DBX ETF Trust

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)

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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.

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.

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.

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.

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.

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.

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.

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2023 (Unaudited)


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


	Number of Shares		Value
Australia (Continued)
Woolworths Group Ltd.		6,437	$	148,438

(Cost $5,757,276)				5,946,520

Austria — 0.1%
Erste Group Bank AG		1,931		78,001
OMV AG		806		34,348
Verbund AG		394		37,526
voestalpine AG		446		12,535

(Cost $150,029)				162,410

Belgium — 0.5%
Ageas SA/NV		827		35,539
Anheuser-Busch InBev SA/NV		4,845		303,823
D’ieteren Group		108		18,410
Elia Group SA/NV		191		20,676
Groupe Bruxelles Lambert NV		484		38,301
KBC Group NV		1,346		77,065
Lotus Bakeries NV		3		26,059
Sofina SA		93		20,671
Solvay SA		417		48,182
UCB SA		684		50,509
Umicore SA		1,218		32,522
Warehouses De Pauw CVA REIT		1,045		29,324

(Cost $832,086)				701,081

Brazil — 1.1%
Ambev SA		26,300		73,150
Atacadao SA		2,964		6,829
B3 SA — Brasil Bolsa Balcao		31,090		84,009
Banco Bradesco SA		9,678		28,078
Banco BTG Pactual S.A		6,891		49,757
Banco do Brasil SA		5,000		55,129
Banco Santander Brasil SA		2,049		12,905
BB Seguridade Participacoes SA		3,235		20,572
CCR SA		5,360		14,745
Centrais Eletricas Brasileiras SA		6,261		51,975
Cia de Saneamento Basico do Estado de Sao Paulo		1,920		26,354
Cia Siderurgica Nacional SA		3,957		13,201
Cosan SA		5,210		18,788
CPFL Energia SA		1,773		13,346
Energisa SA		617		6,616
Eneva SA*		3,626		9,349
Engie Brasil Energia SA		1,304		11,524
Equatorial Energia SA		5,957		41,222
Hapvida Participacoes e Investimentos SA, 144A*		33,394		29,649
Hypera SA		3,014		20,685
JBS SA		5,104		24,068
Klabin SA		3,942		18,076
Localiza Rent a Car SA*		42		512
Localiza Rent a Car SA		4,573		55,782
Lojas Renner SA		6,078		20,215
Magazine Luiza SA*		19,206		7,882
Natura & Co. Holding SA*		6,002		20,108
Petroleo Brasileiro SA		19,399		148,585
PRIO SA*		4,568		42,626
Raia Drogasil SA		7,106		40,539


See Notes to Financial Statements.		8

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
Brazil (Continued)
Rede D’Or Sao Luiz SA, 144A		2,233	$	12,068
Rumo SA		7,169		33,354
Sendas Distribuidora SA		6,762		17,763
Suzano SA		4,434		48,447
Telefonica Brasil SA		2,515		26,959
TIM SA		4,993		17,488
TOTVS SA		1,901		12,865
Ultrapar Participacoes SA		3,444		17,668
Vale SA		19,127		286,980
Vibra Energia SA		5,082		24,109
WEG SA		9,143		63,510

(Cost $1,197,373)				1,527,487

Canada — 7.3%
Agnico Eagle Mines Ltd.		2,718		145,920
Air Canada*		1,018		13,226
Algonquin Power & Utilities Corp.		3,025		18,659
Alimentation Couche-Tard, Inc.		4,386		250,176
AltaGas Ltd.		1,555		31,628
ARC Resources Ltd.		3,455		55,099
Bank of Montreal		3,963		325,288
Bank of Nova Scotia		6,790		303,735
Barrick Gold Corp.		2,794		48,844
Barrick Gold Corp.		6,997		122,929
BCE, Inc.		540		21,263
Brookfield Asset Management Ltd., Class A		1,924		67,364
Brookfield Corp.		7,578		267,278
BRP, Inc.		178		10,993
CAE, Inc.*		1,806		35,908
Cameco Corp.		2,292		105,247
Canadian Apartment Properties REIT		436		14,854
Canadian Imperial Bank of Commerce		5,211		215,437
Canadian National Railway Co.		3,004		348,583
Canadian Natural Resources Ltd.		5,926		395,707
Canadian Pacific Kansas City Ltd.		5,000		359,962
Canadian Tire Corp. Ltd., Class A		229		23,821
Canadian Utilities Ltd., Class A		795		17,811
CCL Industries, Inc., Class B		682		28,110
Cenovus Energy, Inc.		8,131		144,230
CGI, Inc.*		1,124		114,284
Constellation Software, Inc.		108		253,678
Descartes Systems Group, Inc.*		534		43,375
Dollarama, Inc.		1,607		116,710
Element Fleet Management Corp.		2,207		35,554
Emera, Inc.		1,595		56,056
Empire Co. Ltd., Class A		1,021		27,749
Enbridge, Inc.		11,543		403,042
Fairfax Financial Holdings Ltd.		122		112,139
First Quantum Minerals Ltd.		3,134		25,660
FirstService Corp.		251		39,388
Fortis, Inc.		2,603		104,277
Franco-Nevada Corp.		980		109,761
George Weston Ltd.		338		39,642
GFL Environmental, Inc.		1,373		39,401
Gildan Activewear, Inc.		880		31,855
Great-West Lifeco, Inc.		1,338		42,764


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

(Cost $8,101,929)				9,909,061

Chile — 0.1%
Antofagasta PLC		2,156		38,337
Banco de Chile		258,773		29,071
Banco de Credito e Inversiones SA		518		13,911
Banco Santander Chile		361,173		17,724
Cencosud SA		8,433		15,664
Cia Sud Americana de Vapores SA		36,842		2,138
Empresas CMPC SA		7,496		14,500
Empresas Copec SA		2,226		16,475


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
Chile (Continued)
Enel Americas SA*		107,638	$	12,532
Enel Chile SA		123,794		7,808
Falabella SA*		4,372		10,206

(Cost $204,553)				178,366

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


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


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
China (Continued)
ZTE Corp., Class H		3,477	$	7,585
ZTO Express Cayman, Inc., ADR		2,213		49,394

(Cost $11,747,244)				9,472,589

Colombia — 0.0%
Bancolombia SA		1,292		10,205
Interconexion Electrica SA ESP		2,692		10,163

(Cost $24,936)				20,368

Cyprus — 0.0%
TCS Group Holding PLC, GDR* (b)
(Cost $34,897)		608		0

Czech Republic — 0.0%
CEZ AS		925		40,920
Komercni Banka AS		414		12,818
Moneta Money Bank AS, 144A		1,846		7,216

(Cost $44,151)				60,954

Denmark — 2.1%
A.P. Moller — Maersk A/S, Class A		15		23,238
A.P. Moller — Maersk A/S, Class B		26		41,001
Carlsberg A/S, Class B		571		70,701
Chr Hansen Holding A/S		622		49,734
Coloplast A/S, Class B		746		88,013
Danske Bank A/S		3,671		94,983
Demant A/S*		659		27,943
DSV A/S		1,016		152,875
Genmab A/S*		373		117,695
Novo Nordisk A/S, Class B		17,960		1,823,889
Novozymes A/S, Class B		1,088		56,412
Orsted AS, 144A		976		45,945
Pandora A/S		496		66,933
ROCKWOOL A/S, Class B		64		17,279
Tryg A/S		2,057		44,362
Vestas Wind Systems A/S*		5,535		153,200

(Cost $1,439,489)				2,874,203

Egypt — 0.0%
Commercial International Bank — Egypt (CIB)		15,165		37,888
Eastern Co. SAE		4,376		3,668

(Cost $32,658)				41,556

Finland — 0.7%
Elisa OYJ		869		38,858
Fortum OYJ		2,567		36,003
Kesko OYJ, Class B		1,624		31,032
Kone OYJ, Class B		1,822		80,897
Metso Corp. OYJ		3,905		38,383
Neste OYJ		2,319		88,045
Nokia OYJ		29,278		102,555
Nordea Bank Abp		17,843		199,190
Orion OYJ, Class B		634		25,148
Sampo OYJ, Class A		2,404		105,063
Stora Enso OYJ, Class R		3,350		43,429
UPM-Kymmene OYJ		2,712		94,701
Wartsila OYJ Abp		2,903		40,004

(Cost $996,464)				923,308


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


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
France (Continued)
Vivendi SE		3,875	$	36,637
Worldline SA, 144A*		1,243		19,260

(Cost $7,576,428)				10,044,354

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

(Cost $6,297,096)				6,896,256


	Number of Shares		Value
Greece — 0.1%
Alpha Services and Holdings SA*		12,017	$	20,406
Eurobank Ergasias Services and Holdings SA*		16,513		30,395
Hellenic Telecommunications Organization SA		1,100		16,128
JUMBO SA		804		21,039
Motor Oil Hellas Corinth Refineries SA		140		3,779
Mytilineos SA		568		22,715
National Bank of Greece SA*		4,341		29,683
OPAP SA		1,006		16,097
Piraeus Financial Holdings SA*		4,844		17,189
Public Power Corp. SA*		1,163		13,672

(Cost $140,541)				191,103

Hong Kong — 1.8%
AIA Group Ltd.		62,579		539,965
Alibaba Health Information Technology Ltd.*		25,048		14,237
Beijing Enterprises Holdings Ltd.		4,754		15,763
Beijing Enterprises Water Group Ltd.		29,600		5,949
BOC Hong Kong Holdings Ltd.		20,760		55,546
Bosideng International Holdings Ltd.		14,160		5,946
Budweiser Brewing Co. APAC Ltd., 144A		10,027		17,740
C&D International Investment Group Ltd.		4,673		9,548
China Everbright Environment Group Ltd.		26,229		8,630
China Gas Holdings Ltd.		19,769		18,121
China Medical System Holdings Ltd.		8,280		15,921
China Merchants Port Holdings Co. Ltd.		8,916		11,414
China Overseas Land & Investment Ltd.		20,926		38,684
China Overseas Property Holdings Ltd.		9,399		7,653
China Power International Development Ltd.		32,211		11,835
China Resources Beer Holdings Co. Ltd.		8,382		37,772
China Resources Gas Group Ltd.		5,528		17,338
China Resources Land Ltd.		16,909		61,910
China Resources Power Holdings Co. Ltd.		11,465		22,104
China Ruyi Holdings Ltd.*		10,522		2,384
China State Construction International Holdings Ltd.		5,764		6,685
China Taiping Insurance Holdings Co. Ltd.		8,417		7,629
China Traditional Chinese Medicine Holdings Co. Ltd.		18,429		9,437
Chow Tai Fook Jewellery Group Ltd.		11,774		17,093
CK Asset Holdings Ltd.		10,635		50,443
CK Hutchison Holdings Ltd.		14,322		71,781
CK Infrastructure Holdings Ltd.		4,782		23,692
CLP Holdings Ltd.		8,608		66,946
COSCO SHIPPING Ports Ltd.		8,299		5,578
ESR Group Ltd., 144A		14,864		19,105
Far East Horizon Ltd.		11,701		8,583
Futu Holdings Ltd., ADR*		290		15,637
Galaxy Entertainment Group Ltd.		11,799		61,024
GCL Technology Holdings Ltd.		124,733		16,607
Geely Automobile Holdings Ltd.		31,985		34,846


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
Hong Kong (Continued)
Guangdong Investment Ltd.		16,239	$	11,268
Hang Lung Properties Ltd.		11,594		15,496
Hang Seng Bank Ltd.		3,577		39,611
Henderson Land Development Co. Ltd.		8,011		21,793
HKT Trust & HKT Ltd. (a)		19,553		20,851
Hong Kong & China Gas Co. Ltd.		58,802		40,424
Hong Kong Exchanges & Clearing Ltd.		6,884		244,293
Hongkong Land Holdings Ltd.		4,700		15,134
Jardine Matheson Holdings Ltd.		921		35,560
Kingboard Holdings Ltd.		3,978		9,574
Kingboard Laminates Holdings Ltd.		6,739		5,867
Kunlun Energy Co. Ltd.		15,278		14,122
Link REIT		14,095		69,651
MTR Corp. Ltd.		7,996		28,662
New World Development Co. Ltd.		9,515		14,154
Nine Dragons Paper Holdings Ltd.*		11,423		5,718
Orient Overseas International Ltd.		824		9,911
Power Assets Holdings Ltd.		8,161		42,574
Prudential PLC		15,592		169,874
Sino Biopharmaceutical Ltd.		53,674		26,386
Sino Land Co. Ltd.		16,821		16,947
SITC International Holdings Co. Ltd.		7,529		11,374
Sun Hung Kai Properties Ltd.		7,552		74,106
Swire Pacific Ltd., Class A		1,874		12,163
Swire Properties Ltd.		8,946		17,385
Techtronic Industries Co. Ltd.		7,328		74,394
Vinda International Holdings Ltd.		3,130		8,014
Want Want China Holdings Ltd.		26,923		15,751
WH Group Ltd., 144A		39,827		25,595
Wharf Holdings Ltd.		5,335		13,865
Wharf Real Estate Investment Co. Ltd.		10,016		31,607
Xinyi Glass Holdings Ltd.		11,133		12,813
Yuexiu Property Co. Ltd.		11,555		10,532

(Cost $3,167,657)				2,499,015

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		2,264		18,026
OTP Bank Nyrt		1,369		56,913
Richter Gedeon Nyrt		579		14,593

(Cost $84,381)				89,532

India — 4.4%
ABB India Ltd.		364		19,291
Adani Enterprises Ltd.		873		24,690
Adani Green Energy Ltd.*		1,907		23,526
Adani Ports & Special Economic Zone Ltd.		2,531		25,054
Adani Power Ltd.*		4,860		25,147
Ambuja Cements Ltd.		3,761		19,810
APL Apollo Tubes Ltd.		732		14,814
Apollo Hospitals Enterprise Ltd.		582		38,586
Ashok Leyland Ltd.		4,707		10,338
Asian Paints Ltd.		1,897		70,970
Astral Ltd.		804		18,797
AU Small Finance Bank Ltd., 144A		1,340		11,913
Aurobindo Pharma Ltd.		1,823		22,768
Avenue Supermarts Ltd., 144A*		813		38,506


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


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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


	Number of Shares		Value
India (Continued)
United Spirits Ltd.		1,860	$	23,393
UPL Ltd.		2,858		19,557
Varun Beverages Ltd.		2,890		38,294
Vedanta Ltd.		2,680		7,499
Wipro Ltd.		6,579		32,586
Yes Bank Ltd.*		56,316		13,067
Zomato Ltd.*		26,626		37,851

(Cost $4,538,886)				5,964,539

Indonesia — 0.5%
Amman Mineral Internasional PT*		30,420		14,121
Aneka Tambang Tbk		47,388		5,316
GoTo Gojek Tokopedia Tbk PT*		3,970,237		24,830
PT Adaro Energy Indonesia Tbk		82,036		13,858
PT Astra International Tbk		100,569		35,014
PT Bank Central Asia Tbk		302,998		175,332
PT Bank Mandiri Persero Tbk		208,878		78,784
PT Bank Negara Indonesia Persero Tbk		82,728		28,136
PT Bank Rakyat Indonesia Persero Tbk		368,084		125,187
PT Barito Pacific Tbk		142,535		9,603
PT Charoen Pokphand Indonesia Tbk		46,010		15,426
PT Indah Kiat Pulp & Paper Tbk		20,659		11,688
PT Indofood CBP Sukses Makmur Tbk		15,127		11,265
PT Indofood Sukses Makmur Tbk		13,056		5,408
PT Kalbe Farma Tbk		126,870		13,211
PT Merdeka Copper Gold Tbk*		79,644		12,992
PT Sarana Menara Nusantara Tbk		163,488		10,541
PT Semen Indonesia Persero Tbk		26,264		11,007
PT Sumber Alfaria Trijaya Tbk		109,079		20,184
PT Telkom Indonesia Persero Tbk		276,435		67,015
PT Unilever Indonesia Tbk		51,686		12,163
PT United Tractors Tbk		11,193		15,804

(Cost $646,699)				716,885

Ireland — 1.2%
AerCap Holdings NV*		1,118		76,270
AIB Group PLC		8,201		37,975
Bank of Ireland Group PLC		5,757		53,829
CRH PLC		3,877		244,041
DCC PLC		571		38,508
Experian PLC		5,176		189,695
Flutter Entertainment PLC*		976		152,185
James Hardie Industries PLC CDI*		2,457		79,095
Kerry Group PLC, Class A		901		72,791
Kingspan Group PLC		885		70,130
PDD Holdings, Inc., ADR*		3,287		484,635
Smurfit Kappa Group PLC		1,454		55,077

(Cost $1,081,843)				1,554,231

Israel — 0.4%
Azrieli Group Ltd.		249		14,436
Bank Hapoalim BM		7,104		60,001
Bank Leumi Le-Israel BM		8,675		64,991
Check Point Software Technologies Ltd.*		545		79,570
CyberArk Software Ltd.*		225		44,836
Elbit Systems Ltd.		143		28,468
Global-e Online Ltd.*		565		19,351
ICL Group Ltd.		4,138		20,786


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
Israel (Continued)
Israel Discount Bank Ltd., Class A		5,941	$	28,616
Mizrahi Tefahot Bank Ltd.		999		35,614
Monday.com Ltd.*		122		21,940
Nice Ltd.*		335		64,347
Teva Pharmaceutical Industries Ltd., ADR*		6,161		60,501
Wix.com Ltd.*		337		34,206

(Cost $581,101)				577,663

Italy — 1.5%
Amplifon SpA		725		22,515
Assicurazioni Generali SpA		5,454		112,827
Banco BPM SpA		5,975		33,000
Davide Campari-Milano NV		3,324		36,254
DiaSorin SpA		150		14,195
Enel SpA		45,393		320,475
Eni SpA		12,551		207,222
Ferrari NV		691		248,662
FinecoBank Banca Fineco SpA		3,520		47,377
Infrastrutture Wireless Italiane SpA, 144A		2,148		26,467
Intesa Sanpaolo SpA		85,643		246,247
Leonardo SpA		2,095		32,085
Mediobanca Banca di Credito Finanziario SpA		2,730		32,019
Moncler SpA		1,076		59,592
Nexi SpA, 144A*		3,229		25,131
Poste Italiane SpA, 144A		2,858		30,724
Prysmian SpA		1,468		56,454
Recordati Industria Chimica e Farmaceutica SpA		624		30,001
Snam SpA		11,803		59,394
Telecom Italia SpA*		59,521		17,273
Terna — Rete Elettrica Nazionale		8,322		66,997
UniCredit SpA		8,711		236,906

(Cost $1,551,875)				1,961,817

Japan — 14.2%
Advantest Corp.		4,000		126,292
Aeon Co. Ltd.		3,500		72,262
AGC, Inc.		1,200		43,464
Aisin Corp.		800		29,413
Ajinomoto Co., Inc.		2,500		93,181
ANA Holdings, Inc.*		1,000		20,585
Asahi Group Holdings Ltd.		2,700		99,342
Asahi Intecc Co. Ltd.		1,300		25,135
Asahi Kasei Corp.		5,600		38,772
Astellas Pharma, Inc.		9,900		120,027
Azbil Corp.		900		28,968
Bandai Namco Holdings, Inc.		3,300		65,506
BayCurrent Consulting, Inc.		800		26,850
Bridgestone Corp.		3,100		127,504
Brother Industries Ltd.		1,519		25,573
Canon, Inc.		5,700		146,364
Capcom Co. Ltd.		1,100		36,971
Central Japan Railway Co.		4,000		95,778
Chiba Bank Ltd.		3,800		28,360


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


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Sumitomo Mitsui Trust Holdings, Inc.		1,810	$	67,866
Sumitomo Realty & Development Co. Ltd.		1,439		40,512
Suntory Beverage & Food Ltd.		800		25,080
Suzuki Motor Corp.		1,900		77,161
Sysmex Corp.		900		49,662
T&D Holdings, Inc.		3,000		44,243
Taisei Corp.		800		27,147
Takeda Pharmaceutical Co. Ltd.		8,687		244,040
TDK Corp.		2,100		97,309
Terumo Corp.		3,600		114,561
TIS, Inc.		1,300		27,419
Tobu Railway Co. Ltd.		1,092		26,921
Toho Co. Ltd.		500		17,304
Tokio Marine Holdings, Inc.		10,102		248,564
Tokyo Electric Power Co. Holdings, Inc.*		8,900		37,873
Tokyo Electron Ltd.		2,614		423,589
Tokyo Gas Co. Ltd.		1,900		43,918
Tokyu Corp.		2,800		32,776
TOPPAN Holdings, Inc.		1,500		35,047
Toray Industries, Inc.		7,000		36,218
Toshiba Corp.*		451		13,993
Tosoh Corp.		1,100		14,594
TOTO Ltd.		740		18,952
Toyota Industries Corp.		800		68,609
Toyota Motor Corp.		58,120		1,095,483
Toyota Tsusho Corp.		1,100		60,765
Trend Micro, Inc.		800		40,545
Unicharm Corp.		2,205		70,838
USS Co. Ltd.		1,100		21,464
West Japan Railway Co.		1,100		43,381
Yakult Honsha Co. Ltd.		1,200		26,734
Yamaha Corp.		800		18,675
Yamaha Motor Co. Ltd.		1,800		45,856
Yamato Holdings Co. Ltd.		1,600		28,366
Yaskawa Electric Corp.		1,500		57,396
Yokogawa Electric Corp.		1,361		25,713
Zensho Holdings Co. Ltd.		600		33,242
ZOZO, Inc.		733		15,450

(Cost $15,664,173)				19,145,988

Jordan — 0.0%
Hikma Pharmaceuticals PLC
(Cost $26,809)		1,155		25,131

Kazakhstan — 0.0%
Polymetal International PLC* (b)
(Cost $27,415)		1,738		0

Kuwait — 0.2%
Agility Public Warehousing Co. KSC*		8,404		14,689
Boubyan Bank KSCP		6,628		12,507
Gulf Bank KSCP		14,714		12,050
Kuwait Finance House KSCP		44,711		101,159
Mabanee Co KPSC		3,640		9,873
Mobile Telecommunications Co. KSCP		11,016		17,436
National Bank of Kuwait SAKP		41,435		118,692

(Cost $267,090)				286,406


	Number of Shares		Value
Luxembourg — 0.1%
ArcelorMittal SA		2,686	$	67,509
Eurofins Scientific SE		765		44,433
Reinet Investments SCA		806		18,919
Tenaris SA		2,613		44,797

(Cost $159,900)				175,658

Macau — 0.0%
Sands China Ltd.*
(Cost $56,312)		14,172		34,762

Malaysia — 0.4%
AMMB Holdings Bhd		10,087		8,573
Axiata Group Bhd		11,876		5,760
Celcomdigi Bhd		20,644		19,228
CIMB Group Holdings Bhd		34,514		41,851
Dialog Group Bhd		23,700		11,241
Gamuda Bhd		17,155		17,562
Genting Bhd		16,800		16,874
Genting Malaysia Bhd		21,700		12,435
Hong Leong Bank Bhd		2,582		10,529
IHH Healthcare Bhd		9,091		11,375
Inari Amertron Bhd		21,000		13,160
IOI Corp. Bhd		12,200		10,526
Kuala Lumpur Kepong Bhd		2,620		12,303
Malayan Banking Bhd		28,237		54,420
Malaysia Airports Holdings Bhd		8,454		13,027
Maxis Bhd		12,100		10,128
MISC Bhd		6,000		9,258
MR DIY Group M Bhd, 144A		17,400		5,713
Nestle Malaysia Bhd		300		8,074
Petronas Chemicals Group Bhd		13,257		20,542
Petronas Dagangan Bhd		1,500		7,179
Petronas Gas Bhd		4,641		16,793
PPB Group Bhd		2,440		7,384
Press Metal Aluminium Holdings Bhd		21,100		21,736
Public Bank Bhd		77,700		71,205
QL Resources Bhd		7,800		9,391
RHB Bank Bhd		10,124		11,841
Sime Darby Bhd		8,000		4,241
Sime Darby Plantation Bhd		11,711		11,335
Telekom Malaysia Bhd		4,400		4,976
Tenaga Nasional Bhd		14,500		31,088

(Cost $564,154)				509,748

Mexico — 0.7%
Alfa SAB de CV, Class A		20,533		14,979
America Movil SAB de CV, Series B		101,814		92,092
Arca Continental SAB de CV		3,023		30,868
Banco del Bajio SA, 144A		4,748		15,057
Cemex SAB de CV, Series CPO*		79,753		55,423
Coca-Cola Femsa SAB de CV		2,948		24,778
Fibra Uno Administracion SA de CV REIT		16,664		26,816
Fomento Economico Mexicano SAB de CV		10,640		135,312
Gruma SAB de CV, Class B		1,259		23,332
Grupo Aeroportuario del Centro Norte SAB de CV		1,260		11,440


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
Mexico (Continued)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,257	$	34,379
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,207		28,497
Grupo Bimbo SAB de CV, Series A		6,565		33,127
Grupo Carso SAB de CV, Series A1		3,440		31,604
Grupo Financiero Banorte SAB de CV, Class O		14,629		136,035
Grupo Financiero Inbursa SAB de CV, Class O*		10,856		26,533
Grupo Mexico SAB de CV, Series B		17,101		78,384
Industrias Penoles SAB de CV*		1,324		19,420
Kimberly-Clark de Mexico SAB de CV, Class A		7,913		16,010
Operadora De Sites Mexicanos SAB de CV, Class A-1		8,566		10,766
Orbia Advance Corp. SAB de CV		6,495		13,870
Prologis Property Mexico SA de CV REIT		3,810		16,404
Promotora y Operadora de Infraestructura SAB de CV		496		4,881
Wal-Mart de Mexico SAB de CV		29,576		115,947

(Cost $737,452)				995,954

Netherlands — 3.1%
ABN AMRO Bank NV, 144A		2,423		32,480
Adyen NV, 144A*		116		135,231
Aegon Ltd.		9,689		53,007
Akzo Nobel NV		1,008		77,309
Argenx SE*		325		144,123
ASM International NV		267		136,799
ASML Holding NV		2,216		1,502,749
ASR Nederland NV		970		44,631
BE Semiconductor Industries NV		449		62,778
Euronext NV, 144A		502		41,638
EXOR NV		569		55,309
Heineken Holding NV		801		62,166
Heineken NV		1,612		147,216
IMCD NV		353		54,389
ING Groep NV		19,348		271,215
JDE Peet’s NV		549		14,713
Koninklijke Ahold Delhaize NV		5,250		151,780
Koninklijke KPN NV		18,070		61,899
Koninklijke Philips NV*		4,277		87,384
NEPI Rockcastle NV*		2,767		17,027
NN Group NV		1,433		54,422
OCI NV		441		9,476
Prosus NV*		7,965		263,565
QIAGEN NV*		1,377		56,432
Randstad NV		493		29,246
Stellantis NV		12,115		262,451
Universal Music Group NV		4,541		119,815
Wolters Kluwer NV		1,338		183,945

(Cost $2,958,838)				4,133,195

New Zealand — 0.2%
Auckland International Airport Ltd.		6,441		31,414
Fisher & Paykel Healthcare Corp. Ltd.		3,273		47,485


	Number of Shares		Value
New Zealand (Continued)
Mercury NZ Ltd.		3,536	$	13,566
Meridian Energy Ltd.		7,709		24,757
Spark New Zealand Ltd.		11,432		36,501
Xero Ltd.*		792		53,927

(Cost $191,559)				207,650

Norway — 0.4%
Adevinta ASA*		1,580		16,326
Aker BP ASA		1,768		50,671
DNB Bank ASA		5,027		95,755
Equinor ASA		4,778		153,718
Gjensidige Forsikring ASA		1,423		23,949
Kongsberg Gruppen ASA		475		20,387
Mowi ASA		2,532		45,001
Norsk Hydro ASA		7,355		42,675
Orkla ASA		4,370		32,165
Salmar ASA		350		19,176
Telenor ASA		3,987		42,855
Yara International ASA		981		33,211

(Cost $553,345)				575,889

Peru — 0.0%
Cia de Minas Buenaventura SAA, ADR		1,193		11,381
Credicorp Ltd.		377		47,325

(Cost $73,040)				58,706

Philippines — 0.2%
Aboitiz Equity Ventures, Inc.		7,900		6,663
Ayala Corp.		1,400		16,752
Ayala Land, Inc.		43,600		24,515
Bank of the Philippine Islands		12,305		22,907
BDO Unibank, Inc.		14,830		35,678
International Container Terminal Services, Inc.		6,300		24,501
JG Summit Holdings, Inc.		9,770		6,779
Jollibee Foods Corp.		2,230		9,106
Manila Electric Co.		860		5,579
Metropolitan Bank & Trust Co.		12,041		10,839
PLDT, Inc.		500		11,606
SM Investments Corp.		1,265		18,671
SM Prime Holdings, Inc.		40,300		23,458
Universal Robina Corp.		4,470		9,103

(Cost $237,760)				226,157

Poland — 0.3%
Allegro.eu SA, 144A*		2,074		15,002
Bank Polska Kasa Opieki SA		1,080		37,940
Budimex SA		104		14,427
CD Projekt SA		384		10,447
Cyfrowy Polsat SA*		1,176		3,771
Dino Polska SA, 144A*		301		33,539
KGHM Polska Miedz SA		693		19,971
LPP SA		6		22,315
mBank SA*		102		14,384
ORLEN SA		3,024		44,624
PGE Polska Grupa Energetyczna SA*		5,244		11,021
Powszechna Kasa Oszczednosci Bank Polski SA*		4,443		52,782


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
Poland (Continued)
Powszechny Zaklad Ubezpieczen SA		3,645	$	41,544
Santander Bank Polska SA*		169		20,985

(Cost $297,298)				342,752

Portugal — 0.1%
EDP — Energias de Portugal SA		16,153		77,134
Galp Energia SGPS SA		2,286		33,978
Jeronimo Martins SGPS SA		1,416		34,988

(Cost $120,201)				146,100

Qatar — 0.3%
Barwa Real Estate Co.		7,266		5,388
Commercial Bank PSQC		18,359		26,876
Dukhan Bank		10,103		10,716
Industries Qatar QSC		8,441		28,979
Masraf Al Rayan QSC		40,228		27,467
Mesaieed Petrochemical Holding Co.		25,772		11,884
Ooredoo QPSC		5,108		14,436
Qatar Electricity & Water Co. QSC		2,691		12,476
Qatar Fuel QSC		2,870		12,549
Qatar Gas Transport Co. Ltd.		16,921		15,057
Qatar International Islamic Bank QSC		4,630		12,755
Qatar Islamic Bank SAQ		9,924		51,787
Qatar National Bank QPSC		24,254		104,583

(Cost $328,961)				334,953

Russia — 0.0%
Alrosa PJSC* (b)		15,266		0
Gazprom PJSC* (b)		63,321		0
Inter RAO UES PJSC* (b)		208,853		0
LUKOIL PJSC* (b)		2,194		0
Magnit PJSC* (b)		443		0
MMC Norilsk Nickel PJSC* (b)		352		0
Mobile TeleSystems PJSC, ADR* (b)		3,019		0
Moscow Exchange MICEX-RTS PJSC* (b)		8,105		0
Novatek PJSC* (b)		5,150		0
Novolipetsk Steel PJSC* (b)		7,219		0
Ozon Holdings PLC, ADR* (b)		322		0
PhosAgro PJSC* (b)		217		0
PhosAgro PJSC, GDR* (b)		4		0
Polyus PJSC* (b)		204		0
Rosneft Oil Co. PJSC* (b)		6,103		0
Sberbank of Russia PJSC* (b)		57,586		0
Severstal PAO* (b)		1,243		0
Surgutneftegas PJSC* (b)		29,592		0
Tatneft PJSC* (b)		7,874		0
United Co. RUSAL International PJSC* (b)		21,438		0
VK Co. Ltd., GDR* (b)		452		0
VTB Bank PJSC* (b)		16,943,490		0
X5 Retail Group NV, GDR* (b)		635		0
Yandex NV, Class A* (b)		1,576		0

(Cost $1,162,854)				0

Saudi Arabia — 1.1%
ACWA Power Co.		500		30,521
Advanced Petrochemical Co.		941		9,381


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

(Cost $1,357,492)				1,509,759

Singapore — 0.9%
BOC Aviation Ltd., 144A		1,235		8,886
CapitaLand Ascendas REIT		18,346		38,949
CapitaLand Integrated Commercial Trust REIT		30,940		42,095
CapitaLand Investment Ltd.		14,057		31,840
City Developments Ltd.		2,200		10,295
DBS Group Holdings Ltd.		10,206		242,161
Genting Singapore Ltd.		28,300		19,358


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
Singapore (Continued)
Grab Holdings Ltd., Class A*		10,982	$	33,385
Jardine Cycle & Carriage Ltd.		400		8,528
JOYY, Inc., ADR		289		11,101
Keppel Corp. Ltd.		8,500		42,382
Mapletree Logistics Trust REIT		22,909		27,572
Mapletree Pan Asia Commercial Trust REIT		17,100		17,513
Oversea-Chinese Banking Corp. Ltd.		18,165		170,284
Sea Ltd., ADR*		1,939		70,231
Seatrium Ltd.*		264,122		20,732
Sembcorp Industries Ltd.		6,200		23,823
Singapore Airlines Ltd.		9,450		44,788
Singapore Exchange Ltd.		5,093		35,903
Singapore Technologies Engineering Ltd.		9,430		26,153
Singapore Telecommunications Ltd.		44,200		76,327
United Overseas Bank Ltd.		7,022		142,886
UOL Group Ltd.		2,600		11,467
Wilmar International Ltd.		11,237		30,493

(Cost $1,364,375)				1,187,152

South Africa — 0.8%
Absa Group Ltd.		4,904		45,202
Anglo American Platinum Ltd.		255		10,789
Aspen Pharmacare Holdings Ltd.		2,097		20,594
Bid Corp. Ltd.		2,003		43,911
Bidvest Group Ltd.		1,734		21,687
Capitec Bank Holdings Ltd.		454		47,220
Clicks Group Ltd.		1,169		18,302
Discovery Ltd.		3,021		21,320
Exxaro Resources Ltd.		1,589		15,826
FirstRand Ltd.		27,022		96,656
Gold Fields Ltd.		4,515		68,214
Harmony Gold Mining Co. Ltd.		3,264		20,246
Impala Platinum Holdings Ltd.		4,303		17,492
Kumba Iron Ore Ltd.		412		12,944
MTN Group Ltd.		9,663		52,766
Naspers Ltd., Class N*		991		182,603
Nedbank Group Ltd.		2,667		30,248
Northam Platinum Holdings Ltd.		2,088		13,475
Old Mutual Ltd.		28,074		17,126
OUTsurance Group Ltd.		5,701		12,550
Pepkor Holdings Ltd., 144A		10,826		10,693
Remgro Ltd.		3,115		23,995
Sanlam Ltd.		9,867		35,545
Sasol Ltd.		3,350		37,230
Shoprite Holdings Ltd.		3,096		42,233
Sibanye Stillwater Ltd.		15,239		16,814
Standard Bank Group Ltd.		7,534		80,019
Vodacom Group Ltd.		2,823		14,526
Woolworths Holdings Ltd.		5,743		20,564

(Cost $1,107,788)				1,050,790

South Korea — 3.3%
Amorepacific Corp.		179		17,940
Celltrion Healthcare Co. Ltd.		580		33,492
Celltrion Pharm, Inc.*		135		8,382


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


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
South Korea (Continued)
LG Energy Solution Ltd.*		268	$	94,412
LG H&H Co. Ltd.		47		12,149
LG Innotek Co. Ltd.		85		15,680
LG Uplus Corp.		922		7,504
Lotte Chemical Corp.		109		13,028
Meritz Financial Group, Inc.*		570		24,520
Mirae Asset Securities Co. Ltd.		1,783		9,909
NAVER Corp.		712		114,790
NCSoft Corp.		53		10,763
Netmarble Corp., 144A*		128		5,893
NH Investment & Securities Co. Ltd.		155		1,233
Orion Corp.		110		10,035
Pearl Abyss Corp.*		207		6,065
Posco DX Co. Ltd.		274		12,169
POSCO Future M Co. Ltd.		187		47,034
POSCO Holdings, Inc.		403		150,873
Posco International Corp.		404		17,912
Samsung Biologics Co. Ltd., 144A*		87		48,890
Samsung C&T Corp.		382		35,323
Samsung Electro-Mechanics Co. Ltd.		347		39,188
Samsung Electronics Co. Ltd.		26,231		1,480,151
Samsung Engineering Co. Ltd.*		1,026		20,080
Samsung Fire & Marine Insurance Co. Ltd.		176		35,469
Samsung Heavy Industries Co. Ltd.*		3,789		23,436
Samsung Life Insurance Co. Ltd.		443		24,036
Samsung SDI Co. Ltd.		300		109,755
Samsung SDS Co. Ltd.		162		21,145
Samsung Securities Co. Ltd.		383		11,637
Shinhan Financial Group Co. Ltd.		2,462		70,416
SK Biopharmaceuticals Co. Ltd.*		244		16,284
SK Bioscience Co. Ltd.*		145		7,642
SK Hynix, Inc.		3,025		313,954
SK IE Technology Co. Ltd., 144A*		142		7,815
SK Innovation Co. Ltd.*		349		38,710
SK Square Co. Ltd.*		560		22,137
SK, Inc.		198		25,108
SKC Co. Ltd.		116		8,721
S-Oil Corp.		293		15,489
Woori Financial Group, Inc.		3,291		33,212
Yuhan Corp.		298		14,159

(Cost $3,396,022)				4,481,422

Spain — 1.7%
Acciona SA		152		21,426
ACS Actividades de Construccion y Servicios SA		1,180		47,074
Aena SME SA, 144A		410		70,491
Amadeus IT Group SA		2,536		173,411
Banco Bilbao Vizcaya Argentaria SA		32,122		297,411
Banco Santander SA		81,911		338,898
Banco Santander SA		4,119		16,126
CaixaBank SA		22,198		99,815
Cellnex Telecom SA, 144A*		3,083		117,589
Corp ACCIONA Energias Renovables SA		384		11,386
EDP Renovaveis SA		1,658		30,229
Enagas SA		1,497		27,375


	Number of Shares		Value
Spain (Continued)
Endesa SA		1,889	$	39,448
Ferrovial SE		2,803		96,902
Grifols SA*		1,771		24,993
Iberdrola SA		32,531		401,727
Industria de Diseno Textil SA		5,790		238,420
Naturgy Energy Group SA		718		21,430
Redeia Corp. SA		2,098		35,123
Repsol SA		6,459		98,710
Telefonica SA		27,941		120,256

(Cost $2,043,892)				2,328,240

Sweden — 1.9%
Alfa Laval AB		1,599		59,582
Assa Abloy AB, Class B		5,408		138,342
Atlas Copco AB, Class A		15,020		231,508
Atlas Copco AB, Class B		8,852		116,677
Beijer Ref AB		2,048		22,637
Boliden AB		1,586		42,263
Epiroc AB, Class A		3,414		63,574
Epiroc AB, Class B		2,344		36,843
EQT AB		2,092		49,293
Essity AB, Class B		3,333		83,294
Evolution AB, 144A		999		103,420
Fastighets AB Balder, Class B*		3,804		22,403
Getinge AB, Class B		1,461		31,017
H & M Hennes & Mauritz AB, Class B		3,676		58,759
Hexagon AB, Class B		11,161		111,462
Holmen AB, Class B		583		24,416
Husqvarna AB, Class B		2,481		18,924
Industrivarden AB, Class A		724		21,739
Industrivarden AB, Class C		667		20,053
Indutrade AB		1,510		33,064
Investment AB Latour, Class B		881		19,702
Investor AB, Class B		9,580		198,643
L E Lundbergforetagen AB, Class B		447		21,712
Lifco AB, Class B		1,561		33,839
Nibe Industrier AB, Class B		8,289		48,895
Saab AB, Class B		454		23,305
Sagax AB, Class B		1,080		24,461
Sandvik AB		5,738		113,079
Securitas AB, Class B		2,900		26,074
Skandinaviska Enskilda Banken AB, Class A		8,654		104,633
Skanska AB, Class B		1,879		30,142
SKF AB, Class B		2,194		41,169
Svenska Cellulosa AB SCA, Class B		3,569		52,954
Svenska Handelsbanken AB, Class A		8,133		76,964
Swedbank AB, Class A		4,731		86,635
Swedish Orphan Biovitrum AB*		1,340		31,842
Tele2 AB, Class B		2,532		19,829
Telefonaktiebolaget LM Ericsson, Class B		15,613		77,233
Telia Co. AB		14,333		33,977
Volvo AB, Class A		1,038		24,488
Volvo AB, Class B		8,267		191,448
Volvo Car AB, Class B*		3,804		12,375

(Cost $2,434,922)				2,582,669


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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

(Cost $7,216,869)				8,801,587

Taiwan — 4.3%
Accton Technology Corp.		2,744		46,817
Acer, Inc.		15,004		16,906
Advantech Co. Ltd.		2,617		29,613
Airtac International Group		485		16,845
ASE Technology Holding Co. Ltd.		16,926		69,351


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


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
Taiwan (Continued)
Ruentex Development Co. Ltd.*		9,137	$	10,471
Shanghai Commercial & Savings Bank Ltd.		23,764		34,307
Shin Kong Financial Holding Co. Ltd.*		87,480		25,230
SinoPac Financial Holdings Co. Ltd.		54,080		32,718
Synnex Technology International Corp.		7,230		15,946
Taishin Financial Holding Co. Ltd.		61,897		36,258
Taiwan Business Bank		34,816		15,045
Taiwan Cement Corp.		40,975		45,841
Taiwan Cooperative Financial Holding Co. Ltd.		56,508		48,748
Taiwan High Speed Rail Corp.		9,687		9,334
Taiwan Mobile Co. Ltd.		8,900		28,033
Taiwan Semiconductor Manufacturing Co. Ltd.		136,021		2,512,296
Unimicron Technology Corp.		7,427		42,080
Uni-President Enterprises Corp.		26,268		61,382
United Microelectronics Corp.		61,321		95,986
Vanguard International Semiconductor Corp.		5,110		13,053
Voltronic Power Technology Corp.		354		18,244
Walsin Lihwa Corp.		15,905		19,805
Wan Hai Lines Ltd.		4,590		6,861
Winbond Electronics Corp.		18,606		16,885
Wistron Corp.		12,000		35,147
Wiwynn Corp.		484		27,268
WPG Holdings Ltd.		9,996		24,830
Yageo Corp.		1,463		28,145
Yang Ming Marine Transport Corp.		9,989		13,430
Yuanta Financial Holding Co. Ltd.		51,089		42,520
Zhen Ding Technology Holding Ltd.		3,857		12,778

(Cost $3,566,581)				5,834,504

Thailand — 0.5%
Advanced Info Service PCL, NVDR		6,500		40,281
Airports of Thailand PCL, NVDR*		21,200		35,858
Asset World Corp. PCL, NVDR		40,500		4,260
Bangkok Dusit Medical Services PCL, NVDR		60,900		45,445
Bangkok Expressway & Metro PCL, NVDR		39,500		8,758
Berli Jucker PCL, NVDR (d)		7,600		5,671
BTS Group Holdings PCL, NVDR		46,100		9,501
Bumrungrad Hospital PCL, NVDR		3,300		20,920
Central Pattana PCL, NVDR		11,100		21,378
Central Retail Corp. PCL, NVDR		9,800		10,517
Charoen Pokphand Foods PCL, NVDR		23,600		13,351
CP ALL PCL, NVDR		32,500		48,042
CP Axtra PCL, NVDR		17,800		13,662
Delta Electronics Thailand PCL, NVDR		17,900		39,563
Energy Absolute PCL, NVDR		9,700		12,271
Global Power Synergy PCL, Class F		5,600		7,243
Gulf Energy Development PCL, NVDR		16,510		21,589
Home Product Center PCL, NVDR		29,000		9,728
Indorama Ventures PCL, NVDR		10,200		7,104
Intouch Holdings PCL, NVDR		6,400		12,690
Krung Thai Bank PCL, NVDR		26,200		13,555


	Number of Shares		Value
Thailand (Continued)
Krungthai Card PCL, NVDR		5,800	$	7,708
Land & Houses PCL, NVDR		53,300		11,667
Minor International PCL, NVDR		19,194		14,869
Osotspa PCL, NVDR		11,300		7,356
PTT Exploration & Production PCL, NVDR		7,700		33,162
PTT Global Chemical PCL, NVDR		16,900		18,496
PTT Oil & Retail Business PCL, NVDR		16,400		9,278
PTT PCL, NVDR		53,600		52,949
SCB X PCL, NVDR		4,600		12,978
SCG Packaging PCL, NVDR		7,900		8,646
Siam Cement PCL		700		5,711
Siam Cement PCL, NVDR		3,300		26,923
Thai Oil PCL, NVDR		6,675		9,772
True Corp. PCL, NVDR		39,012		6,210

(Cost $722,735)				627,112

Turkey — 0.2%
Akbank TAS		23,169		26,992
Aselsan Elektronik Sanayi Ve Ticaret AS		5,728		9,688
BIM Birlesik Magazalar AS		2,466		26,304
Eregli Demir ve Celik Fabrikalari TAS*		8,429		11,957
Ford Otomotiv Sanayi AS		286		8,330
Haci Omer Sabanci Holding AS		6,969		14,710
Hektas Ticaret TAS*		7,870		6,078
KOC Holding AS		5,007		24,536
Koza Altin Isletmeleri AS		8,882		7,149
Sasa Polyester Sanayi AS*		6,863		11,855
Tofas Turk Otomobil Fabrikasi AS		1,142		9,432
Turk Hava Yollari AO*		2,023		17,585
Turkcell Iletisim Hizmetleri AS*		5,784		11,588
Turkiye Is Bankasi AS, Class C		18,270		13,566
Turkiye Petrol Rafinerileri AS		5,489		29,065
Turkiye Sise ve Cam Fabrikalari AS		4,429		7,556
Yapi ve Kredi Bankasi AS		22,378		14,880

(Cost $215,542)				251,271

United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		18,116		41,436
Abu Dhabi Islamic Bank PJSC		7,249		20,133
Abu Dhabi National Oil Co. for Distribution PJSC		15,036		15,558
Aldar Properties PJSC		23,453		36,528
Americana Restaurants International PLC		14,047		12,890
Dubai Islamic Bank PJSC		16,344		24,566
Emaar Properties PJSC		32,683		67,545
Emirates NBD Bank PJSC		10,460		50,127
Emirates Telecommunications Group Co. PJSC		18,402		96,806
First Abu Dhabi Bank PJSC		24,784		92,589
Multiply Group PJSC*		20,274		19,377

(Cost $445,381)				477,555

United Kingdom — 8.6%
3i Group PLC		5,366		151,203
abrdn PLC		9,315		19,162
Admiral Group PLC		1,166		39,759


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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


	Number of Shares		Value
United Kingdom (Continued)
Segro PLC REIT		6,475	$	66,392
Severn Trent PLC		1,382		45,380
Shell PLC		36,332		1,174,205
Smith & Nephew PLC		5,139		66,402
Smiths Group PLC		1,747		36,347
Spirax-Sarco Engineering PLC		402		46,934
SSE PLC		5,856		135,475
St James’s Place PLC		3,356		27,480
Standard Chartered PLC		13,197		108,827
Taylor Wimpey PLC		23,952		39,174
Tesco PLC		40,228		145,146
Unilever PLC		13,616		647,959
United Utilities Group PLC		3,769		51,912
Vodafone Group PLC		124,990		112,554
Whitbread PLC		1,047		40,856
Wise PLC, Class A*		3,842		37,871
WPP PLC		5,853		52,226

(Cost $11,191,879)				11,599,626

United States — 0.2%
BeiGene Ltd.*		3,831		54,881
Brookfield Renewable Corp., Class A		777		20,614
Legend Biotech Corp., ADR*		287		17,455
Parade Technologies Ltd.		418		14,384
RB Global, Inc.		1,009		64,134
Southern Copper Corp.		439		31,577

(Cost $209,555)				203,045

TOTAL COMMON STOCKS (Cost $114,929,786)				130,447,079

PREFERRED STOCKS — 0.9%
Brazil — 0.4%
Banco Bradesco SA		27,193		89,887
Centrais Eletricas Brasileiras SA, Class B		958		8,733
Cia Energetica de Minas Gerais		7,925		17,824
Cia Paranaense de Energia		3,634		6,985
Gerdau SA		6,582		29,219
Itau Unibanco Holding SA		27,293		175,168
Itausa SA		30,084		59,592
Petroleo Brasileiro SA		26,172		190,944

(Cost $424,022)				578,352

Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B
(Cost $27,929)		805		40,889

Colombia — 0.0%
Bancolombia SA
(Cost $25,225)		2,686		18,594

Germany — 0.3%
Bayerische Motoren Werke AG		329		31,192
Dr Ing hc F Porsche AG, 144A		607		55,540
Henkel AG & Co. KGaA		952		74,818
Porsche Automobil Holding SE		817		39,894
Sartorius AG		157		50,499
Volkswagen AG		1,137		131,708

(Cost $476,980)				383,651


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


	Number of Shares		Value
Russia — 0.0%
Surgutneftegas PJSC* (b)
(Cost $22,479)		41,062	$	0

South Korea — 0.2%
Hyundai Motor Co.		104		8,714
Hyundai Motor Co. — 2nd Preferred		228		19,369
LG Chem Ltd.		44		10,538
Samsung Electronics Co. Ltd.		4,523		202,986

(Cost $142,755)				241,607

TOTAL PREFERRED STOCKS (Cost $1,119,390)				1,263,093

RIGHTS — 0.0%
China — 0.0%
Zhejiang Expressway Co. Ltd.*, expires 12/19/23
(Cost $0)		2,210		249

Taiwan — 0.0%
Wistron Corp.*, expires 12/22/23 (b)
(Cost $0)		9		0

Thailand — 0.0%
Siam Cement PCL*, expires 12/6/23 (b)		422		0
Siam Cement PCL*, expires 12/20/23 (b)		89		0

(Cost $0)				0

TOTAL RIGHTS (Cost $0)				249


	Number of Shares		Value
WARRANTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.* (b), expires 8/22/28
(Cost $0)		108	$	0

Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		3,960		7
BTS Group Holdings PCL*, expires 11/20/26		7,920		27

(Cost $0)				34

TOTAL WARRANTS (Cost $0)				34

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f) (Cost $15,310)		15,310		15,310

CASH EQUIVALENTS — 3.1%
DWS Government Money Market Series “Institutional Shares”, 5.31% (e) (Cost $4,158,796)		4,158,796		4,158,796


TOTAL INVESTMENTS — 100.4% (Cost $120,223,282)			$	135,884,561
Other assets and liabilities, net — (0.4%)				(554,872	)

NET ASSETS — 100.0%			$	135,329,689

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


	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		112,988		8,034		(10,061	)		(8,679	)		32,960		—		—		10,874		135,242

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f)
		2,996,484		—		(2,981,174	)(g)		—			—		2,553		—		15,310		15,310

CASH EQUIVALENTS — 3.1%
DWS Government Money Market Series “Institutional Shares”, 5.31% (e)
		2,327,718		20,842,714		(19,011,636	)		—			—		80,473		—		4,158,796		4,158,796

		5,437,190		20,850,748		(22,002,871	)		(8,679	)		32,960		83,026		—		4,184,980		4,309,348

*	Non-income producing security.

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

(b)	Investment was valued using significant unobservable inputs.

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


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)

(d)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2023 amounted to $14,291, which is 0.01% of net assets.

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

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

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

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interests

CPO:

Ordinary Participation Certificates

CVA:

Credit Valuation Adjustment

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

KSC:

Kuwait Shareholding Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar

144A:

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

Securities are listed in country of domicile.

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


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

Total unrealized appreciation								$	124,388

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


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


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)


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

Total unrealized appreciation (depreciation)						$	376,826	$	(3,653,115	)

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

Currency Abbreviations

AED

Arab Emirates Dirham

AUD

Australian Dollar

BRL

Brazilian Real

CAD

Canadian Dollar

CHF

Swiss Franc

CLP

Chilean Peso

CNH

Chinese Yuan

COP

Colombian Peso

CZK

Czech Koruna

DKK

Danish Krone

EGP

Egyptian Pound

EUR

Euro

GBP

Pound Sterling

HKD

Hong Kong Dollar

HUF

Hungarian Forint

IDR

Indonesian Rupiah

ILS

Israeli Shekel

INR

Indian Rupee

JPY

Japanese Yen

KRW

South Korean Won

KWD

Kuwaiti Dinar

MXN

Mexican Peso

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

PLN

Polish Zloty

QAR

Qatari Rial

SAR

Saudi Riyal

SEK

Swedish Krona

SGD

Singapore Dollar

THB

Thai Baht

TRY

Turkish Lira

TWD

New Taiwan Dollar

USD

U.S. Dollar

ZAR

South African Rand


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

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

November 30, 2023 (Unaudited)

Fair Value Measurements

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

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


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	130,447,079	$	—		$	0	$	130,447,079
Preferred Stocks (a)		1,263,093		—			0		1,263,093
Rights (a)		—		249			0		249
Warrants (a)		34		—			0		34
Short-Term Investments (a)		4,174,106		—			—		4,174,106
Derivatives (b)
Forward Foreign Currency Contracts		—		376,826			—		376,826
Futures Contracts		124,388		—			—		124,388

TOTAL	$	136,008,700	$	377,075		$	—	$	136,385,775


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(3,653,115	)	$	—	$	(3,653,115	)

TOTAL	$	—	$	(3,653,115	)	$	—	$	(3,653,115	)

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

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


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2023 (Unaudited)


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

(Cost $2,588,068)				3,842,694

Chile — 0.4%
Banco de Chile		658,136		73,937
Banco de Credito e Inversiones SA		1,033		27,742
Banco Santander Chile		961,896		47,204
Cencosud SA		14,789		27,470
Cia Sud Americana de Vapores SA		203,741		11,821
Empresas CMPC SA		14,852		28,728
Empresas Copec SA		5,489		40,624
Enel Americas SA*		280,743		32,685
Enel Chile SA		408,382		25,758
Falabella SA*		10,090		23,555


	Number of Shares		Value
Chile (Continued)
Latam Airlines Group SA*		2,317,921	$	22,591

(Cost $462,864)				362,115

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


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
China (Continued)
Zheshang Securities Co. Ltd., Class A		2,100	$	3,086
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		10,403		26,236
Zhongji Innolight Co. Ltd., Class A		700		9,298
Zhongjin Gold Corp. Ltd., Class A		3,700		5,576
Zhongsheng Group Holdings Ltd.		13,019		31,167
Zhongtai Securities Co. Ltd., Class A		4,000		4,025
Zhuzhou CRRC Times Electric Co. Ltd., Class A		771		4,153
Zhuzhou CRRC Times Electric Co. Ltd., Class H		7,223		22,840
Zhuzhou Kibing Group Co. Ltd., Class A		1,800		1,977
Zijin Mining Group Co. Ltd., Class A		16,600		28,293
Zijin Mining Group Co. Ltd., Class H		75,825		120,174
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		6,976		6,296
ZTE Corp., Class A		3,200		11,477
ZTE Corp., Class H		11,485		25,054
ZTO Express Cayman, Inc., ADR		5,933		132,425

(Cost $25,370,809)				23,611,771

Colombia — 0.1%
Bancolombia SA		3,936		31,089
Interconexion Electrica SA ESP		6,175		23,311

(Cost $61,807)				54,400

Cyprus — 0.0%
TCS Group Holding PLC, GDR* (a)
(Cost $93,983)		1,702		0

Czech Republic — 0.2%
CEZ AS		2,229		98,606
Komercni Banka AS		1,179		36,504
Moneta Money Bank AS, 144A		3,027		11,832

(Cost $97,989)				146,942

Egypt — 0.1%
Commercial International Bank — Egypt (CIB)		35,125		87,756
Eastern Co. SAE		17,485		14,656
EFG Holding S.A.E.*		16,627		9,933
Fawry for Banking & Payment Technology Services SAE*		6,535		1,125

(Cost $92,945)				113,470

Greece — 0.5%
Alpha Services and Holdings SA*		27,090		46,000
Eurobank Ergasias Services and Holdings SA*		35,935		66,144
Hellenic Telecommunications Organization SA		2,906		42,608
JUMBO SA		1,555		40,691
Motor Oil Hellas Corinth Refineries SA		887		23,944
Mytilineos SA		1,197		47,870
National Bank of Greece SA*		11,009		75,279
OPAP SA		2,786		44,579
Piraeus Financial Holdings SA*		10,522		37,337
Public Power Corp. SA*		2,715		31,917

(Cost $323,158)				456,369


	Number of Shares		Value
Hong Kong — 1.4%
Alibaba Health Information Technology Ltd.*		79,081	$	44,950
Beijing Enterprises Holdings Ltd.		5,627		18,658
Beijing Enterprises Water Group Ltd.		49,069		9,863
Bosideng International Holdings Ltd.		56,072		23,545
C&D International Investment Group Ltd.		9,149		18,693
China Everbright Environment Group Ltd.		46,457		15,285
China Gas Holdings Ltd.		33,697		30,887
China Medical System Holdings Ltd.		18,965		36,467
China Merchants Port Holdings Co. Ltd.		19,294		24,700
China Overseas Land & Investment Ltd.		55,543		102,677
China Overseas Property Holdings Ltd.		18,814		15,319
China Power International Development Ltd.		71,798		26,380
China Resources Beer Holdings Co. Ltd.		23,107		104,127
China Resources Gas Group Ltd.		12,361		38,770
China Resources Land Ltd.		42,666		156,216
China Resources Power Holdings Co. Ltd.		27,252		52,541
China Ruyi Holdings Ltd.*		86,138		19,518
China State Construction International Holdings Ltd.		26,516		30,755
China Taiping Insurance Holdings Co. Ltd.		21,417		19,412
China Traditional Chinese Medicine Holdings Co. Ltd.		41,519		21,261
Chow Tai Fook Jewellery Group Ltd.		26,715		38,783
COSCO SHIPPING Ports Ltd.		27,086		18,205
Far East Horizon Ltd.		21,048		15,440
GCL Technology Holdings Ltd.		278,189		37,038
Geely Automobile Holdings Ltd.		87,245		95,049
Guangdong Investment Ltd.		41,419		28,739
Kingboard Holdings Ltd.		9,057		21,798
Kingboard Laminates Holdings Ltd.		14,186		12,349
Kunlun Energy Co. Ltd.		51,795		47,874
Nine Dragons Paper Holdings Ltd.*		16,156		8,087
Orient Overseas International Ltd.		1,812		21,794
Sino Biopharmaceutical Ltd.		139,369		68,513
Vinda International Holdings Ltd.		5,643		14,448
Want Want China Holdings Ltd.		61,725		36,112
Yuexiu Property Co. Ltd.		21,842		19,909

(Cost $1,542,202)				1,294,162

Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		5,882		46,834
OTP Bank Nyrt		3,327		138,311
Richter Gedeon Nyrt		2,046		51,567

(Cost $172,904)				236,712

India — 15.6%
ABB India Ltd.		687		36,410
Adani Enterprises Ltd.		2,535		71,695
Adani Green Energy Ltd.*		4,294		52,974
Adani Ports & Special Economic Zone Ltd.		7,775		76,963
Adani Power Ltd.*		10,664		55,178
Ambuja Cements Ltd.		8,526		44,908
APL Apollo Tubes Ltd.		2,061		41,709
Apollo Hospitals Enterprise Ltd.		1,303		86,388
Ashok Leyland Ltd.		21,214		46,590


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
India (Continued)
Titan Co. Ltd.		4,764	$	199,406
Torrent Pharmaceuticals Ltd.		1,472		37,536
Trent Ltd.		2,385		79,706
Tube Investments of India Ltd.		1,474		59,500
TVS Motor Co. Ltd.		3,459		77,336
UltraTech Cement Ltd.		1,615		174,364
United Spirits Ltd.		3,531		44,410
UPL Ltd.		6,963		47,647
Varun Beverages Ltd.		6,268		83,053
Vedanta Ltd.		10,028		28,060
Wipro Ltd.		18,750		92,869
Yes Bank Ltd.*		176,395		40,929
Zomato Ltd.*		69,426		98,694

(Cost $10,666,492)				14,964,845

Indonesia — 1.8%
Amman Mineral Internasional PT*		80,782		37,500
Aneka Tambang Tbk		120,851		13,558
GoTo Gojek Tokopedia Tbk PT*		11,971,973		74,873
PT Adaro Energy Indonesia Tbk		210,215		35,510
PT Astra International Tbk		283,991		98,875
PT Bank Central Asia Tbk		751,102		434,632
PT Bank Mandiri Persero Tbk		497,200		187,532
PT Bank Negara Indonesia Persero Tbk		194,556		66,169
PT Bank Rakyat Indonesia Persero Tbk		923,418		314,057
PT Barito Pacific Tbk		451,019		30,388
PT Charoen Pokphand Indonesia Tbk		109,612		36,749
PT Indah Kiat Pulp & Paper Tbk		38,244		21,637
PT Indofood CBP Sukses Makmur Tbk		34,844		25,948
PT Indofood Sukses Makmur Tbk		56,753		23,510
PT Kalbe Farma Tbk		318,303		33,144
PT Merdeka Copper Gold Tbk*		168,651		27,510
PT Sarana Menara Nusantara Tbk		320,863		20,688
PT Semen Indonesia Persero Tbk		51,869		21,738
PT Sumber Alfaria Trijaya Tbk		234,926		43,471
PT Telkom Indonesia Persero Tbk		662,635		160,639
PT Unilever Indonesia Tbk		111,077		26,140
PT United Tractors Tbk		19,158		27,051

(Cost $1,531,249)				1,761,319

Ireland — 1.3%
PDD Holdings, Inc., ADR*
(Cost $605,742)		8,173		1,205,027

Kazakhstan — 0.0%
Polymetal International PLC* (a)
(Cost $79,914)		4,894		0

Kuwait — 0.7%
Agility Public Warehousing Co. KSC*		22,473		39,280
Boubyan Bank KSCP		19,881		37,516
Gulf Bank KSCP		30,257		24,778
Kuwait Finance House KSCP		107,871		244,058
Mabanee Co KPSC		8,493		23,036
Mobile Telecommunications Co. KSCP		23,417		37,064
National Bank of Kuwait SAKP		102,192		292,733

(Cost $609,214)				698,465


	Number of Shares		Value
Luxembourg — 0.1%
Reinet Investments SCA
(Cost $38,600)		2,028	$	47,603

Malaysia — 1.3%
AMMB Holdings Bhd		25,746		21,881
Axiata Group Bhd		40,099		19,449
Celcomdigi Bhd		43,560		40,573
CIMB Group Holdings Bhd		90,535		109,781
Dialog Group Bhd		47,536		22,546
Gamuda Bhd		23,918		24,485
Genting Bhd		31,267		31,405
Genting Malaysia Bhd		34,645		19,853
Hong Leong Bank Bhd		9,941		40,536
IHH Healthcare Bhd		25,135		31,449
Inari Amertron Bhd		38,500		24,127
IOI Corp. Bhd		38,694		33,383
Kuala Lumpur Kepong Bhd		6,020		28,269
Malayan Banking Bhd		72,518		139,760
Malaysia Airports Holdings Bhd		9,963		15,352
Maxis Bhd		37,096		31,049
MISC Bhd		19,500		30,090
MR DIY Group M Bhd, 144A		29,100		9,555
Nestle Malaysia Bhd		883		23,764
Petronas Chemicals Group Bhd		38,524		59,694
Petronas Dagangan Bhd		3,504		16,770
Petronas Gas Bhd		8,290		29,997
PPB Group Bhd		9,962		30,146
Press Metal Aluminium Holdings Bhd		51,350		52,898
Public Bank Bhd		205,710		188,514
QL Resources Bhd		17,100		20,588
RHB Bank Bhd		21,344		24,965
Sime Darby Bhd		34,123		18,089
Sime Darby Plantation Bhd		29,323		28,382
Telekom Malaysia Bhd		16,645		18,826
Tenaga Nasional Bhd		38,205		81,912

(Cost $1,395,352)				1,268,088

Mexico — 2.5%
Alfa SAB de CV, Class A		44,312		32,325
America Movil SAB de CV, Series B		253,900		229,655
Arca Continental SAB de CV		6,643		67,832
Banco del Bajio SA, 144A		11,112		35,239
Cemex SAB de CV, Series CPO*		215,043		149,441
Coca-Cola Femsa SAB de CV		7,269		61,095
Fibra Uno Administracion SA de CV REIT		43,283		69,653
Fomento Economico Mexicano SAB de CV		26,238		333,676
Gruma SAB de CV, Class B		2,807		52,021
Grupo Aeroportuario del Centro Norte SAB de CV		3,571		32,423
Grupo Aeroportuario del Pacifico SAB de CV, Class B		5,272		80,304
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,787		65,801
Grupo Bimbo SAB de CV, Series A		19,061		96,180
Grupo Carso SAB de CV, Series A1		7,907		72,644
Grupo Financiero Banorte SAB de CV, Class O		34,862		324,182


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
Mexico (Continued)
Grupo Financiero Inbursa SAB de CV, Class O*		26,737	$	65,347
Grupo Mexico SAB de CV, Series B		42,969		196,952
Industrias Penoles SAB de CV*		2,797		41,025
Kimberly-Clark de Mexico SAB de CV, Class A		19,801		40,061
Operadora De Sites Mexicanos SAB de CV, Class A-1		19,693		24,752
Orbia Advance Corp. SAB de CV		12,247		26,153
Prologis Property Mexico SA de CV REIT		8,268		35,598
Promotora y Operadora de Infraestructura SAB de CV		2,381		23,431
Wal-Mart de Mexico SAB de CV		70,131		274,936

(Cost $1,932,781)				2,430,726

Netherlands — 0.0%
NEPI Rockcastle NV*
(Cost $87,796)		7,310		44,982

Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR		3,293		31,415
Credicorp Ltd.		896		112,475

(Cost $180,347)				143,890

Philippines — 0.6%
Aboitiz Equity Ventures, Inc.		25,450		21,464
Ayala Corp.		2,884		34,510
Ayala Land, Inc.		95,424		53,653
Bank of the Philippine Islands		28,316		52,713
BDO Unibank, Inc.		33,750		81,197
International Container Terminal Services, Inc.		14,061		54,683
JG Summit Holdings, Inc.		40,134		27,846
Jollibee Foods Corp.		6,853		27,985
Manila Electric Co.		3,560		23,096
Metropolitan Bank & Trust Co.		24,502		22,056
PLDT, Inc.		1,206		27,993
SM Investments Corp.		3,343		49,341
SM Prime Holdings, Inc.		127,591		74,269
Universal Robina Corp.		12,494		25,443

(Cost $666,487)				576,249

Poland — 0.9%
Allegro.eu SA, 144A*		6,830		49,404
Bank Polska Kasa Opieki SA		2,394		84,100
Budimex SA		191		26,495
CD Projekt SA		1,001		27,234
Cyfrowy Polsat SA*		4,480		14,366
Dino Polska SA, 144A*		697		77,663
KGHM Polska Miedz SA		1,989		57,320
LPP SA		15		55,788
mBank SA*		187		26,370
ORLEN SA		7,877		116,238
PGE Polska Grupa Energetyczna SA*		12,279		25,805
Powszechna Kasa Oszczednosci Bank Polski SA*		11,592		137,711
Powszechny Zaklad Ubezpieczen SA		7,948		90,587
Santander Bank Polska SA*		482		59,851

(Cost $824,363)				848,932


	Number of Shares		Value
Qatar — 0.9%
Barwa Real Estate Co.		30,415	$	22,554
Commercial Bank PSQC		45,915		67,214
Dukhan Bank		26,583		28,196
Industries Qatar QSC		21,665		74,379
Masraf Al Rayan QSC		77,316		52,790
Mesaieed Petrochemical Holding Co.		64,544		29,764
Ooredoo QPSC		8,328		23,536
Qatar Electricity & Water Co. QSC		5,674		26,305
Qatar Fuel QSC		8,554		37,402
Qatar Gas Transport Co. Ltd.		32,116		28,579
Qatar International Islamic Bank QSC		14,554		40,092
Qatar Islamic Bank SAQ		21,835		113,943
Qatar National Bank QPSC		62,680		270,276

(Cost $778,418)				815,030

Russia — 0.0%
Alrosa PJSC* (a)		34,709		0
Gazprom PJSC* (a)		164,723		0
Inter RAO UES PJSC* (a)		490,959		0
LUKOIL PJSC* (a)		5,651		0
Magnit PJSC* (a)		933		0
MMC Norilsk Nickel PJSC* (a)		883		0
Mobile TeleSystems PJSC, ADR* (a)		6,594		0
Moscow Exchange MICEX-RTS PJSC* (a)		20,735		0
Novatek PJSC* (a)		12,810		0
Novolipetsk Steel PJSC* (a)		21,183		0
Ozon Holdings PLC, ADR* (a)		700		0
PhosAgro PJSC* (a)		713		0
PhosAgro PJSC, GDR* (a)		13		0
Polyus PJSC* (a)		476		0
Rosneft Oil Co. PJSC* (a)		14,582		0
Sberbank of Russia PJSC* (a)		146,997		0
Severstal PAO* (a)		707		0
Severstal PAO, GDR* (a)		2,248		0
Surgutneftegas PJSC, ADR* (a)		2,000		0
Surgutneftegas PJSC* (a)		68,300		0
Tatneft PJSC* (a)		17,973		0
United Co. RUSAL International PJSC* (a)		39,327		0
VK Co. Ltd., GDR* (a)		1,691		0
VTB Bank PJSC* (a)		48,782,071		0
X5 Retail Group NV, GDR* (a)		1,749		0
Yandex NV, Class A* (a)		4,277		0

(Cost $2,809,658)				0

Saudi Arabia — 3.9%
ACWA Power Co.		1,373		83,811
Advanced Petrochemical Co.		1,387		13,828
Al Rajhi Bank		26,641		542,549
Alinma Bank		12,801		122,158
Almarai Co. JSC		3,740		55,629
Arab National Bank		9,615		61,511
Arabian Internet & Communications Services Co.		332		27,558
Bank AlBilad		6,924		70,597
Bank Al-Jazira*		6,260		28,334
Banque Saudi Fransi		8,616		85,896


See Notes to Financial Statements.		46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
Saudi Arabia (Continued)
Bupa Arabia for Cooperative Insurance Co.		1,151	$	61,178
Co. for Cooperative Insurance		1,111		36,485
Dallah Healthcare Co.		464		20,532
Dar Al Arkan Real Estate Development Co.*		8,204		32,584
Dr Sulaiman Al Habib Medical Services Group Co.		1,237		92,985
Elm Co.		340		67,483
Etihad Etisalat Co.		5,409		66,612
Jarir Marketing Co.		8,820		34,278
Mobile Telecommunications Co. Saudi Arabia		6,440		24,205
Mouwasat Medical Services Co.		1,408		42,261
Nahdi Medical Co.		542		19,620
National Industrialization Co.*		4,370		14,211
Power & Water Utility Co. for Jubail & Yanbu		1,096		17,237
Rabigh Refining & Petrochemical Co.*		5,886		17,102
Riyad Bank		20,730		147,539
SABIC Agri-Nutrients Co.		3,186		116,858
Sahara International Petrochemical Co.		5,097		43,953
Saudi Arabian Mining Co.*		17,104		181,686
Saudi Arabian Oil Co., 144A		35,350		312,840
Saudi Aramco Base Oil Co.		650		23,772
Saudi Awwal Bank		14,397		133,359
Saudi Basic Industries Corp.		11,930		251,861
Saudi Electricity Co.		12,079		58,149
Saudi Industrial Investment Group		5,410		32,476
Saudi Investment Bank		6,671		26,673
Saudi Kayan Petrochemical Co.*		9,856		29,740
Saudi National Bank		39,802		370,806
Saudi Research & Media Group*		482		20,454
Saudi Tadawul Group Holding Co.		697		33,963
Saudi Telecom Co.		26,677		273,419
Savola Group		3,688		36,865
Yanbu National Petrochemical Co.		3,192		32,035

(Cost $3,163,019)				3,765,092

Singapore — 0.0%
BOC Aviation Ltd., 144A		2,752		19,800
JOYY, Inc., ADR		610		23,430

(Cost $55,299)				43,230

South Africa — 2.7%
Absa Group Ltd.		12,180		112,268
Anglo American Platinum Ltd.		805		34,061
Aspen Pharmacare Holdings Ltd.		5,517		54,180
Bid Corp. Ltd.		4,675		102,489
Bidvest Group Ltd.		3,404		42,573
Capitec Bank Holdings Ltd.		1,252		130,220
Clicks Group Ltd.		3,005		47,047
Discovery Ltd.		7,232		51,039
Exxaro Resources Ltd.		3,398		33,843
FirstRand Ltd.		67,610		241,838
Gold Fields Ltd.		11,964		180,756
Harmony Gold Mining Co. Ltd.		8,674		53,803
Impala Platinum Holdings Ltd.		12,030		48,902


	Number of Shares		Value
South Africa (Continued)
Kumba Iron Ore Ltd.		971	$	30,507
MTN Group Ltd.		22,776		124,372
Naspers Ltd., Class N*		2,536		467,286
Nedbank Group Ltd.		5,374		60,949
Northam Platinum Holdings Ltd.		4,742		30,603
Old Mutual Ltd.		69,532		42,417
OUTsurance Group Ltd.		12,673		27,899
Pepkor Holdings Ltd., 144A		25,325		25,014
Remgro Ltd.		7,354		56,647
Sanlam Ltd.		25,445		91,663
Sasol Ltd.		8,067		89,651
Shoprite Holdings Ltd.		7,112		97,015
Sibanye Stillwater Ltd.		39,384		43,455
Standard Bank Group Ltd.		17,898		190,095
Vodacom Group Ltd.		9,411		48,425
Woolworths Holdings Ltd.		12,322		44,121

(Cost $3,370,261)				2,603,138

South Korea — 11.7%
Amorepacific Corp.		393		39,387
Celltrion Healthcare Co. Ltd.		1,499		86,560
Celltrion Pharm, Inc.*		254		15,770
Celltrion, Inc.		1,545		195,079
CJ CheilJedang Corp.		118		28,262
CosmoAM&T Co. Ltd.*		331		42,255
Coway Co. Ltd.		788		30,539
DB Insurance Co. Ltd.		672		43,597
Doosan Bobcat, Inc.		776		27,428
Doosan Enerbility Co. Ltd.*		6,098		74,680
Ecopro BM Co. Ltd.		706		149,939
Ecopro Co. Ltd.		282		163,497
F&F Co. Ltd. / New		244		16,246
GS Holdings Corp.		657		21,032
Hana Financial Group, Inc.		4,130		133,329
Hankook Tire & Technology Co. Ltd.		1,138		40,002
Hanmi Pharm. Co. Ltd.		94		22,404
Hanmi Semiconductor Co. Ltd.		619		30,515
Hanon Systems		2,266		12,734
Hanwha Aerospace Co. Ltd.		484		47,231
Hanwha Ocean Co. Ltd.*		1,141		24,144
Hanwha Solutions Corp.*		1,465		37,927
HD Hyundai Co. Ltd.		670		31,315
HD Hyundai Heavy Industries Co. Ltd.*		229		22,223
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		638		55,237
HLB, Inc.*		1,523		37,657
HMM Co. Ltd.		3,511		42,154
Hotel Shilla Co. Ltd.		459		23,339
HYBE Co. Ltd.*		290		48,440
Hyundai Engineering & Construction Co. Ltd.		1,167		32,428
Hyundai Glovis Co. Ltd.		277		37,294
Hyundai Mipo Dockyard Co. Ltd.*		314		19,738
Hyundai Mobis Co. Ltd.		819		145,371
Hyundai Motor Co.		1,820		259,990
Hyundai Steel Co.		1,344		36,669
Industrial Bank of Korea		3,874		35,523


See Notes to Financial Statements.		47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


	Number of Shares		Value
South Korea (Continued)
SK Telecom Co. Ltd.		713	$	28,848
SK, Inc.		484		61,375
SKC Co. Ltd.		275		20,676
S-Oil Corp.		610		32,246
Woori Financial Group, Inc.		8,569		86,477
Yuhan Corp.		806		38,296

(Cost $7,430,835)				11,196,775

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


See Notes to Financial Statements.		48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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

(Cost $7,211,917)				14,614,049

Thailand — 1.7%
Advanced Info Service PCL, NVDR		15,873		98,367
Airports of Thailand PCL, NVDR*		57,900		97,933
Asset World Corp. PCL, NVDR		55,300		5,816
Bangkok Dusit Medical Services PCL, NVDR		150,300		112,156
Bangkok Expressway & Metro PCL, NVDR		109,100		24,191
Banpu PCL, NVDR		104,700		22,174
Berli Jucker PCL, NVDR (b)		19,000		14,178


	Number of Shares		Value
Thailand (Continued)
BTS Group Holdings PCL, NVDR		125,844	$	25,936
Bumrungrad Hospital PCL, NVDR		8,700		55,152
Central Pattana PCL, NVDR		27,200		52,386
Central Retail Corp. PCL, NVDR		28,100		30,155
Charoen Pokphand Foods PCL, NVDR		57,369		32,454
CP ALL PCL, NVDR		74,049		109,461
CP Axtra PCL, NVDR		27,200		20,877
Delta Electronics Thailand PCL, NVDR		45,380		100,300
Energy Absolute PCL, NVDR		25,800		32,637
Global Power Synergy PCL, NVDR		10,800		13,969
Gulf Energy Development PCL, NVDR		41,850		54,725
Home Product Center PCL, NVDR		95,100		31,900
Indorama Ventures PCL, NVDR		25,119		17,495
Intouch Holdings PCL, NVDR		14,000		27,759
Kasikornbank PCL, NVDR		7,303		26,573
Krung Thai Bank PCL, NVDR		54,606		28,252
Krungthai Card PCL, NVDR		15,700		20,865
Land & Houses PCL, NVDR		124,100		27,164
Minor International PCL, NVDR		45,547		35,283
Muangthai Capital PCL, NVDR		10,100		12,561
Osotspa PCL, NVDR		24,000		15,624
PTT Exploration & Production PCL, NVDR		16,783		72,280
PTT Global Chemical PCL, NVDR		31,000		33,928
PTT Oil & Retail Business PCL, NVDR		42,700		24,156
PTT PCL		14,200		14,027
PTT PCL, NVDR		120,380		118,917
SCB X PCL, NVDR		11,598		32,723
SCG Packaging PCL, NVDR		17,400		19,043
Siam Cement PCL		4,758		38,819
Siam Cement PCL, NVDR		6,178		50,404
Thai Oil PCL, NVDR		19,649		28,766
True Corp. PCL, NVDR		150,672		23,986

(Cost $1,809,965)				1,603,392

Turkey — 0.7%
Akbank TAS		45,540		53,054
Aselsan Elektronik Sanayi Ve Ticaret AS		21,408		36,210
BIM Birlesik Magazalar AS		6,740		71,893
Eregli Demir ve Celik Fabrikalari TAS*		19,729		27,986
Ford Otomotiv Sanayi AS		937		27,290
Haci Omer Sabanci Holding AS		15,205		32,095
Hektas Ticaret TAS*		16,284		12,576
KOC Holding AS		10,035		49,175
Koza Altin Isletmeleri AS		13,847		11,145
Pegasus Hava Tasimaciligi AS*		611		14,918
Sasa Polyester Sanayi AS*		14,824		25,607
Tofas Turk Otomobil Fabrikasi AS		1,623		13,405
Turk Hava Yollari AO*		7,384		64,186
Turkcell Iletisim Hizmetleri AS*		16,492		33,041
Turkiye Is Bankasi AS, Class C		52,444		38,940
Turkiye Petrol Rafinerileri AS		13,902		73,614
Turkiye Sise ve Cam Fabrikalari AS		20,464		34,911
Yapi ve Kredi Bankasi AS		53,743		35,735

(Cost $688,117)				655,781

United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		41,965		95,984
Abu Dhabi Islamic Bank PJSC		20,307		56,400


See Notes to Financial Statements.		49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
United Arab Emirates (Continued)
Abu Dhabi National Oil Co. for Distribution PJSC		45,271	$	46,842
Aldar Properties PJSC		52,868		82,342
Americana Restaurants International PLC		32,657		29,967
Dubai Islamic Bank PJSC		33,545		50,420
Emaar Properties PJSC		90,757		187,566
Emirates NBD Bank PJSC		26,626		127,600
Emirates Telecommunications Group Co. PJSC		46,823		246,319
First Abu Dhabi Bank PJSC		59,538		222,423
Multiply Group PJSC*		54,140		51,744

(Cost $1,024,027)				1,197,607

United Kingdom — 0.1%
Anglogold Ashanti PLC		5,728		110,690
Pepco Group NV*		2,879		16,335

(Cost $97,982)				127,025

United States — 0.3%
BeiGene Ltd.*		9,775		140,031
Legend Biotech Corp., ADR*		939		57,110
Parade Technologies Ltd.		1,053		36,235
Southern Copper Corp.		1,257		90,416

(Cost $331,857)				323,792

TOTAL COMMON STOCKS (Cost $78,196,421)				91,053,672

PREFERRED STOCKS — 2.3%
Brazil — 1.5%
Banco Bradesco SA		71,125		235,106
Centrais Eletricas Brasileiras SA, Class B		2,644		24,103
Cia Energetica de Minas Gerais		18,299		41,155
Cia Paranaense de Energia		10,995		21,132
Gerdau SA		16,263		72,195
Itau Unibanco Holding SA		65,594		420,986
Itausa SA		75,826		150,202
Petroleo Brasileiro SA		65,203		475,704

(Cost $1,055,108)				1,440,583

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B
(Cost $48,910)		2,035		103,366

Colombia — 0.0%
Bancolombia SA
(Cost $46,868)		5,055		34,994

Russia — 0.0%
Surgutneftegas PJSC* (a)
(Cost $55,823)		101,715		0

South Korea — 0.7%
Hyundai Motor Co.		360		30,164
Hyundai Motor Co. — 2nd Preferred		525		44,600
LG Chem Ltd.		115		27,543
Samsung Electronics Co. Ltd.		11,412		512,153

(Cost $287,550)				614,460

TOTAL PREFERRED STOCKS (Cost $1,494,259)				2,193,403


	Number of Shares		Value
RIGHTS — 0.0%
China — 0.0%
Zhejiang Expressway Co. Ltd.*, expires 12/19/23
(Cost $0)		8,017	$	903

Taiwan — 0.0%
Wistron Corp.*, expires 12/22/23 (a)
(Cost $0)		29		0

Thailand — 0.0%
Siam Cement PCL*, expires 12/6/23 (a)		791		0
Siam Cement PCL*, expires 12/20/23 (a)		609		0

(Cost $0)				0

TOTAL RIGHTS (Cost $0)				903

WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		11,834		20
BTS Group Holdings PCL*, expires 11/20/26		23,669		81
Srisawad Corp. PCL*, expires 8/29/25		432		16

(Cost $0)				117

TOTAL WARRANTS (Cost $0)				117

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $32,480)		32,480		32,480

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c) (Cost $601,398)		601,398		601,398


TOTAL INVESTMENTS — 98.1% (Cost $80,324,558)			$	93,881,973
Other assets and liabilities, net — 1.9%				1,815,563

NET ASSETS — 100.0%			$	95,697,536


See Notes to Financial Statements.		50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

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


	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		179,111		—		(146,631	)(e)		—		—		1,490		—		32,480		32,480

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c)
		912,728		8,856,487		(9,167,817	)		—		—		24,846		—		601,398		601,398

		1,091,839		8,856,487		(9,314,448	)		—		—		26,336		—		633,878		633,878

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2023 amounted to $30,456, which is 0.03% of net assets.

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

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

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

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

KSC:

Kuwait Shareholding Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar

144A:

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

Securities are listed in country of domicile.

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


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

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


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


See Notes to Financial Statements.		51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


See Notes to Financial Statements.		52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


See Notes to Financial Statements.		53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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

Total unrealized appreciation (depreciation)						$	137,556	$	(1,668,561	)

Currency Abbreviations

AED

Arab Emirates Dirham

BRL

Brazilian Real

CLP

Chilean Peso

CNH

Chinese Yuan

COP

Colombian Peso

CZK

Czech Koruna

EGP

Egyptian Pound

EUR

Euro

HKD

Hong Kong Dollar

HUF

Hungarian Forint

IDR

Indonesian Rupiah

INR

Indian Rupee

KRW

South Korean Won

KWD

Kuwaiti Dinar

MXN

Mexican Peso

MYR

Malaysian Ringgit

PHP

Philippine Peso

PLN

Polish Zloty

QAR

Qatari Rial

SAR

Saudi Riyal

THB

Thai Baht

TRY

Turkish Lira

TWD

New Taiwan Dollar

USD

U.S. Dollar

ZAR

South African Rand


See Notes to Financial Statements.		54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	91,053,672	$	—		$	0	$	91,053,672
Preferred Stocks (a)		2,193,403		—			0		2,193,403
Rights (a)		—		903			0		903
Warrants		117		—			—		117
Short-Term Investments (a)		633,878		—			—		633,878
Derivatives (b)
Forward Foreign Currency Contracts		—		137,556			—		137,556
Futures Contracts		37,213		—			—		37,213

TOTAL	$	93,918,283	$	138,459		$	—	$	94,056,742


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(1,668,561	)	$	—	$	(1,668,561	)

TOTAL	$	—	$	(1,668,561	)	$	—	$	(1,668,561	)

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

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


See Notes to Financial Statements.		55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2023 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.3%
Austria — 0.3%
Erste Group Bank AG		15,829	$	639,401
OMV AG		6,811		290,249
Verbund AG		3,155		300,494
voestalpine AG		5,373		151,009

(Cost $1,479,296)				1,381,153

Belgium — 1.2%
Ageas SA/NV		7,499		322,262
Anheuser-Busch InBev SA/NV		39,142		2,454,537
D’ieteren Group		1,002		170,800
Elia Group SA/NV		1,149		124,381
Groupe Bruxelles Lambert NV		3,870		306,249
KBC Group NV		11,216		642,173
Lotus Bakeries NV		21		182,411
Sofina SA		617		137,142
Solvay SA		3,410		394,006
UCB SA		5,857		432,504
Umicore SA		9,685		258,598
Warehouses De Pauw CVA REIT		6,768		189,920

(Cost $7,559,521)				5,614,983

Chile — 0.1%
Antofagasta PLC (Cost $340,388)		18,237		324,283

Denmark — 5.1%
A.P. Moller — Maersk A/S, Class A		138		213,791
A.P. Moller — Maersk A/S, Class B		231		364,276
Carlsberg A/S, Class B		4,378		542,084
Chr Hansen Holding A/S		4,830		386,194
Coloplast A/S, Class B		6,079		717,197
Danske Bank A/S		31,739		821,206
Demant A/S*		4,454		188,861
DSV A/S		8,347		1,255,953
Genmab A/S*		3,036		957,969
Novo Nordisk A/S, Class B		147,010		14,929,286
Novozymes A/S, Class B		9,111		472,402
Orsted AS, 144A		8,212		386,580
Pandora A/S		3,792		511,716
ROCKWOOL A/S, Class B		426		115,012
Tryg A/S		16,872		363,867
Vestas Wind Systems A/S*		45,442		1,257,764

(Cost $16,429,833)				23,484,158

Finland — 1.6%
Elisa OYJ		6,497		290,517
Fortum OYJ		20,801		291,741
Kesko OYJ, Class B		12,648		241,686
Kone OYJ, Class B		15,257		677,410
Metso Corp.		30,244		297,273
Neste OYJ		19,012		721,827
Nokia OYJ		242,390		849,042
Nordea Bank Abp		148,468		1,657,418
Orion OYJ, Class B		4,954		196,500
Sampo OYJ, Class A		20,092		878,087
Stora Enso OYJ, Class R		25,109		325,514
UPM-Kymmene OYJ		24,485		854,994


	Number of Shares		Value
Finland (Continued)
Wartsila OYJ Abp		20,295	$	279,674

(Cost $9,482,256)				7,561,683

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


See Notes to Financial Statements.		56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
France (Continued)
TotalEnergies SE		103,933	$	7,043,544
Unibail-Rodamco-Westfield REIT*		5,456		346,711
Veolia Environnement SA		30,467		958,752
Vinci SA		22,819		2,789,363
Vivendi SE		27,750		262,368
Worldline SA, 144A*		11,316		175,339

(Cost $78,704,451)				82,647,756

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


	Number of Shares		Value
Germany (Continued)
Talanx AG		3,216	$	233,141
Volkswagen AG		1,351		174,997
Vonovia SE		33,669		935,275
Wacker Chemie AG		837		102,314
Zalando SE, 144A*		10,367		246,679

(Cost $63,627,292)				56,256,350

Hong Kong — 0.3%
Prudential PLC (Cost $2,373,017)		124,198		1,353,131

Ireland — 1.7%
AerCap Holdings NV*		8,912		607,977
AIB Group PLC		72,616		336,247
Bank of Ireland Group PLC		47,198		441,312
CRH PLC		31,878		2,006,586
DCC PLC		4,433		298,962
Experian PLC		41,454		1,519,246
Flutter Entertainment PLC*		7,960		1,241,184
Kerry Group PLC, Class A		7,140		576,830
Kingspan Group PLC		6,989		553,828
Smurfit Kappa Group PLC		11,307		428,307

(Cost $7,517,976)				8,010,479

Italy — 3.5%
Amplifon SpA		5,749		178,535
Assicurazioni Generali SpA		45,382		938,815
Banco BPM SpA		54,073		298,648
Davide Campari-Milano NV		24,063		262,450
DiaSorin SpA		1,096		103,719
Enel SpA		366,919		2,590,453
Eni SpA		105,942		1,749,142
Ferrari NV		5,669		2,040,037
FinecoBank Banca Fineco SpA		26,380		355,057
Infrastrutture Wireless Italiane SpA, 144A		13,555		167,022
Intesa Sanpaolo SpA		698,484		2,008,333
Leonardo SpA		18,239		279,334
Mediobanca Banca di Credito Finanziario SpA		24,578		288,265
Moncler SpA		9,678		535,996
Nexi SpA, 144A*		27,368		212,999
Poste Italiane SpA, 144A		23,573		253,411
Prysmian SpA		11,920		458,404
Recordati Industria Chimica e Farmaceutica SpA		4,824		231,933
Snam SpA		93,013		468,054
Telecom Italia SpA*		443,221		128,620
Terna — Rete Elettrica Nazionale		63,952		514,849
UniCredit SpA		72,327		1,967,019

(Cost $15,394,703)				16,031,095

Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $218,927)		6,854		149,132

Luxembourg — 0.3%
ArcelorMittal SA		22,944		576,663
Eurofins Scientific SE		6,302		366,035


See Notes to Financial Statements.		57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
Luxembourg (Continued)
Tenaris SA		20,787	$	356,370

(Cost $1,400,722)				1,299,068

Netherlands — 7.3%
ABN AMRO Bank NV, 144A		21,299		285,511
Adyen NV, 144A*		989		1,152,960
Aegon Ltd.		72,872		398,668
Akzo Nobel NV		7,843		601,525
Argenx SE*		2,678		1,187,573
ASM International NV		2,120		1,086,197
ASML Holding NV		18,183		12,330,544
ASR Nederland NV		7,111		327,184
BE Semiconductor Industries NV		3,384		473,144
Euronext NV, 144A		3,967		329,038
EXOR NV		4,232		411,363
Heineken Holding NV		5,801		450,216
Heineken NV		13,192		1,204,762
IMCD NV		2,485		382,882
ING Groep NV		162,888		2,283,317
JDE Peet’s NV		4,398		117,861
Koninklijke Ahold Delhaize NV		43,291		1,251,568
Koninklijke KPN NV		149,456		511,963
Koninklijke Philips NV*		35,599		727,329
NN Group NV		12,568		477,305
OCI NV		4,555		97,873
Prosus NV*		65,914		2,181,122
QIAGEN NV*		10,083		413,222
Randstad NV		5,102		302,667
Stellantis NV		99,329		2,151,798
Universal Music Group NV		36,764		970,027
Wolters Kluwer NV		11,189		1,538,237

(Cost $31,651,979)				33,645,856

Norway — 1.0%
Adevinta ASA*		16,548		170,986
Aker BP ASA		13,831		396,397
DNB Bank ASA		41,369		788,003
Equinor ASA		40,428		1,300,652
Gjensidige Forsikring ASA		8,611		144,923
Kongsberg Gruppen ASA		4,113		176,533
Mowi ASA		21,631		384,442
Norsk Hydro ASA		58,987		342,257
Orkla ASA		31,457		231,538
Salmar ASA		3,374		184,854
Telenor ASA		28,512		306,466
Yara International ASA		7,288		246,729

(Cost $5,066,719)				4,673,780

Portugal — 0.3%
EDP — Energias de Portugal SA		141,419		675,311
Galp Energia SGPS SA		20,202		300,272
Jeronimo Martins SGPS SA		13,084		323,292

(Cost $1,243,630)				1,298,875

Spain — 4.2%
Acciona SA		1,138		160,413
ACS Actividades de Construccion y Servicios SA		9,386		374,441


	Number of Shares		Value
Spain (Continued)
Aena SME SA, 144A		3,338	$	573,898
Amadeus IT Group SA		20,335		1,390,499
Banco Bilbao Vizcaya Argentaria SA		268,516		2,486,132
Banco Santander SA		728,551		3,014,300
CaixaBank SA		185,464		833,957
Cellnex Telecom SA, 144A*		25,501		972,635
Corp ACCIONA Energias Renovables SA		3,048		90,375
EDP Renovaveis SA		14,005		255,344
Enagas SA		11,461		209,585
Endesa SA		14,423		301,194
Ferrovial SE		23,123		799,380
Grifols SA*		12,246		172,821
Iberdrola SA		272,528		3,365,459
Industria de Diseno Textil SA		49,147		2,023,774
Naturgy Energy Group SA		5,467		163,172
Redeia Corp. SA		17,301		289,638
Repsol SA		58,301		890,988
Telefonica SA		220,881		950,657

(Cost $21,810,464)				19,318,662

Sweden — 4.5%
Alfa Laval AB		12,837		478,337
Assa Abloy AB, Class B		44,957		1,150,044
Atlas Copco AB, Class A		122,132		1,882,460
Atlas Copco AB, Class B		68,682		905,285
Beijer Ref AB		17,215		190,278
Boliden AB		12,630		336,555
Epiroc AB, Class A		30,371		565,558
Epiroc AB, Class B		18,024		283,301
EQT AB (b)		15,772		371,631
Essity AB, Class B		27,416		685,145
Evolution AB, 144A		8,250		854,068
Fastighets AB Balder, Class B*		28,549		168,132
Getinge AB, Class B		10,371		220,178
H & M Hennes & Mauritz AB, Class B		29,050		464,351
Hexagon AB, Class B		93,481		933,573
Holmen AB, Class B		3,191		133,638
Husqvarna AB, Class B		15,498		118,213
Industrivarden AB, Class A		5,510		165,448
Industrivarden AB, Class C		6,730		202,338
Indutrade AB		12,673		277,496
Investment AB Latour, Class B		6,826		152,651
Investor AB, Class B		77,867		1,614,584
L E Lundbergforetagen AB, Class B		3,577		173,744
Lifco AB, Class B		10,814		234,422
Nibe Industrier AB, Class B		66,978		395,087
Saab AB, Class B		3,698		189,831
Sagax AB, Class B		8,855		200,554
Sandvik AB		47,722		940,456
Securitas AB, Class B		22,720		204,274
Skandinaviska Enskilda Banken AB, Class A		71,042		858,951
Skanska AB, Class B		14,306		229,492
SKF AB, Class B		15,816		296,779
Svenska Cellulosa AB SCA, Class B		28,065		416,410
Svenska Handelsbanken AB, Class A		67,174		635,678


See Notes to Financial Statements.		58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
Sweden (Continued)
Swedbank AB, Class A		39,546	$	724,176
Swedish Orphan Biovitrum AB*		9,050		215,052
Tele2 AB, Class B		24,614		192,761
Telefonaktiebolaget LM Ericsson, Class B		131,390		649,951
Telia Co. AB		102,184		242,232
Volvo AB, Class A		9,080		214,208
Volvo AB, Class B		67,482		1,562,753
Volvo Car AB, Class B*		26,330		85,654

(Cost $23,482,090)				20,815,729

Switzerland — 15.6%
ABB Ltd.		71,896		2,849,732
Adecco Group AG		6,942		333,504
Alcon, Inc.		22,487		1,692,752
Avolta AG*		3,937		137,258
Bachem Holding AG		1,569		116,461
Baloise Holding AG		2,011		307,494
Banque Cantonale Vaudoise		1,392		169,609
Barry Callebaut AG		163		271,201
BKW AG		974		171,732
Chocoladefabriken Lindt & Spruengli AG		5		610,940
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		43		531,301
Cie Financiere Richemont SA, Class A		23,518		2,932,700
Clariant AG*		8,423		125,715
Coca-Cola HBC AG*		10,198		282,723
DSM-Firmenich AG		8,383		792,680
EMS-Chemie Holding AG		323		228,870
Geberit AG		1,500		838,301
Givaudan SA		426		1,591,723
Glencore PLC		470,810		2,625,947
Helvetia Holding AG		1,720		235,108
Holcim AG*		23,408		1,718,779
Julius Baer Group Ltd.		9,195		464,528
Kuehne + Nagel International AG		2,496		721,694
Logitech International SA		7,365		641,210
Lonza Group AG		3,351		1,294,939
Nestle SA		120,321		13,650,670
Novartis AG		92,282		8,970,017
Partners Group Holding AG		1,022		1,345,044
Roche Holding AG		1,447		412,768
Roche Holding AG		31,643		8,529,554
Sandoz Group AG*		18,197		519,706
Schindler Holding AG		1,085		232,190
Schindler Holding AG Participation Certificates		1,883		420,917
SGS SA		6,727		570,762
SIG Group AG*		14,171		330,770
Sika AG		6,857		1,857,349
Sonova Holding AG		2,278		656,320
Straumann Holding AG		5,005		687,280
Swatch Group AG — Bearer		1,281		335,719
Swatch Group AG — Registered		2,290		114,801
Swiss Life Holding AG		1,349		863,594
Swiss Prime Site AG		3,528		354,532


	Number of Shares		Value
Switzerland (Continued)
Swiss Re AG		13,845	$	1,632,404
Swisscom AG		1,198		698,252
Temenos AG		2,955		249,776
UBS Group AG		148,081		4,164,937
VAT Group AG, 144A		1,210		561,682
Zurich Insurance Group AG		6,572		3,286,375

(Cost $68,448,001)				72,132,320

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


See Notes to Financial Statements.		59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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

(Cost $108,023,746)				94,721,658

TOTAL COMMON STOCKS (Cost $464,255,011)				450,720,151


	Number of Shares		Value
PREFERRED STOCKS — 0.7%
Germany — 0.7%
Bayerische Motoren Werke AG		2,744	$	260,154
Dr Ing hc F Porsche AG, 144A		5,008		458,229
Henkel AG & Co. KGaA		7,569		594,846
Porsche Automobil Holding SE		7,147		348,989
Sartorius AG		1,210		389,199
Volkswagen AG		9,230		1,069,187

(Cost $4,501,643)				3,120,604

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $378,750)		378,750		378,750

CASH EQUIVALENTS — 1.5%
DWS ESG Liquidity Fund “Capital Shares”, 5.46% (c)		683,054		683,054
DWS Government Money Market Series “Institutional Shares”, 5.31% (c)		6,199,341		6,199,341

TOTAL CASH EQUIVALENTS (Cost $6,882,395)				6,882,395


TOTAL INVESTMENTS — 99.6% (Cost $476,017,799)			$	461,101,900
Other assets and liabilities, net — 0.4%				1,851,579

NET ASSETS — 100.0%			$	462,953,479

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


	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG (a)
		897,775		66,079		(78,976	)		(123,006	)		324,157		—		—		87,321		1,086,029

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		15,074,264		—		(14,695,514	)(e)		—			—		17,570		—		378,750		378,750

CASH EQUIVALENTS — 1.5%
DWS ESG Liquidity Fund “Capital Shares”, 5.46% (c)
		664,743		18,112		–			—			199		18,302		—		683,054		683,054
DWS Government Money Market Series “Institutional Shares”, 5.31% (c)
		1,116,927		106,726,990		(101,644,576	)		—			—		144,771		—		6,199,341		6,199,341

		17,753,709		106,811,181		(116,419,066	)		(123,006	)		324,356		180,643		—		7,348,466		8,347,174


See Notes to Financial Statements.		60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2023 amounted to $354,285, which is 0.1% of net assets.

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

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

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

CVA:

Credit Valuation Adjustment

REIT:

Real Estate Investment Trust

144A:

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

Securities are listed in country of domicile.

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


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

Total net unrealized appreciation								$	195,966

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


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


See Notes to Financial Statements.		61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Bank of America	1/4/2024	CHF	947,000	USD	1,092,921	$	6,977	$	—
Bank of America	1/4/2024	CHF	59,557,039	USD	68,735,099		439,820		—

Total unrealized appreciation (depreciation)						$	1,934,148	$	(16,515,685	)

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

Currency Abbreviations

CHF

Swiss Franc

DKK

Danish Krone

EUR

Euro

GBP

Pound Sterling

NOK

Norwegian Krone

SEK

Swedish Krona

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (a)	$	450,720,151		$	—		$	—	$	450,720,151
Preferred Stocks		3,120,604			—			—		3,120,604
Short-Term Investments (a)		7,261,145			—			—		7,261,145
Derivatives (b)
Forward Foreign Currency Contracts		—			1,934,148			—		1,934,148
Futures Contracts		224,064			—			—		224,064

TOTAL	$	461,325,964		$	1,934,148		$	—	$	463,260,112


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—		$	(16,515,685	)	$	—	$	(16,515,685	)
Futures Contracts		(28,098	)		—			—		(28,098	)

TOTAL	$	(28,098	)	$	(16,515,685	)	$	—	$	(16,543,783	)

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

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


See Notes to Financial Statements.		62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2023 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.1%
Austria — 0.9%
ANDRITZ AG		434	$	23,507
AT&S Austria Technologie & Systemtechnik AG		149		4,009
BAWAG Group AG, 144A*		511		26,588
CA Immobilien Anlagen AG		267		8,719
DO & CO AG		56		7,680
Erste Group Bank AG		2,348		94,846
EVN AG		225		6,613
IMMOFINANZ AG*		225		4,639
Kontron AG		249		5,930
Lenzing AG*		123		4,679
Oesterreichische Post AG		244		8,353
OMV AG		975		41,549
Palfinger AG		92		2,383
Porr AG		54		707
Raiffeisen Bank International AG		912		15,189
Schoeller-Bleckmann Oilfield Equipment AG		92		4,136
Semperit AG Holding		59		908
UNIQA Insurance Group AG		988		8,130
Verbund AG		446		42,479
Vienna Insurance Group AG Wiener Versicherung Gruppe		225		6,429
voestalpine AG		810		22,765
Wienerberger AG		724		20,632

(Cost $355,074)				360,870

Belgium — 2.8%
Ackermans & van Haaren NV		152		25,099
Aedifica SA REIT		313		19,607
Ageas SA/NV		1,069		45,939
Anheuser-Busch InBev SA/NV		5,778		362,330
Barco NV		405		6,807
Bekaert SA		289		13,407
bpost SA		553		2,775
Cofinimmo SA REIT		215		15,118
Colruyt Group NV		315		13,554
Deme Group NV		54		5,719
D’ieteren Group		140		23,864
Elia Group SA/NV		208		22,516
Euronav NV		653		11,657
Fagron		439		8,300
Galapagos NV*		340		12,624
Groupe Bruxelles Lambert NV		592		46,847
Intervest Offices & Warehouses NV REIT		130		2,915
KBC Ancora		225		8,871
KBC Group NV		1,680		96,189
Kinepolis Group NV		92		4,547
Lotus Bakeries NV		3		26,059
Melexis NV		159		14,633
Montea NV REIT		112		9,716
Ontex Group NV*		439		3,357
Proximus SADP		1,102		10,563
Recticel SA		268		2,941
Retail Estates NV REIT		76		5,104
Sofina SA		97		21,560


	Number of Shares		Value
Belgium (Continued)
Solvay SA		495	$	57,194
Tessenderlo Group SA		143		4,288
UCB SA		881		65,057
Umicore SA		1,399		37,355
VGP NV		78		8,032
Warehouses De Pauw CVA REIT		1,079		30,278
X-Fab Silicon Foundries SE, 144A*		287		3,290
Xior Student Housing NV REIT		206		6,873

(Cost $1,181,750)				1,054,985

Finland — 3.4%
Cargotec OYJ, Class B		263		13,243
Citycon OYJ*		802		4,539
Elisa OYJ		967		43,240
Finnair OYJ*		45,096		1,826
Fortum OYJ		2,963		41,557
Huhtamaki OYJ		628		24,308
Kemira OYJ		703		11,807
Kempower OYJ*		88		2,690
Kesko OYJ, Class B		1,768		33,784
Kojamo OYJ		873		9,702
Kone OYJ, Class B		2,276		101,054
Konecranes OYJ		478		18,887
Mandatum OYJ*		3,169		13,560
Marimekko OYJ		173		2,331
Metsa Board OYJ, Class B		1,155		8,826
Metso Corp. OYJ		4,504		44,271
Musti Group OYJ*		152		4,345
Neste OYJ		2,899		110,066
Nokia OYJ		35,948		125,918
Nokian Renkaat OYJ		794		6,444
Nordea Bank Abp		21,243		238,352
Orion OYJ, Class B		719		28,519
Outokumpu OYJ		2,242		10,543
Puuilo OYJ		247		2,343
QT Group OYJ*		127		8,775
Revenio Group OYJ		149		3,747
Sampo OYJ, Class A		3,008		131,460
Stora Enso OYJ, Class R		3,997		51,817
TietoEVRY OYJ		705		15,455
Tokmanni Group Corp.		325		4,571
UPM-Kymmene OYJ		3,548		123,893
Valmet OYJ		1,048		27,914
Wartsila OYJ Abp		3,083		42,485
YIT OYJ		775		1,620

(Cost $1,453,979)				1,313,892

France — 33.5%
ABC arbitrage		130		717
Abivax SA*		194		1,934
Accor SA		1,329		46,017
Aeroports de Paris SA		220		27,084
Air France-KLM*		738		9,344
Air Liquide SA		3,477		657,784
Airbus SE		3,950		585,602
Alstom SA		1,919		23,750
Altarea SCA REIT		40		2,987


See Notes to Financial Statements.		63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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


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


See Notes to Financial Statements.		64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
France (Continued)
Vicat SACA		116	$	4,160
Vinci SA		3,385		413,778
Virbac SACA		28		8,732
Vivendi SE		4,415		41,743
Voltalia SA*		187		1,968
Wavestone		77		3,994
Wendel SE		191		16,144
Worldline SA, 144A*		1,622		25,133

(Cost $12,343,854)				12,896,454

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


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


See Notes to Financial Statements.		65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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

(Cost $9,010,588)				9,015,404

Ireland — 1.8%
AerCap Holdings NV*		1,378		94,007
AIB Group PLC		10,817		50,088
Bank of Ireland Group PLC		7,086		66,256
Cairn Homes PLC		5,105		7,068
Dalata Hotel Group PLC		1,175		5,269
Flutter Entertainment PLC*		1,174		183,059
Glanbia PLC		1,296		21,838
Glenveagh Properties PLC, 144A*		4,158		4,852
Irish Residential Properties REIT PLC REIT		3,115		3,296


	Number of Shares		Value
Ireland (Continued)
Kerry Group PLC, Class A		1,064	$	85,959
Kingspan Group PLC		1,027		81,382
Origin Enterprises PLC		705		2,659
Smurfit Kappa Group PLC		1,808		68,487
Uniphar PLC		1,554		3,831

(Cost $695,980)				678,051

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


See Notes to Financial Statements.		66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


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

(Cost $2,611,331)				2,881,785

Luxembourg — 0.7%
APERAM SA		306		10,169
ArcelorMittal SA		3,409		85,680
Aroundtown SA* (a)		5,315		12,456
Befesa SA, 144A		222		7,771
d’Amico International Shipping SA		318		1,881


	Number of Shares		Value
Luxembourg (Continued)
Eurofins Scientific SE		941	$	54,655
Grand City Properties SA*		667		6,600
SES SA		2,560		15,201
Shurgard Self Storage Ltd. REIT		154		6,683
Tenaris SA		3,306		56,678

(Cost $297,497)				257,774

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


See Notes to Financial Statements.		67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
Netherlands (Continued)
Van Lanschot Kempen NV		207	$	6,512
Vastned Retail NV REIT		92		1,937
Wereldhave NV REIT		225		3,764
Wolters Kluwer NV		1,655		227,525

(Cost $4,851,867)				5,216,647

Poland — 0.0%
InPost SA* (Cost $13,591)		1,366		16,103

Portugal — 0.6%
Altri SGPS SA		363		1,881
Banco Comercial Portugues SA, Class R*		51,639		17,324
Corticeira Amorim SGPS SA		284		2,798
CTT-Correios de Portugal SA		724		2,805
EDP — Energias de Portugal SA		21,622		103,250
Galp Energia SGPS SA		3,014		44,798
Greenvolt-Energias Renovaveis SA*		392		3,034
Jeronimo Martins SGPS SA		1,855		45,835
Mota-Engil SGPS SA		533		2,144
Navigator Co. SA		1,425		5,848
NOS SGPS SA		1,464		5,428
REN — Redes Energeticas Nacionais SGPS SA		2,489		6,597
Semapa-Sociedade de Investimento e Gestao		135		1,992
Sonae SGPS SA		3,717		3,757

(Cost $233,447)				247,491

Spain — 8.3%
Acciona SA		157		22,131
Acerinox SA		1,351		14,809
ACS Actividades de Construccion y Servicios SA		1,395		55,651
Aena SME SA, 144A		499		85,792
Almirall SA		642		5,933
Amadeus IT Group SA		2,993		204,660
Applus Services SA		781		8,433
Atresmedia Corp. de Medios de Comunicacion SA		477		1,975
Banco Bilbao Vizcaya Argentaria SA		39,685		367,435
Banco de Sabadell SA		37,443		54,614
Banco Santander SA		107,683		445,527
Bankinter SA		4,421		31,010
CaixaBank SA		27,212		122,361
Cellnex Telecom SA, 144A*		3,916		149,360
Cia de Distribucion Integral Logista Holdings SA		453		11,726
CIE Automotive SA		321		9,022
Construcciones y Auxiliar de Ferrocarriles SA		111		3,896
Corp ACCIONA Energias Renovables SA		453		13,432
Distribuidora Internacional de Alimentacion SA*		74,889		970
EDP Renovaveis SA		2,105		38,379
eDreams ODIGEO SA*		435		3,206
Enagas SA		1,597		29,204
Ence Energia y Celulosa SA		610		1,948


	Number of Shares		Value
Spain (Continued)
Endesa SA		2,085	$	43,541
Faes Farma SA		2,033		6,904
Ferrovial SE		3,428		118,509
Fluidra SA		663		13,676
Gestamp Automocion SA, 144A		875		3,353
Global Dominion Access SA, 144A		572		2,083
Grenergy Renovables SA*		59		1,878
Grifols SA*		1,974		27,858
Iberdrola SA		40,146		495,764
Indra Sistemas SA		856		13,184
Industria de Diseno Textil SA		7,235		297,923
Inmobiliaria Colonial Socimi SA REIT		1,852		12,176
Laboratorios Farmaceuticos Rovi SA		122		7,456
Lar Espana Real Estate Socimi SA REIT		515		3,425
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		3,796		3,595
Mapfre SA		5,858		12,893
Melia Hotels International SA*		610		3,728
Merlin Properties Socimi SA REIT		2,186		22,034
Naturgy Energy Group SA		830		24,773
Neinor Homes SA, 144A*		96		1,080
Opdenergy Holdings SA*		604		3,813
Pharma Mar SA		93		3,968
Prosegur Cash SA, 144A		2,906		1,648
Prosegur Cia de Seguridad SA		1,483		2,922
Redeia Corp. SA		2,732		45,737
Repsol SA		8,610		131,583
Sacyr SA		2,777		9,304
Solaria Energia y Medio Ambiente SA*		515		9,622
Talgo SA, 144A		606		2,810
Tecnicas Reunidas SA*		187		1,814
Telefonica SA		32,293		138,987
Unicaja Banco SA, 144A		7,498		8,317
Vidrala SA		140		12,801
Viscofan SA		265		16,240

(Cost $3,046,138)				3,186,873

Switzerland — 0.3%
DSM-Firmenich AG (Cost $143,484)		1,278		120,845

United Kingdom — 0.3%
Allfunds Group PLC		2,186		13,777
Coca-Cola Europacific Partners PLC		1,419		86,048

(Cost $95,759)				99,825

TOTAL COMMON STOCKS (Cost $36,334,339)				37,346,999

PREFERRED STOCKS — 1.4%
Germany — 1.4%
Bayerische Motoren Werke AG		392		37,165
Dr Ing hc F Porsche AG, 144A		756		69,174
Draegerwerk AG & Co. KGaA		78		4,389
FUCHS SE		472		19,934
Henkel AG & Co. KGaA		1,176		92,422
Jungheinrich AG		287		9,328
Porsche Automobil Holding SE		1,010		49,318
Sartorius AG		180		57,897


See Notes to Financial Statements.		68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
Germany (Continued)
Schaeffler AG		692	$	3,823
Sixt SE		89		6,103
STO SE & Co. KGaA		18		2,383
Volkswagen AG		1,421		164,606

(Cost $605,147)				516,542

RIGHTS — 0.0%
Italy — 0.0%
Carel Industries SpA*, expires 12/18/23 (Cost $0)		244		242

WARRANTS — 0.0%
Italy — 0.0%
Webuild SpA* (c), expires 8/2/30 (Cost $0)		38		23

Spain — 0.0%
Abengoa SA* (c), expires 3/31/25 (Cost $43)		7,125		0

TOTAL WARRANTS (Cost $43)				23


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 1.0%
iShares Currency Hedged MSCI Eurozone ETF		11,250	$	365,063
iShares MSCI Eurozone ETF (a)		500		22,825

(Cost $372,745)				387,888

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e) (Cost $39,385)		39,385		39,385

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (d) (Cost $11,098)		11,098		11,098


TOTAL INVESTMENTS — 99.6% (Cost $37,362,757)			$	38,302,177
Other assets and liabilities, net — 0.4%				144,384

NET ASSETS — 100.0%			$	38,446,561

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


	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
COMMON STOCKS — 0.4%
Germany — 0.4%
Deutsche Bank AG (b)
		100,569		58,271		(22,082	)		(15,240	)		44,867		—		—		13,378		166,385

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
		1,477,246		—		(1,437,861	)(f)		—			—		1,922		—		39,385		39,385

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (d)
		8,289		1,052,135		(1,049,326	)		—			—		1,873		—		11,098		11,098

		1,586,104		1,110,406		(2,509,269	)		(15,240	)		44,867		3,795		—		63,861		216,868

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2023 amounted to $36,895, which is 0.1% of net assets.

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

(c)	Investment was valued using significant unobservable inputs.

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

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

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

CVA:

Credit Valuation Adjustment

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

144A:

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


See Notes to Financial Statements.		69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Securities are listed in country of domicile.

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

Contract Description

Currency

Number of
Contracts

Notional
Amount

Contract
Value

Expiration
Date

Unrealized
Appreciation

EURO STOXX 50 Futures

EUR

92,948

$95,592

12/15/2023

2,644

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


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/4/2023	EUR	34,185,930	USD	36,180,782	$	—	$	(1,037,831	)
Morgan Stanley Capital	12/4/2023	USD	35,842,033	EUR	32,849,930		—		(77,939	)
RBC Capital Markets	12/4/2023	USD	1,413,994	EUR	1,336,000		40,524		—
Morgan Stanley Capital	1/3/2024	EUR	32,849,930	USD	35,892,031		76,537		—
Morgan Stanley Capital	1/3/2024	EUR	1,772,000	USD	1,936,098		4,129		—

Total unrealized appreciation (depreciation)						$	121,190	$	(1,115,770	)

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	37,346,999	$	—		$	0	$	37,346,999
Preferred Stocks		516,542		—			—		516,542
Rights		—		242			—		242
Warrants (a)		—		—			23		23
Exchange-Traded Funds		387,888		—			—		387,888
Short-Term Investments (a)		50,483		—			—		50,483
Derivatives (b)
Forward Foreign Currency Contracts		—		121,190			—		121,190
Futures Contracts		2,644		—			—		2,644

TOTAL	$	38,304,556	$	121,432		$	23	$	38,426,011


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(1,115,770	)	$	—	$	(1,115,770	)

TOTAL	$	—	$	(1,115,770	)	$	—	$	(1,115,770	)

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

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


See Notes to Financial Statements.		70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

November 30, 2023 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 92.3%
Communication Services — 6.1%
Deutsche Telekom AG		22,193	$	530,852
Scout24 SE, 144A		521		36,295

(Cost $444,445)				567,147

Consumer Discretionary — 10.9%
adidas AG		1,109		231,941
Bayerische Motoren Werke AG		2,180		226,828
Continental AG		753		58,211
Delivery Hero SE, 144A*		1,201		38,049
Mercedes-Benz Group AG		5,492		356,172
Puma SE		721		46,445
Volkswagen AG		207		26,813
Zalando SE, 144A*		1,555		37,001

(Cost $1,333,150)				1,021,460

Consumer Staples — 1.8%
Beiersdorf AG		690		96,662
HelloFresh SE*		1,099		16,771
Henkel AG & Co. KGaA		712		49,663

(Cost $198,959)				163,096

Financials — 18.5%
Allianz SE		2,761		693,034
Commerzbank AG		7,210		88,252
Deutsche Bank AG (a)		13,265		164,980
Deutsche Boerse AG		1,300		246,643
Hannover Rueck SE		414		98,690
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		934		397,311
Talanx AG		440		31,897

(Cost $1,451,653)				1,720,807

Health Care — 7.8%
Bayer AG		6,723		229,492
Carl Zeiss Meditec AG		273		24,462
Fresenius Medical Care AG & Co. KGaA		1,406		57,590
Fresenius SE & Co. KGaA		2,892		91,574
Merck KGaA		884		154,102
QIAGEN NV*		1,559		63,891
Siemens Healthineers AG, 144A		1,927		111,044

(Cost $1,466,107)				732,155

Industrials — 18.5%
Brenntag SE		951		82,068
Daimler Truck Holding AG		3,659		118,808
Deutsche Lufthansa AG*		4,091		35,535
Deutsche Post AG		6,784		317,824
GEA Group AG		1,112		40,815
Knorr-Bremse AG		493		30,856
MTU Aero Engines AG		368		75,207
Rational AG		36		23,022
Rheinmetall AG		298		89,527
Siemens AG		5,203		872,174
Siemens Energy AG*		3,550		42,042

(Cost $1,375,124)				1,727,878


	Number of Shares		Value
Information Technology — 16.5%
Bechtle AG		569	$	28,168
Infineon Technologies AG		8,936		345,789
Nemetschek SE		394		34,327
SAP SE		7,147		1,131,764

(Cost $900,953)				1,540,048

Materials — 6.2%
BASF SE		6,108		283,794
Covestro AG, 144A*		1,323		69,412
Evonik Industries AG		1,593		29,738
Heidelberg Materials AG		956		77,837
Symrise AG		908		101,999
Wacker Chemie AG		128		15,646

(Cost $869,271)				578,426

Real Estate — 1.9%
LEG Immobilien SE*		507		38,708
Vonovia SE		5,016		139,337

(Cost $263,373)				178,045

Utilities — 4.1%
E.ON SE		15,372		199,702
RWE AG		4,327		185,430

(Cost $349,004)				385,132

TOTAL COMMON STOCKS (Cost $8,652,039)				8,614,194

PREFERRED STOCKS — 5.1%
Consumer Discretionary — 3.5%
Bayerische Motoren Werke AG		407		38,587
Dr Ing hc F Porsche AG, 144A		777		71,095
Porsche Automobil Holding SE		1,045		51,028
Volkswagen AG		1,408		163,100

(Cost $505,728)				323,810

Consumer Staples — 1.0%
Henkel AG & Co. KGaA (Cost $127,662)		1,158		91,007

Health Care — 0.6%
Sartorius AG (Cost $33,599)		181		58,219

TOTAL PREFERRED STOCKS (Cost $666,989)				473,036

EXCHANGE-TRADED FUNDS — 1.4%
iShares Currency Hedged MSCI Germany ETF
(Cost $129,893)		4,350		136,285

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) (Cost $53,317)		53,317		53,317


TOTAL INVESTMENTS — 99.4% (Cost $9,502,238)			$	9,276,832
Other assets and liabilities, net — 0.6%				59,781

NET ASSETS — 100.0%			$	9,336,613


See Notes to Financial Statements.		71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

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


	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
COMMON STOCKS — 1.8%
Financials — 1.8%
Deutsche Bank AG (a)
		135,616		7,167		(9,094	)		(16,885	)		48,176		—		—		13,265		164,980

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)
		1,145		445,114		(392,942	)		—			—		1,779		—		53,317		53,317

		136,761		452,281		(402,036	)		(16,885	)		48,176		1,779		—		66,582		218,297

*	Non-income producing security.

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

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

144A:

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

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


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
DAX Mini Futures	EUR	1	$	86,439	$	88,490	12/15/2023	$	2,051

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


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/4/2023	EUR	8,210,186	USD	8,689,275	$	—	$	(249,248	)
Morgan Stanley Capital	12/4/2023	USD	8,552,119	EUR	7,838,186		—		(18,597	)
RBC Capital Markets	12/4/2023	USD	393,717	EUR	372,000		11,284		—
Morgan Stanley Capital	1/3/2024	EUR	7,838,186	USD	8,564,049		18,262		—
Morgan Stanley Capital	1/3/2024	EUR	534,000	USD	583,452		1,244		—

Total unrealized appreciation (depreciation)						$	30,790	$	(267,845	)

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar


See Notes to Financial Statements.		72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	8,614,194	$	—		$	—	$	8,614,194
Preferred Stocks (a)		473,036		—			—		473,036
Exchange-Traded Funds		136,285		—			—		136,285
Short-Term Investments (a)		53,317		—			—		53,317
Derivatives (b)
Forward Foreign Currency Contracts		—		30,790			—		30,790
Futures Contracts		2,051		—			—		2,051

TOTAL	$	9,278,883	$	30,790		$	—	$	9,309,673


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(267,845	)	$	—	$	(267,845	)

TOTAL	$	—	$	(267,845	)	$	—	$	(267,845	)

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

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


See Notes to Financial Statements.		73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

November 30, 2023 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.0%
Communication Services — 6.9%
Capcom Co. Ltd.		14,100	$	473,899
Dentsu Group, Inc.		16,736		449,838
KDDI Corp.		125,315		3,909,226
Koei Tecmo Holdings Co. Ltd.		9,840		120,163
Konami Group Corp.		8,164		402,804
LY Corp.		226,328		657,337
Nexon Co. Ltd.		28,964		624,760
Nintendo Co. Ltd.		87,010		4,056,476
Nippon Telegraph & Telephone Corp.		2,496,600		2,914,889
SoftBank Corp.		239,900		2,910,159
SoftBank Group Corp.		86,286		3,503,586
Square Enix Holdings Co. Ltd.		7,500		259,611
Toho Co. Ltd.		8,998		311,404

(Cost $20,546,711)				20,594,152

Consumer Discretionary — 18.8%
Aisin Corp.		12,423		456,750
Bandai Namco Holdings, Inc.		49,921		990,945
Bridgestone Corp.		47,707		1,962,210
Denso Corp.		145,140		2,265,304
Fast Retailing Co. Ltd.		14,618		3,696,404
Honda Motor Co. Ltd.		386,235		3,931,125
Iida Group Holdings Co. Ltd.		12,866		191,784
Isuzu Motors Ltd.		48,795		643,590
Koito Manufacturing Co. Ltd.		15,844		239,006
Mazda Motor Corp.		47,504		505,767
McDonald’s Holdings Co. Japan Ltd.		7,019		298,731
Nissan Motor Co. Ltd.		194,247		763,703
Nitori Holdings Co. Ltd.		6,747		776,365
Open House Group Co. Ltd.		6,300		175,411
Oriental Land Co. Ltd.		91,225		3,091,904
Pan Pacific International Holdings Corp.		32,200		695,864
Panasonic Holdings Corp.		185,144		1,910,632
Rakuten Group, Inc.		126,638		500,282
Sekisui Chemical Co. Ltd.		31,452		445,602
Sekisui House Ltd.		50,252		1,026,665
Sharp Corp.*		21,755		135,818
Shimano, Inc.		6,484		995,167
Sony Group Corp.		105,693		9,139,244
Subaru Corp.		51,317		907,203
Sumitomo Electric Industries Ltd.		60,413		747,318
Suzuki Motor Corp.		30,889		1,254,436
Toyota Motor Corp.		887,565		16,729,397
USS Co. Ltd.		17,218		335,975
Yamaha Corp.		11,307		263,952
Yamaha Motor Co. Ltd.		25,224		642,594
Zensho Holdings Co. Ltd.		7,800		432,141
ZOZO, Inc.		11,334		238,896

(Cost $51,750,515)				56,390,185

Consumer Staples — 5.6%
Aeon Co. Ltd.		55,002		1,135,580
Ajinomoto Co., Inc.		37,201		1,386,569
Asahi Group Holdings Ltd.		40,297		1,482,666
Japan Tobacco, Inc.		100,489		2,576,276
Kao Corp.		39,084		1,501,568


	Number of Shares		Value
Consumer Staples (Continued)
Kikkoman Corp.		11,548	$	706,075
Kirin Holdings Co. Ltd.		65,489		921,864
Kobe Bussan Co. Ltd.		12,200		321,252
Kose Corp.		2,788		196,792
MatsukiyoCocokara & Co.		29,200		502,915
MEIJI Holdings Co. Ltd.		19,486		449,889
Nissin Foods Holdings Co. Ltd.		5,570		550,951
Seven & i Holdings Co. Ltd.		63,302		2,346,179
Shiseido Co. Ltd.		33,807		904,348
Suntory Beverage & Food Ltd.		11,336		355,387
Unicharm Corp.		33,874		1,088,236
Yakult Honsha Co. Ltd.		20,876		465,085

(Cost $18,908,610)				16,891,632

Energy — 0.8%
ENEOS Holdings, Inc.		241,337		951,284
Idemitsu Kosan Co. Ltd.		16,360		447,566
Inpex Corp.		80,744		1,138,237

(Cost $2,470,874)				2,537,087

Financials — 12.2%
Chiba Bank Ltd.		42,960		320,621
Concordia Financial Group Ltd.		89,938		420,936
Dai-ichi Life Holdings, Inc.		78,819		1,637,942
Daiwa Securities Group, Inc.		112,644		725,887
Japan Exchange Group, Inc.		41,832		851,820
Japan Post Bank Co. Ltd.		121,825		1,199,269
Japan Post Holdings Co. Ltd.		173,870		1,529,835
Japan Post Insurance Co. Ltd.		15,600		290,935
Mitsubishi HC Capital, Inc.		67,616		439,828
Mitsubishi UFJ Financial Group, Inc.		957,142		8,102,072
Mizuho Financial Group, Inc.		202,277		3,427,221
MS&AD Insurance Group Holdings, Inc.		35,889		1,339,362
Nomura Holdings, Inc.		253,077		1,036,650
ORIX Corp.		97,727		1,778,742
Resona Holdings, Inc.		177,976		922,532
SBI Holdings, Inc.		20,399		441,249
Shizuoka Financial Group, Inc.		37,882		305,591
Sompo Holdings, Inc.		24,775		1,129,129
Sumitomo Mitsui Financial Group, Inc.		106,472		5,212,288
Sumitomo Mitsui Trust Holdings, Inc.		27,462		1,029,686
T&D Holdings, Inc.		42,349		624,552
Tokio Marine Holdings, Inc.		150,913		3,713,278

(Cost $31,459,993)				36,479,425

Health Care — 8.2%
Asahi Intecc Co. Ltd.		18,100		349,951
Astellas Pharma, Inc.		151,435		1,835,994
Chugai Pharmaceutical Co. Ltd.		56,235		1,979,187
Daiichi Sankyo Co. Ltd.		155,183		4,186,780
Eisai Co. Ltd.		21,112		1,092,481
Hoya Corp.		29,586		3,325,581
Kyowa Kirin Co. Ltd.		21,860		359,320
M3, Inc.		37,384		616,637
Olympus Corp.		100,576		1,469,362
Ono Pharmaceutical Co. Ltd.		32,783		601,663
Otsuka Holdings Co. Ltd.		34,900		1,339,175
Shionogi & Co. Ltd.		21,908		1,031,121


See Notes to Financial Statements.		74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
Health Care (Continued)
Sysmex Corp.		14,144	$	780,467
Takeda Pharmaceutical Co. Ltd.		132,723		3,728,526
Terumo Corp.		56,402		1,794,851

(Cost $26,494,866)				24,491,096

Industrials — 21.2%
AGC, Inc.		16,462		596,256
ANA Holdings, Inc.*		13,018		267,981
BayCurrent Consulting, Inc.		11,000		369,189
Central Japan Railway Co.		60,760		1,454,863
Dai Nippon Printing Co. Ltd.		16,643		466,197
Daifuku Co. Ltd.		25,000		469,277
Daikin Industries Ltd.		22,148		3,309,651
East Japan Railway Co.		25,085		1,352,722
FANUC Corp.		79,645		2,210,033
Fuji Electric Co. Ltd.		10,806		451,963
Hankyu Hanshin Holdings, Inc.		19,240		580,211
Hikari Tsushin, Inc.		1,752		271,675
Hitachi Construction Machinery Co. Ltd.		8,820		228,144
Hitachi Ltd.		77,534		5,378,640
Hoshizaki Corp.		9,408		298,815
ITOCHU Corp.		99,588		3,854,283
Japan Airlines Co. Ltd.		11,354		215,271
Kajima Corp.		35,376		557,507
Kawasaki Kisen Kaisha Ltd.		11,500		402,492
Keisei Electric Railway Co. Ltd.		10,984		441,553
Kintetsu Group Holdings Co. Ltd.		14,810		414,153
Komatsu Ltd.		77,337		1,967,592
Kubota Corp.		83,763		1,197,179
Makita Corp.		19,144		506,685
Marubeni Corp.		119,287		1,856,166
MINEBEA MITSUMI, Inc.		31,024		588,631
MISUMI Group, Inc.		23,920		387,212
Mitsubishi Corp.		96,491		4,481,566
Mitsubishi Electric Corp.		161,626		2,190,116
Mitsubishi Heavy Industries Ltd.		26,902		1,500,241
Mitsui & Co. Ltd.		108,371		3,941,295
Mitsui OSK Lines Ltd.		29,000		794,341
MonotaRO Co. Ltd.		19,600		197,375
Nidec Corp.		34,890		1,318,788
NIPPON EXPRESS HOLDINGS, Inc.		5,839		317,864
Nippon Yusen KK		40,736		1,091,898
Obayashi Corp.		55,108		463,694
Odakyu Electric Railway Co. Ltd.		25,777		361,549
Recruit Holdings Co. Ltd.		120,791		4,485,056
Secom Co. Ltd.		17,572		1,220,179
SG Holdings Co. Ltd.		25,900		373,406
Shimizu Corp.		44,968		294,691
SMC Corp.		4,773		2,396,802
Sumitomo Corp.		87,573		1,831,083
Taisei Corp.		14,152		480,229
Tobu Railway Co. Ltd.		15,590		384,335
Tokyu Corp.		41,922		490,730
TOPPAN Holdings, Inc.		20,539		479,881
Toshiba Corp.*		7,023		217,900
TOTO Ltd.		10,738		275,005
Toyota Industries Corp.		12,299		1,054,781
Toyota Tsusho Corp.		17,831		984,999


	Number of Shares		Value
Industrials (Continued)
West Japan Railway Co.		18,479	$	728,765
Yamato Holdings Co. Ltd.		22,617		400,977
Yaskawa Electric Corp.		20,282		776,068

(Cost $58,023,097)				63,627,955

Information Technology — 14.3%
Advantest Corp.		64,200		2,026,981
Azbil Corp.		9,300		299,336
Brother Industries Ltd.		19,722		332,026
Canon, Inc.		83,597		2,146,592
Disco Corp.		7,700		1,666,619
FUJIFILM Holdings Corp.		31,257		1,825,750
Fujitsu Ltd.		14,688		2,092,342
Hamamatsu Photonics KK		11,588		457,705
Hirose Electric Co. Ltd.		2,566		286,438
Ibiden Co. Ltd.		9,600		457,855
Keyence Corp.		16,243		6,940,470
Kyocera Corp.		27,008		1,491,943
Lasertec Corp.		6,300		1,403,966
Murata Manufacturing Co. Ltd.		144,035		2,801,328
NEC Corp.		20,493		1,138,961
Nomura Research Institute Ltd.		32,322		905,173
NTT Data Group Corp.		53,040		642,877
Obic Co. Ltd.		5,867		898,095
Omron Corp.		14,617		611,161
Oracle Corp.		3,272		252,363
Otsuka Corp.		9,760		397,286
Renesas Electronics Corp.*		123,200		2,163,437
Ricoh Co. Ltd.		46,934		382,095
Rohm Co. Ltd.		27,248		519,285
SCSK Corp.		12,800		235,176
Seiko Epson Corp.		23,324		345,785
Shimadzu Corp.		20,136		520,852
SUMCO Corp.		29,500		441,028
TDK Corp.		32,684		1,514,495
TIS, Inc.		18,800		396,517
Tokyo Electron Ltd.		39,542		6,407,639
Trend Micro, Inc.		11,372		576,347
Yokogawa Electric Corp.		19,108		360,998

(Cost $37,015,068)				42,938,921

Materials — 4.8%
Asahi Kasei Corp.		103,284		715,102
JFE Holdings, Inc.		47,919		704,596
JSR Corp.		15,051		413,075
Mitsubishi Chemical Group Corp.		107,996		705,478
Mitsui Chemicals, Inc.		13,981		408,133
Nippon Paint Holdings Co. Ltd.		80,815		602,051
Nippon Sanso Holdings Corp.		14,380		376,619
Nippon Steel Corp.		71,837		1,675,034
Nissan Chemical Corp.		10,302		374,738
Nitto Denko Corp.		12,018		852,349
Oji Holdings Corp.		68,884		255,167
Shin-Etsu Chemical Co. Ltd.		152,655		5,366,504
Sumitomo Chemical Co. Ltd.		120,056		305,687
Sumitomo Metal Mining Co. Ltd.		20,905		605,182
Toray Industries, Inc.		117,142		606,095
Tosoh Corp.		20,900		277,285

(Cost $13,747,765)				14,243,095


See Notes to Financial Statements.		75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
Real Estate — 3.1%
Daito Trust Construction Co. Ltd.		5,251	$	577,305
Daiwa House Industry Co. Ltd.		49,417		1,399,582
Daiwa House REIT Investment Corp. REIT		191		339,848
GLP J REIT		377		355,233
Hulic Co. Ltd.		30,810		305,066
Japan Metropolitan Fund Invest REIT		589		391,316
Japan Real Estate Investment Corp. REIT		110		426,615
KDX Realty Investment Corp. REIT		344		393,282
Mitsubishi Estate Co. Ltd.		93,324		1,256,720
Mitsui Fudosan Co. Ltd.		74,782		1,751,269
Nippon Building Fund, Inc. REIT		129		540,328
Nippon Prologis REIT, Inc. REIT (a)		187		353,668
Nomura Real Estate Holdings, Inc.		8,628		209,735
Nomura Real Estate Master Fund, Inc. REIT		365		418,029
Sumitomo Realty & Development Co. Ltd.		24,250		682,716

(Cost $10,190,736)				9,400,712

Utilities — 1.1%
Chubu Electric Power Co., Inc.		53,963		664,983
Kansai Electric Power Co., Inc.		59,107		785,781
Osaka Gas Co. Ltd.		31,789		617,512
Tokyo Electric Power Co. Holdings, Inc.*		127,984		544,619
Tokyo Gas Co. Ltd.		30,865		713,438

(Cost $3,231,678)				3,326,333

TOTAL COMMON STOCKS (Cost $273,839,913)				290,920,593


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 1.1%
iShares Currency Hedged MSCI Japan ETF (a)		15,000	$	534,900
iShares MSCI Japan ETF		45,000		2,817,450

(Cost $3,116,150)				3,352,350

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $330,475)		330,475		330,475

CASH EQUIVALENTS — 2.3%
DWS ESG Liquidity Fund “Capital Shares”, 5.46% (b)		125,612		125,612
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)		6,618,532		6,618,532

TOTAL CASH EQUIVALENTS (Cost $6,744,142)				6,744,144



TOTAL INVESTMENTS — 100.5% (Cost $284,030,680)			$	301,347,562
Other assets and liabilities, net — (0.5%)				(1,467,688	)

NET ASSETS — 100.0%			$	299,879,874

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


	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		3,785,348		—		(3,454,873	)(d)		—		—		11,690		—		330,475		330,475

CASH EQUIVALENTS — 2.3%
DWS ESG Liquidity Fund “Capital Shares”, 5.46% (b)
		122,244		3,331		—			—		37		3,366		—		125,612		125,612
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)
		4,433,180		26,702,004		(24,516,652	)		—		—		111,178		—		6,618,532		6,618,532

		8,340,772		26,705,335		(27,971,525	)		—		37		126,234		—		7,074,619		7,074,619

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2023 amounted to $315,077, which is 0.1% of net assets.

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

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

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

REIT:

Real Estate Investment Trust


See Notes to Financial Statements.		76

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

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


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
Nikkei 225 Futures	JPY	4	$	856,219		$903,818		12/07/2023	$	47,599
TOPIX Index Futures	JPY	25		3,900,468		4,006,475		12/07/2023		106,007

Total unrealized appreciation									$	153,606

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


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co	12/04/2023	JPY	42,068,972,900	USD	279,187,654	$	—	$	(4,757,173	)
JP Morgan & Chase Co	12/04/2023	JPY	862,208,200	USD	5,855,788		36,308		—
JP Morgan & Chase Co	12/4/2023	USD	10,254,683	JPY	1,545,188,000		174,574		—
Morgan Stanley Capital	12/4/2023	USD	279,942,992	JPY	41,385,993,100		—		(607,941	)
Morgan Stanley Capital	1/5/2024	JPY	41,385,993,100	USD	281,423,960		568,719		—
Morgan Stanley Capital	1/5/2024	JPY	2,312,882,000	USD	15,727,553		31,783		—

Total unrealized appreciation (depreciation)						$	811,384	$	(5,365,114	)

Currency Abbreviations

JPY

Japanese Yen

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	290,920,593	$	—		$	—	$	290,920,593
Exchange-Traded Funds		3,352,350		—			—		3,352,350
Short-Term Investments (a)		7,074,619		—			—		7,074,619
Derivatives (b)
Forward Foreign Currency Contracts		—		811,384			—		811,384
Futures Contracts		153,606		—			—		153,606

TOTAL	$	301,501,168	$	811,384		$	—	$	302,312,552


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(5,365,114	)	$	—	$	(5,365,114	)

TOTAL	$	—	$	(5,365,114	)	$	—	$	(5,365,114	)

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

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


See Notes to Financial Statements.		77

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2023 (Unaudited)


	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	131,575,213		$	93,248,095		$	452,754,726		$	38,085,309
Investment in affiliated securities at value		135,242			—			1,086,029			166,385
Investment in DWS ESG Liquidity Fund		—			—			683,054			—
Investment in DWS Government Money Market Series		4,158,796			601,398			6,199,341			11,098
Investment in DWS Government & Agency Securities Portfolio*		15,310			32,480			378,750			39,385
Cash		19			526			—			—
Foreign currency at value		199,364			180,589			666,608			85,441
Receivable for return of collateral pledged for forward foreign currency contracts		10,000			1,000,000			—			—
Unrealized appreciation on forward foreign currency contracts		376,826			137,556			1,934,148			121,190
Deposit with broker for futures contracts		119,245			93,052			554,493			6,810
Receivables:
Investment securities sold		2,487,379			3,404,276			14,540,834			1,463,495
Variation margin on futures contracts		52,535			—			194,403			126
Dividends		300,439			124,519			530,465			4,062
Interest		20,803			4,049			55,834			198
Securities lending income		101			226			3,042			149
Foreign tax reclaim		149,843			—			1,729,289			22,755

Total assets	$	139,601,115		$	98,826,766		$	481,311,016		$	40,006,403


Liabilities
Payable upon return of securities loaned	$	15,310		$	32,480		$	378,750		$	39,385
Unrealized depreciation on forward foreign currency contracts		3,653,115			1,668,561			16,515,685			1,115,770
Payables:
Investment securities purchased		383,212			832,274			1,096,820			390,943
Investment advisory fees		43,218			49,729			166,282			13,744
Variation margin on futures contracts		—			27,856			—			—
Deferred foreign tax		176,571			518,330			—			—
IRS closing agreement fee		—			—			200,000			—

Total liabilities		4,271,426			3,129,230			18,357,537			1,559,842

Net Assets, at value	$	135,329,689		$	95,697,536		$	462,953,479		$	38,446,561


Net Assets Consist of
Paid-in capital	$	135,613,524		$	106,849,929		$	580,844,366		$	38,186,490
Distributable earnings (loss)		(283,835	)		(11,152,393	)		(117,890,887	)		260,071

Net Assets, at value	$	135,329,689		$	95,697,536		$	462,953,479		$	38,446,561


Number of Common Shares outstanding		4,600,001			4,250,001			12,700,001			950,001

Net Asset Value	$	29.42		$	22.52		$	36.45		$	40.47


Investment in non-affiliated securities at cost	$	115,922,565		$	79,690,680		$	466,595,165		$	37,108,292

Investment in affiliated securities at cost	$	126,611		$	—		$	2,161,489		$	203,982

Value of securities loaned	$	14,291		$	30,456		$	354,285		$	36,895

Investment in DWS ESG Liquidity Fund at cost	$	—		$	—		$	683,054		$	—

Investment in DWS Government Money Market Series at cost	$	4,158,796		$	601,398		$	6,199,341		$	11,098

Investment in DWS Government & Agency Securities Portfolio at cost*	$	15,310		$	32,480		$	378,750		$	39,385

Foreign currency at cost	$	197,666		$	182,004		$	655,638		$	83,949

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		78

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2023 (Unaudited)


	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	9,058,535		$	294,272,943
Investment in affiliated securities at value		164,980			—
Investment in DWS ESG Liquidity Fund		—			125,612
Investment in DWS Government Money Market Series		53,317			6,618,532
Investment in DWS Government & Agency Securities Portfolio*		—			330,475
Foreign currency at value		7,876			561,965
Unrealized appreciation on forward foreign currency contracts		30,790			811,384
Deposit with broker for futures contracts		6,589			241,299
Receivables:
Investment securities sold		313,886			2,617,488
Capital shares		—			6,219,885
Variation margin on futures contracts		291			286,183
Dividends		—			1,787,649
Interest		202			27,246
Securities lending income		—			1,549
Foreign tax reclaim		27,775			154,420

Total assets	$	9,664,241		$	314,056,630


Liabilities
Payable upon return of securities loaned	$	—		$	330,475
Unrealized depreciation on forward foreign currency contracts		267,845			5,365,114
Payables:
Investment securities purchased		56,487			8,374,789
Investment advisory fees		3,296			106,378

Total liabilities		327,628			14,176,756


Net Assets, at value	$	9,336,613		$	299,879,874


Net Assets Consist of
Paid-in capital	$	17,396,785		$	387,325,439
Distributable earnings (loss)		(8,060,172	)		(87,445,565	)


Net Assets, at value	$	9,336,613		$	299,879,874


Number of Common Shares outstanding		300,001			4,800,001

Net Asset Value	$	31.12		$	62.47


Investment in non-affiliated securities at cost	$	9,052,313		$	276,956,063

Investment in affiliated securities at cost	$	396,608		$	—

Value of securities loaned	$	—		$	315,077

Investment in DWS ESG Liquidity Fund at cost	$	—		$	125,610

Investment in DWS Government Money Market Series at cost	$	53,317		$	6,618,532

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	330,475

Foreign currency at cost	$	7,487		$	564,079

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		79

DBX ETF Trust

Statements of Operations

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


	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	1,688,079		$	1,509,901		$	4,227,815		$	229,342
Income distributions from affiliated funds		80,473			24,846			163,073			1,873
Affiliated securities lending income		2,553			1,490			17,570			1,922
Unaffiliated non-cash dividend income		—			128,004			—			29,625

Total investment income		1,771,105			1,664,241			4,408,458			262,762


Expenses
Investment advisory fees		266,057			299,384			1,023,517			82,932
Other expenses		650			5,304			7,717			58

Total expenses		266,707			304,688			1,031,234			82,990

Less fees waived (see note 3):
Waiver		(1,527	)		(495	)		(2,678	)		(39	)

Net expenses		265,180			304,193			1,028,556			82,951

Net investment income (loss)		1,505,925			1,360,048			3,379,902			179,811


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(1,572,118	)		(1,308,987	)		(10,501,858	)		(542,047	)
Investments in affiliates		(8,679	)		—			(122,982	)		(15,725	)
In-kind redemptions		—			62			801,650			1,197,308
In-kind redemptions in affiliates		—			—			(24	)		485
Futures contracts		124,475			21,073			(42,287	)		2,371
Foreign currency transactions		(29,566	)		(8,633	)		(75,473	)		287
Forward foreign currency contracts		6,798,775			1,862,291			22,760,178			1,678,145

Net realized gain (loss)		5,312,887			565,806			12,819,204			2,320,824

Net change in unrealized appreciation (depreciation) on:
Investments***		5,818,036			3,659,555			26,830,960			914,490
Investments in affiliates		32,960			—			324,356			44,867
Futures contracts		136,091			47,518			399,376			5,921
Foreign currency translations		32,139			8,721			157,130			3,424
Forward foreign currency contracts		(5,773,432	)		(1,975,699	)		(27,878,458	)		(1,927,168	)

Net change in unrealized appreciation (depreciation)		245,794			1,740,095			(166,636	)		(958,466	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		5,558,681			2,305,901			12,652,568			1,362,358


Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,064,606		$	3,665,949		$	16,032,470		$	1,542,169

* Unaffiliated foreign tax withheld	$	177,726		$	195,886		$	345,384		$	43,986
** Including foreign taxes	$	2,705		$	11,653		$	—		$	—
*** Including change in deferred foreign taxes	$	73,034		$	182,069		$	—		$	—


See Notes to Financial Statements.		80

DBX ETF Trust

Statements of Operations (Continued)

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


	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	20,860		$	2,818,137
Income distributions from affiliated funds		1,779			114,544
Affiliated securities lending income		—			11,690

Total investment income		22,639			2,944,371


Expenses
Investment advisory fees		20,372			661,060
Other expenses		310			8,314

Total expenses		20,682			669,374

Less fees waived (see note 3):
Waiver		(35	)		(2,258	)

Net expenses		20,647			667,116

Net investment income (loss)		1,992			2,277,255


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(123,262	)		(4,166,471	)
Investments in affiliates		(16,885	)		—
In-kind redemptions		—			11,820,102
Futures contracts		3,958			1,058,953
Foreign currency transactions		(1,186	)		(160,416	)
Forward foreign currency contracts		476,686			37,156,995

Net realized gain (loss)		339,311			45,709,163

Net change in unrealized appreciation (depreciation) on:
Investments		522,986			6,053,150
Investments in affiliates		48,176			37
Futures contracts		(593	)		(365,222	)
Foreign currency translations		2,021			113,125
Forward foreign currency contracts		(547,718	)		(11,465,149	)

Net change in unrealized appreciation (depreciation)		24,872			(5,664,059	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		364,183			40,045,104


Net Increase (Decrease) in Net Assets Resulting from Operations	$	366,175		$	42,322,359

* Unaffiliated foreign tax withheld	$	1,866		$	313,307


See Notes to Financial Statements.		81

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI All World ex US Hedged Equity ETF						Xtrackers MSCI Emerging Markets Hedged Equity ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,505,925		$	3,735,993		$	1,360,048		$	2,113,847
Net realized gain (loss)		5,312,887			(2,975,862	)		565,806			(475,922	)
Net change in net unrealized appreciation (depreciation)		245,794			4,148,408			1,740,095			(6,483,269	)

Net increase (decrease) in net assets resulting from operations		7,064,606			4,908,539			3,665,949			(4,845,344	)

Distributions to Shareholders		(4,633,950	)		(16,652,096	)		(1,233,321	)		(2,355,448	)


Fund Shares Transactions
Proceeds from shares sold		—			—			4,475,426			5,375,253
Value of shares redeemed		—			(11,041,632	)		—			(6,843,163	)

Net increase (decrease) in net assets resulting from fund share transactions		—			(11,041,632	)		4,475,426			(1,467,910	)

Total net increase (decrease) in Net Assets		2,430,656			(22,785,189	)		6,908,054			(8,668,702	)

Net Assets
Beginning of period		132,899,033			155,684,222			88,789,482			97,458,184

End of period	$	135,329,689		$	132,899,033		$	95,697,536		$	88,789,482


Changes in Shares Outstanding
Shares outstanding, beginning of period		4,600,001			4,950,001			4,050,001			4,100,800
Shares sold		—			—			200,000			250,000
Shares redeemed		—			(350,000	)		—			(300,799	)

Shares outstanding, end of period		4,600,001			4,600,001			4,250,001			4,050,001


See Notes to Financial Statements.		82

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Europe Hedged Equity ETF						Xtrackers MSCI Eurozone Hedged Equity ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	3,379,902		$	15,199,340		$	179,811		$	574,043
Net realized gain (loss)		12,819,204			3,849,863			2,320,824			(730,905	)
Net change in net unrealized appreciation (depreciation)		(166,636	)		16,042,211			(958,466	)		1,256,623

Net increase (decrease) in net assets resulting from operations		16,032,470			35,091,414			1,542,169			1,099,761

Distributions to Shareholders		(17,261,146	)		(9,814,152	)		(693,739	)		(206,409	)


Fund Shares Transactions
Proceeds from shares sold		10,802,841			102,071,418			13,945,201			15,755,852
Value of shares redeemed		(5,304,334	)		(195,260,931	)		(3,911,872	)		(1,771,612	)

Net increase (decrease) in net assets resulting from fund share transactions		5,498,507			(93,189,513	)		10,033,329			13,984,240

Total net increase (decrease) in Net Assets		4,269,831			(67,912,251	)		10,881,759			14,877,592

Net Assets
Beginning of period		458,683,648			526,595,899			27,564,802			12,687,210

End of period	$	462,953,479		$	458,683,648		$	38,446,561		$	27,564,802


Changes in Shares Outstanding
Shares outstanding, beginning of period		12,550,001			15,350,001			700,001			350,001
Shares sold		300,000			2,800,000			350,000			400,000
Shares redeemed		(150,000	)		(5,600,000	)		(100,000	)		(50,000	)

Shares outstanding, end of period		12,700,001			12,550,001			950,001			700,001


See Notes to Financial Statements.		83

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Germany Hedged Equity ETF						Xtrackers MSCI Japan Hedged Equity ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,992		$	241,929		$	2,277,255		$	4,467,020
Net realized gain (loss)		339,311			(966,185	)		45,709,163			5,284,765
Net change in net unrealized appreciation (depreciation)		24,872			1,393,538			(5,664,059	)		29,562,507

Net increase (decrease) in net assets resulting from operations		366,175			669,282			42,322,359			39,314,292

Distributions to Shareholders		(273,912	)		(239,488	)		(16,165,331	)		(1,555,170	)


Fund Shares Transactions
Proceeds from shares sold		—			—			30,228,232			89,775,794
Value of shares redeemed		—			(1,301,794	)		(47,515,290	)		(27,037,043	)

Net increase (decrease) in net assets resulting from fund share transactions		—			(1,301,794	)		(17,287,058	)		62,738,751

Total net increase (decrease) in Net Assets		92,263			(872,000	)		8,869,970			100,497,873

Net Assets
Beginning of period		9,244,350			10,116,350			291,009,904			190,512,031

End of period	$	9,336,613		$	9,244,350		$	299,879,874		$	291,009,904


Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			350,800			5,100,001			3,900,800
Shares sold		—			—			500,000			1,750,000
Shares redeemed		—			(50,799	)		(800,000	)		(550,799	)

Shares outstanding, end of period		300,001			300,001			4,800,001			5,100,001


See Notes to Financial Statements.		84

DBX ETF Trust

Financial Highlights


Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2023 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	28.89		$	31.45		$	33.37		$	25.63		$	26.61		$	27.71

Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			0.81			0.88			0.64			0.62			0.73
Net realized and unrealized gain (loss)		1.21			0.25			(2.11	)		7.73			(0.76	)		(1.12	)

Total from investment operations		1.54			1.06			(1.23	)		8.37			(0.14	)		(0.39	)

Less distributions from:
Net investment income		(1.01	)		(0.62	)		(0.69	)		(0.63	)		(0.84	)		(0.71	)
Net realized gains		—			(3.00	)		—			—			—			—

Total distributions		(1.01	)		(3.62	)		(0.69	)		(0.63	)		(0.84	)		(0.71	)

Net Asset Value, end of period	$	29.42		$	28.89		$	31.45		$	33.37		$	25.63		$	26.61

Total Return (%)(b)		5.43	**		4.02			(3.79	)		33.10			(0.78	)		(1.30	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		135			133			156			125			99			98
Ratio of expenses before fee waiver (%)		0.40	*		0.41			0.40			0.40			0.41			0.41
Ratio of expenses after fee waiver (%)		0.40	*		0.41			0.40			0.40			0.41			0.41
Ratio of net investment income (loss) (%)		2.26	*		2.77			2.69			2.15			2.29			2.74
Portfolio turnover rate (%)(c)		5	**		14			6			14			10			13

Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2023 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	21.92		$	23.77		$	29.36		$	21.03		$	21.81		$	23.91

Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			0.52			0.53			0.39			0.58			0.52
Net realized and unrealized gain (loss)		0.57			(1.80	)		(5.65	)		8.42			(0.74	)		(2.02	)

Total from investment operations		0.90			(1.28	)		(5.12	)		8.81			(0.16	)		(1.50	)

Less distributions from:
Net investment income		(0.30	)		(0.57	)		(0.47	)		(0.48	)		(0.62	)		(0.60	)

Total distributions		(0.30	)		(0.57	)		(0.47	)		(0.48	)		(0.62	)		(0.60	)

Net Asset Value, end of period	$	22.52		$	21.92		$	23.77		$	29.36		$	21.03		$	21.81

Total Return (%)(b)		4.12	**		(5.40	)		(17.67	)		42.20			(1.01	)		(6.18	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		96			89			97			117			89			112
Ratio of expenses before fee waiver (%)		0.66	*		0.66			0.65			0.65			0.66			0.66
Ratio of expenses after fee waiver (%)		0.66	*		0.66			0.65			0.65			0.66			0.66
Ratio of net investment income (loss) (%)		2.81	*		2.33			2.00			1.48			2.62			2.29
Portfolio turnover rate (%)(c)		6	**		16			14			13			20			13

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		85

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2023 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	36.55		$	34.31		$	34.02		$	26.91		$	28.31		$	28.71

Income (loss) from investment operations:
Net investment income (loss)(a)		0.27			1.04	(b)		0.97			0.77			0.52			0.75
Net realized and unrealized gain (loss)		1.01			1.85			(0.00	)(c)		7.07			(1.06	)		(0.26	)

Total from investment operations		1.28			2.89			0.97			7.84			(0.54	)		0.49

Less distributions from:
Net investment income		(1.38	)		(0.65	)		(0.68	)		(0.73	)		(0.86	)		(0.89	)

Total distributions		(1.38	)		(0.65	)		(0.68	)		(0.73	)		(0.86	)		(0.89	)

Net Asset Value, end of period	$	36.45		$	36.55		$	34.31		$	34.02		$	26.91		$	28.31

Total Return (%)(d)		3.54	**		8.77			2.85			29.68			(2.16	)		1.88

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		463			459			527			563			487			849
Ratio of expenses before fee waiver (%)		0.45	*		0.48			0.45			0.45			0.46			0.47
Ratio of expenses after fee waiver (%)		0.45	*		0.48			0.45			0.45			0.46			0.47
Ratio of net investment income (loss) (%)		1.49	*		3.06	(b)		2.77			2.58			1.79			2.67
Portfolio turnover rate (%)(e)		6	**		13			5			9			13			7

Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2023 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	39.38		$	36.25		$	37.92		$	28.10		$	29.80		$	30.90

Income (loss) from investment operations:
Net investment income (loss)(a)		0.19			1.35			0.88			0.76			0.40			0.71
Net realized and unrealized gain (loss)		1.67			2.37			(1.90	)		9.71			(1.15	)		(1.13	)

Total from investment operations		1.86			3.72			(1.02	)		10.47			(0.75	)		(0.42	)

Less distributions from:
Net investment income		(0.77	)		(0.59	)		(0.65	)		(0.65	)		(0.95	)		(0.68	)

Total distributions		(0.77	)		(0.59	)		(0.65	)		(0.65	)		(0.95	)		(0.68	)

Net Asset Value, end of period	$	40.47		$	39.38		$	36.25		$	37.92		$	28.10		$	29.80

Total Return (%)(d)		4.80	**		10.57			(2.77	)		37.79			(2.80	)		(1.34	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		38			28			13			15			21			31
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.45			0.45			0.47			0.47
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.45			0.45			0.46			0.47
Ratio of net investment income (loss) (%)		0.90	*		3.65			2.32			2.37			1.31			2.42
Portfolio turnover rate (%)(e)		8	**		14			7			10			11			5

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

(b)

Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.13 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 2.70%.

(c)	Less than 0.005.

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		86

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2023 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	30.81		$	28.84		$	32.44		$	25.49		$	25.77		$	27.93

Income (loss) from investment operations:
Net investment income (loss)(a)		0.01			0.79			0.66			0.95			0.24			0.53
Net realized and unrealized gain (loss)		1.21			1.86			(3.67	)		6.84			0.08			(2.02	)

Total from investment operations		1.22			2.65			(3.01	)		7.79			0.32			(1.49	)

Less distributions from:
Net investment income		(0.91	)		(0.68	)		(0.59	)		(0.84	)		(0.60	)		(0.67	)

Total distributions		(0.91	)		(0.68	)		(0.59	)		(0.84	)		(0.60	)		(0.67	)

Net Asset Value, end of period	$	31.12		$	30.81		$	28.84		$	32.44		$	25.49		$	25.77

Total Return (%)(b)		4.06	**		9.67			(9.49	)		31.15			1.15			(5.48	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		9			9			10			15			15			23
Ratio of expenses before fee waiver (%)		0.46	*		0.45			0.45			0.45			0.45			0.46
Ratio of expenses after fee waiver (%)		0.46	*		0.45			0.45			0.45			0.45			0.46
Ratio of net investment income (loss) (%)		0.04	*		2.83			2.10			3.29			0.90			2.03
Portfolio turnover rate (%)(c)		6	**		20			7			15			14			11

Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2023 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	57.06		$	48.84		$	49.08		$	39.80		$	37.95		$	42.95

Income (loss) from investment operations:
Net investment income (loss)(a)		0.46			1.00			0.79			0.62			0.67			0.64
Net realized and unrealized gain (loss)		8.03			7.61			0.13			9.82			2.27			(4.24	)

Total from investment operations		8.49			8.61			0.92			10.44			2.94			(3.60	)

Less distributions from:
Net investment income		(3.08	)		(0.39	)		(1.16	)		(1.16	)		(1.09	)		(1.40	)

Total distributions		(3.08	)		(0.39	)		(1.16	)		(1.16	)		(1.09	)		(1.40	)

Net Asset Value, end of period	$	62.47		$	57.06		$	48.84		$	49.08		$	39.80		$	37.95

Total Return (%)(b)		15.32	**		17.78			1.87			26.96			7.88			(8.59	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		300			291			191			199			221			414
Ratio of expenses before fee waiver (%)		0.46	*		0.47			0.45			0.45			0.46			0.47
Ratio of expenses after fee waiver (%)		0.45	*		0.46			0.45			0.45			0.46			0.47
Ratio of net investment income (loss) (%)		1.55	*		1.98			1.61			1.41			1.69			1.55
Portfolio turnover rate (%)(c)		8	**		18			6			12			12			15

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		87

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2023, the Trust consists of forty-four investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:


Xtrackers MSCI All World ex US Hedged Equity ETF
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Xtrackers MSCI Europe Hedged Equity ETF
Xtrackers MSCI Eurozone Hedged Equity ETF
Xtrackers MSCI Germany Hedged Equity ETF
Xtrackers MSCI Japan Hedged Equity ETF

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

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

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


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

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

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

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

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

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

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

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 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

2. Significant Accounting Policies

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

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

At May 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.


	Short-Term		Long-Term		Total Amount
Xtrackers MSCI Emerging Markets Hedged Equity ETF	$	9,138,698	$	10,476,559	$	19,615,257
Xtrackers MSCI Europe Hedged Equity ETF		—		85,689,611		85,689,611
Xtrackers MSCI Eurozone Hedged Equity ETF		—		1,015,082		1,015,082
Xtrackers MSCI Germany Hedged Equity ETF		1,081,009		6,215,533		7,296,542
Xtrackers MSCI Japan Hedged Equity ETF		53,845,220		78,664,081		132,509,301

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


	Post-October Losses on Capital
Xtrackers MSCI All World ex US Hedged Equity ETF	$	15,481,939

As of May 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	126,492,475	$	8,150,502		$	22,225,803	$	(14,075,301	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		83,728,687		5,134,697			21,668,325		(16,533,628	)
Xtrackers MSCI Europe Hedged Equity ETF		514,413,196		(48,003,657	)		31,282,387		(79,286,044	)
Xtrackers MSCI Eurozone Hedged Equity ETF		29,240,710		(260,847	)		2,415,620		(2,676,467	)
Xtrackers MSCI Germany Hedged Equity ETF		10,165,352		(1,126,400	)		1,300,537		(2,426,937	)
Xtrackers MSCI Japan Hedged Equity ETF		292,938,648		2,344,244			26,498,113		(24,153,869	)

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

Securities Lending Prior to August 1, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF and may lend securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and Xtrackers MSCI Germany Hedged Equity ETF. Effective September 27, 2023, Deutsche Bank AG, serves as securities lending agent for Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and Xtrackers MSCI Germany Hedged Equity ETF and may lend securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2023, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.10% annualized effective rate as of November 30, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of November 30, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All World ex US Hedged Equity ETF
Common Stocks	$	15,310	$	—	$	—	$	—	$	15,310

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	15,310

Xtrackers MSCI Emerging Markets Hedged Equity ETF
Common Stocks	$	32,480	$	—	$	—	$	—	$	32,480

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	32,480

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)


Remaining Contractual Maturity of the Agreements, as of November 30, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total

Xtrackers MSCI Europe Hedged Equity ETF
Common Stocks	$	378,750	$	—	$	—	$	—	$	378,750

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	378,750

Xtrackers MSCI Eurozone Hedged Equity ETF
Common Stocks	$	25,360	$	—	$	—	$	—	$	25,360
Exchange-Traded Funds	$	14,025	$	—	$	—	$	—	$	14,025

Total Borrowings	$	39,385	$	—	$	—	$	—	$	39,385

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	39,385

Xtrackers MSCI Japan Hedged Equity ETF
Common Stocks	$	319,600	$	—	$	—	$	—	$	319,600
Exchange-Traded Funds	$	10,875	$	—	$	—	$	—	$	10,875

Total Borrowings	$	330,475	$	—	$	—	$	—	$	330,475

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	330,475

As of November 30, 2023, Xtrackers MSCI Germany Hedged Equity ETF had no securities on loan.

Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2023, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF, invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro and the Japanese yen, respectively.

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

A summary of the open forward currency contracts as of November 30, 2023 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2023.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2023, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

A summary of the open futures contracts as of November 30, 2023 is included in a table following the Funds’ Schedule of Investments.

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


		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All World ex US Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	124,388	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		376,826	Unrealized depreciation on forward foreign currency contracts		3,653,115


		Total	$	501,214	Total	$	3,653,115

Xtrackers MSCI Emerging Markets Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	37,213	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		137,556	Unrealized depreciation on forward foreign currency contracts		1,668,561


		Total	$	174,769	Total	$	1,668,561

Xtrackers MSCI Europe Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	224,064	Unrealized depreciation on futures contracts*	$	28,098

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,934,148	Unrealized depreciation on forward foreign currency contracts		16,515,685


		Total	$	2,158,212	Total	$	16,543,783

Xtrackers MSCI Eurozone Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	2,644	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		121,190	Unrealized depreciation on forward foreign currency contracts		1,115,770


		Total	$	123,834	Total	$	1,115,770

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)


		Asset Derivatives			Liability Derivatives
Xtrackers MSCI Germany Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	2,051	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		30,790	Unrealized depreciation on forward foreign currency contracts		267,845


		Total	$	32,841	Total	$	267,845

Xtrackers MSCI Japan Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	153,606	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		811,384	Unrealized depreciation on forward foreign currency contracts		5,365,114


		Total	$	964,990		$	5,365,114

*	Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	124,475		$	6,798,775	$	6,923,250
Xtrackers MSCI Emerging Markets Hedged Equity ETF		21,073			1,862,291		1,883,364
Xtrackers MSCI Europe Hedged Equity ETF		(42,287	)		22,760,178		22,717,891
Xtrackers MSCI Eurozone Hedged Equity ETF		2,371			1,678,145		1,680,516
Xtrackers MSCI Germany Hedged Equity ETF		3,958			476,686		480,644
Xtrackers MSCI Japan Hedged Equity ETF		1,058,953			37,156,995		38,215,948


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	136,091		$	(5,773,432	)	$	(5,637,341	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		47,518			(1,975,699	)		(1,928,181	)
Xtrackers MSCI Europe Hedged Equity ETF		399,376			(27,878,458	)		(27,479,082	)
Xtrackers MSCI Eurozone Hedged Equity ETF		5,921			(1,927,168	)		(1,921,247	)
Xtrackers MSCI Germany Hedged Equity ETF		(593	)		(547,718	)		(548,311	)
Xtrackers MSCI Japan Hedged Equity ETF		(365,222	)		(11,465,149	)		(11,830,371	)

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


	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	3,719,604	$	(131,346,971	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,408,239		(89,589,368	)
Xtrackers MSCI Europe Hedged Equity ETF		9,001,992		(449,332,255	)
Xtrackers MSCI Eurozone Hedged Equity ETF		133,309		(36,210,655	)
Xtrackers MSCI Germany Hedged Equity ETF		109,550		(9,009,314	)
Xtrackers MSCI Japan Hedged Equity ETF		5,179,103		(286,870,879	)

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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


Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received (a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged (a)			Net Amount of Derivatives Liabilities
Xtrackers MSCI All World ex US Hedged Equity ETF
Bank of America	$	62,006	$	(61,332	)	$	—	$	674	$	61,332	$	(61,332	)	$	—		$	—
Goldman Sachs & Co.		35,564		(35,564	)		—		—		540,837		(35,564	)		—			505,273
JP Morgan & Chase Co.		41,047		(41,047	)		—		—		840,893		(41,047	)		(10,000	)		789,846
Morgan Stanley Capital		150,357		(150,357	)		—		—		444,941		(150,357	)		—			294,584
RBC Capital Markets		87,852		(87,852	)		—		—		1,765,112		(87,852	)		—			1,677,260

	$	376,826	$	(376,152	)	$	—	$	674	$	3,653,115	$	(376,152	)	$	(10,000	)	$	3,266,963

Xtrackers MSCI Emerging Markets Hedged Equity ETF
Goldman Sachs & Co.	$	52,222	$	(52,222	)	$	—	$	—	$	287,017	$	(52,222	)	$	(10,000	)	$	224,795
JP Morgan & Chase Co.		56,397		(56,397	)				—		798,118		(56,397	)		(480,000	)		261,721
Morgan Stanley Capital		1,009		(901	)				108		901		(901	)		—			—
RBC Capital Markets		27,928		(27,928	)		—		—		582,525		(27,928	)		(510,000	)		44,597

	$	137,556	$	(137,448	)	$	—	$	108	$	1,668,561	$	(137,448	)	$	(1,000,000	)	$	531,113

Xtrackers MSCI Europe Hedged Equity ETF
Bank of America	$	496,288	$	(494,279	)	$	—	$	2,009	$	494,279	$	(494,279	)	$	—		$	—
Goldman Sachs & Co.		68,583		(68,583	)		—		—		2,140,714		(68,583	)		—			2,072,131
Morgan Stanley Capital		903,909		(903,909	)		—		—		3,269,858		(903,909	)		—			2,365,949
RBC Capital Markets		465,368		(465,368	)		—		—		10,610,834		(465,368	)		—			10,145,466

	$	1,934,148	$	(1,932,139	)	$	—	$	2,009	$	16,515,685	$	(1,932,139	)	$	—		$	14,583,546

Xtrackers MSCI Eurozone Hedged Equity ETF
Morgan Stanley Capital	$	80,666	$	(77,939	)	$	—	$	2,727	$	77,939	$	(77,939	)	$	—		$	—
RBC Capital Markets		40,524		(40,524	)		—		—		1,037,831		(40,524	)		—			997,307

	$	121,190	$	(118,463	)	$	—	$	2,727	$	1,115,770	$	(118,463	)	$	—		$	997,307

Xtrackers MSCI Germany Hedged Equity ETF
Morgan Stanley Capital	$	19,506	$	(18,597	)	$	—	$	909	$	18,597	$	(18,597	)	$	—		$	—
RBC Capital Markets		11,284		(11,284	)		—		—		249,248		(11,284	)		—			237,964

	$	30,790	$	(29,881	)	$	—	$	909	$	267,845	$	(29,881	)	$	—		$	237,964

Xtrackers MSCI Japan Hedged Equity ETF
JP Morgan & Chase Co.	$	210,882	$	(210,882	)	$	—	$	—	$	4,757,173	$	(210,882	)	$	—		$	4,546,291
Morgan Stanley Capital		600,502		(600,502	)		—		—		607,941		(600,502	)		—			7,439

	$	811,384	$	(811,384	)	$	—	$	—	$	5,365,114	$	(811,384	)	$	—		$	4,553,730

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

3. Investment Advisory and Other Agreements

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

For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory Fee
Xtrackers MSCI All World ex US Hedged Equity ETF		0.40	%
Xtrackers MSCI Emerging Markets Hedged Equity ETF		0.65	%
Xtrackers MSCI Europe Hedged Equity ETF		0.45	%
Xtrackers MSCI Eurozone Hedged Equity ETF		0.45	%
Xtrackers MSCI Germany Hedged Equity ETF		0.45	%
Xtrackers MSCI Japan Hedged Equity ETF		0.45	%

The Advisor for the funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period ended November 30, 2023, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers MSCI All World ex US Hedged Equity ETF	$	1,527
Xtrackers MSCI Emerging Markets Hedged Equity ETF		495
Xtrackers MSCI Europe Hedged Equity ETF		2,678
Xtrackers MSCI Eurozone Hedged Equity ETF		39
Xtrackers MSCI Germany Hedged Equity ETF		35
Xtrackers MSCI Japan Hedged Equity ETF		2,258

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended November 30, 2023, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:


	Security Lending Agent Fees
Xtrackers MSCI All World ex US Hedged Equity ETF	$	18
Xtrackers MSCI Emerging Markets Hedged Equity ETF		58
Xtrackers MSCI Germany Hedged Equity ETF		—

4. Investment Portfolio Transactions

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


	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	6,432,089	$	8,062,177
Xtrackers MSCI Emerging Markets Hedged Equity ETF		8,082,355		5,694,167
Xtrackers MSCI Europe Hedged Equity ETF		25,144,032		42,377,510
Xtrackers MSCI Eurozone Hedged Equity ETF		2,766,161		3,583,089
Xtrackers MSCI Germany Hedged Equity ETF		552,078		773,891
Xtrackers MSCI Japan Hedged Equity ETF		34,873,634		22,771,371

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


	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	—	$	—
Xtrackers MSCI Emerging Markets Hedged Equity ETF		643,732		—
Xtrackers MSCI Europe Hedged Equity ETF		10,399,627		4,955,245
Xtrackers MSCI Eurozone Hedged Equity ETF		13,971,905		3,927,321
Xtrackers MSCI Germany Hedged Equity ETF		—		—
Xtrackers MSCI Japan Hedged Equity ETF		29,178,886		46,395,085

5. Fund Share Transactions

As of November 30, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in Emerging Markets

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor (“QFI”) or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2023.

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

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

100

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.

Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount/Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

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DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

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

Copyright © 2024 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-049077-8 (1/24) DBX005766 (1/25)