255,398


	Number of Shares		Value
Saudi Arabia (Continued)
Savola Group		3,773	$	31,378
Yanbu National Petrochemical Co.		3,623		61,517

(Cost $2,878,747)				3,580,475

Singapore — 0.1%
BOC Aviation Ltd., 144A		2,787		19,675
JOYY, Inc., ADR (b)		842		43,110

(Cost $73,772)				62,785

South Africa — 3.0%
Absa Group Ltd. (b)		10,625		89,516
African Rainbow Minerals Ltd.		1,500		19,429
Anglo American Platinum Ltd.		805		86,091
AngloGold Ashanti Ltd.		6,238		135,346
Aspen Pharmacare Holdings Ltd.		5,520		82,691
Bid Corp. Ltd.		4,775		91,561
Bidvest Group Ltd.		3,798		43,174
Capitec Bank Holdings Ltd.		1,153		132,155
Clicks Group Ltd.		2,584		46,059
Discovery Ltd.*		6,102		51,133
Exxaro Resources Ltd.		4,047		38,628
FirstRand Ltd.		72,275		253,701
Gold Fields Ltd.		12,981		153,683
Growthpoint Properties Ltd. REIT		44,381		37,252
Harmony Gold Mining Co. Ltd.		8,562		36,821
Impala Platinum Holdings Ltd.		11,570		147,198
Kumba Iron Ore Ltd.		971		27,686
Mr Price Group Ltd.		3,846		48,120
MTN Group Ltd.*		24,660		250,538
MultiChoice Group		5,575		43,117
Naspers Ltd., Class N*		2,966		458,418
Nedbank Group Ltd.		6,372		66,176
Northam Platinum Holdings Ltd.*		5,374		75,070
Old Mutual Ltd.		69,562		53,139
Pepkor Holdings Ltd., 144A*		12,091		16,671
Rand Merchant Investment Holdings Ltd.		12,924		34,006
Remgro Ltd.		7,357		58,060
Sanlam Ltd.		26,814		93,398
Sasol Ltd.*		8,142		135,837
Shoprite Holdings Ltd.		7,115		88,198
Sibanye Stillwater Ltd.		39,629		125,677
SPAR Group Ltd.		3,034		31,017
Standard Bank Group Ltd.		18,791		153,164
Tiger Brands Ltd.		2,448		27,586
Vodacom Group Ltd.		9,413		79,015
Woolworths Holdings Ltd.		15,153		49,160

(Cost $4,046,627)				3,358,491

South Korea — 11.4%
Alteogen, Inc.*		431		24,926
Amorepacific Corp.		484		63,968
AMOREPACIFIC Group		396		13,751
BGF retail Co. Ltd.		104		12,782
Celltrion Healthcare Co. Ltd.*		1,229		83,802
Celltrion Pharm, Inc.*		235		23,739
Celltrion, Inc.*		1,394		242,914
Cheil Worldwide, Inc.		1,203		21,976
CJ CheilJedang Corp.		119		35,463


See Notes to Financial Statements.		50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


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

(Cost $7,732,196)				12,842,040

Taiwan — 14.9%
Accton Technology Corp.		7,308		75,828
Acer, Inc.		42,329		42,170
Advantech Co. Ltd.		5,732		78,751
ASE Technology Holding Co. Ltd.		47,703		174,997
Asia Cement Corp.		21,679		32,747
ASMedia Technology, Inc.		416		29,100
Asustek Computer, Inc.		9,964		126,322
AU Optronics Corp.		116,186		83,991
Catcher Technology Co. Ltd.		7,116		39,669
Cathay Financial Holding Co. Ltd.		111,360		240,306


See Notes to Financial Statements.		51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


	Number of Shares		Value
Taiwan (Continued)
Taiwan Cooperative Financial Holding Co. Ltd.		143,518	$	122,590
Taiwan High Speed Rail Corp.		11,983		12,778
Taiwan Mobile Co. Ltd.		23,924		83,462
Taiwan Semiconductor Manufacturing Co. Ltd.		350,838		7,520,346
Unimicron Technology Corp.		17,396		142,649
Uni-President Enterprises Corp.		67,885		159,675
United Microelectronics Corp.		170,400		390,386
Vanguard International Semiconductor Corp.		14,065		78,407
Voltronic Power Technology Corp.		950		54,155
Wan Hai Lines Ltd.		8,778		49,408
Win Semiconductors Corp.		4,929		64,262
Winbond Electronics Corp.		43,782		50,467
Wistron Corp.		42,619		43,838
Wiwynn Corp.		1,267		47,847
WPG Holdings Ltd.		21,771		39,385
Yageo Corp.		5,435		89,233
Yang Ming Marine Transport Corp.*		22,682		94,221
Yuanta Financial Holding Co. Ltd.		131,601		112,174
Zhen Ding Technology Holding Ltd.		9,466		33,364

(Cost $7,246,261)				16,802,585

Thailand — 1.6%
Advanced Info Service PCL, NVDR		16,774		102,543
Airports of Thailand PCL, NVDR		62,900		111,530
Asset World Corp. PCL, NVDR*		125,500		15,940
B Grimm Power PCL, NVDR		10,800		12,660
Bangkok Commercial Asset Management PCL, NVDR		25,700		14,948
Bangkok Dusit Medical Services PCL, NVDR		121,600		80,471
Bangkok Expressway & Metro PCL, NVDR		109,100		27,358
Berli Jucker PCL, NVDR		19,000		18,607
BTS Group Holdings PCL, NVDR		125,844		34,358
Bumrungrad Hospital PCL, NVDR		7,000		29,913
Carabao Group PCL, NVDR		4,600		15,494
Central Pattana PCL, NVDR		27,200		41,973
Central Retail Corp. PCL, NVDR		28,600		27,159
Charoen Pokphand Foods PCL, NVDR		54,743		38,664
CP ALL PCL, NVDR		83,100		144,264
Delta Electronics Thailand PCL, NVDR		4,437		58,725
Electricity Generating PCL, NVDR		3,900		19,212
Energy Absolute PCL, NVDR		22,900		55,725
Global Power Synergy PCL, NVDR		10,800		23,557
Gulf Energy Development PCL, NVDR		41,850		48,746
Home Product Center PCL, NVDR		59,000		23,812
Indorama Ventures PCL, NVDR		28,597		33,309
Intouch Holdings PCL, NVDR		16,000		34,543
Krung Thai Bank PCL, NVDR		40,206		13,483
Krungthai Card PCL, NVDR		11,200		17,782
Land & Houses PCL, NVDR		124,100		30,751
Minor International PCL, NVDR*		44,960		36,358
Muangthai Capital PCL, NVDR		10,100		16,785
Osotspa PCL, NVDR		15,300		14,529
PTT Exploration & Production PCL, NVDR		20,213		68,081


See Notes to Financial Statements.		52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Thailand (Continued)
PTT Global Chemical PCL, NVDR		31,000	$	51,747
PTT Oil & Retail Business PCL, NVDR		42,700		31,679
PTT PCL		14,200		14,960
PTT PCL, NVDR		131,380		138,408
Ratch Group PCL, NVDR		11,200		14,375
SCG Packaging PCL, NVDR		18,600		34,222
Siam Cement PCL		4,758		52,525
Siam Cement PCL, NVDR		6,200		68,444
Siam Commercial Bank PCL, NVDR		12,098		43,800
Sri Trang Gloves Thailand PCL, NVDR		11,800		10,505
Srisawad Corp. PCL, NVDR		10,800		19,230
Thai Oil PCL, NVDR		18,157		25,055
Thai Union Group PCL, NVDR		39,800		23,268
True Corp. PCL, NVDR		189,500		25,418

(Cost $1,904,974)				1,764,916

Turkey — 0.2%
Akbank TAS		45,559		21,701
Aselsan Elektronik Sanayi Ve Ticaret AS		10,709		17,008
BIM Birlesik Magazalar AS		6,041		30,628
Eregli Demir ve Celik Fabrikalari TAS		22,527		37,095
Ford Otomotiv Sanayi AS		937		16,839
KOC Holding AS		10,044		20,942
Turkcell Iletisim Hizmetleri AS		16,503		22,786
Turkiye Garanti Bankasi AS		33,140		27,648
Turkiye Is Bankasi AS, Class C		23,610		11,332
Turkiye Petrol Rafinerileri AS*		2,020		22,387
Turkiye Sise ve Cam Fabrikalari AS		21,855		20,038

(Cost $595,793)				248,404

United Arab Emirates — 1.1%
Abu Dhabi Commercial Bank PJSC		42,247		97,765
Abu Dhabi Islamic Bank PJSC		20,810		36,713
Abu Dhabi National Oil Co. for Distribution PJSC		35,198		39,672
Aldar Properties PJSC		54,186		59,303
Dubai Islamic Bank PJSC		27,879		39,165
Emaar Properties PJSC		52,092		66,514
Emirates NBD Bank PJSC		37,587		135,076
Emirates Telecommunications Group Co. PJSC		48,871		424,965
First Abu Dhabi Bank PJSC		62,077		324,150

(Cost $931,290)				1,223,323

United States — 0.1%
Legend Biotech Corp., ADR*		504		25,961
Parade Technologies Ltd.		1,079		82,658

(Cost $109,486)				108,619

TOTAL COMMON STOCKS (Cost $79,722,549)				108,265,202

PREFERRED STOCKS — 2.0%
Brazil — 1.0%
Alpargatas SA		2,731		18,989
Banco Bradesco SA		68,154		241,370
Bradespar SA		3,860		34,159
Braskem SA, Class A*		2,554		22,738
Centrais Eletricas Brasileiras SA, Class B		4,726		26,943


	Number of Shares		Value
Brazil (Continued)
Cia Energetica de Minas Gerais		17,546	$	41,010
Gerdau SA		15,737		72,221
Itau Unibanco Holding SA		65,987		262,687
Itausa SA		63,904		109,920
Petroleo Brasileiro SA		66,199		346,547

(Cost $1,151,025)				1,176,584

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $47,257)		2,045		128,774

Colombia — 0.1%
Bancolombia SA (Cost $68,782)		7,347		59,585

Russia — 0.1%
Surgutneftegas PJSC (Cost $57,183)		104,203		52,809

South Korea — 0.7%
Hyundai Motor Co.		375		28,664
Hyundai Motor Co.—2nd Preferred		570		44,481
LG Chem Ltd.		111		30,182
LG Household & Health Care Ltd.		30		15,052
Samsung Electronics Co. Ltd.		11,804		634,966

(Cost $330,074)				753,345

TOTAL PREFERRED STOCKS (Cost $1,654,321)				2,171,097


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd.
8.00%, 8/28/22		INR 29,160		397
Series N3, 5.50%, 6/3/24		INR 45,965		612

(Cost $410)				1,009

TOTAL CORPORATE BONDS (Cost $410)				1,009


	Number of Shares
RIGHTS — 0.0%
China — 0.0%
CIFI Holdings Group Co. Ltd.* , expires 12/27/21 (Cost $0)		2,421		77

Thailand — 0.0%
Charoen Pokphand Foods PCL* , expires 12/31/22 (a)		782		0
CP ALL PCL* , expires 12/31/21 (a)		5,541		0

(Cost $0)				0

TOTAL RIGHTS (Cost $0)				77


See Notes to Financial Statements.		53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 9/5/22		5,917	$	144
BTS Group Holdings PCL*, expires 11/7/24		11,834		179
BTS Group Holdings PCL*(a), expires 11/20/26		23,669		203
Srisawad Corp. PCL*, expires 8/29/25		432		127

(Cost $0)				653

TOTAL WARRANTS (Cost $0)				653

SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $864,626)		864,626		864,626


	Number of Shares		Value
CASH EQUIVALENTS — 1.8%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $2,085,759)		2,085,759	$	2,085,759


TOTAL INVESTMENTS — 100.5% (Cost $84,327,665)			$	113,388,423
Other assets and liabilities, net — (0.5%)				(510,151	)

NET ASSETS — 100.0%			$	112,878,272

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


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		1,406,061		—		(541,435	) (e)		—		—		46		—		864,626		864,626

CASH EQUIVALENTS — 1.8%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		217,017		12,935,842		(11,067,100	)		—		—		336		—		2,085,759		2,085,759

		1,623,078		12,935,842		(11,608,535	)		—		—		382		—		2,950,385		2,950,385

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2021 amounted to $1,712,402, which is 1.5% of net assets.

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

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

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

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

KSC:

Kuwait Shareholding Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar


See Notes to Financial Statements.		54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

144A:

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

Securities are listed in country of domicile.

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


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

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


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


See Notes to Financial Statements.		55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


See Notes to Financial Statements.		56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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

Total unrealized appreciation (depreciation)						$	1,169,248	$	(305,222	)


See Notes to Financial Statements.		57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Currency Abbreviations

AED

Arab Emirates Dirham

BRL

Brazilian Real

CLP

Chilean Peso

CNH

Chinese Yuan

COP

Colombian Peso

CZK

Czech Koruna

EGP

Egyptian Pound

EUR

Euro

HKD

Hong Kong Dollar

HUF

Hungarian Forint

IDR

Indonesian Rupiah

INR

Indian Rupee

KRW

South Korean Won

KWD

Kuwaiti Dinar

MXN

Mexican Peso

MYR

Malaysian Ringgit

PHP

Philippine Peso

PLN

Polish Zloty

QAR

Qatari Rial

RUB

Russian Ruble

SAR

Saudi Riyal

THB

Thai Baht

TRY

Turkish Lira

TWD

New Taiwan Dollar

USD

U.S. Dollar

ZAR

South African Rand

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (f)	$	108,092,629		$	—		$	172,573	$	108,265,202
Preferred Stocks (f)		2,171,097			—			—		2,171,097
Corporate Bonds		—			1,009			—		1,009
Rights (f)		—			77			0		77
Warrants		450			—			203		653
Short-Term Investments (f)		2,950,385			—			—		2,950,385
Derivatives (g)
Forward Foreign Currency Contracts		—			1,169,248			—		1,169,248

TOTAL	$	113,214,561		$	1,170,334		$	172,776	$	114,557,671


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—		$	(305,222	)	$	—	$	(305,222	)
Futures Contracts		(120,311	)		—			—		(120,311	)

TOTAL	$	(120,311	)	$	(305,222	)	$	—	$	(425,533	)

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

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

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


See Notes to Financial Statements.		58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2021 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 95.9%
Australia — 0.5%
BHP Group PLC (Cost $2,829,882)		115,374	$	3,170,874

Austria — 0.4%
Erste Group Bank AG		18,502		809,319
OMV AG		8,241		438,987
Raiffeisen Bank International AG		8,105		241,011
Verbund AG		3,590		376,607
voestalpine AG		6,248		211,726

(Cost $1,845,786)				2,077,650

Belgium — 1.2%
Ageas SA/NV		9,149		473,452
Anheuser-Busch InBev SA/NV		41,729		2,330,987
Elia Group SA/NV		1,628		202,910
Etablissements Franz Colruyt NV		2,816		132,025
Groupe Bruxelles Lambert SA		6,337		686,483
KBC Group NV		13,502		1,133,441
Proximus SADP (a)		7,916		143,820
Sofina SA		860		398,714
Solvay SA		3,938		441,785
UCB SA		6,914		753,850
Umicore SA		10,838		528,652

(Cost $9,103,782)				7,226,119

Chile — 0.1%
Antofagasta PLC (Cost $324,771)		21,547		395,459

Denmark — 4.0%
A.P. Moller — Maersk A/S, Class A		165		472,270
A.P. Moller — Maersk A/S, Class B		323		974,004
Ambu A/S, Class B (a)		9,179		260,066
Carlsberg A/S, Class B		5,458		848,937
Chr Hansen Holding A/S		5,785		430,404
Coloplast A/S, Class B		6,456		1,056,343
Danske Bank A/S		37,133		613,240
Demant A/S*		5,959		285,056
DSV A/S		11,153		2,428,632
Genmab A/S*		3,608		1,396,368
GN Store Nord AS		6,871		395,006
Novo Nordisk A/S, Class B		92,028		9,889,312
Novozymes A/S, Class B		11,428		866,275
Orsted AS, 144A		10,311		1,328,301
Pandora A/S		5,448		676,244
ROCKWOOL International A/S, Class B		470		195,803
Tryg A/S		20,026		485,396
Vestas Wind Systems A/S		55,219		1,852,478

(Cost $17,733,880)				24,454,135

Finland — 1.9%
Elisa OYJ		7,534		452,507
Fortum OYJ		23,746		684,300
Kesko OYJ, Class B		15,122		475,737
Kone OYJ, Class B		18,575		1,226,879
Neste OYJ		23,115		1,094,990
Nokia OYJ*		293,292		1,634,674
Nordea Bank Abp		177,647		2,110,759


	Number of Shares		Value
Finland (Continued)
Orion OYJ, Class B		5,802	$	238,790
Sampo OYJ, Class A		27,085		1,332,816
Stora Enso OYJ, Class R		31,766		539,487
UPM-Kymmene OYJ		29,236		1,062,668
Wartsila OYJ Abp		26,217		365,266

(Cost $10,960,434)				11,218,873

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


See Notes to Financial Statements.		59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
France (Continued)
Sartorius Stedim Biotech		1,495	$	884,024
Schneider Electric SE		29,484		5,223,657
SEB SA		1,508		223,868
Societe Generale SA		44,693		1,396,156
Sodexo SA*		4,949		415,562
Suez SA		19,634		439,438
Teleperformance		3,248		1,336,027
Thales SA		5,680		466,894
TotalEnergies SE		136,895		6,304,812
Ubisoft Entertainment SA*		4,948		254,258
Unibail-Rodamco-Westfield REIT*		6,999		461,967
Valeo		12,847		372,112
Veolia Environnement SA		36,002		1,159,569
Vinci SA		29,419		2,791,241
Vivendi SE		42,336		540,149
Wendel SE		1,502		172,216
Worldline SA, 144A*		13,100		689,129

(Cost $91,873,320)				99,987,832

Germany — 12.1%
adidas AG		10,411		3,017,310
Allianz SE		22,565		4,924,728
BASF SE		50,259		3,299,088
Bayer AG		53,712		2,711,927
Bayerische Motoren Werke AG		18,163		1,750,475
Bechtle AG		4,297		310,815
Beiersdorf AG		5,569		557,180
Brenntag SE		8,617		739,782
Carl Zeiss Meditec AG		2,240		449,521
Commerzbank AG*		56,657		400,628
Continental AG*		5,981		642,355
Covestro AG, 144A		10,406		588,184
Daimler AG		46,734		4,399,088
Delivery Hero SE, 144A*		8,846		1,180,796
Deutsche Bank AG*(b)		112,742		1,362,996
Deutsche Boerse AG		10,419		1,637,725
Deutsche Lufthansa AG*		32,006		194,594
Deutsche Post AG		54,167		3,204,846
Deutsche Telekom AG		182,546		3,227,114
E.ON SE		123,725		1,528,609
Evonik Industries AG		11,491		346,780
Fresenius Medical Care AG & Co. KGaA		11,240		672,802
Fresenius SE & Co. KGaA		22,841		867,654
GEA Group AG		8,550		433,727
Hannover Rueck SE		3,210		562,998
HeidelbergCement AG		7,967		534,352
HelloFresh SE*		9,015		914,018
Henkel AG & Co. KGaA		5,503		409,095
Infineon Technologies AG		71,289		3,228,296
KION Group AG		4,042		437,317
Knorr-Bremse AG		3,878		385,972
LANXESS AG		4,469		259,902
LEG Immobilien SE		3,913		548,060
Merck KGaA		7,104		1,763,601
MTU Aero Engines AG		2,977		556,907
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		7,680		2,076,003


	Number of Shares		Value
Germany (Continued)
Nemetschek SE		3,175	$	402,566
Puma SE		5,732		693,946
Rational AG		277		255,778
RWE AG		34,756		1,346,084
SAP SE		57,073		7,325,748
Scout24 SE, 144A		4,742		315,145
Siemens AG		41,792		6,696,154
Siemens Energy AG*		21,875		581,510
Siemens Healthineers AG, 144A		15,452		1,127,152
Symrise AG		6,935		979,191
Telefonica Deutschland Holding AG		56,016		149,799
Uniper SE		4,856		211,586
United Internet AG		4,895		184,030
Volkswagen AG		1,818		508,026
Vonovia SE		30,085		1,671,851
Zalando SE, 144A*		12,117		1,102,925

(Cost $76,947,207)				73,676,736

Ireland — 1.4%
CRH PLC		42,630		2,075,041
DCC PLC		5,374		395,809
Experian PLC		50,425		2,266,722
Flutter Entertainment PLC*		9,066		1,231,240
Kerry Group PLC, Class A		8,647		1,064,993
Kingspan Group PLC		8,528		988,439
Smurfit Kappa Group PLC		13,461		687,281

(Cost $7,408,368)				8,709,525

Italy — 3.0%
Amplifon SpA		6,504		318,061
Assicurazioni Generali SpA		59,781		1,202,053
Atlantia SpA*		27,040		494,644
Davide Campari-Milano NV		28,023		409,020
DiaSorin SpA		1,342		287,270
Enel SpA		445,638		3,389,706
Eni SpA		138,639		1,830,478
Ferrari NV		6,861		1,802,873
FinecoBank Banca Fineco SpA		33,430		587,272
Infrastrutture Wireless Italiane SpA, 144A		17,709		203,549
Intesa Sanpaolo SpA		907,902		2,178,229
Mediobanca Banca di Credito Finanziario SpA (a)		33,552		371,762
Moncler SpA		11,293		820,698
Nexi SpA, 144A*		25,778		396,278
Poste Italiane SpA, 144A		28,213		356,440
Prysmian SpA		13,742		511,026
Recordati Industria Chimica e Farmaceutica SpA		5,939		373,412
Snam SpA		110,725		624,602
Telecom Italia SpA		551,137		287,521
Terna—Rete Elettrica Nazionale		76,052		567,184
UniCredit SpA		115,308		1,397,941

(Cost $19,072,317)				18,410,019

Jordan — 0.1%
Hikma Pharmaceuticals PLC (Cost $302,237)		9,300		273,963


See Notes to Financial Statements.		60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Luxembourg — 0.4%
ArcelorMittal SA		36,790	$	998,445
Aroundtown SA		53,504		321,598
Eurofins Scientific SE		7,280		932,461
Tenaris SA		25,354		249,067

(Cost $2,304,682)				2,501,571

Netherlands — 9.5%
ABN AMRO Bank NV, 144A		22,614		323,147
Adyen NV, 144A*		1,083		3,006,095
Aegon NV		96,891		429,757
Akzo Nobel NV		10,337		1,089,319
Argenx SE*		2,559		716,834
ASM International NV		2,580		1,161,029
ASML Holding NV		22,574		17,910,590
Euronext NV, 144A		4,606		453,676
EXOR NV		6,035		531,802
Heineken Holding NV		6,096		508,486
Heineken NV		14,044		1,400,647
IMCD NV		3,054		679,201
ING Groep NV		213,460		2,955,375
JDE Peet’s NV		5,535		151,282
Just Eat Takeaway.com NV, 144A*		9,920		620,903
Koninklijke Ahold Delhaize NV		57,337		1,928,019
Koninklijke DSM NV		9,601		2,070,448
Koninklijke KPN NV		184,384		543,895
Koninklijke Philips NV		50,279		1,778,784
NN Group NV		14,760		735,526
Prosus NV*		50,983		4,100,584
QIAGEN NV*		12,338		685,634
Randstad NV		6,374		402,786
Royal Dutch Shell PLC, Class A		224,136		4,700,877
Royal Dutch Shell PLC, Class B		201,271		4,222,393
Stellantis NV		111,228		1,909,816
Universal Music Group NV		39,236		1,126,233
Wolters Kluwer NV		14,659		1,650,176

(Cost $48,387,757)				57,793,314

Norway — 1.0%
Adevinta ASA*		13,724		196,652
Aker BP ASA		6,840		216,592
DNB Bank ASA		50,300		1,102,261
Equinor ASA		54,056		1,366,857
Gjensidige Forsikring ASA		10,773		244,653
Mowi ASA		23,421		533,958
Norsk Hydro ASA		72,044		469,166
Orkla ASA		39,824		364,664
Schibsted ASA, Class A		3,672		164,142
Schibsted ASA, Class B		5,328		205,826
Telenor ASA		37,844		560,052
Yara International ASA		9,048		445,770

(Cost $5,639,571)				5,870,593

Poland — 0.0%
InPost SA*
(Cost $196,609)		10,549		117,662


	Number of Shares		Value
Portugal — 0.2%
EDP — Energias de Portugal SA		155,281	$	851,288
Galp Energia SGPS SA		27,034		253,491
Jeronimo Martins SGPS SA		15,576		339,428

(Cost $1,393,411)				1,444,207

Spain — 3.4%
ACS Actividades de Construccion y Servicios SA		13,190		317,276
Aena SME SA, 144A*		4,148		609,200
Amadeus IT Group SA*		24,559		1,573,102
Banco Bilbao Vizcaya Argentaria SA		365,173		1,947,507
Banco Santander SA		948,175		2,957,146
CaixaBank SA		235,978		608,574
Cellnex Telecom SA, 144A*		28,028		1,654,173
EDP Renovaveis SA		15,208		390,136
Enagas SA		13,176		300,203
Endesa SA		16,963		381,581
Ferrovial SA (a)		26,144		728,202
Grifols SA (a)		15,522		278,664
Iberdrola SA		313,872		3,525,452
Industria de Diseno Textil SA		59,629		1,884,040
Naturgy Energy Group SA		10,527		290,110
Red Electrica Corp. SA		24,122		512,529
Repsol SA		79,049		877,759
Siemens Gamesa Renewable Energy SA*		13,597		362,841
Telefonica SA (a)		280,345		1,270,645

(Cost $27,154,525)				20,469,140

Sweden — 5.5%
Alfa Laval AB		17,227		668,978
Assa Abloy AB, Class B (a)		54,585		1,536,651
Atlas Copco AB, Class A		36,828		2,267,156
Atlas Copco AB, Class B		21,381		1,117,015
Boliden AB		15,099		521,862
Electrolux AB, Class B		12,176		273,489
Embracer Group AB*		27,067		293,112
Epiroc AB, Class A		36,616		891,082
Epiroc AB, Class B		20,666		417,423
EQT AB		16,240		961,917
Essity AB, Class B		33,692		1,077,785
Evolution AB, 144A		9,514		1,003,373
Fastighets AB Balder, Class B*		5,578		418,868
Getinge AB, Class B		12,409		521,521
H & M Hennes & Mauritz AB, Class B (a)		40,461		718,070
Hexagon AB, Class B		107,883		1,579,564
Husqvarna AB, Class B		22,570		318,816
ICA Gruppen AB		5,740		339,988
Industrivarden AB, Class A		6,677		199,077
Industrivarden AB, Class C		8,573		253,800
Investment AB Latour, Class B		8,107		306,817
Investor AB, Class A		27,598		666,723
Investor AB, Class B		99,603		2,319,522
Kinnevik AB, Class B*		12,955		463,638
L E Lundbergforetagen AB, Class B		4,080		224,512
Lifco AB, Class B		12,494		339,945
Lundin Energy AB		11,377		403,189


See Notes to Financial Statements.		61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Sweden (Continued)
Nibe Industrier AB, Class B		77,841	$	1,113,803
Sagax AB, Class B		8,640		338,489
Sandvik AB		62,004		1,543,309
Securitas AB, Class B		17,345		251,263
Sinch AB, 144A*		27,558		370,324
Skandinaviska Enskilda Banken AB, Class A (a)		88,692		1,295,628
Skanska AB, Class B		18,023		416,815
SKF AB, Class B		20,999		482,845
Svenska Cellulosa AB SCA, Class B		33,998		556,043
Svenska Handelsbanken AB, Class A		79,797		848,288
Swedbank AB, Class A		49,340		997,910
Swedish Match AB		86,941		635,121
Tele2 AB, Class B (a)		27,046		387,293
Telefonaktiebolaget LM Ericsson, Class B		158,847		1,606,177
Telia Co. AB		144,825		560,794
Volvo AB, Class A		10,567		231,606
Volvo AB, Class B		78,566		1,702,997

(Cost $29,225,895)				33,442,598

Switzerland — 16.1%
ABB Ltd.		89,772		3,118,380
Adecco Group AG		8,615		401,636
Alcon, Inc.		27,353		2,166,669
Bachem Holding AG		333		240,850
Baloise Holding AG		2,529		379,054
Barry Callebaut AG		194		460,672
Chocoladefabriken Lindt & Spruengli AG		6		741,136
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		56		689,897
Cie Financiere Richemont SA		28,518		4,246,403
Clariant AG*		11,118		218,594
Coca-Cola HBC AG*		11,347		350,412
Credit Suisse Group AG		144,867		1,406,301
EMS-Chemie Holding AG		371		354,411
Geberit AG		1,978		1,516,384
Givaudan SA		506		2,480,257
Glencore PLC*		545,816		2,592,219
Holcim Ltd.*		28,766		1,392,788
Julius Baer Group Ltd.		12,188		759,916
Kuehne + Nagel International AG		2,943		845,345
Logitech International SA		9,446		749,671
Lonza Group AG		4,074		3,297,186
Nestle SA		153,919		19,783,718
Novartis AG		119,671		9,573,159
Partners Group Holding AG		1,249		2,163,183
Roche Holding AG		1,676		697,382
Roche Holding AG		38,408		15,046,498
Schindler Holding AG		1,079		268,913
Schindler Holding AG Participation Certificates		2,249		580,593
SGS SA		332		1,004,263
Sika AG		7,744		3,042,602
Sonova Holding AG		2,972		1,121,723
STMicroelectronics NV		37,403		1,829,309
Straumann Holding AG		566		1,206,538


	Number of Shares		Value
Switzerland (Continued)
Swatch Group AG — Bearer		1,591	$	470,342
Swatch Group AG — Registered		2,738		156,725
Swiss Life Holding AG		1,699		980,481
Swiss Prime Site AG		4,182		397,223
Swiss Re AG		16,629		1,565,722
Swisscom AG		1,415		786,685
Temenos AG		3,739		479,975
UBS Group AG		192,682		3,345,516
VAT Group AG, 144A		1,438		693,899
Vifor Pharma AG		2,682		301,489
Zurich Insurance Group AG		8,246		3,405,107

(Cost $80,528,175)				97,309,226

United Kingdom — 18.6%
3i Group PLC		53,388		984,817
abrdn PLC		115,625		358,758
Admiral Group PLC		10,226		402,154
Anglo American PLC		70,719		2,607,143
Ashtead Group PLC		24,409		1,962,050
Associated British Foods PLC		19,630		502,036
AstraZeneca PLC		84,680		9,320,451
Auto Trader Group PLC, 144A		51,267		499,506
AVEVA Group PLC		6,396		272,799
Aviva PLC		213,756		1,094,497
BAE Systems PLC		174,995		1,275,852
Barclays PLC		926,683		2,270,406
Barratt Developments PLC		54,567		506,113
Berkeley Group Holdings PLC		6,190		352,676
BP PLC		1,098,461		4,754,496
British American Tobacco PLC		119,339		4,015,490
British Land Co. PLC REIT		49,946		337,974
BT Group PLC*		485,590		1,024,256
Bunzl PLC		18,039		688,061
Burberry Group PLC		21,659		506,255
CNH Industrial NV		55,800		927,410
Coca-Cola Europacific Partners PLC		11,236		554,721
Compass Group PLC*		97,468		1,895,804
Croda International PLC		7,650		1,029,113
Diageo PLC		127,754		6,455,599
Entain PLC*		32,018		710,700
Evraz PLC		28,983		222,025
Ferguson PLC		12,119		1,847,891
GlaxoSmithKline PLC		275,092		5,579,347
Halma PLC		21,065		840,743
Hargreaves Lansdown PLC		19,112		339,839
HSBC Holdings PLC		1,116,443		6,226,569
Imperial Brands PLC		51,506		1,056,277
Informa PLC*		82,922		515,018
InterContinental Hotels Group PLC*		10,164		601,399
Intertek Group PLC		8,752		621,562
J Sainsbury PLC		92,089		338,763
JD Sports Fashion PLC		141,330		418,967
Johnson Matthey PLC		10,583		295,009
Kingfisher PLC		115,335		485,939
Land Securities Group PLC REIT		37,728		364,782
Legal & General Group PLC		325,685		1,221,036
Lloyds Banking Group PLC		3,883,040		2,416,870


See Notes to Financial Statements.		62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
United Kingdom (Continued)
London Stock Exchange Group PLC		17,875	$	1,545,712
M&G PLC		138,700		344,764
Melrose Industries PLC		238,379		459,697
Mondi PLC		26,266		600,664
National Grid PLC		198,607		2,658,808
NatWest Group PLC		316,114		893,805
Next PLC		7,301		763,398
Ocado Group PLC*		26,689		637,314
Pearson PLC		42,935		338,726
Persimmon PLC		17,481		636,322
Phoenix Group Holdings PLC		35,889		305,571
Prudential PLC		143,171		2,429,637
Reckitt Benckiser Group PLC		39,036		3,172,065
RELX PLC		105,757		3,287,028
Rentokil Initial PLC		102,942		840,066
Rio Tinto PLC		61,365		3,763,965
Rolls-Royce Holdings PLC*		455,165		741,550
Sage Group PLC		58,272		598,136
Schroders PLC		6,637		303,292
Segro PLC REIT		66,467		1,245,526
Severn Trent PLC		13,251		508,605
Smith & Nephew PLC		47,884		775,345
Smiths Group PLC		21,782		417,733
Spirax-Sarco Engineering PLC		4,004		832,317
SSE PLC		56,835		1,173,122
St James’s Place PLC		30,042		618,694
Standard Chartered PLC		144,939		802,274
Taylor Wimpey PLC		194,386		408,209
Tesco PLC		419,879		1,545,423
Unilever PLC		141,959		7,285,734
United Utilities Group PLC		37,558		541,711
Vodafone Group PLC		1,518,209		2,207,731
Whitbread PLC*		10,811		403,018
WPP PLC		65,565		908,605

(Cost $126,541,572)				112,695,740

TOTAL COMMON STOCKS (Cost $559,774,181)				581,245,236

PREFERRED STOCKS — 0.8%
Germany — 0.8%
Bayerische Motoren Werke AG		3,053		240,291
FUCHS PETROLUB SE		3,822		171,647
Henkel AG & Co. KGaA		9,967		787,860
Porsche Automobil Holding SE		8,466		712,224
Sartorius AG		1,438		989,918
Volkswagen AG		10,158		1,862,355

(Cost $5,163,816)				4,764,295

TOTAL PREFERRED STOCKS (Cost $5,163,816)				4,764,295


	Number of Shares		Value
RIGHTS — 0.0%
Germany — 0.0%
Vonovia SE*, expires 1/7/22 (Cost $0)		29,471	$	103,946

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		48,882		53,245

EXCHANGE-TRADED FUNDS — 0.1%
iShares Core MSCI Europe ETF (Cost $283,083)		5,500		308,660

SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $3,622,161)		3,622,161		3,622,161

CASH EQUIVALENTS — 4.6%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (c)		640,592		640,464
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)		27,286,976		27,286,976

TOTAL CASH EQUIVALENTS (Cost $27,927,568)				27,927,440


TOTAL INVESTMENTS — 102.0% (Cost $596,770,809)			$	618,024,983
Other assets and liabilities, net — (2.0%)				(12,184,285	)

NET ASSETS — 100.0%			$	605,840,698


See Notes to Financial Statements.		63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

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


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG *(b)
		1,491,094		247,241		(87,132	)		5,170		(293,377	)		—		—		112,742		1,362,996

SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01%, (c)(d)
		14,135,967		—		(10,513,806	) (e)		—		—			340		—		3,622,161		3,622,161

CASH EQUIVALENTS — 4.6%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (c)
		640,273		255		—			—		(64	)		260		—		640,592		640,464
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		1,333,863		145,736,587		(119,783,474	)		—		—			2,180		—		27,286,976		27,286,976

		17,601,197		145,984,083		(130,384,412	)		5,170		(293,441	)		2,780		—		31,662,471		32,912,597

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2021 amounted to $3,685,736, which is 0.6% of net assets.

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

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

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

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

REIT:

Real Estate Investment Trust

144A:

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

Securities are listed in country of domicile.

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


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures	EUR	12	$	2,201,714	$	2,115,252	12/17/2021	$	(86,462	)
CAC40 10 EURO Futures	EUR	57		4,520,417		4,341,473	12/17/2021		(178,944	)
DAX Index Futures	EUR	8		3,501,213		3,434,737	12/17/2021		(66,476	)
FTSE 100 Index Futures	GBP	66		6,191,505		6,214,155	12/17/2021		22,650
FTSE/MIB Index Futures	EUR	6		882,828		877,862	12/17/2021		(4,966	)
IBEX 35 Index Futures	EUR	9		904,483		850,582	12/17/2021		(53,901	)
OMXS30 Index Futures	SEK	58		1,501,905		1,443,004	12/17/2021		(58,901	)
SWISS MKT IX Futures	CHF	28		3,686,024		3,720,625	12/17/2021		34,601

Total net unrealized depreciation								$	(392,399	)

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


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


See Notes to Financial Statements.		64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


See Notes to Financial Statements.		65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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

Total unrealized appreciation (depreciation)									$	17,675,342	$	(4,339,881	)

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


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (f)	$	581,245,236		$	—		$	—	$	581,245,236
Preferred Stocks		4,764,295			—			—		4,764,295
Rights		103,946			—			—		103,946
Warrants		53,245			—			—		53,245
Exchange-Traded Funds		308,660			—			—		308,660
Short-Term Investments (f)		31,549,601			—			—		31,549,601
Derivatives (g)
Forward Foreign Currency Contracts		—			17,675,342			—		17,675,342
Futures Contracts		57,251			—			—		57,251

TOTAL	$	618,082,234		$	17,675,342		$	—	$	635,757,576


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—		$	(4,339,881	)	$	—	$	(4,339,881	)
Futures Contracts		(449,650	)		—			—		(449,650	)

TOTAL	$	(449,650	)	$	(4,339,881	)	$	—	$	(4,789,531	)

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

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


See Notes to Financial Statements.		66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2021 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.4%
Austria — 1.1%
Agrana Beteiligungs AG		43	$	851
ANDRITZ AG		160		7,621
AT&S Austria Technologie & Systemtechnik AG		59		2,897
BAWAG Group AG, 144A*		169		9,861
CA Immobilien Anlagen AG		100		4,117
DO & CO AG*		13		969
Erste Group Bank AG		840		36,743
EVN AG		92		2,650
FACC AG*		51		427
IMMOFINANZ AG*(a)		203		4,720
Lenzing AG*		36		4,303
Oesterreichische Post AG		101		4,192
OMV AG		367		19,550
Palfinger AG		35		1,354
Porr AG*(a)		19		262
Raiffeisen Bank International AG		371		11,032
S IMMO AG		116		2,594
S&T AG (a)		108		2,336
Schoeller-Bleckmann Oilfield Equipment AG*		35		1,187
Semperit AG Holding		26		768
Telekom Austria AG*		389		3,282
UNIQA Insurance Group AG		336		2,927
Verbund AG		171		17,939
Vienna Insurance Group AG Wiener Versicherung Gruppe		92		2,556
voestalpine AG		282		9,556
Wienerberger AG		285		10,505
Zumtobel Group AG		67		661

(Cost $141,559)				165,860

Belgium — 3.0%
Ackermans & van Haaren NV		59		9,783
Aedifica SA REIT		89		11,931
Ageas SA/NV		416		21,528
AGFA-Gevaert NV*		430		1,731
Akka Technologies*		31		1,680
Anheuser-Busch InBev SA/NV		1,894		105,799
Barco NV		156		3,130
Befimmo SA REIT		66		2,350
Bekaert SA		84		3,397
bpost SA*		235		1,906
Cie d’Entreprises CFE		19		1,978
Cofinimmo SA REIT		66		10,374
D’ieteren SA/NV		52		9,477
Econocom Group SA/NV		298		1,136
Elia Group SA/NV		74		9,223
Etablissements Franz Colruyt NV		128		6,001
Euronav NV		403		3,787
Fagron		187		2,804
Galapagos NV*		104		5,003
Gimv NV		46		2,770
Groupe Bruxelles Lambert SA		274		29,682
Immobel SA		11		901
Intervest Offices & Warehouses NV REIT		51		1,585


	Number of Shares		Value
Belgium (Continued)
Ion Beam Applications		51	$	821
KBC Ancora		91		4,322
KBC Group NV		622		52,214
Kinepolis Group NV*		35		1,863
Melexis NV		52		6,057
Mithra Pharmaceuticals SA*		32		726
Montea NV REIT		27		3,907
Ontex Group NV*(a)		188		1,573
Orange Belgium SA		10		219
Proximus SADP (a)		376		6,831
Recticel SA		68		1,279
Retail Estates NV REIT		18		1,413
Sofina SA		38		17,618
Solvay SA		183		20,530
Telenet Group Holding NV		116		4,155
Tessenderlo Group SA*		52		1,961
UCB SA		315		34,345
Umicore SA		490		23,901
Van de Velde NV		13		459
VGP NV		17		4,540
Warehouses De Pauw CVA REIT		327		15,190
X-Fab Silicon Foundries SE, 144A*		123		1,301
Xior Student Housing NV REIT		48		2,708

(Cost $546,503)				455,889

Finland — 3.6%
Admicom OYJ		10		890
Aktia Bank OYJ		108		1,494
Anora Group OYJ		93		1,124
BasWare OYJ*		17		615
Cargotec OYJ, Class B		107		5,009
Caverion OYJ		306		2,124
Citycon OYJ (a)		180		1,400
Elisa OYJ		352		21,142
Finnair OYJ*(a)		1,305		836
Fortum OYJ		1,095		31,555
F-Secure OYJ		204		1,182
Harvia OYJ		33		2,058
Huhtamaki OYJ		235		10,106
Kamux Corp.		117		1,494
Kemira OYJ		240		3,574
Kesko OYJ, Class B		656		20,638
Kojamo OYJ		290		6,670
Kone OYJ, Class B		846		55,878
Konecranes OYJ		141		5,477
Marimekko OYJ		15		1,480
Metsa Board OYJ		415		3,991
Metso Outotec OYJ		1,553		15,728
Musti Group OYJ*		64		2,157
Neles OYJ		256		3,824
Neste OYJ		1,054		49,930
Nokia OYJ*		13,407		74,724
Nokian Renkaat OYJ		331		12,332
Oriola OYJ, Class B		267		591
Orion OYJ, Class B		252		10,371
Outokumpu OYJ*		866		5,046
Puuilo OYJ*		104		868
QT Group OYJ*		41		6,240


See Notes to Financial Statements.		67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Finland (Continued)
Remedy Entertainment OYJ		9	$	403
Revenio Group OYJ		61		3,871
Rovio Entertainment OYJ, 144A		122		936
Sampo OYJ, Class A		1,241		61,068
Sanoma OYJ		163		2,477
Stora Enso OYJ, Class R		1,451		24,643
Talenom OYJ		49		701
TietoEVRY OYJ		230		6,714
Tokmanni Group Corp.		140		2,944
UPM-Kymmene OYJ		1,328		48,270
Uponor OYJ		124		2,852
Valmet OYJ		323		13,261
Wartsila OYJ Abp		1,187		16,538
YIT OYJ		322		1,607

(Cost $473,195)				546,833

France — 31.3%
AB Science SA*		60		826
ABC arbitrage		52		428
Accor SA*		431		12,792
Aeroports de Paris*		74		8,653
Air France-KLM*(a)		715		2,980
Air Liquide SA		1,176		194,480
Airbus SE*		1,466		164,131
AKWEL		19		431
Albioma SA		51		1,928
ALD SA, 144A		274		3,841
Alstom SA		789		28,168
Altarea SCA REIT		8		1,473
Alten SA		73		12,087
Amundi SA, 144A		142		11,829
Aramis Group SAS, 144A*		52		991
Arkema SA		153		20,059
Atos SE		231		9,903
Aubay		12		721
AXA SA		4,804		132,664
Believe SA*		51		1,024
Beneteau SA*		67		982
BioMerieux		99		14,057
BNP Paribas SA		2,798		174,781
Boiron SA		13		531
Bollore SA		2,255		12,112
Bonduelle SCA		27		604
Bouygues SA		569		19,327
Bureau Veritas SA		728		23,084
Capgemini SE		398		92,125
Carmila SA REIT		142		1,968
Carrefour SA		1,532		25,401
Casino Guichard Perrachon SA*(a)		93		2,108
Cellectis SA*		60		505
CGG SA*		1,790		1,198
Chargeurs SA		45		1,287
Cie de Saint-Gobain		1,258		80,152
Cie des Alpes*		22		303
Cie Generale des Etablissements Michelin SCA		422		62,456
Cie Plastic Omnium SA		138		3,462
CNP Assurances		429		10,494


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


See Notes to Financial Statements.		68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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

(Cost $3,912,325)				4,786,718

Germany — 24.3%
1&1 AG		104		2,953
Aareal Bank AG		155		5,112
About You Holding SE*		92		2,441
Adesso SE		7		1,486
adidas AG		473		137,085
ADVA Optical Networking SE*		108		1,563
AIXTRON SE		306		6,144
Allianz SE		1,024		223,484
alstria office REIT-AG REIT		385		8,514
Amadeus Fire AG		13		2,677


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


See Notes to Financial Statements.		69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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


	Number of Shares		Value
Germany (Continued)
Rational AG		13	$	12,004
Rheinmetall AG		106		9,451
RWE AG		1,599		61,929
SAF-Holland SA*		107		1,358
Salzgitter AG*		82		2,436
SAP SE		2,595		333,088
Scout24 SE, 144A		210		13,956
Secunet Security Networks AG		3		1,403
SGL Carbon SE*		115		1,007
Siemens AG		1,902		304,749
Siemens Energy AG*		982		26,105
Siemens Healthineers AG, 144A		700		51,062
Siltronic AG (a)		38		5,775
Sixt SE*		36		5,859
SMA Solar Technology AG		27		1,312
Software AG		121		5,146
Steico SE		18		2,094
STRATEC SE		18		2,727
Stroeer SE & Co. KGaA		74		5,711
Suedzucker AG		166		2,402
Symrise AG		319		45,041
Synlab AG*		113		2,896
TAG Immobilien AG		369		10,253
Takkt AG		76		1,239
TeamViewer AG, 144A*		415		5,643
Telefonica Deutschland Holding AG		2,472		6,611
thyssenkrupp AG*		1,010		11,150
Uniper SE		217		9,455
United Internet AG		230		8,647
Varta AG (a)		43		5,491
VERBIO Vereinigte BioEnergie AG		59		4,567
Vitesco Technologies Group AG*		51		2,267
Volkswagen AG		80		22,355
Vonovia SE		1,371		76,188
Vossloh AG		26		1,324
Wacker Chemie AG		40		6,898
Wacker Neuson SE		68		1,993
Westwing Group AG*		33		943
Wuestenrot & Wuerttembergische AG		43		835
Zalando SE, 144A*		551		50,154
Zeal Network SE		26		1,135
zooplus AG*		15		8,166

(Cost $3,501,187)				3,709,395

Ireland — 2.2%
AerCap Holdings NV*		333		18,661
AIB Group PLC*		2,003		4,392
Bank of Ireland Group PLC*		2,365		12,909
Cairn Homes PLC		2,144		2,680
CRH PLC		1,934		94,139
Dalata Hotel Group PLC*		423		1,631
Flutter Entertainment PLC*		415		56,361
Glanbia PLC		498		6,444
Glenveagh Properties PLC, 144A*		1,747		2,255
Hibernia REIT PLC REIT		1,580		2,312
Irish Residential Properties REIT PLC REIT		1,310		2,246
Kerry Group PLC, Class A		395		48,649
Kingspan Group PLC		379		43,928


See Notes to Financial Statements.		70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Ireland (Continued)
Origin Enterprises PLC		298	$	1,174
Smurfit Kappa Group PLC		613		31,298
Uniphar PLC		550		2,788

(Cost $288,933)				331,867

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


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

(Cost $961,595)				1,048,265

Luxembourg — 1.0%
ADLER Group SA, 144A (a)		173		1,694
APERAM SA		131		6,289
ArcelorMittal SA		1,676		45,485
Aroundtown SA		2,537		15,249
B&S Group SARL, 144A		59		466


See Notes to Financial Statements.		71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Luxembourg (Continued)
Befesa SA, 144A*		91	$	6,037
Corestate Capital Holding SA*(a)		27		235
Eurofins Scientific SE		333		42,653
Global Fashion Group SA*(a)		177		1,363
Grand City Properties SA		268		6,352
SES SA		881		6,886
Shurgard Self Storage SA		66		4,087
Solutions 30 SE*(a)		223		1,625
Stabilus SA		57		3,791
Tenaris SA		1,152		11,317

(Cost $165,111)				153,529

Malta — 0.0%
Media & Games Invest SE*(a) (Cost $1,378)		213		1,221

Netherlands — 15.5%
Aalberts NV		243		14,937
ABN AMRO Bank NV, 144A		1,055		15,076
Accell Group NV*		75		3,279
Adyen NV, 144A*		49		136,010
Aegon NV		4,355		19,317
Akzo Nobel NV		465		49,002
Alfen Beheer BV, 144A*		47		4,563
AMG Advanced Metallurgical Group NV		75		2,092
Arcadis NV		183		8,156
Argenx SE*		113		31,654
ASM International NV		117		52,651
ASML Holding NV		1,023		811,665
ASR Nederland NV		338		14,463
Basic-Fit NV, 144A*		117		5,079
BE Semiconductor Industries NV		161		15,290
Boskalis Westminster		201		5,448
Brunel International NV		60		710
CM.com NV*		48		1,562
Corbion NV		149		6,908
Eurocommercial Properties NV		104		2,045
Euronext NV, 144A		214		21,078
EXOR NV		268		23,616
Fastned BV*		20		1,182
Flow Traders, 144A		76		2,655
ForFarmers NV		51		200
Fugro NV*		282		2,074
Heineken Holding NV		287		23,940
Heineken NV		644		64,228
IMCD NV		142		31,580
ING Groep NV		9,708		134,408
Intertrust NV, 144A*		205		4,743
JDE Peet’s NV		254		6,942
Just Eat Takeaway.com NV, 144A*		439		27,477
Koninklijke Ahold Delhaize NV		2,595		87,260
Koninklijke BAM Groep NV*		728		2,171
Koninklijke DSM NV		434		93,592
Koninklijke KPN NV		8,338		24,595
Koninklijke Philips NV		2,284		80,804
Koninklijke Vopak NV		165		6,280
NN Group NV		658		32,790
NSI NV REIT		45		1,779


	Number of Shares		Value
Netherlands (Continued)
OCI NV*		248	$	6,795
Pharming Group NV*		1,341		1,070
PostNL NV		1,087		4,645
Prosus NV*		2,321		186,679
QIAGEN NV*		567		31,509
Randstad NV		300		18,958
SBM Offshore NV		365		5,152
Shop Apotheke Europe NV, 144A*		34		6,189
SIF Holding NV		20		277
Signify NV, 144A		309		14,063
Sligro Food Group NV*		60		1,309
Stellantis NV		5,070		87,053
TKH Group NV		99		5,546
TomTom NV*		172		1,484
Universal Music Group NV		1,805		51,811
Van Lanschot Kempen NV		68		1,612
Vastned Retail NV REIT		36		921
Wereldhave NV REIT		92		1,242
Wolters Kluwer NV		663		74,634

(Cost $1,460,639)				2,374,250

Poland — 0.0%
InPost SA* (Cost $8,728)		471		5,253

Portugal — 0.5%
Altri SGPS SA		156		867
Banco Comercial Portugues SA, Class R*		21,689		3,530
Corticeira Amorim SGPS SA		119		1,501
CTT-Correios de Portugal SA		307		1,443
EDP — Energias de Portugal SA		6,879		37,712
Galp Energia SGPS SA		1,203		11,280
Jeronimo Martins SGPS SA		713		15,538
Navigator Co. SA		599		2,110
NOS SGPS SA		372		1,418
REN — Redes Energeticas Nacionais SGPS SA		822		2,298
Semapa-Sociedade de Investimento e Gestao		58		762
Sonae SGPS SA		1,930		2,063

(Cost $79,224)				80,522

Spain — 7.0%
Acciona SA		57		10,181
Acerinox SA		416		4,646
ACS Actividades de Construccion y Servicios SA		593		14,264
Aena SME SA, 144A*		186		27,317
Almirall SA		142		1,730
Amadeus IT Group SA*		1,119		71,676
Applus Services SA		306		2,726
Atresmedia Corp. de Medios de Comunicacion SA*		202		807
Audax Renovables SA		755		1,086
Banco Bilbao Vizcaya Argentaria SA		16,582		88,434
Banco de Sabadell SA*		14,235		9,628
Banco Santander SA		43,143		134,553
Bankinter SA		1,594		7,853


See Notes to Financial Statements.		72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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

(Cost $1,337,522)				1,065,851

Switzerland — 0.6%
STMicroelectronics NV (Cost $33,363)		1,698		83,046


	Number of Shares		Value
United Kingdom — 0.4%
CNH Industrial NV		2,549	$	42,365
Coca-Cola Europacific Partners PLC		508		25,080

(Cost $45,739)				67,445

TOTAL COMMON STOCKS (Cost $12,957,001)				14,875,944

PREFERRED STOCKS — 1.5%
Germany — 1.5%
Bayerische Motoren Werke AG		135		10,625
Draegerwerk AG & Co. KGaA		19		1,232
FUCHS PETROLUB SE		176		7,904
Henkel AG & Co. KGaA		446		35,255
Jungheinrich AG		108		5,085
Porsche Automobil Holding SE		376		31,632
Sartorius AG		64		44,058
Schaeffler AG		325		2,525
Sixt SE		39		3,552
STO SE & Co. KGaA		5		1,171
Volkswagen AG		463		84,886

(Cost $201,037)				227,925

TOTAL PREFERRED STOCKS (Cost $201,037)				227,925

RIGHTS — 0.1%
France — 0.0%
Altarea SCA*(a), expires 12/13/21 (Cost $0)		8		17

Germany — 0.1%
Vonovia SE*, expires 1/7/22 (Cost $0)		1,324		4,670

Italy — 0.0%
Juventus Football Club SpA*, expires 1/10/22 (Cost $223)		1,177		91

TOTAL RIGHTS (Cost $223)				4,778

WARRANTS — 0.0%
Italy — 0.0%
Webuild SpA*(c), expires 8/2/30 (Cost $0)		39		31

Spain — 0.0%
Abengoa SA*, expires 3/31/25 (Cost $43)		7,125		81

TOTAL WARRANTS (Cost $43)				112

EXCHANGE-TRADED FUNDS — 0.4%
iShares Currency Hedged MSCI Eurozone ETF (Cost $66,767)		1,786		65,171

SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $123,685)		123,685		123,685


See Notes to Financial Statements.		73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) (Cost $48,899)		48,899	$	48,899


TOTAL INVESTMENTS — 100.5% (Cost $13,397,655)			$	15,346,514
Other assets and liabilities, net — (0.5%)				(70,246	)

NET ASSETS — 100.0%			$	15,276,268

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


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 0.4%
Germany — 0.4%
Deutsche Bank AG *(b)
		72,547		5,236		(1,790	)		(2,476	)		(11,340	)		—		—		5,143		62,177

SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01%,(d)(e)
		655,154		—		(531,469	) (f)		—			—			10		—		123,685		123,685

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d)
		17,223		583,051		(551,375	)		—			—			4		—		48,899		48,899

		744,924		588,287		(1,084,634	)		(2,476	)		(11,340	)		14		—		177,727		234,761

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2021 amounted to $214,362, which is 1.4% of net assets.

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

(c)	Investment was valued using significant unobservable inputs.

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

(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $104,648.

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

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

144A:

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

Securities

are listed in country of domicile.

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


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

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


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


See Notes to Financial Statements.		74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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

Total unrealized appreciation (depreciation)						$	436,026	$	(116,593	)

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (g)	$	14,867,778		$	8,166		$	0	$	14,875,944
Preferred Stocks		227,925			–			–		227,925
Rights (g)		4,761			17			–		4,778
Warrants (g)		81			–			31		112
Exchange-Traded Funds		65,171			–			–		65,171
Short-Term Investments (g)		172,584			–			–		172,584
Derivatives (h)
Forward Foreign Currency Contracts		–			436,026			–		436,026

TOTAL	$	15,338,300		$	444,209		$	31	$	15,782,540


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (h)
Forward Foreign Currency Contracts	$	–		$	(116,593	)	$	–	$	(116,593	)
Futures Contracts		(1,864	)		–			–		(1,864	)

TOTAL	$	(1,864	)	$	(116,593	)	$	–	$	(118,457	)

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

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

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


See Notes to Financial Statements.		75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

November 30, 2021 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 92.4%
Communication Services — 4.8%
Deutsche Telekom AG		28,156	$	497,752
Scout24 SE, 144A		746		49,578
Telefonica Deutschland Holding AG		8,963		23,969
United Internet AG		818		30,753

(Cost $662,656)				602,052

Consumer Discretionary — 16.4%
adidas AG		1,609		466,319
Bayerische Motoren Werke AG		2,796		269,467
Continental AG*		929		99,774
Daimler AG		7,231		680,657
Delivery Hero SE, 144A*		1,368		182,606
Puma SE		891		107,869
Volkswagen AG		274		76,567
Zalando SE, 144A*		1,878		170,941

(Cost $1,852,394)				2,054,200

Consumer Staples — 2.3%
Beiersdorf AG		851		85,143
HelloFresh SE*		1,395		141,437
Henkel AG & Co. KGaA		879		65,345

(Cost $262,117)				291,925

Financials — 13.6%
Allianz SE		3,484		760,370
Commerzbank AG*		8,463		59,843
Deutsche Bank AG*(a)		17,463		211,119
Deutsche Boerse AG		1,605		252,284
Hannover Rueck SE		509		89,273
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,184		320,050

(Cost $1,820,670)				1,692,939

Health Care — 10.2%
Bayer AG		8,301		419,119
Carl Zeiss Meditec AG		339		68,030
Fresenius Medical Care AG & Co. KGaA		1,734		103,794
Fresenius SE & Co. KGaA		3,540		134,473
Merck KGaA		1,092		271,094
QIAGEN NV*		1,929		107,196
Siemens Healthineers AG, 144A		2,381		173,683

(Cost $1,931,302)				1,277,389

Industrials — 16.6%
Brenntag SE		1,306		112,122
Deutsche Lufthansa AG*		5,043		30,661
Deutsche Post AG		8,374		495,456
GEA Group AG		1,305		66,200
KION Group AG		609		65,890
Knorr-Bremse AG		612		60,912
MTU Aero Engines AG		451		84,368
Rational AG		43		39,706
Siemens AG		6,463		1,035,539
Siemens Energy AG*		3,376		89,745

(Cost $1,588,432)				2,080,599

Information Technology — 14.0%
Bechtle AG		691		49,982


	Number of Shares		Value
Information Technology (Continued)
Infineon Technologies AG		11,031	$	499,535
Nemetschek SE		492		62,382
SAP SE		8,822		1,132,370

(Cost $1,172,329)				1,744,269

Materials — 7.5%
BASF SE		7,761		509,446
Covestro AG, 144A		1,634		92,359
Evonik Industries AG		1,771		53,446
HeidelbergCement AG		1,248		83,704
LANXESS AG		702		40,826
Symrise AG		1,086		153,338

(Cost $1,184,447)				933,119

Real Estate — 3.2%
Aroundtown SA		8,438		50,718
LEG Immobilien SE		615		86,138
Vonovia SE		4,643		258,016

(Cost $362,685)				394,872

Utilities — 3.8%
E.ON SE		18,959		234,236
RWE AG		5,425		210,108
Uniper SE		783		34,117

(Cost $463,343)				478,461

TOTAL COMMON STOCKS (Cost $11,300,375)				11,549,825

PREFERRED STOCKS — 5.9%
Consumer Discretionary — 3.5%
Bayerische Motoren Werke AG		490		38,566
Porsche Automobil Holding SE		1,294		108,861
Volkswagen AG		1,568		287,475

(Cost $568,953)				434,902

Consumer Staples — 1.0%
Henkel AG & Co. KGaA (Cost $175,804)		1,508		119,203

Health Care — 1.2%
Sartorius AG (Cost $40,739)		221		152,136

Materials — 0.2%
FUCHS PETROLUB SE (Cost $25,432)		586		26,318

TOTAL PREFERRED STOCKS (Cost $810,928)				732,559

RIGHTS — 0.1%
Real Estate — 0.1%
Vonovia SE* , expires 1/7/22 (Cost $0)		4,540		16,013

EXCHANGE-TRADED FUNDS — 0.4%
iShares Currency Hedged MSCI Germany ETF (b) (Cost $53,195)		1,650		52,272


See Notes to Financial Statements.		76

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $49,200)		49,200	$	49,200

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $24,065)		24,065		24,065


TOTAL INVESTMENTS — 99.4% (Cost $12,237,763)			$	12,423,934
Other assets and liabilities, net — 0.6%				80,389

NET ASSETS — 100.0%			$	12,504,323

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


	Value ($) at 5/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 1.7%

Financials — 1.7%
Deutsche Bank AG *(a)
		272,537		18,187			(28,338	)		(4,015	)		(47,252	)		—		—		17,463		211,119

SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01%, (c)(d)
		28,434		20,766	(e)		—			—			—			0		—		49,200		49,200

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		179,133		675,070			(830,138	)		—			—			15		—		24,065		24,065

		480,104		714,023			(858,476	)		(4,015	)		(47,252	)		15		—		90,728		284,384

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2021 amounted to $47,520, which is 0.4% of net assets.

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

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

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

144A:

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

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


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

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


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


See Notes to Financial Statements.		77

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


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

Total unrealized appreciation (depreciation)									$	362,632	$	(96,728	)

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (f)	$	11,549,825		$	—		$	—	$	11,549,825
Preferred Stocks (f)		732,559			—			—		732,559
Rights		16,013			—			—		16,013
Exchange-Traded Funds		52,272			—			—		52,272
Short-Term Investments (f)		73,265			—			—		73,265
Derivatives (g)
Forward Foreign Currency Contracts		—			362,632			—		362,632

TOTAL	$	12,423,934		$	362,632		$	—	$	12,786,566


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—		$	(96,728	)	$	—	$	(96,728	)
Futures Contracts		(2,561	)		—			—		(2,561	)

TOTAL	$	(2,561	)	$	(96,728	)	$	—	$	(99,289	)

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

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


See Notes to Financial Statements.		78

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

November 30, 2021 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 98.2%
Communication Services — 7.8%
Capcom Co. Ltd.		8,300	$	207,730
CyberAgent, Inc.		20,100		372,179
Dentsu Group, Inc.		10,636		339,682
Hakuhodo DY Holdings, Inc.		11,380		170,446
Kakaku.com, Inc.		6,736		189,205
KDDI Corp.		79,015		2,306,803
Koei Tecmo Holdings Co. Ltd.		3,120		131,248
Konami Holdings Corp.		4,664		239,730
Nexon Co. Ltd.		24,264		483,842
Nintendo Co. Ltd.		5,521		2,447,048
Nippon Telegraph & Telephone Corp.		63,152		1,745,919
SoftBank Corp.		140,800		1,946,300
SoftBank Group Corp.		59,386		3,168,024
Square Enix Holdings Co. Ltd.		4,300		225,585
Toho Co. Ltd.		5,698		254,566
Z Holdings Corp.		132,028		878,357

(Cost $14,256,064)				15,106,664

Consumer Discretionary — 19.0%
Aisin Corp.		7,223		266,465
Bandai Namco Holdings, Inc.		9,707		758,887
Bridgestone Corp.		28,007		1,140,994
Denso Corp.		21,310		1,570,607
Fast Retailing Co. Ltd.		2,889		1,722,640
Hikari Tsushin, Inc.		1,052		153,191
Honda Motor Co. Ltd.		80,445		2,206,927
Iida Group Holdings Co. Ltd.		7,666		159,241
Isuzu Motors Ltd.		29,095		394,334
Koito Manufacturing Co. Ltd.		5,172		298,785
Mazda Motor Corp.*		26,904		218,498
McDonald’s Holdings Co. Japan Ltd.		3,819		170,619
Mercari, Inc.*		5,100		310,868
Nissan Motor Co. Ltd.*		114,847		571,924
Nitori Holdings Co. Ltd.		3,947		629,579
Open House Co. Ltd.		4,000		227,894
Oriental Land Co. Ltd.		9,825		1,550,652
Pan Pacific International Holdings Corp.		20,300		347,687
Panasonic Corp.		109,644		1,205,226
Rakuten Group, Inc.		43,038		442,050
Rinnai Corp.		1,755		166,440
Ryohin Keikaku Co. Ltd.		12,200		198,054
Sekisui Chemical Co. Ltd.		18,452		301,180
Sekisui House Ltd.		30,552		597,336
Sharp Corp.		10,055		112,973
Shimano, Inc.		3,684		1,023,379
Sony Group Corp.		62,093		7,594,424
Stanley Electric Co. Ltd.		6,546		170,954
Subaru Corp.		30,117		570,847
Sumitomo Electric Industries Ltd.		37,613		495,639
Suzuki Motor Corp.		17,889		725,625
Toyota Motor Corp.		522,665		9,252,467
USS Co. Ltd.		10,118		149,127
Yamaha Corp.		6,707		345,333
Yamaha Motor Co. Ltd.		14,824		374,944
ZOZO, Inc.		6,434		205,767

(Cost $30,784,003)				36,631,557


	Number of Shares		Value
Consumer Staples — 6.5%
Aeon Co. Ltd.		32,402	$	758,058
Ajinomoto Co., Inc.		22,701		684,233
Asahi Group Holdings Ltd.		22,497		834,719
Cosmos Pharmaceutical Corp. (a)		1,000		155,793
Ito En Ltd.		2,700		159,322
Japan Tobacco, Inc.		59,889		1,204,562
Kao Corp.		23,784		1,217,658
Kikkoman Corp.		7,248		555,294
Kirin Holdings Co. Ltd.		40,689		654,062
Kobayashi Pharmaceutical Co. Ltd.		2,600		205,175
Kobe Bussan Co. Ltd.		6,900		261,264
Kose Corp.		1,588		192,046
Lawson, Inc.		2,369		116,108
Lion Corp.		11,388		162,304
MEIJI Holdings Co. Ltd.		6,093		358,998
Nisshin Seifun Group, Inc.		9,275		134,241
Nissin Foods Holdings Co. Ltd.		2,970		219,134
Pola Orbis Holdings, Inc.		4,379		78,333
Seven & i Holdings Co. Ltd.		37,102		1,494,781
Shiseido Co. Ltd.		19,607		1,128,007
Suntory Beverage & Food Ltd.		6,936		245,753
Toyo Suisan Kaisha Ltd.		4,512		183,618
Tsuruha Holdings, Inc.		1,997		226,139
Unicharm Corp.		19,874		859,416
Welcia Holdings Co. Ltd.		4,700		167,360
Yakult Honsha Co. Ltd.		6,438		322,939

(Cost $14,403,134)				12,579,317

Energy — 0.6%
ENEOS Holdings, Inc.		152,537		571,364
Idemitsu Kosan Co. Ltd.		10,660		276,414
Inpex Corp.		50,444		418,154

(Cost $1,919,981)				1,265,932

Financials — 8.8%
Chiba Bank Ltd.		24,460		143,036
Concordia Financial Group Ltd.		52,438		191,595
Dai-ichi Life Holdings, Inc.		49,219		995,832
Daiwa Securities Group, Inc.		68,944		384,808
Japan Exchange Group, Inc.		24,832		540,203
Japan Post Bank Co. Ltd.		20,725		170,149
Japan Post Holdings Co. Ltd.*		120,670		913,819
Japan Post Insurance Co. Ltd.		10,400		161,748
Mitsubishi HC Capital, Inc.		33,216		156,919
Mitsubishi UFJ Financial Group, Inc.		603,642		3,211,663
Mizuho Financial Group, Inc.		118,477		1,469,498
MS&AD Insurance Group Holdings, Inc.		22,089		648,004
Nomura Holdings, Inc.		151,577		640,181
ORIX Corp.		60,027		1,192,203
Resona Holdings, Inc.		103,076		378,983
SBI Holdings, Inc.		12,099		312,978
Shizuoka Bank Ltd.		22,982		162,654
Sompo Holdings, Inc.		15,675		648,162
Sumitomo Mitsui Financial Group, Inc.		64,072		2,098,984
Sumitomo Mitsui Trust Holdings, Inc.		16,262		512,166
T&D Holdings, Inc.		26,749		317,576
Tokio Marine Holdings, Inc.		30,871		1,558,912
Tokyo Century Corp.		2,000		95,899

(Cost $20,143,209)				16,905,972


See Notes to Financial Statements.		79

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Health Care — 9.6%
Asahi Intecc Co. Ltd.		10,400	$	228,913
Astellas Pharma, Inc.		92,235		1,452,047
Chugai Pharmaceutical Co. Ltd.		32,935		1,072,241
Daiichi Sankyo Co. Ltd.		86,383		2,158,524
Eisai Co. Ltd.		11,812		718,219
Hoya Corp.		18,286		2,915,148
Kyowa Kirin Co. Ltd.		13,260		371,869
M3, Inc.		21,684		1,173,835
Medipal Holdings Corp.		8,682		156,688
Nippon Shinyaku Co. Ltd.		2,300		170,920
Olympus Corp.		54,576		1,225,890
Ono Pharmaceutical Co. Ltd.		17,683		391,956
Otsuka Holdings Co. Ltd.		19,200		704,235
Santen Pharmaceutical Co. Ltd.		17,174		228,511
Shionogi & Co. Ltd.		13,008		911,774
Sumitomo Dainippon Pharma Co. Ltd.		9,548		116,737
Sysmex Corp.		8,244		1,032,734
Taisho Pharmaceutical Holdings Co. Ltd.		1,946		96,065
Takeda Pharmaceutical Co. Ltd.		78,023		2,092,164
Terumo Corp.		31,702		1,297,977

(Cost $16,376,720)				18,516,447

Industrials — 21.8%
AGC, Inc.		9,362		459,673
ANA Holdings, Inc.*		7,618		150,931
Benefit One, Inc.		3,900		183,554
Central Japan Railway Co.		7,126		983,462
Dai Nippon Printing Co. Ltd.		10,543		248,383
Daifuku Co. Ltd.		5,000		402,088
Daikin Industries Ltd.		12,248		2,508,437
East Japan Railway Co.		14,985		926,131
FANUC Corp.		9,489		1,867,411
Fuji Electric Co. Ltd.		6,406		336,636
Hankyu Hanshin Holdings, Inc.		11,640		346,517
Hino Motors Ltd.		14,560		121,596
Hitachi Construction Machinery Co. Ltd.		5,520		161,154
Hitachi Ltd.		47,734		2,824,302
Hoshizaki Corp.		2,654		202,393
ITOCHU Corp.		58,288		1,681,062
Japan Airlines Co. Ltd.*		7,154		130,125
Kajima Corp.		22,776		252,070
Keio Corp.		5,136		232,184
Keisei Electric Railway Co. Ltd.		6,584		181,150
Kintetsu Group Holdings Co. Ltd.*		8,110		233,897
Komatsu Ltd.		43,637		1,000,638
Kubota Corp.		50,663		1,061,801
Kurita Water Industries Ltd.		4,842		227,032
Lixil Corp.		13,316		328,556
Makita Corp.		10,944		482,549
Marubeni Corp.		76,487		688,508
MINEBEA MITSUMI, Inc.		17,724		470,403
MISUMI Group, Inc.		13,820		585,029
Mitsubishi Corp.		61,891		1,856,703
Mitsubishi Electric Corp.		89,526		1,128,233
Mitsubishi Heavy Industries Ltd.		15,702		355,755
Mitsui & Co. Ltd.		76,971		1,741,185
Miura Co. Ltd.		4,600		162,171


	Number of Shares		Value
Industrials (Continued)
MonotaRO Co. Ltd.		11,800	$	235,509
NGK Insulators Ltd.		13,164		209,278
Nidec Corp.		22,090		2,540,541
Nihon M&A Center Holdings, Inc.		15,000		442,562
Nippon Express Co. Ltd.		3,739		214,016
Nippon Yusen KK		8,112		531,064
Obayashi Corp.		31,808		235,250
Odakyu Electric Railway Co. Ltd.		13,877		268,492
Persol Holdings Co. Ltd.		8,600		249,551
Recruit Holdings Co. Ltd.		66,891		4,083,822
Secom Co. Ltd.		10,172		689,682
SG Holdings Co. Ltd.		15,600		346,406
Shimizu Corp.		28,268		179,309
SMC Corp.		2,858		1,836,897
Sohgo Security Services Co. Ltd.		3,422		146,525
Sumitomo Corp.		55,873		764,185
Taisei Corp.		9,152		267,998
Tobu Railway Co. Ltd.		8,890		201,733
Tokyu Corp.		24,922		346,375
TOPPAN, Inc.		13,639		207,900
Toshiba Corp.		20,123		805,917
TOTO Ltd.		7,038		313,187
Toyota Industries Corp.		7,299		601,820
Toyota Tsusho Corp.		10,431		457,253
West Japan Railway Co.		10,579		458,406
Yamato Holdings Co. Ltd.		13,817		306,080
Yaskawa Electric Corp.		11,782		530,547

(Cost $37,361,251)				41,992,024

Information Technology — 15.3%
Advantest Corp.		9,900		874,959
Azbil Corp.		6,000		266,466
Brother Industries Ltd.		12,222		211,278
Canon, Inc.		49,097		1,085,880
Disco Corp.		1,400		403,769
FUJIFILM Holdings Corp.		17,657		1,395,096
Fujitsu Ltd.		9,740		1,619,528
GMO Payment Gateway, Inc.		2,000		269,474
Hamamatsu Photonics KK		6,988		431,514
Hirose Electric Co. Ltd.		1,566		263,921
Ibiden Co. Ltd.		5,300		331,499
Itochu Techno-Solutions Corp.		4,800		156,907
Keyence Corp.		9,586		5,964,377
Kyocera Corp.		15,808		941,334
Lasertec Corp.		3,700		973,650
Murata Manufacturing Co. Ltd.		28,445		2,108,808
NEC Corp.		11,893		538,702
Nomura Research Institute Ltd.		16,322		704,661
NTT Data Corp.		30,940		655,287
Obic Co. Ltd.		3,462		642,875
Omron Corp.		9,217		894,098
Oracle Corp.		1,972		194,697
Otsuka Corp.		5,760		264,470
Renesas Electronics Corp.*		62,900		802,422
Ricoh Co. Ltd.		32,934		292,235
Rohm Co. Ltd.		4,312		405,508
SCSK Corp.		7,500		142,987


See Notes to Financial Statements.		80

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Information Technology (Continued)
Seiko Epson Corp.		13,724	$	222,187
Shimadzu Corp.		11,336		482,383
SUMCO Corp.		16,800		369,783
TDK Corp.		18,984		755,766
TIS, Inc.		11,200		347,786
Tokyo Electron Ltd.		7,314		3,871,984
Trend Micro, Inc.		6,572		380,825
Yokogawa Electric Corp.		10,908		206,030

(Cost $19,814,628)				29,473,146

Materials — 4.7%
Asahi Kasei Corp.		60,384		572,402
Hitachi Metals Ltd.*		10,746		199,833
JFE Holdings, Inc.		23,919		278,475
JSR Corp.		10,251		384,520
Kansai Paint Co. Ltd.		8,806		198,658
Mitsubishi Chemical Holdings Corp.		63,696		502,761
Mitsubishi Gas Chemical Co., Inc.		8,376		139,977
Mitsui Chemicals, Inc.		9,081		244,629
Nippon Paint Holdings Co. Ltd. (a)		34,915		368,502
Nippon Sanso Holdings Corp.		7,780		165,394
Nippon Steel Corp.		41,437		623,012
Nissan Chemical Corp.		6,002		347,265
Nitto Denko Corp.		7,018		490,487
Oji Holdings Corp.		40,984		190,353
Shin-Etsu Chemical Co. Ltd.		17,431		2,929,968
Sumitomo Chemical Co. Ltd.		70,956		328,933
Sumitomo Metal Mining Co. Ltd.		12,305		460,805
Toray Industries, Inc.		68,342		399,526
Tosoh Corp.		12,400		178,921

(Cost $9,215,129)				9,004,421

Real Estate — 3.3%
Daito Trust Construction Co. Ltd.		3,251		353,473
Daiwa House Industry Co. Ltd.		27,417		804,306
Daiwa House REIT Investment Corp. REIT		106		303,366
GLP J REIT		212		338,157
Hulic Co. Ltd.		19,810		188,575
Japan Metropolitan Fund Invest REIT		347		300,231
Japan Real Estate Investment Corp. REIT		62		359,269
Mitsubishi Estate Co. Ltd.		58,624		811,665
Mitsui Fudosan Co. Ltd.		45,182		933,739
Nippon Building Fund, Inc. REIT		74		458,265
Nippon Prologis REIT, Inc. REIT (a)		101		330,159
Nomura Real Estate Holdings, Inc.		5,528		120,551
Nomura Real Estate Master Fund, Inc. REIT		213		304,138
Orix JREIT, Inc. REIT		128		204,397
Sumitomo Realty & Development Co. Ltd.		15,150		474,330

(Cost $7,225,290)				6,284,621

Utilities — 0.8%
Chubu Electric Power Co., Inc.		32,034		324,775
Kansai Electric Power Co., Inc.		35,007		318,062
Osaka Gas Co. Ltd.		18,689		302,073
Tokyo Electric Power Co. Holdings, Inc.*		72,884		195,372


	Number of Shares		Value
Utilities (Continued)
Tokyo Gas Co. Ltd.		18,765	$	322,891

(Cost $2,255,900)				1,463,173

TOTAL COMMON STOCKS (Cost $173,755,309)				189,223,274

EXCHANGE-TRADED FUNDS — 0.0%
iShares MSCI Japan ETF (Cost $30,640)		450		29,849

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $385,800)		385,800		385,800

CASH EQUIVALENTS — 1.3%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (b)		117,803		117,779
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)		2,344,607		2,344,607

TOTAL CASH EQUIVALENTS (Cost $2,462,408)				2,462,386


TOTAL INVESTMENTS — 99.7% (Cost $176,634,157)			$	192,101,309
Other assets and liabilities, net — 0.3%				658,531

NET ASSETS — 100.0%			$	192,759,840


See Notes to Financial Statements.		81

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

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


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01%, (b)(c)
		1,854,074		—		(1,468,274	) (d)		—		—			150		—		385,800		385,800

CASH EQUIVALENTS — 1.3%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (b)
		117,744		47		—			—		(12	)		47		—		117,803		117,779
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)
		5,191,109		42,115,663		(44,962,165	)		—		—			792		—		2,344,607		2,344,607

		7,162,927		42,115,710		(46,430,439	)		—		(12	)		989		—		2,848,210		2,848,186

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2021 amounted to $1,040,620, which is 0.5% of net assets.

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

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

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

REIT:

Real Estate Investment Trust

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


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

Total unrealized depreciation								$	(325,559	)

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


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

Total unrealized appreciation (depreciation)						$	916,755	$	(2,585,932	)

Currency Abbreviations

JPY

Japanese Yen

USD

U.S. Dollar


See Notes to Financial Statements.		82

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (e)	$	189,223,274		$	—		$	—	$	189,223,274
Exchange-Traded Funds		29,849			—			—		29,849
Short-Term Investments (e)		2,848,186			—			—		2,848,186
Derivatives (f)
Forward Foreign Currency Contracts		—			916,755			—		916,755

TOTAL	$	192,101,309		$	916,755		$	—	$	193,018,064


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (f)
Forward Foreign Currency Contracts	$	—		$	(2,585,932	)	$	—	$	(2,585,932	)
Futures Contracts		(325,559	)		—			—		(325,559	)

TOTAL	$	(325,559	)	$	(2,585,932	)	$	—	$	(2,911,491	)

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

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


See Notes to Financial Statements.		83

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2021 (Unaudited)


	Xtrackers MSCI All World ex US Hedged Equity ETF		Xtrackers MSCI Emerging Markets Hedged Equity ETF		Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	134,665,883	$	110,438,038	$	585,112,386		$	15,111,753
Investment in affiliated securities at value		129,224		—		1,362,996			62,177
Investment in DWS ESG Liquidity Fund*		—		—		640,464			—
Investment in DWS Government Money Market Series*		5,435,979		2,085,759		27,286,976			48,899
Investment in DWS Government & Agency Securities Portfolio**		1,087,572		864,626		3,622,161			123,685
Cash		—		76		4			—
Foreign currency at value		282,928		279,108		1,161,283			14,105
Receivable for return of collateral pledged for forward foreign currency contracts		—		—		—			27,354
Unrealized appreciation on forward foreign currency contracts		3,001,636		1,169,248		17,675,342			436,026
Deposit with broker for futures contracts		257,788		167,854		1,773,520			13,316
Receivables:
Investment securities sold		855,583		1,747,291		1,901,443			33,657
Dividends		241,475		49,453		522,998			4,234
Interest		128		68		523			2
Securities lending income		1,268		1,153		5,312			292
Foreign tax reclaim		101,990		363		1,519,363			16,263

Total assets	$	146,061,454	$	116,803,037	$	642,584,771		$	15,891,763


Liabilities
Due to custodian	$	578	$	—	$	—		$	—
Payable upon return of securities loaned		1,087,572		864,626		3,622,161			123,685
Payable upon return of deposit for forward foreign currency contracts		2,467,830		600,000		16,412,179			—
Unrealized depreciation on forward foreign currency contracts		881,410		305,222		4,339,881			116,593
Payables:
Investment securities purchased		2,502,342		1,693,785		11,462,367			362,522
Investment advisory fees		47,356		62,568		229,756			5,933
Variation margin on futures contracts		71,100		49,083		677,729			6,762
Deferred foreign tax payable		143,518		349,481		—			—

Total liabilities		7,201,706		3,924,765		36,744,073			615,495

Net Assets, at value	$	138,859,748	$	112,878,272	$	605,840,698		$	15,276,268


Net Assets Consist of
Paid-in capital	$	120,846,579	$	107,118,614	$	687,791,767		$	15,430,971
Distributable earnings (loss)		18,013,169		5,759,658		(81,951,069	)		(154,703	)

Net Assets, at value	$	138,859,748	$	112,878,272	$	605,840,698		$	15,276,268


Number of Common Shares outstanding		4,250,001		4,250,800		17,450,001			400,001

Net Asset Value	$	32.67	$	26.55	$	34.72		$	38.19


Investment in non-affiliated securities at cost	$	113,160,381	$	81,377,280	$	562,428,280		$	13,086,774

Investment in affiliated securities at cost	$	151,354	$	—	$	2,792,800		$	138,297

Value of securities loaned	$	1,953,624	$	1,712,402	$	3,685,736		$	214,362

Investment in DWS ESG Liquidity Fund at cost*	$	—	$	—	$	640,592		$	—

Investment in DWS Government Money Market Series at cost*	$	5,435,979	$	2,085,759	$	27,286,976		$	48,899

Investment in DWS Government & Agency Securities Portfolio at cost**	$	1,087,572	$	864,626	$	3,622,161		$	123,685

Non-cash collateral for securities on loan	$	968,472	$	905,006	$	323,663		$	104,648

Foreign currency at cost	$	289,306	$	283,365	$	1,144,156		$	13,973

* Includes collateral held for forward foreign currency contracts	$	2,467,830	$	600,000	$	16,412,179		$	—

**	Represents collateral on securities loaned.


See Notes to Financial Statements.		84

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2021 (Unaudited)


	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	12,139,550		$	189,253,123
Investment in affiliated securities at value		211,119			—
Investment in DWS ESG Liquidity Fund		—			117,779
Investment in DWS Government Money Market Series		24,065			2,344,607
Investment in DWS Government & Agency Securities Portfolio*		49,200			385,800
Cash		—			1
Foreign currency at value		2,901			437,805
Receivable for return of collateral pledged for forward foreign currency contracts		27,883			1,091,084
Unrealized appreciation on forward foreign currency contracts		362,632			916,755
Deposit with broker for futures contracts		12,898			195,850
Receivables:
Investment securities sold		19,591			2,009,109
Dividends		—			1,143,720
Interest		1			109
Securities lending income		21			224
Foreign tax reclaim		28,938			—

Total assets	$	12,878,799		$	197,895,966


Liabilities
Payable upon return of securities loaned	$	49,200		$	385,800
Unrealized depreciation on forward foreign currency contracts		96,728			2,585,932
Payables:
Investment securities purchased		216,944			1,972,594
Investment advisory fees		4,893			74,679
Variation margin on futures contracts		6,711			117,121

Total liabilities		374,476			5,136,126


Net Assets, at value	$	12,504,323		$	192,759,840


Net Assets Consist of
Paid-in capital	$	19,841,761		$	338,963,428
Distributable earnings (loss)		(7,337,438	)		(146,203,588	)


Net Assets, at value	$	12,504,323		$	192,759,840


Number of Common Shares outstanding		400,800			3,950,800

Net Asset Value	$	31.20		$	48.79


Investment in non-affiliated securities at cost	$	11,600,665		$	173,785,949

Investment in affiliated securities at cost	$	563,833		$	—

Value of securities loaned	$	47,520		$	1,040,620

Investment in DWS ESG Liquidity Fund at cost	$	—		$	117,801

Investment in DWS Government Money Market Series at cost	$	24,065		$	2,344,607

Investment in DWS Government & Agency Securities Portfolio at cost*	$	49,200		$	385,800

Non-cash collateral for securities on loan	$	—		$	705,069

Foreign currency at cost	$	2,880		$	458,490

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		85

DBX ETF Trust

Statements of Operations

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


	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	1,445,138		$	1,472,404		$	5,180,416		$	84,199
Income distributions from affiliated funds		682			336			2,440			4
Affiliated securities lending income		73			46			340			10
Unaffiliated non-cash dividend income		193,384			93,956			1,499,730			58,756
Unaffiliated securities lending income, net of borrower rebates		16,374			8,120			142,747			6,644

Total investment income		1,655,651			1,574,862			6,825,673			149,613


Expenses
Investment advisory fees		270,877			380,787			1,377,586			35,046
Other expenses		292			81			1,539			57

Total expenses		271,169			380,868			1,379,125			35,103

Less fees waived (see note 3):
Waiver		(390	)		(198	)		(1,420	)		(2	)

Net expenses		270,779			380,670			1,377,705			35,101

Net investment income (loss)		1,384,872			1,194,192			5,447,968			114,512


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(291,651	)		(260,435	)		(2,245,727	)		8,939
Investments in affiliates		—			—			—			(2,476	)
In-kind redemptions		—			—			9,122,554			—
In-kind redemptions in affiliates		—			—			5,170			—
Futures contracts		195,917			(30,896	)		955,804			7,449
Foreign currency transactions		(66,430	)		(121,117	)		(281,922	)		(2,516	)
Forward foreign currency contracts		2,845,385			727,277			17,305,338			655,529

Net realized gain (loss)		2,683,221			314,829			24,861,217			666,925

Net change in unrealized appreciation (depreciation) on:
Investments***		(8,340,583	)		(13,928,987	)		(31,649,370	)		(971,810	)
Investments in affiliates		(26,159	)		—			(293,441	)		(11,340	)
Futures contracts		(273,652	)		(149,506	)		(469,946	)		(3,335	)
Foreign currency translations		(16,221	)		(9,017	)		(217,418	)		(1,148	)
Forward foreign currency contracts		3,480,787			1,969,444			22,737,060			544,323

Net change in unrealized appreciation (depreciation)		(5,175,828	)		(12,118,066	)		(9,893,115	)		(443,310	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2,492,607	)		(11,803,237	)		14,968,102			223,615


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,107,735	)	$	(10,609,045	)	$	20,416,070		$	338,127

* Unaffiliated foreign tax withheld	$	164,380		$	199,018		$	587,014		$	25,070
** Including foreign taxes	$	2		$	1,396		$	—		$	—
*** Including change in deferred foreign taxes	$	37,960		$	71,521		$	—		$	—


See Notes to Financial Statements.		86

DBX ETF Trust

Statements of Operations (Continued)

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


	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	24,164		$	1,752,251
Income distributions from affiliated funds		15			839
Affiliated securities lending income		0			150
Unaffiliated securities lending income, net of borrower rebates		35			18,438

Total investment income		24,214			1,771,678


Expenses
Investment advisory fees		30,669			447,465
Other expenses		57			925

Total expenses		30,726			448,390

Less fees waived (see note 3):
Waiver		(7	)		(503	)

Net expenses		30,719			447,887

Net investment income (loss)		(6,505	)		1,323,791


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(4,414	)		(1,396,340	)
Investments in affiliates		(3,168	)		—
In-kind redemptions		413,595			1,571,027
In-kind redemptions in affiliates		(847	)		—
Futures contracts		9,786			170,621
Foreign currency transactions		1,038			(1,105	)
Forward foreign currency contracts		586,779			8,387,930

Net realized gain (loss)		1,002,769			8,732,133

Net change in unrealized appreciation (depreciation) on:
Investments		(1,669,132	)		(4,285,645	)
Investments in affiliates		(47,252	)		(12	)
Futures contracts		(5,516	)		(330,440	)
Foreign currency translations		(3,123	)		(38,970	)
Forward foreign currency contracts		481,987			(2,024,780	)

Net change in unrealized appreciation (depreciation)		(1,243,036	)		(6,679,847	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(240,267	)		2,052,286


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(246,772	)	$	3,376,077

* Unaffiliated foreign tax withheld	$	3,949		$	192,204


See Notes to Financial Statements.		87

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI All World ex US Hedged Equity ETF						Xtrackers MSCI Emerging Markets Hedged Equity ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,384,872		$	2,329,775		$	1,194,192		$	1,631,239
Net realized gain (loss)		2,683,221			(3,526,996	)		314,829			(472,807	)
Net change in net unrealized appreciation (depreciation)		(5,175,828	)		31,627,186			(12,118,066	)		36,415,472

Net increase (decrease) in net assets resulting from operations		(1,107,735	)		30,429,965			(10,609,045	)		37,573,904

Distributions to Shareholders		(1,733,655	)		(2,298,657	)		(930,386	)		(2,035,453	)


Fund Shares Transactions
Proceeds from shares sold		16,562,174			10,818,162			6,963,090			2,940,585
Value of shares redeemed		—			(12,480,284	)		—			(10,412,487	)

Net increase (decrease) in net assets resulting from fund share transactions		16,562,174			(1,662,122	)		6,963,090			(7,471,902	)

Total net increase (decrease) in Net Assets		13,720,784			26,469,186			(4,576,341	)		28,066,549

Net Assets
Beginning of period		125,138,964			98,669,778			117,454,613			89,388,064

End of period	$	138,859,748		$	125,138,964		$	112,878,272		$	117,454,613


Changes in Shares Outstanding
Shares outstanding, beginning of period		3,750,001			3,850,001			4,000,800			4,250,800
Shares sold		500,000			350,000			250,000			100,000
Shares redeemed		—			(450,000	)		—			(350,000	)

Shares outstanding, end of period		4,250,001			3,750,001			4,250,800			4,000,800


See Notes to Financial Statements.		88

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Europe Hedged Equity ETF						Xtrackers MSCI Eurozone Hedged Equity ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	5,447,968		$	11,962,486		$	114,512		$	394,276
Net realized gain (loss)		24,861,217			(48,260,226	)		666,925			(398,314	)
Net change in net unrealized appreciation (depreciation)		(9,893,115	)		157,104,698			(443,310	)		5,590,054

Net increase (decrease) in net assets resulting from operations		20,416,070			120,806,958			338,127			5,586,016

Distributions to Shareholders		(9,412,482	)		(11,732,653	)		(230,025	)		(395,611	)


Fund Shares Transactions
Proceeds from shares sold		67,689,854			115,314,044			—			—
Value of shares redeemed		(35,959,578	)		(148,297,491	)		—			(11,099,293	)

Net increase (decrease) in net assets resulting from fund share transactions		31,730,276			(32,983,447	)		—			(11,099,293	)

Total net increase (decrease) in Net Assets		42,733,864			76,090,858			108,102			(5,908,888	)

Net Assets
Beginning of period		563,106,834			487,015,976			15,168,166			21,077,054

End of period	$	605,840,698		$	563,106,834		$	15,276,268		$	15,168,166


Changes in Shares Outstanding
Shares outstanding, beginning of period		16,550,001			18,100,001			400,001			750,001
Shares sold		1,950,000			3,500,000			—			—
Shares redeemed		(1,050,000	)		(5,050,000	)		—			(350,000	)

Shares outstanding, end of period		17,450,001			16,550,001			400,001			400,001


See Notes to Financial Statements.		89

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Germany Hedged Equity ETF						Xtrackers MSCI Japan Hedged Equity ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	(6,505	)	$	484,443		$	1,323,791		$	2,843,396
Net realized gain (loss)		1,002,769			(2,021,372	)		8,732,133			9,760,485
Net change in net unrealized appreciation (depreciation)		(1,243,036	)		5,178,235			(6,679,847	)		36,388,150

Net increase (decrease) in net assets resulting from operations		(246,772	)		3,641,306			3,376,077			48,992,031

Distributions to Shareholders		(256,077	)		(431,830	)		(4,661,580	)		(5,950,806	)


Fund Shares Transactions
Proceeds from shares sold		—			—			2,440,193			11,284,280
Value of shares redeemed		(1,617,438	)		(3,898,792	)		(7,199,304	)		(76,451,354	)

Net increase (decrease) in net assets resulting from fund share transactions		(1,617,438	)		(3,898,792	)		(4,759,111	)		(65,167,074	)

Total net increase (decrease) in Net Assets		(2,120,287	)		(689,316	)		(6,044,614	)		(22,125,849	)

Net Assets
Beginning of period		14,624,610			15,313,926			198,804,454			220,930,303

End of period	$	12,504,323		$	14,624,610		$	192,759,840		$	198,804,454


Changes in Shares Outstanding
Shares outstanding, beginning of period		450,800			600,800			4,050,800			5,550,800
Shares sold		—			—			50,000			250,000
Shares redeemed		(50,000	)		(150,000	)		(150,000	)		(1,750,000	)

Shares outstanding, end of period		400,800			450,800			3,950,800			4,050,800


See Notes to Financial Statements.		90

DBX ETF Trust

Financial Highlights


Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	33.37		$	25.63		$	26.61		$	27.71		$	26.20		$	22.62

Income (loss) from investment operations:
Net investment income (loss)(a)		0.34			0.64			0.62			0.73			0.67			0.64
Net realized and unrealized gain (loss)		(0.59	)		7.73			(0.76	)		(1.12	)		1.51			3.42

Total from investment operations		(0.25	)		8.37			(0.14	)		(0.39	)		2.18			4.06

Less distributions from:
Net investment income		(0.45	)		(0.63	)		(0.84	)		(0.71	)		(0.67	)		(0.48	)

Total distributions		(0.45	)		(0.63	)		(0.84	)		(0.71	)		(0.67	)		(0.48	)

Net Asset Value, end of period	$	32.67		$	33.37		$	25.63		$	26.61		$	27.71		$	26.20

Total Return (%)		(0.78	)**(b)		33.10	(b)		(0.78	)(b)		(1.30	)(b)		8.43			18.30

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		139			125			99			98			127			105
Ratio of expenses before fee waiver (%)		0.40	*		0.40			0.41			0.41			0.40			0.40
Ratio of expenses after fee waiver (%)		0.40	*		0.40			0.41			0.41			0.40			0.40
Ratio of net investment income (loss) (%)		1.90	*		2.15			2.29			2.74			2.46			2.67
Portfolio turnover rate (%)(c)		2	**		14			10			13			11			15

Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	29.36		$	21.03		$	21.81		$	23.91		$	21.47		$	18.62

Income (loss) from investment operations:
Net investment income (loss)(a)		0.29			0.39			0.58			0.52			0.41			0.35
Net realized and unrealized gain (loss)		(2.87	)		8.42			(0.74	)		(2.02	)		2.39			2.81

Total from investment operations		(2.58	)		8.81			(0.16	)		(1.50	)		2.80			3.16

Less distributions from:
Net investment income		(0.23	)		(0.48	)		(0.62	)		(0.60	)		(0.36	)		(0.31	)

Total distributions		(0.23	)		(0.48	)		(0.62	)		(0.60	)		(0.36	)		(0.31	)

Net Asset Value, end of period	$	26.55		$	29.36		$	21.03		$	21.81		$	23.91		$	21.47

Total Return (%)		(8.86	)**(b)		42.20	(b)		(1.01	)(b)		(6.18	)(b)		13.09			17.19

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		113			117			89			112			195			188
Ratio of expenses before fee waiver (%)		0.65	*		0.65			0.66			0.66			0.65			0.65
Ratio of expenses after fee waiver (%)		0.65	*		0.65			0.66			0.66			0.65			0.65
Ratio of net investment income (loss) (%)		1.96	*		1.48			2.62			2.29			1.74			1.74
Portfolio turnover rate (%)(c)		4	**		13			20			13			15			43

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		91

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	34.02		$	26.91		$	28.31		$	28.71		$	28.29		$	25.65

Income (loss) from investment operations:
Net investment income (loss)(a)		0.31			0.77			0.52			0.75			0.68			0.76
Net realized and unrealized gain (loss)		0.96			7.07			(1.06	)		(0.26	)		0.39			4.40

Total from investment operations		1.27			7.84			(0.54	)		0.49			1.07			5.16

Less distributions from:
Net investment income		(0.57	)		(0.73	)		(0.86	)		(0.89	)		(0.65	)		(0.85	)
Net realized gains		—			—			—			—			—			(1.67	)

Total distributions		(0.57	)		(0.73	)		(0.86	)		(0.89	)		(0.65	)		(2.52	)

Net Asset Value, end of period	$	34.72		$	34.02		$	26.91		$	28.31		$	28.71		$	28.29

Total Return (%)		3.75	**(b)		29.68	(b)		(2.16	)(b)		1.88	(b)		3.82			21.77

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		606			563			487			849			1,543			2,747
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.46			0.47			0.45			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.46			0.47			0.45			0.45
Ratio of net investment income (loss) (%)		1.54	*		2.58			1.79			2.67			2.41			2.95
Portfolio turnover rate (%)(c)		3	**		9			13			7			11			17

Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	37.92		$	28.10		$	29.80		$	30.90		$	30.29		$	25.64

Income (loss) from investment operations:
Net investment income (loss)(a)		0.29			0.76			0.40			0.71			0.62			0.73
Net realized and unrealized gain (loss)		0.56			9.71			(1.15	)		(1.13	)		0.63			4.84

Total from investment operations		0.85			10.47			(0.75	)		(0.42	)		1.25			5.57

Less distributions from:
Net investment income		(0.58	)		(0.65	)		(0.95	)		(0.68	)		(0.64	)		(0.92	)

Total distributions		(0.58	)		(0.65	)		(0.95	)		(0.68	)		(0.64	)		(0.92	)

Net Asset Value, end of period	$	38.19		$	37.92		$	28.10		$	29.80		$	30.90		$	30.29

Total Return (%)		2.23	**(b)		37.79	(b)		(2.80	)(b)		(1.34	)(b)		4.19			22.56

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		15			15			21			31			42			65
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.47			0.47			0.45			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.46			0.47			0.45			0.45
Ratio of net investment income (loss) (%)		1.09	*		2.37			1.31			2.42			2.05			2.76
Portfolio turnover rate (%)(c)		4	**		10			11			5			14			16

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		92

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	32.44		$	25.49		$	25.77		$	27.93		$	27.87		$	23.40

Income (loss) from investment operations:
Net investment income (loss)(a)		(0.02	)		0.95			0.24			0.53			0.57			0.40
Net realized and unrealized gain (loss)		(0.65	)		6.84			0.08			(2.02	)		(0.09	)		4.78

Total from investment operations		(0.67	)		7.79			0.32			(1.49	)		0.48			5.18

Less distributions from:
Net investment income		(0.57	)		(0.84	)		(0.60	)		(0.67	)		(0.42	)		(0.71	)

Total distributions		(0.57	)		(0.84	)		(0.60	)		(0.67	)		(0.42	)		(0.71	)

Net Asset Value, end of period	$	31.20		$	32.44		$	25.49		$	25.77		$	27.93		$	27.87

Total Return (%)		(2.15	)**(b)		31.15	(b)		1.15	(b)		(5.48	)(b)		1.73			22.93

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		13			15			15			23			36			66
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.45			0.46			0.45			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.45			0.46			0.45			0.45
Ratio of net investment income (loss) (%)		(0.10	)*		3.29			0.90			2.03			2.04			1.63
Portfolio turnover rate (%)(c)		4	**		15			14			11			17			12

Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	49.08		$	39.80		$	37.95		$	42.95		$	38.65		$	34.32

Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			0.62			0.67			0.64			0.52			0.53
Net realized and unrealized gain (loss)		0.53			9.82			2.27			(4.24	)		4.69			4.22

Total from investment operations		0.86			10.44			2.94			(3.60	)		5.21			4.75

Less distributions from:
Net investment income		(1.15	)		(1.16	)		(1.09	)		(1.40	)		(0.91	)		(0.42	)

Total distributions		(1.15	)		(1.16	)		(1.09	)		(1.40	)		(0.91	)		(0.42	)

Net Asset Value, end of period	$	48.79		$	49.08		$	39.80		$	37.95		$	42.95		$	38.65

Total Return (%)		1.75	**(b)		26.96	(b)		7.88	(b)		(8.59	)(b)		13.74			14.08

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		193			199			221			414			1,153			1,780
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.46			0.47			0.46			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.46			0.47			0.46			0.45
Ratio of net investment income (loss) (%)		1.33	*		1.41			1.69			1.55			1.24			1.50
Portfolio turnover rate (%)(c)		3	**		12			12			15			12			22

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		93

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2021, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”)(each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers MSCI All World ex US Hedged Equity ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

Xtrackers MSCI Germany Hedged Equity ETF

Xtrackers MSCI Japan Hedged Equity ETF

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

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

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


Fund		Underlying Index
Xtrackers MSCI All World ex US Hedged Equity ETF		MSCI ACWI ex USA US Dollar Hedged Index
Xtrackers MSCI Emerging Markets Hedged Equity ETF		MSCI EM US Dollar Hedged Index
Xtrackers MSCI Europe Hedged Equity ETF		MSCI Europe US Dollar Hedged Index
Xtrackers MSCI Eurozone Hedged Equity ETF		MSCI EMU IMI US Dollar Hedged Index
Xtrackers MSCI Germany Hedged Equity ETF		MSCI Germany US Dollar Hedged Index
Xtrackers MSCI Japan Hedged Equity ETF		MSCI Japan US Dollar Hedged Index

The MSCI ACWI ex USA US Dollar Hedged Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.

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

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

The MSCI EMU IMI US Dollar Hedged Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro.

The MSCI Germany US Dollar Hedged Index is designed to track the performance of the German equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.

The MSCI Japan US Dollar Hedged Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF are diversified series of the Trust. Xtrackers MSCI Germany Hedged Equity ETF is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

2. Significant Accounting Policies

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

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (Unaudited) (Continued)

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2021, the Funds did not incur any interest or penalties.

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


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

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


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

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2021, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2021, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.03% annualized effective rate as of November 30, 2021) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2021, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of November 30, 2021

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All World ex US Hedged Equity ETF
Common Stocks	$	1,087,572	$	—	$	36,969	$	931,503	$	2,056,044

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,056,044

Xtrackers MSCI Emerging Markets Hedged Equity ETF
Common Stocks	$	864,626	$	—	$	44,667	$	860,339	$	1,769,632

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,769,632

Xtrackers MSCI Europe Hedged Equity ETF
Common Stocks	$	3,622,161	$	—	$	—	$	323,663	$	3,945,824

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	3,945,824

Xtrackers MSCI Eurozone Hedged Equity ETF
Common Stocks	$	123,685	$	—	$	1,532	$	103,116	$	228,333

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	228,333

Xtrackers MSCI Germany Hedged Equity ETF
Exchange-Traded Funds	$	49,200	$	—	$	—	$	—	$	49,200

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	49,200

Xtrackers MSCI Japan Hedged Equity ETF
Common Stocks	$	385,800	$	—	$	10,950	$	694,119	$	1,090,869

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,090,869

Derivatives

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

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Notes to Financial Statements (Unaudited) (Continued)

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2021, The Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro and the Japanese yen, respectively.

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

A summary of the open forward currency contracts as of November 30, 2021 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2021.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2021, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of November 30, 2021 is included in a table following the Funds’ Schedule of Investments.

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Notes to Financial Statements (Unaudited) (Continued)

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2021 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All World ex US Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	5,009	Unrealized depreciation on futures contracts*	$	180,489

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		3,001,636	Unrealized depreciation on forward foreign currency contracts	$	881,410


		Total	$	3,006,645	Total	$	1,061,899

Xtrackers MSCI Emerging Markets Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	120,311

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,169,248	Unrealized depreciation on forward foreign currency contracts		305,222


		Total	$	1,169,248	Total	$	425,533

Xtrackers MSCI Europe Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	57,251	Unrealized depreciation on futures contracts*	$	449,650

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		17,675,342	Unrealized depreciation on forward foreign currency contracts		4,339,881


		Total	$	17,732,593	Total	$	4,789,531

Xtrackers MSCI Eurozone Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	1,864

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		436,026	Unrealized depreciation on forward foreign currency contracts		116,593


		Total	$	436,026	Total	$	118,457

Xtrackers MSCI Germany Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	2,561

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		362,632	Unrealized depreciation on forward foreign currency contracts		96,728


		Total	$	362,632	Total	$	99,289

Xtrackers MSCI Japan Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	325,559

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		916,755	Unrealized depreciation on forward foreign currency contracts		2,585,932


		Total	$	916,755		$	2,911,491

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

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Notes to Financial Statements (Unaudited) (Continued)

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2021 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	195,917		$	2,845,385		$	3,041,302
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(30,896	)		727,277			696,381
Xtrackers MSCI Europe Hedged Equity ETF		955,804			17,305,338			18,261,142
Xtrackers MSCI Eurozone Hedged Equity ETF		7,449			655,529			662,978
Xtrackers MSCI Germany Hedged Equity ETF		9,786			586,779			596,565
Xtrackers MSCI Japan Hedged Equity ETF		170,621			8,387,930			8,558,551

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	(273,652	)	$	3,480,787		$	3,207,135
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(149,506	)		1,969,444			1,819,938
Xtrackers MSCI Europe Hedged Equity ETF		(469,946	)		22,737,060			22,267,114
Xtrackers MSCI Eurozone Hedged Equity ETF		(3,335	)		544,323			540,988
Xtrackers MSCI Germany Hedged Equity ETF		(5,516	)		481,987			476,471
Xtrackers MSCI Japan Hedged Equity ETF		(330,440	)		(2,024,780	)		(2,355,220	)

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


	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	3,603,027	$	(129,754,942	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		2,191,710		(109,721,906	)
Xtrackers MSCI Europe Hedged Equity ETF		13,138,964		(592,792,399	)
Xtrackers MSCI Eurozone Hedged Equity ETF		82,063		(15,185,168	)
Xtrackers MSCI Germany Hedged Equity ETF		155,846		(13,248,846	)
Xtrackers MSCI Japan Hedged Equity ETF		5,221,386		(191,309,120	)

As of November 30, 2021, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to

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netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:


Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received(a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged(a)			Net Amount of Derivatives Liabilities
Xtrackers MSCI All World ex US Hedged Equity ETF
Citigroup Global Markets	$	668,937	$	(73,256	)	$	595,681	$	—	$	73,256	$	(73,256	)	$	—		$	—
Goldman Sachs & Co.		205,989		(202,167	)		—		3,822		202,167		(202,167	)		—			—
JP Morgan & Chase Co.		1,100,995		(313,069	)		787,926		—		313,069		(313,069	)		—			—
RBC Capital Markets		1,025,715		(292,918	)		732,797		—		292,918		(292,918	)		—			—

	$	3,001,636	$	(881,410	)	$	2,116,404	$	3,822	$	881,410	$	(881,410	)	$	—		$	—

Xtrackers MSCI Emerging Markets Hedged Equity ETF
Citigroup Global Markets	$	208,966	$	(21,231	)	$	—	$	187,735	$	21,231	$	(21,231	)	$	—		$	—
Goldman Sachs & Co.		69,546		(60,925	)		—		8,621		60,925		(60,925	)		—			—
JP Morgan & Chase Co.		493,154		(127,331	)		300,000		65,823		127,331		(127,331	)		—			—
RBC Capital Markets		397,582		(95,735	)		300,000		1,847		95,735		(95,735	)		—			—

	$	1,169,248	$	(305,222	)	$	600,000	$	264,026	$	305,222	$	(305,222	)	$	—		$	—

Xtrackers MSCI Europe Hedged Equity ETF
Citigroup Global Markets	$	4,602,368	$	—		$	4,602,368	$	—	$	—	$	—		$	—		$	—
Goldman Sachs & Co.		1,438,384		(1,435,148	)		—		3,236		1,435,148		(1,435,148	)		—			—
JP Morgan & Chase Co.		5,918,104		(1,524,476	)		4,393,628		—		1,524,476		(1,524,476	)		—			—
RBC Capital Markets		5,716,486		(1,380,257	)		4,336,229		—		1,380,257		(1,380,257	)		—			—

	$	17,675,342	$	(4,339,881	)	$	13,332,225	$	3,236	$	4,339,881	$	(4,339,881	)	$	—		$	—

Xtrackers MSCI Eurozone Hedged Equity ETF
Citigroup Global Markets	$	102,047	$	—		$	—	$	102,047	$	—	$	—		$	—		$	—
Goldman Sachs & Co.		37,365		(37,247	)		—		118		37,247		(37,247	)		—			—
JP Morgan & Chase Co.		141,056		(37,683	)		—		103,373		37,683		(37,683	)		—			—
RBC Capital Markets		155,558		(41,663	)		—		113,895		41,663		(41,663	)		—			—

	$	436,026	$	(116,593	)	$	—	$	319,433	$	116,593	$	(116,593	)	$	—		$	—

Xtrackers MSCI Germany Hedged Equity ETF
Citigroup Global Markets	$	81,790	$	—		$	—	$	81,790	$	—	$	—		$	—		$	—
Goldman Sachs & Co.		29,932		(29,837	)		—		95		29,837		(29,837	)		—			—
JP Morgan & Chase Co.		124,302		(32,982	)		—		91,320		32,982		(32,982	)		—			—
RBC Capital Markets		126,608		(33,909	)		—		92,699		33,909		(33,909	)		—			—

	$	362,632	$	(96,728	)	$	—	$	265,904	$	96,728	$	(96,728	)	$	—		$	—

Xtrackers MSCI Japan Hedged Equity ETF
Citigroup Global Markets	$	991	$	(991	)	$	—	$	—	$	649,281	$	(991	)	$	(251,084	)	$	397,206
Goldman Sachs & Co.		343,938		(342,355	)		—		1,583		342,355		(342,355	)		—			—
JP Morgan & Chase Co.		285,133		(285,133	)		—		—		821,098		(285,133	)		(450,000	)		85,965
RBC Capital Markets		286,693		(286,693	)		—		—		773,198		(286,693	)		(390,000	)		96,505

	$	916,755	$	(915,172	)	$	—	$	1,583	$	2,585,932	$	(915,172	)	$	(1,091,084	)	$	579,676

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

Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may

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invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

3. Investment Advisory and Other Agreements

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

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


	Unitary Advisory Fee
Xtrackers MSCI All World ex US Hedged Equity ETF		0.40	%
Xtrackers MSCI Emerging Markets Hedged Equity ETF		0.65	%
Xtrackers MSCI Europe Hedged Equity ETF		0.45	%
Xtrackers MSCI Eurozone Hedged Equity ETF		0.45	%
Xtrackers MSCI Germany Hedged Equity ETF		0.45	%
Xtrackers MSCI Japan Hedged Equity ETF		0.45	%

The Advisor for the funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period ended November 30, 2021, the Advisor waived expenses of the Funds as follows:


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

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

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

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

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

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Notes to Financial Statements (Unaudited) (Continued)

4. Investment Portfolio Transactions

For the period ended November 30, 2021, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	11,867,568	$	2,665,919
Xtrackers MSCI Emerging Markets Hedged Equity ETF		12,013,070		4,467,246
Xtrackers MSCI Europe Hedged Equity ETF		39,381,416		15,301,946
Xtrackers MSCI Eurozone Hedged Equity ETF		1,504,617		603,038
Xtrackers MSCI Germany Hedged Equity ETF		1,268,173		459,781
Xtrackers MSCI Japan Hedged Equity ETF		10,386,028		5,681,817

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


	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	11,807,993	$	—
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,399,256		—
Xtrackers MSCI Europe Hedged Equity ETF		65,588,006		35,349,292
Xtrackers MSCI Germany Hedged Equity ETF		—		1,589,683
Xtrackers MSCI Japan Hedged Equity ETF		2,355,346		6,986,746

5. Fund Share Transactions

As of November 30, 2021, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in Emerging Markets

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

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

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Notes to Financial Statements (Unaudited) (Continued)

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

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2021.

8. Other — COVID-19 Pandemic

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

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

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

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

Rev. 12/2021

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

This report must be preceded or accompanied by a prospectus.

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

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

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

In June 2016, citizens of the United Kingdom approved a referendum to leave the European Union (EU) and in March 2017, the United Kingdom initiated the formal process of withdrawing from the EU. On January 31, 2020, the United Kingdom officially withdrew from the EU pursuant to a withdrawal agreement, providing for a transition period in which the United Kingdom negotiated and finalized a trade deal with the EU, the EU-UK Trade and Cooperation Agreement provisionally applied effective January 1, 2021. As a result, as of January 1, 2021 the United Kingdom is no longer part of the EU customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom’s withdrawal from the EU is still unknown and could have adverse economic and political effects on the United Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations.

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

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

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

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

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

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


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

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

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