DBX ETF Trust

November 30, 2022

Semi-Annual Report

DBX ETF Trust

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

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DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Portfolio Summary		2
Fees and Expenses		3
Schedule of Investments		4
Statement of Assets and Liabilities		18
Statement of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		22
Additional Information		29

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report on our Xtrackers MSCI EAFE Hedged Equity ETF for the period ended November 30, 2022.

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

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

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

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

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

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

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

³ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

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

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

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

Ten Largest Equity Holdings
as of November 30, 2022 (14.5% of Net Assets)


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

Country Diversification* as of November 30, 2022


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

Total			100.0%

Sector Diversification* as of November 30, 2022


Financials			18.0%
Industrials			15.2%
Health Care			13.4%
Consumer Discretionary			11.3%
Consumer Staples			10.5%
Information Technology			8.2%
Materials			7.8%
Energy			5.1%
Communication Services			4.5%
Utilities			3.4%
Real Estate			2.6%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 4.

DBX ETF Trust

Fees and Expenses (Unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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


	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio⁽¹⁾			Expenses Paid During the Period Per $1,000⁽²⁾
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,029.80		0.38	%	$	1.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.16		0.38	%	$	1.93

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

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

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

November 30, 2022 (Unaudited)


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


	Number of Shares		Value
Australia (Continued)
WiseTech Global Ltd.		43,737	$	1,691,834
Woodside Energy Group Ltd.		554,440		14,033,207
Woolworths Group Ltd.		359,076		8,401,129

(Cost $330,497,667)				339,360,144

Austria — 0.2%
Erste Group Bank AG		103,644		3,192,419
OMV AG		44,695		2,332,924
Verbund AG		19,196		1,718,881
voestalpine AG		32,009		864,691

(Cost $7,512,862)				8,108,915

Belgium — 0.8%
Ageas SA/NV		49,054		1,963,725
Anheuser-Busch InBev SA/NV		254,388		14,837,349
D’ieteren Group		6,725		1,264,546
Elia Group SA/NV		9,597		1,358,184
Groupe Bruxelles Lambert NV		25,415		2,026,359
KBC Group NV		75,003		4,116,260
Sofina SA		4,733		1,012,613
Solvay SA		21,192		2,070,280
UCB SA		38,575		3,082,039
Umicore SA		62,972		2,241,081
Warehouses De Pauw CVA REIT		46,636		1,227,795

(Cost $46,329,642)				35,200,231

Chile — 0.0%
Antofagasta PLC (Cost $1,612,739)		113,658		1,929,453

Denmark — 2.7%
A.P. Moller — Maersk A/S, Class A		930		1,955,731
A.P. Moller — Maersk A/S, Class B		1,502		3,225,859
Carlsberg A/S, Class B		29,193		3,649,151
Chr Hansen Holding A/S		31,497		1,924,066
Coloplast A/S, Class B		35,628		4,155,433
Danske Bank A/S		206,384		3,681,742
Demant A/S*		26,966		754,594
DSV A/S		53,424		8,364,377
Genmab A/S*		19,143		8,755,723
Novo Nordisk A/S, Class B		485,433		60,041,103
Novozymes A/S, Class B		61,624		3,538,542
Orsted AS, 144A		56,658		4,918,924
Pandora A/S		27,357		2,019,484
ROCKWOOL A/S, Class B		2,387		517,501
Tryg A/S		108,457		2,511,439
Vestas Wind Systems A/S		302,220		7,588,535

(Cost $77,628,587)				117,602,204

Finland — 1.2%
Elisa OYJ		43,732		2,264,455
Fortum OYJ		128,950		2,041,632
Kesko OYJ, Class B		77,683		1,656,350
Kone OYJ, Class B		101,681		5,027,000
Neste OYJ		126,581		6,499,078
Nokia OYJ		1,571,298		7,608,091
Nordea Bank Abp		978,511		10,202,674
Orion OYJ, Class B		31,026		1,638,175
Sampo OYJ, Class A		143,270		7,236,675


See Notes to Financial Statements.		4

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Finland (Continued)
Stora Enso OYJ, Class R		165,626	$	2,408,598
UPM-Kymmene OYJ		159,442		5,802,063
Wartsila OYJ Abp		143,999		1,234,427

(Cost $52,860,055)				53,619,218

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


	Number of Shares		Value
France (Continued)
Teleperformance		17,661	$	3,958,631
Thales SA		31,784		4,040,044
TotalEnergies SE (b)		730,456		45,842,412
Ubisoft Entertainment SA*		26,879		743,451
Unibail-Rodamco-Westfield REIT*(b)		21,403		1,127,853
Unibail-Rodamco-Westfield CDI*		285,626		779,352
Valeo		59,264		1,094,645
Veolia Environnement SA		200,011		5,115,874
Vinci SA (b)		159,296		16,016,070
Vivendi SE		218,139		1,947,622
Wendel SE		7,523		692,425
Worldline SA, 144A*		71,857		3,361,111

(Cost $413,356,255)				486,162,897

Germany — 7.3%
adidas AG		51,730		6,581,289
Allianz SE		119,597		25,431,911
BASF SE		267,754		13,517,491
Bayer AG		287,924		16,592,617
Bayerische Motoren Werke AG		96,097		8,630,879
Bechtle AG		25,863		925,002
Beiersdorf AG		30,314		3,279,078
Brenntag SE		46,335		2,892,009
Carl Zeiss Meditec AG		11,828		1,589,607
Commerzbank AG*		318,873		2,656,546
Continental AG		33,496		1,996,549
Covestro AG, 144A		56,604		2,248,295
Daimler Truck Holding AG*		135,520		4,423,866
Delivery Hero SE, 144A*(b)		49,291		2,101,443
Deutsche Bank AG (c)		618,816		6,517,964
Deutsche Boerse AG		56,804		10,397,498
Deutsche Lufthansa AG*		182,953		1,457,747
Deutsche Post AG		287,718		11,326,284
Deutsche Telekom AG		949,578		19,175,679
E.ON SE		653,861		6,208,044
Evonik Industries AG		61,402		1,196,433
Fresenius Medical Care AG & Co. KGaA		60,093		1,858,475
Fresenius SE & Co. KGaA		126,413		3,493,847
GEA Group AG		46,004		1,861,255
Hannover Rueck SE		18,069		3,414,554
HeidelbergCement AG		42,781		2,320,275
HelloFresh SE*		46,077		1,121,019
Henkel AG & Co. KGaA		28,393		1,882,066
Infineon Technologies AG		382,068		12,531,728
Knorr-Bremse AG		21,761		1,228,238
LEG Immobilien SE		21,985		1,388,671
Mercedes-Benz Group AG		234,746		15,731,428
Merck KGaA		38,722		7,003,121
MTU Aero Engines AG		16,251		3,388,924
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		41,074		12,873,779
Nemetschek SE		17,826		864,418
Puma SE		32,312		1,637,483
Rational AG		1,270		783,026
Rheinmetall AG		13,057		2,641,337
RWE AG		187,230		8,182,929


See Notes to Financial Statements.		5

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Germany (Continued)
SAP SE		305,960	$	33,258,200
Scout24 SE, 144A		21,982		1,188,558
Siemens AG		224,217		30,616,295
Siemens Energy AG (b)		128,342		2,111,469
Siemens Healthineers AG, 144A		84,601		4,459,896
Symrise AG		39,662		4,496,617
Telefonica Deutschland Holding AG		262,628		625,289
United Internet AG		25,173		528,616
Volkswagen AG		8,897		1,694,718
Vonovia SE		204,086		4,988,619
Zalando SE, 144A*		64,889		2,008,150

(Cost $357,560,988)				319,329,231

Hong Kong — 2.7%
AIA Group Ltd.		3,493,670		35,111,362
BOC Hong Kong Holdings Ltd.		1,096,364		3,473,970
Budweiser Brewing Co. APAC Ltd., 144A		490,732		1,407,306
CK Asset Holdings Ltd.		568,987		3,390,925
CK Hutchison Holdings Ltd.		762,747		4,423,590
CK Infrastructure Holdings Ltd.		187,622		944,001
CLP Holdings Ltd.		473,058		3,427,891
ESR Group Ltd., 144A		592,956		1,339,113
Futu Holdings Ltd., ADR*		18,010		1,107,435
Galaxy Entertainment Group Ltd.		655,132		3,916,894
Hang Lung Properties Ltd.		619,153		1,139,864
Hang Seng Bank Ltd.		227,389		3,499,211
Henderson Land Development Co. Ltd.		439,640		1,446,527
HK Electric Investments & HK Electric Investments Ltd. (a)		798,228		589,656
HKT Trust & HKT Ltd. (a)		1,095,382		1,329,444
Hong Kong & China Gas Co. Ltd.		3,361,845		2,857,866
Hong Kong Exchanges & Clearing Ltd.		350,312		13,723,743
Hongkong Land Holdings Ltd.		333,100		1,335,731
Jardine Matheson Holdings Ltd.		47,757		2,307,618
Link REIT		632,465		4,251,008
MTR Corp. Ltd.		463,211		2,226,819
New World Development Co. Ltd.		436,934		1,033,746
Power Assets Holdings Ltd.		412,103		2,118,300
Sino Land Co. Ltd.		957,559		1,190,367
SITC International Holdings Co. Ltd.		377,053		822,561
Sun Hung Kai Properties Ltd.		430,157		5,160,155
Swire Pacific Ltd., Class A		150,239		1,174,261
Swire Properties Ltd.		357,542		800,138
Techtronic Industries Co. Ltd.		415,937		4,941,647
WH Group Ltd., 144A		2,529,487		1,479,942
Wharf Real Estate Investment Co. Ltd.		501,117		2,309,605
Xinyi Glass Holdings Ltd.		506,111		969,334

(Cost $118,870,688)				115,250,030

Ireland — 1.0%
AerCap Holdings NV*		40,670		2,497,138
AIB Group PLC		295,123		950,184
Bank of Ireland Group PLC		306,817		2,492,891
CRH PLC		215,735		8,533,016
DCC PLC		29,745		1,573,464
Experian PLC		268,296		9,393,721


	Number of Shares		Value
Ireland (Continued)
Flutter Entertainment PLC*		50,023	$	7,326,595
James Hardie Industries PLC CDI		132,231		2,620,753
Kerry Group PLC, Class A		47,839		4,507,198
Kingspan Group PLC		46,335		2,576,675
Smurfit Kappa Group PLC		74,212		2,643,414

(Cost $40,270,786)				45,115,049

Israel — 0.7%
Azrieli Group Ltd.		13,671		962,075
Bank Hapoalim BM		381,117		3,643,835
Bank Leumi Le-Israel BM		462,452		4,165,294
Bezeq The Israeli Telecommunication Corp. Ltd.		553,880		1,022,757
Check Point Software Technologies Ltd.*		30,680		4,075,224
CyberArk Software Ltd.*		12,381		1,845,636
Elbit Systems Ltd.		7,467		1,300,017
ICL Group Ltd.		218,329		1,796,904
Israel Discount Bank Ltd., Class A		359,194		2,108,757
Mizrahi Tefahot Bank Ltd.		47,002		1,720,661
Nice Ltd.*		17,521		3,322,612
Teva Pharmaceutical Industries Ltd., ADR*		332,974		2,920,182
Tower Semiconductor Ltd.*		32,936		1,461,548
Wix.com Ltd.*		16,786		1,518,965
ZIM Integrated Shipping Services Ltd. (b)		25,151		528,674

(Cost $34,014,515)				32,393,141

Italy — 2.0%
Amplifon SpA		35,640		995,786
Assicurazioni Generali SpA		330,609		5,827,901
Atlantia SpA		148,127		3,534,454
Davide Campari-Milano NV		153,073		1,596,861
DiaSorin SpA		7,672		1,013,504
Enel SpA		2,362,562		12,621,854
Eni SpA		727,913		10,849,953
Ferrari NV		37,696		8,312,091
FinecoBank Banca Fineco SpA		182,257		2,928,300
Infrastrutture Wireless Italiane SpA, 144A		106,143		1,049,078
Intesa Sanpaolo SpA		4,928,582		10,883,070
Mediobanca Banca di Credito Finanziario SpA		181,125		1,736,643
Moncler SpA		62,437		3,186,876
Nexi SpA, 144A*		158,480		1,385,940
Poste Italiane SpA, 144A		156,278		1,526,379
Prysmian SpA		76,311		2,652,270
Recordati Industria Chimica e Farmaceutica SpA		31,437		1,329,471
Snam SpA		599,956		3,039,163
Telecom Italia SpA*(b)		2,919,903		626,529
Terna — Rete Elettrica Nazionale		418,274		3,181,723
UniCredit SpA		561,863		7,614,807

(Cost $88,914,267)				85,892,653


See Notes to Financial Statements.		6

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


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


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


See Notes to Financial Statements.		7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


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


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


See Notes to Financial Statements.		8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Japan (Continued)
TOTO Ltd.		42,615	$	1,464,322
Toyota Industries Corp.		44,000		2,488,522
Toyota Motor Corp.		3,110,420		45,285,679
Toyota Tsusho Corp.		61,111		2,314,509
Trend Micro, Inc.		39,776		1,961,580
Unicharm Corp.		121,200		4,461,290
USS Co. Ltd.		61,100		1,015,900
Welcia Holdings Co. Ltd.		23,600		516,127
West Japan Railway Co.		65,706		2,776,886
Yakult Honsha Co. Ltd.		38,179		2,419,192
Yamaha Corp.		42,581		1,668,211
Yamaha Motor Co. Ltd.		90,274		2,232,498
Yamato Holdings Co. Ltd.		83,471		1,386,045
Yaskawa Electric Corp.		72,520		2,334,357
Yokogawa Electric Corp.		69,544		1,292,272
Z Holdings Corp.		803,400		2,173,002
ZOZO, Inc.		33,597		833,295

(Cost $889,403,192)				926,642,551

Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $1,524,747)		50,815		927,246

Luxembourg — 0.2%
ArcelorMittal SA		150,543		4,043,269
Aroundtown SA		278,637		665,435
Eurofins Scientific SE		40,816		2,821,067
Tenaris SA		141,875		2,467,722

(Cost $10,096,137)				9,997,493

Macau — 0.1%
Sands China Ltd.* (Cost $2,958,896)		728,866		1,959,581

Netherlands — 4.6%
ABN AMRO Bank NV, 144A		124,393		1,583,740
Adyen NV, 144A*		6,295		9,588,740
Aegon NV		526,460		2,555,100
Akzo Nobel NV		54,137		3,843,173
Argenx SE*		16,108		6,537,178
ASM International NV		14,025		3,779,956
ASML Holding NV		119,293		69,652,915
Euronext NV, 144A		25,542		1,933,358
EXOR NV*		32,699		2,554,717
Heineken Holding NV		30,712		2,302,641
Heineken NV		77,301		7,101,196
IMCD NV		17,074		2,474,085
ING Groep NV		1,102,081		13,291,715
JDE Peet’s NV		28,678		881,543
Just Eat Takeaway.com NV, 144A*		55,218		1,240,559
Koninklijke Ahold Delhaize NV		306,268		8,864,715
Koninklijke DSM NV		50,359		6,408,961
Koninklijke KPN NV		995,024		3,046,213
Koninklijke Philips NV		264,748		3,909,852
NN Group NV		83,407		3,525,547
OCI NV		31,533		1,331,562
Prosus NV*		243,223		15,816,094
QIAGEN NV*		68,332		3,364,751
Randstad NV		35,877		2,053,349


	Number of Shares		Value
Netherlands (Continued)
Stellantis NV*		641,269	$	9,937,505
Universal Music Group NV		206,584		4,836,857
Wolters Kluwer NV		78,224		8,563,274

(Cost $160,095,288)				200,979,296

New Zealand — 0.2%
Auckland International Airport Ltd.*		362,994		1,839,075
Fisher & Paykel Healthcare Corp. Ltd.		177,251		2,635,996
Mercury NZ Ltd.		177,636		615,656
Meridian Energy Ltd.		324,246		1,000,164
Spark New Zealand Ltd.		549,633		1,783,709
Xero Ltd.*		40,823		1,957,337

(Cost $9,756,116)				9,831,937

Norway — 0.8%
Adevinta ASA*		69,394		544,348
Aker BP ASA		96,451		3,346,633
DNB Bank ASA		281,106		5,437,778
Equinor ASA		276,439		10,641,662
Gjensidige Forsikring ASA		57,305		1,100,956
Kongsberg Gruppen ASA		27,671		1,136,298
Mowi ASA		125,938		1,964,924
Norsk Hydro ASA		386,217		2,846,458
Orkla ASA		226,818		1,611,327
Salmar ASA		15,100		529,303
Telenor ASA		209,902		2,031,262
Yara International ASA		50,687		2,316,143

(Cost $32,088,793)				33,507,092

Portugal — 0.2%
EDP — Energias de Portugal SA		838,870		3,944,764
Galp Energia SGPS SA		151,223		1,854,520
Jeronimo Martins SGPS SA		84,173		1,856,918

(Cost $6,901,940)				7,656,202

Singapore — 1.5%
CapitaLand Ascendas REIT		1,023,099		2,097,701
CapitaLand Integrated Commercial Trust REIT		1,622,534		2,468,231
Capitaland Investment Ltd.		788,800		2,127,427
City Developments Ltd.		110,600		673,800
DBS Group Holdings Ltd.		526,287		13,610,171
Genting Singapore Ltd.		1,844,078		1,192,569
Grab Holdings Ltd., Class A*		392,970		1,186,769
Jardine Cycle & Carriage Ltd.		26,800		594,987
Keppel Corp. Ltd.		443,400		2,456,907
Mapletree Logistics Trust REIT		886,775		1,049,206
Mapletree Pan Asia Commercial Trust REIT		769,800		967,377
Oversea-Chinese Banking Corp. Ltd.		974,287		8,906,949
Sea Ltd., ADR*(b)		108,428		6,328,942
Singapore Airlines Ltd.*(b)		385,050		1,556,329
Singapore Exchange Ltd.		257,000		1,709,241
Singapore Technologies Engineering Ltd.		460,000		1,159,508
Singapore Telecommunications Ltd.		2,489,289		4,975,834
United Overseas Bank Ltd.		340,854		7,815,282
UOL Group Ltd.		152,381		745,807


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Singapore (Continued)
Venture Corp. Ltd.		77,100	$	980,217
Wilmar International Ltd.		553,166		1,666,714

(Cost $71,523,216)				64,269,968

Spain — 2.4%
Acciona SA		7,567		1,467,755
ACS Actividades de Construccion y Servicios SA		59,915		1,687,126
Aena SME SA, 144A*		22,461		2,881,882
Amadeus IT Group SA*		134,981		7,200,047
Banco Bilbao Vizcaya Argentaria SA		1,772,531		10,351,316
Banco Santander SA		4,898,745		14,530,814
CaixaBank SA		1,328,437		4,924,010
Cellnex Telecom SA, 144A*		163,693		5,553,052
Corp ACCIONA Energias Renovables SA		17,514		690,001
EDP Renovaveis SA		82,548		1,894,084
Enagas SA		73,758		1,322,448
Endesa SA		95,919		1,766,697
Ferrovial SA (b)		136,426		3,634,303
Grifols SA*(b)		87,244		921,933
Iberdrola SA		1,778,384		19,949,333
Industria de Diseno Textil SA		326,996		8,459,168
Naturgy Energy Group SA		40,619		1,131,941
Red Electrica Corp. SA		120,986		2,114,459
Repsol SA		395,887		6,097,012
Siemens Gamesa Renewable Energy SA*		68,799		1,290,809
Telefonica SA		1,510,088		5,633,464

(Cost $134,525,072)				103,501,654

Sweden — 3.2%
Alfa Laval AB		85,202		2,415,254
Assa Abloy AB, Class B		286,041		6,490,625
Atlas Copco AB, Class A		766,785		9,430,524
Atlas Copco AB, Class B (b)		465,297		5,182,052
Boliden AB		78,343		2,893,704
Electrolux AB, Class B (b)		56,855		804,059
Embracer Group AB*(b)		205,057		867,043
Epiroc AB, Class A (b)		188,378		3,585,727
Epiroc AB, Class B		112,873		1,866,913
EQT AB (b)		89,893		2,013,248
Essity AB, Class B		183,450		4,464,910
Evolution AB, 144A		54,845		5,572,315
Fastighets AB Balder, Class B*		162,768		714,038
Getinge AB, Class B		69,375		1,597,326
H & M Hennes & Mauritz AB, Class B (b)		221,668		2,462,403
Hexagon AB, Class B		558,987		6,288,827
Holmen AB, Class B		25,356		1,037,964
Husqvarna AB, Class B		133,957		1,032,435
Industrivarden AB, Class A		44,186		1,127,596
Industrivarden AB, Class C		39,810		1,008,721
Indutrade AB		83,170		1,766,853
Investment AB Latour, Class B (b)		45,481		886,507
Investor AB, Class A (b)		154,898		2,949,181
Investor AB, Class B		516,710		9,495,949
Kinnevik AB, Class B*		72,474		1,099,685


	Number of Shares		Value
Sweden (Continued)
L E Lundbergforetagen AB, Class B		21,202	$	914,150
Lifco AB, Class B		60,997		1,042,575
Nibe Industrier AB, Class B		454,020		4,235,909
Sagax AB, Class B		55,736		1,224,384
Sandvik AB		319,172		5,804,868
Securitas AB, Class B (b)		148,828		1,209,971
Skandinaviska Enskilda Banken AB, Class A		485,661		5,537,872
Skanska AB, Class B		102,863		1,649,926
SKF AB, Class B		115,108		1,900,044
Svenska Cellulosa AB SCA, Class B		186,688		2,508,289
Svenska Handelsbanken AB, Class A		434,107		4,367,174
Swedbank AB, Class A		271,752		4,378,318
Swedish Match AB		467,344		5,117,628
Swedish Orphan Biovitrum AB*		46,592		1,007,541
Tele2 AB, Class B		170,337		1,505,514
Telefonaktiebolaget LM Ericsson, Class B		874,659		5,423,596
Telia Co. AB		804,883		2,193,495
Volvo AB, Class A		59,133		1,125,018
Volvo AB, Class B		434,201		7,937,450
Volvo Car AB, Class B*(b)		180,544		886,745

(Cost $137,073,160)				137,024,326

Switzerland — 10.5%
ABB Ltd.		458,064		14,212,691
Adecco Group AG		49,133		1,653,777
Alcon, Inc.		144,629		9,791,211
Bachem Holding AG (b)		7,944		761,868
Baloise Holding AG		13,411		2,016,788
Banque Cantonale Vaudoise		8,157		762,469
Barry Callebaut AG		975		1,981,427
BKW AG		5,528		714,478
Chocoladefabriken Lindt & Spruengli AG		29		2,969,723
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		318		3,333,749
Cie Financiere Richemont SA, Class A		152,293		19,965,069
Clariant AG*		64,663		1,038,708
Coca-Cola HBC AG*		59,138		1,436,214
Credit Suisse Group AG (b)		795,013		2,370,966
EMS-Chemie Holding AG		2,171		1,495,896
Geberit AG		10,682		5,043,823
Givaudan SA		2,753		9,211,094
Glencore PLC		2,871,058		19,499,040
Holcim AG*		165,604		8,533,528
Julius Baer Group Ltd.		60,406		3,436,998
Kuehne + Nagel International AG		15,658		3,782,741
Logitech International SA		52,013		3,070,485
Lonza Group AG		21,763		11,274,212
Nestle SA		808,966		96,041,469
Novartis AG		636,269		56,247,188
Partners Group Holding AG		6,765		6,613,078
Roche Holding AG (b)		7,918		3,166,363
Roche Holding AG		206,377		67,131,139
Schindler Holding AG		7,134		1,272,623
Schindler Holding AG Participation Certificates		12,179		2,280,063


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Switzerland (Continued)
SGS SA		1,907	$	4,433,712
SIG Group AG*		91,760		2,007,326
Sika AG		42,247		10,581,283
Sonova Holding AG		16,092		4,115,471
STMicroelectronics NV		198,861		7,461,037
Straumann Holding AG		33,605		3,821,292
Swatch Group AG — Bearer		8,996		2,374,849
Swatch Group AG — Registered		13,726		655,077
Swiss Life Holding AG		8,850		4,691,318
Swiss Prime Site AG		23,365		1,938,338
Swiss Re AG		87,905		7,823,893
Swisscom AG		7,806		4,192,348
Temenos AG		17,679		1,066,065
UBS Group AG		980,939		17,856,459
VAT Group AG, 144A		8,154		2,230,124
Zurich Insurance Group AG		44,100		21,107,414

(Cost $400,056,159)				457,464,884

United Kingdom — 14.3%
3i Group PLC		278,983		4,534,256
abrdn PLC (b)		659,892		1,546,132
Admiral Group PLC		55,199		1,347,870
Anglo American PLC		374,666		15,387,125
Ashtead Group PLC		127,914		7,669,879
Associated British Foods PLC		108,145		2,060,704
AstraZeneca PLC		455,429		61,290,850
Auto Trader Group PLC, 144A		283,313		1,931,999
AVEVA Group PLC		36,458		1,397,764
Aviva PLC		846,495		4,532,920
BAE Systems PLC		919,914		9,120,387
Barclays PLC		4,673,579		9,082,381
Barratt Developments PLC		251,653		1,206,244
Berkeley Group Holdings PLC		34,190		1,570,418
BP PLC		5,509,787		33,037,352
British American Tobacco PLC		627,882		25,661,566
British Land Co. PLC REIT		272,580		1,295,383
BT Group PLC		2,068,564		3,026,669
Bunzl PLC		100,693		3,699,062
Burberry Group PLC		118,959		3,121,282
CNH Industrial NV		304,753		4,842,516
Coca-Cola Europacific Partners PLC		61,002		3,238,596
Compass Group PLC		512,816		11,570,303
Croda International PLC		41,670		3,412,136
Diageo PLC		668,400		30,676,847
Entain PLC		177,555		3,000,256
GSK PLC		1,194,246		20,248,996
Haleon PLC*		1,521,141		5,208,564
Halma PLC		113,991		2,984,061
Hargreaves Lansdown PLC		106,792		1,085,807
HSBC Holdings PLC		5,865,345		36,031,765
Imperial Brands PLC		270,244		6,921,374
Informa PLC		409,911		3,034,427
InterContinental Hotels Group PLC		50,506		2,920,048
Intertek Group PLC		48,815		2,379,848
J Sainsbury PLC		496,119		1,331,032
JD Sports Fashion PLC		734,536		1,115,921
Johnson Matthey PLC		53,833		1,355,390


	Number of Shares		Value
United Kingdom (Continued)
Kingfisher PLC		608,354	$	1,767,791
Land Securities Group PLC REIT		215,551		1,595,648
Legal & General Group PLC		1,789,485		5,426,453
Lloyds Banking Group PLC		19,877,065		11,236,958
London Stock Exchange Group PLC		96,376		9,580,648
M&G PLC		748,711		1,734,383
Melrose Industries PLC		1,276,447		2,033,046
Mondi PLC		145,445		2,704,843
National Grid PLC		1,071,533		13,101,920
NatWest Group PLC		1,598,625		5,046,142
Next PLC		39,265		2,763,731
Ocado Group PLC*(b)		170,762		1,281,379
Pearson PLC		201,263		2,414,080
Persimmon PLC		94,067		1,442,121
Phoenix Group Holdings PLC		228,733		1,623,207
Prudential PLC		798,438		9,424,941
Reckitt Benckiser Group PLC		209,957		15,051,461
RELX PLC		559,756		15,597,821
Rentokil Initial PLC		712,405		4,648,604
Rio Tinto PLC		331,286		22,299,935
Rolls-Royce Holdings PLC*		2,446,816		2,681,255
Sage Group PLC		308,294		2,959,939
Schroders PLC		221,722		1,182,228
Segro PLC REIT		364,255		3,471,759
Severn Trent PLC		75,293		2,461,057
Shell PLC		2,132,239		62,807,922
Smith & Nephew PLC		261,695		3,423,754
Smiths Group PLC		98,114		1,878,432
Spirax-Sarco Engineering PLC		22,071		2,980,652
SSE PLC		318,919		6,567,086
St James’s Place PLC		142,341		1,972,043
Standard Chartered PLC		754,719		5,616,028
Taylor Wimpey PLC		869,559		1,083,670
Tesco PLC		2,179,648		5,976,475
Unilever PLC		747,646		37,341,615
United Utilities Group PLC		204,803		2,527,631
Vodafone Group PLC		7,710,934		8,535,249
Whitbread PLC		59,293		1,846,602
WPP PLC		328,968		3,432,008

(Cost $687,086,807)				623,398,647

TOTAL COMMON STOCKS (Cost $4,112,518,574)				4,217,124,043

PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		18,298		1,573,731
Dr Ing hc F Porsche AG*		34,135		3,864,674
Henkel AG & Co. KGaA		52,691		3,752,585
Porsche Automobil Holding SE		45,925		2,788,044
Sartorius AG		7,329		2,718,107
Volkswagen AG		53,606		7,803,963

(Cost $27,107,916)				22,501,104

RIGHTS — 0.0%
Switzerland — 0.0%
Credit Suisse Group AG*(b), expires 12/13/22 (Cost $0)		795,013		73,935


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		255,836	$	227,109

SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e) (Cost $31,927,979)		31,927,979		31,927,979

CASH EQUIVALENTS — 0.3%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (d) (Cost $11,534,644)		11,534,644		11,530,030


TOTAL INVESTMENTS — 98.4% (Cost $4,183,089,113)			$	4,283,384,200
Other assets and liabilities, net — 1.6%				67,693,490

NET ASSETS — 100.0%			$	4,351,077,690

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


	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		6,384,048		657,017		(351,303	)		(704,892	)		533,094		—		—		618,816		6,517,964

SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e)
		87,362,002		—		(55,434,023	)(f)		—			—		328,762		—		31,927,979		31,927,979

CASH EQUIVALENTS — 0.3%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (d)
		11,386,377		141,431		—			—			2,222		142,639		—		11,534,644		11,530,030
DWS Government Money Market Series “Institutional Shares”, 3.74% (d)
		—		1,003,183,969		(1,003,183,969	)		—			—		756,396		—		—		—

		105,132,427		1,003,982,417		(1,058,969,295	)		(704,892	)		535,316		1,227,797		—		44,081,439		49,975,973

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2022 amounted to $95,318,577, which is 2.2% of net assets.

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

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

(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $67,957,626.

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

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interest

CVA:

Credit Valuation Adjustment

REIT:

Real Estate Investment Trust

144A:

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

Securities are listed in country of domicile.


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

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


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

Total unrealized appreciation								$	3,935,563

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


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


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


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


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


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

Total unrealized appreciation (depreciation)						$	42,919,018	$	(263,677,517	)

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

Currency Abbreviations

AUD

Australian Dollar

CHF

Swiss Franc

DKK

Danish Krone

EUR

Euro

GBP

Pound Sterling

HKD

Hong Kong Dollar

ILS

Israeli Shekel

JPY

Japanese Yen

NOK

Norwegian Krone

NZD

New Zealand Dollar

SEK

Swedish Krona

SGD

Singapore Dollar

USD

U.S. Dollar


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

Fair Value Measurements

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

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


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

TOTAL	$	4,287,319,763	$	42,919,018		$	—	$	4,330,238,781


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(263,677,517	)	$	—	$	(263,677,517	)

TOTAL	$	—	$	(263,677,517	)	$	—	$	(263,677,517	)

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

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


See Notes to Financial Statements.		16

This Page is Intentionally Left Blank

DBX ETF Trust

Statement of Assets and Liabilities

November 30, 2022 (Unaudited)


	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	4,233,408,227
Investment in affiliated securities at value		6,517,964
Investment in DWS ESG Liquidity Fund		11,530,030
Investment in DWS Government & Agency Securities Portfolio*		31,927,979
Foreign currency at value		5,995,246
Receivable for return of collateral pledged for forward foreign currency contracts		195,900,000
Unrealized appreciation on forward foreign currency contracts		42,919,018
Deposit with broker for futures contracts		13,263,771
Receivables:
Investment securities sold		92,700,355
Variation margin on futures contracts		6,122,761
Dividends		11,539,567
Interest		53,860
Securities lending income		68,913
Foreign tax reclaim		8,889,604

Total assets	$	4,660,837,295

Liabilities
Due to custodian	$	1,423,859
Payable upon return of securities loaned		31,927,979
Unrealized depreciation on forward foreign currency contracts		263,677,517
Payables:
Investment securities purchased		11,515,211
Investment advisory fees		1,215,039

Total liabilities		309,759,605


Net Assets, at value	$	4,351,077,690


Net Assets Consist of
Paid-in capital	$	4,072,521,069
Distributable earnings (loss)		278,556,621


Net Assets, at value	$	4,351,077,690


Number of Common Shares outstanding		114,550,800

Net Asset Value	$	37.98


Investment in non-affiliated securities at cost	$	4,123,729,134

Investment in affiliated securities at cost	$	15,897,356

Value of securities loaned	$	95,318,577

Investment in DWS ESG Liquidity Fund at cost	$	11,534,644

Investment in DWS Government & Agency Securities Portfolio at cost*	$	31,927,979

Non-cash collateral for securities on loan	$	67,957,626

Foreign currency at cost	$	5,909,426

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		18

DBX ETF Trust

Statement of Operations

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


	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	48,184,085
Income distributions from affiliated funds		899,035
Affiliated securities lending income		328,762
Unaffiliated non-cash dividend income		3,026,823
Other Income		747,013

Total investment income**		53,185,718


Expenses
Investment advisory fees		7,152,177
Interest expense (see note 2):		603,470
Other expenses		63,612

Total expenses		7,819,259

Less fees waived (see note 3):
Waiver		(20,524	)

Net expenses		7,798,735

Net investment income (loss)		45,386,983


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(95,481,085	)
Investments in affiliates		(699,794	)
In-kind redemptions		8,623,454
In-kind redemptions in affiliates		(5,098	)
Futures contracts		(913,619	)
Foreign currency transactions		(1,313,746	)
Forward foreign currency contracts		373,178,098
Payments by Affiliates (see note 6)		3,701

Net realized gain (loss)		283,391,911

Net change in unrealized appreciation (depreciation) on:
Investments		(26,075,162	)
Investments in affiliates		535,316
Futures contracts		3,288,401
Foreign currency translations		(400,578	)
Forward foreign currency contracts		(180,445,910	)

Net change in unrealized appreciation (depreciation)		(203,097,933	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		80,293,978


Net Increase (Decrease) in Net Assets Resulting from Operations	$	125,680,961

* Unaffiliated foreign tax withheld	$	2,951,516

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


See Notes to Financial Statements.		19

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI EAFE Hedged Equity ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	45,386,983		$	123,933,141
Net realized gain (loss)		283,391,911			495,536,392
Net change in net unrealized appreciation (depreciation)		(203,097,933	)		(546,081,819	)

Net increase (decrease) in net assets resulting from operations		125,680,961			73,387,714

Distributions to Shareholders		(57,271,962	)		(95,706,043	)


Fund Shares Transactions
Proceeds from shares sold		84,317,506			369,115,706
Value of shares redeemed		(42,293,147	)		(61,152,615	)

Net increase (decrease) in net assets resulting from fund share transactions		42,024,359			307,963,091

Total net increase (decrease) in Net Assets		110,433,358			285,644,762

Net Assets
Beginning of period	$	4,240,644,332		$	3,954,999,570

End of period	$	4,351,077,690		$	4,240,644,332


Changes in Shares Outstanding
Shares outstanding, beginning of period		113,350,800			105,350,800
Shares sold		2,400,000			9,600,000
Shares redeemed		(1,200,000	)		(1,600,000	)

Shares outstanding, end of period		114,550,800			113,350,800


See Notes to Financial Statements.		20

DBX ETF Trust

Financial Highlights


Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	37.41		$	37.54		$	29.75		$	30.87		$	31.86		$	30.68

Income (loss) from investment operations:
Net investment income (loss)(a)		0.40	(b)		1.13			0.78			0.66			0.91			0.80
Net realized and unrealized gain (loss)		0.67			(0.37	)		7.82			(0.76	)		(1.00	)		1.33

Total from investment operations		1.07			0.76			8.60			(0.10	)		(0.09	)		2.13

Less distributions from:
Net investment income		(0.50	)		(0.89	)		(0.81	)		(1.02	)		(0.90	)		(0.95	)

Total distributions		(0.50	)		(0.89	)		(0.81	)		(1.02	)		(0.90	)		(0.95	)

Net Asset Value, end of period	$	37.98		$	37.41		$	37.54		$	29.75		$	30.87		$	31.86

Total Return (%)		2.98	**(c)		2.01	(c)		29.41	(c)		(0.56	)(c)		(0.14	)(c)		7.05

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4,351			4,241			3,955			3,831			4,715			6,140
Ratio of expenses before fee waiver (%)		0.38	*		0.35			0.35			0.36			0.36			0.35
Ratio of expenses after fee waiver (%)		0.38	*		0.35			0.35			0.36			0.36			0.35
Ratio of net investment income (loss) (%)		2.02	*(b)		2.97			2.35			2.10			2.93			2.57
Portfolio turnover rate (%)(d)		7	**		4			8			9			5			10

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

(b)

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		21

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2022, the Trust consists of thirty-eight investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust. The Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

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

The investment objective of the Fund is to track the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).

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

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

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

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

2. Significant Accounting Policies

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

As of May 31, 2022, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:


Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
$	4,175,094,404	$	72,220,872	$	647,547,578	$	(575,326,706	)

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

Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of November 30, 2022, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

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

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

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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


Remaining Contractual Maturity of the Agreements, as of November 30, 2022

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	31,927,979	$	—	$	11,995,170	$	55,962,456	$	99,885,605

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	99,885,605

Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2022, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

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

A summary of the open forward currency contracts as of November 30, 2022 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2022.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Futures Contracts The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2022, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of November 30, 2022 is included in a table following the Fund’s Schedule of Investments.

The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


	Asset Derivatives			Liability Derivatives

Equity contracts	Unrealized appreciation on futures contracts*	$	3,935,563	Unrealized depreciation on futures contracts*	$	—

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		42,919,018	Unrealized depreciation on forward foreign currency contracts		263,677,517


	Total	$	46,854,581	Total	$	263,677,517

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

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2022 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
	$	(913,619	)	$	373,178,098		$	372,264,479

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
	$	3,288,401		$	(180,445,910	)	$	(177,157,509	)

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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


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

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


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

	$	42,919,018	$	(42,919,018	)	$	—	$	—	$	263,677,517	$	(42,919,018	)	$	(195,900,000	)	$	24,858,499

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

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

3. Investment Advisory and Other Agreements

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

For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary advisory fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.

The Advisor for the Fund has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2022 through November 30, 2022, the Advisor waived $20,524 of expenses to the Fund.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

4. Investment Portfolio Transactions

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


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

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


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

5. Fund Share Transactions

As of November 30, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

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

7. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, which at times has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings Information

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

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

Discount & Premium Information

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

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

Copyright © 2023 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-049078-7 (1/23) DBX005409 (1/24)