DBX ETF Trust

November 30, 2021

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		30
Privacy Policy Notice		31

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, 2021.

An easing of restrictions as COVID-19 vaccines were rolled out in addition to central-bank fiscal and monetary policy support helped the global economic recovery. In the U.S., although growth contracted during the reporting period, the economy regained momentum, with the period ending with increasing personal consumption expenditure. Moreover, the unemployment rate declined and jobless claims plummeted. However, inflation increased due to rising prices of food, shelter, energy and other essentials. Giving a rising inflation environment, the Federal Reserve Board indicated tapering its quantitative easing program and hiking the interest rate sooner than expected. The Eurozone recovered amid growing demand and steady vaccination rates, although it faced headwinds from supply chain bottlenecks and inflation. Steep inflation and lower COVID-19 vaccination rates deterred growth in emerging markets.

The Eurozone’s manufacturing sector remained dull, while the services sector remained buoyant as unemployment rates declined gradually. The European Central Bank reiterated that the current spike in inflation is transitory but indicated that the very generous monetary policy will be reassessed at some point in the future. In France, the services sector recovered at the end of the period, coupled with an upswing in tourism and notable industrial growth, despite input-related issues and weaker demand. Germany’s economic recovery was the slowest in the Eurozone as business and consumer confidence continued to deteriorate during the period due to the materials shortages and inflated energy prices that hindered manufacturing activity. However, unemployment rates edged down significantly. The UK’s GDP¹ growth slowed as the period ended, owing to supply bottlenecks and fuel shortages . However, retail sales picked up swiftly at the start of the festive season. Concerning Brexit² negotiations, both the EU and Britain remained in a deadlock with regard to the Northern Ireland Protocol.

In Japan, soaring vaccination rates and an end to the state of emergency boosted industrial expansion as the period ended. After being elected prime minister, Fumio Kishida announced an economic stimulus package for the youth and ailing businesses in an effort to deliver a sense of security. China’s economy experienced a healthy rebound on a recovery in domestic demand, an easing of power shortages and a drop in raw material prices. Australia’s economy recovered on successful vaccination programs and relaxed COVID-19 related restrictions.

We believe the global economy is positioned for an uneven recovery, with countries recovering from the crisis facing novel difficulties. The emergence of new variants of the coronavirus continues to create uncertainty, particularly in emerging markets. Rising energy prices, a spike in inflation, and persistent supply constraints are impeding overall recovery. Monetary policy would play a vital role as global central banks attempt to balance economic recovery with an accommodative stance while keeping watch on possible hyperinflation.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

² Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

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, 2021 (13.1% of Net Assets)


Description	% of Net Assets
Nestle SA (Switzerland)		2.1%
ASML Holding NV (Netherlands)		1.9%
Roche Holding AG (Switzerland)		1.7%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.3%
Toyota Motor Corp. (Japan)		1.1%
Novo Nordisk A/S (Denmark)		1.1%
Novartis AG (Switzerland)		1.0%
AstraZeneca PLC (United Kingdom)		1.0%
Royal Dutch Shell PLC (Netherlands)		1.0%
Sony Group Corp. (Japan)		0.9%

Country Diversification* as of November 30, 2021


Japan			23.2%
United Kingdom			12.5%
France			11.1%
Switzerland			10.8%
Germany			8.7%
Australia			7.1%
Netherlands			6.4%
Sweden			3.7%
Hong Kong			2.8%
Denmark			2.7%
Spain			2.3%
Italy			2.0%
Other			6.7%

Total			100.0%

Sector Diversification* as of November 30, 2021


Financials			16.8%
Industrials			15.9%
Consumer Discretionary			12.8%
Health Care			12.7%
Consumer Staples			10.3%
Information Technology			9.8%
Materials			7.4%
Communication Services			4.8%
Utilities			3.4%
Energy			3.3%
Real Estate			2.8%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 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 resent six-month period the Fund limited these expenses; had it not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

Actual expenses

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

Hypothetical example for comparison purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the 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, 2021		Ending Account Value November 30, 2021		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,025.50		0.35	%	$	1.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78

(1) 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, 2021 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 96.8%
Australia — 6.9%
Afterpay Ltd.*		51,129	$	3,967,291
Ampol Ltd.		58,308		1,191,665
APA Group (a)		274,542		1,865,091
Aristocrat Leisure Ltd.		149,588		4,703,619
ASX Ltd.		44,721		2,882,852
Aurizon Holdings Ltd.		449,562		1,079,985
AusNet Services Ltd.		448,355		811,809
Australia & New Zealand Banking Group Ltd.		697,048		13,266,987
BHP Group Ltd. (b)		708,450		19,882,591
BHP Group PLC		518,407		14,247,605
BlueScope Steel Ltd.		112,615		1,587,089
Brambles Ltd.		336,622		2,402,011
Cochlear Ltd.		15,785		2,450,760
Coles Group Ltd.		322,712		4,145,417
Commonwealth Bank of Australia		431,129		28,637,052
Computershare Ltd.		148,966		2,027,176
Crown Resorts Ltd.*		104,714		822,592
CSL Ltd.		110,517		24,169,555
Dexus REIT		253,290		2,016,831
Domino’s Pizza Enterprises Ltd.		14,191		1,312,255
Endeavour Group Ltd.		341,348		1,666,811
Evolution Mining Ltd.		382,976		1,100,208
Fortescue Metals Group Ltd.		405,517		4,917,131
Goodman Group REIT		403,427		7,100,426
GPT Group REIT		453,392		1,703,267
IDP Education Ltd.		51,032		1,272,509
Insurance Australia Group Ltd.		592,426		1,870,838
Lendlease Corp. Ltd. (a)		153,715		1,170,269
Macquarie Group Ltd.		86,137		12,080,385
Magellan Financial Group Ltd.		29,644		700,728
Medibank Pvt Ltd.		635,492		1,562,887
Mirvac Group REIT		915,997		1,867,491
National Australia Bank Ltd.		790,461		15,383,015
Newcrest Mining Ltd.		204,164		3,437,616
Northern Star Resources Ltd.		249,088		1,676,190
Oil Search Ltd.		454,942		1,235,604
Orica Ltd.		108,036		1,090,511
Origin Energy Ltd.		424,039		1,450,927
Qantas Airways Ltd.*		226,558		817,200
QBE Insurance Group Ltd.		352,963		2,923,706
Ramsay Health Care Ltd.		45,211		2,153,520
REA Group Ltd.		12,282		1,421,761
Reece Ltd.		72,931		1,217,580
Rio Tinto Ltd.		88,458		5,895,859
Santos Ltd.		434,276		1,975,081
Scentre Group REIT		1,325,736		2,920,209
SEEK Ltd.		76,692		1,902,513
Sonic Healthcare Ltd.		110,454		3,362,077
South32 Ltd.		1,138,871		2,865,811
Stockland REIT		579,324		1,804,685
Suncorp Group Ltd.		309,053		2,383,738
Sydney Airport*(a)		370,349		2,191,228
Tabcorp Holdings Ltd.		524,628		1,862,427
Telstra Corp. Ltd.		1,017,417		2,951,833
Transurban Group (a)		744,910		7,253,588


	Number of Shares		Value
Australia (Continued)
Treasury Wine Estates Ltd.		166,761	$	1,438,395
Vicinity Centres REIT		852,476		1,030,031
Washington H Soul Pattinson & Co. Ltd.		50,484		1,118,493
Wesfarmers Ltd.		272,684		11,052,611
Westpac Banking Corp.		878,678		12,853,029
WiseTech Global Ltd.		35,096		1,312,705
Woodside Petroleum Ltd.		235,168		3,592,516
Woolworths Group Ltd.		308,821		8,986,244

(Cost $272,765,587)				282,043,886

Austria — 0.2%
Erste Group Bank AG		82,255		3,598,020
OMV AG		33,681		1,794,143
Raiffeisen Bank International AG		35,114		1,044,154
Verbund AG		16,338		1,713,926
voestalpine AG		30,329		1,027,757

(Cost $6,839,146)				9,178,000

Belgium — 0.8%
Ageas SA/NV		43,952		2,274,473
Anheuser-Busch InBev SA/NV		182,914		10,217,599
Elia Group SA/NV		6,406		798,429
Etablissements Franz Colruyt NV		13,202		618,959
Groupe Bruxelles Lambert SA		29,072		3,149,349
KBC Group NV		59,898		5,028,205
Proximus SADP (b)		34,239		622,064
Sofina SA		3,668		1,700,559
Solvay SA		17,954		2,014,174
UCB SA		30,401		3,314,695
Umicore SA		47,346		2,309,427

(Cost $39,958,152)				32,047,933

Chile — 0.1%
Antofagasta PLC (Cost $1,291,347)		97,263		1,785,099

Denmark — 2.6%
A.P. Moller — Maersk A/S, Class A		759		2,172,441
A.P. Moller — Maersk A/S, Class B		1,377		4,152,334
Ambu A/S, Class B (b)		37,845		1,072,250
Carlsberg A/S, Class B		24,664		3,836,238
Chr Hansen Holding A/S		25,239		1,877,780
Coloplast A/S, Class B		28,343		4,637,537
Danske Bank A/S		164,423		2,715,394
Demant A/S*		25,556		1,222,501
DSV A/S		50,195		10,930,260
Genmab A/S*		15,728		6,087,051
GN Store Nord AS		29,150		1,675,798
Novo Nordisk A/S, Class B		408,405		43,887,127
Novozymes A/S, Class B		49,299		3,737,005
Orsted A/S, 144A		45,352		5,842,412
Pandora A/S		23,982		2,976,814
ROCKWOOL International A/S, Class B		2,267		944,439
Tryg A/S		83,376		2,020,894
Vestas Wind Systems A/S		241,605		8,105,325

(Cost $63,250,863)				107,893,600


See Notes to Financial Statements.		4

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Finland — 1.2%
Elisa OYJ		32,871	$	1,974,297
Fortum OYJ		107,811		3,106,843
Kesko OYJ, Class B		66,121		2,080,163
Kone OYJ, Class B		81,804		5,403,156
Neste OYJ		101,697		4,817,527
Nokia OYJ*		1,292,337		7,202,889
Nordea Bank Abp		771,602		9,167,989
Orion OYJ, Class B		24,406		1,004,466
Sampo OYJ, Class A		120,522		5,930,722
Stora Enso OYJ, Class R		137,307		2,331,906
UPM-Kymmene OYJ		134,361		4,883,743
Wartsila OYJ Abp		114,872		1,600,446

(Cost $43,830,885)				49,504,147

France — 10.8%
Accor SA*		40,213		1,193,498
Aeroports de Paris*		7,042		823,391
Air Liquide SA		115,329		19,072,481
Airbus SE*		141,135		15,801,250
Alstom SA (b)		76,173		2,719,489
Amundi SA, 144A		16,035		1,335,711
Arkema SA		15,942		2,090,029
AXA SA		462,635		12,775,827
BioMerieux		9,435		1,339,670
BNP Paribas SA		269,513		16,835,469
Bollore SA		240,641		1,292,507
Bouygues SA		53,762		1,826,097
Bureau Veritas SA		72,644		2,303,502
Capgemini SE		38,421		8,893,306
Carrefour SA		147,841		2,451,285
Cie de Saint-Gobain		120,981		7,708,156
Cie Generale des Etablissements Michelin SCA		40,800		6,038,405
CNP Assurances		40,164		982,514
Covivio REIT		11,519		956,524
Credit Agricole SA		310,558		4,249,694
Danone SA		157,023		9,258,373
Dassault Aviation SA		5,998		568,675
Dassault Systemes SE		163,342		9,853,249
Edenred		57,263		2,566,508
Eiffage SA		20,495		1,911,072
Electricite de France SA		113,487		1,594,663
Engie SA		437,660		6,358,249
EssilorLuxottica SA		70,060		14,065,140
Eurazeo SE		8,490		696,623
Faurecia SE		7,779		333,213
Faurecia SE		20,220		869,104
Gecina SA REIT		11,112		1,504,694
Getlink SE		103,023		1,524,742
Hermes International		7,573		14,196,863
Ipsen SA		8,765		856,265
Kering SA		18,002		13,911,516
Klepierre SA REIT*		45,487		963,900
La Francaise des Jeux SAEM, 144A		22,862		1,060,447
Legrand SA		64,126		7,038,358
L’Oreal SA		61,046		27,519,841
LVMH Moet Hennessy Louis Vuitton SE		67,116		52,261,448


	Number of Shares		Value
France (Continued)
Orange SA (b)		480,803	$	5,185,603
Orpea SA		12,063		1,140,967
Pernod Ricard SA		50,240		11,537,886
Publicis Groupe SA		54,603		3,538,411
Remy Cointreau SA		5,079		1,192,340
Renault SA*		44,469		1,435,304
Safran SA		82,090		9,196,252
Sanofi		275,862		26,236,042
Sartorius Stedim Biotech		6,433		3,803,962
Schneider Electric SE		131,918		23,371,806
SEB SA		6,826		1,013,345
Societe Generale SA		194,305		6,069,855
Sodexo SA*		20,387		1,711,872
Suez SA		85,224		1,907,439
Teleperformance		14,096		5,798,224
Thales SA		25,799		2,120,668
TotalEnergies SE		610,199		28,103,218
Ubisoft Entertainment SA*		20,857		1,071,760
Unibail-Rodamco-Westfield REIT*		15,906		1,049,870
Unibail-Rodamco-Westfield CDI*		285,626		977,321
Valeo		56,144		1,626,207
Veolia Environnement SA		164,377		5,294,330
Vinci SA		132,217		12,544,598
Vivendi SE		190,143		2,425,965
Wendel SE		7,133		817,852
Worldline SA, 144A*		55,818		2,936,320

(Cost $345,699,326)				441,709,165

Germany — 8.0%
adidas AG		46,362		13,436,607
Allianz SE		100,551		21,944,885
BASF SE		220,560		14,477,943
Bayer AG		235,958		11,913,557
Bayerische Motoren Werke AG		80,057		7,715,563
Bechtle AG		19,534		1,412,952
Beiersdorf AG		24,522		2,453,435
Brenntag SE		37,064		3,181,997
Carl Zeiss Meditec AG		9,637		1,933,944
Commerzbank AG*		230,793		1,631,964
Continental AG*		26,992		2,898,923
Covestro AG, 144A		46,314		2,617,833
Daimler AG		208,668		19,641,992
Delivery Hero SE, 144A*(b)		38,847		5,185,439
Deutsche Bank AG*(c)		495,837		5,994,428
Deutsche Boerse AG		45,674		7,179,329
Deutsche Lufthansa AG*		197,627		1,201,555
Deutsche Post AG		241,787		14,305,576
Deutsche Telekom AG		821,536		14,523,409
E.ON SE		538,939		6,658,533
Evonik Industries AG		47,458		1,432,207
Fresenius Medical Care AG & Co. KGaA		48,270		2,889,337
Fresenius SE & Co. KGaA		100,417		3,814,510
GEA Group AG		38,332		1,944,518
Hannover Rueck SE		14,541		2,550,326
HeidelbergCement AG		36,069		2,419,173
HelloFresh SE*		39,256		3,980,111


See Notes to Financial Statements.		5

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Germany (Continued)
Henkel AG & Co. KGaA		22,860	$	1,699,419
Infineon Technologies AG		320,545		14,515,764
KION Group AG		16,918		1,830,413
Knorr-Bremse AG		16,827		1,674,769
LANXESS AG		18,784		1,092,415
LEG Immobilien SE		17,101		2,395,190
Merck KGaA		30,960		7,685,963
MTU Aero Engines AG		12,909		2,414,885
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		33,576		9,076,025
Nemetschek SE		13,342		1,691,665
Puma SE		26,172		3,168,519
Rational AG		1,210		1,117,295
RWE AG		154,475		5,982,745
SAP SE		253,537		32,543,377
Scout24 SE, 144A		20,812		1,383,130
Siemens AG		185,590		29,736,294
Siemens Energy AG*		95,822		2,547,267
Siemens Healthineers AG, 144A		66,632		4,860,495
Symrise AG		30,740		4,340,350
Telefonica Deutschland Holding AG		248,821		665,399
Uniper SE		27,968		1,218,626
United Internet AG		23,853		896,764
Volkswagen AG		7,521		2,101,686
Vonovia SE		131,445		7,304,521
Zalando SE, 144A*		54,976		5,004,076

(Cost $311,004,381)				326,287,098

Hong Kong — 2.8%
AIA Group Ltd.		2,934,306		30,874,559
BOC Hong Kong Holdings Ltd.		895,076		2,703,134
Budweiser Brewing Co. APAC Ltd., 144A		384,882		977,259
Chow Tai Fook Jewellery Group Ltd.		469,895		842,412
CK Asset Holdings Ltd.		495,579		2,834,422
CK Hutchison Holdings Ltd.		654,617		4,100,800
CK Infrastructure Holdings Ltd.		140,799		815,219
CLP Holdings Ltd.		398,736		3,906,570
ESR Cayman Ltd., 144A*		491,965		1,627,686
Futu Holdings Ltd., ADR*(b)		11,759		558,435
Galaxy Entertainment Group Ltd.*		536,931		2,936,664
Hang Lung Properties Ltd.		477,412		946,498
Hang Seng Bank Ltd.		179,460		3,175,876
Henderson Land Development Co. Ltd.		380,214		1,555,377
HK Electric Investments & HK Electric Investments Ltd. (a)		657,181		643,023
HKT Trust & HKT Ltd. (a)		879,446		1,193,196
Hong Kong & China Gas Co. Ltd.		2,705,744		4,038,838
Hong Kong Exchanges & Clearing Ltd.		293,356		16,176,337
Hongkong Land Holdings Ltd.		277,400		1,497,960
Jardine Matheson Holdings Ltd.		51,757		2,928,929
Link REIT		509,531		4,417,068
Melco Resorts & Entertainment Ltd., ADR*		44,793		437,180
MTR Corp. Ltd.		358,266		1,911,242
New World Development Co. Ltd.		360,615		1,424,332
Power Assets Holdings Ltd.		325,932		1,962,363


	Number of Shares		Value
Hong Kong (Continued)
Sino Land Co. Ltd.		738,656	$	882,826
SITC International Holdings Co. Ltd.		309,822		1,241,592
Sun Hung Kai Properties Ltd.		318,262		3,869,099
Swire Pacific Ltd., Class A		130,300		721,011
Swire Properties Ltd.		279,206		663,105
Techtronic Industries Co. Ltd.		327,762		6,762,876
WH Group Ltd., 144A		2,047,827		1,284,159
Wharf Real Estate Investment Co. Ltd.		401,983		2,036,205
Xinyi Glass Holdings Ltd.		441,430		1,076,686

(Cost $101,326,581)				113,022,938

Ireland — 1.0%
CRH PLC		189,318		9,215,167
DCC PLC		23,021		1,695,558
Experian PLC		221,735		9,967,507
Flutter Entertainment PLC*		39,998		5,432,070
James Hardie Industries PLC CDI		109,763		4,355,876
Kerry Group PLC, Class A		37,548		4,624,537
Kingspan Group PLC		35,926		4,164,006
Smurfit Kappa Group PLC		59,920		3,059,348

(Cost $28,051,338)				42,514,069

Israel — 0.7%
Azrieli Group Ltd.		10,247		935,964
Bank Hapoalim BM		280,224		2,739,162
Bank Leumi Le-Israel BM		357,951		3,463,731
Check Point Software Technologies Ltd.*		26,200		2,916,322
CyberArk Software Ltd.*		9,615		1,661,953
Elbit Systems Ltd.		6,061		886,858
Fiverr International Ltd.*		8,000		1,132,960
ICL Group Ltd.		169,972		1,489,436
Inmode Ltd.*		12,590		956,840
Israel Discount Bank Ltd., Class A*		276,215		1,697,452
Kornit Digital Ltd.*		11,077		1,715,938
Mizrahi Tefahot Bank Ltd.		32,100		1,186,456
Nice Ltd.*		15,112		4,310,249
Teva Pharmaceutical Industries Ltd., ADR*		263,662		2,175,211
Wix.com Ltd.*		13,368		2,042,630

(Cost $27,777,687)				29,311,162

Italy — 2.0%
Amplifon SpA		33,758		1,650,848
Assicurazioni Generali SpA (b)		261,339		5,254,901
Atlantia SpA*		114,981		2,103,352
Davide Campari-Milano NV		145,026		2,116,781
DiaSorin SpA		5,945		1,272,596
Enel SpA		1,983,056		15,083,942
Eni SpA		604,891		7,986,496
Ferrari NV		30,003		7,883,922
FinecoBank Banca Fineco SpA		143,157		2,514,870
Infrastrutture Wireless Italiane SpA, 144A		80,181		921,609
Intesa Sanpaolo SpA		3,943,503		9,461,212
Mediobanca Banca di Credito Finanziario SpA (b)		144,229		1,598,081
Moncler SpA		48,920		3,555,171


See Notes to Financial Statements.		6

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Italy (Continued)
Nexi SpA, 144A*		123,081	$	1,892,092
Poste Italiane SpA, 144A		119,330		1,507,601
Prysmian SpA		60,441		2,247,629
Recordati Industria Chimica e Farmaceutica SpA		24,923		1,567,022
Snam SpA		471,231		2,658,222
Telecom Italia SpA		2,251,965		1,174,819
Terna — Rete Elettrica Nazionale		327,350		2,441,326
UniCredit SpA		509,523		6,177,220

(Cost $76,893,147)				81,069,712

Japan — 22.5%
Advantest Corp.		47,900		4,233,388
Aeon Co. Ltd.		157,600		3,687,116
AGC, Inc.		45,500		2,234,043
Aisin Corp.		35,154		1,296,874
Ajinomoto Co., Inc.		117,447		3,539,983
ANA Holdings, Inc.*		46,900		929,204
Asahi Group Holdings Ltd.		109,565		4,065,251
Asahi Intecc Co. Ltd.		50,300		1,107,147
Asahi Kasei Corp.		293,000		2,777,454
Astellas Pharma, Inc.		445,932		7,020,268
Azbil Corp.		27,900		1,239,068
Bandai Namco Holdings, Inc.		48,200		3,768,243
Benefit One, Inc.		19,500		917,769
Bridgestone Corp.		138,076		5,625,160
Brother Industries Ltd.		56,900		983,612
Canon, Inc.		240,386		5,316,628
Capcom Co. Ltd.		42,900		1,073,686
Central Japan Railway Co.		34,854		4,810,213
Chiba Bank Ltd.		118,000		690,034
Chubu Electric Power Co., Inc.		148,900		1,509,616
Chugai Pharmaceutical Co. Ltd.		161,300		5,251,329
Concordia Financial Group Ltd.		255,615		933,950
Cosmos Pharmaceutical Corp. (b)		4,800		747,804
CyberAgent, Inc.		98,600		1,825,716
Dai Nippon Printing Co. Ltd.		59,700		1,406,477
Daifuku Co. Ltd.		24,821		1,996,044
Dai-ichi Life Holdings, Inc.		246,738		4,992,169
Daiichi Sankyo Co. Ltd.		419,693		10,487,220
Daikin Industries Ltd.		59,488		12,183,370
Daito Trust Construction Co. Ltd.		15,413		1,675,815
Daiwa House Industry Co. Ltd.		136,736		4,011,294
Daiwa House REIT Investment Corp. REIT		531		1,519,693
Daiwa Securities Group, Inc.		326,587		1,822,831
Denso Corp.		104,053		7,669,001
Dentsu Group, Inc.		55,500		1,772,504
Disco Corp.		6,900		1,990,003
East Japan Railway Co.		72,353		4,471,695
Eisai Co. Ltd.		57,752		3,511,563
ENEOS Holdings, Inc.		715,128		2,678,685
FANUC Corp.		46,117		9,075,708
Fast Retailing Co. Ltd.		14,217		8,477,249
Fuji Electric Co. Ltd.		34,500		1,812,978
FUJIFILM Holdings Corp.		86,254		6,815,008
Fujitsu Ltd.		47,302		7,865,184


	Number of Shares		Value
Japan (Continued)
GLP J REIT		1,121	$	1,788,086
GMO Payment Gateway, Inc.		10,000		1,347,370
Hakuhodo DY Holdings, Inc.		63,559		951,965
Hamamatsu Photonics KK		33,200		2,050,126
Hankyu Hanshin Holdings, Inc.		54,140		1,611,723
Hikari Tsushin, Inc.		5,000		728,093
Hino Motors Ltd.		79,900		667,276
Hirose Electric Co. Ltd.		7,366		1,241,406
Hitachi Construction Machinery Co. Ltd.		24,300		709,426
Hitachi Ltd.		237,101		14,028,677
Hitachi Metals Ltd.*		53,600		996,746
Honda Motor Co. Ltd.		389,799		10,693,738
Hoshizaki Corp.		12,700		968,496
Hoya Corp.		88,774		14,152,320
Hulic Co. Ltd.		74,100		705,371
Ibiden Co. Ltd.		24,700		1,544,911
Idemitsu Kosan Co. Ltd.		50,184		1,301,272
Iida Group Holdings Co. Ltd.		40,000		830,893
Inpex Corp.		251,317		2,083,284
Isuzu Motors Ltd.		140,700		1,906,953
Ito En Ltd.		12,000		708,099
ITOCHU Corp.		284,354		8,200,947
Itochu Techno-Solutions Corp.		24,300		794,342
Japan Airlines Co. Ltd.*		35,473		645,220
Japan Exchange Group, Inc.		121,878		2,651,373
Japan Metropolitan Fund Invest REIT		1,768		1,529,707
Japan Post Bank Co. Ltd.		97,458		800,115
Japan Post Holdings Co. Ltd.*		584,913		4,429,473
Japan Post Insurance Co. Ltd.		53,900		838,291
Japan Real Estate Investment Corp. REIT		303		1,755,784
Japan Tobacco, Inc.		287,041		5,773,324
JFE Holdings, Inc.		113,785		1,324,732
JSR Corp.		46,800		1,755,492
Kajima Corp.		106,500		1,178,675
Kakaku.com, Inc.		37,300		1,047,706
Kansai Electric Power Co., Inc.		178,967		1,626,037
Kansai Paint Co. Ltd.		42,400		956,518
Kao Corp.		113,904		5,831,490
KDDI Corp.		393,933		11,500,676
Keio Corp.		24,260		1,096,728
Keisei Electric Railway Co. Ltd.		30,828		848,189
Keyence Corp.		47,270		29,411,236
Kikkoman Corp.		35,982		2,756,705
Kintetsu Group Holdings Co. Ltd.*		38,440		1,108,634
Kirin Holdings Co. Ltd.		198,723		3,194,406
Kobayashi Pharmaceutical Co. Ltd.		11,200		883,832
Kobe Bussan Co. Ltd.		33,900		1,283,602
Koei Tecmo Holdings Co. Ltd.		14,300		601,553
Koito Manufacturing Co. Ltd.		25,000		1,444,243
Komatsu Ltd.		210,873		4,835,518
Konami Holdings Corp.		21,366		1,098,213
Kose Corp.		7,500		907,020
Kubota Corp.		246,281		5,161,584
Kurita Water Industries Ltd.		24,500		1,148,759
Kyocera Corp.		76,300		4,543,507


See Notes to Financial Statements.		7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Kyowa Kirin Co. Ltd.		64,500	$	1,808,864
Lasertec Corp.		18,400		4,841,934
Lawson, Inc.		12,600		617,543
Lion Corp.		53,600		763,919
Lixil Corp.		61,000		1,505,100
M3, Inc.		105,642		5,718,790
Makita Corp.		52,300		2,306,040
Marubeni Corp.		374,400		3,370,213
Mazda Motor Corp.*		134,900		1,095,574
McDonald’s Holdings Co. Japan Ltd.		22,722		1,015,138
Medipal Holdings Corp.		38,600		696,634
MEIJI Holdings Co. Ltd.		31,390		1,849,493
Mercari, Inc.*		24,100		1,469,005
MINEBEA MITSUMI, Inc.		87,420		2,320,166
MISUMI Group, Inc.		68,200		2,887,044
Mitsubishi Chemical Holdings Corp.		297,700		2,349,785
Mitsubishi Corp.		311,725		9,351,612
Mitsubishi Electric Corp.		437,979		5,519,539
Mitsubishi Estate Co. Ltd.		284,451		3,938,301
Mitsubishi Gas Chemical Co., Inc.		35,100		586,578
Mitsubishi HC Capital, Inc.		200,600		947,675
Mitsubishi Heavy Industries Ltd.		76,499		1,733,215
Mitsubishi UFJ Financial Group, Inc.		3,009,252		16,010,653
Mitsui & Co. Ltd.		382,260		8,647,223
Mitsui Chemicals, Inc.		41,600		1,120,644
Mitsui Fudosan Co. Ltd.		227,326		4,697,957
Miura Co. Ltd.		19,400		683,939
Mizuho Financial Group, Inc.		574,558		7,126,380
MonotaRO Co. Ltd.		61,400		1,225,447
MS&AD Insurance Group Holdings, Inc.		106,121		3,113,171
Murata Manufacturing Co. Ltd.		138,077		10,236,522
NEC Corp.		57,659		2,611,705
Nexon Co. Ltd.		113,245		2,258,188
NGK Insulators Ltd.		62,600		995,198
Nidec Corp.		107,146		12,322,714
Nihon M&A Center Holdings, Inc.		73,300		2,162,653
Nintendo Co. Ltd.		27,271		12,087,204
Nippon Building Fund, Inc. REIT		382		2,365,639
Nippon Express Co. Ltd.		17,900		1,024,576
Nippon Paint Holdings Co. Ltd. (b)		167,010		1,762,666
Nippon Prologis REIT, Inc. REIT (b)		545		1,781,550
Nippon Sanso Holdings Corp.		39,400		837,601
Nippon Shinyaku Co. Ltd.		11,500		854,603
Nippon Steel Corp.		204,909		3,080,841
Nippon Telegraph & Telephone Corp.		308,502		8,528,940
Nippon Yusen KK		38,900		2,546,645
Nissan Chemical Corp.		29,549		1,709,652
Nissan Motor Co. Ltd.*		561,442		2,795,910
Nisshin Seifun Group, Inc.		46,100		667,223
Nissin Foods Holdings Co. Ltd.		15,700		1,158,385
Nitori Holdings Co. Ltd.		18,501		2,951,060
Nitto Denko Corp.		36,324		2,538,679
Nomura Holdings, Inc.		729,254		3,079,983
Nomura Real Estate Holdings, Inc.		26,436		576,501
Nomura Real Estate Master Fund, Inc. REIT		1,014		1,447,867


	Number of Shares		Value
Japan (Continued)
Nomura Research Institute Ltd.		77,243	$	3,334,771
NTT Data Corp.		150,934		3,196,674
Obayashi Corp.		151,300		1,119,006
Obic Co. Ltd.		16,400		3,045,393
Odakyu Electric Railway Co. Ltd.		72,150		1,395,957
Oji Holdings Corp.		189,468		879,999
Olympus Corp.		278,716		6,260,538
Omron Corp.		44,792		4,345,064
Ono Pharmaceutical Co. Ltd.		90,506		2,006,129
Open House Co. Ltd.		20,000		1,139,470
Oracle Corp.		8,100		799,717
Oriental Land Co. Ltd.		48,100		7,591,489
ORIX Corp.		292,646		5,812,273
Orix JREIT, Inc. REIT		620		990,047
Osaka Gas Co. Ltd.		90,300		1,459,531
Otsuka Corp.		27,700		1,271,845
Otsuka Holdings Co. Ltd.		94,067		3,450,275
Pan Pacific International Holdings Corp.		99,872		1,710,552
Panasonic Corp.		527,085		5,793,808
Persol Holdings Co. Ltd.		40,900		1,186,818
Pola Orbis Holdings, Inc.		26,200		468,673
Rakuten Group, Inc.		199,086		2,044,843
Recruit Holdings Co. Ltd.		329,553		20,119,832
Renesas Electronics Corp.*		301,100		3,841,166
Resona Holdings, Inc.		487,925		1,793,972
Ricoh Co. Ltd.		157,500		1,397,554
Rinnai Corp.		7,900		749,219
Rohm Co. Ltd.		20,900		1,965,471
Ryohin Keikaku Co. Ltd.		61,200		993,515
Santen Pharmaceutical Co. Ltd.		79,551		1,058,475
SBI Holdings, Inc.		59,425		1,537,211
SCSK Corp.		37,500		714,933
Secom Co. Ltd.		51,100		3,464,683
Seiko Epson Corp.		67,559		1,093,758
Sekisui Chemical Co. Ltd.		86,000		1,403,724
Sekisui House Ltd.		144,351		2,822,274
Seven & i Holdings Co. Ltd.		184,776		7,444,331
SG Holdings Co. Ltd.		75,100		1,667,634
Sharp Corp.		53,373		599,670
Shimadzu Corp.		56,300		2,395,745
Shimano, Inc.		17,694		4,915,217
Shimizu Corp.		132,200		838,567
Shin-Etsu Chemical Co. Ltd.		85,004		14,288,282
Shionogi & Co. Ltd.		63,395		4,443,567
Shiseido Co. Ltd.		96,057		5,526,241
Shizuoka Bank Ltd.		102,700		726,854
SMC Corp.		13,982		8,986,529
SoftBank Corp.		688,300		9,514,476
SoftBank Group Corp.		288,628		15,397,238
Sohgo Security Services Co. Ltd.		15,200		650,843
Sompo Holdings, Inc.		78,135		3,230,884
Sony Group Corp.		305,816		37,403,514
Square Enix Holdings Co. Ltd.		20,200		1,059,725
Stanley Electric Co. Ltd.		32,500		848,764
Subaru Corp.		149,234		2,828,627
SUMCO Corp.		80,000		1,760,871


See Notes to Financial Statements.		8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Sumitomo Chemical Co. Ltd.		348,922	$	1,617,509
Sumitomo Corp.		278,076		3,803,295
Sumitomo Dainippon Pharma Co. Ltd.		38,700		473,158
Sumitomo Electric Industries Ltd.		176,900		2,331,070
Sumitomo Metal Mining Co. Ltd.		60,000		2,246,915
Sumitomo Mitsui Financial Group, Inc.		317,415		10,398,441
Sumitomo Mitsui Trust Holdings, Inc.		81,681		2,572,516
Sumitomo Realty & Development Co. Ltd.		74,203		2,323,213
Suntory Beverage & Food Ltd.		30,700		1,087,747
Suzuki Motor Corp.		88,426		3,586,794
Sysmex Corp.		40,707		5,099,404
T&D Holdings, Inc.		127,400		1,512,547
Taisei Corp.		46,115		1,350,384
Taisho Pharmaceutical Holdings Co. Ltd.		8,234		406,473
Takeda Pharmaceutical Co. Ltd.		378,611		10,152,342
TDK Corp.		95,872		3,816,729
Terumo Corp.		154,444		6,323,412
TIS, Inc.		52,100		1,617,826
Tobu Railway Co. Ltd.		43,879		995,706
Toho Co. Ltd.		24,500		1,094,572
Tokio Marine Holdings, Inc.		150,150		7,582,220
Tokyo Century Corp.		7,100		340,443
Tokyo Electric Power Co. Holdings, Inc.*		346,700		929,359
Tokyo Electron Ltd.		35,964		19,039,110
Tokyo Gas Co. Ltd.		91,180		1,568,940
Tokyu Corp.		120,810		1,679,060
TOPPAN, Inc.		63,589		969,291
Toray Industries, Inc.		326,043		1,906,040
Toshiba Corp.		96,216		3,853,407
Tosoh Corp.		63,240		912,500
TOTO Ltd.		35,615		1,584,849
Toyo Suisan Kaisha Ltd.		23,400		952,271
Toyota Industries Corp.		35,600		2,935,303
Toyota Motor Corp.		2,569,820		45,492,191
Toyota Tsusho Corp.		50,711		2,222,966
Trend Micro, Inc.		36,776		2,131,046
Tsuruha Holdings, Inc.		8,500		962,534
Unicharm Corp.		97,100		4,198,919
USS Co. Ltd.		48,700		717,779
Welcia Holdings Co. Ltd.		23,600		840,359
West Japan Railway Co.		50,406		2,184,178
Yakult Honsha Co. Ltd.		31,179		1,563,984
Yamaha Corp.		32,581		1,677,546
Yamaha Motor Co. Ltd.		73,574		1,860,911
Yamato Holdings Co. Ltd.		70,471		1,561,104
Yaskawa Electric Corp.		55,820		2,513,591
Yokogawa Electric Corp.		56,844		1,073,667
Z Holdings Corp.		642,500		4,274,428
ZOZO, Inc.		30,597		978,530

(Cost $754,617,648)				925,600,807

Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $1,358,159)		42,499		1,251,953


	Number of Shares		Value
Luxembourg — 0.3%
ArcelorMittal SA		171,417	$	4,652,091
Aroundtown SA		250,334		1,504,691
Eurofins Scientific SE		31,893		4,085,025
Tenaris SA		113,711		1,117,049

(Cost $9,847,915)				11,358,856

Macau — 0.0%
Sands China Ltd.* (Cost $2,759,208)		621,772		1,428,848

Netherlands — 6.2%
ABN AMRO Bank NV, 144A		102,246		1,461,061
Adyen NV, 144A*		4,890		13,573,228
Aegon NV		437,942		1,942,478
Akzo Nobel NV		45,640		4,809,572
Argenx SE*		10,838		3,035,971
ASM International NV		11,207		5,043,275
ASML Holding NV		100,278		79,562,247
Euronext NV, 144A		21,188		2,086,947
EXOR NV		25,243		2,224,403
Heineken Holding NV		27,348		2,281,181
Heineken NV		62,175		6,200,887
IMCD NV		13,441		2,989,240
ING Groep NV		936,249		12,962,461
JDE Peet’s NV		22,386		611,850
Just Eat Takeaway.com NV, 144A*		41,622		2,605,163
Koninklijke Ahold Delhaize NV		253,507		8,524,447
Koninklijke DSM NV		43,700		9,423,871
Koninklijke KPN NV		816,424		2,408,284
Koninklijke Philips NV		219,194		7,754,704
NN Group NV		69,943		3,485,426
Prosus NV*		225,893		18,168,668
QIAGEN NV*		53,649		2,981,325
Randstad NV		27,344		1,727,924
Royal Dutch Shell PLC, Class A		997,118		20,912,879
Royal Dutch Shell PLC, Class B		891,214		18,696,462
Stellantis NV		504,901		8,669,293
Universal Music Group NV		170,719		4,900,333
Wolters Kluwer NV		63,797		7,181,681

(Cost $186,735,093)				256,225,261

New Zealand — 0.3%
Auckland International Airport Ltd.*		285,779		1,540,849
Fisher & Paykel Healthcare Corp. Ltd.		133,131		3,028,428
Mercury NZ Ltd.		165,495		679,961
Meridian Energy Ltd.		307,199		995,901
Ryman Healthcare Ltd.		97,245		816,348
Spark New Zealand Ltd.		420,792		1,321,077
Xero Ltd.*		32,289		3,333,815

(Cost $8,326,792)				11,716,379

Norway — 0.6%
Adevinta ASA*		65,734		941,907
Aker BP ASA		33,757		1,068,932
DNB Bank ASA		218,509		4,788,351
Equinor ASA		234,028		5,917,619
Gjensidige Forsikring ASA		44,696		1,015,037
Mowi ASA		101,681		2,318,150


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Norway (Continued)
Norsk Hydro ASA		326,616	$	2,126,992
Orkla ASA		175,803		1,609,810
Schibsted ASA, Class A		19,115		854,459
Schibsted ASA, Class B		22,244		859,308
Telenor ASA		170,421		2,522,055
Yara International ASA		42,599		2,098,735

(Cost $24,005,721)				26,121,355

Poland — 0.0%
InPost SA* (Cost $832,585)		45,009		502,025

Portugal — 0.2%
EDP — Energias de Portugal SA		710,800		3,896,778
Galp Energia SGPS SA		116,812		1,095,316
Jeronimo Martins SGPS SA		61,139		1,332,325

(Cost $5,565,791)				6,324,419

Singapore — 1.2%
Ascendas Real Estate Investment Trust REIT		748,299		1,601,285
CapitaLand Integrated Commercial Trust REIT		1,157,134		1,789,273
Capitaland Investment Ltd.*		597,900		1,472,239
City Developments Ltd.		104,600		538,120
DBS Group Holdings Ltd.		435,987		9,543,756
Genting Singapore Ltd.		1,351,978		762,906
Keppel Corp. Ltd.		346,800		1,296,164
Mapletree Commercial Trust REIT		545,000		814,774
Mapletree Logistics Trust REIT		621,674		847,396
Oversea-Chinese Banking Corp. Ltd.		802,887		6,460,518
Sea Ltd., ADR*		33,658		9,695,860
Singapore Airlines Ltd.*		364,050		1,299,273
Singapore Exchange Ltd.		196,200		1,283,988
Singapore Technologies Engineering Ltd.		363,300		1,014,380
Singapore Telecommunications Ltd.		1,996,489		3,452,943
United Overseas Bank Ltd.		286,354		5,344,939
UOL Group Ltd.		87,881		443,092
Venture Corp. Ltd.		60,000		813,895
Wilmar International Ltd.		450,366		1,356,494

(Cost $51,089,878)				49,831,295

Spain — 2.2%
ACS Actividades de Construccion y Servicios SA		60,621		1,458,194
Aena SME SA, 144A*		17,583		2,582,345
Amadeus IT Group SA*		107,215		6,867,550
Banco Bilbao Vizcaya Argentaria SA		1,599,645		8,531,080
Banco Santander SA		4,258,445		13,281,139
CaixaBank SA		1,064,807		2,746,078
Cellnex Telecom SA, 144A*		122,612		7,236,388
EDP Renovaveis SA		68,225		1,750,200
Enagas SA		65,372		1,489,441
Endesa SA		73,513		1,653,666
Ferrovial SA (b)		117,401		3,270,030
Grifols SA (b)		71,183		1,277,935
Iberdrola SA		1,395,983		15,679,866


	Number of Shares		Value
Spain (Continued)
Industria de Diseno Textil SA		267,337	$	8,446,791
Naturgy Energy Group SA		46,420		1,279,272
Red Electrica Corp. SA		99,778		2,120,021
Repsol SA		340,275		3,778,406
Siemens Gamesa Renewable Energy SA*		55,583		1,483,254
Telefonica SA (b)		1,224,888		5,551,723

(Cost $121,146,462)				90,483,379

Sweden — 3.6%
Alfa Laval AB		75,408		2,928,328
Assa Abloy AB, Class B (b)		241,016		6,784,966
Atlas Copco AB, Class A		161,872		9,964,945
Atlas Copco AB, Class B		91,565		4,783,663
Boliden AB		66,844		2,310,309
Electrolux AB, Class B (b)		53,855		1,209,654
Embracer Group AB*		128,944		1,396,351
Epiroc AB, Class A		153,615		3,738,354
Epiroc AB, Class B		97,365		1,966,632
EQT AB		69,019		4,088,087
Essity AB, Class B		147,374		4,714,399
Evolution AB, 144A		40,086		4,227,582
Fastighets AB Balder, Class B*		25,691		1,929,212
Getinge AB, Class B		57,626		2,421,884
H & M Hennes & Mauritz AB, Class B (b)		173,328		3,076,089
Hexagon AB, Class B		471,309		6,900,648
Husqvarna AB, Class B		97,968		1,383,864
ICA Gruppen AB		26,664		1,579,344
Industrivarden AB, Class A		30,242		901,675
Industrivarden AB, Class C		37,710		1,116,388
Investment AB Latour, Class B		36,698		1,388,870
Investor AB, Class A		125,000		3,019,799
Investor AB, Class B		443,587		10,330,108
Kinnevik AB, Class B*		58,262		2,085,102
L E Lundbergforetagen AB, Class B		19,014		1,046,292
Lifco AB, Class B		57,787		1,572,309
Lundin Energy AB		45,647		1,617,682
Nibe Industrier AB, Class B		340,830		4,876,831
Sagax AB, Class B		41,388		1,621,457
Sandvik AB		270,797		6,740,264
Securitas AB, Class B		72,353		1,048,117
Sinch AB, 144A*		120,878		1,624,355
Skandinaviska Enskilda Banken AB, Class A		384,388		5,615,207
Skanska AB, Class B		82,442		1,906,623
SKF AB, Class B		99,284		2,282,910
Svenska Cellulosa AB SCA, Class B		141,003		2,306,127
Svenska Handelsbanken AB, Class A		355,371		3,777,800
Swedbank AB, Class A		226,254		4,576,025
Swedish Match AB		366,374		2,676,434
Tele2 AB, Class B (b)		120,355		1,723,457
Telefonaktiebolaget LM Ericsson, Class B		699,164		7,069,579
Telia Co. AB		664,907		2,574,666
Volvo AB, Class A		46,427		1,017,578


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
Sweden (Continued)
Volvo AB, Class B		345,128	$	7,480,995

(Cost $113,473,522)				147,400,961

Switzerland — 10.5%
ABB Ltd.		403,201		14,005,860
Adecco Group AG		35,651		1,662,069
Alcon, Inc.		122,557		9,707,908
Bachem Holding AG		1,500		1,084,908
Baloise Holding AG		10,702		1,604,047
Barry Callebaut AG		917		2,177,507
Chocoladefabriken Lindt & Spruengli AG		26		3,211,590
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		247		3,042,939
Cie Financiere Richemont SA		126,064		18,771,253
Clariant AG*		45,868		901,822
Coca-Cola HBC AG*		46,386		1,432,467
Credit Suisse Group AG		645,564		6,266,833
EMS-Chemie Holding AG		1,827		1,745,307
Geberit AG		8,866		6,796,896
Givaudan SA		2,272		11,136,648
Glencore PLC*		2,395,945		11,378,952
Holcim Ltd.*		125,891		6,095,371
Julius Baer Group Ltd.		54,231		3,381,278
Kuehne + Nagel International AG		12,883		3,700,503
Logitech International SA		42,349		3,360,981
Lonza Group AG		17,801		14,406,779
Nestle SA		682,611		87,738,247
Novartis AG		532,030		42,560,082
Partners Group Holding AG		5,641		9,769,827
Roche Holding AG		170,367		66,741,998
Roche Holding AG		7,730		3,216,448
Schindler Holding AG		5,087		1,267,802
Schindler Holding AG Participation Certificates		10,038		2,591,369
SGS SA		1,437		4,346,767
Sika AG		33,924		13,328,671
Sonova Holding AG		13,586		5,127,770
STMicroelectronics NV		162,779		7,961,210
Straumann Holding AG		2,473		5,271,675
Swatch Group AG — Bearer		6,544		1,934,580
Swatch Group AG — Registered		13,006		744,475
Swiss Life Holding AG		7,625		4,400,332
Swiss Prime Site AG		20,621		1,958,664
Swiss Re AG		72,385		6,815,489
Swisscom AG		6,298		3,501,442
Temenos AG		16,176		2,076,512
UBS Group AG		876,487		15,218,346
VAT Group AG, 144A		6,347		3,062,710
Vifor Pharma AG		12,145		1,365,246
Zurich Insurance Group AG		35,934		14,838,603

(Cost $325,993,516)				431,710,183

United Kingdom — 12.1%
3i Group PLC		229,913		4,241,071
abrdn PLC		527,959		1,638,138
Admiral Group PLC		45,968		1,807,767


	Number of Shares		Value
United Kingdom (Continued)
Anglo American PLC		310,412	$	11,443,722
Ashtead Group PLC		107,216		8,618,261
Associated British Foods PLC		82,478		2,109,371
AstraZeneca PLC		375,401		41,319,161
Auto Trader Group PLC, 144A		222,014		2,163,131
AVEVA Group PLC		27,561		1,175,519
Aviva PLC		930,291		4,763,379
BAE Systems PLC		773,728		5,641,089
Barclays PLC		4,110,512		10,070,900
Barratt Developments PLC		251,287		2,330,706
Berkeley Group Holdings PLC		27,425		1,562,542
BP PLC		4,848,232		20,984,724
British American Tobacco PLC		530,597		17,853,398
British Land Co. PLC REIT		199,903		1,352,702
BT Group PLC*		2,137,719		4,509,095
Bunzl PLC		81,192		3,096,906
Burberry Group PLC		93,846		2,193,546
CNH Industrial NV		244,632		4,065,844
Coca-Cola Europacific Partners PLC		48,637		2,401,209
Compass Group PLC*		429,235		8,348,849
Croda International PLC		33,673		4,529,844
Diageo PLC		570,589		28,832,708
Entain PLC*		135,746		3,013,138
Evraz PLC		123,780		948,219
Ferguson PLC		53,256		8,120,414
GlaxoSmithKline PLC		1,219,977		24,743,269
Halma PLC		90,977		3,631,058
Hargreaves Lansdown PLC		85,258		1,516,010
HSBC Holdings PLC		4,954,681		27,632,993
Imperial Brands PLC		223,263		4,578,642
Informa PLC*		350,314		2,175,755
InterContinental Hotels Group PLC*		45,915		2,716,768
Intertek Group PLC		40,382		2,867,904
J Sainsbury PLC		399,659		1,470,203
JD Sports Fashion PLC		695,910		2,062,998
Johnson Matthey PLC		44,301		1,234,924
Kingfisher PLC		487,260		2,052,965
Land Securities Group PLC REIT		162,380		1,570,010
Legal & General Group PLC		1,431,152		5,365,577
Lloyds Banking Group PLC		16,945,020		10,546,868
London Stock Exchange Group PLC		78,807		6,814,709
M&G PLC		599,074		1,489,105
Melrose Industries PLC		1,012,420		1,952,380
Mondi PLC		117,555		2,688,307
National Grid PLC		882,315		11,811,802
NatWest Group PLC		1,419,959		4,014,899
Next PLC		32,373		3,384,945
Ocado Group PLC*		116,970		2,793,158
Pearson PLC		189,387		1,494,125
Persimmon PLC		79,073		2,878,317
Phoenix Group Holdings PLC		151,406		1,289,123
Prudential PLC		626,236		10,627,333
Reckitt Benckiser Group PLC		170,973		13,893,265
RELX PLC		474,195		14,738,431
Rentokil Initial PLC		447,645		3,653,042
Rio Tinto PLC		274,181		16,817,531
Rolls-Royce Holdings PLC*		2,006,606		3,269,142


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


	Number of Shares		Value
United Kingdom (Continued)
Sage Group PLC		278,717	$	2,860,908
Schroders PLC		28,709		1,311,918
Segro PLC REIT		290,865		5,450,521
Severn Trent PLC		59,896		2,298,951
Smith & Nephew PLC		211,624		3,426,648
Smiths Group PLC		96,797		1,856,362
Spirax-Sarco Engineering PLC		17,698		3,678,907
SSE PLC		249,647		5,152,923
St James’s Place PLC		127,589		2,627,605
Standard Chartered PLC		624,959		3,459,308
Taylor Wimpey PLC		892,262		1,873,743
Tesco PLC		1,902,087		7,000,895
Unilever PLC		627,340		32,196,847
United Utilities Group PLC		158,103		2,280,370
Vodafone Group PLC (b)		6,713,227		9,762,161
Whitbread PLC*		46,681		1,740,199
WPP PLC		283,143		3,923,820

(Cost $552,568,242)				497,812,997

TOTAL COMMON STOCKS (Cost $3,477,008,972)				3,974,135,527

PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		12,897		1,015,079
FUCHS PETROLUB SE		16,232		728,985
Henkel AG & Co. KGaA		43,480		3,436,955
Porsche Automobil Holding SE		36,031		3,031,201
Sartorius AG		6,567		4,520,717
Volkswagen AG		44,770		8,208,074

(Cost $22,802,566)				20,941,011

TOTAL PREFERRED STOCKS (Cost $22,802,566)				20,941,011


	Number of Shares		Value
RIGHTS — 0.0%
Germany — 0.0%
Vonovia SE* , expires 1/7/22 (Cost $0)		131,445	$	463,613

Singapore — 0.0%
Mapletree Industrial Trust* , expires 12/21/21 (Cost $0)		23,001		337

TOTAL RIGHTS (Cost $0)				463,950

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		255,836		278,673

SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $14,611,184)		14,611,184		14,611,184

CASH EQUIVALENTS — 3.5%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (d)		11,376,638		11,374,362
DWS Government Money Market Series “Institutional Shares”, 0.04% (d)		134,552,933		134,552,933

TOTAL CASH EQUIVALENTS (Cost $145,929,571)				145,927,295


TOTAL INVESTMENTS — 101.2% (Cost $3,660,352,293)			$	4,156,357,640
Other assets and liabilities, net — (1.2%)				(48,947,070	)

NET ASSETS — 100.0%			$	4,107,410,570

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


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG*(c)
		6,993,425		386,440		(44,789	)		607		(1,341,255	)		—		—		495,837		5,994,428
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e)
		92,121,583		—		(77,510,399	)(f)		—		—			1,915		—		14,611,184		14,611,184
CASH EQUIVALENTS — 3.5%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (d)
		11,370,965		4,535		—			—		(1,138	)		4,609		—		11,376,638		11,374,362
DWS Government Money Market Series “Institutional Shares”, 0.04% (d)
		37,987,992		839,045,458		(742,480,517	)		—		—			14,645		—		134,552,933		134,552,933

		148,473,965		839,436,433		(820,035,705	)		607		(1,342,393	)		21,169		—		161,036,592		166,532,907


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2021 amounted to $52,181,091, which is 1.3% 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 $41,141,776.

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

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interest

REIT:

Real Estate Investment Trust

144A:

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

Securities are listed in country of domicile.

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


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures	EUR	72	$	13,182,909	$	12,691,511		12/17/2021	$	(491,398	)
CAC40 10 EURO Futures	EUR	218		17,187,513		16,604,231		12/17/2021		(583,282	)
DAX Index Futures	EUR	30		13,139,746		12,880,264		12/17/2021		(259,482	)
FTSE/MIB Index Futures	EUR	4		584,926		585,241		12/17/2021		315
FTSE 100 Index Futures	GBP	168		15,756,243		15,817,850		12/17/2021		61,607
IBEX 35 Index Futures	EUR	50		4,940,624		4,725,457		12/17/2021		(215,167	)
MSCI EAFE Futures	USD	50		5,921,750		5,588,750		12/17/2021		(333,000	)
OMXS30 Index Futures	SEK	300		7,720,009		7,463,812		12/17/2021		(256,197	)
SPI 200 Futures	AUD	79		10,294,012		10,180,376		12/16/2021		(113,636	)
SWISS MKT IX Futures	CHF	100		13,122,907		13,287,947		12/17/2021		165,040
TOPIX Index Futures	JPY	174		30,672,183		29,186,005		12/09/2021		(1,486,178	)

Total net unrealized depreciation									$	(3,511,378	)

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


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	12/3/2021	AUD	2,195,700	USD	1,631,838	$	66,552	$	—
Citigroup Global Markets	12/3/2021	AUD	129,796,542	USD	97,474,607		4,944,363		—
JP Morgan & Chase Co.	12/3/2021	AUD	14,304,000	USD	10,744,052		546,919		—
JP Morgan & Chase Co.	12/3/2021	AUD	121,422,000	USD	91,200,732		4,640,589		—
RBC Capital Markets	12/3/2021	AUD	3,659,600	USD	2,645,690		36,809		—
RBC Capital Markets	12/3/2021	AUD	126,051,800	USD	94,685,700		4,825,034		—
Citigroup Global Markets	12/3/2021	CHF	16,533,000	USD	18,106,966		95,450		—
Citigroup Global Markets	12/3/2021	CHF	115,522,100	USD	126,519,144		666,110		—
JP Morgan & Chase Co.	12/3/2021	CHF	122,776,900	USD	134,468,094		711,476		—
RBC Capital Markets	12/3/2021	CHF	3,504,700	USD	3,755,733		—		(62,386	)
RBC Capital Markets	12/3/2021	CHF	2,102,800	USD	2,301,457		10,608		—
RBC Capital Markets	12/3/2021	CHF	120,169,100	USD	131,611,971		696,365		—
Citigroup Global Markets	12/3/2021	DKK	232,498,900	USD	36,188,993		730,523		—
JP Morgan & Chase Co.	12/3/2021	DKK	215,090,200	USD	33,479,289		675,824		—
JP Morgan & Chase Co.	12/3/2021	DKK	43,875,000	USD	6,829,323		137,935		—
RBC Capital Markets	12/3/2021	DKK	228,239,200	USD	35,526,680		717,857		—
RBC Capital Markets	12/3/2021	DKK	6,726,200	USD	1,017,695		—		(8,119	)
RBC Capital Markets	12/3/2021	DKK	4,035,700	USD	628,563		13,077		—
Citigroup Global Markets	12/3/2021	EUR	384,286,700	USD	444,955,963		9,072,980		—
Citigroup Global Markets	12/3/2021	EUR	35,663,000	USD	41,293,510		842,215		—


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/3/2021	EUR	384,016,000	USD	444,655,199	$	9,079,262	$	—
RBC Capital Markets	12/3/2021	EUR	11,083,000	USD	12,470,315		—		(100,745	)
RBC Capital Markets	12/3/2021	EUR	6,649,800	USD	7,705,196		162,561		—
RBC Capital Markets	12/3/2021	EUR	381,918,400	USD	442,234,009		9,037,307		—
Citigroup Global Markets	12/3/2021	GBP	2,450,900	USD	3,336,645		76,790		—
Citigroup Global Markets	12/3/2021	GBP	143,063,500	USD	196,100,430		5,816,763		—
JP Morgan & Chase Co.	12/3/2021	GBP	145,626,100	USD	199,616,831		5,924,741		—
RBC Capital Markets	12/3/2021	GBP	4,084,900	USD	5,466,381		33,200		—
RBC Capital Markets	12/3/2021	GBP	9,477,000	USD	12,990,418		385,397		—
RBC Capital Markets	12/3/2021	GBP	138,919,000	USD	190,423,497		5,652,282		—
Citigroup Global Markets	12/3/2021	HKD	287,096,200	USD	36,908,704		91,993		—
JP Morgan & Chase Co.	12/3/2021	HKD	276,398,100	USD	35,533,827		89,022		—
JP Morgan & Chase Co.	12/3/2021	HKD	4,897,400	USD	629,388		1,355		—
RBC Capital Markets	12/3/2021	HKD	8,162,300	USD	1,047,170		451		—
RBC Capital Markets	12/3/2021	HKD	309,868,700	USD	39,836,818		99,802		—
Citigroup Global Markets	12/3/2021	ILS	268,500	USD	85,732		532		—
Citigroup Global Markets	12/3/2021	ILS	14,959,300	USD	4,739,070		—		(7,776	)
JP Morgan & Chase Co.	12/3/2021	ILS	18,492,800	USD	5,858,530		—		(9,557	)
RBC Capital Markets	12/3/2021	ILS	447,600	USD	142,642		611		—
RBC Capital Markets	12/3/2021	ILS	14,437,700	USD	4,573,959		—		(7,374	)
Citigroup Global Markets	12/3/2021	JPY	33,401,197,100	USD	292,974,967		—		(2,541,489	)
Citigroup Global Markets	12/3/2021	JPY	602,275,200	USD	5,285,834		—		(42,785	)
JP Morgan & Chase Co.	12/3/2021	JPY	34,150,618,000	USD	299,555,263		—		(2,591,681	)
RBC Capital Markets	12/3/2021	JPY	41,609,008,700	USD	364,982,020		—		(3,152,894	)
RBC Capital Markets	12/3/2021	JPY	1,003,791,900	USD	8,716,309		—		(164,721	)
Citigroup Global Markets	12/3/2021	NOK	74,002,800	USD	8,746,084		564,163		—
JP Morgan & Chase Co.	12/3/2021	NOK	53,741,200	USD	6,351,449		409,698		—
JP Morgan & Chase Co.	12/3/2021	NOK	1,271,500	USD	149,115		8,535		—
RBC Capital Markets	12/3/2021	NOK	2,119,100	USD	238,038		3,746		—
RBC Capital Markets	12/3/2021	NOK	99,004,600	USD	11,700,943		754,765		—
Citigroup Global Markets	12/3/2021	NZD	5,150,500	USD	3,684,292		169,176		—
JP Morgan & Chase Co.	12/3/2021	NZD	75,400	USD	53,591		2,132		—
JP Morgan & Chase Co.	12/3/2021	NZD	3,078,400	USD	2,202,103		101,155		—
RBC Capital Markets	12/3/2021	NZD	125,700	USD	87,403		1,615		—
RBC Capital Markets	12/3/2021	NZD	5,217,900	USD	3,732,578		171,463		—
Citigroup Global Markets	12/3/2021	SEK	440,499,700	USD	51,299,634		2,431,553		—
Citigroup Global Markets	12/3/2021	SEK	7,536,000	USD	879,394		43,366		—
JP Morgan & Chase Co.	12/3/2021	SEK	445,918,700	USD	51,932,243		2,462,990		—
RBC Capital Markets	12/3/2021	SEK	402,251,000	USD	46,847,020		2,222,167		—
RBC Capital Markets	12/3/2021	SEK	55,252,000	USD	6,434,596		305,059		—
RBC Capital Markets	12/3/2021	SEK	12,560,000	USD	1,388,188		—		(5,192	)
Citigroup Global Markets	12/3/2021	SGD	22,053,500	USD	16,351,430		189,904		—
JP Morgan & Chase Co.	12/3/2021	SGD	308,100	USD	228,348		2,562		—
JP Morgan & Chase Co.	12/3/2021	SGD	16,300,000	USD	12,085,761		140,589		—
RBC Capital Markets	12/3/2021	SGD	16,593,600	USD	12,303,490		143,158		—
RBC Capital Markets	12/3/2021	SGD	513,500	USD	375,951		—		(358	)
Goldman Sachs & Co.	12/3/2021	USD	93,503,700	AUD	131,992,242		591,829		—
JP Morgan & Chase Co.	12/3/2021	USD	96,236,927	AUD	135,726,000		520,349		—
RBC Capital Markets	12/3/2021	USD	91,972,387	AUD	129,711,400		497,160		—
Goldman Sachs & Co.	12/3/2021	USD	142,704,109	CHF	132,055,100		1,160,442		—
JP Morgan & Chase Co.	12/3/2021	USD	132,674,411	CHF	122,776,900		1,082,207		—
RBC Capital Markets	12/3/2021	USD	135,919,306	CHF	125,776,600		1,105,269		—
Goldman Sachs & Co.	12/3/2021	USD	35,189,581	DKK	232,498,900		268,889		—
JP Morgan & Chase Co.	12/3/2021	USD	39,194,691	DKK	258,965,200		300,162		—
RBC Capital Markets	12/3/2021	USD	36,173,703	DKK	239,001,100		276,420		—
Goldman Sachs & Co.	12/3/2021	USD	472,703,781	EUR	419,949,700		3,630,496		—
JP Morgan & Chase Co.	12/3/2021	USD	432,248,410	EUR	384,016,000		3,327,527		—
RBC Capital Markets	12/3/2021	USD	449,855,783	EUR	399,651,200		3,454,615		—


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/3/2021	USD	192,515,842	GBP	145,514,400	$	1,027,679	$	—
JP Morgan & Chase Co.	12/3/2021	USD	192,663,767	GBP	145,626,100		1,028,322		—
RBC Capital Markets	12/3/2021	USD	201,732,688	GBP	152,480,900		1,076,727		—
Goldman Sachs & Co.	12/3/2021	USD	36,826,799	HKD	287,096,200		—		(10,087	)
JP Morgan & Chase Co.	12/3/2021	USD	36,082,724	HKD	281,295,500		—		(9,884	)
RBC Capital Markets	12/3/2021	USD	40,795,015	HKD	318,031,000		—		(11,279	)
Goldman Sachs & Co.	12/3/2021	USD	4,833,225	ILS	15,227,800		—		(1,180	)
JP Morgan & Chase Co.	12/3/2021	USD	5,869,519	ILS	18,492,800		—		(1,433	)
RBC Capital Markets	12/3/2021	USD	4,724,630	ILS	14,885,300		—		(1,266	)
Goldman Sachs & Co.	12/3/2021	USD	299,472,518	JPY	34,003,472,300		1,372,557		—
JP Morgan & Chase Co.	12/3/2021	USD	300,768,580	JPY	34,150,618,000		1,378,364		—
RBC Capital Markets	12/3/2021	USD	15,395,709	JPY	1,755,086,000		132,381		—
RBC Capital Markets	12/3/2021	USD	359,838,782	JPY	40,857,714,600		1,649,071		—
Goldman Sachs & Co.	12/3/2021	USD	8,121,984	NOK	74,002,800		59,937		—
JP Morgan & Chase Co.	12/3/2021	USD	6,037,821	NOK	55,012,700		44,510		—
RBC Capital Markets	12/3/2021	USD	11,098,560	NOK	101,123,700		81,910		—
Goldman Sachs & Co.	12/3/2021	USD	3,495,644	NZD	5,150,500		19,471		—
JP Morgan & Chase Co.	12/3/2021	USD	2,140,484	NZD	3,153,800		11,923		—
RBC Capital Markets	12/3/2021	USD	3,626,568	NZD	5,343,600		20,335		—
Goldman Sachs & Co.	12/3/2021	USD	49,372,284	SEK	448,035,700		331,825		—
JP Morgan & Chase Co.	12/3/2021	USD	49,138,671	SEK	445,918,700		330,582		—
RBC Capital Markets	12/3/2021	USD	51,799,688	SEK	470,063,000		348,082		—
Goldman Sachs & Co.	12/3/2021	USD	16,083,944	SGD	22,053,500		77,581		—
JP Morgan & Chase Co.	12/3/2021	USD	12,112,569	SGD	16,608,100		58,390		—
RBC Capital Markets	12/3/2021	USD	12,476,461	SGD	17,107,100		60,180		—
Goldman Sachs & Co.	1/5/2022	AUD	131,992,242	USD	93,549,238		—		(591,829	)
JP Morgan & Chase Co.	1/5/2022	AUD	135,726,000	USD	96,282,667		—		(521,434	)
RBC Capital Markets	1/5/2022	AUD	129,711,400	USD	92,012,987		—		(501,310	)
Goldman Sachs & Co.	1/5/2022	CHF	132,055,100	USD	142,921,415		—		(1,161,890	)
JP Morgan & Chase Co.	1/5/2022	CHF	122,776,900	USD	132,872,557		—		(1,087,446	)
JP Morgan & Chase Co.	1/5/2022	CHF	4,998,000	USD	5,423,077		—		(30,165	)
RBC Capital Markets	1/5/2022	CHF	125,776,600	USD	136,122,156		—		(1,110,774	)
Goldman Sachs & Co.	1/5/2022	DKK	232,498,900	USD	35,228,296		—		(276,914	)
JP Morgan & Chase Co.	1/5/2022	DKK	258,965,200	USD	39,244,287		—		(302,627	)
RBC Capital Markets	1/5/2022	DKK	239,001,100	USD	36,219,696		—		(278,473	)
Goldman Sachs & Co.	1/5/2022	EUR	419,949,700	USD	473,402,158		—		(3,616,511	)
JP Morgan & Chase Co.	1/5/2022	EUR	384,016,000	USD	432,880,116		—		(3,321,651	)
RBC Capital Markets	1/5/2022	EUR	399,651,200	USD	450,503,618		—		(3,458,090	)
Goldman Sachs & Co.	1/5/2022	GBP	145,514,400	USD	192,676,199		—		(1,016,358	)
JP Morgan & Chase Co.	1/5/2022	GBP	145,626,100	USD	192,819,878		—		(1,021,361	)
RBC Capital Markets	1/5/2022	GBP	152,480,900	USD	201,897,977		—		(1,067,608	)
Goldman Sachs & Co.	1/5/2022	HKD	287,096,200	USD	36,825,854		8,510		—
JP Morgan & Chase Co.	1/5/2022	HKD	281,295,500	USD	36,082,677		9,217		—
RBC Capital Markets	1/5/2022	HKD	318,031,000	USD	40,794,125		9,689		—
Goldman Sachs & Co.	1/5/2022	ILS	15,227,800	USD	4,837,831		—		(2,184	)
JP Morgan & Chase Co.	1/5/2022	ILS	18,492,800	USD	5,879,222		1,457		—
RBC Capital Markets	1/5/2022	ILS	14,885,300	USD	4,730,673		—		(482	)
Goldman Sachs & Co.	1/5/2022	JPY	34,003,472,300	USD	299,696,741		—		(1,366,637	)
JP Morgan & Chase Co.	1/5/2022	JPY	34,150,618,000	USD	300,988,600		—		(1,377,591	)
RBC Capital Markets	1/5/2022	JPY	40,857,714,600	USD	360,103,600		—		(1,646,560	)
Goldman Sachs & Co.	1/5/2022	NOK	74,002,800	USD	8,119,857		—		(60,310	)
JP Morgan & Chase Co.	1/5/2022	NOK	55,012,700	USD	6,036,695		—		(44,333	)
RBC Capital Markets	1/5/2022	NOK	101,123,700	USD	11,096,490		—		(81,584	)
Goldman Sachs & Co.	1/5/2022	SEK	448,035,700	USD	49,448,571		—		(329,726	)
JP Morgan & Chase Co.	1/5/2022	SEK	445,918,700	USD	49,215,412		—		(327,679	)
RBC Capital Markets	1/5/2022	SEK	470,063,000	USD	51,881,759		—		(343,846	)
RBC Capital Markets	1/5/2022	SEK	80,176,000	USD	8,848,902		—		(58,925	)
Goldman Sachs & Co.	1/5/2022	SGD	22,053,500	USD	16,081,598		—		(77,547	)
JP Morgan & Chase Co.	1/5/2022	SGD	16,608,100	USD	12,110,749		—		(58,417	)


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	1/5/2022	SGD	17,107,100	USD	12,474,642	$	—	$	(60,154	)
JP Morgan & Chase Co.	1/5/2022	USD	3,898,940	AUD	5,497,000		21,696		—
RBC Capital Markets	1/5/2022	USD	21,628,550	EUR	19,186,000		164,727		—
RBC Capital Markets	1/5/2022	USD	8,465,329	GBP	6,393,000		44,320		—
RBC Capital Markets	1/5/2022	USD	1,426,355	HKD	11,119,000		—		(449	)
RBC Capital Markets	1/5/2022	USD	20,993,724	JPY	2,381,843,000		94,878		—
Goldman Sachs & Co.	1/6/2022	NZD	5,150,500	USD	3,494,460		—		(19,417	)
JP Morgan & Chase Co.	1/6/2022	NZD	3,153,800	USD	2,139,730		—		(11,918	)
RBC Capital Markets	1/6/2022	NZD	5,343,600	USD	3,625,339		—		(20,279	)

Total unrealized appreciation (depreciation)						$	101,690,237	$	(33,982,685	)

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

Currency Abbreviations

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

Fair Value Measurements

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

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


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (g)	$	3,974,135,527		$	—		$	—	$	3,974,135,527
Preferred Stocks		20,941,011			—			—		20,941,011
Rights (g)		463,613			337			—		463,950
Warrants		278,673			—			—		278,673
Short-Term Investments (g)		160,538,479			—			—		160,538,479
Derivatives (h)
Forward Foreign Currency Contracts		—			101,690,237			—		101,690,237
Futures Contracts		226,962			—			—		226,962

TOTAL	$	4,156,584,265		$	101,690,574		$	—	$	4,258,274,839


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (h)
Forward Foreign Currency Contracts	$	—		$	(33,982,685	)	$	—	$	(33,982,685	)
Futures Contracts		(3,738,340	)		—			—		(3,738,340	)

TOTAL	$	(3,738,340	)	$	(33,982,685	)	$	—	$	(37,721,025	)

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

(h)	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, 2021 (Unaudited)


	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	3,989,824,733
Investment in affiliated securities at value		5,994,428
Investment in DWS ESG Liquidity Fund*		11,374,362
Investment in DWS Government Money Market Series*		134,552,933
Investment in DWS Government & Agency Securities Portfolio**		14,611,184
Cash		14
Foreign currency at value		7,549,399
Unrealized appreciation on forward foreign currency contracts		101,690,237
Deposit with broker for futures contracts		8,555,377
Receivables:
Investment securities sold		18,109,127
Dividends		9,996,221
Interest		2,633
Securities lending income		32,501
Foreign tax reclaim		7,211,612

Total assets	$	4,309,504,761


Liabilities
Payable upon return of securities loaned	$	14,611,184
Payable upon return of deposit for forward foreign currency contracts		87,117,039
Unrealized depreciation on forward foreign currency contracts		33,982,685
Payables:
Investment securities purchased		61,255,314
Investment advisory fees		1,219,497
Variation margin on futures contracts		3,908,472

Total liabilities		202,094,191

Net Assets, at value	$	4,107,410,570


Net Assets Consist of
Paid-in capital	$	3,826,485,638
Distributable earnings (loss)		280,924,932

Net Assets, at value	$	4,107,410,570


Number of Common Shares outstanding		108,550,800

Net Asset Value	$	37.84

Investment in non-affiliated securities at cost	$	3,484,439,368

Investment in affiliated securities at cost	$	15,372,170

Value of securities loaned	$	52,181,091

Investment in DWS ESG Liquidity Fund at cost*	$	11,376,638

Investment in DWS Government Money Market Series at cost*	$	134,552,933

Investment in DWS Government & Agency Securities Portfolio at cost**	$	14,611,184

Non-cash collateral for securities on loan	$	41,141,776

Foreign currency at cost	$	8,131,749

* Includes collateral held for forward foreign currency contracts	$	87,117,039

**	Represents collateral on securities loaned.


See Notes to Financial Statements.		18

DBX ETF Trust

Statement of Operations

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


	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	40,425,034
Income distributions from affiliated funds		19,254
Affiliated securities lending income		1,915
Unaffiliated non-cash dividend income		7,979,562
Unaffiliated securities lending income, net of borrower rebates		675,056

Total investment income		49,100,821


Expenses
Investment advisory fees		7,194,718
Other expenses		11,342

Total expenses		7,206,060

Less fees waived (see note 3):
Waiver		(11,342	)

Net expenses		7,194,718

Net investment income (loss)		41,906,103


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(10,206,727	)
In-kind redemptions		9,961,624
In-kind redemptions in affiliates		607
Futures contracts		8,498,563
Foreign currency transactions		(1,583,546	)
Forward foreign currency contracts		123,098,159

Net realized gain (loss)		129,768,680
Net change in unrealized appreciation (depreciation) on:
Investments		(174,380,039	)
Investments in affiliates		(1,342,393	)
Futures contracts		(5,094,485	)
Foreign currency translations		(1,285,666	)
Forward foreign currency contracts		109,936,346

Net change in unrealized appreciation (depreciation)		(72,166,237	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		57,602,443


Net Increase (Decrease) in Net Assets Resulting from Operations	$	99,508,546

* Unaffiliated foreign tax withheld	$	3,711,943


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, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	41,906,103		$	88,399,193
Net realized gain (loss)		129,768,680			(203,628,166	)
Net change in net unrealized appreciation (depreciation)		(72,166,237	)		1,081,608,765

Net increase (decrease) in net assets resulting from operations		99,508,546			966,379,792

Distributions to Shareholders		(69,619,002	)		(95,300,827	)


Fund Shares Transactions
Proceeds from shares sold		153,521,140			14,993,565
Value of shares redeemed		(30,999,684	)		(761,591,407	)

Net increase (decrease) in net assets resulting from fund share transactions		122,521,456			(746,597,842	)

Total net increase (decrease) in Net Assets		152,411,000			124,481,123

Net Assets
Beginning of period		3,954,999,570			3,830,518,447

End of period	$	4,107,410,570		$	3,954,999,570


Changes in Shares Outstanding
Shares outstanding, beginning of period		105,350,800			128,750,800
Shares sold		4,000,000			400,000
Shares redeemed		(800,000	)		(23,800,000	)

Shares outstanding, end of period		108,550,800			105,350,800


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 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	37.54		$	29.75		$	30.87		$	31.86		$	30.68		$	26.48

Income (loss) from investment operations:
Net investment income (loss)(a)		0.39			0.78			0.66			0.91			0.80			0.74
Net realized and unrealized gain (loss)		0.57			7.82			(0.76	)		(1.00	)		1.33			4.18

Total from investment operations		0.96			8.60			(0.10	)		(0.09	)		2.13			4.92

Less distributions from:
Net investment income		(0.66	)		(0.81	)		(1.02	)		(0.90	)		(0.95	)		(0.72	)

Total distributions		(0.66	)		(0.81	)		(1.02	)		(0.90	)		(0.95	)		(0.72	)

Net Asset Value, end of period	$	37.84		$	37.54		$	29.75		$	30.87		$	31.86		$	30.68

Total Return (%)		2.55	**(b)		29.41	(b)		(0.56	)(b)		(0.14	)(b)		7.05			19.17

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4,107			3,955			3,831			4,715			6,140			8,638
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.36			0.36			0.35			0.35
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.36			0.36			0.35			0.35
Ratio of net investment income (loss) (%)		1.85	*		2.35			2.10			2.93			2.57			2.72
Portfolio turnover rate (%)(c)		1	**		8			9			5			10			14

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		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, 2021, the Trust consists of thirty-five 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 the 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)

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 Board 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. 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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2021, the Fund did not incur any interest or penalties.

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


Short-Term		Long-Term		Total Amount
$	79,777,782	$	366,662,067	$	446,439,849

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


Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
$	3,375,577,270	$	628,372,265	$	1,020,633,853	$	(392,261,588	)

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, 2021, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

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 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.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2021, 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 (0.03% annualized effective rate as of November 30, 2021) 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, 2021, 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 May 31, 2021

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	14,611,184	$	—	$	180,998	$	40,960,778	$	55,752,960

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	55,752,960

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, 2021, 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, 2021 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, 2021.

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2021, 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, 2021 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, 2021 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*	$	226,962	Unrealized depreciation on futures contracts*	$	3,738,340

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		101,690,237	Unrealized depreciation on forward foreign currency contracts		33,982,685


	Total	$	101,917,199	Total	$	37,721,025

*	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, 2021 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
	$	8,498,563		$	123,098,159	$	131,596,722
Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
	$	(5,094,485	)	$	109,936,346	$	104,841,861

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

For the period ended November 30, 2021 the average monthly volume of derivatives was as follows:


Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
$	98,009,283	$	(3,974,038,819	)

As of November 30, 2021, 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 Other expenses 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
Citigroup Global Markets	$	25,802,433	$	(2,592,050	)	$	23,210,383	$	—	$	2,592,050	$	(2,592,050	)	$	—	$	—
Goldman Sachs & Co.		8,549,216		(8,530,590	)		—		18,626		8,530,590		(8,530,590	)		—		—
JP Morgan & Chase Co.		33,049,490		(10,717,177	)		22,332,313		—		10,717,177		(10,717,177	)		—		—
RBC Capital Markets		34,289,098		(12,142,868	)		22,146,230		—		12,142,868		(12,142,868	)		—		—

	$	101,690,237	$	(33,982,685	)	$	67,688,926	$	18,626	$	33,982,685	$	(33,982,685	)	$	—	$	—

(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.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2020 through November 30, 2021, the Advisor waived $11,342 of expenses to the Fund.

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

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for 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, 2021, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


Purchases		Sales
$	226,711,740	$	35,060,740

For the period ended November 30, 2021, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


Purchases		Sales
$	144,115,444	$	29,459,699

5. Fund Share Transactions

As of November 30, 2021, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by 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. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the 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

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

Rev. 12/2021

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, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund 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 © 2022 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


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

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

R-049078-6 (1/22) DBX005041 (1/23)