November 30, 2023

Semi-Annual Report

DBX ETF Trust

 

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

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     Page  

Portfolio Summary

  

Xtrackers MSCI All World ex US Hedged Equity ETF

     1  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

     2  

Xtrackers MSCI Europe Hedged Equity ETF

     3  

Xtrackers MSCI Eurozone Hedged Equity ETF

     4  

Xtrackers MSCI Germany Hedged Equity ETF

     5  

Xtrackers MSCI Japan Hedged Equity ETF

     6  

Fees and Expenses

     7  

Schedule of Investments

  

Xtrackers MSCI All World ex US Hedged Equity ETF

     8  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

     35  

Xtrackers MSCI Europe Hedged Equity ETF

     56  

Xtrackers MSCI Eurozone Hedged Equity ETF

     63  

Xtrackers MSCI Germany Hedged Equity ETF

     71  

Xtrackers MSCI Japan Hedged Equity ETF

     74  

Statements of Assets and Liabilities

     78  

Statements of Operations

     80  

Statements of Changes in Net Assets

     82  

Financial Highlights

     85  

Notes to Financial Statements

     88  

Other Information

     100  

Additional Information

     101  


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

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

 

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

Ten Largest Equity Holdings

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

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

    1.9%  

Novo Nordisk A/S (Denmark)

    1.4%  

Samsung Electronics Co. Ltd. (South Korea)

    1.3%  

Nestle SA (Switzerland)

    1.2%  

Tencent Holdings Ltd. (China)

    1.2%  

ASML Holding NV (Netherlands)

    1.1%  

Shell PLC (United Kingdom)

    0.9%  

LVMH Moet Hennessy Louis Vuitton SE (France)

    0.9%  

Toyota Motor Corp. (Japan)

    0.8%  

Novartis AG (Switzerland)

    0.8%  
Country Diversification* as of November 30, 2023

 

Japan

    14.5%  

United Kingdom

    8.8%  

France

    7.6%  

Canada

    7.5%  

China

    7.2%  

Switzerland

    6.7%  

Germany

    5.5%  

India

    4.5%  

Australia

    4.5%  

Taiwan

    4.4%  

South Korea

    3.6%  

Netherlands

    3.1%  

Denmark

    2.2%  

Sweden

    2.0%  

Other

    17.9%  
 

 

 

 

Total

    100%  
Sector Diversification* as of November 30, 2023

 

Financials

    21.1%  

Industrials

    13.0%  

Information Technology

    12.3%  

Consumer Discretionary

    11.6%  

Health Care

    9.4%  

Consumer Staples

    8.3%  

Materials

    7.8%  

Energy

    5.8%  

Communication Services

    5.5%  

Utilities

    3.2%  

Real Estate

    2.0%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.

 

1


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

 

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

Ten Largest Equity Holdings

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

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

    6.5%  

Samsung Electronics Co. Ltd. (South Korea)

    4.4%  

Tencent Holdings Ltd. (China)

    4.0%  

Alibaba Group Holding Ltd. (China)

    2.2%  

PDD Holdings, Inc. (Ireland)

    1.3%  

Reliance Industries Ltd. (India)

    1.2%  

Petroleo Brasileiro SA (Brazil)

    0.9%  

Meituan (China)

    0.9%  

ICICI Bank Ltd. (India)

    0.8%  

Infosys Ltd. (India)

    0.8%  
Country Diversification* as of November 30, 2023

 

China

    25.3%  

India

    16.0%  

Taiwan

    15.7%  

South Korea

    12.7%  

Brazil

    5.7%  

Saudi Arabia

    4.0%  

South Africa

    2.8%  

Mexico

    2.6%  

Other

    15.2%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of November 30, 2023

 

Financials

    22.1%  

Information Technology

    21.7%  

Consumer Discretionary

    13.0%  

Communication Services

    9.6%  

Materials

    7.8%  

Industrials

    6.6%  

Consumer Staples

    6.0%  

Energy

    5.0%  

Health Care

    3.9%  

Utilities

    2.6%  

Real Estate

    1.7%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 35.

 

2


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

 

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

Ten Largest Equity Holdings

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

 

Description   % of Net Assets  

Novo Nordisk A/S (Denmark)

    3.2%  

Nestle SA (Switzerland)

    2.9%  

ASML Holding NV (Netherlands)

    2.7%  

Shell PLC (United Kingdom)

    2.1%  

LVMH Moet Hennessy Louis Vuitton SE (France)

    2.1%  

Novartis AG (Switzerland)

    1.9%  

Roche Holding AG (Switzerland)

    1.9%  

AstraZeneca PLC (United Kingdom)

    1.9%  

SAP SE (Germany)

    1.6%  

TotalEnergies SE (France)

    1.5%  
Country Diversification* as of November 30, 2023

 

United Kingdom

    20.9%  

France

    18.2%  

Switzerland

    15.9%  

Germany

    13.1%  

Netherlands

    7.4%  

Denmark

    5.2%  

Sweden

    4.6%  

Spain

    4.2%  

Italy

    3.5%  

Other

    7.0%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of November 30, 2023

 

Financials

    17.9%  

Industrials

    15.4%  

Health Care

    15.4%  

Consumer Staples

    11.9%  

Consumer Discretionary

    10.7%  

Information Technology

    7.2%  

Materials

    7.1%  

Energy

    6.0%  

Utilities

    4.4%  

Communication Services

    3.2%  

Real Estate

    0.8%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 56.

 

3


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

 

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

Ten Largest Equity Holdings

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

 

Description   % of Net Assets  

ASML Holding NV (Netherlands)

    4.8%  

LVMH Moet Hennessy Louis Vuitton SE (France)

    3.7%  

SAP SE (Germany)

    2.9%  

TotalEnergies SE (France)

    2.7%  

Siemens AG (Germany)

    2.2%  

L’Oreal SA (France)

    2.0%  

Sanofi SA (France)

    1.9%  

Allianz SE (Germany)

    1.8%  

Schneider Electric SE (France)

    1.7%  

Air Liquide SA (France)

    1.7%  
Country Diversification* as of November 30, 2023

 

France

    34.1%  

Germany

    25.2%  

Netherlands

    13.8%  

Spain

    8.4%  

Italy

    7.6%  

Finland

    3.5%  

Belgium

    2.8%  

Other

    4.6%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of November 30, 2023

 

Financials

    18.0%  

Industrials

    16.7%  

Consumer Discretionary

    15.4%  

Information Technology

    12.3%  

Consumer Staples

    7.5%  

Health Care

    7.1%  

Utilities

    6.2%  

Materials

    6.0%  

Energy

    4.8%  

Communication Services

    4.5%  

Real Estate

    1.5%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 63.

 

4


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

 

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

Ten Largest Equity Holdings

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

 

Description   % of Net Assets  

SAP SE

    12.1%  

Siemens AG

    9.3%  

Allianz SE

    7.4%  

Deutsche Telekom AG

    5.7%  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    4.3%  

Mercedes-Benz Group AG

    3.8%  

Infineon Technologies AG

    3.7%  

Deutsche Post AG

    3.4%  

BASF SE

    3.0%  

Bayerische Motoren Werke AG

    2.8%  
Sector Diversification* as of November 30, 2023

 

Industrials

    19.0%  

Financials

    18.9%  

Information Technology

    17.0%  

Consumer Discretionary

    14.8%  

Health Care

    8.7%  

Materials

    6.4%  

Communication Services

    6.2%  

Utilities

    4.2%  

Consumer Staples

    2.8%  

Real Estate

    2.0%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 71.

 

5


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

 

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

Ten Largest Equity Holdings

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

 

Description   % of Net Assets  

Toyota Motor Corp.

    5.6%  

Sony Group Corp.

    3.1%  

Mitsubishi UFJ Financial Group, Inc.

    2.7%  

Keyence Corp.

    2.3%  

Tokyo Electron Ltd.

    2.1%  

Hitachi Ltd.

    1.8%  

Shin-Etsu Chemical Co. Ltd.

    1.8%  

Sumitomo Mitsui Financial Group, Inc.

    1.7%  

Recruit Holdings Co. Ltd.

    1.5%  

Mitsubishi Corp.

    1.5%  
Sector Diversification* as of November 30, 2023

 

Industrials

    21.9%  

Consumer Discretionary

    19.4%  

Information Technology

    14.8%  

Financials

    12.5%  

Health Care

    8.4%  

Communication Services

    7.1%  

Consumer Staples

    5.8%  

Materials

    4.9%  

Real Estate

    3.2%  

Utilities

    1.1%  

Energy

    0.9%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 74.

 

6


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2023 to November 30, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

 

      Beginning
Account Value
June 1, 2023
     Ending
Account Value
November 30, 2023
     Annualized
Expense Ratio(1)
    Expenses Paid
During the Period
Per $1,000(2)
 
Xtrackers MSCI All World ex US Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 1,054.30        0.40   $ 2.05  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.00        0.40   $ 2.02  
Xtrackers MSCI Emerging Markets Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 1,041.20        0.66   $ 3.37  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,021.70        0.66   $ 3.34  
Xtrackers MSCI Europe Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 1,035.40        0.45   $ 2.29  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.75        0.45   $ 2.28  
Xtrackers MSCI Eurozone Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 1,048.00        0.45   $ 2.30  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.75        0.45   $ 2.28  
Xtrackers MSCI Germany Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 1,040.60        0.46   $ 2.35  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.70        0.46   $ 2.33  
Xtrackers MSCI Japan Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 1,153.20        0.45   $ 2.42  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.75        0.45   $ 2.28  

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

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

 

7


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 96.4%    
Australia — 4.4%            

Ampol Ltd.

    1,132     $ 25,603  

ANZ Group Holdings Ltd.

    16,042       258,316  

APA Group (a)

    6,471       36,472  

Aristocrat Leisure Ltd.

    3,274       87,808  

ASX Ltd.

    950       36,458  

Aurizon Holdings Ltd.

    11,688       27,262  

BHP Group Ltd.

    27,775       849,713  

BlueScope Steel Ltd.

    2,379       32,665  

Brambles Ltd.

    7,289       64,248  

CAR Group Ltd.

    1,738       31,902  

Cochlear Ltd.

    351       63,324  

Coles Group Ltd.

    7,156       72,485  

Commonwealth Bank of Australia

    9,088       628,472  

Computershare Ltd.

    3,152       49,172  

CSL Ltd.

    2,605       451,364  

Dexus REIT

    5,645       26,259  

EBOS Group Ltd.

    764       17,407  

Endeavour Group Ltd.

    7,738       25,207  

Fortescue Ltd.

    9,269       153,051  

Goodman Group REIT

    9,696       145,751  

GPT Group REIT

    11,034       30,038  

IDP Education Ltd.

    1,240       18,566  

IGO Ltd.

    3,512       19,910  

Insurance Australia Group Ltd.

    13,995       54,928  

Lottery Corp. Ltd.

    13,578       41,270  

Macquarie Group Ltd.

    1,938       216,474  

Medibank Pvt Ltd.

    15,582       35,624  

Mineral Resources Ltd.

    964       38,963  

Mirvac Group REIT

    21,179       28,828  

National Australia Bank Ltd.

    16,733       314,000  

Northern Star Resources Ltd.

    6,974       58,661  

Orica Ltd.

    2,566       26,483  

Origin Energy Ltd.

    9,026       49,143  

Pilbara Minerals Ltd.

    15,347       36,912  

Qantas Airways Ltd.*

    5,390       18,876  

QBE Insurance Group Ltd.

    8,114       82,404  

Ramsay Health Care Ltd.

    1,077       34,984  

REA Group Ltd.

    333       34,160  

Reece Ltd.

    1,026       13,111  

Rio Tinto Ltd.

    2,028       167,554  

Santos Ltd.

    18,485       84,398  

Scentre Group REIT

    28,919       50,637  

SEEK Ltd.

    1,941       30,626  

Sonic Healthcare Ltd.

    2,394       46,142  

South32 Ltd.

    24,670       50,206  

Stockland REIT

    12,350       33,702  

Suncorp Group Ltd.

    7,340       67,753  

Telstra Group Ltd.

    22,052       55,661  

Transurban Group (a)

    16,737       143,324  

Treasury Wine Estates Ltd.

    3,910       27,644  

Vicinity Ltd. REIT

    26,697       33,428  

Washington H Soul Pattinson & Co. Ltd.

    1,181       26,142  

Wesfarmers Ltd.

    6,245       217,295  

Westpac Banking Corp.

    18,850       266,166  

WiseTech Global Ltd.

    959       42,328  

Woodside Energy Group Ltd.

    10,682       218,802  
   

Number
of Shares

   

Value

 
Australia (Continued)            

Woolworths Group Ltd.

    6,437     $ 148,438  
   

 

 

 

(Cost $5,757,276)

      5,946,520  
   

 

 

 
Austria — 0.1%            

Erste Group Bank AG

    1,931       78,001  

OMV AG

    806       34,348  

Verbund AG

    394       37,526  

voestalpine AG

    446       12,535  
   

 

 

 

(Cost $150,029)

      162,410  
   

 

 

 
Belgium — 0.5%            

Ageas SA/NV

    827       35,539  

Anheuser-Busch InBev SA/NV

    4,845       303,823  

D’ieteren Group

    108       18,410  

Elia Group SA/NV

    191       20,676  

Groupe Bruxelles Lambert NV

    484       38,301  

KBC Group NV

    1,346       77,065  

Lotus Bakeries NV

    3       26,059  

Sofina SA

    93       20,671  

Solvay SA

    417       48,182  

UCB SA

    684       50,509  

Umicore SA

    1,218       32,522  

Warehouses De Pauw CVA REIT

    1,045       29,324  
   

 

 

 

(Cost $832,086)

      701,081  
   

 

 

 
Brazil — 1.1%            

Ambev SA

    26,300       73,150  

Atacadao SA

    2,964       6,829  

B3 SA — Brasil Bolsa Balcao

    31,090       84,009  

Banco Bradesco SA

    9,678       28,078  

Banco BTG Pactual S.A

    6,891       49,757  

Banco do Brasil SA

    5,000       55,129  

Banco Santander Brasil SA

    2,049       12,905  

BB Seguridade Participacoes SA

    3,235       20,572  

CCR SA

    5,360       14,745  

Centrais Eletricas Brasileiras SA

    6,261       51,975  

Cia de Saneamento Basico do Estado de Sao Paulo

    1,920       26,354  

Cia Siderurgica Nacional SA

    3,957       13,201  

Cosan SA

    5,210       18,788  

CPFL Energia SA

    1,773       13,346  

Energisa SA

    617       6,616  

Eneva SA*

    3,626       9,349  

Engie Brasil Energia SA

    1,304       11,524  

Equatorial Energia SA

    5,957       41,222  

Hapvida Participacoes e Investimentos SA, 144A*

    33,394       29,649  

Hypera SA

    3,014       20,685  

JBS SA

    5,104       24,068  

Klabin SA

    3,942       18,076  

Localiza Rent a Car SA*

    42       512  

Localiza Rent a Car SA

    4,573       55,782  

Lojas Renner SA

    6,078       20,215  

Magazine Luiza SA*

    19,206       7,882  

Natura & Co. Holding SA*

    6,002       20,108  

Petroleo Brasileiro SA

    19,399       148,585  

PRIO SA*

    4,568       42,626  

Raia Drogasil SA

    7,106       40,539  

 

See Notes to Financial Statements.   8  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Brazil (Continued)            

Rede D’Or Sao Luiz SA, 144A

    2,233     $ 12,068  

Rumo SA

    7,169       33,354  

Sendas Distribuidora SA

    6,762       17,763  

Suzano SA

    4,434       48,447  

Telefonica Brasil SA

    2,515       26,959  

TIM SA

    4,993       17,488  

TOTVS SA

    1,901       12,865  

Ultrapar Participacoes SA

    3,444       17,668  

Vale SA

    19,127       286,980  

Vibra Energia SA

    5,082       24,109  

WEG SA

    9,143       63,510  
   

 

 

 

(Cost $1,197,373)

      1,527,487  
   

 

 

 
Canada — 7.3%            

Agnico Eagle Mines Ltd.

    2,718       145,920  

Air Canada*

    1,018       13,226  

Algonquin Power & Utilities Corp.

    3,025       18,659  

Alimentation Couche-Tard, Inc.

    4,386       250,176  

AltaGas Ltd.

    1,555       31,628  

ARC Resources Ltd.

    3,455       55,099  

Bank of Montreal

    3,963       325,288  

Bank of Nova Scotia

    6,790       303,735  

Barrick Gold Corp.

    2,794       48,844  

Barrick Gold Corp.

    6,997       122,929  

BCE, Inc.

    540       21,263  

Brookfield Asset Management Ltd., Class A

    1,924       67,364  

Brookfield Corp.

    7,578       267,278  

BRP, Inc.

    178       10,993  

CAE, Inc.*

    1,806       35,908  

Cameco Corp.

    2,292       105,247  

Canadian Apartment Properties REIT

    436       14,854  

Canadian Imperial Bank of Commerce

    5,211       215,437  

Canadian National Railway Co.

    3,004       348,583  

Canadian Natural Resources Ltd.

    5,926       395,707  

Canadian Pacific Kansas City Ltd.

    5,000       359,962  

Canadian Tire Corp. Ltd., Class A

    229       23,821  

Canadian Utilities Ltd., Class A

    795       17,811  

CCL Industries, Inc., Class B

    682       28,110  

Cenovus Energy, Inc.

    8,131       144,230  

CGI, Inc.*

    1,124       114,284  

Constellation Software, Inc.

    108       253,678  

Descartes Systems Group, Inc.*

    534       43,375  

Dollarama, Inc.

    1,607       116,710  

Element Fleet Management Corp.

    2,207       35,554  

Emera, Inc.

    1,595       56,056  

Empire Co. Ltd., Class A

    1,021       27,749  

Enbridge, Inc.

    11,543       403,042  

Fairfax Financial Holdings Ltd.

    122       112,139  

First Quantum Minerals Ltd.

    3,134       25,660  

FirstService Corp.

    251       39,388  

Fortis, Inc.

    2,603       104,277  

Franco-Nevada Corp.

    980       109,761  

George Weston Ltd.

    338       39,642  

GFL Environmental, Inc.

    1,373       39,401  

Gildan Activewear, Inc.

    880       31,855  

Great-West Lifeco, Inc.

    1,338       42,764  
   

Number
of Shares

   

Value

 
Canada (Continued)            

Hydro One Ltd., 144A

    1,597     $ 44,393  

iA Financial Corp., Inc.

    487       32,519  

IGM Financial, Inc.

    297       7,374  

Imperial Oil Ltd.

    1,130       63,664  

Intact Financial Corp.

    951       147,386  

Ivanhoe Mines Ltd., Class A*

    3,638       32,467  

Keyera Corp.

    1,294       32,585  

Kinross Gold Corp.

    7,362       43,403  

Loblaw Cos. Ltd.

    895       77,169  

Lundin Mining Corp.

    3,958       27,418  

Magna International, Inc.

    1,445       77,907  

Manulife Financial Corp.

    10,018       196,233  

MEG Energy Corp.*

    1,386       26,209  

Metro, Inc.

    1,280       64,153  

National Bank of Canada

    1,875       124,249  

Northland Power, Inc.

    1,498       24,353  

Nutrien Ltd.

    2,792       149,337  

Onex Corp.

    462       31,252  

Open Text Corp.

    1,525       61,014  

Pan American Silver Corp.

    2,077       32,541  

Parkland Corp.

    871       28,506  

Pembina Pipeline Corp.

    2,878       96,269  

Power Corp. of Canada

    3,281       90,793  

Quebecor, Inc., Class B

    1,005       22,300  

Restaurant Brands International, Inc.

    1,505       107,040  

RioCan Real Estate Investment Trust REIT

    676       8,703  

Rogers Communications, Inc., Class B

    2,082       89,651  

Royal Bank of Canada

    7,732       698,698  

Saputo, Inc.

    1,471       28,597  

Shopify, Inc., Class A*

    6,729       490,189  

Stantec, Inc.

    673       50,152  

Sun Life Financial, Inc.

    3,296       166,433  

Suncor Energy, Inc.

    6,919       228,126  

TC Energy Corp.

    5,756       215,869  

Teck Resources Ltd., Class B

    2,573       96,932  

TELUS Corp.

    2,734       48,920  

TFI International, Inc.

    441       52,181  

Thomson Reuters Corp.

    892       124,622  

TMX Group Ltd.

    1,685       36,383  

Toromont Industries Ltd.

    515       41,558  

Toronto-Dominion Bank

    9,999       609,689  

Tourmaline Oil Corp.

    1,717       83,107  

West Fraser Timber Co. Ltd.

    266       19,293  

Wheaton Precious Metals Corp.

    2,428       118,721  

WSP Global, Inc.

    674       93,296  
   

 

 

 

(Cost $8,101,929)

      9,909,061  
   

 

 

 
Chile — 0.1%            

Antofagasta PLC

    2,156       38,337  

Banco de Chile

    258,773       29,071  

Banco de Credito e Inversiones SA

    518       13,911  

Banco Santander Chile

    361,173       17,724  

Cencosud SA

    8,433       15,664  

Cia Sud Americana de Vapores SA

    36,842       2,138  

Empresas CMPC SA

    7,496       14,500  

Empresas Copec SA

    2,226       16,475  

 

See Notes to Financial Statements.   9  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Chile (Continued)            

Enel Americas SA*

    107,638     $ 12,532  

Enel Chile SA

    123,794       7,808  

Falabella SA*

    4,372       10,206  
   

 

 

 

(Cost $204,553)

      178,366  
   

 

 

 
China — 7.0%            

360 Security Technology, Inc., Class A*

    3,700       4,494  

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

    1,900       5,889  

3SBio, Inc., 144A*

    9,586       8,909  

AAC Technologies Holdings, Inc.

    3,567       10,023  

Advanced Micro-Fabrication Equipment, Inc., China, Class A

    350       8,321  

AECC Aviation Power Co. Ltd., Class A

    1,000       5,032  

Agricultural Bank of China Ltd., Class A

    28,900       14,802  

Agricultural Bank of China Ltd., Class H

    157,970       58,445  

Aier Eye Hospital Group Co. Ltd., Class A

    4,061       9,695  

Air China Ltd., Class A*

    6,900       7,792  

Air China Ltd., Class H*

    9,926       6,684  

Akeso, Inc., 144A*

    3,369       21,500  

Alibaba Group Holding Ltd.*

    89,585       834,344  

Aluminum Corp. of China Ltd., Class A

    7,300       5,659  

Aluminum Corp. of China Ltd., Class H

    18,664       9,223  

Anhui Conch Cement Co. Ltd., Class A

    1,200       3,862  

Anhui Conch Cement Co. Ltd., Class H

    6,575       15,387  

Anhui Gujing Distillery Co. Ltd., Class A

    100       3,618  

Anhui Gujing Distillery Co. Ltd., Class B

    526       7,986  

ANTA Sports Products Ltd.

    7,674       80,018  

Asymchem Laboratories Tianjin Co. Ltd., Class A

    280       5,642  

Autohome, Inc., ADR

    380       10,378  

AviChina Industry & Technology Co. Ltd., Class H

    21,908       9,929  

Baidu, Inc., Class A*

    12,672       188,345  

Bank of Beijing Co. Ltd., Class A

    11,100       7,036  

Bank of China Ltd., Class A

    16,800       9,380  

Bank of China Ltd., Class H

    432,156       158,781  

Bank of Communications Co. Ltd., Class A

    11,800       9,643  

Bank of Communications Co. Ltd., Class H

    49,744       29,357  

Bank of Hangzhou Co. Ltd., Class A

    3,700       5,147  

Bank of Jiangsu Co. Ltd., Class A

    11,600       10,746  

Bank of Nanjing Co. Ltd., Class A

    7,900       7,982  

Bank of Ningbo Co. Ltd., Class A

    2,210       7,088  

Bank of Shanghai Co. Ltd., Class A

    5,590       4,607  

Baoshan Iron & Steel Co. Ltd., Class A

    10,200       8,878  

Beijing Kingsoft Office Software, Inc., Class A

    256       10,810  

Beijing Tongrentang Co. Ltd., Class A

    100       744  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

    203       1,387  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

    10,800       7,632  

Betta Pharmaceuticals Co. Ltd., Class A

    400       3,190  

BGI Genomics Co. Ltd., Class A

    500       3,590  

Bilibili, Inc., Class Z*

    1,128       12,982  
   

Number
of Shares

   

Value

 
China (Continued)            

BOE Technology Group Co. Ltd., Class A

    15,500     $ 8,394  

BYD Co. Ltd., Class A

    700       19,508  

BYD Co. Ltd., Class H

    5,799       155,901  

BYD Electronic International Co. Ltd.

    4,995       22,797  

CGN Power Co. Ltd., Class H, 144A

    82,381       19,827  

Changchun High & New Technology Industry Group, Inc., Class A

    200       4,503  

Chaozhou Three-Circle Group Co. Ltd., Class A

    1,100       4,513  

China Cinda Asset Management Co. Ltd., Class H

    54,699       5,322  

China CITIC Bank Corp. Ltd., Class H

    52,339       23,653  

China Coal Energy Co. Ltd., Class H

    5,298       4,490  

China Communications Services Corp. Ltd., Class H

    14,234       6,068  

China Construction Bank Corp., Class A

    4,300       3,851  

China Construction Bank Corp., Class H

    520,798       301,359  

China CSSC Holdings Ltd., Class A

    2,400       9,283  

China Eastern Airlines Corp. Ltd., Class A*

    8,400       4,937  

China Energy Engineering Corp. Ltd., Class A

    17,700       5,276  

China Everbright Bank Co. Ltd., Class A

    14,000       5,662  

China Everbright Bank Co. Ltd., Class H

    13,497       3,853  

China Feihe Ltd., 144A

    21,663       12,702  

China Galaxy Securities Co. Ltd., Class A

    1,470       2,573  

China Galaxy Securities Co. Ltd., Class H

    26,284       14,065  

China Hongqiao Group Ltd.

    14,641       11,940  

China International Capital Corp. Ltd., Class H, 144A

    8,796       13,918  

China Jushi Co. Ltd., Class A

    4,400       6,816  

China Life Insurance Co. Ltd., Class A

    700       2,943  

China Life Insurance Co. Ltd., Class H

    41,086       55,649  

China Literature Ltd., 144A*

    2,048       6,987  

China Longyuan Power Group Corp. Ltd., Class H

    21,208       15,883  

China Mengniu Dairy Co. Ltd.*

    17,015       53,367  

China Merchants Bank Co. Ltd., Class A

    7,600       30,618  

China Merchants Bank Co. Ltd., Class H

    21,031       73,502  

China Merchants Energy Shipping Co. Ltd., Class A

    6,700       5,635  

China Merchants Securities Co. Ltd., Class A

    4,200       8,269  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

    2,300       3,354  

China Minsheng Banking Corp. Ltd., Class A

    13,500       7,273  

China Minsheng Banking Corp. Ltd., Class H

    28,896       9,655  

China National Building Material Co. Ltd., Class H

    15,893       7,081  

China National Nuclear Power Co. Ltd., Class A

    11,200       11,018  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

    1,300       3,609  

China Oilfield Services Ltd., Class H

    10,996       11,825  

China Pacific Insurance Group Co. Ltd., Class A

    2,100       7,079  

 

See Notes to Financial Statements.   10  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
China (Continued)            

China Pacific Insurance Group Co. Ltd., Class H

    13,944     $ 29,454  

China Petroleum & Chemical Corp., Class A

    9,200       7,042  

China Petroleum & Chemical Corp., Class H

    135,133       69,545  

China Railway Group Ltd., Class A

    13,900       10,970  

China Railway Group Ltd., Class H

    18,491       8,120  

China Resources Microelectronics Ltd., Class A

    622       4,087  

China Resources Mixc Lifestyle Services Ltd., 144A

    3,535       13,373  

China Resources Pharmaceutical Group Ltd., 144A

    5,360       3,349  

China Shenhua Energy Co. Ltd., Class A

    2,690       11,854  

China Shenhua Energy Co. Ltd., Class H

    18,207       59,553  

China Southern Airlines Co. Ltd.,
Class A*

    10,000       8,606  

China Southern Airlines Co. Ltd.,
Class H*

    7,607       3,652  

China State Construction Engineering Corp. Ltd., Class A

    13,900       9,667  

China Three Gorges Renewables Group Co. Ltd., Class A

    12,800       8,239  

China Tourism Group Duty Free Corp. Ltd., Class A

    800       9,980  

China Tourism Group Duty Free Corp. Ltd., Class H, 144A

    620       6,747  

China Tower Corp. Ltd., Class H, 144A

    293,078       30,391  

China United Network Communications Ltd., Class A

    10,000       6,143  

China Vanke Co. Ltd., Class A

    3,300       5,283  

China Vanke Co. Ltd., Class H

    11,678       11,796  

China Yangtze Power Co. Ltd., Class A

    8,900       28,433  

China Zhenhua Group Science & Technology Co. Ltd., Class A

    600       5,426  

Chinasoft International Ltd.*

    14,445       12,371  

Chongqing Brewery Co. Ltd., Class A

    200       1,994  

Chongqing Changan Automobile Co. Ltd., Class A

    3,640       10,381  

Chongqing Rural Commercial Bank Co. Ltd., Class A

    7,100       4,044  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    1,200       10,952  

CITIC Ltd.

    29,803       28,081  

CITIC Securities Co. Ltd., Class A

    4,030       12,097  

CITIC Securities Co. Ltd., Class H

    8,619       17,897  

CMOC Group Ltd., Class A

    13,200       9,624  

CMOC Group Ltd., Class H

    15,252       8,708  

Contemporary Amperex Technology Co. Ltd., Class A

    1,578       36,877  

COSCO SHIPPING Energy Transportation Co. Ltd., Class A

    2,600       4,795  

COSCO SHIPPING Energy Transportation Co. Ltd., Class H

    6,660       6,463  

COSCO SHIPPING Holdings Co. Ltd., Class A

    6,330       8,867  
   

Number
of Shares

   

Value

 
China (Continued)            

COSCO SHIPPING Holdings Co. Ltd., Class H

    18,876     $ 17,399  

Country Garden Holdings Co. Ltd.*

    60,195       6,781  

Country Garden Services Holdings Co. Ltd.

    11,992       11,330  

CRRC Corp. Ltd., Class A

    8,000       5,821  

CRRC Corp. Ltd., Class H

    22,253       8,974  

CSC Financial Co. Ltd., Class A

    1,960       7,071  

CSPC Pharmaceutical Group Ltd.

    52,024       46,954  

Daqin Railway Co. Ltd., Class A

    7,700       7,823  

Daqo New Energy Corp., ADR*

    388       9,180  

DaShenLin Pharmaceutical Group Co. Ltd., Class A

    1,008       3,667  

Dongfang Electric Corp. Ltd., Class A

    100       204  

Dongfeng Motor Group Co. Ltd., Class H

    23,713       11,900  

East Buy Holding Ltd., 144A*

    2,750       10,227  

East Money Information Co. Ltd., Class A

    5,134       10,518  

Ecovacs Robotics Co. Ltd., Class A

    200       1,196  

ENN Energy Holdings Ltd.

    4,157       28,844  

Eve Energy Co. Ltd., Class A

    900       5,314  

Everbright Securities Co. Ltd., Class A

    1,800       4,093  

Flat Glass Group Co. Ltd., Class H

    2,614       4,297  

Focus Media Information Technology Co. Ltd., Class A

    3,200       2,929  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

    1,821       9,711  

Fosun International Ltd.

    21,044       11,989  

Foxconn Industrial Internet Co. Ltd., Class A

    4,600       9,720  

Fuyao Glass Industry Group Co. Ltd., Class A

    1,100       5,797  

Fuyao Glass Industry Group Co. Ltd., Class H, 144A

    3,423       16,060  

Ganfeng Lithium Group Co. Ltd., Class A

    700       3,820  

Ganfeng Lithium Group Co. Ltd., Class H, 144A

    2,119       6,782  

GD Power Development Co. Ltd., Class A

    12,900       7,130  

GDS Holdings Ltd., Class A*

    4,320       5,619  

Gemdale Corp., Class A

    1,700       1,218  

Genscript Biotech Corp.*

    6,892       19,146  

GF Securities Co. Ltd., Class A

    2,000       4,033  

GF Securities Co. Ltd., Class H

    6,132       7,670  

GigaDevice Semiconductor, Inc., Class A

    168       2,212  

Ginlong Technologies Co. Ltd., Class A

    300       2,798  

GoerTek, Inc., Class A

    1,500       3,778  

Goldwind Science & Technology Co. Ltd., Class A

    4,300       5,235  

Gotion High-tech Co. Ltd., Class A*

    1,500       4,649  

Great Wall Motor Co. Ltd., Class A

    1,200       4,517  

Great Wall Motor Co. Ltd., Class H

    8,119       11,704  

Gree Electric Appliances, Inc. of Zhuhai, Class A

    1,000       4,611  

Greentown China Holdings Ltd.

    4,920       5,234  

Guangdong Haid Group Co. Ltd., Class A

    400       2,474  

Guanghui Energy Co. Ltd., Class A

    2,500       2,540  

Guangzhou Automobile Group Co. Ltd., Class A

    3,800       5,275  

 

See Notes to Financial Statements.   11  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
China (Continued)            

Guangzhou Automobile Group Co. Ltd., Class H

    17,222     $ 7,981  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    800       2,709  

Guosen Securities Co. Ltd., Class A

    5,900       7,843  

Guotai Junan Securities Co. Ltd., Class A

    3,100       6,550  

H World Group Ltd., ADR*

    1,269       46,420  

Haidilao International Holding Ltd., 144A

    9,916       19,727  

Haier Smart Home Co. Ltd., Class A

    2,100       6,500  

Haier Smart Home Co. Ltd., Class H

    12,032       34,889  

Hainan Airlines Holding Co. Ltd.,
Class A*

    40,100       8,137  

Haitian International Holdings Ltd.

    4,489       11,436  

Haitong Securities Co. Ltd., Class A

    5,000       6,801  

Haitong Securities Co. Ltd., Class H

    14,205       7,965  

Hangzhou First Applied Material Co. Ltd., Class A

    784       2,549  

Hangzhou Silan Microelectronics Co. Ltd., Class A

    800       2,705  

Hansoh Pharmaceutical Group Co. Ltd., 144A

    7,293       14,770  

Henan Shuanghui Investment & Development Co. Ltd., Class A

    1,100       4,018  

Hengan International Group Co. Ltd.

    3,819       13,934  

Hengli Petrochemical Co. Ltd., Class A*

    1,800       3,534  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    400       7,863  

Hoshine Silicon Industry Co. Ltd., Class A

    500       3,475  

Hoyuan Green Energy Co. Ltd., Class A

    558       2,585  

Hua Hong Semiconductor Ltd., 144A*

    2,689       6,217  

Huadian Power International Corp. Ltd., Class A

    8,000       5,732  

Huadong Medicine Co. Ltd., Class A

    700       3,996  

Hualan Biological Engineering, Inc., Class A

    670       2,266  

Huaneng Power International, Inc.,
Class A*

    3,500       3,776  

Huaneng Power International, Inc.,
Class H*

    17,022       8,847  

Huatai Securities Co. Ltd., Class A

    1,700       3,409  

Huatai Securities Co. Ltd., Class H, 144A

    9,693       12,136  

Huaxia Bank Co. Ltd., Class A

    9,400       7,629  

Huayu Automotive Systems Co. Ltd., Class A

    1,700       4,139  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    300       5,450  

Hundsun Technologies, Inc., Class A

    1,456       6,119  

Hygeia Healthcare Holdings Co. Ltd., 144A

    2,124       13,079  

Hygon Information Technology Co. Ltd., Class A

    639       6,418  

Iflytek Co. Ltd., Class A

    900       5,636  

Imeik Technology Development Co. Ltd., Class A

    100       4,262  

Industrial & Commercial Bank of China Ltd., Class A

    33,000       22,212  
   

Number
of Shares

   

Value

 
China (Continued)            

Industrial & Commercial Bank of China Ltd., Class H

    353,454     $ 169,232  

Industrial Bank Co. Ltd., Class A

    8,800       17,979  

Industrial Securities Co. Ltd., Class A

    1,950       1,659  

Ingenic Semiconductor Co. Ltd., Class A

    300       2,857  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*

    32,600       6,980  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

    2,600       1,412  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

    2,100       8,008  

Inner Mongolia Yitai Coal Co. Ltd.,
Class B*

    10,900       15,500  

Innovent Biologics, Inc., 144A*

    5,347       31,351  

iQIYI, Inc., ADR*

    3,404       15,284  

JA Solar Technology Co. Ltd., Class A

    1,764       4,912  

JD Health International, Inc., 144A*

    5,531       26,376  

JD Logistics, Inc., 144A*

    13,732       16,859  

JD.com, Inc., Class A

    13,205       180,376  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    2,200       3,116  

Jiangsu Expressway Co. Ltd., Class H

    8,873       7,986  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    600       4,727  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

    2,600       17,471  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

    1,100       8,286  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    700       11,424  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    1,300       2,361  

Jiangxi Copper Co. Ltd., Class A

    2,700       6,691  

Jiangxi Copper Co. Ltd., Class H

    3,974       5,637  

Jinko Solar Co. Ltd., Class A

    4,383       5,446  

Kanzhun Ltd., ADR*

    1,212       20,034  

KE Holdings, Inc., ADR

    3,589       57,173  

Kingdee International Software Group Co. Ltd.*

    15,602       21,691  

Kingsoft Corp. Ltd.

    5,845       18,707  

Kuaishou Technology, 144A*

    12,939       95,577  

Kweichow Moutai Co. Ltd., Class A

    400       100,278  

Lenovo Group Ltd.

    44,929       55,505  

Lens Technology Co. Ltd., Class A

    2,610       4,770  

Lepu Medical Technology Beijing Co. Ltd., Class A

    1,200       2,883  

Li Auto, Inc., Class A*

    6,095       113,765  

Li Ning Co. Ltd.

    12,557       34,964  

Lingyi iTech Guangdong Co., Class A

    3,100       2,902  

Longfor Group Holdings Ltd., 144A

    10,936       19,376  

LONGi Green Energy Technology Co. Ltd., Class A

    3,340       9,923  

Lufax Holding Ltd., ADR

    5,225       4,436  

Luxshare Precision Industry Co. Ltd., Class A

    3,349       14,917  

Luzhou Laojiao Co. Ltd., Class A

    600       17,422  

 

See Notes to Financial Statements.   12  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
China (Continued)            

Mango Excellent Media Co. Ltd., Class A

    1,200     $ 4,334  

Maxscend Microelectronics Co. Ltd., Class A

    160       3,101  

Meituan, Class B, 144A*

    28,567       331,337  

Metallurgical Corp. of China Ltd., Class A

    5,900       2,559  

Microport Scientific Corp.*

    3,646       5,844  

Ming Yang Smart Energy Group Ltd., Class A

    2,300       4,335  

MINISO Group Holding Ltd.

    2,200       14,772  

Minth Group Ltd.

    4,579       9,919  

Montage Technology Co. Ltd., Class A

    617       5,092  

Muyuan Foods Co. Ltd., Class A

    2,134       11,670  

NARI Technology Co. Ltd., Class A

    3,691       11,368  

NAURA Technology Group Co. Ltd., Class A

    200       6,564  

NetEase, Inc.

    10,740       242,400  

New China Life Insurance Co. Ltd., Class A

    1,300       5,685  

New China Life Insurance Co. Ltd., Class H

    4,257       8,447  

New Hope Liuhe Co. Ltd., Class A*

    1,400       1,959  

New Oriental Education & Technology Group, Inc.*

    8,270       66,752  

Ninestar Corp., Class A

    548       2,120  

Ningbo Deye Technology Co. Ltd., Class A

    180       1,588  

Ningbo Tuopu Group Co. Ltd., Class A

    500       5,156  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    4,466       9,168  

NIO, Inc., ADR*

    7,771       56,495  

Nongfu Spring Co. Ltd., Class H, 144A

    10,781       61,556  

Oppein Home Group, Inc., Class A

    500       5,527  

Orient Securities Co. Ltd., Class A

    2,048       2,496  

People’s Insurance Co. Group of China Ltd., Class A

    5,600       3,957  

People’s Insurance Co. Group of China Ltd., Class H

    44,346       14,363  

PetroChina Co. Ltd., Class A

    7,700       7,736  

PetroChina Co. Ltd., Class H

    109,802       72,111  

Pharmaron Beijing Co. Ltd., Class A

    900       4,206  

PICC Property & Casualty Co. Ltd., Class H

    37,106       43,085  

Ping An Bank Co. Ltd., Class A

    6,600       8,940  

Ping An Healthcare and Technology Co. Ltd., 144A*

    2,085       4,660  

Ping An Insurance Group Co. of China Ltd., Class A

    4,400       25,121  

Ping An Insurance Group Co. of China Ltd., Class H

    36,683       169,061  

Poly Developments and Holdings Group Co. Ltd., Class A

    3,900       5,599  

Pop Mart International Group Ltd., 144A

    3,770       11,318  

Postal Savings Bank of China Co. Ltd., Class A

    14,000       8,600  

Postal Savings Bank of China Co. Ltd., Class H, 144A

    44,006       19,549  
   

Number
of Shares

   

Value

 
China (Continued)            

Power Construction Corp. of China Ltd., Class A

    5,900     $ 4,120  

Qifu Technology, Inc., ADR

    515       7,993  

Qinghai Salt Lake Industry Co. Ltd., Class A*

    2,900       6,432  

Rongsheng Petrochemical Co. Ltd., Class A

    2,550       3,836  

SAIC Motor Corp. Ltd., Class A

    2,400       4,997  

Sanan Optoelectronics Co. Ltd., Class A

    1,700       3,302  

Sangfor Technologies, Inc., Class A*

    400       4,724  

Sany Heavy Equipment International Holdings Co. Ltd.

    6,832       7,102  

Sany Heavy Industry Co. Ltd., Class A

    2,800       5,348  

Satellite Chemical Co. Ltd., Class A*

    2,937       6,559  

SDIC Power Holdings Co. Ltd., Class A

    2,500       4,338  

Seazen Holdings Co. Ltd., Class A*

    2,500       4,485  

SF Holding Co. Ltd., Class A

    1,860       10,999  

SG Micro Corp., Class A

    195       2,447  

Shaanxi Coal Industry Co. Ltd., Class A

    4,700       12,812  

Shandong Gold Mining Co. Ltd., Class A

    2,200       7,142  

Shandong Gold Mining Co. Ltd., Class H, 144A

    4,780       9,436  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    900       3,759  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    13,432       12,742  

Shanghai Baosight Software Co. Ltd., Class A

    1,092       6,418  

Shanghai Baosight Software Co. Ltd., Class B

    4,056       7,633  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    1,100       4,295  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    3,018       6,676  

Shanghai Junshi Biosciences Co. Ltd., Class A*

    270       1,703  

Shanghai M&G Stationery, Inc., Class A

    800       4,448  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    1,300       3,267  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    5,214       7,556  

Shanghai Pudong Development Bank Co. Ltd., Class A

    9,300       8,915  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

    1,160       3,725  

Shanghai Rural Commercial Bank Co. Ltd., Class A

    7,000       5,613  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

    1,600       2,179  

Shanxi Meijin Energy Co. Ltd., Class A*

    3,100       3,136  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    420       14,039  

Shenwan Hongyuan Group Co. Ltd., Class A

    11,900       7,510  

Shenzhen Dynanonic Co. Ltd., Class A

    320       2,893  

Shenzhen Inovance Technology Co. Ltd., Class A

    1,050       9,699  

 

See Notes to Financial Statements.   13  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
China (Continued)            

Shenzhen Kangtai Biological Products Co. Ltd., Class A

    896     $ 4,027  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

    445       18,113  

Shenzhen SC New Energy Technology Corp., Class A

    300       2,952  

Shenzhen Transsion Holdings Co. Ltd., Class A

    633       9,803  

Shenzhou International Group Holdings Ltd.

    4,510       45,266  

Sichuan Chuantou Energy Co. Ltd., Class A

    1,900       3,797  

Sichuan Road & Bridge Group Co. Ltd., Class A

    3,920       4,235  

Silergy Corp.

    1,844       25,086  

Sinopharm Group Co. Ltd., Class H

    8,105       20,109  

Sinotruk Hong Kong Ltd.

    5,649       11,716  

Smoore International Holdings Ltd., 144A

    10,110       8,814  

StarPower Semiconductor Ltd., Class A

    100       2,635  

Sungrow Power Supply Co. Ltd., Class A

    500       5,821  

Sunny Optical Technology Group Co. Ltd.

    3,609       34,259  

SUPCON Technology Co. Ltd., Class A

    248       1,520  

Suzhou Maxwell Technologies Co. Ltd., Class A

    160       2,418  

TAL Education Group, ADR*

    2,073       25,975  

TBEA Co. Ltd., Class A

    1,950       3,801  

TCL Technology Group Corp., Class A*

    1,280       749  

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A

    1,375       3,209  

Tencent Holdings Ltd.

    36,667       1,534,970  

Tencent Music Entertainment Group,
ADR*

    3,659       31,138  

Tianma Microelectronics Co. Ltd.,
Class A*

    1,000       1,521  

Tianqi Lithium Corp., Class A

    800       5,606  

Tingyi Cayman Islands Holding Corp.

    13,235       16,655  

Tongcheng Travel Holdings Ltd.*

    5,989       11,025  

Tongwei Co. Ltd., Class A

    1,700       5,828  

Topsports International Holdings Ltd., 144A

    16,911       13,747  

TravelSky Technology Ltd., Class H

    4,346       7,333  

Trina Solar Co. Ltd., Class A

    1,184       4,467  

Trip.com Group Ltd.*

    3,114       109,470  

Tsingtao Brewery Co. Ltd., Class A

    200       2,087  

Tsingtao Brewery Co. Ltd., Class H

    4,040       26,688  

Unigroup Guoxin Microelectronics Co. Ltd., Class A*

    475       4,816  

Uni-President China Holdings Ltd.

    10,252       6,562  

Unisplendour Corp. Ltd., Class A*

    1,880       5,317  

Vipshop Holdings Ltd., ADR*

    1,999       32,044  

Walvax Biotechnology Co. Ltd., Class A

    900       3,116  

Wanhua Chemical Group Co. Ltd., Class A

    1,021       11,523  

Weibo Corp., ADR

    333       3,367  

Weichai Power Co. Ltd., Class A

    2,100       4,379  
   

Number
of Shares

   

Value

 
China (Continued)            

Weichai Power Co. Ltd., Class H

    7,703     $ 14,161  

Wens Foodstuffs Group Co. Ltd., Class A

    2,440       6,576  

Will Semiconductor Co. Ltd., Class A

    540       8,179  

Wingtech Technology Co. Ltd., Class A*

    397       2,679  

Wuliangye Yibin Co. Ltd., Class A

    1,200       25,046  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    1,500       4,339  

WuXi AppTec Co. Ltd., Class A

    920       10,634  

WuXi AppTec Co. Ltd., Class H, 144A

    2,094       24,529  

Wuxi Biologics Cayman, Inc., 144A*

    21,529       119,892  

Xiaomi Corp., Class B, 144A*

    83,432       166,836  

Xinjiang Daqo New Energy Co. Ltd., Class A

    1,551       6,683  

Xinyi Solar Holdings Ltd.

    24,569       14,122  

XPeng, Inc., Class A*

    5,888       50,654  

Xtep International Holdings Ltd.

    8,580       4,954  

Yadea Group Holdings Ltd., 144A

    6,987       13,113  

Yankuang Energy Group Co. Ltd., Class A

    1,050       3,019  

Yankuang Energy Group Co. Ltd., Class H

    14,244       26,477  

Yifeng Pharmacy Chain Co. Ltd., Class A

    840       4,481  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

    1,000       4,885  

YongXing Special Materials Technology Co. Ltd., Class A

    390       2,400  

Yonyou Network Technology Co. Ltd., Class A

    1,700       3,975  

YTO Express Group Co. Ltd., Class A

    900       1,656  

Yum China Holdings, Inc.

    2,265       97,803  

Yunnan Baiyao Group Co. Ltd., Class A

    560       3,944  

Yunnan Energy New Material Co. Ltd., Class A

    300       2,471  

Zai Lab Ltd.*

    5,802       15,784  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    200       7,074  

Zhaojin Mining Industry Co. Ltd., Class H

    8,439       10,933  

Zhejiang Chint Electrics Co. Ltd., Class A

    1,200       3,683  

Zhejiang Dahua Technology Co. Ltd., Class A

    3,600       9,738  

Zhejiang Expressway Co. Ltd., Class H

    5,816       3,686  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    650       2,920  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

    600       3,625  

Zhejiang Leapmotor Technology Co. Ltd., 144A*

    2,532       12,998  

Zhejiang NHU Co. Ltd., Class A

    2,160       5,145  

ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*

    5,473       13,803  

Zhongji Innolight Co. Ltd., Class A

    600       7,970  

Zhongsheng Group Holdings Ltd.

    3,824       9,155  

Zhuzhou CRRC Times Electric Co. Ltd., Class H

    3,305       10,451  

Zijin Mining Group Co. Ltd., Class A

    6,800       11,590  

Zijin Mining Group Co. Ltd., Class H

    34,308       54,374  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

    4,400       3,971  

ZTE Corp., Class A

    1,512       5,423  

 

See Notes to Financial Statements.   14  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
China (Continued)            

ZTE Corp., Class H

    3,477     $ 7,585  

ZTO Express Cayman, Inc., ADR

    2,213       49,394  
   

 

 

 

(Cost $11,747,244)

      9,472,589  
   

 

 

 
Colombia — 0.0%            

Bancolombia SA

    1,292       10,205  

Interconexion Electrica SA ESP

    2,692       10,163  
   

 

 

 

(Cost $24,936)

      20,368  
   

 

 

 
Cyprus — 0.0%            

TCS Group Holding PLC, GDR* (b)

   

(Cost $34,897)

    608       0  
   

 

 

 
Czech Republic — 0.0%            

CEZ AS

    925       40,920  

Komercni Banka AS

    414       12,818  

Moneta Money Bank AS, 144A

    1,846       7,216  
   

 

 

 

(Cost $44,151)

      60,954  
   

 

 

 
Denmark — 2.1%            

A.P. Moller — Maersk A/S, Class A

    15       23,238  

A.P. Moller — Maersk A/S, Class B

    26       41,001  

Carlsberg A/S, Class B

    571       70,701  

Chr Hansen Holding A/S

    622       49,734  

Coloplast A/S, Class B

    746       88,013  

Danske Bank A/S

    3,671       94,983  

Demant A/S*

    659       27,943  

DSV A/S

    1,016       152,875  

Genmab A/S*

    373       117,695  

Novo Nordisk A/S, Class B

    17,960       1,823,889  

Novozymes A/S, Class B

    1,088       56,412  

Orsted AS, 144A

    976       45,945  

Pandora A/S

    496       66,933  

ROCKWOOL A/S, Class B

    64       17,279  

Tryg A/S

    2,057       44,362  

Vestas Wind Systems A/S*

    5,535       153,200  
   

 

 

 

(Cost $1,439,489)

      2,874,203  
   

 

 

 
Egypt — 0.0%            

Commercial International Bank — Egypt (CIB)

    15,165       37,888  

Eastern Co. SAE

    4,376       3,668  
   

 

 

 

(Cost $32,658)

      41,556  
   

 

 

 
Finland — 0.7%            

Elisa OYJ

    869       38,858  

Fortum OYJ

    2,567       36,003  

Kesko OYJ, Class B

    1,624       31,032  

Kone OYJ, Class B

    1,822       80,897  

Metso Corp. OYJ

    3,905       38,383  

Neste OYJ

    2,319       88,045  

Nokia OYJ

    29,278       102,555  

Nordea Bank Abp

    17,843       199,190  

Orion OYJ, Class B

    634       25,148  

Sampo OYJ, Class A

    2,404       105,063  

Stora Enso OYJ, Class R

    3,350       43,429  

UPM-Kymmene OYJ

    2,712       94,701  

Wartsila OYJ Abp

    2,903       40,004  
   

 

 

 

(Cost $996,464)

      923,308  
   

 

 

 
   

Number
of Shares

   

Value

 
France — 7.4%            

Accor SA

    985     $ 34,106  

Aeroports de Paris SA

    174       21,421  

Air Liquide SA

    2,836       536,518  

Airbus SE

    3,218       477,081  

Alstom SA

    1,868       23,119  

Amundi SA, 144A

    378       23,247  

Arkema SA

    368       37,357  

AXA SA

    9,915       308,611  

BioMerieux

    238       25,585  

BNP Paribas SA

    5,637       354,470  

Bollore SE

    3,588       20,485  

Bouygues SA

    1,042       39,596  

Bureau Veritas SA

    1,752       42,356  

Capgemini SE

    821       168,008  

Carrefour SA

    3,166       59,947  

Cie de Saint-Gobain SA

    2,529       164,646  

Cie Generale des Etablissements Michelin SCA

    3,838       128,714  

Covivio SA REIT

    186       9,074  

Credit Agricole SA

    5,438       71,161  

Danone SA

    3,613       231,914  

Dassault Aviation SA

    152       30,178  

Dassault Systemes SE

    3,746       175,191  

Edenred SE

    1,429       77,773  

Eiffage SA

    345       34,925  

Engie SA

    9,843       170,547  

EssilorLuxottica SA

    1,630       310,708  

Eurazeo SE

    248       18,586  

Gecina SA REIT

    216       23,888  

Getlink SE

    1,924       35,121  

Hermes International SCA

    176       364,799  

Ipsen SA

    219       24,672  

Kering SA

    420       179,988  

Klepierre SA REIT

    1,245       31,305  

La Francaise des Jeux SAEM, 144A

    466       16,840  

Legrand SA

    1,401       134,840  

L’Oreal SA

    1,319       618,872  

LVMH Moet Hennessy Louis Vuitton SE

    1,520       1,162,632  

Orange SA

    10,024       123,339  

Pernod Ricard SA

    1,127       194,500  

Publicis Groupe SA

    1,222       103,193  

Remy Cointreau SA

    132       15,697  

Renault SA

    1,162       45,521  

Safran SA

    1,830       320,745  

Sanofi SA

    6,335       589,302  

Sartorius Stedim Biotech

    145       32,577  

Schneider Electric SE

    2,959       543,104  

SEB SA

    165       18,768  

Societe Generale SA

    3,896       97,856  

Sodexo SA

    462       49,484  

STMicroelectronics NV

    3,923       185,561  

Teleperformance SE

    331       46,316  

Thales SA

    543       80,945  

TotalEnergies SE

    12,545       850,175  

Unibail-Rodamco-Westfield REIT*

    649       41,242  

Veolia Environnement SA

    3,870       121,783  

Vinci SA

    2,782       340,068  

 

See Notes to Financial Statements.   15  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
France (Continued)            

Vivendi SE

    3,875     $ 36,637  

Worldline SA, 144A*

    1,243       19,260  
   

 

 

 

(Cost $7,576,428)

      10,044,354  
   

 

 

 
Germany — 5.1%            

adidas AG

    912       190,740  

Allianz SE

    2,217       556,485  

BASF SE

    4,968       230,826  

Bayer AG

    5,495       187,574  

Bayerische Motoren Werke AG

    1,754       182,503  

Bechtle AG

    466       23,069  

Beiersdorf AG

    579       81,112  

Brenntag SE

    766       66,103  

Carl Zeiss Meditec AG

    246       22,043  

Commerzbank AG

    5,399       66,085  

Continental AG

    651       50,326  

Covestro AG, 144A*

    1,012       53,095  

Daimler Truck Holding AG

    2,907       94,390  

Delivery Hero SE, 144A*

    879       27,847  

Deutsche Bank AG (c)

    10,874       135,242  

Deutsche Boerse AG

    1,056       200,350  

Deutsche Lufthansa AG*

    4,050       35,179  

Deutsche Post AG

    5,303       248,441  

Deutsche Telekom AG

    18,075       432,350  

E.ON SE

    11,941       155,129  

Evonik Industries AG

    897       16,745  

Fresenius Medical Care AG & Co. KGaA

    1,152       47,186  

Fresenius SE & Co. KGaA

    2,261       71,593  

GEA Group AG

    769       28,226  

Hannover Rueck SE

    347       82,718  

Heidelberg Materials AG

    814       66,276  

HelloFresh SE*

    935       14,269  

Henkel AG & Co. KGaA

    577       40,246  

Infineon Technologies AG

    7,037       272,305  

Knorr-Bremse AG

    426       26,663  

LEG Immobilien SE*

    463       35,349  

Mercedes-Benz Group AG

    4,492       291,319  

Merck KGaA

    709       123,595  

MTU Aero Engines AG

    322       65,806  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    754       320,741  

Nemetschek SE

    340       29,622  

Puma SE

    610       39,295  

Rational AG

    32       20,464  

Rheinmetall AG

    245       73,604  

RWE AG

    3,397       145,576  

SAP SE

    5,741       909,116  

Scout24 SE, 144A

    427       29,747  

Siemens AG

    4,153       696,164  

Siemens Energy AG*

    2,893       34,262  

Siemens Healthineers AG, 144A

    1,483       85,458  

Symrise AG

    720       80,880  

Talanx AG

    349       25,301  

Volkswagen AG

    185       23,963  

Vonovia SE

    4,162       115,614  

Wacker Chemie AG

    111       13,569  

Zalando SE, 144A*

    1,332       31,695  
   

 

 

 

(Cost $6,297,096)

      6,896,256  
   

 

 

 
   

Number
of Shares

   

Value

 
Greece — 0.1%            

Alpha Services and Holdings SA*

    12,017     $ 20,406  

Eurobank Ergasias Services and Holdings SA*

    16,513       30,395  

Hellenic Telecommunications Organization SA

    1,100       16,128  

JUMBO SA

    804       21,039  

Motor Oil Hellas Corinth Refineries SA

    140       3,779  

Mytilineos SA

    568       22,715  

National Bank of Greece SA*

    4,341       29,683  

OPAP SA

    1,006       16,097  

Piraeus Financial Holdings SA*

    4,844       17,189  

Public Power Corp. SA*

    1,163       13,672  
   

 

 

 

(Cost $140,541)

      191,103  
   

 

 

 
Hong Kong — 1.8%            

AIA Group Ltd.

    62,579       539,965  

Alibaba Health Information Technology Ltd.*

    25,048       14,237  

Beijing Enterprises Holdings Ltd.

    4,754       15,763  

Beijing Enterprises Water Group Ltd.

    29,600       5,949  

BOC Hong Kong Holdings Ltd.

    20,760       55,546  

Bosideng International Holdings Ltd.

    14,160       5,946  

Budweiser Brewing Co. APAC Ltd., 144A

    10,027       17,740  

C&D International Investment Group Ltd.

    4,673       9,548  

China Everbright Environment Group Ltd.

    26,229       8,630  

China Gas Holdings Ltd.

    19,769       18,121  

China Medical System Holdings Ltd.

    8,280       15,921  

China Merchants Port Holdings Co. Ltd.

    8,916       11,414  

China Overseas Land & Investment Ltd.

    20,926       38,684  

China Overseas Property Holdings Ltd.

    9,399       7,653  

China Power International Development Ltd.

    32,211       11,835  

China Resources Beer Holdings Co. Ltd.

    8,382       37,772  

China Resources Gas Group Ltd.

    5,528       17,338  

China Resources Land Ltd.

    16,909       61,910  

China Resources Power Holdings Co. Ltd.

    11,465       22,104  

China Ruyi Holdings Ltd.*

    10,522       2,384  

China State Construction International Holdings Ltd.

    5,764       6,685  

China Taiping Insurance Holdings Co. Ltd.

    8,417       7,629  

China Traditional Chinese Medicine Holdings Co. Ltd.

    18,429       9,437  

Chow Tai Fook Jewellery Group Ltd.

    11,774       17,093  

CK Asset Holdings Ltd.

    10,635       50,443  

CK Hutchison Holdings Ltd.

    14,322       71,781  

CK Infrastructure Holdings Ltd.

    4,782       23,692  

CLP Holdings Ltd.

    8,608       66,946  

COSCO SHIPPING Ports Ltd.

    8,299       5,578  

ESR Group Ltd., 144A

    14,864       19,105  

Far East Horizon Ltd.

    11,701       8,583  

Futu Holdings Ltd., ADR*

    290       15,637  

Galaxy Entertainment Group Ltd.

    11,799       61,024  

GCL Technology Holdings Ltd.

    124,733       16,607  

Geely Automobile Holdings Ltd.

    31,985       34,846  

 

See Notes to Financial Statements.   16  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Hong Kong (Continued)            

Guangdong Investment Ltd.

    16,239     $ 11,268  

Hang Lung Properties Ltd.

    11,594       15,496  

Hang Seng Bank Ltd.

    3,577       39,611  

Henderson Land Development Co. Ltd.

    8,011       21,793  

HKT Trust & HKT Ltd. (a)

    19,553       20,851  

Hong Kong & China Gas Co. Ltd.

    58,802       40,424  

Hong Kong Exchanges & Clearing Ltd.

    6,884       244,293  

Hongkong Land Holdings Ltd.

    4,700       15,134  

Jardine Matheson Holdings Ltd.

    921       35,560  

Kingboard Holdings Ltd.

    3,978       9,574  

Kingboard Laminates Holdings Ltd.

    6,739       5,867  

Kunlun Energy Co. Ltd.

    15,278       14,122  

Link REIT

    14,095       69,651  

MTR Corp. Ltd.

    7,996       28,662  

New World Development Co. Ltd.

    9,515       14,154  

Nine Dragons Paper Holdings Ltd.*

    11,423       5,718  

Orient Overseas International Ltd.

    824       9,911  

Power Assets Holdings Ltd.

    8,161       42,574  

Prudential PLC

    15,592       169,874  

Sino Biopharmaceutical Ltd.

    53,674       26,386  

Sino Land Co. Ltd.

    16,821       16,947  

SITC International Holdings Co. Ltd.

    7,529       11,374  

Sun Hung Kai Properties Ltd.

    7,552       74,106  

Swire Pacific Ltd., Class A

    1,874       12,163  

Swire Properties Ltd.

    8,946       17,385  

Techtronic Industries Co. Ltd.

    7,328       74,394  

Vinda International Holdings Ltd.

    3,130       8,014  

Want Want China Holdings Ltd.

    26,923       15,751  

WH Group Ltd., 144A

    39,827       25,595  

Wharf Holdings Ltd.

    5,335       13,865  

Wharf Real Estate Investment Co. Ltd.

    10,016       31,607  

Xinyi Glass Holdings Ltd.

    11,133       12,813  

Yuexiu Property Co. Ltd.

    11,555       10,532  
   

 

 

 

(Cost $3,167,657)

      2,499,015  
   

 

 

 
Hungary — 0.1%            

MOL Hungarian Oil & Gas PLC

    2,264       18,026  

OTP Bank Nyrt

    1,369       56,913  

Richter Gedeon Nyrt

    579       14,593  
   

 

 

 

(Cost $84,381)

      89,532  
   

 

 

 
India — 4.4%            

ABB India Ltd.

    364       19,291  

Adani Enterprises Ltd.

    873       24,690  

Adani Green Energy Ltd.*

    1,907       23,526  

Adani Ports & Special Economic Zone Ltd.

    2,531       25,054  

Adani Power Ltd.*

    4,860       25,147  

Ambuja Cements Ltd.

    3,761       19,810  

APL Apollo Tubes Ltd.

    732       14,814  

Apollo Hospitals Enterprise Ltd.

    582       38,586  

Ashok Leyland Ltd.

    4,707       10,338  

Asian Paints Ltd.

    1,897       70,970  

Astral Ltd.

    804       18,797  

AU Small Finance Bank Ltd., 144A

    1,340       11,913  

Aurobindo Pharma Ltd.

    1,823       22,768  

Avenue Supermarts Ltd., 144A*

    813       38,506  
   

Number
of Shares

   

Value

 
India (Continued)            

Axis Bank Ltd.

    12,277     $ 158,148  

Bajaj Auto Ltd.

    375       27,388  

Bajaj Finance Ltd.

    1,410       120,415  

Bajaj Finserv Ltd.

    2,280       45,754  

Bajaj Holdings & Investment Ltd.

    177       15,613  

Balkrishna Industries Ltd.

    426       13,161  

Bandhan Bank Ltd., 144A

    3,700       10,032  

Bank of Baroda

    4,743       11,210  

Berger Paints India Ltd.

    1,440       9,918  

Bharat Electronics Ltd.

    21,515       37,641  

Bharat Forge Ltd.

    1,102       14,803  

Bharat Petroleum Corp. Ltd.

    3,897       20,360  

Bharti Airtel Ltd.

    11,993       145,926  

Britannia Industries Ltd.

    588       34,215  

CG Power & Industrial Solutions Ltd.

    2,517       13,564  

Cholamandalam Investment and Finance Co. Ltd.

    2,409       32,280  

Cipla Ltd.

    3,005       43,684  

Coal India Ltd.

    8,686       35,637  

Colgate-Palmolive India Ltd.

    694       18,277  

Container Corp. Of India Ltd.

    1,452       13,511  

Cummins India Ltd.

    901       20,626  

Dabur India Ltd.

    3,991       25,750  

Divi’s Laboratories Ltd.

    734       33,347  

DLF Ltd.

    3,332       25,006  

Dr. Reddy’s Laboratories Ltd.

    626       43,449  

Eicher Motors Ltd.

    766       35,794  

GAIL India Ltd.

    13,881       21,955  

Godrej Consumer Products Ltd.

    1,827       22,088  

Godrej Properties Ltd.*

    767       17,261  

Grasim Industries Ltd.

    1,167       28,064  

Havells India Ltd.

    1,403       21,916  

HCL Technologies Ltd.

    5,302       85,252  

HDFC Asset Management Co. Ltd., 144A

    617       21,971  

HDFC Bank Ltd.

    15,380       287,484  

HDFC Life Insurance Co. Ltd., 144A

    5,058       41,895  

Hero MotoCorp Ltd.

    692       31,690  

Hindalco Industries Ltd.

    6,994       43,246  

Hindustan Aeronautics Ltd.

    1,020       29,108  

Hindustan Petroleum Corp. Ltd.*

    3,845       16,017  

Hindustan Unilever Ltd.

    4,481       136,780  

ICICI Bank Ltd.

    28,509       319,622  

ICICI Lombard General Insurance Co. Ltd., 144A

    1,437       25,503  

ICICI Prudential Life Insurance Co. Ltd., 144A

    2,368       15,975  

IDFC First Bank Ltd.*

    20,403       20,845  

Indian Hotels Co. Ltd.

    5,027       25,420  

Indian Oil Corp. Ltd.

    15,346       20,564  

Indian Railway Catering & Tourism Corp. Ltd.

    1,558       13,185  

Indraprastha Gas Ltd.

    1,513       7,059  

IndusInd Bank Ltd.

    1,168       20,534  

Info Edge India Ltd.

    447       24,715  

Infosys Ltd.

    17,827       311,066  

InterGlobe Aviation Ltd., 144A*

    612       19,854  

ITC Ltd.

    15,775       82,437  

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
India (Continued)            

Jindal Steel & Power Ltd.

    2,591     $ 20,841  

Jio Financial Services Ltd.*

    16,397       45,105  

JSW Steel Ltd.

    3,244       31,163  

Jubilant Foodworks Ltd.

    2,564       17,244  

Kotak Mahindra Bank Ltd.

    6,043       127,206  

Larsen & Toubro Ltd.

    3,699       137,911  

LTIMindtree Ltd., 144A

    488       32,399  

Lupin Ltd.

    1,289       19,799  

Macrotech Developers Ltd., 144A

    1,101       11,641  

Mahindra & Mahindra Ltd.

    4,706       92,984  

Marico Ltd.

    3,283       21,205  

Maruti Suzuki India Ltd.

    763       97,063  

Max Healthcare Institute Ltd.

    4,561       34,773  

Mphasis Ltd.

    553       15,614  

MRF Ltd.

    13       17,410  

Muthoot Finance Ltd.

    756       13,434  

Nestle India Ltd.

    177       51,440  

NTPC Ltd.

    24,064       75,400  

Oil & Natural Gas Corp. Ltd.

    17,431       40,749  

Page Industries Ltd.

    35       15,638  

Persistent Systems Ltd.

    247       18,956  

Petronet LNG Ltd.

    3,652       8,881  

PI Industries Ltd.

    355       16,052  

Pidilite Industries Ltd.

    770       23,567  

Polycab India Ltd.

    210       13,265  

Power Finance Corp. Ltd.

    8,261       33,175  

Power Grid Corp. of India Ltd.

    23,242       58,235  

REC Ltd.

    6,811       28,479  

Reliance Industries Ltd.

    16,566       472,276  

Samvardhana Motherson International Ltd.

    11,778       13,001  

SBI Cards & Payment Services Ltd.

    1,384       12,267  

SBI Life Insurance Co. Ltd., 144A

    2,079       35,781  

Shree Cement Ltd.

    38       12,185  

Shriram Finance Ltd.

    1,649       39,690  

Siemens Ltd.

    413       18,114  

Sona Blw Precision Forgings Ltd., 144A

    2,705       18,100  

SRF Ltd.

    900       25,549  

State Bank of India

    10,321       69,895  

Sun Pharmaceutical Industries Ltd.

    5,281       77,628  

Supreme Industries Ltd.

    378       20,085  

Suzlon Energy Ltd.*

    47,143       23,036  

Tata Communications Ltd.

    497       10,165  

Tata Consultancy Services Ltd.

    5,100       213,287  

Tata Consumer Products Ltd.

    3,294       37,159  

Tata Elxsi Ltd.

    210       20,782  

Tata Motors Ltd.

    8,613       72,958  

Tata Motors Ltd., Class A

    2,106       12,066  

Tata Power Co. Ltd.

    8,029       25,793  

Tata Steel Ltd.

    39,753       60,969  

Tech Mahindra Ltd.

    3,009       44,054  

Titan Co. Ltd.

    1,960       82,039  

Torrent Pharmaceuticals Ltd.

    496       12,648  

Trent Ltd.

    1,162       38,834  

Tube Investments of India Ltd.

    613       24,745  

TVS Motor Co. Ltd.

    1,211       27,075  

UltraTech Cement Ltd.

    660       71,257  
   

Number
of Shares

   

Value

 
India (Continued)            

United Spirits Ltd.

    1,860     $ 23,393  

UPL Ltd.

    2,858       19,557  

Varun Beverages Ltd.

    2,890       38,294  

Vedanta Ltd.

    2,680       7,499  

Wipro Ltd.

    6,579       32,586  

Yes Bank Ltd.*

    56,316       13,067  

Zomato Ltd.*

    26,626       37,851  
   

 

 

 

(Cost $4,538,886)

      5,964,539  
   

 

 

 
Indonesia — 0.5%            

Amman Mineral Internasional PT*

    30,420       14,121  

Aneka Tambang Tbk

    47,388       5,316  

GoTo Gojek Tokopedia Tbk PT*

    3,970,237       24,830  

PT Adaro Energy Indonesia Tbk

    82,036       13,858  

PT Astra International Tbk

    100,569       35,014  

PT Bank Central Asia Tbk

    302,998       175,332  

PT Bank Mandiri Persero Tbk

    208,878       78,784  

PT Bank Negara Indonesia Persero Tbk

    82,728       28,136  

PT Bank Rakyat Indonesia Persero Tbk

    368,084       125,187  

PT Barito Pacific Tbk

    142,535       9,603  

PT Charoen Pokphand Indonesia Tbk

    46,010       15,426  

PT Indah Kiat Pulp & Paper Tbk

    20,659       11,688  

PT Indofood CBP Sukses Makmur Tbk

    15,127       11,265  

PT Indofood Sukses Makmur Tbk

    13,056       5,408  

PT Kalbe Farma Tbk

    126,870       13,211  

PT Merdeka Copper Gold Tbk*

    79,644       12,992  

PT Sarana Menara Nusantara Tbk

    163,488       10,541  

PT Semen Indonesia Persero Tbk

    26,264       11,007  

PT Sumber Alfaria Trijaya Tbk

    109,079       20,184  

PT Telkom Indonesia Persero Tbk

    276,435       67,015  

PT Unilever Indonesia Tbk

    51,686       12,163  

PT United Tractors Tbk

    11,193       15,804  
   

 

 

 

(Cost $646,699)

      716,885  
   

 

 

 
Ireland — 1.2%            

AerCap Holdings NV*

    1,118       76,270  

AIB Group PLC

    8,201       37,975  

Bank of Ireland Group PLC

    5,757       53,829  

CRH PLC

    3,877       244,041  

DCC PLC

    571       38,508  

Experian PLC

    5,176       189,695  

Flutter Entertainment PLC*

    976       152,185  

James Hardie Industries PLC CDI*

    2,457       79,095  

Kerry Group PLC, Class A

    901       72,791  

Kingspan Group PLC

    885       70,130  

PDD Holdings, Inc., ADR*

    3,287       484,635  

Smurfit Kappa Group PLC

    1,454       55,077  
   

 

 

 

(Cost $1,081,843)

      1,554,231  
   

 

 

 
Israel — 0.4%            

Azrieli Group Ltd.

    249       14,436  

Bank Hapoalim BM

    7,104       60,001  

Bank Leumi Le-Israel BM

    8,675       64,991  

Check Point Software Technologies Ltd.*

    545       79,570  

CyberArk Software Ltd.*

    225       44,836  

Elbit Systems Ltd.

    143       28,468  

Global-e Online Ltd.*

    565       19,351  

ICL Group Ltd.

    4,138       20,786  

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Israel (Continued)            

Israel Discount Bank Ltd., Class A

    5,941     $ 28,616  

Mizrahi Tefahot Bank Ltd.

    999       35,614  

Monday.com Ltd.*

    122       21,940  

Nice Ltd.*

    335       64,347  

Teva Pharmaceutical Industries Ltd.,
ADR*

    6,161       60,501  

Wix.com Ltd.*

    337       34,206  
   

 

 

 

(Cost $581,101)

      577,663  
   

 

 

 
Italy — 1.5%            

Amplifon SpA

    725       22,515  

Assicurazioni Generali SpA

    5,454       112,827  

Banco BPM SpA

    5,975       33,000  

Davide Campari-Milano NV

    3,324       36,254  

DiaSorin SpA

    150       14,195  

Enel SpA

    45,393       320,475  

Eni SpA

    12,551       207,222  

Ferrari NV

    691       248,662  

FinecoBank Banca Fineco SpA

    3,520       47,377  

Infrastrutture Wireless Italiane SpA, 144A

    2,148       26,467  

Intesa Sanpaolo SpA

    85,643       246,247  

Leonardo SpA

    2,095       32,085  

Mediobanca Banca di Credito Finanziario SpA

    2,730       32,019  

Moncler SpA

    1,076       59,592  

Nexi SpA, 144A*

    3,229       25,131  

Poste Italiane SpA, 144A

    2,858       30,724  

Prysmian SpA

    1,468       56,454  

Recordati Industria Chimica e Farmaceutica SpA

    624       30,001  

Snam SpA

    11,803       59,394  

Telecom Italia SpA*

    59,521       17,273  

Terna — Rete Elettrica Nazionale

    8,322       66,997  

UniCredit SpA

    8,711       236,906  
   

 

 

 

(Cost $1,551,875)

      1,961,817  
   

 

 

 
Japan — 14.2%            

Advantest Corp.

    4,000       126,292  

Aeon Co. Ltd.

    3,500       72,262  

AGC, Inc.

    1,200       43,464  

Aisin Corp.

    800       29,413  

Ajinomoto Co., Inc.

    2,500       93,181  

ANA Holdings, Inc.*

    1,000       20,585  

Asahi Group Holdings Ltd.

    2,700       99,342  

Asahi Intecc Co. Ltd.

    1,300       25,135  

Asahi Kasei Corp.

    5,600       38,772  

Astellas Pharma, Inc.

    9,900       120,027  

Azbil Corp.

    900       28,968  

Bandai Namco Holdings, Inc.

    3,300       65,506  

BayCurrent Consulting, Inc.

    800       26,850  

Bridgestone Corp.

    3,100       127,504  

Brother Industries Ltd.

    1,519       25,573  

Canon, Inc.

    5,700       146,364  

Capcom Co. Ltd.

    1,100       36,971  

Central Japan Railway Co.

    4,000       95,778  

Chiba Bank Ltd.

    3,800       28,360  
   

Number
of Shares

   

Value

 
Japan (Continued)            

Chubu Electric Power Co., Inc.

    3,700     $ 45,595  

Chugai Pharmaceutical Co. Ltd.

    3,664       128,954  

Concordia Financial Group Ltd.

    6,100       28,550  

Dai Nippon Printing Co. Ltd.

    1,000       28,012  

Daifuku Co. Ltd.

    1,800       33,788  

Dai-ichi Life Holdings, Inc.

    5,400       112,218  

Daiichi Sankyo Co. Ltd.

    10,326       278,592  

Daikin Industries Ltd.

    1,413       211,149  

Daito Trust Construction Co. Ltd.

    300       32,983  

Daiwa House Industry Co. Ltd.

    3,271       92,641  

Daiwa House REIT Investment Corp. REIT

    10       17,793  

Daiwa Securities Group, Inc.

    7,800       50,264  

Denso Corp.

    9,400       146,713  

Dentsu Group, Inc.

    900       24,191  

Disco Corp.

    523       113,200  

East Japan Railway Co.

    1,570       84,663  

Eisai Co. Ltd.

    1,400       72,446  

ENEOS Holdings, Inc.

    16,393       64,617  

FANUC Corp.

    5,425       150,536  

Fast Retailing Co. Ltd.

    948       239,717  

Fuji Electric Co. Ltd.

    600       25,095  

FUJIFILM Holdings Corp.

    2,100       122,663  

Fujitsu Ltd.

    1,000       142,452  

GLP J REIT

    19       17,903  

Hamamatsu Photonics KK

    700       27,649  

Hankyu Hanshin Holdings, Inc.

    1,200       36,188  

Hikari Tsushin, Inc.

    100       15,507  

Hirose Electric Co. Ltd.

    205       22,884  

Hitachi Construction Machinery Co. Ltd.

    600       15,520  

Hitachi Ltd.

    5,141       356,638  

Honda Motor Co. Ltd.

    25,629       260,854  

Hoshizaki Corp.

    656       20,836  

Hoya Corp.

    1,978       222,335  

Hulic Co. Ltd.

    2,800       27,724  

Ibiden Co. Ltd.

    600       28,616  

Idemitsu Kosan Co. Ltd.

    1,232       33,704  

Iida Group Holdings Co. Ltd.

    800       11,925  

Inpex Corp.

    5,200       73,304  

Isuzu Motors Ltd.

    3,300       43,526  

ITOCHU Corp.

    6,500       251,565  

Japan Airlines Co. Ltd.

    900       17,064  

Japan Exchange Group, Inc.

    3,000       61,089  

Japan Metropolitan Fund Invest REIT

    45       29,897  

Japan Post Bank Co. Ltd.

    8,200       80,722  

Japan Post Holdings Co. Ltd.

    10,899       95,897  

Japan Post Insurance Co. Ltd.

    1,100       20,515  

Japan Real Estate Investment Corp. REIT

    7       27,148  

Japan Tobacco, Inc.

    6,588       168,899  

JFE Holdings, Inc.

    2,700       39,700  

JSR Corp.

    1,100       30,189  

Kajima Corp.

    2,500       39,399  

Kansai Electric Power Co., Inc.

    3,600       47,859  

Kao Corp.

    2,611       100,312  

Kawasaki Kisen Kaisha Ltd.

    700       24,499  

KDDI Corp.

    8,200       255,801  

KDX Realty Investment Corp. REIT

    24       27,438  

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

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

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Japan (Continued)