DBX ETF Trust

November 30, 2022

Semi-Annual Report

DBX ETF Trust

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

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

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DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance
Portfolio Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		2
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3
Xtrackers MSCI Europe Hedged Equity ETF		4
Xtrackers MSCI Eurozone Hedged Equity ETF		5
Xtrackers MSCI Germany Hedged Equity ETF		6
Xtrackers MSCI Japan Hedged Equity ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		9
Xtrackers MSCI Emerging Markets Hedged Equity ETF		38
Xtrackers MSCI Europe Hedged Equity ETF		59
Xtrackers MSCI Eurozone Hedged Equity ETF		67
Xtrackers MSCI Germany Hedged Equity ETF		76
Xtrackers MSCI Japan Hedged Equity ETF		79
Statements of Assets and Liabilities		84
Statements of Operations		86
Statements of Changes in Net Assets		88
Financial Highlights		91
Notes to Financial Statements		94
Additional Information		106

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semiannual report on our six currency-hedged equity ETFs for the period ended November 30, 2022.

Mounting inflation, rising COVID-19 cases in China, surging greenback, and escalating trade skirmishes with Russia weighed on global markets during the period. Major central banks across the world hiked interest rates to curb inflation, despite fears that doing so could tip the global economy into a recession. Global equity markets were oversold during the reporting period on the back of accelerating inflation and fears surrounding central banks’ actions to control the price surge. Emerging market equity indices significantly lagged behind its developed market counterparts over the period, weighed down by high inflation, strong dollar, and weak Chinese economy. Heavyweight China faced headwinds from fresh COVID-19 cases, civil unrest, and concerns over subdued economic growth as a result of its stringent policies.

After experiencing two quarters of contraction, the U.S. economy recovered, clocking GDP¹ growth of 2.9% in Q3 2022, primarily driven by exports and consumer spending. The U.S. labor market remained resilient, with the unemployment rate unchanged at 3.7%. The U.S. Federal Reserve (Fed) approved a fourth consecutive rate hike, bringing rates in the U.S. to their highest level since 2008. Fed officials noted the rate hikes had had little impact on soaring inflation, the Fed’s hint at slowing the pace of rate hikes in November boosted investor sentiment.

The Eurozone recovered on higher-than-expected corporate earnings and hopes of a slowdown in rate hikes by the European Central Bank (ECB) after inflation cooled in the Eurozone. The region, however, continued to reel under high energy prices, Russia’s war with Ukraine, and decades-high inflation throughout the period. The manufacturing and services sectors remained dull, and business activity had contracted for five straight months by November. The ECB hiked rates three times between July and October to counter red-hot inflation. Despite cooling marginally, prices in the region remained at historical highs. Political events in the UK took center-stage, with a new prime minister and a fiscal reversal as the Bank of England ended its gilt-purchasing program.

In Japan, markets were buoyed by expectations of reduced monetary tightening by the Fed. Japan’s GDP¹, however, contracted in the third quarter for the first time in a year. The contraction came on the back of spike in inflation, weakness in the yen, and high import costs. The Japanese government announced new measures to tackle unprecedented inflation.

Fresh COVID-19 cases, the Zero COVID policy, and softness in its property market wreaked havoc on China’s economy. However, markets improved toward the end of the period, with the government working towards relaxing policies and supporting the property sector. Against a backdrop of China’s coronavirus policies, regulations fueling a tech war between the U.S. and China, and concerns around slowing global demand, Taiwan’s export-oriented economy struggled.

We believe the global economy is likely to witness weaker growth ahead, weighed down by record-high inflation and high retail inventories. We expect global inflation to peak in the fourth quarter of 2022. While the U.S. may narrowly miss a recession in 2023, the Eurozone is expected to witness a contraction in GDP¹. Meanwhile, slowing demand and declining housing prices are likely to slow inflation and prompt the world’s major central banks to pause or scale back further rate hikes.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

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

DBX ETF Trust

Portfolio Summary (Unaudited)

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

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

Ten Largest Equity Holdings
as of November 30, 2022 (10.8% of Net Assets)



Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.7%
Nestle SA (Switzerland)		1.4%
Samsung Electronics Co. Ltd. (South Korea)		1.1%
Roche Holding AG (Switzerland)		1.0%
ASML Holding NV (Netherlands)		1.0%
Tencent Holdings Ltd. (China)		1.0%
Shell PLC (United Kingdom)		0.9%
LVMH Moet Hennessy Louis Vuitton SE (France)		0.9%
AstraZeneca PLC (United Kingdom)		0.9%
Novo Nordisk A/S (Denmark)		0.9%

Country Diversification* as of November 30, 2022


Japan			13.9%
United Kingdom			9.3%
Canada			8.1%
China			8.0%
France			7.3%
Switzerland			6.9%
Germany			5.1%
Australia			5.1%
India			4.2%
Taiwan			4.0%
South Korea			3.4%
Netherlands			3.0%
Hong Kong			2.3%
Sweden			2.1%
Other			17.3%

Total			100.0%

Sector Diversification* as of November 30, 2022


Financials			20.6%
Industrials			12.4%
Consumer Discretionary			11.4%
Information Technology			11.3%
Health Care			9.6%
Consumer Staples			9.0%
Materials			8.3%
Energy			6.2%
Communication Services			5.7%
Utilities			3.3%
Real Estate			2.2%

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 9.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

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

Ten Largest Equity Holdings as of
November 30, 2022 (22.5% of Net Assets)



Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		5.9%
Samsung Electronics Co. Ltd. (South Korea)		4.0%
Tencent Holdings Ltd. (China)		3.5%
Alibaba Group Holding Ltd. (China)		2.3%
Reliance Industries Ltd. (India)		1.6%
Meituan (China)		1.4%
Infosys Ltd. (India)		1.0%
Vale SA (Brazil)		1.0%
ICICI Bank Ltd. (India)		0.9%
JD.com, Inc. (China)		0.9%

Country Diversification* as of November 30, 2022


China			28.2%
India			15.1%
Taiwan			14.2%
South Korea			11.8%
Brazil			5.5%
Saudi Arabia			4.2%
South Africa			3.6%
Mexico			2.4%
Thailand			2.1%
Hong Kong			2.1%
Indonesia			2.0%
Other			8.8%

Total			100.0%

Sector Diversification* as of November 30, 2022


Financials			22.2%
Information Technology			19.6%
Consumer Discretionary			13.5%
Communication Services			9.1%
Materials			9.0%
Consumer Staples			6.3%
Industrials			6.2%
Energy			5.1%
Health Care			3.9%
Utilities			3.1%
Real Estate			2.0%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 38.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

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

Ten Largest Equity Holdings as of
November 30, 2022 (22.0% of Net Assets)



Description	% of Net Assets
Nestle SA (Switzerland)		3.4%
Roche Holding AG (Switzerland)		2.5%
ASML Holding NV (Netherlands)		2.5%
Shell PLC (United Kingdom)		2.2%
LVMH Moet Hennessy Louis Vuitton SE (France)		2.2%
AstraZeneca PLC (United Kingdom)		2.2%
Novo Nordisk A/S (Denmark)		2.1%
Novartis AG (Switzerland)		2.0%
TotalEnergies SE (France)		1.6%
Unilever PLC (United Kingdom)		1.3%

Country Diversification* as of November 30, 2022


United Kingdom			22.7%
France			17.7%
Switzerland			16.7%
Germany			12.4%
Netherlands			7.3%
Sweden			5.0%
Denmark			4.3%
Spain			3.8%
Italy			3.1%
Other			7.0%

Total			100.0%

Sector Diversification* as of November 30, 2022


Financials			16.3%
Health Care			15.7%
Industrials			14.3%
Consumer Staples			13.2%
Consumer Discretionary			10.4%
Materials			7.4%
Information Technology			7.3%
Energy			6.8%
Utilities			4.3%
Communication Services			3.4%
Real Estate			0.9%

Total			100.0%

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

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

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

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

Ten Largest Equity Holdings as of
November 30, 2022 (24.4% of Net Assets)



Description	% of Net Assets
ASML Holding NV (Netherlands)		4.6%
LVMH Moet Hennessy Louis Vuitton SE (France)		4.1%
TotalEnergies SE (France)		3.1%
SAP SE (Germany)		2.2%
Siemens AG (Germany)		2.0%
Sanofi (France)		2.0%
L’Oreal SA (France)		1.7%
Allianz SE (Germany)		1.7%
Schneider Electric SE (France)		1.5%
Air Liquide SA (France)		1.5%

Country Diversification* as of November 30, 2022


France			33.8%
Germany			24.7%
Netherlands			14.2%
Spain			7.8%
Italy			7.2%
Finland			3.6%
Belgium			3.0%
Ireland			2.2%
Other			3.5%

Total			100.0%

Sector Diversification* as of November 30, 2022


Industrials			16.4%
Financials			15.6%
Consumer Discretionary			15.1%
Information Technology			12.8%
Health Care			8.1%
Consumer Staples			7.5%
Materials			6.8%
Utilities			6.3%
Energy			5.5%
Communication Services			4.4%
Real Estate			1.5%

Total			100.0%

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

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

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

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

Ten Largest Equity Holdings
as of November 30, 2022 (54.9% of Net Assets)



Description	% of Net Assets
SAP SE		9.5%
Siemens AG		8.8%
Allianz SE		7.3%
Deutsche Telekom AG		5.5%
Bayer AG		4.8%
Mercedes-Benz Group AG		4.5%
BASF SE		3.9%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3.7%
Infineon Technologies AG		3.6%
Deutsche Post AG		3.3%

Sector Diversification* as of November 30, 2022


Industrials			18.1%
Financials			17.6%
Consumer Discretionary			16.3%
Information Technology			13.8%
Health Care			11.8%
Materials			6.9%
Communication Services			6.3%
Utilities			4.2%
Consumer Staples			2.9%
Real Estate			2.1%

Total			100.0%

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

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

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

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

Ten Largest Equity Holdings
as of November 30, 2022 (22.0% of Net Assets)


Description	% of Net Assets
Toyota Motor Corp.		4.8%
Sony Group Corp.		3.2%
Keyence Corp.		2.5%
Mitsubishi UFJ Financial Group, Inc.		2.0%
Daiichi Sankyo Co. Ltd.		1.8%
SoftBank Group Corp.		1.6%
Hitachi Ltd.		1.6%
Tokyo Electron Ltd.		1.5%
KDDI Corp.		1.5%
Shin-Etsu Chemical Co. Ltd.		1.5%

Sector Diversification* as of November 30, 2022


Industrials			22.5%
Consumer Discretionary			18.4%
Information Technology			13.7%
Financials			10.6%
Health Care			10.1%
Communication Services			8.4%
Consumer Staples			6.6%
Materials			4.5%
Real Estate			3.4%
Utilities			1.0%
Energy			0.8%

Total			100.0%

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

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

DBX ETF Trust

Fees and Expenses (Unaudited)

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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


	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio⁽¹⁾			Expenses Paid During the Period Per $1,000⁽²⁾
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	1,002.70		0.43	%	$	2.16
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.91		0.43	%	$	2.18
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	949.50		0.67	%	$	3.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.71		0.67	%	$	3.40
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,023.30		0.49	%	$	2.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.61		0.49	%	$	2.48
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	1,022.10		0.46	%	$	2.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.76		0.46	%	$	2.33
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	1,000.20		0.45	%	$	2.26
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,060.80		0.49	%	$	2.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.61		0.49	%	$	2.48

(1) Includes interest expense on collateral received on forward foreign currency contracts of 0.02%, 0.02%, 0.03% and 0.04% for Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF, respectively.

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

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 95.6%
Australia — 4.9%
Ampol Ltd.		1,741	$	33,785
APA Group (a)		6,471		49,149
Aristocrat Leisure Ltd.		3,469		82,481
ASX Ltd.		1,129		54,002
Aurizon Holdings Ltd.		11,688		30,226
Australia & New Zealand Banking Group Ltd.		18,572		311,866
BHP Group Ltd.		31,211		964,317
BlueScope Steel Ltd.		3,404		40,502
Brambles Ltd.		8,119		66,735
Cochlear Ltd.		351		50,993
Coles Group Ltd.		8,545		98,309
Commonwealth Bank of Australia		10,454		765,337
Computershare Ltd.		3,152		59,562
CSL Ltd.		2,938		598,470
Dexus REIT		5,645		30,652
Endeavour Group Ltd.		7,738		36,608
Fortescue Metals Group Ltd.		10,504		138,172
Goodman Group REIT		10,573		137,213
GPT Group REIT		11,034		33,552
IDP Education Ltd. (b)		1,240		25,073
IGO Ltd.		4,483		46,860
Insurance Australia Group Ltd.		14,724		47,771
Lendlease Corp. Ltd. (a)		3,916		20,227
Lottery Corp. Ltd.*		13,414		41,973
Macquarie Group Ltd.		2,208		267,829
Medibank Pvt Ltd.		15,582		30,989
Mineral Resources Ltd.		964		57,200
Mirvac Group REIT		21,179		32,057
National Australia Bank Ltd.		19,419		415,718
Newcrest Mining Ltd.		5,473		73,590
Northern Star Resources Ltd.		6,974		50,176
Orica Ltd.		2,566		25,829
Origin Energy Ltd.		10,766		57,436
Pilbara Minerals Ltd.*		15,747		49,807
Qantas Airways Ltd.*		5,390		22,829
QBE Insurance Group Ltd.		9,512		83,092
Ramsay Health Care Ltd.		1,077		48,108
REA Group Ltd. (b)		326		27,285
Reece Ltd.		1,757		18,294
Rio Tinto Ltd.		2,308		171,726
Santos Ltd.		19,972		100,314
Scentre Group REIT		30,037		60,551
SEEK Ltd.		1,941		29,089
Sonic Healthcare Ltd.		2,987		65,445
South32 Ltd.		29,525		80,561
Stockland REIT		14,262		36,785
Suncorp Group Ltd.		7,394		59,823
Telstra Group Ltd.		24,349		65,777
Transurban Group (a)		18,839		182,726
Treasury Wine Estates Ltd.		4,503		42,179
Vicinity Ltd. REIT		25,987		35,807
Washington H Soul Pattinson & Co. Ltd.		1,181		22,693
Wesfarmers Ltd.		7,055		232,581
Westpac Banking Corp.		21,828		352,171
WiseTech Global Ltd.		973		37,638


	Number of Shares		Value
Australia (Continued)
Woodside Energy Group Ltd.		11,793	$	298,488
Woolworths Group Ltd.		7,358		172,152

(Cost $6,839,232)				7,070,580

Austria — 0.1%
Erste Group Bank AG		1,931		59,478
OMV AG		894		46,664
Verbund AG		394		35,280
voestalpine AG		742		20,045

(Cost $169,438)				161,467

Belgium — 0.5%
Ageas SA/NV		1,065		42,634
Anheuser-Busch InBev SA/NV		5,439		317,233
D’ieteren Group		108		20,308
Elia Group SA/NV		191		27,031
Groupe Bruxelles Lambert NV		626		49,912
KBC Group NV		1,455		79,852
Sofina SA		93		19,897
Solvay SA		445		43,473
UCB SA		775		61,920
Umicore SA		1,218		43,347
Warehouses De Pauw CVA REIT		1,045		27,512

(Cost $949,701)				733,119

Brazil — 1.1%
Ambev SA		26,300		80,684
Americanas SA		3,811		7,755
Atacadao SA		2,964		9,122
B3 SA — Brasil Bolsa Balcao		34,459		84,531
Banco Bradesco SA		9,678		25,662
Banco BTG Pactual SA		6,891		33,424
Banco do Brasil SA		5,000		33,993
Banco Santander Brasil SA		2,049		10,921
BB Seguridade Participacoes SA		4,893		29,531
BRF SA*		4,187		7,601
CCR SA		8,872		20,191
Centrais Eletricas Brasileiras SA		6,261		57,309
Cia de Saneamento Basico do Estado de Sao Paulo		2,362		27,442
Cia Siderurgica Nacional SA		3,957		11,072
Cosan SA		8,284		28,782
CPFL Energia SA		1,773		11,924
Energisa SA		1,284		10,716
Engie Brasil Energia SA		1,304		9,926
Equatorial Energia SA		5,875		31,190
Hapvida Participacoes e Investimentos SA, 144A		26,828		26,883
Hypera SA		3,014		25,811
JBS SA		5,104		21,687
Klabin SA		3,942		14,965
Localiza Rent a Car SA*		14		154
Localiza Rent a Car SA		4,759		55,116
Lojas Renner SA		6,078		27,114
Magazine Luiza SA*		19,206		12,621
Natura & Co. Holding SA		6,002		13,544
Petro Rio SA*		3,690		25,634
Petroleo Brasileiro SA		22,799		133,516


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Brazil (Continued)
Raia Drogasil SA		7,925	$	35,201
Rede D’Or Sao Luiz SA, 144A		2,233		13,365
Rumo SA		9,383		35,186
Sendas Distribuidora SA		6,072		23,460
Suzano SA		4,434		45,414
Telefonica Brasil SA		3,910		28,669
TIM SA		4,993		12,508
TOTVS SA		1,901		11,305
Ultrapar Participacoes SA		3,444		9,424
Vale SA		23,621		390,137
Vibra Energia SA		7,838		24,967
WEG SA		10,723		80,588

(Cost $1,452,505)				1,599,045

Canada — 7.8%
Agnico Eagle Mines Ltd.		2,709		136,442
Air Canada*		1,018		14,599
Algonquin Power & Utilities Corp.		3,065		23,150
Alimentation Couche-Tard, Inc.		5,057		230,378
AltaGas Ltd.		2,090		35,068
ARC Resources Ltd.		4,451		66,112
Bank of Montreal		4,187		408,942
Bank of Nova Scotia (b)		7,448		388,582
Barrick Gold Corp. (b)		7,895		128,830
Barrick Gold Corp.		2,794		45,414
BCE, Inc.		455		21,668
Brookfield Asset Management, Inc., Class A		8,520		401,694
BRP, Inc.		310		23,198
CAE, Inc.*		1,806		39,056
Cameco Corp.		2,920		71,136
Canadian Apartment Properties REIT		436		14,164
Canadian Imperial Bank of Commerce		5,548		267,223
Canadian National Railway Co.		3,547		455,363
Canadian Natural Resources Ltd.		6,852		409,088
Canadian Pacific Railway Ltd.		5,665		463,804
Canadian Tire Corp. Ltd., Class A		348		39,411
Canadian Utilities Ltd., Class A		795		21,743
CCL Industries, Inc., Class B		906		43,066
Cenovus Energy, Inc. (b)		8,237		163,803
CGI, Inc.*		1,276		111,403
Constellation Software, Inc.		125		201,513
Descartes Systems Group, Inc.*		534		37,074
Dollarama, Inc.		1,752		107,231
Element Fleet Management Corp.		2,329		33,001
Emera, Inc.		1,595		62,097
Empire Co. Ltd., Class A		1,021		27,803
Enbridge, Inc.		12,473		515,091
Fairfax Financial Holdings Ltd.		149		85,489
First Quantum Minerals Ltd.		3,579		85,088
FirstService Corp.		251		32,518
Fortis, Inc.		2,784		112,051
Franco-Nevada Corp.		1,164		170,029
George Weston Ltd.		448		56,102
GFL Environmental, Inc.		1,080		31,312
Gildan Activewear, Inc.		880		25,481
Great-West Lifeco, Inc.		1,841		43,905


	Number of Shares		Value
Canada (Continued)
Hydro One Ltd., 144A		1,597	$	44,664
iA Financial Corp., Inc.		638		35,994
IGM Financial, Inc.		654		18,976
Imperial Oil Ltd. (b)		1,353		76,977
Intact Financial Corp.		1,047		156,651
Ivanhoe Mines Ltd., Class A*		3,638		32,563
Keyera Corp.		1,294		30,148
Kinross Gold Corp.		7,362		30,430
Loblaw Cos. Ltd.		1,089		98,282
Lundin Mining Corp.		3,958		24,363
Magna International, Inc.		1,673		103,018
Manulife Financial Corp.		11,785		212,282
Metro, Inc.		1,483		85,288
National Bank of Canada		2,001		142,702
Northland Power, Inc.		1,498		42,429
Nutrien Ltd.		3,395		272,857
Nuvei Corp., 144A*		390		12,021
Onex Corp.		462		24,348
Open Text Corp.		1,605		47,130
Pan American Silver Corp.		1,238		20,330
Parkland Corp.		871		18,558
Pembina Pipeline Corp.		3,516		128,365
Power Corp. of Canada		3,529		88,779
Quebecor, Inc., Class B (b)		1,005		21,659
Restaurant Brands International, Inc.		1,720		114,223
RioCan Real Estate Investment Trust REIT (b)		676		10,624
Ritchie Bros Auctioneers, Inc.		646		35,418
Rogers Communications, Inc., Class B		2,099		96,559
Royal Bank of Canada		8,457		841,079
Saputo, Inc.		1,455		36,128
Shaw Communications, Inc., Class B		2,999		81,845
Shopify, Inc., Class A*		7,193		295,495
Sun Life Financial, Inc.		3,664		173,619
Suncor Energy, Inc.		8,354		274,689
TC Energy Corp.		6,366		282,060
Teck Resources Ltd., Class B		3,005		111,385
TELUS Corp.		2,655		56,528
TFI International, Inc.		507		55,029
Thomson Reuters Corp.		992		116,807
TMX Group Ltd.		337		35,335
Toromont Industries Ltd.		515		39,197
Toronto-Dominion Bank		11,063		736,327
Tourmaline Oil Corp.		1,990		121,118
West Fraser Timber Co. Ltd. (b)		266		20,807
Wheaton Precious Metals Corp.		2,903		113,301
WSP Global, Inc.		715		85,764

(Cost $9,528,330)				11,151,273

Chile — 0.1%
Antofagasta PLC		2,488		42,236
Banco de Chile		258,773		24,483
Banco de Credito e Inversiones SA		222		6,012
Banco Santander Chile		361,173		14,041
Cencosud SA		8,433		12,538
Cia Cervecerias Unidas SA		667		4,042
Cia Sud Americana de Vapores SA		164,706		13,410


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Chile (Continued)
Empresas CMPC SA		7,496	$	12,416
Empresas Copec SA		2,226		15,558
Enel Americas SA		156,798		20,777
Enel Chile SA		123,794		5,630
Falabella SA		4,372		7,806

(Cost $231,618)				178,949

China — 7.7%
360 DigiTech, Inc., ADR		515		8,080
360 Security Technology, Inc., Class A		3,700		3,618
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		200		502
3SBio, Inc., 144A		9,586		10,125
AAC Technologies Holdings, Inc.* (b)		3,567		8,202
Advanced Micro-Fabrication Equipment Inc China, Class A*		350		4,888
AECC Aviation Power Co. Ltd., Class A		1,000		6,470
Agricultural Bank of China Ltd., Class A		28,900		11,812
Agricultural Bank of China Ltd., Class H		180,323		60,023
Aier Eye Hospital Group Co. Ltd., Class A		3,124		12,015
Air China Ltd., Class A*		7,800		11,579
Air China Ltd., Class H*		9,926		7,879
Airtac International Group		485		14,830
Alibaba Group Holding Ltd.*		90,995		930,809
Aluminum Corp. of China Ltd., Class A		7,300		4,631
Aluminum Corp. of China Ltd., Class H		18,664		7,814
Anhui Conch Cement Co. Ltd., Class A		1,200		4,869
Anhui Conch Cement Co. Ltd., Class H		8,227		29,755
Anhui Gujing Distillery Co. Ltd., Class A		300		10,146
Anhui Gujing Distillery Co. Ltd., Class B		126		1,842
ANTA Sports Products Ltd.		7,796		90,726
Asymchem Laboratories Tianjin Co. Ltd., Class A		280		5,331
Autohome, Inc., ADR		380		11,362
AviChina Industry & Technology Co. Ltd., Class H		21,908		10,265
Baidu, Inc., Class A*		13,273		172,647
Bank of Beijing Co. Ltd., Class A		11,100		6,758
Bank of China Ltd., Class A		16,800		7,510
Bank of China Ltd., Class H		476,276		168,902
Bank of Communications Co. Ltd., Class A		11,800		7,904
Bank of Communications Co. Ltd., Class H		49,744		28,085
Bank of Hangzhou Co. Ltd., Class A		3,700		6,942
Bank of Jiangsu Co. Ltd., Class A		11,600		12,198
Bank of Nanjing Co. Ltd., Class A		7,900		11,626
Bank of Ningbo Co. Ltd., Class A		2,210		10,071
Bank of Shanghai Co. Ltd., Class A		5,590		4,736
Baoshan Iron & Steel Co. Ltd., Class A		10,200		8,164
BeiGene Ltd.*		3,900		57,569
Beijing Capital International Airport Co. Ltd., Class H*		6,501		4,186
Beijing Kingsoft Office Software, Inc., Class A		256		9,293
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,200		3,776


	Number of Shares		Value
China (Continued)
Beijing Tongrentang Co. Ltd., Class A		1,600	$	11,160
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		145		3,350
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		13,800		9,655
Betta Pharmaceuticals Co. Ltd., Class A		400		2,871
BGI Genomics Co. Ltd., Class A		500		4,260
Bilibili, Inc., Class Z*		1,128		18,312
BOE Technology Group Co. Ltd., Class A		15,500		7,875
BYD Co. Ltd., Class A		700		25,781
BYD Co. Ltd., Class H		4,808		117,877
BYD Electronic International Co. Ltd.		2,894		9,411
CGN Power Co. Ltd., Class H, 144A		82,381		19,934
Changchun High & New Technology Industry Group, Inc., Class A		200		4,800
Chaozhou Three-Circle Group Co. Ltd., Class A		1,100		4,711
China Cinda Asset Management Co. Ltd., Class H		54,699		7,143
China CITIC Bank Corp. Ltd., Class H		52,339		23,184
China Coal Energy Co. Ltd., Class H		16,390		15,024
China Communications Services Corp. Ltd., Class H		14,234		4,884
China Conch Venture Holdings Ltd.		10,486		23,815
China Construction Bank Corp., Class H		584,518		352,464
China CSSC Holdings Ltd., Class A		2,400		8,546
China Energy Engineering Corp. Ltd., Class A		17,700		6,154
China Everbright Bank Co. Ltd., Class A		14,000		5,941
China Everbright Bank Co. Ltd., Class H		13,497		4,009
China Evergrande Group* (c)		8,123		0
China Feihe Ltd., 144A		21,663		17,556
China Galaxy Securities Co. Ltd., Class A		7,370		10,375
China Galaxy Securities Co. Ltd., Class H		21,801		10,774
China Hongqiao Group Ltd.		14,641		13,552
China International Capital Corp. Ltd., Class H, 144A		8,796		16,374
China Jushi Co. Ltd., Class A		4,400		8,967
China Lesso Group Holdings Ltd.		5,474		6,651
China Life Insurance Co. Ltd., Class A		700		3,591
China Life Insurance Co. Ltd., Class H		44,592		67,708
China Literature Ltd., 144A*		2,048		7,302
China Longyuan Power Group Corp. Ltd., Class H		19,055		23,224
China Medical System Holdings Ltd.		8,280		12,000
China Meidong Auto Holdings Ltd.		2,636		4,981
China Merchants Bank Co. Ltd., Class A		7,600		37,706
China Merchants Bank Co. Ltd., Class H		24,538		123,146
China Merchants Energy Shipping Co. Ltd., Class A		6,700		6,247
China Merchants Securities Co. Ltd., Class A		4,200		8,047
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,300		4,994
China Minsheng Banking Corp. Ltd., Class A		13,500		6,744


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
China Minsheng Banking Corp. Ltd., Class H (b)		28,896	$	9,951
China National Building Material Co. Ltd., Class H		29,449		25,864
China National Nuclear Power Co. Ltd., Class A		11,200		9,918
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,300		4,828
China Oilfield Services Ltd., Class H		10,996		13,782
China Pacific Insurance Group Co. Ltd., Class A		2,100		7,254
China Pacific Insurance Group Co. Ltd., Class H		13,944		31,455
China Petroleum & Chemical Corp., Class A		9,200		5,914
China Petroleum & Chemical Corp., Class H		160,651		75,482
China Railway Group Ltd., Class A		13,900		11,599
China Railway Group Ltd., Class H		18,491		10,392
China Resources Microelectronics Ltd., Class A		622		4,687
China Resources Mixc Lifestyle Services Ltd., 144A		3,535		16,722
China Resources Pharmaceutical Group Ltd., 144A		17,338		14,206
China Shenhua Energy Co. Ltd., Class A		2,690		11,663
China Shenhua Energy Co. Ltd., Class H		18,207		55,943
China Southern Airlines Co. Ltd., Class A*		10,000		10,573
China Southern Airlines Co. Ltd., Class H*		7,607		4,499
China State Construction Engineering Corp. Ltd., Class A		24,600		20,528
China Three Gorges Renewables Group Co. Ltd., Class A		12,800		10,536
China Tourism Group Duty Free Corp. Ltd., Class A		800		22,420
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		640		16,076
China Tower Corp. Ltd., Class H, 144A		293,078		31,518
China United Network Communications Ltd., Class A		10,000		6,258
China Vanke Co. Ltd., Class A		3,300		8,734
China Vanke Co. Ltd., Class H		9,974		20,507
China Yangtze Power Co. Ltd., Class A		10,200		30,717
China Zhenhua Group Science & Technology Co. Ltd., Class A		600		9,721
Chinasoft International Ltd.*		14,445		12,261
Chongqing Brewery Co. Ltd., Class A		200		3,122
Chongqing Changan Automobile Co. Ltd., Class A		3,640		6,948
Chongqing Rural Commercial Bank Co. Ltd., Class A		7,100		3,647
Chongqing Zhifei Biological Products Co. Ltd., Class A		800		10,270
CITIC Ltd.		29,803		30,486
CITIC Securities Co. Ltd., Class A		5,230		14,711


	Number of Shares		Value
China (Continued)
CITIC Securities Co. Ltd., Class H		14,270	$	28,427
CMOC Group Ltd., Class A		15,200		10,052
CMOC Group Ltd., Class H		15,252		7,049
Contemporary Amperex Technology Co. Ltd., Class A		877		47,917
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		2,600		5,675
COSCO SHIPPING Holdings Co. Ltd., Class A		6,330		11,346
COSCO SHIPPING Holdings Co. Ltd., Class H		18,876		20,372
Country Garden Holdings Co. Ltd. (b)		60,195		23,197
Country Garden Services Holdings Co. Ltd.		11,992		29,355
CRRC Corp. Ltd., Class A		13,700		10,421
CRRC Corp. Ltd., Class H		35,061		14,364
CSC Financial Co. Ltd., Class A		1,960		6,834
CSPC Pharmaceutical Group Ltd.		52,024		66,537
Dali Foods Group Co. Ltd., 144A		15,749		7,440
Daqin Railway Co. Ltd., Class A		7,700		7,485
Daqo New Energy Corp., ADR*		388		22,081
DaShenLin Pharmaceutical Group Co. Ltd., Class A		840		5,032
Dongfang Electric Corp. Ltd., Class A		3,300		11,315
Dongfeng Motor Group Co. Ltd., Class H		23,713		13,267
Dongyue Group Ltd.		9,332		10,263
East Money Information Co. Ltd., Class A		4,279		11,234
Ecovacs Robotics Co. Ltd., Class A		200		2,045
ENN Energy Holdings Ltd.		5,060		70,935
Eve Energy Co. Ltd., Class A		900		10,595
Everbright Securities Co. Ltd., Class A		1,800		4,131
Flat Glass Group Co. Ltd., Class H		2,614		6,743
Focus Media Information Technology Co. Ltd., Class A		3,200		2,720
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,518		15,157
Fosun International Ltd.		21,044		16,003
Founder Securities Co. Ltd., Class A		10,000		9,622
Foxconn Industrial Internet Co. Ltd., Class A		4,600		5,973
Fuyao Glass Industry Group Co. Ltd., Class A		1,100		5,796
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,423		14,944
Ganfeng Lithium Group Co. Ltd., Class A		700		8,047
Ganfeng Lithium Group Co. Ltd., Class H, 144A		2,119		18,393
GCL System Integration Technology Co. Ltd., Class A*		1,000		458
GD Power Development Co. Ltd., Class A*		12,900		8,293
GDS Holdings Ltd., Class A*		4,320		7,489
Gemdale Corp., Class A		1,700		2,823
Genscript Biotech Corp.*		6,892		17,435
GF Securities Co. Ltd., Class A		2,000		4,544
GF Securities Co. Ltd., Class H		6,132		8,887
GigaDevice Semiconductor, Inc., Class A		168		2,403


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
Ginlong Technologies Co. Ltd., Class A*		300	$	8,418
GoerTek, Inc., Class A		1,500		3,861
Gotion High-tech Co. Ltd., Class A		1,500		6,812
Great Wall Motor Co. Ltd., Class A		1,200		5,446
Great Wall Motor Co. Ltd., Class H		17,402		25,131
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,000		4,565
Greentown China Holdings Ltd.		4,920		8,352
Greentown Service Group Co. Ltd.		8,393		5,738
Guangdong Haid Group Co. Ltd., Class A		1,300		10,437
Guanghui Energy Co. Ltd., Class A		2,500		3,796
Guangzhou Automobile Group Co. Ltd., Class A		3,800		6,644
Guangzhou Automobile Group Co. Ltd., Class H		17,222		12,259
Guangzhou Tinci Materials Technology Co. Ltd., Class A		800		5,104
Guosen Securities Co. Ltd., Class A		5,900		7,645
Guotai Junan Securities Co. Ltd., Class A		3,100		6,155
H World Group Ltd., ADR		1,416		54,204
Haichang Ocean Park Holdings Ltd., 144A*		29,052		12,014
Haidilao International Holding Ltd., 144A*		6,588		16,126
Haier Smart Home Co. Ltd., Class A		2,100		7,310
Haier Smart Home Co. Ltd., Class H		15,941		52,246
Haitian International Holdings Ltd.		4,489		11,552
Haitong Securities Co. Ltd., Class A		5,000		6,344
Haitong Securities Co. Ltd., Class H		14,205		8,729
Hangzhou First Applied Material Co. Ltd., Class A		560		4,775
Hangzhou Silan Microelectronics Co. Ltd., Class A		800		4,155
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		788		7,435
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,293		13,781
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,100		3,943
Hengan International Group Co. Ltd.		3,819		17,577
Hengli Petrochemical Co. Ltd., Class A		1,800		4,291
Hoshine Silicon Industry Co. Ltd., Class A		500		6,344
Hua Hong Semiconductor Ltd., 144A*		2,689		9,261
Huadong Medicine Co. Ltd., Class A		700		4,095
Hualan Biological Engineering, Inc., Class A		670		1,945
Huaneng Power International, Inc., Class A*		3,500		3,849
Huaneng Power International, Inc., Class H * (b)		17,022		7,845
Huatai Securities Co. Ltd., Class A		1,700		3,153
Huatai Securities Co. Ltd., Class H, 144A		9,693		11,181
Huaxia Bank Co. Ltd., Class A		9,400		6,990
Huayu Automotive Systems Co. Ltd., Class A		1,700		4,454


	Number of Shares		Value
China (Continued)
Huizhou Desay Sv Automotive Co. Ltd., Class A		300	$	4,683
Hundsun Technologies, Inc., Class A		1,456		8,257
Hygeia Healthcare Holdings Co. Ltd., 144A* (b)		2,124		13,284
Iflytek Co. Ltd., Class A		900		4,119
Imeik Technology Development Co. Ltd., Class A		100		6,806
Industrial & Commercial Bank of China Ltd., Class A		33,000		20,138
Industrial & Commercial Bank of China Ltd., Class H		335,234		167,811
Industrial Bank Co. Ltd., Class A		8,800		22,105
Industrial Securities Co. Ltd., Class A*		1,950		1,683
Ingenic Semiconductor Co. Ltd., Class A		300		3,360
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		32,600		9,207
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,600		1,550
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,100		8,598
Inner Mongolia Yitai Coal Co. Ltd., Class B		8,000		11,792
Innovent Biologics, Inc., 144A*		6,981		27,393
iQIYI, Inc., ADR*		1,364		4,051
JA Solar Technology Co. Ltd., Class A		1,260		10,407
JD Health International, Inc., 144A* (b)		6,650		57,978
JD.com, Inc., Class A		12,907		361,550
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,200		4,146
Jiangsu Expressway Co. Ltd., Class H		8,873		7,997
Jiangsu Hengli Hydraulic Co. Ltd., Class A		600		5,600
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,500		14,131
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		700		14,045
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,300		3,079
Jiangxi Copper Co. Ltd., Class A		2,700		6,660
Jiangxi Copper Co. Ltd., Class H		3,974		5,749
Jiumaojiu International Holdings Ltd., 144A (b)		4,272		10,720
Kanzhun Ltd., ADR*		1,212		22,810
KE Holdings, Inc., ADR*		4,308		72,891
Kingdee International Software Group Co. Ltd.*		15,602		25,727
Kingsoft Corp. Ltd.		5,845		18,334
Koolearn Technology Holding Ltd., 144A*		2,750		14,435
Kuaishou Technology, 144A*		11,605		84,018
Kweichow Moutai Co. Ltd., Class A		500		113,461
Lenovo Group Ltd.		48,872		41,170
Lens Technology Co. Ltd., Class A		2,610		3,937
Lepu Medical Technology Beijing Co. Ltd., Class A		1,200		3,857


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
Li Auto, Inc., Class A*		7,282	$	72,765
Li Ning Co. Ltd.		14,028		110,001
Lingyi iTech Guangdong Co., Class A*		3,100		2,164
Longfor Group Holdings Ltd., 144A		10,936		32,972
LONGi Green Energy Technology Co. Ltd., Class A		3,340		21,700
Lufax Holding Ltd., ADR		5,225		9,718
Luxshare Precision Industry Co. Ltd., Class A		3,349		14,691
Luzhou Laojiao Co. Ltd., Class A		600		15,839
Mango Excellent Media Co. Ltd., Class A		1,200		4,288
Maxscend Microelectronics Co. Ltd., Class A		160		2,614
Meituan, Class B, 144A*		27,135		568,341
Metallurgical Corp. of China Ltd., Class A		21,100		9,971
Microport Scientific Corp.*		3,646		8,533
Ming Yang Smart Energy Group Ltd., Class A		2,300		8,738
Minth Group Ltd.		4,579		12,281
Montage Technology Co. Ltd., Class A		617		5,892
Muyuan Foods Co. Ltd., Class A		2,134		14,558
Nanjing Securities Co. Ltd., Class A		4,800		5,811
NARI Technology Co. Ltd., Class A		3,076		11,599
National Silicon Industry Group Co. Ltd., Class A*		1,306		3,570
NAURA Technology Group Co. Ltd., Class A		200		6,326
NetEase, Inc.		12,180		170,437
New China Life Insurance Co. Ltd., Class A		1,300		5,291
New China Life Insurance Co. Ltd., Class H		4,257		9,930
New Hope Liuhe Co. Ltd., Class A*		1,400		2,706
New Oriental Education & Technology Group, Inc.*		8,270		23,716
Ninestar Corp., Class A		548		4,202
Ningbo Deye Technology Co. Ltd., Class A		100		5,152
Ningbo Tuopu Group Co. Ltd., Class A		500		4,789
Ningxia Baofeng Energy Group Co. Ltd., Class A		5,666		10,630
NIO, Inc., ADR*		7,790		99,556
Nongfu Spring Co. Ltd., Class H, 144A (b)		10,821		62,480
OFILM Group Co. Ltd., Class A*		103		75
Oppein Home Group, Inc., Class A		500		7,734
Orient Securities Co. Ltd., Class A		2,048		2,595
People’s Insurance Co. Group of China Ltd., Class H		66,401		22,273
PetroChina Co. Ltd., Class A		7,700		5,726
PetroChina Co. Ltd., Class H		131,462		59,580
Pharmaron Beijing Co. Ltd., Class A		600		5,460
Pharmaron Beijing Co. Ltd., Class H, 144A		1,081		6,145
PICC Property & Casualty Co. Ltd., Class H		50,392		50,708
Pinduoduo, Inc., ADR*		3,093		253,750


	Number of Shares		Value
China (Continued)
Ping An Bank Co. Ltd., Class A		6,600	$	12,204
Ping An Healthcare and Technology Co. Ltd., 144A* (b)		2,085		5,194
Ping An Insurance Group Co. of China Ltd., Class A		3,200		20,413
Ping An Insurance Group Co. of China Ltd., Class H		38,619		236,086
Poly Developments and Holdings Group Co. Ltd., Class A		3,900		9,215
Pop Mart International Group Ltd., 144A (b)		3,770		8,369
Postal Savings Bank of China Co. Ltd., Class A		14,000		8,861
Postal Savings Bank of China Co. Ltd., Class H, 144A		44,006		26,367
Power Construction Corp. of China Ltd., Class A		5,900		6,397
Qinghai Salt Lake Industry Co. Ltd., Class A*		2,900		10,408
Rongsheng Petrochemical Co. Ltd., Class A		2,550		4,484
SAIC Motor Corp. Ltd., Class A		2,400		5,170
Sangfor Technologies, Inc., Class A		400		6,371
Sany Heavy Equipment International Holdings Co. Ltd.		6,832		7,268
Sany Heavy Industry Co. Ltd., Class A		2,800		6,322
Satellite Chemical Co. Ltd., Class A		2,937		6,064
SDIC Power Holdings Co. Ltd., Class A		6,500		10,147
Seazen Holdings Co. Ltd., Class A*		2,500		8,082
SF Holding Co. Ltd., Class A		1,860		13,990
SG Micro Corp., Class A		150		3,768
Shaanxi Coal Industry Co. Ltd., Class A		4,700		13,453
Shandong Gold Mining Co. Ltd., Class A		2,200		6,385
Shandong Gold Mining Co. Ltd., Class H, 144A		4,780		9,326
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		900		4,254
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		13,432		19,501
Shanghai Baosight Software Co. Ltd., Class A		910		5,086
Shanghai Baosight Software Co. Ltd., Class B		3,380		10,147
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,100		5,792
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,018		9,969
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		2,852		13,309
Shanghai Junshi Biosciences Co. Ltd., Class A*		270		2,533
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,931		3,160
Shanghai M&G Stationery, Inc., Class A		800		5,425
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,300		3,570


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,214	$	8,638
Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		9,529
Shanghai Putailai New Energy Technology Co. Ltd., Class A		800		6,301
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,600		2,988
Shanxi Meijin Energy Co. Ltd., Class A		3,100		4,325
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		420		15,262
Shenwan Hongyuan Group Co. Ltd., Class A		11,900		6,975
Shenzhen Dynanonic Co. Ltd., Class A		200		6,420
Shenzhen Inovance Technology Co. Ltd., Class A		1,050		10,470
Shenzhen Kangtai Biological Products Co. Ltd., Class A		896		4,374
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		445		20,499
Shenzhen SC New Energy Technology Corp., Class A		300		5,471
Shenzhen Transsion Holdings Co. Ltd., Class A		633		6,984
Shenzhou International Group Holdings Ltd.		4,510		40,216
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,000		3,880
Silergy Corp.		1,844		26,850
Sinopharm Group Co. Ltd., Class H		8,105		19,134
Smoore International Holdings Ltd., 144A (b)		10,110		15,454
StarPower Semiconductor Ltd., Class A		100		4,797
Sunac China Holdings Ltd.* (c)		14,174		0
Sungrow Power Supply Co. Ltd., Class A		500		8,160
Sunny Optical Technology Group Co. Ltd.		5,102		59,375
Suzhou Maxwell Technologies Co. Ltd., Class A		100		6,102
TAL Education Group, ADR*		2,073		12,376
TBEA Co. Ltd., Class A		1,500		4,577
TCL Technology Group Corp., Class A		1,164		664
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,100		6,489
Tencent Holdings Ltd.		38,482		1,414,941
Tencent Music Entertainment Group, ADR*		3,659		25,650
Tianma Microelectronics Co. Ltd., Class A		1,000		1,300
Tianqi Lithium Corp., Class A*		800		10,233
Tingyi Cayman Islands Holding Corp.		13,235		21,621
Tongcheng Travel Holdings Ltd.*		10,603		22,642
Tongwei Co. Ltd., Class A		1,700		10,451
Topsports International Holdings Ltd., 144A		16,911		10,760
TravelSky Technology Ltd., Class H		4,346		8,735
Trina Solar Co. Ltd., Class A		1,184		10,838


	Number of Shares		Value
China (Continued)
Trip.com Group Ltd., ADR*		3,514	$	112,272
Tsingtao Brewery Co. Ltd., Class A		800		11,501
Tsingtao Brewery Co. Ltd., Class H		4,473		41,747
Unigroup Guoxin Microelectronics Co. Ltd., Class A		475		8,864
Uni-President China Holdings Ltd.		10,252		8,978
Unisplendour Corp. Ltd., Class A		1,880		5,037
Vipshop Holdings Ltd., ADR*		2,612		29,124
Walvax Biotechnology Co. Ltd., Class A		900		5,399
Wanhua Chemical Group Co. Ltd., Class A		1,021		12,968
Want Want China Holdings Ltd.		26,923		18,268
Weibo Corp., ADR*		333		5,308
Weichai Power Co. Ltd., Class A		2,100		3,198
Weichai Power Co. Ltd., Class H		11,516		15,215
Wens Foodstuffs Group Co. Ltd., Class A		2,440		6,219
Will Semiconductor Co. Ltd., Class A		540		6,230
Wingtech Technology Co. Ltd., Class A		478		3,736
Wuliangye Yibin Co. Ltd., Class A		1,700		37,843
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,500		2,699
WuXi AppTec Co. Ltd., Class A		920		10,184
WuXi AppTec Co. Ltd., Class H, 144A		2,094		20,589
Wuxi Biologics Cayman, Inc., 144A*		21,361		137,148
Wuxi Shangji Automation Co. Ltd., Class A		400		6,608
Xiaomi Corp., Class B, 144A*		96,739		127,814
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		4,300		7,024
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		4,359		4,682
Xinyi Solar Holdings Ltd.		30,699		35,412
XPeng, Inc., Class A*		5,888		25,366
Xtep International Holdings Ltd.		8,580		9,644
Yadea Group Holdings Ltd., 144A		6,987		13,131
Yankuang Energy Group Co. Ltd., Class A		700		4,031
Yankuang Energy Group Co. Ltd., Class H		9,496		31,427
Yifeng Pharmacy Chain Co. Ltd., Class A		600		5,543
Yihai International Holding Ltd.*		2,432		7,535
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		5,854
YongXing Special Materials Technology Co. Ltd., Class A		300		4,482
Yonyou Network Technology Co. Ltd., Class A		1,700		5,527
YTO Express Group Co. Ltd., Class A		4,500		12,402
Yum China Holdings, Inc.		2,590		142,761
Yunnan Baiyao Group Co. Ltd., Class A		560		4,497
Yunnan Energy New Material Co. Ltd., Class A		300		5,297
Zai Lab Ltd., ADR* (b)		588		22,673
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		7,236
Zhaojin Mining Industry Co. Ltd., Class H*		10,009		11,084


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
Zhejiang Chint Electrics Co. Ltd., Class A		1,200	$	4,898
Zhejiang Dahua Technology Co. Ltd., Class A		3,600		6,069
Zhejiang Expressway Co. Ltd., Class H		5,816		4,319
Zhejiang Huayou Cobalt Co. Ltd., Class A		650		5,766
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		600		5,492
Zhejiang NHU Co. Ltd., Class A		2,160		6,039
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		5,473		14,084
Zhongsheng Group Holdings Ltd.		3,824		19,485
Zhuzhou CRRC Times Electric Co. Ltd.		3,305		15,190
Zijin Mining Group Co. Ltd., Class A		6,800		9,486
Zijin Mining Group Co. Ltd., Class H		34,308		44,538
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,400		3,647
ZTE Corp., Class A		1,512		5,257
ZTE Corp., Class H		3,477		7,541
ZTO Express Cayman, Inc., ADR (b)		2,617		65,608

(Cost $13,633,683)				11,042,686

Colombia — 0.0%
Bancolombia SA		1,292		10,704
Ecopetrol SA		21,382		10,142
Interconexion Electrica SA ESP		2,692		10,873

(Cost $34,419)				31,719

Cyprus — 0.0%
Polymetal International PLC* (c)		1,738		0
TCS Group Holding PLC, GDR* (c)		608		0

(Cost $62,312)				0

Czech Republic — 0.0%
CEZ AS		965		33,161
Komercni Banka AS		617		18,196
Moneta Money Bank AS, 144A		1,846		5,681

(Cost $52,551)				57,038

Denmark — 1.7%
A.P. Moller — Maersk A/S, Class A		19		39,956
A.P. Moller — Maersk A/S, Class B		32		68,727
Carlsberg A/S, Class B		585		73,125
Chr Hansen Holding A/S		622		37,996
Coloplast A/S, Class B		756		88,175
Danske Bank A/S		4,096		73,070
Demant A/S*		659		18,441
DSV A/S		1,120		175,354
Genmab A/S*		403		184,326
Novo Nordisk A/S, Class B		10,167		1,257,512
Novozymes A/S, Class B		1,220		70,054
Orsted AS, 144A		1,089		94,545
Pandora A/S		588		43,406
ROCKWOOL A/S, Class B		51		11,057
Tryg A/S		2,057		47,632
Vestas Wind Systems A/S		6,278		157,636

(Cost $1,717,033)				2,441,012


	Number of Shares		Value
Egypt — 0.0%
Commercial International Bank Egypt SAE		15,165	$	24,740
Eastern Co. SAE		4,376		2,301

(Cost $32,658)				27,041

Finland — 0.8%
Elisa OYJ		869		44,997
Fortum OYJ		2,716		43,002
Kesko OYJ, Class B		1,624		34,627
Kone OYJ, Class B		2,250		111,238
Neste OYJ		2,515		129,128
Nokia OYJ		32,659		158,132
Nordea Bank Abp		19,753		205,959
Orion OYJ, Class B		706		37,277
Sampo OYJ, Class A		2,722		137,490
Stora Enso OYJ, Class R		3,527		51,291
UPM-Kymmene OYJ		3,085		112,263
Wartsila OYJ Abp		2,668		22,871

(Cost $1,111,284)				1,088,275

France — 7.1%
Accor SA*		985		25,850
Aeroports de Paris*		174		26,571
Air Liquide SA		3,207		461,269
Airbus SE		3,652		414,990
Alstom SA (b)		1,849		47,832
Amundi SA, 144A		378		21,044
Arkema SA		368		32,213
AXA SA		11,392		320,309
BioMerieux		238		23,790
BNP Paribas SA		6,824		379,410
Bollore SE		5,529		30,839
Bouygues SA		1,361		41,865
Bureau Veritas SA		1,752		45,615
Capgemini SE		1,030		183,281
Carrefour SA		3,659		62,539
Cie de Saint-Gobain		2,971		135,243
Cie Generale des Etablissements Michelin SCA		4,282		119,083
Covivio REIT		356		20,486
Credit Agricole SA		6,975		69,751
Danone SA		3,904		203,450
Dassault Aviation SA		152		23,916
Dassault Systemes SE		4,214		153,851
Edenred		1,429		78,039
Eiffage SA		443		43,305
Electricite de France SA		3,706		46,278
Engie SA		11,320		171,040
EssilorLuxottica SA		1,786		329,514
Eurazeo SE		248		15,445
Gecina SA REIT		171		16,593
Getlink SE		2,720		44,820
Hermes International		196		314,605
Ipsen SA		243		27,107
Kering SA		452		266,877
Klepierre SA REIT*		1,245		28,476
La Francaise des Jeux SAEM, 144A		466		18,534
Legrand SA		1,698		136,902


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
France (Continued)
L’Oreal SA		1,474	$	544,208
LVMH Moet Hennessy Louis Vuitton SE		1,697		1,301,997
Orange SA (b)		12,611		128,186
Pernod Ricard SA (b)		1,278		251,282
Publicis Groupe SA		1,453		94,348
Remy Cointreau SA		132		22,637
Renault SA*		1,162		42,091
Safran SA		2,073		253,294
Sanofi		6,874		618,599
Sartorius Stedim Biotech		173		58,202
Schneider Electric SE		3,366		486,590
SEB SA		169		13,225
Societe Generale SA		4,744		118,429
Sodexo SA		598		57,063
Teleperformance		331		74,192
Thales SA		628		79,825
TotalEnergies SE (b)		15,205		954,245
Ubisoft Entertainment SA*		507		14,023
Unibail-Rodamco-Westfield REIT*		792		41,735
Valeo		1,380		25,490
Veolia Environnement SA		4,275		109,346
Vinci SA		3,295		331,289
Vivendi SE		4,637		41,401
Wendel SE		166		15,279
Worldline SA, 144A*		1,421		66,467

(Cost $9,019,836)				10,124,175

Germany — 4.6%
adidas AG		1,062		135,112
Allianz SE		2,466		524,387
BASF SE		5,604		282,916
Bayer AG		6,112		352,225
Bayerische Motoren Werke AG		2,090		187,712
Bechtle AG		466		16,667
Beiersdorf AG		579		62,631
Brenntag SE		901		56,236
Carl Zeiss Meditec AG		251		33,733
Commerzbank AG*		5,399		44,979
Continental AG		754		44,943
Covestro AG, 144A		1,246		49,491
Daimler Truck Holding AG*		2,840		92,708
Delivery Hero SE, 144A* (b)		1,032		43,998
Deutsche Bank AG (d)		12,404		130,651
Deutsche Boerse AG		1,182		216,355
Deutsche Lufthansa AG*		3,695		29,441
Deutsche Post AG		5,962		234,700
Deutsche Telekom AG		19,706		397,941
E.ON SE		14,083		133,710
Evonik Industries AG		1,453		28,312
Fresenius Medical Care AG & Co. KGaA		1,202		37,174
Fresenius SE & Co. KGaA		2,531		69,953
GEA Group AG		769		31,113
Hannover Rueck SE		347		65,574
HeidelbergCement AG		884		47,945
HelloFresh SE*		935		22,748
Henkel AG & Co. KGaA		577		38,247
Infineon Technologies AG		8,058		264,300


	Number of Shares		Value
Germany (Continued)
Knorr-Bremse AG		426	$	24,044
LEG Immobilien SE		458		28,929
Mercedes-Benz Group AG		4,813		322,542
Merck KGaA		801		144,866
MTU Aero Engines AG		334		69,651
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		862		270,176
Nemetschek SE		340		16,487
Puma SE		610		30,913
Rational AG		18		11,098
Rheinmetall AG		272		55,024
RWE AG		3,914		171,062
SAP SE		6,387		694,274
Scout24 SE, 144A		502		27,143
Siemens AG		4,679		638,906
Siemens Energy AG (b)		2,809		46,213
Siemens Healthineers AG, 144A		1,811		95,470
Symrise AG		879		99,655
Telefonica Deutschland Holding AG		9,252		22,028
United Internet AG		567		11,906
Volkswagen AG		191		36,382
Vonovia SE		4,553		111,292
Zalando SE, 144A*		1,332		41,222

(Cost $7,376,303)				6,645,185

Greece — 0.1%
Alpha Services and Holdings SA*		12,017		12,649
Eurobank Ergasias Services and Holdings SA*		16,513		18,730
Hellenic Telecommunications Organization SA		1,630		25,019
JUMBO SA		804		12,708
Mytilineos SA		239		4,462
National Bank of Greece SA*		1,750		7,047
OPAP SA		966		13,299
Public Power Corp. SA*		1,163		7,975
Terna Energy SA		661		13,413

(Cost $115,817)				115,302

Hong Kong — 2.2%
AIA Group Ltd.		73,059		734,243
Alibaba Health Information Technology Ltd.*		25,048		20,491
Beijing Enterprises Holdings Ltd.		4,754		15,033
Beijing Enterprises Water Group Ltd.		29,600		7,844
BOC Hong Kong Holdings Ltd.		20,760		65,781
Bosideng International Holdings Ltd.		14,160		6,961
Budweiser Brewing Co. APAC Ltd., 144A		10,027		28,755
C&D International Investment Group Ltd.		5,397		12,658
China Everbright Environment Group Ltd.		26,229		11,988
China Gas Holdings Ltd.		18,497		23,468
China Jinmao Holdings Group Ltd.		29,943		7,015
China Mengniu Dairy Co. Ltd.*		20,964		93,401
China Merchants Port Holdings Co. Ltd.		8,916		12,944
China Overseas Land & Investment Ltd.		20,926		56,528
China Overseas Property Holdings Ltd.		9,399		10,385


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Hong Kong (Continued)
China Power International Development Ltd.		32,211	$	12,371
China Resources Beer Holdings Co. Ltd.		10,531		72,198
China Resources Cement Holdings Ltd.		18,836		10,152
China Resources Gas Group Ltd.		5,528		19,462
China Resources Land Ltd.		19,244		88,694
China Resources Power Holdings Co. Ltd.		11,465		21,107
China Ruyi Holdings Ltd.* (b)		11,414		2,499
China State Construction International Holdings Ltd.		11,854		14,190
China Taiping Insurance Holdings Co. Ltd.		8,417		8,535
China Traditional Chinese Medicine Holdings Co. Ltd.		18,429		9,178
Chow Tai Fook Jewellery Group Ltd.		11,774		20,591
CK Asset Holdings Ltd.		10,635		63,380
CK Hutchison Holdings Ltd.		17,110		99,230
CK Infrastructure Holdings Ltd.		3,856		19,401
CLP Holdings Ltd.		10,051		72,832
COSCO SHIPPING Ports Ltd.		8,299		6,258
ESR Group Ltd., 144A		14,371		32,455
Far East Horizon Ltd.		11,701		8,883
Futu Holdings Ltd., ADR*		290		17,832
Galaxy Entertainment Group Ltd.		14,346		85,772
GCL Technology Holdings Ltd.*		124,733		38,964
Geely Automobile Holdings Ltd.		37,070		54,008
Guangdong Investment Ltd.		17,674		16,201
Hang Lung Properties Ltd.		11,594		21,345
Hang Seng Bank Ltd.		4,817		74,127
Henderson Land Development Co. Ltd.		11,194		36,831
HK Electric Investments & HK Electric Investments Ltd. (a)		15,536		11,477
HKT Trust & HKT Ltd. (a)		26,892		32,638
Hong Kong & China Gas Co. Ltd.		76,154		64,738
Hong Kong Exchanges & Clearing Ltd.		7,287		285,474
Hongkong Land Holdings Ltd.		7,400		29,674
Hopson Development Holdings Ltd.		367		417
Jardine Matheson Holdings Ltd.		921		44,503
Kingboard Holdings Ltd.		3,978		13,038
Kingboard Laminates Holdings Ltd.		6,739		7,057
Kunlun Energy Co. Ltd.		28,991		22,270
Link REIT		13,436		90,308
MTR Corp. Ltd.		10,699		51,434
New World Development Co. Ltd.		9,515		22,512
Nine Dragons Paper Holdings Ltd.		11,423		9,052
Orient Overseas International Ltd.		824		15,423
Power Assets Holdings Ltd.		8,161		41,949
Shenzhen International Holdings Ltd.		8,123		7,467
Shimao Group Holdings Ltd.* (b)(c)		6,159		0
Sino Biopharmaceutical Ltd.		53,674		31,472
Sino Land Co. Ltd.		15,293		19,011
SITC International Holdings Co. Ltd.		7,529		16,425
Sun Hung Kai Properties Ltd.		8,368		100,382
Swire Pacific Ltd., Class A		3,404		26,606
Swire Properties Ltd.		8,946		20,020
Techtronic Industries Co. Ltd.		8,024		95,331


	Number of Shares		Value
Hong Kong (Continued)
Vinda International Holdings Ltd.		3,130	$	8,135
WH Group Ltd., 144A		39,827		23,302
Wharf Real Estate Investment Co. Ltd.		10,684		49,242
Xinyi Glass Holdings Ltd.		10,872		20,823
Yuexiu Property Co. Ltd.		11,791		14,854

(Cost $3,558,044)				3,209,025

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		2,264		16,236
OTP Bank Nyrt		1,369		37,425
Richter Gedeon Nyrt		842		18,093

(Cost $91,148)				71,754

India — 4.1%
ABB India Ltd.		364		13,412
ACC Ltd.		400		12,590
Adani Enterprises Ltd.		1,838		88,426
Adani Green Energy Ltd.*		1,907		49,562
Adani Ports & Special Economic Zone Ltd.		2,531		27,381
Adani Power Ltd.*		4,860		19,858
Adani Total Gas Ltd.		1,501		66,957
Adani Transmission Ltd.*		1,826		65,216
Ambuja Cements Ltd.		3,761		26,359
Apollo Hospitals Enterprise Ltd.		591		34,300
Asian Paints Ltd.		2,199		85,738
AU Small Finance Bank Ltd., 144A		1,340		10,519
Aurobindo Pharma Ltd.		1,823		10,462
Avenue Supermarts Ltd., 144A*		1,134		56,055
Axis Bank Ltd.		13,283		147,002
Bajaj Auto Ltd.		423		19,482
Bajaj Finance Ltd.		1,709		141,044
Bajaj Finserv Ltd.		2,280		45,538
Bajaj Holdings & Investment Ltd.		177		13,682
Balkrishna Industries Ltd.		483		12,111
Bandhan Bank Ltd., 144A*		3,700		10,832
Berger Paints India Ltd.		1,200		9,171
Bharat Electronics Ltd.		20,532		26,498
Bharat Forge Ltd.		2,071		21,859
Bharat Petroleum Corp. Ltd.		6,191		25,935
Bharti Airtel Ltd.		13,283		138,439
Biocon Ltd.		2,284		7,933
Britannia Industries Ltd.		794		42,532
Cholamandalam Investment and Finance Co. Ltd.		2,409		21,146
Cipla Ltd.		2,805		39,254
Coal India Ltd.		8,686		24,239
Colgate-Palmolive India Ltd.		694		13,909
Container Corp. Of India Ltd.		1,452		13,764
Dabur India Ltd.		3,991		28,834
Divi’s Laboratories Ltd.		945		39,509
DLF Ltd.		3,332		16,475
Dr. Reddy’s Laboratories Ltd.		827		45,568
Eicher Motors Ltd.		766		32,776
GAIL India Ltd.		13,881		16,150
Godrej Consumer Products Ltd.*		2,758		29,852
Godrej Properties Ltd.*		767		12,292
Grasim Industries Ltd.		1,648		35,612


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
India (Continued)
Havells India Ltd.		1,403	$	21,596
HCL Technologies Ltd.		6,557		90,243
HDFC Life Insurance Co. Ltd., 144A		6,015		43,623
Hero MotoCorp Ltd.		692		24,234
Hindalco Industries Ltd.		8,854		49,001
Hindustan Petroleum Corp. Ltd.		3,845		11,289
Hindustan Unilever Ltd.		4,976		164,022
Housing Development Finance Corp. Ltd.		10,576		349,677
ICICI Bank Ltd.		31,559		369,277
ICICI Lombard General Insurance Co. Ltd., 144A		1,437		21,372
ICICI Prudential Life Insurance Co. Ltd., 144A		2,368		13,847
Indian Hotels Co. Ltd.		5,027		19,855
Indian Oil Corp. Ltd.		15,346		14,444
Indian Railway Catering & Tourism Corp. Ltd.		1,558		14,085
Indraprastha Gas Ltd.		1,513		8,223
Indus Towers Ltd.		4,143		10,195
Info Edge India Ltd.		447		21,921
Infosys Ltd.		20,406		409,680
InterGlobe Aviation Ltd., 144A*		612		14,560
ITC Ltd.		17,688		73,848
Jindal Steel & Power Ltd.		2,591		17,046
JSW Steel Ltd.		4,752		43,379
Jubilant Foodworks Ltd.		2,564		17,217
Kotak Mahindra Bank Ltd.		3,136		74,978
Larsen & Toubro Infotech Ltd., 144A		304		18,062
Larsen & Toubro Ltd.		4,365		111,212
Lupin Ltd.		1,353		12,728
Mahindra & Mahindra Ltd.		5,281		84,666
Marico Ltd.		3,283		20,453
Maruti Suzuki India Ltd.		736		81,106
Mindtree Ltd. (c)		410		18,053
Mphasis Ltd.		553		13,698
MRF Ltd.		5		5,744
Muthoot Finance Ltd.		756		10,033
Nestle India Ltd.		226		56,014
NTPC Ltd.		24,206		51,185
Oil & Natural Gas Corp. Ltd.		14,761		25,576
Page Industries Ltd.		35		20,379
Petronet LNG Ltd.		3,652		9,536
PI Industries Ltd.		355		15,227
Pidilite Industries Ltd.		770		25,990
Power Grid Corp. of India Ltd.		17,432		47,949
Reliance Industries Ltd.		18,594		623,638
Samvardhana Motherson International Ltd.		11,778		10,811
SBI Cards & Payment Services Ltd.		1,384		14,008
SBI Life Insurance Co. Ltd., 144A		2,515		39,620
Shree Cement Ltd.		72		21,113
Shriram Transport Finance Co. Ltd.		1,196		19,827
Siemens Ltd.		413		14,073
SRF Ltd.		973		28,265
State Bank of India		10,321		76,353
Sun Pharmaceutical Industries Ltd.		5,886		75,606


	Number of Shares		Value
India (Continued)
Tata Consultancy Services Ltd.		5,640	$	234,835
Tata Consumer Products Ltd.		3,294		33,089
Tata Elxsi Ltd.		210		18,077
Tata Motors Ltd.*		10,084		54,410
Tata Power Co. Ltd.		8,029		22,164
Tata Steel Ltd.		49,858		65,907
Tech Mahindra Ltd.		3,732		49,356
Titan Co. Ltd.		2,378		77,470
Torrent Pharmaceuticals Ltd.		496		10,110
Trent Ltd.		1,162		20,999
Tube Investments of India Ltd.		613		20,861
TVS Motor Co. Ltd.		1,211		15,587
UltraTech Cement Ltd.		709		61,614
United Spirits Ltd.*		1,860		21,294
UPL Ltd.		2,858		27,714
Varun Beverages Ltd.		1,445		22,175
Vedanta Ltd.		2,680		10,016
Wipro Ltd.		8,439		42,166
Yes Bank Ltd.*		56,316		11,860
Zomato Ltd.*		9,586		7,681

(Cost $4,697,886)				5,874,195

Indonesia — 0.5%
Aneka Tambang Tbk		47,388		5,979
PT Adaro Energy Indonesia Tbk		82,036		20,181
PT Astra International Tbk		100,569		38,677
PT Bank Central Asia Tbk		347,439		205,396
PT Bank Jago Tbk*		23,116		6,745
PT Bank Mandiri Persero Tbk		112,355		75,170
PT Bank Negara Indonesia Persero Tbk		41,364		26,031
PT Bank Rakyat Indonesia Persero Tbk		433,646		137,276
PT Barito Pacific Tbk		142,057		7,134
PT Charoen Pokphand Indonesia Tbk		46,010		16,671
PT Gudang Garam Tbk		4,911		6,228
PT Indah Kiat Pulp & Paper Tbk		20,659		13,132
PT Indofood CBP Sukses Makmur Tbk		15,127		9,712
PT Indofood Sukses Makmur Tbk		13,056		5,353
PT Kalbe Farma Tbk		126,870		16,694
PT Merdeka Copper Gold Tbk*		79,644		21,010
PT Sarana Menara Nusantara Tbk		163,488		11,743
PT Semen Indonesia Persero Tbk		22,985		11,104
PT Sumber Alfaria Trijaya Tbk		108,173		21,247
PT Telkom Indonesia Persero Tbk		276,435		70,991
PT Unilever Indonesia Tbk		46,781		14,274
PT United Tractors Tbk		11,193		21,914
PT Vale Indonesia Tbk*		18,118		8,494

(Cost $689,656)				771,156

Ireland — 0.6%
AerCap Holdings NV*		803		49,304
AIB Group PLC		6,701		21,575
Bank of Ireland Group PLC		6,581		53,471
CRH PLC		4,458		176,328
DCC PLC		616		32,585
Experian PLC		5,627		197,016
Flutter Entertainment PLC*		1,063		155,692
James Hardie Industries PLC CDI		2,457		48,697


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Ireland (Continued)
Kerry Group PLC, Class A		937	$	88,280
Kingspan Group PLC		920		51,161
Smurfit Kappa Group PLC		1,532		54,569

(Cost $924,351)				928,678

Israel — 0.5%
Azrieli Group Ltd.		249		17,523
Bank Hapoalim BM		7,920		75,723
Bank Leumi Le-Israel BM		9,709		87,449
Bezeq The Israeli Telecommunication Corp. Ltd.		14,022		25,892
Check Point Software Technologies Ltd.*		627		83,284
CyberArk Software Ltd.*		284		42,336
Elbit Systems Ltd.		186		32,383
ICL Group Ltd.		4,138		34,057
Israel Discount Bank Ltd., Class A		7,946		46,649
Mizrahi Tefahot Bank Ltd.		983		35,986
Nice Ltd.*		373		70,734
Teva Pharmaceutical Industries Ltd., ADR*		6,547		57,417
Tower Semiconductor Ltd.*		690		30,619
Wix.com Ltd.*		337		30,495
ZIM Integrated Shipping Services Ltd. (b)		394		8,282

(Cost $741,557)				678,829

Italy — 1.2%
Amplifon SpA		798		22,296
Assicurazioni Generali SpA		7,024		123,817
Atlantia SpA		3,242		77,357
Davide Campari-Milano NV		3,324		34,676
DiaSorin SpA		150		19,816
Enel SpA		49,790		266,000
Eni SpA		15,407		229,650
Ferrari NV		780		171,993
FinecoBank Banca Fineco SpA		3,585		57,600
Infrastrutture Wireless Italiane SpA, 144A		2,148		21,230
Intesa Sanpaolo SpA		98,738		218,029
Mediobanca Banca di Credito Finanziario SpA		2,730		26,175
Moncler SpA		1,205		61,505
Nexi SpA, 144A*		3,808		33,302
Poste Italiane SpA, 144A		3,094		30,219
Prysmian SpA		1,468		51,022
Recordati Industria Chimica e Farmaceutica SpA		624		26,389
Snam SpA		11,803		59,790
Telecom Italia SpA* (b)		59,521		12,771
Terna — Rete Elettrica Nazionale		8,322		63,304
UniCredit SpA		11,471		155,464

(Cost $1,829,364)				1,762,405

Japan — 13.4%
Advantest Corp.		1,000		66,116
Aeon Co. Ltd.		4,400		89,950
AGC, Inc.		1,200		39,974


	Number of Shares		Value
Japan (Continued)
Aisin Corp.		800	$	21,812
Ajinomoto Co., Inc.		2,800		87,899
ANA Holdings, Inc.*		600		12,794
Asahi Group Holdings Ltd.		3,000		95,546
Asahi Intecc Co. Ltd.		1,300		22,726
Asahi Kasei Corp.		7,800		57,558
Astellas Pharma, Inc.		11,100		171,054
Azbil Corp.		800		24,187
Bandai Namco Holdings, Inc.		1,300		85,151
Bridgestone Corp.		3,400		127,220
Brother Industries Ltd.		1,519		24,354
Canon, Inc.		5,800		134,909
Capcom Co. Ltd.		1,100		33,257
Central Japan Railway Co.		900		108,386
Chiba Bank Ltd.		3,300		19,931
Chubu Electric Power Co., Inc.		4,000		37,309
Chugai Pharmaceutical Co. Ltd.		3,864		101,406
Concordia Financial Group Ltd.		6,100		21,071
CyberAgent, Inc.		2,500		22,250
Dai Nippon Printing Co. Ltd.		1,400		28,803
Daifuku Co. Ltd.		600		30,589
Dai-ichi Life Holdings, Inc.		5,600		103,147
Daiichi Sankyo Co. Ltd.		10,626		347,659
Daikin Industries Ltd.		1,513		245,483
Daito Trust Construction Co. Ltd.		400		44,377
Daiwa House Industry Co. Ltd.		3,371		77,116
Daiwa House REIT Investment Corp. REIT		10		22,268
Daiwa Securities Group, Inc.		9,500		41,828
Denso Corp.		2,700		146,917
Dentsu Group, Inc.		1,300		41,422
Disco Corp.		200		58,802
East Japan Railway Co.		1,870		105,776
Eisai Co. Ltd.		1,500		101,369
ENEOS Holdings, Inc.		16,393		55,320
FANUC Corp.		1,125		165,911
Fast Retailing Co. Ltd.		358		209,501
Fuji Electric Co. Ltd.		900		36,628
FUJIFILM Holdings Corp.		2,300		121,837
Fujitsu Ltd.		1,200		160,461
GLP J REIT		33		36,802
GMO Payment Gateway, Inc.		300		26,418
Hakuhodo DY Holdings, Inc.		1,200		11,566
Hamamatsu Photonics KK		900		46,665
Hankyu Hanshin Holdings, Inc.		1,500		46,600
Hikari Tsushin, Inc.		100		13,882
Hirose Electric Co. Ltd.		205		27,019
Hitachi Construction Machinery Co. Ltd.		600		13,947
Hitachi Ltd.		5,941		314,022
Honda Motor Co. Ltd.		10,043		244,075
Hoshizaki Corp.		656		22,019
Hoya Corp.		2,178		221,759
Hulic Co. Ltd.		2,600		21,709
Ibiden Co. Ltd.		600		23,941
Idemitsu Kosan Co. Ltd.		1,232		28,906
Iida Group Holdings Co. Ltd.		800		12,705
Inpex Corp.		6,400		71,049


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Isuzu Motors Ltd.		3,300	$	42,872
Ito En Ltd.		300		11,449
ITOCHU Corp.		7,100		220,419
Itochu Techno-Solutions Corp.		500		12,130
Japan Airlines Co. Ltd.*		900		17,812
Japan Exchange Group, Inc.		3,000		42,918
Japan Metropolitan Fund Invest REIT		45		35,879
Japan Post Bank Co. Ltd.		2,400		18,266
Japan Post Holdings Co. Ltd.		13,599		106,161
Japan Post Insurance Co. Ltd.		1,100		18,218
Japan Real Estate Investment Corp. REIT		7		30,871
Japan Tobacco, Inc.		7,088		144,516
JFE Holdings, Inc.		2,700		29,837
JSR Corp.		1,200		24,966
Kajima Corp.		2,600		29,184
Kakaku.com, Inc.		1,100		19,341
Kansai Electric Power Co., Inc.		5,000		42,219
Kao Corp.		2,811		111,166
KDDI Corp.		10,000		297,704
Keio Corp.		600		22,246
Keisei Electric Railway Co. Ltd.		800		22,681
Keyence Corp.		1,174		485,787
Kikkoman Corp.		900		50,315
Kintetsu Group Holdings Co. Ltd.		1,000		35,484
Kirin Holdings Co. Ltd.		4,600		72,120
Kobayashi Pharmaceutical Co. Ltd.		400		24,622
Kobe Bussan Co. Ltd.		800		20,711
Koei Tecmo Holdings Co. Ltd.		520		8,943
Koito Manufacturing Co. Ltd.		1,200		18,814
Komatsu Ltd.		5,700		131,221
Konami Group Corp.		600		28,025
Kose Corp.		200		20,986
Kubota Corp.		6,400		94,084
Kurita Water Industries Ltd.		700		30,922
Kyocera Corp.		1,984		100,299
Kyowa Kirin Co. Ltd.		1,700		39,087
Lasertec Corp.		400		72,808
Lixil Corp.		1,300		19,854
M3, Inc.		2,442		74,362
Makita Corp.		1,400		31,733
Marubeni Corp.		8,800		98,649
Mazda Motor Corp.		3,200		25,282
McDonald’s Holdings Co. Japan Ltd.		700		25,903
MEIJI Holdings Co. Ltd.		700		33,456
MINEBEA MITSUMI, Inc.		2,200		35,735
MISUMI Group, Inc.		1,800		43,667
Mitsubishi Chemical Group Corp.		7,900		41,717
Mitsubishi Corp.		7,644		254,911
Mitsubishi Electric Corp.		11,100		110,727
Mitsubishi Estate Co. Ltd.		6,600		92,722
Mitsubishi HC Capital, Inc.		4,000		18,944
Mitsubishi Heavy Industries Ltd.		2,000		79,035
Mitsubishi UFJ Financial Group, Inc.		71,800		392,615
Mitsui & Co. Ltd.		8,600		248,054
Mitsui Chemicals, Inc.		1,100		24,694
Mitsui Fudosan Co. Ltd.		5,600		112,596
Mitsui OSK Lines Ltd. (b)		2,100		51,173


	Number of Shares		Value
Japan (Continued)
Mizuho Financial Group, Inc.		14,850	$	184,644
MonotaRO Co. Ltd.		1,600		27,066
MS&AD Insurance Group Holdings, Inc.		2,700		80,165
Murata Manufacturing Co. Ltd.		3,600		194,586
NEC Corp.		1,500		52,737
Nexon Co. Ltd.		2,960		62,034
NGK Insulators Ltd.		800		10,492
Nidec Corp.		2,800		173,041
Nihon M&A Center Holdings, Inc.		1,900		25,317
Nintendo Co. Ltd.		6,700		285,972
Nippon Building Fund, Inc. REIT		9		41,712
NIPPON EXPRESS HOLDINGS, Inc.		500		29,293
Nippon Paint Holdings Co. Ltd.		4,900		39,742
Nippon Prologis REIT, Inc. REIT (b)		12		29,329
Nippon Sanso Holdings Corp.		500		8,230
Nippon Shinyaku Co. Ltd.		400		23,434
Nippon Steel Corp.		4,510		71,607
Nippon Telegraph & Telephone Corp.		7,400		204,707
Nippon Yusen KK (b)		3,000		65,979
Nissan Chemical Corp.		900		43,928
Nissan Motor Co. Ltd.		15,200		54,068
Nisshin Seifun Group, Inc.		1,150		13,450
Nissin Foods Holdings Co. Ltd.		415		31,495
Nitori Holdings Co. Ltd.		501		56,471
Nitto Denko Corp.		900		56,116
Nomura Holdings, Inc.		18,400		66,717
Nomura Real Estate Holdings, Inc.		600		14,425
Nomura Real Estate Master Fund, Inc. REIT		27		33,728
Nomura Research Institute Ltd.		2,056		44,607
NTT Data Corp.		3,400		51,755
Obayashi Corp.		3,900		28,920
Obic Co. Ltd.		400		62,858
Odakyu Electric Railway Co. Ltd.		1,800		23,489
Oji Holdings Corp.		4,122		15,761
Olympus Corp.		7,300		148,337
Omron Corp.		1,200		61,212
Ono Pharmaceutical Co. Ltd.		2,300		58,562
Open House Group Co. Ltd.		500		20,928
Oracle Corp.		200		11,630
Oriental Land Co. Ltd.		1,225		174,937
ORIX Corp.		7,656		122,555
Osaka Gas Co. Ltd.		2,308		35,467
Otsuka Corp.		608		20,121
Otsuka Holdings Co. Ltd.		2,183		74,142
Pan Pacific International Holdings Corp.		1,800		31,075
Panasonic Holdings Corp.		13,900		128,240
Persol Holdings Co. Ltd.		1,000		22,811
Rakuten Group, Inc.		5,800		27,427
Recruit Holdings Co. Ltd.		8,600		269,602
Renesas Electronics Corp.*		7,200		68,616
Resona Holdings, Inc.		13,600		65,090
Ricoh Co. Ltd.		3,800		29,885
Rohm Co. Ltd.		600		47,143
SBI Holdings, Inc.		1,517		28,760
SCSK Corp.		900		14,352
Secom Co. Ltd.		1,300		79,879


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Seiko Epson Corp.		1,700	$	26,493
Sekisui Chemical Co. Ltd.		2,200		30,700
Sekisui House Ltd.		3,800		70,639
Seven & i Holdings Co. Ltd.		4,761		192,350
SG Holdings Co. Ltd.		2,100		32,392
Sharp Corp. (b)		1,300		9,160
Shimadzu Corp.		1,400		42,378
Shimano, Inc.		453		76,697
Shimizu Corp.		3,000		16,033
Shin-Etsu Chemical Co. Ltd.		2,179		277,247
Shionogi & Co. Ltd.		1,709		86,013
Shiseido Co. Ltd.		2,506		105,238
Shizuoka Financial Group, Inc.		3,100		22,561
SMC Corp.		352		157,430
SoftBank Corp.		17,200		186,523
SoftBank Group Corp.		7,500		323,267
Sompo Holdings, Inc.		1,900		83,367
Sony Group Corp.		7,700		627,587
Square Enix Holdings Co. Ltd.		500		22,413
Subaru Corp.		3,800		64,709
SUMCO Corp.		2,100		30,765
Sumitomo Chemical Co. Ltd.		9,300		33,539
Sumitomo Corp.		7,100		115,531
Sumitomo Electric Industries Ltd.		4,400		50,997
Sumitomo Metal Mining Co. Ltd.		1,500		50,456
Sumitomo Mitsui Financial Group, Inc.		8,000		270,722
Sumitomo Mitsui Trust Holdings, Inc.		2,110		67,339
Sumitomo Realty & Development Co. Ltd.		1,839		49,488
Suntory Beverage & Food Ltd.		800		27,026
Suzuki Motor Corp.		2,300		81,830
Sysmex Corp.		1,100		66,260
T&D Holdings, Inc.		3,700		44,693
Taisei Corp.		1,100		33,178
Takeda Pharmaceutical Co. Ltd.		8,987		263,577
TDK Corp.		2,400		84,814
Terumo Corp.		3,800		111,256
TIS, Inc.		1,300		36,621
Tobu Railway Co. Ltd.		1,092		26,175
Toho Co. Ltd.		500		19,154
Tokio Marine Holdings, Inc.		11,502		235,471
Tokyo Electric Power Co. Holdings, Inc.*		8,700		31,438
Tokyo Electron Ltd.		938		306,282
Tokyo Gas Co. Ltd.		2,000		36,585
Tokyu Corp.		3,700		46,863
TOPPAN, Inc.		1,500		23,159
Toray Industries, Inc.		9,700		51,882
Toshiba Corp.		2,451		83,244
Tosoh Corp.		2,000		23,506
TOTO Ltd.		1,040		35,736
Toyota Industries Corp.		900		50,902
Toyota Motor Corp.		64,520		939,369
Toyota Tsusho Corp.		1,400		53,023
Trend Micro, Inc.		800		39,453
Unicharm Corp.		2,505		92,207
USS Co. Ltd.		1,700		28,266
Welcia Holdings Co. Ltd.		600		13,122


	Number of Shares		Value
Japan (Continued)
West Japan Railway Co.		1,400	$	59,167
Yakult Honsha Co. Ltd.		800		50,692
Yamaha Corp.		800		31,342
Yamaha Motor Co. Ltd.		1,800		44,514
Yamato Holdings Co. Ltd.		1,800		29,889
Yaskawa Electric Corp.		1,500		48,284
Yokogawa Electric Corp.		1,361		25,290
Z Holdings Corp.		15,600		42,194
ZOZO, Inc.		733		18,180

(Cost $18,403,662)				19,189,394

Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $12,403)		467		8,522

Kuwait — 0.3%
Agility Public Warehousing Co. KSC		8,404		21,509
Boubyan Bank KSCP		6,253		17,163
Gulf Bank KSCP		4,222		4,654
Kuwait Finance House KSCP		47,521		133,832
Mabanee Co KPSC		6,480		18,565
Mobile Telecommunications Co. KSCP		11,016		21,029
National Bank of Kuwait SAKP		42,227		154,077

(Cost $294,953)				370,829

Luxembourg — 0.2%
ArcelorMittal SA		3,060		82,185
Aroundtown SA		6,995		16,705
Eurofins Scientific SE		941		65,039
Reinet Investments SCA		806		14,229
Tenaris SA		2,613		45,450

(Cost $247,600)				223,608

Macau — 0.0%
Sands China Ltd.* (Cost $56,312)		14,172		38,102

Malaysia — 0.4%
AMMB Holdings Bhd		10,087		9,458
Axiata Group Bhd		11,876		8,678
CIMB Group Holdings Bhd		46,614		60,789
Dialog Group Bhd		23,700		12,096
DiGi.Com Bhd		20,644		18,567
Genting Bhd		5,900		5,877
Genting Malaysia Bhd		21,700		13,027
HAP Seng Consolidated Bhd		2,069		3,089
Hartalega Holdings Bhd		9,900		3,851
Hong Leong Bank Bhd		5,182		24,305
Hong Leong Financial Group Bhd		1,753		7,300
IHH Healthcare Bhd		9,091		11,856
Inari Amertron Bhd		21,000		12,560
IOI Corp. Bhd		12,200		10,479
Kuala Lumpur Kepong Bhd		2,620		12,312
Malayan Banking Bhd		28,237		54,792
Malaysia Airports Holdings Bhd*		8,400		12,144
Maxis Bhd		12,100		10,447
MISC Bhd		6,000		9,713
MR DIY Group M Bhd, 144A		17,400		8,216
Nestle Malaysia Bhd		300		9,369


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Malaysia (Continued)
Petronas Chemicals Group Bhd		17,957	$	34,481
Petronas Dagangan Bhd		1,500		8,020
Petronas Gas Bhd		4,641		17,531
PPB Group Bhd		2,440		9,436
Press Metal Aluminium Holdings Bhd		21,100		23,010
Public Bank Bhd		93,300		94,401
QL Resources Bhd		7,800		9,769
RHB Bank Bhd		11,591		14,647
Sime Darby Bhd		8,000		3,867
Sime Darby Plantation Bhd		11,711		11,217
Telekom Malaysia Bhd		4,400		5,540
Tenaga Nasional Bhd		16,500		34,948
Top Glove Corp. Bhd		37,600		7,355

(Cost $644,388)				593,147

Mexico — 0.7%
Alfa SAB de CV, Class A		20,533		14,229
America Movil SAB de CV, Series L		174,647		169,904
Arca Continental SAB de CV		2,306		19,245
Banco del Bajio SA, 144A		4,748		15,848
Cemex SAB de CV, Series CPO*		79,753		36,582
Coca-Cola Femsa SAB de CV		2,948		20,103
Fibra Uno Administracion SA de CV REIT		16,664		20,703
Fomento Economico Mexicano SAB de CV		11,417		90,974
Gruma SAB de CV, Class B		1,259		15,715
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,257		36,423
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,207		29,861
Grupo Bimbo SAB de CV, Series A		9,214		39,131
Grupo Carso SAB de CV, Series A1		3,833		16,555
Grupo Financiero Banorte SAB de CV, Class O		16,185		129,436
Grupo Financiero Inbursa SAB de CV, Class O*		14,955		27,772
Grupo Mexico SAB de CV, Series B		20,147		82,158
Grupo Televisa SAB, Series CPO		14,028		15,407
Industrias Penoles SAB de CV*		567		7,622
Kimberly-Clark de Mexico SAB de CV, Class A		7,913		13,452
Operadora De Sites Mexicanos SAB de CV, Class A-1		11,601		12,723
Orbia Advance Corp. SAB de CV		6,495		12,701
Promotora y Operadora de Infraestructura SAB de CV		496		4,376
Wal-Mart de Mexico SAB de CV		31,009		123,303

(Cost $879,888)				954,223

Netherlands — 2.9%
ABN AMRO Bank NV, 144A		2,423		30,849
Adyen NV, 144A*		137		208,683
Aegon NV		11,763		57,090
Akzo Nobel NV		1,156		82,064
Argenx SE*		347		140,824
ASM International NV		310		83,550
ASML Holding NV		2,479		1,447,441


	Number of Shares		Value
Netherlands (Continued)
Euronext NV, 144A		502	$	37,998
EXOR NV*		689		53,830
Heineken Holding NV		636		47,684
Heineken NV		1,544		141,838
IMCD NV		353		51,151
ING Groep NV		23,110		278,720
JDE Peet’s NV		549		16,876
Just Eat Takeaway.com NV, 144A*		1,198		26,915
Koninklijke Ahold Delhaize NV		6,463		187,067
Koninklijke DSM NV		1,063		135,283
Koninklijke KPN NV		19,830		60,709
Koninklijke Philips NV		5,464		80,693
NEPI Rockcastle NV		2,489		14,843
NN Group NV		1,681		71,055
OCI NV		441		18,622
Prosus NV*		4,945		321,559
QIAGEN NV*		1,377		67,805
Randstad NV		712		40,750
Stellantis NV*		13,895		215,326
Universal Music Group NV		4,667		109,271
Wolters Kluwer NV		1,570		171,870

(Cost $3,745,300)				4,200,366

New Zealand — 0.2%
Auckland International Airport Ltd.*		9,273		46,981
Fisher & Paykel Healthcare Corp. Ltd.		3,243		48,228
Mercury NZ Ltd.		3,536		12,255
Meridian Energy Ltd.		7,709		23,779
Spark New Zealand Ltd.		11,432		37,100
Xero Ltd.*		951		45,598

(Cost $223,812)				213,941

Norway — 0.5%
Adevinta ASA*		1,580		12,394
Aker BP ASA		1,768		61,346
DNB Bank ASA		5,819		112,564
Equinor ASA		5,841		224,852
Gjensidige Forsikring ASA		1,249		23,996
Kongsberg Gruppen ASA		475		19,506
Mowi ASA		2,605		40,644
Norsk Hydro ASA		8,236		60,700
Orkla ASA		4,370		31,045
Salmar ASA		350		12,269
Telenor ASA		3,065		29,660
Yara International ASA		981		44,827

(Cost $628,398)				673,803

Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR		1,193		9,735
Credicorp Ltd.		464		71,247
Southern Copper Corp. (b)		439		26,788

(Cost $109,439)				107,770

Philippines — 0.2%
Aboitiz Equity Ventures, Inc.		15,150		16,071
ACEN Corp.		59,120		7,432
Ayala Corp.		1,400		17,228
Ayala Land, Inc.		43,600		24,282


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Philippines (Continued)
Bank of the Philippine Islands		11,530	$	21,588
BDO Unibank, Inc.		14,760		33,951
Globe Telecom, Inc.		156		6,344
International Container Terminal Services, Inc.		4,050		14,679
JG Summit Holdings, Inc.		22,570		19,593
Jollibee Foods Corp.		2,230		9,660
Manila Electric Co.		860		4,257
Metropolitan Bank & Trust Co.		12,041		12,198
Monde Nissin Corp., 144A		36,400		8,135
PLDT, Inc.		600		18,586
SM Investments Corp.		1,265		21,001
SM Prime Holdings, Inc.		69,200		44,535
Universal Robina Corp.		4,470		10,511

(Cost $319,974)				290,051

Poland — 0.2%
Allegro.eu SA, 144A*		2,074		10,328
Bank Polska Kasa Opieki SA		1,080		20,193
CD Projekt SA		384		11,209
Cyfrowy Polsat SA		1,176		4,872
Dino Polska SA, 144A*		366		29,673
KGHM Polska Miedz SA		693		17,884
LPP SA		6		12,789
mBank SA*		102		7,165
PGE Polska Grupa Energetyczna SA*		5,244		7,561
Polski Koncern Naftowy ORLEN SA		3,024		44,006
Powszechna Kasa Oszczednosci Bank Polski SA		5,325		33,642
Powszechny Zaklad Ubezpieczen SA		3,645		25,668
Santander Bank Polska SA		169		10,304

(Cost $299,160)				235,294

Portugal — 0.1%
EDP — Energias de Portugal SA		16,232		76,330
Galp Energia SGPS SA		3,020		37,036
Jeronimo Martins SGPS SA		2,044		45,092

(Cost $149,227)				158,458

Qatar — 0.3%
Barwa Real Estate Co.		20,448		18,529
Commercial Bank PSQC		20,519		33,468
Industries Qatar QSC		8,441		34,513
Masraf Al Rayan QSC		36,318		35,283
Mesaieed Petrochemical Holding Co.		25,772		16,489
Ooredoo QPSC		5,108		12,444
Qatar Electricity & Water Co. QSC		2,691		12,495
Qatar Fuel QSC		2,870		14,288
Qatar Gas Transport Co. Ltd.		16,921		18,446
Qatar International Islamic Bank QSC		4,630		13,934
Qatar Islamic Bank SAQ		9,924		66,165
Qatar National Bank QPSC		27,414		147,543

(Cost $363,258)				423,597

Russia — 0.0%
Alrosa PJSC* (c)		15,266		0
Gazprom PJSC* (c)		63,321		0
Inter RAO UES PJSC* (c)		208,853		0


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

(Cost $1,162,914)				0

Saudi Arabia — 1.1%
ACWA Power Co.		500		18,647
Advanced Petrochemical Co.		941		10,401
Al Rajhi Bank*		12,062		258,294
Alinma Bank		6,620		60,754
Almarai Co. JSC		1,992		28,190
Arab National Bank		3,205		29,541
Bank AlBilad*		2,723		37,594
Bank Al-Jazira		2,489		14,010
Banque Saudi Fransi		3,616		41,217
Bupa Arabia for Cooperative Insurance Co.		334		15,815
Dallah Healthcare Co.		333		15,378
Dar Al Arkan Real Estate Development Co.*		3,740		13,709
Dr Sulaiman Al Habib Medical Services Group Co.		469		28,944
Elm Co.		154		13,478
Emaar Economic City*		1,215		2,760
Etihad Etisalat Co.		2,194		21,302
Jarir Marketing Co.		320		14,045
Mobile Telecommunications Co. Saudi Arabia*		2,628		7,816
Mouwasat Medical Services Co.		284		14,233
Nahdi Medical Co.		377		19,054
National Industrialization Co.*		3,439		10,100
Rabigh Refining & Petrochemical Co.*		3,673		10,005
Riyad Bank		8,909		81,761
SABIC Agri-Nutrients Co.		1,251		47,987
Sahara International Petrochemical Co.		2,604		24,833
Saudi Arabian Mining Co.*		5,668		103,432
Saudi Arabian Oil Co., 144A		13,835		123,289


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Saudi Arabia (Continued)
Saudi Basic Industries Corp.		5,280	$	116,576
Saudi British Bank		5,724		62,657
Saudi Electricity Co.		5,222		34,367
Saudi Industrial Investment Group		2,082		11,320
Saudi Investment Bank		4,347		21,739
Saudi Kayan Petrochemical Co.*		4,663		14,438
Saudi National Bank		13,261		181,317
Saudi Research & Media Group*		208		10,590
Saudi Tadawul Group Holding Co.		228		10,432
Saudi Telecom Co.		8,734		89,332
Savola Group		1,298		9,841
Yanbu National Petrochemical Co.		1,411		15,746

(Cost $1,462,462)				1,644,944

Singapore — 1.0%
BOC Aviation Ltd., 144A		1,235		9,684
CapitaLand Ascendas REIT		21,046		43,151
CapitaLand Integrated Commercial Trust REIT		30,940		47,067
Capitaland Investment Ltd.		17,757		47,891
City Developments Ltd.		2,200		13,403
DBS Group Holdings Ltd.		10,806		279,451
Genting Singapore Ltd.		43,700		28,261
Grab Holdings Ltd., Class A*		8,457		25,540
Jardine Cycle & Carriage Ltd.		700		15,541
JOYY, Inc., ADR (b)		289		8,803
Keppel Corp. Ltd.		8,500		47,099
Mapletree Logistics Trust REIT		22,909		27,105
Mapletree Pan Asia Commercial Trust REIT		17,100		21,489
Oversea-Chinese Banking Corp. Ltd.		21,365		195,319
Sea Ltd., ADR*		2,173		126,838
Singapore Airlines Ltd.* (b)		8,750		35,367
Singapore Exchange Ltd.		5,093		33,872
Singapore Technologies Engineering Ltd.		9,430		23,770
Singapore Telecommunications Ltd.		51,700		103,343
United Overseas Bank Ltd.		7,422		170,176
UOL Group Ltd.		2,600		12,725
Venture Corp. Ltd.		1,100		13,985
Wilmar International Ltd.		11,237		33,858

(Cost $1,507,351)				1,363,738

South Africa — 1.0%
Absa Group Ltd.		4,904		58,243
African Rainbow Minerals Ltd.		612		10,273
Anglo American Platinum Ltd.		361		35,887
AngloGold Ashanti Ltd.		2,665		47,534
Aspen Pharmacare Holdings Ltd.		2,097		17,220
Bid Corp. Ltd.		2,099		40,531
Bidvest Group Ltd.		1,983		26,654
Capitec Bank Holdings Ltd.		564		66,083
Clicks Group Ltd.		1,964		33,530
Discovery Ltd.*		3,021		22,308
Exxaro Resources Ltd.		1,589		20,775
FirstRand Ltd.		32,350		125,379
Foschini Group Ltd.		555		3,435
Gold Fields Ltd.		5,241		57,161


	Number of Shares		Value
South Africa (Continued)
Growthpoint Properties Ltd. REIT		15,095	$	12,407
Harmony Gold Mining Co. Ltd.		3,264		11,636
Impala Platinum Holdings Ltd.		5,051		61,292
Kumba Iron Ore Ltd. (b)		412		11,533
Mr Price Group Ltd.		1,532		15,004
MTN Group Ltd.		9,663		78,761
MultiChoice Group		2,644		18,196
Naspers Ltd., Class N		1,328		202,625
Nedbank Group Ltd.		2,667		35,262
Northam Platinum Holdings Ltd.*		2,088		23,714
Old Mutual Ltd.		28,074		18,037
Pepkor Holdings Ltd., 144A		10,826		13,798
Remgro Ltd.		3,115		25,999
Sanlam Ltd.		11,060		35,951
Sasol Ltd.		3,350		58,011
Shoprite Holdings Ltd.		3,096		45,180
Sibanye Stillwater Ltd.		17,161		46,357
SPAR Group Ltd. (b)		924		7,122
Standard Bank Group Ltd.		7,854		81,827
Vodacom Group Ltd. (b)		4,033		29,354
Woolworths Holdings Ltd.		5,743		21,999

(Cost $1,416,216)				1,419,078

South Korea — 3.1%
Amorepacific Corp.		189		18,702
BGF retail Co. Ltd.		27		4,207
Celltrion Healthcare Co. Ltd.		558		27,501
Celltrion Pharm, Inc.*		129		6,505
Celltrion, Inc.		559		74,598
Cheil Worldwide, Inc.		320		5,884
CJ CheilJedang Corp.		49		14,676
CJ Corp.		66		3,838
Coway Co. Ltd.		325		14,194
DB Insurance Co. Ltd.		281		13,231
Doosan Bobcat, Inc.		409		11,025
Doosan Enerbility Co. Ltd.*		2,580		32,767
Ecopro BM Co. Ltd.		264		22,780
E-MART, Inc.		125		8,729
F&F Co. Ltd. / New		56		6,433
GS Holdings Corp.		304		11,202
Hana Financial Group, Inc.		1,889		63,809
Hankook Tire & Technology Co. Ltd.		342		8,817
Hanmi Pharm. Co. Ltd.		27		5,354
Hanon Systems		837		5,521
Hanwha Solutions Corp.*		760		29,562
HD Hyundai Co. Ltd.		312		15,259
HLB, Inc.*		620		15,302
HMM Co. Ltd.		1,587		26,834
Hotel Shilla Co. Ltd.		152		8,413
HYBE Co. Ltd.*		99		10,734
Hyundai Engineering & Construction Co. Ltd.		541		16,818
Hyundai Glovis Co. Ltd.		107		14,320
Hyundai Heavy Industries Co. Ltd.*		124		11,142
Hyundai Mipo Dockyard Co. Ltd.*		203		13,314
Hyundai Mobis Co. Ltd.		343		55,396
Hyundai Motor Co.		836		107,127


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
South Korea (Continued)
Hyundai Steel Co.		483	$	12,415
Iljin Materials Co. Ltd.		143		6,712
Industrial Bank of Korea		1,244		10,564
Kakao Corp.		1,782		76,206
Kakao Games Corp.*		182		6,003
KakaoBank Corp.*		701		13,315
Kangwon Land, Inc.*		553		10,504
KB Financial Group, Inc.		2,498		99,439
Kia Corp.		1,645		85,565
Korea Aerospace Industries Ltd.		409		15,041
Korea Electric Power Corp.*		1,514		23,763
Korea Investment Holdings Co. Ltd.		286		12,513
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		219		13,002
Korea Zinc Co. Ltd.		32		15,286
Korean Air Lines Co. Ltd.*		989		19,085
Krafton, Inc.*		221		38,038
KT&G Corp.		665		50,372
Kumho Petrochemical Co. Ltd.		141		15,983
L&F Co. Ltd.*		134		22,363
LG Chem Ltd.		300		168,328
LG Corp.		615		39,217
LG Display Co. Ltd.		1,336		14,638
LG Electronics, Inc.		627		46,400
LG Energy Solution Ltd.*		222		98,809
LG H&H Co. Ltd.		66		32,829
LG Innotek Co. Ltd.		85		20,012
LG Uplus Corp.		922		8,459
Lotte Chemical Corp.		91		12,661
Lotte Shopping Co. Ltd.		70		4,485
Meritz Fire & Marine Insurance Co. Ltd.		328		11,440
Meritz Securities Co. Ltd.		3,176		14,064
Mirae Asset Securities Co. Ltd.		1,783		8,990
NAVER Corp.		794		112,581
NCSoft Corp.		98		34,962
Netmarble Corp., 144A		128		4,751
NH Investment & Securities Co. Ltd.		155		1,132
Orion Corp.		110		9,800
Pan Ocean Co. Ltd.		1,682		6,874
Pearl Abyss Corp.*		207		6,828
POSCO Chemical Co. Ltd.		150		24,851
POSCO Holdings, Inc.		480		109,004
S-1 Corp.		77		3,748
Samsung Biologics Co. Ltd., 144A*		107		71,963
Samsung C&T Corp.		527		48,750
Samsung Electro-Mechanics Co. Ltd.		347		37,098
Samsung Electronics Co. Ltd.		29,455		1,389,166
Samsung Engineering Co. Ltd.*		903		16,809
Samsung Fire & Marine Insurance Co. Ltd.		176		27,424
Samsung Heavy Industries Co. Ltd.*		3,789		14,968
Samsung Life Insurance Co. Ltd.		611		34,005
Samsung SDI Co. Ltd.		334		184,620
Samsung SDS Co. Ltd.		260		25,136
Samsung Securities Co. Ltd.		383		10,222
SD Biosensor, Inc.		280		6,985
Shinhan Financial Group Co. Ltd.		2,987		86,291


	Number of Shares		Value
South Korea (Continued)
SK Biopharmaceuticals Co. Ltd.*		223	$	12,445
SK Bioscience Co. Ltd.*		145		9,103
SK Hynix, Inc.		3,317		213,781
SK IE Technology Co. Ltd., 144A*		142		7,095
SK Innovation Co. Ltd.*		315		42,753
SK Square Co. Ltd.*		560		15,902
SK, Inc.		244		40,517
SKC Co. Ltd.		116		9,851
S-Oil Corp.		293		19,373
Woori Financial Group, Inc.		3,004		29,611
Yuhan Corp.		284		12,576

(Cost $3,831,607)				4,391,470

Spain — 1.5%
Acciona SA		156		30,259
ACS Actividades de Construccion y Servicios SA		1,559		43,899
Aena SME SA, 144A*		465		59,662
Amadeus IT Group SA*		2,837		151,329
Banco Bilbao Vizcaya Argentaria SA		37,356		218,153
Banco Santander SA		4,119		11,208
Banco Santander SA		100,563		298,293
CaixaBank SA		27,030		100,190
Cellnex Telecom SA, 144A*		3,256		110,455
Corp ACCIONA Energias Renovables SA		384		15,128
EDP Renovaveis SA		1,637		37,561
Enagas SA		1,497		26,841
Endesa SA		1,889		34,793
Ferrovial SA		2,736		72,885
Grifols SA* (b)		1,771		18,715
Iberdrola SA		36,994		414,987
Industria de Diseno Textil SA		6,650		172,031
Naturgy Energy Group SA (b)		1,074		29,929
Red Electrica Corp. SA		2,830		49,460
Repsol SA		8,169		125,810
Siemens Gamesa Renewable Energy SA*		1,430		26,830
Telefonica SA		30,917		115,338

(Cost $2,527,069)				2,163,756

Sweden — 2.0%
Alfa Laval AB		1,859		52,698
Assa Abloy AB, Class B		6,181		140,255
Atlas Copco AB, Class A		15,812		194,468
Atlas Copco AB, Class B (b)		8,852		98,585
Boliden AB		1,586		58,581
Electrolux AB, Class B (b)		1,518		21,468
Embracer Group AB* (b)		4,467		18,888
Epiroc AB, Class A (b)		3,950		75,187
Epiroc AB, Class B		2,344		38,770
EQT AB		1,744		39,059
Essity AB, Class B		4,000		97,354
Evolution AB, 144A		1,155		117,349
Fastighets AB Balder, Class B*		3,804		16,688
Getinge AB, Class B		1,384		31,866
H & M Hennes & Mauritz AB, Class B		4,620		51,321
Hexagon AB, Class B		11,980		134,780
Holmen AB, Class B		623		25,503


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Sweden (Continued)
Husqvarna AB, Class B		2,481	$	19,122
Industrivarden AB, Class A		724		18,476
Industrivarden AB, Class C		1,058		26,808
Indutrade AB		1,888		40,108
Investment AB Latour, Class B		881		17,172
Investor AB, Class A (b)		2,911		55,424
Investor AB, Class B		10,984		201,861
Kinnevik AB, Class B*		1,369		20,773
L E Lundbergforetagen AB, Class B		447		19,273
Lifco AB, Class B		1,561		26,681
Nibe Industrier AB, Class B		9,465		88,306
Sagax AB, Class B		1,080		23,725
Sandvik AB		6,952		126,438
Securitas AB, Class B (b)		2,900		23,577
Skandinaviska Enskilda Banken AB, Class A		9,829		112,078
Skanska AB, Class B		1,879		30,139
SKF AB, Class B		2,194		36,216
Svenska Cellulosa AB SCA, Class B		3,631		48,785
Svenska Handelsbanken AB, Class A		8,635		86,869
Swedbank AB, Class A		5,357		86,309
Swedish Match AB		9,216		100,919
Swedish Orphan Biovitrum AB*		1,173		25,366
Tele2 AB, Class B		3,808		33,657
Telefonaktiebolaget LM Ericsson, Class B		17,153		106,363
Telia Co. AB		15,585		42,473
Volvo AB, Class A		1,038		19,748
Volvo AB, Class B		9,527		174,159
Volvo Car AB, Class B*		3,804		18,683

(Cost $3,027,947)				2,842,328

Switzerland — 6.7%
ABB Ltd.		9,687		300,566
Adecco Group AG		1,126		37,900
Alcon, Inc.		3,094		209,460
Bachem Holding AG (b)		234		22,442
Baloise Holding AG		278		41,807
Banque Cantonale Vaudoise		207		19,349
Barry Callebaut AG		22		44,709
BKW AG		146		18,870
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		13		136,285
Cie Financiere Richemont SA, Class A		3,158		414,003
Clariant AG*		1,336		21,461
Coca-Cola HBC AG*		1,169		28,390
Credit Suisse Group AG (b)		15,669		46,730
EMS-Chemie Holding AG		46		31,696
Geberit AG		229		108,129
Givaudan SA		55		184,021
Glencore PLC		60,283		409,417
Holcim AG*		3,412		175,819
Julius Baer Group Ltd.		1,392		79,202
Kuehne + Nagel International AG		360		86,971
Logitech International SA		976		57,616
Lonza Group AG		447		231,566
Nestle SA		16,776		1,991,668


	Number of Shares		Value
Switzerland (Continued)
Novartis AG		13,266	$	1,172,736
Partners Group Holding AG		137		133,923
Roche Holding AG (b)		168		67,182
Roche Holding AG		4,299		1,398,396
Schindler Holding AG		186		33,180
Schindler Holding AG Participation Certificates		264		49,424
SGS SA		40		92,999
SIG Group AG*		1,938		42,395
Sika AG		888		222,411
Sonova Holding AG		305		78,003
STMicroelectronics NV		4,041		151,614
Straumann Holding AG		726		82,555
Swatch Group AG — Bearer		169		44,614
Swatch Group AG — Registered		318		15,177
Swiss Life Holding AG		188		99,657
Swiss Prime Site AG		504		41,811
Swiss Re AG		1,897		168,841
Swisscom AG		166		89,153
Temenos AG		432		26,050
UBS Group AG		20,662		376,119
VAT Group AG, 144A		171		46,769
Zurich Insurance Group AG		931		445,601

(Cost $8,618,982)				9,576,687

Taiwan — 3.9%
Accton Technology Corp.		1,744		15,321
Acer, Inc.		15,004		11,943
Advantech Co. Ltd.		3,380		36,419
ASE Technology Holding Co. Ltd.		19,926		62,669
Asia Cement Corp.		11,957		15,978
Asustek Computer, Inc.		4,969		42,768
AUO Corp.		37,692		19,635
Catcher Technology Co. Ltd.		5,469		32,383
Cathay Financial Holding Co. Ltd.		51,088		71,990
Chailease Holding Co. Ltd.		8,081		52,687
Chang Hwa Commercial Bank Ltd.		36,579		20,713
Cheng Shin Rubber Industry Co. Ltd.		9,594		10,850
China Airlines Ltd.		17,656		10,340
China Development Financial Holding Corp.		92,961		40,156
China Steel Corp.		74,594		70,357
Chunghwa Telecom Co. Ltd.		22,587		82,950
Compal Electronics, Inc.		25,125		17,601
CTBC Financial Holding Co. Ltd.		108,406		80,676
Delta Electronics, Inc.		12,562		122,752
E Ink Holdings, Inc.		4,643		27,192
E.Sun Financial Holding Co. Ltd.		68,318		54,821
Eclat Textile Co. Ltd.		1,129		16,695
eMemory Technology, Inc.		336		15,873
Eva Airways Corp.		15,796		14,285
Evergreen Marine Corp. Taiwan Ltd.		5,990		31,592
Far Eastern New Century Corp.		23,992		25,230
Far EasTone Telecommunications Co. Ltd.		9,472		20,841
Feng TAY Enterprise Co. Ltd.		2,227		13,439
First Financial Holding Co. Ltd.		62,274		52,792


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Taiwan (Continued)
Formosa Chemicals & Fibre Corp.		23,380	$	57,570
Formosa Petrochemical Corp.		8,746		23,941
Formosa Plastics Corp.		26,719		77,981
Fubon Financial Holding Co. Ltd.		45,062		88,650
Giant Manufacturing Co. Ltd.		1,596		11,877
Globalwafers Co. Ltd.		1,063		16,166
Hon Hai Precision Industry Co. Ltd.		74,266		241,502
Hotai Motor Co. Ltd.		2,327		48,941
Hua Nan Financial Holdings Co. Ltd.		60,347		44,325
Innolux Corp.		50,163		20,127
Inventec Corp.		13,870		11,130
Largan Precision Co. Ltd.		610		45,298
Lite-On Technology Corp.		12,678		26,910
MediaTek, Inc.		9,280		220,098
Mega Financial Holding Co. Ltd.		60,712		62,862
Micro-Star International Co. Ltd.		4,501		17,913
momo.com, Inc.		296		5,747
Nan Ya Plastics Corp.		29,376		73,094
Nan Ya Printed Circuit Board Corp.		1,805		15,740
Nanya Technology Corp.		7,561		13,896
Nien Made Enterprise Co. Ltd.		1,542		14,519
Novatek Microelectronics Corp.		3,668		35,427
Pegatron Corp.		12,436		24,948
PharmaEssentia Corp.*		1,000		17,149
Pou Chen Corp.		11,351		11,845
Powerchip Semiconductor Manufacturing Corp.		17,656		19,024
President Chain Store Corp.		4,049		35,701
Quanta Computer, Inc.		17,017		39,424
Realtek Semiconductor Corp.		2,916		29,910
Ruentex Development Co. Ltd.		10,153		15,161
Shanghai Commercial & Savings Bank Ltd.		26,800		44,052
Shin Kong Financial Holding Co. Ltd.		87,480		25,220
SinoPac Financial Holdings Co. Ltd.		50,368		29,661
Synnex Technology International Corp.		7,230		13,639
Taishin Financial Holding Co. Ltd.		75,403		36,963
Taiwan Business Bank		34,000		14,412
Taiwan Cement Corp.		38,975		42,751
Taiwan Cooperative Financial Holding Co. Ltd.		64,818		55,893
Taiwan High Speed Rail Corp.		9,687		9,074
Taiwan Mobile Co. Ltd.		12,900		39,862
Taiwan Semiconductor Manufacturing Co. Ltd.		150,021		2,378,550
Unimicron Technology Corp.		7,427		37,369
Uni-President Enterprises Corp.		31,268		66,875
United Microelectronics Corp.*		67,321		99,765
Vanguard International Semiconductor Corp.		5,110		13,608
Voltronic Power Technology Corp.		354		19,816
Walsin Lihwa Corp.		15,905		24,033
Wan Hai Lines Ltd.		4,590		11,302
Win Semiconductors Corp.		1,933		9,757
Winbond Electronics Corp.		17,887		12,270
Wiwynn Corp.		484		13,781
WPG Holdings Ltd.		9,996		15,687


	Number of Shares		Value
Taiwan (Continued)
Yageo Corp.		2,463	$	36,899
Yang Ming Marine Transport Corp.		9,989		21,364
Yuanta Financial Holding Co. Ltd.		50,334		36,807
Zhen Ding Technology Holding Ltd.		3,857		14,914

(Cost $4,171,644)				5,582,148

Thailand — 0.6%
Advanced Info Service PCL, NVDR		7,500		40,196
Airports of Thailand PCL, NVDR*		26,200		55,721
Asset World Corp. PCL, NVDR		40,500		7,235
B Grimm Power PCL, NVDR		7,500		7,975
Bangkok Dusit Medical Services PCL, NVDR		60,900		52,239
Bangkok Expressway & Metro PCL, NVDR		64,200		17,022
Berli Jucker PCL, NVDR		7,600		7,381
BTS Group Holdings PCL, NVDR		46,100		10,981
Bumrungrad Hospital PCL, NVDR		4,000		25,748
Carabao Group PCL, NVDR		1,900		5,145
Central Pattana PCL, NVDR		16,300		33,511
Central Retail Corp. PCL, NVDR		9,800		11,950
Charoen Pokphand Foods PCL, NVDR		23,600		15,994
CP ALL PCL, NVDR		36,600		67,461
Delta Electronics Thailand PCL, NVDR		2,000		38,111
Electricity Generating PCL, NVDR		1,600		7,781
Energy Absolute PCL, NVDR		9,700		26,612
Global Power Synergy PCL, Class F		5,600		11,036
Gulf Energy Development PCL, NVDR		18,910		28,420
Home Product Center PCL, NVDR		29,000		12,088
Indorama Ventures PCL, NVDR		10,200		12,293
Intouch Holdings PCL, NVDR		6,400		13,384
JMT Network Services PCL, NVDR		5,500		10,449
Krung Thai Bank PCL, NVDR		26,200		13,076
Krungthai Card PCL, NVDR		5,800		9,663
Land & Houses PCL, NVDR		53,300		14,510
Minor International PCL, NVDR*		19,194		16,737
Osotspa PCL, NVDR		11,300		9,052
PTT Exploration & Production PCL, NVDR		8,700		46,380
PTT Global Chemical PCL, NVDR		6,000		8,167
PTT Oil & Retail Business PCL, NVDR		16,400		11,347
PTT PCL, NVDR		53,600		50,537
Ratch Group PCL, NVDR		5,300		6,162
SCB X PCL, NVDR		8,700		25,904
SCG Packaging PCL, NVDR		7,900		12,377
Siam Cement PCL		700		6,670
Siam Cement PCL, NVDR		3,300		31,442
Srisawad Corp. PCL, NVDR		5,200		6,672
Thai Oil PCL, NVDR		11,175		17,587
Thai Union Group PCL, NVDR		19,700		9,553
True Corp. PCL, NVDR		65,000		8,368

(Cost $847,648)				822,937

Turkey — 0.1%
Akbank TAS		10,750		9,984
Aselsan Elektronik Sanayi Ve Ticaret AS		2,864		7,456
BIM Birlesik Magazalar AS		2,466		17,796


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
Turkey (Continued)
Eregli Demir ve Celik Fabrikalari TAS		8,429	$	19,293
Ford Otomotiv Sanayi AS		286		6,827
Haci Omer Sabanci Holding AS		6,969		15,682
KOC Holding AS		5,007		18,966
Sasa Polyester Sanayi AS*		2,984		20,765
Turk Hava Yollari AO*		3,472		22,354
Turkcell Iletisim Hizmetleri AS		5,784		10,514
Turkiye Is Bankasi AS, Class C		11,035		6,134
Turkiye Petrol Rafinerileri AS*		976		25,204
Turkiye Sise ve Cam Fabrikalari AS		4,429		9,292
Yapi ve Kredi Bankasi AS		22,378		14,468

(Cost $170,108)				204,735

United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		17,219		45,894
Abu Dhabi Islamic Bank PJSC		10,861		28,386
Abu Dhabi National Oil Co. for Distribution PJSC		15,036		18,667
Aldar Properties PJSC		21,996		28,445
Dubai Islamic Bank PJSC		16,344		25,274
Emaar Properties PJSC		27,551		45,604
Emirates NBD Bank PJSC		12,647		45,622
Emirates Telecommunications Group Co. PJSC		20,633		144,927
First Abu Dhabi Bank PJSC		28,633		137,198
Multiply Group*		20,274		26,825
Q Holding PJSC*		12,291		15,058

(Cost $501,475)				561,900

United Kingdom — 9.0%
3i Group PLC		6,191		100,621
abrdn PLC (b)		13,145		30,799
Admiral Group PLC		1,166		28,472
Anglo American PLC		7,759		318,654
Ashtead Group PLC		2,687		161,116
Associated British Foods PLC		2,140		40,778
AstraZeneca PLC		9,470		1,274,456
Auto Trader Group PLC, 144A		5,490		37,438
AVEVA Group PLC		775		29,713
Aviva PLC		17,216		92,190
BAE Systems PLC		18,987		188,245
Barclays PLC		98,058		190,561
Barratt Developments PLC		6,381		30,586
Berkeley Group Holdings PLC		699		32,107
BP PLC		114,934		689,158
British American Tobacco PLC		13,084		534,744
British Land Co. PLC REIT		5,264		25,016
BT Group PLC		42,985		62,895
Bunzl PLC		2,034		74,721
Burberry Group PLC		2,505		65,727
CNH Industrial NV		6,005		95,419
Coca-Cola Europacific Partners PLC		1,222		64,876
Compass Group PLC		10,633		239,905
Croda International PLC		874		71,567
Diageo PLC		14,021		643,507
Entain PLC		3,498		59,108
GSK PLC		24,355		412,950


	Number of Shares		Value
United Kingdom (Continued)
Haleon PLC*		29,410	$	100,703
Halma PLC		2,448		64,084
Hargreaves Lansdown PLC		1,594		16,207
HSBC Holdings PLC		122,147		750,369
Imperial Brands PLC		5,354		137,124
Informa PLC		8,988		66,535
InterContinental Hotels Group PLC		1,144		66,141
Intertek Group PLC		1,014		49,435
J Sainsbury PLC		10,437		28,001
JD Sports Fashion PLC		14,680		22,302
Johnson Matthey PLC		1,149		28,929
Kingfisher PLC		12,104		35,173
Land Securities Group PLC REIT		4,100		30,351
Legal & General Group PLC		34,712		105,261
Lloyds Banking Group PLC		416,421		235,412
London Stock Exchange Group PLC		1,992		198,023
M&G PLC		15,895		36,821
Melrose Industries PLC		25,933		41,304
Mondi PLC		2,637		49,040
National Grid PLC		22,401		273,903
NatWest Group PLC		30,561		96,467
Next PLC		790		55,605
Ocado Group PLC* (b)		3,430		25,738
Pearson PLC		3,601		43,193
Pepco Group NV, 144A*		1,528		13,995
Persimmon PLC		2,152		32,992
Phoenix Group Holdings PLC		5,079		36,043
Prudential PLC		16,740		197,603
Reckitt Benckiser Group PLC		4,408		316,002
RELX PLC		11,962		333,326
Rentokil Initial PLC		16,148		105,369
Rio Tinto PLC		6,807		458,201
Rolls-Royce Holdings PLC*		49,768		54,536
Sage Group PLC		6,024		57,837
Schroders PLC		4,182		22,299
Segro PLC REIT		7,493		71,417
Severn Trent PLC		1,382		45,173
Shell PLC		44,505		1,310,954
Smith & Nephew PLC		5,196		67,979
Smiths Group PLC		2,489		47,653
Spirax-Sarco Engineering PLC		402		54,289
SSE PLC		6,258		128,863
St James’s Place PLC		3,356		46,495
Standard Chartered PLC		15,466		115,086
Taylor Wimpey PLC		22,278		27,763
Tesco PLC		44,332		121,556
Unilever PLC		15,635		780,899
United Utilities Group PLC		3,769		46,516
Vodafone Group PLC		162,256		179,602
Whitbread PLC		1,308		40,736
WPP PLC		6,986		72,882

(Cost $13,537,934)				12,937,516

United States — 0.0%
Brookfield Renewable Corp., Class A		777		25,312
Legend Biotech Corp., ADR*		287		14,783


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


	Number of Shares		Value
United States (Continued)
Parade Technologies Ltd.		418	$	10,739

(Cost $83,586)				50,834

TOTAL COMMON STOCKS (Cost $134,103,443)				137,006,084

PREFERRED STOCKS — 0.9%
Brazil — 0.4%
Banco Bradesco SA		30,186		90,627
Braskem SA, Class A		1,034		5,607
Centrais Eletricas Brasileiras SA, Class B		2,074		19,616
Cia Energetica de Minas Gerais		7,925		17,532
Gerdau SA		7,389		44,952
Itau Unibanco Holding SA		28,369		142,136
Itausa SA		28,228		48,304
Petroleo Brasileiro SA		29,658		152,366

(Cost $485,080)				521,140

Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $27,929)		805		79,913

Colombia — 0.0%
Bancolombia SA (Cost $25,225)		2,686		17,797

Germany — 0.3%
Bayerische Motoren Werke AG		329		28,296
Dr Ing hc F Porsche AG*		733		82,988
Henkel AG & Co. KGaA		1,056		75,207
Porsche Automobil Holding SE		933		56,641
Sartorius AG		152		56,372
Volkswagen AG		1,115		162,322

(Cost $533,718)				461,826

Russia — 0.0%
Surgutneftegas PJSC (c) (Cost $22,479)		41,062		0

South Korea — 0.2%
Hyundai Motor Co.		104		6,608
Hyundai Motor Co. — 2nd Preferred		204		12,715
LG Chem Ltd.		44		11,176
Samsung Electronics Co. Ltd.		4,971		210,698

(Cost $166,418)				241,197

TOTAL PREFERRED STOCKS (Cost $1,260,849)				1,321,873


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $0)		INR 17,168		205


	Number of Shares		Value
RIGHTS — 0.0%
South Korea — 0.0%
HLB, Inc.*, expires 12/7/22 (Cost $0)		55	$	77

Switzerland — 0.0%
Credit Suisse Group AG* (b), expires 12/13/22 (Cost $0)		15,669		1,457

Taiwan — 0.0%
Shanghai Commercial & Savings Bank Ltd.*, expires 12/22/22 (Cost $0)		1,964		877

TOTAL RIGHTS (Cost $0)				2,411

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		4,502		3,996

Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		3,960		31
BTS Group Holdings PCL*, expires 11/20/26		7,920		70

(Cost $0)				101

TOTAL WARRANTS (Cost $0)				4,097

SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (e)(f) (Cost $883,140)		883,140		883,140

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 3.74% (e) (Cost $223,043)		223,043		223,043


TOTAL INVESTMENTS — 97.3% (Cost $136,470,475)			$	139,440,853
Other assets and liabilities, net — 2.7%				3,796,389

NET ASSETS — 100.0%			$	143,237,242


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

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


	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (d)
		146,908		10,665		(23,589	)		(8,003	)		4,670		—		—		12,404		130,651

SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (e)(f)
		2,880,589		—		(1,997,449	)(g)		—			—		9,585		—		883,140		883,140

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 3.74% (e)
		—		29,985,781		(29,762,738	)		—			—		38,974		—		223,043		223,043

		3,027,497		29,996,446		(31,783,776	)		(8,003	)		4,670		48,559		—		1,118,587		1,236,834

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2022 amounted to $2,204,943, which is 1.5% of net assets.

(c)	Investment was valued using significant unobservable inputs.

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

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

(f)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,424,292.

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

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interest

CPO:

Ordinary Participation Certificates

CVA:

Credit Valuation Adjustment

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

KSC:

Kuwait Shareholding Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar

144A:

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

Securities are listed in country of domicile.


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

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


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MSCI EAFE Futures	USD	39	$	3,665,895	$	3,860,610	12/16/2022	$	194,715
MSCI Emerging Markets Index Future	USD	32		1,490,318		1,572,000	12/16/2022		81,682
S&P TSX 60 IX Futures	CAD	2		354,941		368,821	12/15/2022		13,880
MINI S&P/TSX 60 Futures	CAD	9		401,669		414,924	12/15/2022		13,255

Total unrealized appreciation								$	303,532

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


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	AUD	3,116,400	USD	1,994,418	$	—	$	(120,839	)
Goldman Sachs & Co.	12/2/2022	AUD	362,000	USD	231,668		—		(14,040	)
JP Morgan & Chase Co.	12/2/2022	AUD	3,623,800	USD	2,319,141		—		(140,514	)
RBC Capital Markets	12/2/2022	AUD	3,334,000	USD	2,133,643		—		(129,310	)
Goldman Sachs & Co.	12/2/2022	CAD	3,954,800	USD	2,899,790		—		(40,254	)
Goldman Sachs & Co.	12/2/2022	CAD	905,000	USD	663,563		—		(9,225	)
JP Morgan & Chase Co.	12/2/2022	CAD	5,909,200	USD	4,332,884		—		(60,083	)
RBC Capital Markets	12/2/2022	CAD	4,738,500	USD	3,474,475		—		(48,180	)
Goldman Sachs & Co.	12/2/2022	CHF	473,000	USD	474,155		—		(25,713	)
Goldman Sachs & Co.	12/2/2022	CHF	3,073,000	USD	3,080,547		—		(167,009	)
JP Morgan & Chase Co.	12/2/2022	CHF	2,805,900	USD	2,812,777		—		(152,507	)
RBC Capital Markets	12/2/2022	CHF	2,590,800	USD	2,597,176		—		(140,790	)
JP Morgan & Chase Co.	12/2/2022	CNH	9,577,400	USD	1,308,834		—		(50,347	)
RBC Capital Markets	12/2/2022	CNH	3,948,800	USD	539,639		—		(20,757	)
Goldman Sachs & Co.	12/2/2022	CZK	1,029,400	USD	41,457		—		(2,541	)
JP Morgan & Chase Co.	12/2/2022	CZK	707,000	USD	28,473		—		(1,745	)
JP Morgan & Chase Co.	12/2/2022	DKK	6,271,600	USD	834,444		—		(43,052	)
JP Morgan & Chase Co.	12/2/2022	DKK	1,376,000	USD	183,076		—		(9,448	)
RBC Capital Markets	12/2/2022	DKK	9,764,100	USD	1,299,160		—		(66,993	)
Goldman Sachs & Co.	12/2/2022	EUR	9,007,800	USD	8,921,595		—		(451,927	)
JP Morgan & Chase Co.	12/2/2022	EUR	8,019,400	USD	7,942,654		—		(402,338	)
RBC Capital Markets	12/2/2022	EUR	7,734,900	USD	7,660,838		—		(388,103	)
RBC Capital Markets	12/2/2022	EUR	2,294,000	USD	2,271,984		—		(115,153	)
Goldman Sachs & Co.	12/2/2022	GBP	286,000	USD	329,536		—		(15,166	)
Goldman Sachs & Co.	12/2/2022	GBP	4,186,700	USD	4,824,083		—		(221,939	)
JP Morgan & Chase Co.	12/2/2022	GBP	4,543,900	USD	5,235,800		—		(240,738	)
RBC Capital Markets	12/2/2022	GBP	2,455,300	USD	2,829,156		—		(130,095	)
Goldman Sachs & Co.	12/2/2022	HKD	27,502,100	USD	3,505,573		—		(15,394	)
JP Morgan & Chase Co.	12/2/2022	HKD	26,257,700	USD	3,346,994		—		(14,659	)
RBC Capital Markets	12/2/2022	HKD	32,130,800	USD	4,095,621		—		(17,938	)
Goldman Sachs & Co.	12/2/2022	HUF	14,453,900	USD	34,528		—		(2,228	)
JP Morgan & Chase Co.	12/2/2022	HUF	11,896,900	USD	28,422		—		(1,832	)
Goldman Sachs & Co.	12/2/2022	ILS	650,100	USD	185,056		—		(5,489	)
JP Morgan & Chase Co.	12/2/2022	ILS	473,700	USD	134,840		—		(4,002	)
RBC Capital Markets	12/2/2022	ILS	603,000	USD	171,648		—		(5,091	)
Goldman Sachs & Co.	12/2/2022	JPY	818,322,300	USD	5,523,812		—		(402,195	)
Goldman Sachs & Co.	12/2/2022	JPY	53,725,000	USD	362,646		—		(26,412	)
JP Morgan & Chase Co.	12/2/2022	JPY	1,131,876,300	USD	7,640,353		—		(556,303	)
RBC Capital Markets	12/2/2022	JPY	740,391,100	USD	4,997,746		—		(363,910	)
Goldman Sachs & Co.	12/2/2022	MXN	1,484,000	USD	74,375		—		(2,540	)
Goldman Sachs & Co.	12/2/2022	MXN	6,571,600	USD	329,362		—		(11,241	)
JP Morgan & Chase Co.	12/2/2022	MXN	7,730,800	USD	387,460		—		(13,224	)
RBC Capital Markets	12/2/2022	MXN	3,211,600	USD	160,962		—		(5,494	)
Goldman Sachs & Co.	12/2/2022	NOK	5,610,200	USD	540,099		—		(29,586	)
Goldman Sachs & Co.	12/2/2022	NOK	539,000	USD	51,888		—		(2,845	)
JP Morgan & Chase Co.	12/2/2022	NOK	1,145,500	USD	110,278		—		(6,041	)


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/2/2022	NZD	36,000	USD	20,924	$	—	$	(1,761	)
JP Morgan & Chase Co.	12/2/2022	NZD	22,300	USD	12,961		—		(1,091	)
RBC Capital Markets	12/2/2022	NZD	220,300	USD	128,043		—		(10,779	)
Goldman Sachs & Co.	12/2/2022	PLN	1,016,200	USD	212,268		—		(14,194	)
JP Morgan & Chase Co.	12/2/2022	PLN	89,400	USD	18,676		—		(1,247	)
JP Morgan & Chase Co.	12/2/2022	SEK	17,086,800	USD	1,549,198		—		(77,830	)
JP Morgan & Chase Co.	12/2/2022	SEK	2,811,000	USD	254,869		—		(12,799	)
RBC Capital Markets	12/2/2022	SEK	12,320,600	USD	1,117,064		—		(56,120	)
JP Morgan & Chase Co.	12/2/2022	SGD	986,500	USD	697,250		—		(27,718	)
RBC Capital Markets	12/2/2022	SGD	564,400	USD	398,913		—		(15,858	)
JP Morgan & Chase Co.	12/2/2022	THB	28,945,600	USD	762,077		—		(58,725	)
JP Morgan & Chase Co.	12/2/2022	THB	1,204,000	USD	31,686		—		(2,456	)
JP Morgan & Chase Co.	12/2/2022	TRY	2,539,500	USD	133,402		—		(2,852	)
JP Morgan & Chase Co.	12/2/2022	TRY	407,000	USD	21,364		—		(474	)
Goldman Sachs & Co.	12/2/2022	USD	2,329,484	AUD	3,478,400		31,480		—
JP Morgan & Chase Co.	12/2/2022	USD	2,426,859	AUD	3,623,800		32,796		—
RBC Capital Markets	12/2/2022	USD	2,232,780	AUD	3,334,000		30,174		—
Goldman Sachs & Co.	12/2/2022	USD	3,584,716	CAD	4,859,800		28,115		—
JP Morgan & Chase Co.	12/2/2022	USD	292,591	CAD	390,000		—		(2,660	)
JP Morgan & Chase Co.	12/2/2022	USD	4,071,107	CAD	5,519,200		31,930		—
RBC Capital Markets	12/2/2022	USD	3,495,242	CAD	4,738,500		27,413		—
Goldman Sachs & Co.	12/2/2022	USD	3,721,858	CHF	3,546,000		25,566		—
JP Morgan & Chase Co.	12/2/2022	USD	2,945,054	CHF	2,805,900		20,230		—
RBC Capital Markets	12/2/2022	USD	2,719,286	CHF	2,590,800		18,679		—
JP Morgan & Chase Co.	12/2/2022	USD	66,149	CNH	484,000		2,538		—
JP Morgan & Chase Co.	12/2/2022	USD	1,283,735	CNH	9,093,400		6,759		—
RBC Capital Markets	12/2/2022	USD	557,461	CNH	3,948,800		2,935		—
Goldman Sachs & Co.	12/2/2022	USD	43,531	CZK	1,029,400		467		—
JP Morgan & Chase Co.	12/2/2022	USD	29,898	CZK	707,000		320		—
JP Morgan & Chase Co.	12/2/2022	USD	1,058,682	DKK	7,647,600		11,339		—
RBC Capital Markets	12/2/2022	USD	1,351,676	DKK	9,764,100		14,477		—
Goldman Sachs & Co.	12/2/2022	USD	9,274,881	EUR	9,007,800		98,641		—
JP Morgan & Chase Co.	12/2/2022	USD	8,257,175	EUR	8,019,400		87,817		—
RBC Capital Markets	12/2/2022	USD	10,326,257	EUR	10,028,900		109,822		—
Goldman Sachs & Co.	12/2/2022	USD	5,326,538	GBP	4,472,700		64,186		—
JP Morgan & Chase Co.	12/2/2022	USD	5,411,331	GBP	4,543,900		65,208		—
RBC Capital Markets	12/2/2022	USD	2,924,017	GBP	2,455,300		35,235		—
Goldman Sachs & Co.	12/2/2022	USD	3,523,426	HKD	27,502,100		—		(2,458	)
JP Morgan & Chase Co.	12/2/2022	USD	3,364,000	HKD	26,257,700		—		(2,347	)
RBC Capital Markets	12/2/2022	USD	1,671,488	HKD	13,112,000		7,181		—
RBC Capital Markets	12/2/2022	USD	2,436,590	HKD	19,018,800		—		(1,700	)
Goldman Sachs & Co.	12/2/2022	USD	36,305	HUF	14,453,900		451		—
JP Morgan & Chase Co.	12/2/2022	USD	29,883	HUF	11,896,900		371		—
Goldman Sachs & Co.	12/2/2022	USD	188,418	ILS	650,100		2,126		—
JP Morgan & Chase Co.	12/2/2022	USD	137,292	ILS	473,700		1,549		—
RBC Capital Markets	12/2/2022	USD	174,767	ILS	603,000		1,972		—
Goldman Sachs & Co.	12/2/2022	USD	6,258,862	JPY	872,047,300		56,202		—
JP Morgan & Chase Co.	12/2/2022	USD	8,111,483	JPY	1,131,876,300		85,174		—
RBC Capital Markets	12/2/2022	USD	5,305,942	JPY	740,391,100		55,715		—
Goldman Sachs & Co.	12/2/2022	USD	415,805	MXN	8,055,600		1,713		—
JP Morgan & Chase Co.	12/2/2022	USD	399,040	MXN	7,730,800		1,644		—
RBC Capital Markets	12/2/2022	USD	165,773	MXN	3,211,600		683		—
Goldman Sachs & Co.	12/2/2022	USD	616,699	NOK	6,149,200		7,718		—
JP Morgan & Chase Co.	12/2/2022	USD	114,881	NOK	1,145,500		1,438		—
JP Morgan & Chase Co.	12/2/2022	USD	36,210	NZD	58,300		528		—
RBC Capital Markets	12/2/2022	USD	136,828	NZD	220,300		1,994		—
Goldman Sachs & Co.	12/2/2022	USD	223,838	PLN	1,016,200		2,624		—
JP Morgan & Chase Co.	12/2/2022	USD	19,692	PLN	89,400		231		—


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/2/2022	USD	1,865,920	SEK	19,897,800	$	28,775	$	—
RBC Capital Markets	12/2/2022	USD	1,155,367	SEK	12,320,600		17,817		—
JP Morgan & Chase Co.	12/2/2022	USD	719,915	SGD	986,500		5,053		—
RBC Capital Markets	12/2/2022	USD	411,881	SGD	564,400		2,891		—
JP Morgan & Chase Co.	12/2/2022	USD	854,157	THB	30,149,600		787		—
JP Morgan & Chase Co.	12/2/2022	USD	158,466	TRY	2,946,500		—		(375	)
JP Morgan & Chase Co.	12/2/2022	USD	708,251	ZAR	12,038,500		—		(11,454	)
RBC Capital Markets	12/2/2022	USD	738,244	ZAR	12,548,300		—		(11,939	)
JP Morgan & Chase Co.	12/2/2022	ZAR	10,445,500	USD	567,028		—		(37,566	)
JP Morgan & Chase Co.	12/2/2022	ZAR	1,593,000	USD	86,469		—		(5,735	)
RBC Capital Markets	12/2/2022	ZAR	12,548,300	USD	681,177		—		(45,128	)
Goldman Sachs & Co.	12/5/2022	AED	1,932,000	USD	525,993		10		—
Goldman Sachs & Co.	12/5/2022	AED	75,000	USD	20,419		—		—
Goldman Sachs & Co.	12/5/2022	BRL	873,000	USD	165,317		—		(2,749	)
Goldman Sachs & Co.	12/5/2022	BRL	4,475,500	USD	847,576		—		(14,029	)
JP Morgan & Chase Co.	12/5/2022	BRL	3,681,800	USD	697,540		—		(11,265	)
RBC Capital Markets	12/5/2022	BRL	3,308,900	USD	626,882		—		(10,134	)
Goldman Sachs & Co.	12/5/2022	CLP	30,233,000	USD	31,857		—		(2,065	)
Goldman Sachs & Co.	12/5/2022	CLP	92,158,400	USD	97,150		—		(6,254	)
JP Morgan & Chase Co.	12/5/2022	CLP	85,394,300	USD	89,653		—		(6,162	)
Goldman Sachs & Co.	12/5/2022	COP	98,581,700	USD	20,075		—		(327	)
JP Morgan & Chase Co.	12/5/2022	COP	163,398,300	USD	33,192		—		(624	)
JP Morgan & Chase Co.	12/5/2022	IDR	6,904,113,200	USD	441,892		3,045		—
JP Morgan & Chase Co.	12/5/2022	IDR	1,011,875,000	USD	64,586		269		—
RBC Capital Markets	12/5/2022	IDR	5,018,076,700	USD	320,972		2,008		—
Goldman Sachs & Co.	12/5/2022	INR	196,462,700	USD	2,361,955		—		(49,864	)
Goldman Sachs & Co.	12/5/2022	INR	45,935,000	USD	552,452		—		(11,456	)
JP Morgan & Chase Co.	12/5/2022	INR	242,265,700	USD	2,914,825		—		(59,282	)
Goldman Sachs & Co.	12/5/2022	KRW	2,295,912,100	USD	1,609,382		—		(131,594	)
JP Morgan & Chase Co.	12/5/2022	KRW	1,045,818,400	USD	733,619		—		(59,418	)
JP Morgan & Chase Co.	12/5/2022	KRW	615,654,000	USD	431,118		—		(35,729	)
RBC Capital Markets	12/5/2022	KRW	2,139,256,900	USD	1,501,602		—		(120,584	)
Goldman Sachs & Co.	12/5/2022	KWD	17,000	USD	54,839		—		(462	)
Goldman Sachs & Co.	12/5/2022	KWD	97,000	USD	313,206		—		(2,334	)
RBC Capital Markets	12/5/2022	MYR	218,000	USD	46,035		—		(2,992	)
RBC Capital Markets	12/5/2022	MYR	2,561,200	USD	540,452		—		(35,553	)
JP Morgan & Chase Co.	12/5/2022	PHP	2,672,200	USD	45,833		—		(1,410	)
RBC Capital Markets	12/5/2022	PHP	13,104,400	USD	225,123		—		(6,556	)
Goldman Sachs & Co.	12/5/2022	QAR	1,604,000	USD	436,998		—		(3,514	)
Goldman Sachs & Co.	12/5/2022	SAR	6,447,000	USD	1,714,149		—		(768	)
Goldman Sachs & Co.	12/5/2022	SAR	637,000	USD	169,483		39		—
Goldman Sachs & Co.	12/5/2022	TWD	55,909,600	USD	1,730,305		—		(79,577	)
JP Morgan & Chase Co.	12/5/2022	TWD	46,137,200	USD	1,428,883		—		(64,651	)
RBC Capital Markets	12/5/2022	TWD	57,122,200	USD	1,769,311		—		(79,825	)
Goldman Sachs & Co.	12/5/2022	USD	546,420	AED	2,007,000		—		(18	)
Goldman Sachs & Co.	12/5/2022	USD	1,016,922	BRL	5,348,500		12,750		—
JP Morgan & Chase Co.	12/5/2022	USD	699,776	BRL	3,681,800		9,029		—
RBC Capital Markets	12/5/2022	USD	629,212	BRL	3,308,900		7,804		—
Goldman Sachs & Co.	12/5/2022	USD	136,559	CLP	122,391,400		769		—
JP Morgan & Chase Co.	12/5/2022	USD	95,399	CLP	85,394,300		416		—
Goldman Sachs & Co.	12/5/2022	USD	20,462	COP	98,581,700		—		(60	)
JP Morgan & Chase Co.	12/5/2022	USD	33,828	COP	163,398,300		—		(12	)
JP Morgan & Chase Co.	12/5/2022	USD	503,818	IDR	7,915,988,200		—		(654	)
RBC Capital Markets	12/5/2022	USD	318,993	IDR	5,018,076,700		—		(29	)
Goldman Sachs & Co.	12/5/2022	USD	2,976,031	INR	242,397,700		—		(303	)
JP Morgan & Chase Co.	12/5/2022	USD	2,978,066	INR	242,265,700		—		(3,960	)
Goldman Sachs & Co.	12/5/2022	USD	1,744,879	KRW	2,295,912,100		—		(3,903	)
JP Morgan & Chase Co.	12/5/2022	USD	1,260,123	KRW	1,661,472,400		—		(239	)


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/5/2022	USD	1,626,193	KRW	2,139,256,900	$	—	$	(4,007	)
Goldman Sachs & Co.	12/5/2022	USD	370,070	KWD	114,000		772		—
RBC Capital Markets	12/5/2022	USD	624,539	MYR	2,779,200		493		—
JP Morgan & Chase Co.	12/5/2022	USD	47,296	PHP	2,672,200		—		(52	)
RBC Capital Markets	12/5/2022	USD	231,772	PHP	13,104,400		—		(93	)
Goldman Sachs & Co.	12/5/2022	USD	436,326	QAR	1,604,000		4,185		—
Goldman Sachs & Co.	12/5/2022	USD	1,884,418	SAR	7,084,000		—		(58	)
Goldman Sachs & Co.	12/5/2022	USD	1,731,397	TWD	53,413,600		—		(2,315	)
Goldman Sachs & Co.	12/5/2022	USD	77,497	TWD	2,496,000		3,302		—
JP Morgan & Chase Co.	12/5/2022	USD	1,504,065	TWD	46,137,200		—		(10,531	)
RBC Capital Markets	12/5/2022	USD	1,855,822	TWD	57,122,200		—		(6,687	)
Goldman Sachs & Co.	12/6/2022	EGP	407,000	USD	16,578		51		—
Goldman Sachs & Co.	12/6/2022	USD	16,578	EGP	407,000		—		(51	)
Goldman Sachs & Co.	1/3/2023	AED	2,007,000	USD	546,360		—		(26	)
Goldman Sachs & Co.	1/3/2023	CZK	1,029,400	USD	43,480		—		(453	)
JP Morgan & Chase Co.	1/3/2023	CZK	707,000	USD	29,860		—		(313	)
JP Morgan & Chase Co.	1/3/2023	DKK	7,647,600	USD	1,061,732		—		(11,751	)
JP Morgan & Chase Co.	1/3/2023	DKK	675,000	USD	93,696		—		(1,053	)
RBC Capital Markets	1/3/2023	DKK	9,764,100	USD	1,355,523		—		(15,050	)
Goldman Sachs & Co.	1/3/2023	EUR	9,007,800	USD	9,301,184		—		(101,507	)
JP Morgan & Chase Co.	1/3/2023	EUR	8,019,400	USD	8,280,592		—		(90,369	)
JP Morgan & Chase Co.	1/3/2023	EUR	1,061,000	USD	1,095,376		—		(12,137	)
RBC Capital Markets	1/3/2023	EUR	10,028,900	USD	10,355,391		—		(113,164	)
Goldman Sachs & Co.	1/3/2023	HUF	14,453,900	USD	35,984		—		(394	)
JP Morgan & Chase Co.	1/3/2023	HUF	11,896,900	USD	29,607		—		(335	)
Goldman Sachs & Co.	1/3/2023	ILS	650,100	USD	188,664		—		(2,208	)
JP Morgan & Chase Co.	1/3/2023	ILS	473,700	USD	137,484		—		(1,597	)
RBC Capital Markets	1/3/2023	ILS	603,000	USD	175,011		—		(2,033	)
Goldman Sachs & Co.	1/3/2023	MXN	8,055,600	USD	413,564		—		(1,386	)
JP Morgan & Chase Co.	1/3/2023	MXN	7,730,800	USD	396,885		—		(1,335	)
RBC Capital Markets	1/3/2023	MXN	3,211,600	USD	164,879		—		(553	)
Goldman Sachs & Co.	1/3/2023	NOK	6,149,200	USD	617,424		—		(7,835	)
JP Morgan & Chase Co.	1/3/2023	NOK	1,145,500	USD	115,015		—		(1,461	)
Goldman Sachs & Co.	1/3/2023	PLN	1,016,200	USD	222,052		—		(2,493	)
JP Morgan & Chase Co.	1/3/2023	PLN	89,400	USD	19,535		—		(219	)
Goldman Sachs & Co.	1/3/2023	SAR	7,084,000	USD	1,883,517		—		(544	)
JP Morgan & Chase Co.	1/3/2023	SEK	19,897,800	USD	1,870,586		—		(29,356	)
JP Morgan & Chase Co.	1/3/2023	SEK	861,000	USD	80,943		—		(1,270	)
RBC Capital Markets	1/3/2023	SEK	12,320,600	USD	1,158,212		—		(18,220	)
JP Morgan & Chase Co.	1/3/2023	TRY	1,463,000	USD	77,432		317		—
JP Morgan & Chase Co.	1/3/2023	TRY	2,946,500	USD	156,032		722		—
Goldman Sachs & Co.	1/3/2023	USD	32,435	NOK	323,000		408		—
Goldman Sachs & Co.	1/3/2023	USD	196,303	SAR	738,000		—		(24	)
Goldman Sachs & Co.	1/4/2023	AUD	3,478,400	USD	2,332,883		—		(31,937	)
Goldman Sachs & Co.	1/4/2023	AUD	513,000	USD	344,052		—		(4,715	)
JP Morgan & Chase Co.	1/4/2023	AUD	3,623,800	USD	2,430,399		—		(33,272	)
RBC Capital Markets	1/4/2023	AUD	3,334,000	USD	2,236,037		—		(30,611	)
Goldman Sachs & Co.	1/4/2023	CAD	4,859,800	USD	3,586,912		—		(28,277	)
Goldman Sachs & Co.	1/4/2023	CAD	474,000	USD	349,844		—		(2,763	)
JP Morgan & Chase Co.	1/4/2023	CAD	5,519,200	USD	4,073,511		—		(32,204	)
RBC Capital Markets	1/4/2023	CAD	4,738,500	USD	3,497,384		—		(27,571	)
Goldman Sachs & Co.	1/4/2023	CHF	3,546,000	USD	3,738,712		—		(27,481	)
JP Morgan & Chase Co.	1/4/2023	CHF	2,805,900	USD	2,958,390		—		(21,745	)
RBC Capital Markets	1/4/2023	CHF	2,590,800	USD	2,731,586		—		(20,092	)
JP Morgan & Chase Co.	1/4/2023	CNH	9,093,400	USD	1,287,133		—		(7,177	)
JP Morgan & Chase Co.	1/4/2023	CNH	1,079,000	USD	152,717		—		(863	)
RBC Capital Markets	1/4/2023	CNH	3,948,800	USD	558,952		—		(3,101	)
Goldman Sachs & Co.	1/4/2023	GBP	108,000	USD	128,780		—		(1,569	)


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	1/4/2023	GBP	4,472,700	USD	5,333,337	$	—	$	(64,886	)
JP Morgan & Chase Co.	1/4/2023	GBP	4,543,900	USD	5,418,219		—		(65,937	)
RBC Capital Markets	1/4/2023	GBP	2,455,300	USD	2,927,749		—		(35,619	)
Goldman Sachs & Co.	1/4/2023	HKD	27,502,100	USD	3,521,959		2,407		—
JP Morgan & Chase Co.	1/4/2023	HKD	26,257,700	USD	3,362,600		2,298		—
RBC Capital Markets	1/4/2023	HKD	19,018,800	USD	2,435,575		1,664		—
RBC Capital Markets	1/4/2023	HKD	16,272,000	USD	2,083,764		1,372		—
Goldman Sachs & Co.	1/4/2023	KWD	114,000	USD	370,070		—		(1,374	)
JP Morgan & Chase Co.	1/4/2023	NZD	58,300	USD	36,228		—		(530	)
RBC Capital Markets	1/4/2023	NZD	220,300	USD	136,901		—		(1,998	)
JP Morgan & Chase Co.	1/4/2023	PHP	2,760,000	USD	48,742		—		(39	)
JP Morgan & Chase Co.	1/4/2023	PHP	2,672,200	USD	47,262		33		—
RBC Capital Markets	1/4/2023	PHP	13,104,400	USD	231,527		—		(84	)
Goldman Sachs & Co.	1/4/2023	QAR	1,604,000	USD	436,326		—		(4,527	)
JP Morgan & Chase Co.	1/4/2023	SGD	134,000	USD	97,803		—		(691	)
JP Morgan & Chase Co.	1/4/2023	SGD	986,500	USD	720,014		—		(5,087	)
RBC Capital Markets	1/4/2023	SGD	564,400	USD	411,937		—		(2,910	)
JP Morgan & Chase Co.	1/4/2023	THB	30,149,600	USD	858,657		264		—
Goldman Sachs & Co.	1/4/2023	USD	83,292	CHF	79,000		614		—
Goldman Sachs & Co.	1/5/2023	BRL	5,348,500	USD	1,010,772		—		(12,673	)
JP Morgan & Chase Co.	1/5/2023	BRL	3,681,800	USD	695,359		—		(9,160	)
RBC Capital Markets	1/5/2023	BRL	3,308,900	USD	625,406		—		(7,757	)
Goldman Sachs & Co.	1/5/2023	CLP	122,391,400	USD	135,801		—		(814	)
JP Morgan & Chase Co.	1/5/2023	CLP	85,394,300	USD	94,869		—		(449	)
Goldman Sachs & Co.	1/5/2023	COP	98,581,700	USD	20,344		52		—
JP Morgan & Chase Co.	1/5/2023	COP	163,398,300	USD	33,633		—		(2	)
Goldman Sachs & Co.	1/5/2023	EGP	407,000	USD	16,280		2		—
JP Morgan & Chase Co.	1/5/2023	IDR	7,915,988,200	USD	503,562		611		—
RBC Capital Markets	1/5/2023	IDR	5,018,076,700	USD	318,831		2		—
Goldman Sachs & Co.	1/5/2023	INR	10,299,000	USD	126,235		10		—
Goldman Sachs & Co.	1/5/2023	INR	242,397,700	USD	2,968,741		—		(2,084	)
JP Morgan & Chase Co.	1/5/2023	INR	242,265,700	USD	2,971,674		2,467		—
Goldman Sachs & Co.	1/5/2023	JPY	872,047,300	USD	6,287,450		—		(60,378	)
Goldman Sachs & Co.	1/5/2023	JPY	16,424,000	USD	118,236		—		(1,318	)
JP Morgan & Chase Co.	1/5/2023	JPY	1,131,876,300	USD	8,148,476		—		(90,705	)
RBC Capital Markets	1/5/2023	JPY	740,391,100	USD	5,330,140		—		(59,333	)
Goldman Sachs & Co.	1/5/2023	KRW	292,374,000	USD	221,756		—		(84	)
Goldman Sachs & Co.	1/5/2023	KRW	2,295,912,100	USD	1,745,941		3,908		—
JP Morgan & Chase Co.	1/5/2023	KRW	1,661,472,400	USD	1,260,553		—		(95	)
RBC Capital Markets	1/5/2023	KRW	2,139,256,900	USD	1,626,811		3,642		—
RBC Capital Markets	1/5/2023	MYR	2,779,200	USD	623,908		—		(2,008	)
Goldman Sachs & Co.	1/5/2023	TWD	53,413,600	USD	1,745,542		11,484		—
JP Morgan & Chase Co.	1/5/2023	TWD	46,137,200	USD	1,517,421		19,590		—
JP Morgan & Chase Co.	1/5/2023	TWD	25,364,000	USD	829,160		5,724		—
RBC Capital Markets	1/5/2023	TWD	57,122,200	USD	1,869,488		15,031		—
Goldman Sachs & Co.	1/5/2023	USD	169,895	BRL	899,000		2,130		—
JP Morgan & Chase Co.	1/5/2023	ZAR	12,038,500	USD	705,988		11,636		—
JP Morgan & Chase Co.	1/5/2023	ZAR	820,000	USD	48,088		793		—
RBC Capital Markets	1/5/2023	ZAR	12,548,300	USD	735,884		12,128		—

Total unrealized appreciation (depreciation)						$	1,175,015	$	(7,053,652	)

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


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

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

November 30, 2022 (Unaudited)

Currency Abbreviations

AED

Arab Emirates Dirham

AUD

Australian Dollar

BRL

Brazilian Real

CAD

Canadian Dollar

CHF

Swiss Franc

CLP

Chilean Peso

CNH

Chinese Yuan

COP

Colombian Peso

CZK

Czech Koruna

DKK

Danish Krone

EGP

Egyptian Pound

EUR

Euro

GBP

Pound Sterling

HKD

Hong Kong Dollar

HUF

Hungarian Forint

IDR

Indonesian Rupiah

ILS

Israeli Shekel

INR

Indian Rupee

JPY

Japanese Yen

KRW

South Korean Won

KWD

Kuwaiti Dinar

MXN

Mexican Peso

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

PLN

Polish Zloty

QAR

Qatari Rial

SAR

Saudi Riyal

SEK

Swedish Krona

SGD

Singapore Dollar

THB

Thai Baht

TRY

Turkish Lira

TWD

New Taiwan Dollar

USD

U.S. Dollar

ZAR

South African Rand

Fair Value Measurements

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

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


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	136,988,031	$	—		$	18,053	$	137,006,084
Preferred Stocks (a)		1,321,873		—			0		1,321,873
Corporate Bonds		—		205			—		205
Rights (a)		1,457		954			—		2,411
Warrants (a)		4,097		—			—		4,097
Short-Term Investments (a)		1,106,183		—			—		1,106,183
Derivatives (b)
Forward Foreign Currency Contracts		—		1,175,015			—		1,175,015
Futures Contracts		303,532		—			—		303,532

TOTAL	$	139,725,173	$	1,176,174		$	18,053	$	140,919,400


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(7,053,652	)	$	—	$	(7,053,652	)

TOTAL	$	—	$	(7,053,652	)	$	—	$	(7,053,652	)

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

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

During the period ended November 30, 2022, the amount of transfers from Level 1 to Level 3 was $17,469. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 95.5%
Brazil — 4.0%
Ambev SA		66,619	$	204,375
Americanas SA		8,687		17,677
Atacadao SA		9,109		28,032
B3 SA — Brasil Bolsa Balcao		86,609		212,461
Banco Bradesco SA		24,109		63,927
Banco BTG Pactual SA		17,579		85,264
Banco do Brasil SA		12,089		82,187
Banco Santander Brasil SA		6,043		32,210
BB Seguridade Participacoes SA		10,259		61,918
BRF SA*		8,737		15,860
CCR SA		17,214		39,176
Centrais Eletricas Brasileiras SA		17,112		156,632
Cia de Saneamento Basico do Estado de Sao Paulo		4,838		56,208
Cia Siderurgica Nacional SA		9,963		27,877
Cosan SA		18,171		63,134
CPFL Energia SA		3,053		20,532
Energisa SA		2,558		21,349
Engie Brasil Energia SA		2,780		21,161
Equatorial Energia SA		14,533		77,155
Hapvida Participacoes e Investimentos SA, 144A		67,532		67,671
Hypera SA		5,917		50,671
JBS SA		12,031		51,121
Klabin SA		10,204		38,737
Localiza Rent a Car SA		10,899		126,226
Localiza Rent a Car SA*		31		341
Lojas Renner SA		14,481		64,601
Magazine Luiza SA*		46,307		30,429
Natura & Co. Holding SA		12,932		29,182
Petro Rio SA*		9,814		68,177
Petroleo Brasileiro SA		52,637		308,254
Raia Drogasil SA		15,807		70,211
Rede D’Or Sao Luiz SA, 144A		5,573		33,356
Rumo SA		19,016		71,310
Sendas Distribuidora SA		11,074		42,786
Suzano SA		10,597		108,536
Telefonica Brasil SA		7,021		51,480
TIM SA		12,462		31,219
TOTVS SA		6,877		40,896
Ultrapar Participacoes SA		10,356		28,338
Vale SA		54,392		898,366
Vibra Energia SA		16,221		51,670
WEG SA		23,463		176,334

(Cost $2,904,208)				3,727,047

Chile — 0.3%
Banco de Chile		681,403		64,467
Banco de Credito e Inversiones SA		798		21,610
Banco Santander Chile		950,267		36,944
Cencosud SA		20,904		31,080
Cia Cervecerias Unidas SA		1,715		10,392
Cia Sud Americana de Vapores SA		203,741		16,588
Empresas CMPC SA		15,216		25,203
Empresas Copec SA		5,553		38,812
Enel Americas SA		330,835		43,839


	Number of Shares		Value
Chile (Continued)
Enel Chile SA		408,382	$	18,573
Falabella SA		10,090		18,016

(Cost $477,727)				325,524

China — 27.5%
360 DigiTech, Inc., ADR		1,637		25,685
360 Security Technology, Inc., Class A		7,500		7,333
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,000		2,509
3SBio, Inc., 144A		19,170		20,248
AAC Technologies Holdings, Inc.* (a)		10,091		23,203
Advanced Micro-Fabrication Equipment Inc China, Class A*		525		7,331
AECC Aviation Power Co. Ltd., Class A		2,400		15,528
Agricultural Bank of China Ltd., Class A		78,700		32,166
Agricultural Bank of China Ltd., Class H		423,972		141,126
Aier Eye Hospital Group Co. Ltd., Class A		6,654		25,591
Air China Ltd., Class A*		4,400		6,532
Air China Ltd., Class H*		21,583		17,132
Airtac International Group		1,959		59,900
Alibaba Group Holding Ltd.*		210,701		2,155,309
Aluminum Corp. of China Ltd., Class A		18,200		11,545
Aluminum Corp. of China Ltd., Class H		51,485		21,554
Anhui Conch Cement Co. Ltd., Class A		3,300		13,389
Anhui Conch Cement Co. Ltd., Class H		18,536		67,039
Anhui Gujing Distillery Co. Ltd., Class A		360		12,175
Anhui Gujing Distillery Co. Ltd., Class B		1,800		26,317
Anhui Honglu Steel Construction Group Co. Ltd., Class A		1,100		5,244
Anhui Kouzi Distillery Co. Ltd., Class A		900		6,003
Anjoy Foods Group Co. Ltd., Class A		200		4,485
ANTA Sports Products Ltd.		17,174		199,863
Apeloa Pharmaceutical Co. Ltd., Class A		800		2,339
Asymchem Laboratories Tianjin Co. Ltd., Class A		364		6,930
Autohome, Inc., ADR		1,082		32,352
Avary Holding Shenzhen Co. Ltd., Class A		2,400		9,877
AVIC Electromechanical Systems Co. Ltd., Class A		5,000		7,862
AVIC Industry-Finance Holdings Co. Ltd., Class A		2,300		1,113
AviChina Industry & Technology Co. Ltd., Class H		39,363		18,444
Baidu, Inc., Class A*		31,308		407,235
Bank of Beijing Co. Ltd., Class A		16,300		9,924
Bank of Chengdu Co. Ltd., Class A		2,955		6,437
Bank of China Ltd., Class A		35,100		15,691
Bank of China Ltd., Class H		1,129,212		400,453
Bank of Communications Co. Ltd., Class A		32,100		21,502
Bank of Communications Co. Ltd., Class H		122,295		69,047
Bank of Hangzhou Co. Ltd., Class A		5,960		11,182
Bank of Jiangsu Co. Ltd., Class A		16,222		17,059
Bank of Nanjing Co. Ltd., Class A		8,400		12,362
Bank of Ningbo Co. Ltd., Class A		4,870		22,192
Bank of Shanghai Co. Ltd., Class A		12,540		10,624
Baoshan Iron & Steel Co. Ltd., Class A		17,500		14,007
BBMG Corp., Class A		4,000		1,516


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
BeiGene Ltd.*		9,000	$	132,852
Beijing Capital International Airport Co. Ltd., Class H*		29,839		19,215
Beijing Dabeinong Technology Group Co. Ltd., Class A*		2,100		2,778
Beijing Easpring Material Technology Co. Ltd., Class A		500		4,348
Beijing Kingsoft Office Software, Inc., Class A		328		11,906
Beijing New Building Materials PLC, Class A		1,770		6,591
Beijing Roborock Technology Co. Ltd., Class A		140		5,144
Beijing Shiji Information Technology Co. Ltd., Class A		392		826
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,728		5,437
Beijing Tongrentang Co. Ltd., Class A		900		6,278
Beijing United Information Technology Co. Ltd., Class A		435		6,367
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		435		10,051
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		200		2,937
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		41,910		29,322
Betta Pharmaceuticals Co. Ltd., Class A		600		4,307
BGI Genomics Co. Ltd., Class A		600		5,111
Bilibili, Inc., Class Z*		2,603		42,256
Bloomage Biotechnology Corp. Ltd., Class A		320		4,923
BOC International China Co. Ltd., Class A		2,100		3,356
BOE Technology Group Co. Ltd., Class A		32,200		16,359
BYD Co. Ltd., Class A		1,500		55,245
BYD Co. Ltd., Class H		11,743		287,902
BYD Electronic International Co. Ltd.		10,333		33,601
By-health Co. Ltd., Class A		2,100		5,931
Caitong Securities Co. Ltd., Class A		3,204		3,442
CECEP Solar Energy Co. Ltd., Class A		5,200		5,520
CGN Power Co. Ltd., Class H, 144A		136,852		33,114
Changchun High & New Technology Industry Group, Inc., Class A		360		8,639
Changjiang Securities Co. Ltd., Class A		1,400		1,117
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		400		7,493
Chaozhou Three-Circle Group Co. Ltd., Class A		2,000		8,566
Chengxin Lithium Group Co. Ltd., Class A		1,200		7,217
Chifeng Jilong Gold Mining Co. Ltd., Class A*		1,900		5,315
China Baoan Group Co. Ltd., Class A		1,700		3,160
China Cinda Asset Management Co. Ltd., Class H		123,328		16,105
China CITIC Bank Corp. Ltd., Class H		123,697		54,794
China Coal Energy Co. Ltd., Class H		28,001		25,667
China Communications Services Corp. Ltd., Class H		36,117		12,392


	Number of Shares		Value
China (Continued)
China Conch Venture Holdings Ltd.		23,847	$	54,161
China Construction Bank Corp., Class A		10,400		8,250
China Construction Bank Corp., Class H		1,367,942		824,869
China CSSC Holdings Ltd., Class A		3,500		12,462
China Eastern Airlines Corp. Ltd., Class A*		14,800		11,237
China Energy Engineering Corp. Ltd., Class A		40,300		14,012
China Everbright Bank Co. Ltd., Class A		34,400		14,597
China Everbright Bank Co. Ltd., Class H		47,525		14,116
China Evergrande Group* (b)		25,065		0
China Feihe Ltd., 144A		49,499		40,114
China Galaxy Securities Co. Ltd., Class A		3,700		5,209
China Galaxy Securities Co. Ltd., Class H		54,319		26,843
China Greatwall Technology Group Co. Ltd., Class A		3,300		5,596
China Hongqiao Group Ltd.		31,961		29,584
China International Capital Corp. Ltd., Class A		1,000		5,448
China International Capital Corp. Ltd., Class H, 144A		22,837		42,511
China Jushi Co. Ltd., Class A		4,572		9,317
China Lesso Group Holdings Ltd.		16,213		19,698
China Life Insurance Co. Ltd., Class A		2,400		12,313
China Life Insurance Co. Ltd., Class H		107,336		162,977
China Literature Ltd., 144A*		5,574		19,874
China Longyuan Power Group Corp. Ltd., Class H		47,132		57,445
China Medical System Holdings Ltd.		19,176		27,791
China Meheco Co. Ltd., Class A		3,000		7,161
China Meidong Auto Holdings Ltd.		7,544		14,256
China Merchants Bank Co. Ltd., Class A		17,863		88,625
China Merchants Bank Co. Ltd., Class H		54,908		275,561
China Merchants Energy Shipping Co. Ltd., Class A		5,200		4,848
China Merchants Securities Co. Ltd., Class A		6,100		11,687
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		5,700		12,376
China Minsheng Banking Corp. Ltd., Class A		30,600		15,286
China Minsheng Banking Corp. Ltd., Class H (a)		96,891		33,368
China National Building Material Co. Ltd., Class H		58,374		51,267
China National Chemical Engineering Co. Ltd., Class A		5,200		6,214
China National Nuclear Power Co. Ltd., Class A		11,400		10,095
China National Software & Service Co. Ltd., Class A		700		6,427
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		3,000		11,142
China Oilfield Services Ltd., Class H		26,663		33,419
China Pacific Insurance Group Co. Ltd., Class A		5,900		20,380
China Pacific Insurance Group Co. Ltd., Class H		37,562		84,733


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
China Petroleum & Chemical Corp., Class A		26,500	$	17,036
China Petroleum & Chemical Corp., Class H		368,942		173,349
China Railway Group Ltd., Class A		18,600		15,521
China Railway Group Ltd., Class H		62,557		35,159
China Rare Earth Resources And Technology Co. Ltd., Class A*		1,300		6,046
China Resources Microelectronics Ltd., Class A		893		6,729
China Resources Mixc Lifestyle Services Ltd., 144A		9,843		46,563
China Resources Pharmaceutical Group Ltd., 144A		18,787		15,393
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		200		1,681
China Shenhua Energy Co. Ltd., Class A		5,465		23,694
China Shenhua Energy Co. Ltd., Class H		49,398		151,781
China Southern Airlines Co. Ltd., Class A*		8,400		8,881
China Southern Airlines Co. Ltd., Class H*		18,291		10,819
China State Construction Engineering Corp. Ltd., Class A		38,500		32,127
China Three Gorges Renewables Group Co. Ltd., Class A		27,800		22,882
China Tourism Group Duty Free Corp. Ltd., Class A		1,600		44,841
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		923		23,184
China Tower Corp. Ltd., Class H, 144A		634,334		68,217
China United Network Communications Ltd., Class A		26,500		16,585
China Vanke Co. Ltd., Class A		9,000		23,820
China Vanke Co. Ltd., Class H		23,954		49,252
China Yangtze Power Co. Ltd., Class A		20,500		61,735
China Zhenhua Group Science & Technology Co. Ltd., Class A		600		9,721
China Zheshang Bank Co. Ltd., Class A*		8,500		3,559
Chinasoft International Ltd.*		36,644		31,104
Chongqing Brewery Co. Ltd., Class A		500		7,805
Chongqing Changan Automobile Co. Ltd., Class A		7,462		14,243
Chongqing Fuling Zhacai Group Co. Ltd., Class A		1,200		4,303
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,252		16,073
CITIC Ltd.		85,140		87,092
CITIC Securities Co. Ltd., Class A		9,810		27,593
CITIC Securities Co. Ltd., Class H		28,939		57,649
CMOC Group Ltd., Class A		15,700		10,383
CMOC Group Ltd., Class H		53,789		24,860
CNGR Advanced Material Co. Ltd., Class A		600		6,448
Contemporary Amperex Technology Co. Ltd., Class A		2,018		110,258
COSCO SHIPPING Development Co. Ltd., Class A		14,000		5,205
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		3,500		7,639


	Number of Shares		Value
China (Continued)
COSCO SHIPPING Holdings Co. Ltd., Class A		11,930	$	21,383
COSCO SHIPPING Holdings Co. Ltd., Class H		48,602		52,454
Country Garden Holdings Co. Ltd. (a)		143,812		55,419
Country Garden Services Holdings Co. Ltd.		28,362		69,426
CRRC Corp. Ltd., Class A		20,700		15,746
CRRC Corp. Ltd., Class H		52,497		21,507
CSC Financial Co. Ltd., Class A		2,925		10,199
CSPC Pharmaceutical Group Ltd.		129,505		165,633
Dali Foods Group Co. Ltd., 144A		25,907		12,239
Daqin Railway Co. Ltd., Class A		13,600		13,221
Daqo New Energy Corp., ADR*		837		47,634
DaShenLin Pharmaceutical Group Co. Ltd., Class A		960		5,751
DHC Software Co. Ltd., Class A		800		675
Do-Fluoride New Materials Co. Ltd., Class A		900		4,866
Dong-E-E-Jiao Co. Ltd., Class A		200		1,100
Dongfang Electric Corp. Ltd., Class A		2,280		7,817
Dongfeng Motor Group Co. Ltd., Class H		37,938		21,225
Dongxing Securities Co. Ltd., Class A		600		702
Dongyue Group Ltd.		21,734		23,902
East Money Information Co. Ltd., Class A		9,967		26,168
Ecovacs Robotics Co. Ltd., Class A		500		5,112
ENN Energy Holdings Ltd.		11,374		159,450
ENN Natural Gas Co. Ltd., Class A		2,300		6,071
Eve Energy Co. Ltd., Class A		1,967		23,155
Everbright Securities Co. Ltd., Class A		4,800		11,015
Fangda Carbon New Material Co. Ltd., Class A*		3,834		3,504
First Capital Securities Co. Ltd., Class A		900		766
Flat Glass Group Co. Ltd., Class A		700		3,496
Flat Glass Group Co. Ltd., Class H		6,761		17,441
Focus Media Information Technology Co. Ltd., Class A		11,720		9,963
Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,193		31,883
Fosun International Ltd.		38,428		29,223
Founder Securities Co. Ltd., Class A		7,900		7,601
Foxconn Industrial Internet Co. Ltd., Class A		7,100		9,220
Fuyao Glass Industry Group Co. Ltd., Class A		2,100		11,066
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		8,070		35,231
Ganfeng Lithium Group Co. Ltd., Class A		1,680		19,312
Ganfeng Lithium Group Co. Ltd., Class H, 144A		5,014		43,522
GD Power Development Co. Ltd., Class A*		21,800		14,015
GDS Holdings Ltd., Class A*		12,716		22,043
Gemdale Corp., Class A		4,300		7,140
Genscript Biotech Corp.*		15,722		39,773
GF Securities Co. Ltd., Class A		6,300		14,314
GF Securities Co. Ltd., Class H		15,263		22,120
GigaDevice Semiconductor, Inc., Class A		641		9,169


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
Ginlong Technologies Co. Ltd., Class A*		450	$	12,627
GoerTek, Inc., Class A		2,100		5,406
Gotion High-tech Co. Ltd., Class A		1,200		5,450
Great Wall Motor Co. Ltd., Class A		1,900		8,623
Great Wall Motor Co. Ltd., Class H		41,478		59,899
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,400		6,392
Greentown China Holdings Ltd.		14,011		23,785
Greentown Service Group Co. Ltd.		21,052		14,392
Guangdong Haid Group Co. Ltd., Class A		1,885		15,133
Guangdong Kinlong Hardware Products Co. Ltd., Class A		400		5,900
Guanghui Energy Co. Ltd., Class A		8,300		12,603
Guangzhou Automobile Group Co. Ltd., Class A		4,800		8,392
Guangzhou Automobile Group Co. Ltd., Class H		41,151		29,292
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		600		2,496
Guangzhou Haige Communications Group, Inc. Co., Class A		600		737
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		4,839
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		600		5,222
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,940		12,378
Guolian Securities Co. Ltd., Class A		1,900		2,966
Guosen Securities Co. Ltd., Class A		6,400		8,292
Guotai Junan Securities Co. Ltd., Class A		6,100		12,111
Guoyuan Securities Co. Ltd., Class A		6,630		6,539
H World Group Ltd., ADR		2,800		107,184
Haichang Ocean Park Holdings Ltd., 144A*		45,024		18,618
Haidilao International Holding Ltd., 144A*		16,819		41,170
Haier Smart Home Co. Ltd., Class A		6,200		21,583
Haier Smart Home Co. Ltd., Class H		31,481		103,177
Haitian International Holdings Ltd.		10,436		26,855
Haitong Securities Co. Ltd., Class A		7,800		9,896
Haitong Securities Co. Ltd., Class H		39,622		24,349
Hangzhou First Applied Material Co. Ltd., Class A		1,540		13,133
Hangzhou Lion Electronics Co. Ltd., Class A		600		3,948
Hangzhou Oxygen Plant Group Co. Ltd., Class A		1,100		6,435
Hangzhou Robam Appliances Co. Ltd., Class A		200		737
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,300		6,752
Hangzhou Tigermed Consulting Co. Ltd., Class A		600		7,544
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		1,639		15,465
Hansoh Pharmaceutical Group Co. Ltd., 144A		17,999		34,012
Henan Shenhuo Coal & Power Co. Ltd., Class A		3,100		7,382


	Number of Shares		Value
China (Continued)
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,308	$	8,274
Hengan International Group Co. Ltd.		9,202		42,352
Hengli Petrochemical Co. Ltd., Class A		6,210		14,806
Hengtong Optic-electric Co. Ltd., Class A		1,900		4,422
Hengyi Petrochemical Co. Ltd., Class A		7,241		7,368
Hesteel Co. Ltd., Class A		2,700		935
Hithink RoyalFlush Information Network Co. Ltd., Class A		500		7,135
Hongfa Technology Co. Ltd., Class A		700		3,448
Hoshine Silicon Industry Co. Ltd., Class A		500		6,344
Hua Hong Semiconductor Ltd., 144A*		8,894		30,630
Huadian Power International Corp. Ltd., Class A		7,800		6,531
Huadong Medicine Co. Ltd., Class A		1,900		11,115
Huafon Chemical Co. Ltd., Class A		2,500		2,572
Huaibei Mining Holdings Co. Ltd., Class A		2,600		5,302
Hualan Biological Engineering, Inc., Class A		2,573		7,471
Huaneng Power International, Inc., Class A*		7,900		8,689
Huaneng Power International, Inc., Class H* (a)		56,884		26,217
Huatai Securities Co. Ltd., Class A		5,800		10,758
Huatai Securities Co. Ltd., Class H, 144A		22,891		26,405
Huaxia Bank Co. Ltd., Class A		14,100		10,485
Huaxin Cement Co. Ltd., Class A		1,500		3,304
Huayu Automotive Systems Co. Ltd., Class A		2,800		7,335
Hubei Xingfa Chemicals Group Co. Ltd., Class A		1,000		4,345
Huizhou Desay Sv Automotive Co. Ltd., Class A		400		6,244
Humanwell Healthcare Group Co. Ltd., Class A		1,500		4,779
Hunan Valin Steel Co. Ltd., Class A		4,600		3,133
Hundsun Technologies, Inc., Class A		1,689		9,578
Hygeia Healthcare Holdings Co. Ltd., 144A* (a)		4,662		29,156
Iflytek Co. Ltd., Class A		2,050		9,382
Imeik Technology Development Co. Ltd., Class A		200		13,613
Industrial & Commercial Bank of China Ltd., Class A		48,600		29,657
Industrial & Commercial Bank of China Ltd., Class H		803,735		402,333
Industrial Bank Co. Ltd., Class A		18,500		46,470
Industrial Securities Co. Ltd., Class A*		6,700		5,781
Ingenic Semiconductor Co. Ltd., Class A		600		6,721
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		49,800		14,064
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		2,900		5,535
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		9,600		5,722
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,300		21,700


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
Inner Mongolia Yitai Coal Co. Ltd., Class B		15,100	$	22,257
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		4,700		5,416
Innovent Biologics, Inc., 144A*		14,301		56,117
Inspur Electronic Information Industry Co. Ltd., Class A		1,585		4,994
iQIYI, Inc., ADR*		5,461		16,219
JA Solar Technology Co. Ltd., Class A		1,960		16,189
Jafron Biomedical Co. Ltd., Class A		950		4,270
Jason Furniture Hangzhou Co. Ltd., Class A		1,170		5,977
JCET Group Co. Ltd., Class A		1,800		6,386
JD Health International, Inc., 144A* (a)		15,697		136,855
JD.com, Inc., Class A		30,615		857,586
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,400		4,523
Jiangsu Expressway Co. Ltd., Class H		21,084		19,003
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,332		12,433
Jiangsu Hengrui Medicine Co. Ltd., Class A		5,878		33,225
Jiangsu King’s Luck Brewery JSC Ltd., Class A		1,540		9,175
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,200		24,077
Jiangsu Yoke Technology Co. Ltd., Class A		500		3,803
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,000		7,106
Jiangxi Copper Co. Ltd., Class A		500		1,233
Jiangxi Copper Co. Ltd., Class H		17,014		24,614
Jiangxi Special Electric Motor Co. Ltd., Class A*		1,700		4,905
JiuGui Liquor Co. Ltd., Class A		300		5,048
Jiumaojiu International Holdings Ltd., 144A (a)		10,587		26,566
Jizhong Energy Resources Co. Ltd., Class A		5,500		5,425
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		2,500		4,321
Joinn Laboratories China Co. Ltd., Class A		280		2,310
Jointown Pharmaceutical Group Co. Ltd., Class A		500		957
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		980		5,139
Juewei Food Co. Ltd., Class A		300		2,435
Kangmei Pharmaceutical Co. Ltd., Class A*		606		231
Kanzhun Ltd., ADR*		2,618		49,271
KE Holdings, Inc., ADR*		9,412		159,251
Keda Industrial Group Co. Ltd., Class A		2,200		4,992
Kingdee International Software Group Co. Ltd.*		39,120		64,508
Kingfa Sci & Tech Co. Ltd., Class A		1,700		2,427
Kingsoft Corp. Ltd.		13,299		41,714
Koolearn Technology Holding Ltd., 144A*		5,573		29,253
Kuaishou Technology, 144A*		25,004		181,025
Kuang-Chi Technologies Co. Ltd., Class A*		1,600		3,983
Kweichow Moutai Co. Ltd., Class A		1,100		249,615


	Number of Shares		Value
China (Continued)
LB Group Co. Ltd., Class A		2,300	$	5,836
Lenovo Group Ltd.		99,406		83,740
Lens Technology Co. Ltd., Class A		3,700		5,582
Lepu Medical Technology Beijing Co. Ltd., Class A		1,020		3,279
Li Auto, Inc., Class A*		15,000		149,886
Li Ning Co. Ltd.		33,251		260,740
Lingyi iTech Guangdong Co., Class A*		6,890		4,811
Longfor Group Holdings Ltd., 144A		26,157		78,863
LONGi Green Energy Technology Co. Ltd., Class A		6,554		42,581
Lufax Holding Ltd., ADR		11,958		22,242
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		500		4,634
Luxshare Precision Industry Co. Ltd., Class A		6,570		28,820
Luzhou Laojiao Co. Ltd., Class A		1,200		31,677
Mango Excellent Media Co. Ltd., Class A		1,803		6,443
Maxscend Microelectronics Co. Ltd., Class A		448		7,318
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		3,708		2,805
Meituan, Class B, 144A*		62,634		1,311,866
Metallurgical Corp. of China Ltd., Class A		21,700		10,255
Microport Scientific Corp.*		9,089		21,271
Ming Yang Smart Energy Group Ltd., Class A		1,200		4,559
Minth Group Ltd.		10,071		27,012
Montage Technology Co. Ltd., Class A		489		4,670
Muyuan Foods Co. Ltd., Class A		5,064		34,546
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,600		6,476
Nanjing Securities Co. Ltd., Class A		4,000		4,842
NARI Technology Co. Ltd., Class A		5,304		20,000
National Silicon Industry Group Co. Ltd., Class A*		1,239		3,387
NAURA Technology Group Co. Ltd., Class A		537		16,986
NavInfo Co. Ltd., Class A		2,200		3,678
NetEase, Inc.		27,989		391,655
New China Life Insurance Co. Ltd., Class A		2,100		8,547
New China Life Insurance Co. Ltd., Class H		11,730		27,362
New Hope Liuhe Co. Ltd., Class A*		4,300		8,311
New Oriental Education & Technology Group, Inc.*		22,097		63,369
Ninestar Corp., Class A		1,200		9,201
Ningbo Deye Technology Co. Ltd., Class A		200		10,303
Ningbo Joyson Electronic Corp., Class A*		1,500		3,180
Ningbo Orient Wires & Cables Co. Ltd., Class A		600		6,042
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		398		4,362
Ningbo Shanshan Co. Ltd., Class A		2,000		5,467
Ningbo Tuopu Group Co. Ltd., Class A		900		8,620
Ningxia Baofeng Energy Group Co. Ltd., Class A		6,000		11,257
NIO, Inc., ADR* (a)		19,356		247,370


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
Nongfu Spring Co. Ltd., Class H, 144A (a)		25,413	$	146,733
North Industries Group Red Arrow Co. Ltd., Class A		1,400		4,252
Offshore Oil Engineering Co. Ltd., Class A		4,600		3,734
OFILM Group Co. Ltd., Class A*		4,100		2,967
Oppein Home Group, Inc., Class A		460		7,116
Orient Securities Co. Ltd., Class A		9,088		11,517
Ovctek China, Inc., Class A		900		4,023
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		6,600		5,067
People’s Insurance Co. Group of China Ltd., Class A		6,700		5,153
People’s Insurance Co. Group of China Ltd., Class H		116,022		38,917
Perfect World Co. Ltd., Class A		2,250		4,339
PetroChina Co. Ltd., Class A		13,632		10,137
PetroChina Co. Ltd., Class H		298,399		135,237
Pharmaron Beijing Co. Ltd., Class A		1,050		9,555
Pharmaron Beijing Co. Ltd., Class H, 144A		2,635		14,978
PICC Property & Casualty Co. Ltd., Class H		101,060		101,695
Pinduoduo, Inc., ADR*		7,188		589,703
Ping An Bank Co. Ltd., Class A		17,700		32,730
Ping An Healthcare and Technology Co. Ltd., 144A* (a)		6,760		16,842
Ping An Insurance Group Co. of China Ltd., Class A		9,400		59,964
Ping An Insurance Group Co. of China Ltd., Class H		89,633		547,946
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		2,900		5,070
Poly Developments and Holdings Group Co. Ltd., Class A		9,900		23,393
Pop Mart International Group Ltd., 144A (a)		7,768		17,245
Postal Savings Bank of China Co. Ltd., Class A		23,800		15,064
Postal Savings Bank of China Co. Ltd., Class H, 144A		115,334		69,103
Power Construction Corp. of China Ltd., Class A		12,201		13,229
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,600		16,510
Raytron Technology Co. Ltd., Class A		344		1,977
Rongsheng Petrochemical Co. Ltd., Class A		8,875		15,605
SAIC Motor Corp. Ltd., Class A		7,300		15,726
Sailun Group Co. Ltd., Class A		2,700		3,655
Sangfor Technologies, Inc., Class A		375		5,973
Sany Heavy Equipment International Holdings Co. Ltd.		15,595		16,591
Sany Heavy Industry Co. Ltd., Class A		6,000		13,547
Satellite Chemical Co. Ltd., Class A		3,917		8,088
SDIC Power Holdings Co. Ltd., Class A		5,900		9,210
Seazen Holdings Co. Ltd., Class A*		2,200		7,112
SF Holding Co. Ltd., Class A		4,269		32,109
SG Micro Corp., Class A		450		11,304
Shaanxi Coal Industry Co. Ltd., Class A		7,100		20,323


	Number of Shares		Value
China (Continued)
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		2,500	$	5,992
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		338		1,086
Shandong Gold Mining Co. Ltd., Class A		4,136		12,003
Shandong Gold Mining Co. Ltd., Class H, 144A		12,383		24,161
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,560		7,374
Shandong Linglong Tyre Co. Ltd., Class A		1,400		3,991
Shandong Nanshan Aluminum Co. Ltd., Class A		6,800		3,378
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		36,427		52,885
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		980		5,048
Shanghai Baosight Software Co. Ltd., Class A		1,690		9,445
Shanghai Baosight Software Co. Ltd., Class B		7,150		21,464
Shanghai Electric Group Co. Ltd., Class A*		4,700		2,828
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,700		8,951
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		7,007		23,144
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		569		6,151
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		3,882		18,115
Shanghai International Airport Co. Ltd., Class A*		900		7,086
Shanghai International Port Group Co. Ltd., Class A		11,400		8,817
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,100		8,664
Shanghai Junshi Biosciences Co. Ltd., Class A*		514		4,822
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		14,259		11,464
Shanghai M&G Stationery, Inc., Class A		1,475		10,002
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,800		7,689
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		13,250		21,951
Shanghai Pudong Development Bank Co. Ltd., Class A		28,800		29,509
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,600		12,602
Shanghai RAAS Blood Products Co. Ltd., Class A		5,600		4,403
Shanghai Rural Commercial Bank Co. Ltd., Class A		9,000		7,548
Shanxi Coking Coal Energy Group Co. Ltd., Class A		3,640		6,798
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		3,000		8,119
Shanxi Meijin Energy Co. Ltd., Class A		4,700		6,557


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
Shanxi Securities Co. Ltd., Class A		4,050	$	3,207
Shanxi Taigang Stainless Steel Co. Ltd., Class A		5,900		3,776
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		980		35,611
Shenghe Resources Holding Co. Ltd., Class A		1,600		3,308
Shengyi Technology Co. Ltd., Class A		2,455		5,257
Shennan Circuits Co. Ltd., Class A		658		7,053
Shenwan Hongyuan Group Co. Ltd., Class A		21,000		12,308
Shenzhen Capchem Technology Co. Ltd., Class A		540		3,046
Shenzhen Dynanonic Co. Ltd., Class A		200		6,420
Shenzhen Energy Group Co. Ltd., Class A		6,260		5,464
Shenzhen Inovance Technology Co. Ltd., Class A		2,664		26,563
Shenzhen Kangtai Biological Products Co. Ltd., Class A		752		3,671
Shenzhen Kedali Industry Co. Ltd., Class A		300		4,101
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,136		52,331
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		1,100		7,674
Shenzhen Overseas Chinese Town Co. Ltd., Class A		12,200		10,128
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		200		985
Shenzhen SC New Energy Technology Corp., Class A		300		5,471
Shenzhen Senior Technology Material Co. Ltd., Class A		2,200		7,140
Shenzhen Transsion Holdings Co. Ltd., Class A		994		10,966
Shenzhou International Group Holdings Ltd.		11,307		100,824
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		1,700		10,832
Sichuan Chuantou Energy Co. Ltd., Class A		2,200		3,725
Sichuan Hebang Biotechnology Co. Ltd., Class A		11,600		5,218
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		400		1,339
Sichuan New Energy Power Co. Ltd.*		1,800		5,318
Sichuan Road & Bridge Group Co. Ltd., Class A		4,900		8,157
Sichuan Swellfun Co. Ltd., Class A		500		4,449
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,500		5,820
Sieyuan Electric Co. Ltd., Class A		1,000		5,367
Silergy Corp.		4,713		68,624
Sinolink Securities Co. Ltd., Class A		800		1,026
Sinoma Science & Technology Co. Ltd., Class A		1,000		3,304
Sinomine Resource Group Co. Ltd., Class A		500		5,520


	Number of Shares		Value
China (Continued)
Sinopec Shanghai Petrochemical Co. Ltd., Class A		1,200	$	560
Sinopharm Group Co. Ltd., Class H		17,235		40,688
Skshu Paint Co. Ltd., Class A*		420		7,179
Smoore International Holdings Ltd., 144A (a)		24,869		38,015
Songcheng Performance Development Co. Ltd., Class A		2,520		5,075
SooChow Securities Co. Ltd., Class A		1,352		1,326
StarPower Semiconductor Ltd., Class A		200		9,593
Sunac China Holdings Ltd.* (b)		40,216		0
Sungrow Power Supply Co. Ltd., Class A		1,140		18,605
Sunny Optical Technology Group Co. Ltd.		9,904		115,258
Sunwoda Electronic Co. Ltd., Class A		1,800		6,182
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,500		9,189
Suzhou Maxwell Technologies Co. Ltd., Class A		160		9,764
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		800		6,914
TAL Education Group, ADR*		6,864		40,978
TBEA Co. Ltd., Class A		3,300		10,069
TCL Technology Group Corp., Class A		12,800		7,302
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		3,236		19,091
Tencent Holdings Ltd.		88,961		3,270,998
Tencent Music Entertainment Group, ADR*		9,803		68,719
Thunder Software Technology Co. Ltd., Class A		400		6,500
Tianma Microelectronics Co. Ltd., Class A		1,000		1,300
Tianqi Lithium Corp., Class A*		1,200		15,349
Tianshan Aluminum Group Co. Ltd., Class A		6,100		6,190
Tibet Summit Resources Co. Ltd., Class A*		1,400		4,576
Tingyi Cayman Islands Holding Corp.		29,730		48,567
Titan Wind Energy Suzhou Co. Ltd., Class A		2,500		5,024
Tongcheng Travel Holdings Ltd.*		17,200		36,730
Tongkun Group Co. Ltd., Class A		2,000		4,022
Tongling Nonferrous Metals Group Co. Ltd., Class A		2,600		1,081
Tongwei Co. Ltd., Class A		4,400		27,050
Topchoice Medical Corp., Class A*		255		4,578
Topsports International Holdings Ltd., 144A		28,957		18,425
TravelSky Technology Ltd., Class H		12,968		26,066
Trina Solar Co. Ltd., Class A		2,056		18,820
Trip.com Group Ltd., ADR*		7,695		245,855
Tsingtao Brewery Co. Ltd., Class A		500		7,188
Tsingtao Brewery Co. Ltd., Class H		8,448		78,846
Unigroup Guoxin Microelectronics Co. Ltd., Class A		929		17,336
Uni-President China Holdings Ltd.		22,189		19,431
Unisplendour Corp. Ltd., Class A		2,954		7,915
Vipshop Holdings Ltd., ADR*		5,876		65,517
Walvax Biotechnology Co. Ltd., Class A		1,300		7,798


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
Wanhua Chemical Group Co. Ltd., Class A		2,899	$	36,821
Want Want China Holdings Ltd.		64,011		43,434
Weibo Corp., ADR*		878		13,995
Weichai Power Co. Ltd., Class A		5,900		8,984
Weichai Power Co. Ltd., Class H		27,216		35,958
Weihai Guangwei Composites Co. Ltd., Class A		500		5,044
Wens Foodstuffs Group Co. Ltd., Class A		7,120		18,147
Western Securities Co. Ltd., Class A		900		819
Western Superconducting Technologies Co. Ltd., Class A		564		7,833
Westone Information Industry, Inc., Class A		1,400		7,000
Will Semiconductor Co. Ltd., Class A		791		9,125
Wingtech Technology Co. Ltd., Class A		1,035		8,090
Wuchan Zhongda Group Co. Ltd., Class A		4,500		2,906
Wuhan Guide Infrared Co. Ltd., Class A		3,665		6,101
Wuliangye Yibin Co. Ltd., Class A		3,200		71,235
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,200		3,959
WuXi AppTec Co. Ltd., Class A		1,957		21,663
WuXi AppTec Co. Ltd., Class H, 144A		4,948		48,650
Wuxi Biologics Cayman, Inc., 144A*		51,215		328,825
Wuxi Shangji Automation Co. Ltd., Class A		280		4,625
XCMG Construction Machinery Co. Ltd., Class A		8,400		6,282
Xiamen C & D, Inc., Class A		3,500		7,734
Xiamen Faratronic Co. Ltd., Class A		300		6,727
Xiamen Tungsten Co. Ltd., Class A		1,800		5,495
Xiaomi Corp., Class B, 144A*		215,253		284,397
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		5,333		8,711
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		9,121		9,797
Xinyi Solar Holdings Ltd.		69,181		79,801
XPeng, Inc., Class A*		11,000		47,389
Xtep International Holdings Ltd.		18,063		20,304
Yadea Group Holdings Ltd., 144A		18,214		34,232
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		700		5,625
Yankuang Energy Group Co. Ltd., Class A		2,200		12,670
Yankuang Energy Group Co. Ltd., Class H		22,705		75,141
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		4,878
Yealink Network Technology Corp. Ltd., Class A		900		8,128
Yifeng Pharmacy Chain Co. Ltd., Class A		730		6,744
Yihai International Holding Ltd.*		6,978		21,619
Yihai Kerry Arawana Holdings Co. Ltd., Class A		900		5,269
Yintai Gold Co. Ltd., Class A		2,400		4,871
YongXing Special Materials Technology Co. Ltd., Class A		400		5,976
Yonyou Network Technology Co. Ltd., Class A		2,697		8,769
Youngy Co. Ltd., Class A*		300		5,237
YTO Express Group Co. Ltd., Class A		2,500		6,890


	Number of Shares		Value
China (Continued)
Yum China Holdings, Inc.		5,900	$	325,208
Yunda Holding Co. Ltd., Class A		3,160		5,516
Yunnan Aluminium Co. Ltd., Class A		3,800		5,738
Yunnan Baiyao Group Co. Ltd., Class A		1,400		11,241
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		200		3,597
Yunnan Energy New Material Co. Ltd., Class A		760		13,419
Yunnan Yuntianhua Co. Ltd., Class A*		1,500		4,502
Zai Lab Ltd., ADR* (a)		1,255		48,393
Zangge Mining Co. Ltd., Class A		1,300		5,679
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		500		18,091
Zhaojin Mining Industry Co. Ltd., Class H*		14,135		15,653
Zhejiang Century Huatong Group Co. Ltd., Class A*		8,280		4,630
Zhejiang Chint Electrics Co. Ltd., Class A		2,300		9,387
Zhejiang Dahua Technology Co. Ltd., Class A		4,500		7,587
Zhejiang Expressway Co. Ltd., Class H		22,154		16,450
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		2,000		5,762
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,627		14,433
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,100		10,069
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		1,000		5,620
Zhejiang Juhua Co. Ltd., Class A		2,100		5,022
Zhejiang NHU Co. Ltd., Class A		3,952		11,049
Zhejiang Supcon Technology Co. Ltd., Class A		486		6,272
Zhejiang Supor Co. Ltd., Class A		945		6,146
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,500		4,343
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,900		5,854
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		700		5,031
Zhejiang Yongtai Technology Co. Ltd., Class A		1,000		3,666
Zheshang Securities Co. Ltd., Class A		2,100		3,186
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		10,518		27,066
Zhongji Innolight Co. Ltd., Class A		700		2,844
Zhongsheng Group Holdings Ltd.		8,110		41,324
Zhongtai Securities Co. Ltd., Class A		4,000		3,911
Zhuzhou CRRC Times Electric Co. Ltd.		7,304		33,570
Zhuzhou CRRC Times Electric Co. Ltd., Class A		771		6,089
Zhuzhou Kibing Group Co. Ltd., Class A		1,800		2,524
Zijin Mining Group Co. Ltd., Class A		16,400		22,878
Zijin Mining Group Co. Ltd., Class H		80,597		104,629
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		6,976		5,782
ZTE Corp., Class A		2,900		10,083
ZTE Corp., Class H		11,615		25,190
ZTO Express Cayman, Inc., ADR (a)		5,865		147,036

(Cost $26,905,410)				25,748,148


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Colombia — 0.1%
Bancolombia SA		3,881	$	32,154
Ecopetrol SA		48,529		23,018
Interconexion Electrica SA ESP		6,327		25,555

(Cost $84,726)				80,727

Cyprus — 0.0%
Polymetal International PLC* (b)		4,894		0
TCS Group Holding PLC, GDR* (b)		1,702		0

(Cost $173,897)				0

Czech Republic — 0.1%
CEZ AS		2,371		81,477
Komercni Banka AS		1,165		34,357
Moneta Money Bank AS, 144A		5,503		16,935

(Cost $106,441)				132,769

Egypt — 0.1%
Commercial International Bank Egypt SAE		35,140		57,326
Eastern Co. SAE		17,485		9,195
Egyptian Financial Group-Hermes Holding Co.*		13,302		8,182
Fawry for Banking & Payment Technology Services SAE*		6,535		1,291

(Cost $92,812)				75,994

Greece — 0.3%
Alpha Services and Holdings SA*		31,487		33,142
Eurobank Ergasias Services and Holdings SA*		40,524		45,965
Hellenic Telecommunications Organization SA		2,874		44,113
JUMBO SA		1,539		24,327
Mytilineos SA		1,192		22,253
National Bank of Greece SA*		7,351		29,603
OPAP SA		2,901		39,938
Public Power Corp. SA*		2,685		18,412
Terna Energy SA		840		17,045

(Cost $257,138)				274,798

Hong Kong — 2.0%
Alibaba Health Information Technology Ltd.*		67,634		55,330
Beijing Enterprises Holdings Ltd.		8,264		26,133
Beijing Enterprises Water Group Ltd.		74,063		19,628
Bosideng International Holdings Ltd.		42,963		21,121
C&D International Investment Group Ltd.		8,932		20,949
China Everbright Environment Group Ltd.		48,785		22,297
China Gas Holdings Ltd.		43,869		55,658
China Jinmao Holdings Group Ltd.		89,584		20,988
China Mengniu Dairy Co. Ltd.*		43,979		195,939
China Merchants Port Holdings Co. Ltd.		19,509		28,323
China Overseas Land & Investment Ltd.		54,886		148,266
China Overseas Property Holdings Ltd.		19,758		21,830
China Power International Development Ltd.		75,394		28,957
China Resources Beer Holdings Co. Ltd.		22,835		156,551
China Resources Cement Holdings Ltd.		35,981		19,393
China Resources Gas Group Ltd.		12,820		45,135


	Number of Shares		Value
Hong Kong (Continued)
China Resources Land Ltd.		45,532	$	209,853
China Resources Power Holdings Co. Ltd.		27,597		50,806
China Ruyi Holdings Ltd.* (a)		65,936		14,435
China State Construction International Holdings Ltd.		26,812		32,095
China Taiping Insurance Holdings Co. Ltd.		22,489		22,803
China Traditional Chinese Medicine Holdings Co. Ltd.		43,599		21,713
Chow Tai Fook Jewellery Group Ltd.		27,704		48,450
COSCO SHIPPING Ports Ltd.		28,442		21,447
Far East Horizon Ltd.		22,104		16,781
GCL Technology Holdings Ltd.*		288,502		90,123
Geely Automobile Holdings Ltd.		86,217		125,612
Guangdong Investment Ltd.		42,955		39,375
Hopson Development Holdings Ltd.		1,117		1,270
HUTCHMED China Ltd.*		5,000		13,731
Kingboard Holdings Ltd.		9,511		31,172
Kingboard Laminates Holdings Ltd.		14,898		15,602
Kunlun Energy Co. Ltd.		52,449		40,289
Nine Dragons Paper Holdings Ltd.		26,964		21,368
Orient Overseas International Ltd.		1,831		34,271
Shenzhen International Holdings Ltd.		16,806		15,449
Shimao Group Holdings Ltd.* (a)(b)		18,475		0
Sino Biopharmaceutical Ltd.		141,132		82,754
Vinda International Holdings Ltd.		5,927		15,404
Yuexiu Property Co. Ltd.		22,084		27,821

(Cost $1,806,747)				1,879,122

Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		5,815		41,701
OTP Bank Nyrt		3,055		83,516
Richter Gedeon Nyrt		2,024		43,492

(Cost $155,686)				168,709

India — 14.7%
ABB India Ltd.		660		24,319
ACC Ltd.		1,163		36,606
Adani Enterprises Ltd.		3,990		191,959
Adani Green Energy Ltd.*		4,654		120,956
Adani Ports & Special Economic Zone Ltd.		7,778		84,145
Adani Power Ltd.*		10,666		43,581
Adani Total Gas Ltd.		3,902		174,062
Adani Transmission Ltd.*		3,956		141,289
Ambuja Cements Ltd.		8,211		57,547
Apollo Hospitals Enterprise Ltd.		1,471		85,374
Asian Paints Ltd.		5,428		211,634
AU Small Finance Bank Ltd., 144A		1,978		15,528
Aurobindo Pharma Ltd.		3,858		22,140
Avenue Supermarts Ltd., 144A*		2,232		110,331
Axis Bank Ltd.		32,290		357,351
Bajaj Auto Ltd.		1,057		48,682
Bajaj Finance Ltd.		3,839		316,833
Bajaj Finserv Ltd.		5,393		107,713
Bajaj Holdings & Investment Ltd.		383		29,606
Balkrishna Industries Ltd.		1,177		29,514
Bandhan Bank Ltd., 144A*		9,111		26,672
Berger Paints India Ltd.		3,075		23,502


See Notes to Financial Statements.		46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
India (Continued)
Bharat Electronics Ltd.		50,203	$	64,791
Bharat Forge Ltd.		3,423		36,129
Bharat Petroleum Corp. Ltd.		12,136		50,840
Bharti Airtel Ltd.		31,645		329,813
Biocon Ltd.		5,732		19,909
Britannia Industries Ltd.		1,510		80,886
Cholamandalam Investment and Finance Co. Ltd.		5,553		48,744
Cipla Ltd.		6,613		92,545
Coal India Ltd.		23,407		65,318
Colgate-Palmolive India Ltd.		1,838		36,837
Container Corp. Of India Ltd.		3,807		36,087
Dabur India Ltd.		8,591		62,067
Divi’s Laboratories Ltd.		1,943		81,233
DLF Ltd.		8,757		43,298
Dr. Reddy’s Laboratories Ltd.		1,588		87,499
Eicher Motors Ltd.		2,000		85,576
GAIL India Ltd.		32,547		37,868
Godrej Consumer Products Ltd.*		5,891		63,763
Godrej Properties Ltd.*		1,931		30,947
Grasim Industries Ltd.		3,628		78,397
Havells India Ltd.		3,454		53,167
HCL Technologies Ltd.		15,384		211,729
HDFC Life Insurance Co. Ltd., 144A		14,081		102,120
Hero MotoCorp Ltd.		1,632		57,153
Hindalco Industries Ltd.		18,832		104,224
Hindustan Petroleum Corp. Ltd.		8,217		24,125
Hindustan Unilever Ltd.		11,642		383,751
Housing Development Finance Corp. Ltd.		24,466		808,926
ICICI Bank Ltd.		73,391		858,761
ICICI Lombard General Insurance Co. Ltd., 144A		3,570		53,094
ICICI Prudential Life Insurance Co. Ltd., 144A		4,903		28,670
Indian Hotels Co. Ltd.		11,283		44,565
Indian Oil Corp. Ltd.		43,023		40,494
Indian Railway Catering & Tourism Corp. Ltd.		3,782		34,190
Indraprastha Gas Ltd.		4,455		24,213
Indus Towers Ltd.		9,244		22,748
Info Edge India Ltd.		1,076		52,767
Infosys Ltd.		47,866		960,979
InterGlobe Aviation Ltd., 144A*		1,488		35,401
ITC Ltd.		41,958		175,177
Jindal Steel & Power Ltd.		5,260		34,604
JSW Steel Ltd.		10,622		96,964
Jubilant Foodworks Ltd.		6,057		40,673
Kotak Mahindra Bank Ltd.		7,901		188,904
Larsen & Toubro Infotech Ltd., 144A		511		30,361
Larsen & Toubro Ltd.		10,205		260,005
Lupin Ltd.		3,185		29,962
Mahindra & Mahindra Ltd.		12,261		196,570
Marico Ltd.		7,086		44,146
Maruti Suzuki India Ltd.		1,705		187,888
Mindtree Ltd. (b)		990		43,593
Mphasis Ltd.		1,288		31,905
MRF Ltd.		27		31,019


	Number of Shares		Value
India (Continued)
Muthoot Finance Ltd.		1,907	$	25,308
Nestle India Ltd.		467		115,745
NTPC Ltd.		56,272		118,989
Oil & Natural Gas Corp. Ltd.		37,864		65,605
Page Industries Ltd.		91		52,985
Petronet LNG Ltd.		11,375		29,703
PI Industries Ltd.		1,076		46,152
Pidilite Industries Ltd.		2,207		74,492
Power Grid Corp. of India Ltd.		46,395		127,615
Reliance Industries Ltd.		43,367		1,454,518
Samvardhana Motherson International Ltd.		32,557		29,884
SBI Cards & Payment Services Ltd.		3,097		31,346
SBI Life Insurance Co. Ltd., 144A		6,339		99,861
Shree Cement Ltd.		152		44,571
Shriram Transport Finance Co. Ltd.		3,557		58,966
Siemens Ltd.		1,029		35,063
SRF Ltd.		2,084		60,540
State Bank of India		25,564		189,118
Sun Pharmaceutical Industries Ltd.		13,907		178,636
Tata Consultancy Services Ltd.		13,008		541,620
Tata Consumer Products Ltd.		8,175		82,120
Tata Elxsi Ltd.		479		41,234
Tata Motors Ltd.*		24,082		129,938
Tata Power Co. Ltd.		21,323		58,861
Tata Steel Ltd.		102,481		135,469
Tech Mahindra Ltd.		8,530		112,810
Titan Co. Ltd.		5,152		167,840
Torrent Pharmaceuticals Ltd.		1,557		31,736
Trent Ltd.		2,775		50,148
Tube Investments of India Ltd.		1,494		50,842
TVS Motor Co. Ltd.		2,949		37,956
UltraTech Cement Ltd.		1,452		126,182
United Spirits Ltd.*		4,324		49,502
UPL Ltd.		7,332		71,100
Varun Beverages Ltd.		3,135		48,111
Vedanta Ltd.		9,892		36,969
Wipro Ltd.		19,652		98,192
Yes Bank Ltd.*		173,997		36,643
Zomato Ltd.*		41,189		33,002

(Cost $9,796,451)				13,764,111

Indonesia — 1.9%
Aneka Tambang Tbk		119,465		15,074
PT Adaro Energy Indonesia Tbk		214,200		52,694
PT Astra International Tbk		280,736		107,965
PT Bank Central Asia Tbk		785,393		464,301
PT Bank Jago Tbk*		58,483		17,064
PT Bank Mandiri Persero Tbk		261,316		174,831
PT Bank Negara Indonesia Persero Tbk		110,842		69,754
PT Bank Rakyat Indonesia Persero Tbk		957,201		303,014
PT Barito Pacific Tbk		444,362		22,315
PT Charoen Pokphand Indonesia Tbk		108,356		39,261
PT Gudang Garam Tbk		7,858		9,965
PT Indah Kiat Pulp & Paper Tbk		37,805		24,031
PT Indofood CBP Sukses Makmur Tbk		34,443		22,113
PT Indofood Sukses Makmur Tbk		70,629		28,958


See Notes to Financial Statements.		47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Indonesia (Continued)
PT Kalbe Farma Tbk		321,188	$	42,263
PT Merdeka Copper Gold Tbk*		166,719		43,981
PT Sarana Menara Nusantara Tbk		317,188		22,784
PT Semen Indonesia Persero Tbk		49,843		24,079
PT Sumber Alfaria Trijaya Tbk		230,982		45,370
PT Telkom Indonesia Persero Tbk		694,631		178,388
PT Unilever Indonesia Tbk		109,804		33,503
PT United Tractors Tbk		24,731		48,420
PT Vale Indonesia Tbk*		33,490		15,700

(Cost $1,541,391)				1,805,828

Kuwait — 0.9%
Agility Public Warehousing Co. KSC		21,772		55,722
Boubyan Bank KSCP		19,452		53,390
Gulf Bank KSCP		19,504		21,502
Kuwait Finance House KSCP		104,789		295,113
Mabanee Co KPSC		8,013		22,958
Mobile Telecommunications Co. KSCP		31,112		59,391
National Bank of Kuwait SAKP		102,281		373,201

(Cost $654,971)				881,277

Luxembourg — 0.0%
Reinet Investments SCA (Cost $38,822)		2,064		36,437

Malaysia — 1.5%
AMMB Holdings Bhd		25,746		24,140
Axiata Group Bhd		41,099		30,033
CIMB Group Holdings Bhd		100,239		130,722
Dialog Group Bhd		56,236		28,703
DiGi.Com Bhd		43,760		39,357
Genting Bhd		30,867		30,746
Genting Malaysia Bhd		47,134		28,296
HAP Seng Consolidated Bhd		8,151		12,169
Hartalega Holdings Bhd		25,002		9,725
Hong Leong Bank Bhd		9,841		46,157
Hong Leong Financial Group Bhd		2,700		11,243
IHH Healthcare Bhd		24,835		32,387
Inari Amertron Bhd		39,500		23,625
IOI Corp. Bhd		38,194		32,805
Kuala Lumpur Kepong Bhd		6,710		31,532
Malayan Banking Bhd		66,318		128,684
Malaysia Airports Holdings Bhd*		9,900		14,313
Maxis Bhd		36,396		31,425
MISC Bhd		19,800		32,054
MR DIY Group M Bhd, 144A		29,100		13,740
Nestle Malaysia Bhd		1,000		31,231
Petronas Chemicals Group Bhd		32,224		61,876
Petronas Dagangan Bhd		3,804		20,339
Petronas Gas Bhd		10,135		38,284
PPB Group Bhd		9,862		38,140
Press Metal Aluminium Holdings Bhd		54,800		59,759
Public Bank Bhd		203,310		205,710
QL Resources Bhd		17,100		21,416
RHB Bank Bhd		20,831		26,323
Sime Darby Bhd		34,123		16,496
Sime Darby Plantation Bhd		33,923		32,493
Telekom Malaysia Bhd		16,645		20,958


	Number of Shares		Value
Malaysia (Continued)
Tenaga Nasional Bhd		38,205	$	80,920
Top Glove Corp. Bhd		77,500		15,160

(Cost $1,495,378)				1,400,961

Mexico — 2.4%
Alfa SAB de CV, Class A		43,804		30,355
America Movil SAB de CV, Series L		394,626		383,908
Arca Continental SAB de CV		6,569		54,822
Banco del Bajio SA, 144A		10,985		36,666
Cemex SAB de CV, Series CPO*		207,455		95,158
Coca-Cola Femsa SAB de CV		7,185		48,996
Fibra Uno Administracion SA de CV REIT		42,787		53,157
Fomento Economico Mexicano SAB de CV		27,288		217,438
Gruma SAB de CV, Class B		3,276		40,891
Grupo Aeroportuario del Pacifico SAB de CV, Class B		5,212		84,109
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,754		68,133
Grupo Bimbo SAB de CV, Series A		19,842		84,267
Grupo Carso SAB de CV, Series A1		6,792		29,334
Grupo Financiero Banorte SAB de CV, Class O		36,916		295,229
Grupo Financiero Inbursa SAB de CV, Class O*		31,172		57,888
Grupo Mexico SAB de CV, Series B		43,158		175,996
Grupo Televisa SAB, Series CPO		34,344		37,719
Industrias Penoles SAB de CV*		2,213		29,751
Kimberly-Clark de Mexico SAB de CV, Class A		19,580		33,286
Operadora De Sites Mexicanos SAB de CV, Class A-1		19,467		21,350
Orbia Advance Corp. SAB de CV		12,109		23,680
Promotora y Operadora de Infraestructura SAB de CV		3,464		30,565
Wal-Mart de Mexico SAB de CV		74,055		294,470

(Cost $2,215,261)				2,227,168

Netherlands — 0.0%
NEPI Rockcastle NV (Cost $83,858)		6,494		38,727

Peru — 0.3%
Cia de Minas Buenaventura SAA, ADR		3,254		26,553
Credicorp Ltd.		998		153,243
Southern Copper Corp. (a)		1,271		77,556

(Cost $252,107)				257,352

Philippines — 0.7%
Aboitiz Equity Ventures, Inc.		26,730		28,356
ACEN Corp.		112,478		14,139
Ayala Corp.		3,726		45,850
Ayala Land, Inc.		107,024		59,605
Bank of the Philippine Islands		27,944		52,321
BDO Unibank, Inc.		28,125		64,693
Globe Telecom, Inc.		351		14,273
International Container Terminal Services, Inc.		14,231		51,580
JG Summit Holdings, Inc.		41,634		36,143


See Notes to Financial Statements.		48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Philippines (Continued)
Jollibee Foods Corp.		6,903	$	29,902
Manila Electric Co.		3,660		18,119
Metropolitan Bank & Trust Co.		27,832		28,196
Monde Nissin Corp., 144A		94,200		21,052
PLDT, Inc.		1,266		39,216
SM Investments Corp.		3,383		56,164
SM Prime Holdings, Inc.		161,491		103,930
Universal Robina Corp.		12,989		30,543

(Cost $816,184)				694,082

Poland — 0.6%
Allegro.eu SA, 144A* (a)		4,942		24,609
Bank Polska Kasa Opieki SA		2,756		51,530
CD Projekt SA		989		28,868
Cyfrowy Polsat SA		4,429		18,348
Dino Polska SA, 144A*		678		54,968
KGHM Polska Miedz SA		2,047		52,825
LPP SA		15		31,974
mBank SA*		185		12,995
PGE Polska Grupa Energetyczna SA*		12,138		17,501
Polski Koncern Naftowy ORLEN SA		8,790		127,914
Powszechna Kasa Oszczednosci Bank Polski SA		12,464		78,745
Powszechny Zaklad Ubezpieczen SA		8,816		62,083
Santander Bank Polska SA		476		29,023

(Cost $830,120)				591,383

Qatar — 1.1%
Barwa Real Estate Co.		30,415		27,561
Commercial Bank PSQC		45,936		74,925
Industries Qatar QSC		22,125		90,462
Masraf Al Rayan QSC		80,184		77,900
Mesaieed Petrochemical Holding Co.		63,668		40,735
Ooredoo QPSC		11,903		28,998
Qatar Electricity & Water Co. QSC		5,812		26,987
Qatar Fuel QSC		8,654		43,083
Qatar Gas Transport Co. Ltd.		31,681		34,537
Qatar International Islamic Bank QSC		14,356		43,205
Qatar Islamic Bank SAQ		24,186		161,251
Qatar National Bank QPSC		64,961		349,622

(Cost $801,217)				999,266

Russia — 0.0%
Alrosa PJSC* (b)		34,709		0
Gazprom PJSC* (b)		164,723		0
Inter RAO UES PJSC* (b)		490,959		0
LUKOIL PJSC (b)		5,651		0
Magnit PJSC, GDR (b)		4		0
Magnit PJSC* (b)		933		0
MMC Norilsk Nickel PJSC* (b)		883		0
Mobile TeleSystems PJSC, ADR* (b)		6,594		0
Moscow Exchange MICEX-RTS PJSC* (b)		20,735		0
Novatek PJSC* (b)		12,810		0
Novolipetsk Steel PJSC (b)		21,183		0
Ozon Holdings PLC, ADR* (b)		700		0
PhosAgro PJSC* (b)		713		0
PhosAgro PJSC, GDR* (b)		13		0
Polyus PJSC* (b)		476		0


	Number of Shares		Value
Russia (Continued)
Rosneft Oil Co. PJSC* (b)		14,582	$	0
Sberbank of Russia PJSC* (b)		146,997		0
Severstal PAO, GDR (b)		2,248		0
Severstal PAO (b)		707		0
Surgutneftegas PJSC, ADR* (b)		2,000		0
Surgutneftegas PJSC* (b)		68,300		0
Tatneft PJSC (b)		17,973		0
United Co RUSAL International PJSC* (b)		39,327		0
VK Co. Ltd., GDR* (b)		1,691		0
VTB Bank PJSC* (b)		48,782,071		0
X5 Retail Group NV, GDR (b)		1,749		0
Yandex NV, Class A* (b)		4,277		0

(Cost $2,809,837)				0

Saudi Arabia — 4.1%
ACWA Power Co.		1,089		40,614
Advanced Petrochemical Co.		2,141		23,664
Al Rajhi Bank*		27,860		596,590
Alinma Bank		13,828		126,904
Almarai Co. JSC		3,796		53,720
Arab National Bank		8,426		77,665
Arabian Internet & Communications Services Co.		332		21,778
Bank AlBilad*		6,927		95,634
Bank Al-Jazira		6,174		34,752
Banque Saudi Fransi		8,753		99,771
Bupa Arabia for Cooperative Insurance Co.		797		37,738
Dallah Healthcare Co.		464		21,427
Dar Al Arkan Real Estate Development Co.*		7,898		28,951
Dr Sulaiman Al Habib Medical Services Group Co.		1,237		76,341
Elm Co.		324		28,356
Emaar Economic City*		6,696		15,211
Etihad Etisalat Co.		5,412		52,547
Jarir Marketing Co.		893		39,195
Mobile Telecommunications Co. Saudi Arabia*		7,012		20,854
Mouwasat Medical Services Co.		713		35,733
Nahdi Medical Co.		556		28,101
National Industrialization Co.*		4,370		12,834
Rabigh Refining & Petrochemical Co.*		5,886		16,033
Riyad Bank		19,160		175,838
SABIC Agri-Nutrients Co.		3,151		120,868
Sahara International Petrochemical Co.		5,163		49,237
Saudi Arabian Mining Co.*		12,278		224,053
Saudi Arabian Oil Co., 144A		34,195		304,724
Saudi Basic Industries Corp.		12,706		280,534
Saudi British Bank		13,330		145,915
Saudi Electricity Co.		12,443		81,889
Saudi Industrial Investment Group		5,337		29,019
Saudi Investment Bank		6,580		32,906
Saudi Kayan Petrochemical Co.*		9,722		30,103
Saudi National Bank		31,139		425,762
Saudi Research & Media Group*		494		25,152
Saudi Tadawul Group Holding Co.		686		31,387


See Notes to Financial Statements.		49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Saudi Arabia (Continued)
Saudi Telecom Co.		21,145	$	216,273
Savola Group		3,638		27,581
Yanbu National Petrochemical Co.		3,916		43,699

(Cost $3,132,919)				3,829,353

Singapore — 0.0%
BOC Aviation Ltd., 144A		2,892		22,678
JOYY, Inc., ADR (a)		603		18,367

(Cost $55,768)				41,045

South Africa — 3.6%
Absa Group Ltd.		12,040		142,994
African Rainbow Minerals Ltd.		1,482		24,876
Anglo American Platinum Ltd.		795		79,032
AngloGold Ashanti Ltd.		5,766		102,845
Aspen Pharmacare Holdings Ltd.		5,454		44,786
Bid Corp. Ltd.		4,622		89,249
Bidvest Group Ltd.		4,253		57,165
Capitec Bank Holdings Ltd.		1,237		144,937
Clicks Group Ltd.		3,238		55,281
Discovery Ltd.*		7,425		54,829
Exxaro Resources Ltd.		3,163		41,353
FirstRand Ltd.		71,912		278,709
Foschini Group Ltd.		5,031		31,135
Gold Fields Ltd.		12,827		139,897
Growthpoint Properties Ltd. REIT		53,385		43,878
Harmony Gold Mining Co. Ltd.		8,461		30,162
Impala Platinum Holdings Ltd.		11,892		144,306
Kumba Iron Ore Ltd. (a)		959		26,846
Mr Price Group Ltd.		3,800		37,217
MTN Group Ltd.		23,859		194,469
MultiChoice Group		5,508		37,906
Naspers Ltd., Class N		3,090		471,469
Nedbank Group Ltd.		6,449		85,267
Northam Platinum Holdings Ltd.*		4,688		53,243
Old Mutual Ltd.		68,736		44,161
Pepkor Holdings Ltd., 144A		25,036		31,909
Remgro Ltd.		7,269		60,670
Sanlam Ltd.		26,496		86,127
Sasol Ltd.		7,974		138,084
Shoprite Holdings Ltd.		7,030		102,588
Sibanye Stillwater Ltd.		38,932		105,167
SPAR Group Ltd. (a)		3,059		23,579
Standard Bank Group Ltd.		19,055		198,525
Vodacom Group Ltd. (a)		9,302		67,705
Woolworths Holdings Ltd.		14,972		57,351

(Cost $3,961,069)				3,327,717

South Korea — 11.0%
Amorepacific Corp.		408		40,372
BGF retail Co. Ltd.		104		16,205
Celltrion Healthcare Co. Ltd.		1,163		57,319
Celltrion Pharm, Inc.*		242		12,202
Celltrion, Inc.		1,382		184,427
Cheil Worldwide, Inc.		1,143		21,017
CJ CheilJedang Corp.		124		37,138
CJ Corp.		217		12,620
Coway Co. Ltd.		776		33,891


	Number of Shares		Value
South Korea (Continued)
DB Insurance Co. Ltd.		739	$	34,797
Doosan Bobcat, Inc.		746		20,109
Doosan Enerbility Co. Ltd.*		6,228		79,098
Ecopro BM Co. Ltd.		717		61,868
E-MART, Inc.		348		24,302
F&F Co. Ltd. / New		250		28,718
GS Holdings Corp.		657		24,211
Hana Financial Group, Inc.		4,081		137,854
Hankook Tire & Technology Co. Ltd.		1,124		28,977
Hanmi Pharm. Co. Ltd.		93		18,440
Hanon Systems		2,266		14,948
Hanwha Solutions Corp.*		1,706		66,359
HD Hyundai Co. Ltd.		662		32,376
HLB, Inc.*		1,309		32,307
HMM Co. Ltd.		3,972		67,161
Hotel Shilla Co. Ltd.		471		26,070
HYBE Co. Ltd.*		280		30,360
Hyundai Engineering & Construction Co. Ltd.		1,150		35,751
Hyundai Glovis Co. Ltd.		289		38,676
Hyundai Heavy Industries Co. Ltd.*		229		20,576
Hyundai Mipo Dockyard Co. Ltd.*		314		20,594
Hyundai Mobis Co. Ltd.		863		139,378
Hyundai Motor Co.		1,956		250,646
Hyundai Steel Co.		1,325		34,058
Iljin Materials Co. Ltd.		308		14,456
Industrial Bank of Korea		4,142		35,175
Kakao Corp.		4,399		188,121
Kakao Games Corp.*		402		13,259
KakaoBank Corp.*		2,005		38,083
Kangwon Land, Inc.*		1,174		22,299
KB Financial Group, Inc.		5,453		217,070
Kia Corp.		3,703		192,612
Korea Aerospace Industries Ltd.		1,087		39,974
Korea Electric Power Corp.*		3,602		56,535
Korea Investment Holdings Co. Ltd.		619		27,081
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		630		37,403
Korea Zinc Co. Ltd.		121		57,800
Korean Air Lines Co. Ltd.*		2,605		50,269
Krafton, Inc.*		409		70,397
KT&G Corp.		1,611		122,030
Kumho Petrochemical Co. Ltd.		273		30,946
L&F Co. Ltd.*		311		51,902
LG Chem Ltd.		698		391,644
LG Corp.		1,355		86,405
LG Display Co. Ltd.		3,290		36,047
LG Electronics, Inc.		1,459		107,972
LG Energy Solution Ltd.*		494		219,872
LG H&H Co. Ltd.		142		70,631
LG Innotek Co. Ltd.		207		48,734
LG Uplus Corp.		2,950		27,065
Lotte Chemical Corp.		225		31,306
Lotte Shopping Co. Ltd.		157		10,059
Meritz Fire & Marine Insurance Co. Ltd.		554		19,323
Meritz Securities Co. Ltd.		4,531		20,064
Mirae Asset Securities Co. Ltd.		3,882		19,574


See Notes to Financial Statements.		50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
South Korea (Continued)
NAVER Corp.		1,856	$	263,163
NCSoft Corp.		238		84,907
Netmarble Corp., 144A		332		12,322
NH Investment & Securities Co. Ltd.		1,668		12,179
Orion Corp.		361		32,162
Pan Ocean Co. Ltd.		3,856		15,759
Pearl Abyss Corp.*		439		14,480
POSCO Chemical Co. Ltd.		382		63,288
POSCO Holdings, Inc.		1,105		250,936
S-1 Corp.		230		11,196
Samsung Biologics Co. Ltd., 144A*		256		172,174
Samsung C&T Corp.		1,203		111,283
Samsung Electro-Mechanics Co. Ltd.		841		89,912
Samsung Electronics Co. Ltd.		67,968		3,205,527
Samsung Engineering Co. Ltd.*		2,136		39,761
Samsung Fire & Marine Insurance Co. Ltd.		451		70,274
Samsung Heavy Industries Co. Ltd.*		8,671		34,254
Samsung Life Insurance Co. Ltd.		1,156		64,337
Samsung SDI Co. Ltd.		782		432,254
Samsung SDS Co. Ltd.		504		48,724
Samsung Securities Co. Ltd.		816		21,779
SD Biosensor, Inc.		545		13,596
Shinhan Financial Group Co. Ltd.		6,473		186,997
SK Biopharmaceuticals Co. Ltd.*		472		26,341
SK Bioscience Co. Ltd.*		337		21,158
SK Hynix, Inc.		7,765		500,455
SK IE Technology Co. Ltd., 144A*		352		17,589
SK Innovation Co. Ltd.*		791		107,358
SK Square Co. Ltd.*		1,359		38,590
SK, Inc.		552		91,662
SKC Co. Ltd.		275		23,354
S-Oil Corp.		618		40,861
Woori Financial Group, Inc.		7,576		74,677
Yuhan Corp.		796		35,248

(Cost $7,396,920)				10,265,490

Taiwan — 13.9%
Accton Technology Corp.		7,134		62,671
Acer, Inc.		40,823		32,494
Advantech Co. Ltd.		6,230		67,127
ASE Technology Holding Co. Ltd.		45,563		143,299
Asia Cement Corp.		34,399		45,968
Asustek Computer, Inc.		10,280		88,479
AUO Corp.		90,175		46,976
Catcher Technology Co. Ltd.		9,807		58,070
Cathay Financial Holding Co. Ltd.		110,068		155,101
Chailease Holding Co. Ltd.		20,189		131,630
Chang Hwa Commercial Bank Ltd.		74,011		41,908
Cheng Shin Rubber Industry Co. Ltd.		26,951		30,478
China Airlines Ltd.		46,000		26,940
China Development Financial Holding Corp.		229,989		99,346
China Steel Corp.		164,125		154,802
Chunghwa Telecom Co. Ltd.		53,422		196,192
Compal Electronics, Inc.		64,820		45,408
CTBC Financial Holding Co. Ltd.		244,143		181,692
Delta Electronics, Inc.		27,455		268,283


	Number of Shares		Value
Taiwan (Continued)
E Ink Holdings, Inc.		12,888	$	75,479
E.Sun Financial Holding Co. Ltd.		180,695		144,998
Eclat Textile Co. Ltd.		2,659		39,319
eMemory Technology, Inc.		888		41,950
Eva Airways Corp.		39,000		35,270
Evergreen Marine Corp. Taiwan Ltd.		14,783		77,968
Far Eastern New Century Corp.		43,864		46,127
Far EasTone Telecommunications Co. Ltd.		24,117		53,064
Feng TAY Enterprise Co. Ltd.		6,035		36,418
First Financial Holding Co. Ltd.		152,073		128,919
Formosa Chemicals & Fibre Corp.		50,741		124,942
Formosa Petrochemical Corp.		15,647		42,832
Formosa Plastics Corp.		60,648		177,006
Fubon Financial Holding Co. Ltd.		105,351		207,256
Giant Manufacturing Co. Ltd.		4,764		35,454
Globalwafers Co. Ltd.		2,980		45,319
Hon Hai Precision Industry Co. Ltd.		176,528		574,042
Hotai Motor Co. Ltd.		4,454		93,676
Hua Nan Financial Holdings Co. Ltd.		130,475		95,833
Innolux Corp.		128,852		51,698
Inventec Corp.		36,520		29,305
Largan Precision Co. Ltd.		1,446		107,378
Lite-On Technology Corp.		29,814		63,283
MediaTek, Inc.		21,597		512,226
Mega Financial Holding Co. Ltd.		156,033		161,559
Micro-Star International Co. Ltd.		9,964		39,655
momo.com, Inc.		1,011		19,628
Nan Ya Plastics Corp.		66,057		164,365
Nan Ya Printed Circuit Board Corp.		3,074		26,806
Nanya Technology Corp.		17,892		32,883
Nien Made Enterprise Co. Ltd.		2,332		21,958
Novatek Microelectronics Corp.		8,049		77,741
Pegatron Corp.		28,646		57,467
PharmaEssentia Corp.*		2,000		34,298
Pou Chen Corp.		35,962		37,526
Powerchip Semiconductor Manufacturing Corp.		44,000		47,409
President Chain Store Corp.		8,214		72,424
Quanta Computer, Inc.		38,125		88,326
Realtek Semiconductor Corp.		6,505		66,722
Ruentex Development Co. Ltd.		24,535		36,637
Shanghai Commercial & Savings Bank Ltd.		53,781		88,401
Shin Kong Financial Holding Co. Ltd.		172,715		49,793
SinoPac Financial Holdings Co. Ltd.		147,714		86,988
Synnex Technology International Corp.		18,067		34,081
Taishin Financial Holding Co. Ltd.		157,944		77,425
Taiwan Business Bank		82,000		34,758
Taiwan Cement Corp.		88,351		96,912
Taiwan Cooperative Financial Holding Co. Ltd.		144,298		124,429
Taiwan High Speed Rail Corp.		28,748		26,929
Taiwan Mobile Co. Ltd.		25,352		78,339
Taiwan Semiconductor Manufacturing Co. Ltd.		350,769		5,561,366
Unimicron Technology Corp.		18,071		90,924
Uni-President Enterprises Corp.		67,205		143,737


See Notes to Financial Statements.		51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Taiwan (Continued)
United Microelectronics Corp.*		167,157	$	247,716
Vanguard International Semiconductor Corp.		13,563		36,118
Voltronic Power Technology Corp.		917		51,331
Walsin Lihwa Corp.		35,481		53,614
Wan Hai Lines Ltd.		9,733		23,966
Win Semiconductors Corp.		4,753		23,991
Winbond Electronics Corp.		37,223		25,534
Wiwynn Corp.		1,222		34,795
WPG Holdings Ltd.		24,994		39,223
Yageo Corp.		4,663		69,857
Yang Ming Marine Transport Corp.		24,809		53,061
Yuanta Financial Holding Co. Ltd.		140,216		102,535
Zhen Ding Technology Holding Ltd.		9,355		36,172

(Cost $7,290,070)				12,994,025

Thailand — 2.1%
Advanced Info Service PCL, NVDR		17,674		94,722
Airports of Thailand PCL, NVDR*		57,200		121,650
Asset World Corp. PCL, NVDR		124,000		22,152
B Grimm Power PCL, NVDR		10,700		11,378
Bangkok Dusit Medical Services PCL, NVDR		148,500		127,382
Bangkok Expressway & Metro PCL, NVDR		107,800		28,582
Berli Jucker PCL, NVDR		18,800		18,259
BTS Group Holdings PCL, NVDR		124,344		29,618
Bumrungrad Hospital PCL, NVDR		8,600		55,358
Carabao Group PCL, NVDR		4,500		12,186
Central Pattana PCL, NVDR		26,900		55,303
Central Retail Corp. PCL, NVDR		28,200		34,385
Charoen Pokphand Foods PCL, NVDR		54,043		36,626
CP ALL PCL, NVDR		79,700		146,902
Delta Electronics Thailand PCL, NVDR		4,337		82,645
Electricity Generating PCL, NVDR		3,800		18,480
Energy Absolute PCL, NVDR		25,500		69,960
Global Power Synergy PCL, NVDR		10,700		21,087
Gulf Energy Development PCL, NVDR		41,350		62,145
Home Product Center PCL, NVDR		94,200		39,267
Indorama Ventures PCL, NVDR		18,197		21,930
Intouch Holdings PCL, NVDR		15,800		33,043
JMT Network Services PCL, NVDR		11,500		21,849
Kasikornbank PCL, NVDR		9,100		37,288
Krung Thai Bank PCL, NVDR		53,906		26,903
Krungthai Card PCL, NVDR		15,500		25,822
Land & Houses PCL, NVDR		122,600		33,375
Minor International PCL, NVDR*		36,560		31,879
Muangthai Capital PCL, NVDR		10,000		10,492
Osotspa PCL, NVDR		23,700		18,986
PTT Exploration & Production PCL, NVDR		20,313		108,290
PTT Global Chemical PCL, NVDR		30,600		41,650
PTT Oil & Retail Business PCL, NVDR		42,200		29,198
PTT PCL		14,000		13,200
PTT PCL, NVDR		129,780		122,365
Ratch Group PCL, NVDR		11,100		12,905
SCB X PCL, NVDR		11,198		33,342
SCG Packaging PCL, NVDR		17,200		26,947
Siam Cement PCL		4,758		45,334


	Number of Shares		Value
Thailand (Continued)
Siam Cement PCL, NVDR		6,800	$	64,789
Srisawad Corp. PCL, NVDR		10,700		13,730
Thai Oil PCL, NVDR		19,449		30,609
Thai Union Group PCL, NVDR		39,300		19,057
True Corp. PCL, NVDR		187,200		24,100

(Cost $1,935,339)				1,935,170

Turkey — 0.6%
Akbank TAS		45,017		41,810
Aselsan Elektronik Sanayi Ve Ticaret AS		10,582		27,548
BIM Birlesik Magazalar AS		6,662		48,076
Eregli Demir ve Celik Fabrikalari TAS		19,502		44,638
Ford Otomotiv Sanayi AS		926		22,104
Haci Omer Sabanci Holding AS		16,265		36,600
KOC Holding AS		9,921		37,580
Sasa Polyester Sanayi AS*		6,371		44,335
Turk Hava Yollari AO*		7,299		46,994
Turkcell Iletisim Hizmetleri AS		16,306		29,641
Turkiye Is Bankasi AS, Class C		51,842		28,817
Turkiye Petrol Rafinerileri AS*		1,728		44,623
Turkiye Sise ve Cam Fabrikalari AS		21,594		45,301
Yapi ve Kredi Bankasi AS		42,844		27,700

(Cost $582,167)				525,767

United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC		41,242		109,923
Abu Dhabi Islamic Bank PJSC		20,316		53,098
Abu Dhabi National Oil Co. for Distribution PJSC		45,846		56,916
Aldar Properties PJSC		52,892		68,399
Dubai Islamic Bank PJSC		42,076		65,065
Emaar Properties PJSC		59,372		98,277
Emirates NBD Bank PJSC		26,312		94,916
Emirates Telecommunications Group Co. PJSC		49,214		345,681
First Abu Dhabi Bank PJSC		62,446		299,216
Multiply Group*		46,529		61,564
Q Holding PJSC*		27,762		34,012

(Cost $1,034,409)				1,287,067

United Kingdom — 0.0%
Pepco Group NV, 144A* (Cost $17,760)		1,939		17,760

United States — 0.1%
Legend Biotech Corp., ADR*		670		34,512
Parade Technologies Ltd.		1,040		26,719

(Cost $111,640)				61,231

TOTAL COMMON STOCKS (Cost $79,818,450)				89,394,055

PREFERRED STOCKS — 2.2%
Brazil — 1.3%
Banco Bradesco SA		74,659		224,149
Braskem SA, Class A		2,430		13,177
Centrais Eletricas Brasileiras SA, Class B		3,547		33,547
Cia Energetica de Minas Gerais		18,078		39,993
Gerdau SA		17,012		103,494


See Notes to Financial Statements.		52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Brazil (Continued)
Itau Unibanco Holding SA		69,237	$	346,896
Itausa SA		71,965		123,146
Petroleo Brasileiro SA		67,603		347,307

(Cost $1,109,953)				1,231,709

Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $51,178)		2,011		199,632

Colombia — 0.1%
Bancolombia SA (Cost $59,441)		6,260		41,478

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

South Korea — 0.6%
Hyundai Motor Co.		345		21,921
Hyundai Motor Co. — 2nd Preferred		549		34,218
LG Chem Ltd.		117		29,719
Samsung Electronics Co. Ltd.		11,665		494,426

(Cost $287,743)				580,284

TOTAL PREFERRED STOCKS (Cost $1,564,138)				2,053,103


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $0)	INR	45,965		548


	Number of Shares
RIGHTS — 0.0%
South Korea — 0.0%
HLB, Inc.*, expires 12/7/22 (Cost $0)		117		164

Taiwan — 0.0%
Shanghai Commercial & Savings Bank Ltd.*, expires 12/22/22 (Cost $0)		3,942		1,760

TOTAL RIGHTS (Cost $0)				1,924


	Number of Shares		Value
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		11,834	$	94
BTS Group Holdings PCL*, expires 11/20/26		23,669		208
Srisawad Corp. PCL*, expires 8/29/25		432		40

(Cost $0)				342

TOTAL WARRANTS (Cost $0)				342

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d) (Cost $267,405)		267,405		267,405

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c) (Cost $291,213)		291,213		291,213


TOTAL INVESTMENTS — 98.3% (Cost $81,941,206)			$	92,008,590
Other assets and liabilities, net — 1.7%				1,638,554

NET ASSETS — 100.0%			$	93,647,144


See Notes to Financial Statements.		53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

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


	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
		281,038		—		(13,633	)(e)		—		—		3,402		—		267,405		267,405

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
		93,470		11,402,526		(11,204,783	)		—		—		13,155		—		291,213		291,213

		374,508		11,402,526		(11,218,416	)		—		—		16,557		—		558,618		558,618

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2022 amounted to $1,207,854, which is 1.3% of net assets.

(b)	Investment was valued using significant unobservable inputs.

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

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $984,242.

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

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

KSC:

Kuwait Shareholding Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar

144A:

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

Securities are listed in country of domicile.

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


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MSCI Emerging Markets Index Future	USD	50	$	2,307,686	$	2,456,250	12/16/2022	$	148,564


See Notes to Financial Statements.		54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

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


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/2/2022	CNH	16,139,200	USD	2,205,561	$	—	$	(84,841	)
RBC Capital Markets	12/2/2022	CNH	16,917,300	USD	2,311,899		—		(88,927	)
JP Morgan & Chase Co.	12/2/2022	CZK	3,743,000	USD	150,741		—		(9,239	)
JP Morgan & Chase Co.	12/2/2022	EUR	29,000	USD	28,722		—		(1,455	)
JP Morgan & Chase Co.	12/2/2022	EUR	230,800	USD	228,591		—		(11,579	)
Goldman Sachs & Co.	12/2/2022	HKD	53,458,500	USD	6,814,123		—		(29,923	)
JP Morgan & Chase Co.	12/2/2022	HKD	58,890,000	USD	7,506,539		—		(32,877	)
RBC Capital Markets	12/2/2022	HKD	45,363,600	USD	5,782,368		—		(25,325	)
JP Morgan & Chase Co.	12/2/2022	HUF	33,454,000	USD	79,923		—		(5,151	)
RBC Capital Markets	12/2/2022	HUF	28,733,400	USD	68,640		—		(4,429	)
Goldman Sachs & Co.	12/2/2022	MXN	3,416,000	USD	171,202		—		(5,847	)
Goldman Sachs & Co.	12/2/2022	MXN	10,710,000	USD	536,775		—		(18,320	)
JP Morgan & Chase Co.	12/2/2022	MXN	13,772,200	USD	690,249		—		(23,558	)
RBC Capital Markets	12/2/2022	MXN	15,617,000	USD	782,709		—		(26,714	)
Goldman Sachs & Co.	12/2/2022	PLN	1,200,000	USD	250,661		—		(16,761	)
Goldman Sachs & Co.	12/2/2022	PLN	243,000	USD	50,747		—		(3,406	)
JP Morgan & Chase Co.	12/2/2022	PLN	1,058,300	USD	221,078		—		(14,765	)
Goldman Sachs & Co.	12/2/2022	THB	12,591,100	USD	331,497		—		(25,545	)
Goldman Sachs & Co.	12/2/2022	THB	4,777,000	USD	125,765		—		(9,695	)
JP Morgan & Chase Co.	12/2/2022	THB	54,110,900	USD	1,424,627		—		(109,781	)
JP Morgan & Chase Co.	12/2/2022	TRY	3,435,200	USD	180,454		—		(3,857	)
JP Morgan & Chase Co.	12/2/2022	TRY	1,308,000	USD	68,657		—		(1,522	)
RBC Capital Markets	12/2/2022	TRY	2,514,100	USD	132,068		—		(2,823	)
JP Morgan & Chase Co.	12/2/2022	USD	2,026,978	CNH	14,358,200		10,672		—
JP Morgan & Chase Co.	12/2/2022	USD	243,412	CNH	1,781,000		9,339		—
RBC Capital Markets	12/2/2022	USD	2,388,252	CNH	16,917,300		12,574		—
JP Morgan & Chase Co.	12/2/2022	USD	158,284	CZK	3,743,000		1,696		—
JP Morgan & Chase Co.	12/2/2022	USD	267,503	EUR	259,800		2,845		—
Goldman Sachs & Co.	12/2/2022	USD	6,848,825	HKD	53,458,500		—		(4,779	)
JP Morgan & Chase Co.	12/2/2022	USD	3,951,316	HKD	30,842,000		—		(2,757	)
JP Morgan & Chase Co.	12/2/2022	USD	3,575,340	HKD	28,048,000		15,517		—
RBC Capital Markets	12/2/2022	USD	5,811,748	HKD	45,363,600		—		(4,055	)
JP Morgan & Chase Co.	12/2/2022	USD	84,030	HUF	33,454,000		1,044		—
RBC Capital Markets	12/2/2022	USD	72,173	HUF	28,733,400		897		—
Goldman Sachs & Co.	12/2/2022	USD	729,140	MXN	14,126,000		3,004		—
JP Morgan & Chase Co.	12/2/2022	USD	710,878	MXN	13,772,200		2,929		—
RBC Capital Markets	12/2/2022	USD	806,101	MXN	15,617,000		3,321		—
Goldman Sachs & Co.	12/2/2022	USD	317,848	PLN	1,443,000		3,726		—
JP Morgan & Chase Co.	12/2/2022	USD	233,111	PLN	1,058,300		2,733		—
Goldman Sachs & Co.	12/2/2022	USD	492,049	THB	17,368,100		453		—
JP Morgan & Chase Co.	12/2/2022	USD	1,532,995	THB	54,110,900		1,413		—
JP Morgan & Chase Co.	12/2/2022	USD	255,094	TRY	4,743,200		—		(604	)
RBC Capital Markets	12/2/2022	USD	135,211	TRY	2,514,100		—		(320	)
JP Morgan & Chase Co.	12/2/2022	USD	1,704,615	ZAR	28,974,200		—		(27,567	)
RBC Capital Markets	12/2/2022	USD	1,644,601	ZAR	27,954,100		—		(26,596	)
JP Morgan & Chase Co.	12/2/2022	ZAR	26,192,200	USD	1,421,828		—		(94,196	)
JP Morgan & Chase Co.	12/2/2022	ZAR	2,782,000	USD	151,009		—		(10,015	)
RBC Capital Markets	12/2/2022	ZAR	27,954,100	USD	1,517,471		—		(100,533	)
Goldman Sachs & Co.	12/5/2022	AED	4,513,200	USD	1,228,734		23		—
Goldman Sachs & Co.	12/5/2022	AED	65,000	USD	17,696		—		—
Goldman Sachs & Co.	12/5/2022	BRL	10,246,000	USD	1,940,402		—		(32,116	)
JP Morgan & Chase Co.	12/5/2022	BRL	8,270,600	USD	1,566,918		—		(25,304	)
JP Morgan & Chase Co.	12/5/2022	BRL	1,428,000	USD	270,354		—		(4,559	)
RBC Capital Markets	12/5/2022	BRL	8,353,900	USD	1,582,673		—		(25,586	)
Goldman Sachs & Co.	12/5/2022	CLP	292,557,300	USD	308,405		—		(19,854	)
Goldman Sachs & Co.	12/5/2022	CLP	17,219,000	USD	18,144		—		(1,176	)
RBC Capital Markets	12/5/2022	CLP	175,586,400	USD	185,098		—		(11,916	)
Goldman Sachs & Co.	12/5/2022	COP	615,517,400	USD	125,342		—		(2,042	)


See Notes to Financial Statements.		55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2022	IDR	9,376,985,600	USD	600,204	$	4,175	$	—
Goldman Sachs & Co.	12/5/2022	IDR	1,704,820,000	USD	109,039		675		—
JP Morgan & Chase Co.	12/5/2022	IDR	9,160,856,700	USD	586,332		4,041		—
RBC Capital Markets	12/5/2022	IDR	9,876,349,800	USD	631,723		3,952		—
Goldman Sachs & Co.	12/5/2022	INR	81,861,000	USD	984,528		—		(20,416	)
Goldman Sachs & Co.	12/5/2022	INR	474,590,100	USD	5,705,717		—		(120,455	)
JP Morgan & Chase Co.	12/5/2022	INR	557,166,300	USD	6,703,559		—		(136,337	)
JP Morgan & Chase Co.	12/5/2022	KRW	6,217,533,000	USD	4,361,467		—		(353,251	)
JP Morgan & Chase Co.	12/5/2022	KRW	1,186,314,000	USD	830,729		—		(68,846	)
RBC Capital Markets	12/5/2022	KRW	6,622,847,800	USD	4,648,754		—		(373,311	)
Goldman Sachs & Co.	12/5/2022	KWD	224,000	USD	723,281		—		(5,390	)
Goldman Sachs & Co.	12/5/2022	KWD	46,000	USD	148,387		—		(1,251	)
RBC Capital Markets	12/5/2022	MYR	405,000	USD	85,524		—		(5,559	)
RBC Capital Markets	12/5/2022	MYR	5,963,600	USD	1,258,409		—		(82,784	)
Goldman Sachs & Co.	12/5/2022	PHP	16,674,300	USD	286,993		—		(7,800	)
Goldman Sachs & Co.	12/5/2022	PHP	1,695,000	USD	29,174		—		(793	)
JP Morgan & Chase Co.	12/5/2022	PHP	10,973,100	USD	188,208		—		(5,791	)
RBC Capital Markets	12/5/2022	PHP	9,114,200	USD	156,574		—		(4,560	)
Goldman Sachs & Co.	12/5/2022	QAR	4,031,200	USD	1,098,270		—		(8,831	)
Goldman Sachs & Co.	12/5/2022	SAR	14,968,000	USD	3,979,740		—		(1,782	)
Goldman Sachs & Co.	12/5/2022	SAR	1,238,000	USD	329,387		76		—
Goldman Sachs & Co.	12/5/2022	TWD	131,078,800	USD	4,056,660		—		(186,567	)
JP Morgan & Chase Co.	12/5/2022	TWD	139,051,200	USD	4,306,457		—		(194,849	)
RBC Capital Markets	12/5/2022	TWD	103,373,000	USD	3,201,889		—		(144,457	)
Goldman Sachs & Co.	12/5/2022	USD	1,246,447	AED	4,578,200		—		(40	)
Goldman Sachs & Co.	12/5/2022	USD	1,948,094	BRL	10,246,000		24,424		—
JP Morgan & Chase Co.	12/5/2022	USD	1,843,350	BRL	9,698,600		23,785		—
RBC Capital Markets	12/5/2022	USD	1,588,556	BRL	8,353,900		19,702		—
Goldman Sachs & Co.	12/5/2022	USD	345,634	CLP	309,776,300		1,945		—
RBC Capital Markets	12/5/2022	USD	195,911	CLP	175,586,400		1,103		—
Goldman Sachs & Co.	12/5/2022	USD	127,760	COP	615,517,400		—		(376	)
Goldman Sachs & Co.	12/5/2022	USD	704,860	IDR	11,081,805,600		—		(467	)
JP Morgan & Chase Co.	12/5/2022	USD	583,048	IDR	9,160,856,700		—		(757	)
RBC Capital Markets	12/5/2022	USD	627,827	IDR	9,876,349,800		—		(57	)
Goldman Sachs & Co.	12/5/2022	USD	6,831,812	INR	556,451,100		—		(697	)
JP Morgan & Chase Co.	12/5/2022	USD	6,849,002	INR	557,166,300		—		(9,106	)
JP Morgan & Chase Co.	12/5/2022	USD	5,615,356	KRW	7,403,847,000		—		(1,063	)
RBC Capital Markets	12/5/2022	USD	5,034,472	KRW	6,622,847,800		—		(12,406	)
Goldman Sachs & Co.	12/5/2022	USD	876,481	KWD	270,000		1,828		—
RBC Capital Markets	12/5/2022	USD	1,431,146	MYR	6,368,600		1,130		—
Goldman Sachs & Co.	12/5/2022	USD	324,546	PHP	18,369,300		214		—
JP Morgan & Chase Co.	12/5/2022	USD	194,214	PHP	10,973,100		—		(215	)
RBC Capital Markets	12/5/2022	USD	161,199	PHP	9,114,200		—		(65	)
Goldman Sachs & Co.	12/5/2022	USD	1,053,602	QAR	3,873,200		10,107		—
Goldman Sachs & Co.	12/5/2022	USD	42,842	QAR	158,000		550		—
Goldman Sachs & Co.	12/5/2022	USD	4,310,966	SAR	16,206,000		—		(134	)
Goldman Sachs & Co.	12/5/2022	USD	3,824,207	TWD	117,976,800		—		(5,113	)
Goldman Sachs & Co.	12/5/2022	USD	406,800	TWD	13,102,000		17,333		—
JP Morgan & Chase Co.	12/5/2022	USD	4,533,046	TWD	139,051,200		—		(31,740	)
RBC Capital Markets	12/5/2022	USD	3,358,447	TWD	103,373,000		—		(12,100	)
Goldman Sachs & Co.	12/6/2022	EGP	479,000	USD	19,511		60		—
Goldman Sachs & Co.	12/6/2022	EGP	1,082,600	USD	44,098		136		—
Goldman Sachs & Co.	12/6/2022	USD	63,609	EGP	1,561,600		—		(196	)
Goldman Sachs & Co.	1/3/2023	AED	146,000	USD	39,748		1		—
Goldman Sachs & Co.	1/3/2023	AED	4,578,200	USD	1,246,311		—		(59	)
JP Morgan & Chase Co.	1/3/2023	CZK	3,743,000	USD	158,087		—		(1,659	)
JP Morgan & Chase Co.	1/3/2023	EUR	259,800	USD	268,262		—		(2,928	)
JP Morgan & Chase Co.	1/3/2023	HUF	10,031,000	USD	24,945		—		(302	)
JP Morgan & Chase Co.	1/3/2023	HUF	33,454,000	USD	83,256		—		(942	)
RBC Capital Markets	1/3/2023	HUF	28,733,400	USD	71,535		—		(782	)


See Notes to Financial Statements.		56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		1/3/2023		MXN	14,126,000		USD	725,210	$	—	$	(2,431	)
JP Morgan & Chase Co.		1/3/2023		MXN	13,772,200		USD	707,039		—		(2,378	)
RBC Capital Markets		1/3/2023		MXN	15,617,000		USD	801,756		—		(2,688	)
Goldman Sachs & Co.		1/3/2023		PLN	330,000		USD	72,107		—		(811	)
Goldman Sachs & Co.		1/3/2023		PLN	1,443,000		USD	315,313		—		(3,539	)
JP Morgan & Chase Co.		1/3/2023		PLN	1,058,300		USD	231,252		—		(2,596	)
Goldman Sachs & Co.		1/3/2023		SAR	16,206,000		USD	4,308,903		—		(1,245	)
JP Morgan & Chase Co.		1/3/2023		TRY	4,743,200		USD	251,177		1,162		—
JP Morgan & Chase Co.		1/3/2023		TRY	3,491,000		USD	184,769		757		—
RBC Capital Markets		1/3/2023		TRY	2,514,100		USD	133,135		616		—
Goldman Sachs & Co.		1/3/2023		USD	27,415		MXN	534,000		92		—
Goldman Sachs & Co.		1/3/2023		USD	369,996		SAR	1,391,000		—		(46	)
JP Morgan & Chase Co.		1/4/2023		CNH	14,358,200		USD	2,032,343		—		(11,332	)
JP Morgan & Chase Co.		1/4/2023		CNH	2,776,000		USD	392,902		—		(2,220	)
RBC Capital Markets		1/4/2023		CNH	16,917,300		USD	2,394,641		—		(13,283	)
Goldman Sachs & Co.		1/4/2023		HKD	53,458,500		USD	6,845,974		4,678		—
JP Morgan & Chase Co.		1/4/2023		HKD	30,842,000		USD	3,949,672		2,699		—
JP Morgan & Chase Co.		1/4/2023		HKD	32,706,000		USD	4,188,196		2,680		—
RBC Capital Markets		1/4/2023		HKD	45,363,600		USD	5,809,329		3,970		—
Goldman Sachs & Co.		1/4/2023		KWD	14,000		USD	45,447		—		(169	)
Goldman Sachs & Co.		1/4/2023		KWD	270,000		USD	876,481		—		(3,254	)
Goldman Sachs & Co.		1/4/2023		PHP	4,003,000		USD	70,649		—		(100	)
Goldman Sachs & Co.		1/4/2023		PHP	18,369,300		USD	324,374		—		(289	)
JP Morgan & Chase Co.		1/4/2023		PHP	10,973,100		USD	194,077		136		—
RBC Capital Markets		1/4/2023		PHP	9,114,200		USD	161,028		—		(58	)
Goldman Sachs & Co.		1/4/2023		QAR	3,873,200		USD	1,053,602		—		(10,931	)
Goldman Sachs & Co.		1/4/2023		THB	17,368,100		USD	494,712		222		—
Goldman Sachs & Co.		1/4/2023		THB	1,388,000		USD	39,535		17		—
JP Morgan & Chase Co.		1/4/2023		THB	54,110,900		USD	1,541,072		474		—
Goldman Sachs & Co.		1/4/2023		USD	43,549		QAR	160,000		426		—
Goldman Sachs & Co.		1/5/2023		BRL	10,246,000		USD	1,936,313		—		(24,277	)
JP Morgan & Chase Co.		1/5/2023		BRL	9,698,600		USD	1,831,715		—		(24,129	)
RBC Capital Markets		1/5/2023		BRL	8,353,900		USD	1,578,948		—		(19,585	)
Goldman Sachs & Co.		1/5/2023		CLP	309,776,300		USD	343,717		—		(2,060	)
RBC Capital Markets		1/5/2023		CLP	175,586,400		USD	194,824		—		(1,168	)
Goldman Sachs & Co.		1/5/2023		COP	615,517,400		USD	127,022		322		—
Goldman Sachs & Co.		1/5/2023		EGP	1,561,600		USD	62,464		8		—
Goldman Sachs & Co.		1/5/2023		IDR	11,081,805,600		USD	704,412		318		—
JP Morgan & Chase Co.		1/5/2023		IDR	9,160,856,700		USD	582,752		707		—
RBC Capital Markets		1/5/2023		IDR	9,876,349,800		USD	627,508		4		—
Goldman Sachs & Co.		1/5/2023		INR	43,840,000		USD	537,345		43		—
Goldman Sachs & Co.		1/5/2023		INR	556,451,100		USD	6,815,078		—		(4,784	)
JP Morgan & Chase Co.		1/5/2023		INR	557,166,300		USD	6,834,300		5,673		—
JP Morgan & Chase Co.		1/5/2023		KRW	7,403,847,000		USD	5,617,273		—		(425	)
JP Morgan & Chase Co.		1/5/2023		KRW	891,827,000		USD	676,303		—		(374	)
RBC Capital Markets		1/5/2023		KRW	6,622,847,800		USD	5,036,386		11,274		—
RBC Capital Markets		1/5/2023		MYR	6,368,600		USD	1,429,700		—		(4,602	)
RBC Capital Markets		1/5/2023		MYR	159,000		USD	35,816		7		—
Goldman Sachs & Co.		1/5/2023		TWD	117,976,800		USD	3,855,451		25,366		—
JP Morgan & Chase Co.		1/5/2023		TWD	139,051,200		USD	4,573,300		59,041		—
RBC Capital Markets		1/5/2023		TWD	64,902,000		USD	2,120,614		13,588		—
RBC Capital Markets		1/5/2023		TWD	103,373,000		USD	3,383,178		27,201		—
Goldman Sachs & Co.		1/5/2023		USD	334,310		BRL	1,769,000		4,191		—
JP Morgan & Chase Co.		1/5/2023		ZAR	2,089,000		USD	122,508		2,019		—
JP Morgan & Chase Co.		1/5/2023		ZAR	28,974,200		USD	1,699,167		28,005		—
RBC Capital Markets		1/5/2023		ZAR	27,954,100		USD	1,639,344		27,019		—

Total unrealized appreciation (depreciation)									$	410,138	$	(2,893,323	)


See Notes to Financial Statements.		57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

Currency Abbreviations

AED

Arab Emirates Dirham

BRL

Brazilian Real

CLP

Chilean Peso

CNH

Chinese Yuan

COP

Colombian Peso

CZK

Czech Koruna

EGP

Egyptian Pound

EUR

Euro

HKD

Hong Kong Dollar

HUF

Hungarian Forint

IDR

Indonesian Rupiah

INR

Indian Rupee

KRW

South Korean Won

KWD

Kuwaiti Dinar

MXN

Mexican Peso

MYR

Malaysian Ringgit

PHP

Philippine Peso

PLN

Polish Zloty

QAR

Qatari Rial

SAR

Saudi Riyal

THB

Thai Baht

TRY

Turkish Lira

TWD

New Taiwan Dollar

USD

U.S. Dollar

ZAR

South African Rand

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	89,350,462	$	—		$	43,593	$	89,394,055
Preferred Stocks (a)		2,053,103		—			0		2,053,103
Corporate Bonds		—		548			—		548
Rights (a)		—		1,924			—		1,924
Warrants		342		—			—		342
Short-Term Investments (a)		558,618		—			—		558,618
Derivatives (b)
Forward Foreign Currency Contracts		—		410,138			—		410,138
Futures Contracts		148,564		—			—		148,564

TOTAL	$	92,111,089	$	412,610		$	43,593	$	92,567,292


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(2,893,323	)	$	—	$	(2,893,323	)

TOTAL	$	—	$	(2,893,323	)	$	—	$	(2,893,323	)

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

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

During the year ended November 30, 2022, the amount of transfers from Level 1 to Level 3 was $ 39,570, the amount of transfers from Level 3 to Level 1 was $ 8,479. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.3%
Austria — 0.3%
Erste Group Bank AG		17,651	$	543,682
OMV AG		7,562		394,710
Verbund AG		3,482		311,791
voestalpine AG		5,563		150,279

(Cost $1,604,990)				1,400,462

Belgium — 1.2%
Ageas SA/NV		8,195		328,061
Anheuser-Busch InBev SA/NV		43,827		2,556,239
D’ieteren Group		1,291		242,755
Elia Group SA/NV		1,654		234,077
Groupe Bruxelles Lambert NV		4,846		386,376
KBC Group NV		12,413		681,241
Sofina SA		768		164,312
Solvay SA		3,832		374,354
UCB SA		6,396		511,023
Umicore SA		10,524		374,534
Warehouses De Pauw CVA REIT		7,736		203,667

(Cost $8,682,685)				6,056,639

Chile — 0.1%
Antofagasta PLC (Cost $315,637)		19,504		331,099

Denmark — 4.2%
A.P. Moller — Maersk A/S, Class A		153		321,749
A.P. Moller — Maersk A/S, Class B		262		562,700
Carlsberg A/S, Class B		4,938		617,254
Chr Hansen Holding A/S		5,406		330,238
Coloplast A/S, Class B		6,097		711,117
Danske Bank A/S		34,965		623,750
Demant A/S*		4,141		115,878
DSV A/S		9,405		1,472,502
Genmab A/S*		3,313		1,515,317
Novo Nordisk A/S, Class B		83,387		10,313,777
Novozymes A/S, Class B		10,370		595,461
Orsted AS, 144A		9,381		814,438
Pandora A/S		4,539		335,067
ROCKWOOL A/S, Class B		495		107,316
Tryg A/S		18,932		438,391
Vestas Wind Systems A/S		50,522		1,268,573

(Cost $16,269,619)				20,143,528

Finland — 1.9%
Elisa OYJ		7,297		377,841
Fortum OYJ		23,448		371,246
Kesko OYJ, Class B		14,088		300,383
Kone OYJ, Class B		16,836		832,354
Neste OYJ		21,588		1,108,398
Nokia OYJ		270,359		1,309,055
Nordea Bank Abp		167,772		1,749,314
Orion OYJ, Class B		5,513		291,087
Sampo OYJ, Class A		24,295		1,227,159
Stora Enso OYJ, Class R		27,908		405,849
UPM-Kymmene OYJ		26,508		964,621
Wartsila OYJ Abp		22,764		195,143

(Cost $10,282,179)				9,132,450


	Number of Shares		Value
France — 17.4%
Accor SA*		8,364	$	219,504
Aeroports de Paris*		1,532		233,949
Air Liquide SA		26,371		3,792,989
Airbus SE		29,753		3,380,940
Alstom SA (a)		16,334		422,550
Amundi SA, 144A		2,980		165,903
Arkema SA		2,979		260,768
AXA SA		94,177		2,647,977
BioMerieux		2,290		228,909
BNP Paribas SA		55,953		3,110,947
Bollore SE		43,634		243,374
Bouygues SA		11,788		362,601
Bureau Veritas SA		15,041		391,605
Capgemini SE		8,182		1,455,927
Carrefour SA		29,198		499,048
Cie de Saint-Gobain		24,835		1,130,516
Cie Generale des Etablissements Michelin SCA		34,601		962,256
Covivio REIT		2,503		144,036
Credit Agricole SA		60,019		600,200
Danone SA		32,347		1,685,708
Dassault Aviation SA		1,210		190,380
Dassault Systemes SE		34,050		1,243,147
Edenred		12,677		692,300
Eiffage SA		4,287		419,071
Electricite de France SA		28,589		356,997
Engie SA		91,511		1,382,687
EssilorLuxottica SA (a)		14,550		2,684,453
Eurazeo SE		2,007		124,996
Gecina SA REIT		2,355		228,520
Getlink SE		21,962		361,888
Hermes International		1,605		2,576,228
Ipsen SA		1,802		201,017
Kering SA		3,779		2,231,261
Klepierre SA REIT*		10,340		236,501
La Francaise des Jeux SAEM, 144A		5,503		218,864
Legrand SA		13,630		1,098,929
L’Oreal SA		12,169		4,492,857
LVMH Moet Hennessy Louis Vuitton SE		13,968		10,716,736
Orange SA (a)		100,637		1,022,933
Pernod Ricard SA (a)		10,433		2,051,352
Publicis Groupe SA		11,290		733,099
Remy Cointreau SA		1,101		188,811
Renault SA*		9,519		344,810
Safran SA		17,182		2,099,422
Sanofi		57,529		5,177,100
Sartorius Stedim Biotech		1,408		473,688
Schneider Electric SE		27,320		3,949,386
SEB SA		1,057		82,714
Societe Generale SA		41,156		1,027,419
Sodexo SA		4,548		433,984
Teleperformance		2,993		670,867
Thales SA		5,435		690,839
TotalEnergies SE (a)		125,295		7,863,341
Ubisoft Entertainment SA*		5,038		139,347
Unibail-Rodamco-Westfield REIT* (a)		5,965		314,332
Valeo		10,642		196,565


See Notes to Financial Statements.		59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
France (Continued)
Veolia Environnement SA		33,642	$	860,494
Vinci SA		27,210		2,735,770
Vivendi SE		36,372		324,742
Wendel SE		1,368		125,912
Worldline SA, 144A*		12,150		568,316

(Cost $85,144,966)				83,471,782

Germany — 11.4%
adidas AG		8,674		1,103,540
Allianz SE		20,577		4,375,632
BASF SE		46,125		2,328,609
Bayer AG		49,485		2,851,744
Bayerische Motoren Werke AG		16,771		1,506,275
Bechtle AG		4,008		143,348
Beiersdorf AG		5,078		549,289
Brenntag SE		7,852		490,084
Carl Zeiss Meditec AG		2,097		281,823
Commerzbank AG*		53,355		444,503
Continental AG		5,289		315,254
Covestro AG, 144A		9,992		396,880
Daimler Truck Holding AG*		23,013		751,228
Delivery Hero SE, 144A*		8,919		380,247
Deutsche Bank AG (b)		104,910		1,105,013
Deutsche Boerse AG		9,560		1,749,878
Deutsche Lufthansa AG*		32,207		256,621
Deutsche Post AG		49,876		1,963,415
Deutsche Telekom AG		163,186		3,295,361
E.ON SE		112,120		1,064,517
Evonik Industries AG		9,909		193,079
Fresenius Medical Care AG & Co. KGaA		10,515		325,194
Fresenius SE & Co. KGaA		21,369		590,604
GEA Group AG		7,347		297,249
Hannover Rueck SE		3,054		577,124
HeidelbergCement AG		6,969		377,971
HelloFresh SE*		8,956		217,893
Henkel AG & Co. KGaA		5,431		360,001
Infineon Technologies AG		65,731		2,155,959
Knorr-Bremse AG		3,589		202,571
LEG Immobilien SE		4,027		254,363
Mercedes-Benz Group AG		40,433		2,709,605
Merck KGaA		6,466		1,169,417
MTU Aero Engines AG		2,754		574,309
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		7,058		2,212,181
Nemetschek SE		3,269		158,520
Puma SE		5,544		280,955
Rational AG		238		146,740
Rheinmetall AG		2,234		451,922
RWE AG		32,102		1,403,025
SAP SE		52,512		5,708,114
Scout24 SE, 144A		4,048		218,874
Siemens AG		38,539		5,262,408
Siemens Energy AG		21,925		360,708
Siemens Healthineers AG, 144A		14,360		757,014
Symrise AG		6,757		766,064
Telefonica Deutschland Holding AG		49,925		118,866
United Internet AG		4,669		98,046


	Number of Shares		Value
Germany (Continued)
Volkswagen AG		1,407	$	268,008
Vonovia SE		36,457		891,144
Zalando SE, 144A*		11,576		358,248

(Cost $71,184,773)				54,819,437

Ireland — 1.5%
AerCap Holdings NV*		6,943		426,300
AIB Group PLC		52,967		170,534
Bank of Ireland Group PLC		53,559		435,167
CRH PLC		39,202		1,550,566
DCC PLC		4,841		256,081
Experian PLC		46,297		1,620,975
Flutter Entertainment PLC*		8,482		1,242,312
Kerry Group PLC, Class A		8,096		762,773
Kingspan Group PLC		7,479		415,905
Smurfit Kappa Group PLC		12,116		431,569

(Cost $7,927,698)				7,312,182

Italy — 3.0%
Amplifon SpA		5,833		162,975
Assicurazioni Generali SpA		56,621		998,102
Atlantia SpA		26,845		640,548
Davide Campari-Milano NV		24,792		258,631
DiaSorin SpA		1,366		180,454
Enel SpA		408,510		2,182,441
Eni SpA		125,983		1,877,847
Ferrari NV		6,324		1,394,463
FinecoBank Banca Fineco SpA		31,518		506,396
Infrastrutture Wireless Italiane SpA, 144A		15,740		155,568
Intesa Sanpaolo SpA		838,815		1,852,233
Mediobanca Banca di Credito Finanziario SpA (a)		30,100		288,602
Moncler SpA		10,416		531,648
Nexi SpA, 144A*		30,190		264,018
Poste Italiane SpA, 144A		27,223		265,889
Prysmian SpA		13,043		453,323
Recordati Industria Chimica e Farmaceutica SpA		5,006		211,704
Snam SpA		101,692		515,135
Telecom Italia SpA* (a)		485,440		104,162
Terna — Rete Elettrica Nazionale		71,364		542,851
UniCredit SpA		96,767		1,311,462

(Cost $17,593,840)				14,698,452

Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $278,677)		8,655		157,932

Luxembourg — 0.4%
ArcelorMittal SA		26,995		725,029
Aroundtown SA		56,862		135,797
Eurofins Scientific SE		6,602		456,308
Tenaris SA		24,140		419,882

(Cost $2,014,294)				1,737,016

Netherlands — 7.2%
ABN AMRO Bank NV, 144A		20,295		258,391
Adyen NV, 144A*		1,085		1,652,706


See Notes to Financial Statements.		60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Netherlands (Continued)
Aegon NV		89,521	$	434,478
Akzo Nobel NV		9,016		640,044
Argenx SE*		2,811		1,140,800
ASM International NV		2,397		646,029
ASML Holding NV		20,482		11,959,050
Euronext NV, 144A		4,097		310,115
EXOR NV*		5,556		434,081
Heineken Holding NV		4,991		374,202
Heineken NV		12,963		1,190,836
IMCD NV		2,927		424,133
ING Groep NV		189,515		2,285,657
JDE Peet’s NV		5,692		174,968
Just Eat Takeaway.com NV, 144A*		9,985		224,329
Koninklijke Ahold Delhaize NV		53,286		1,542,326
Koninklijke DSM NV		8,711		1,108,609
Koninklijke KPN NV		166,839		510,769
Koninklijke Philips NV		45,160		666,932
NN Group NV		14,020		592,614
OCI NV		5,560		234,785
Prosus NV*		41,761		2,715,598
QIAGEN NV*		11,576		570,016
Randstad NV		6,204		355,074
Stellantis NV*		110,961		1,719,521
Universal Music Group NV		36,411		852,509
Wolters Kluwer NV		13,130		1,437,357

(Cost $34,865,024)				34,455,929

Norway — 1.2%
Adevinta ASA*		14,274		111,970
Aker BP ASA		16,092		558,356
DNB Bank ASA		46,912		907,476
Equinor ASA		47,802		1,840,163
Gjensidige Forsikring ASA		9,424		181,056
Kongsberg Gruppen ASA		4,269		175,305
Mowi ASA		20,680		322,656
Norsk Hydro ASA		68,734		506,576
Orkla ASA		38,913		276,440
Salmar ASA		3,057		107,157
Telenor ASA		36,145		349,782
Yara International ASA		8,569		391,561

(Cost $5,751,081)				5,728,498

Portugal — 0.3%
EDP — Energias de Portugal SA		141,350		664,695
Galp Energia SGPS SA		23,758		291,356
Jeronimo Martins SGPS SA		14,560		321,204

(Cost $1,301,028)				1,277,255

Spain — 3.7%
Acciona SA		1,304		252,934
ACS Actividades de Construccion y Servicios SA		10,912		307,267
Aena SME SA, 144A*		3,779		484,869
Amadeus IT Group SA*		22,507		1,200,550
Banco Bilbao Vizcaya Argentaria SA		305,235		1,782,527
Banco Santander SA		844,837		2,505,983
CaixaBank SA		226,036		837,829
Cellnex Telecom SA, 144A*		26,837		910,407


	Number of Shares		Value
Spain (Continued)
Corp ACCIONA Energias Renovables SA		3,229	$	127,213
EDP Renovaveis SA		14,800		339,590
Enagas SA		13,301		238,481
Endesa SA		16,458		303,134
Ferrovial SA		24,258		646,218
Grifols SA* (a)		13,823		146,072
Iberdrola SA		303,884		3,408,872
Industria de Diseno Textil SA		55,726		1,441,594
Naturgy Energy Group SA (a)		7,422		206,831
Red Electrica Corp. SA		20,177		352,631
Repsol SA		69,107		1,064,309
Siemens Gamesa Renewable Energy SA*		12,679		237,884
Telefonica SA		261,456		975,375

(Cost $25,098,089)				17,770,570

Sweden — 4.9%
Alfa Laval AB		14,885		421,951
Assa Abloy AB, Class B		50,005		1,134,675
Atlas Copco AB, Class A		136,600		1,680,014
Atlas Copco AB, Class B (a)		76,178		848,401
Boliden AB		14,004		517,257
Electrolux AB, Class B (a)		10,882		153,896
Embracer Group AB* (a)		34,422		145,547
Epiroc AB, Class A (a)		32,893		626,110
Epiroc AB, Class B		19,827		327,937
EQT AB (a)		15,281		342,234
Essity AB, Class B		30,292		737,264
Evolution AB, 144A		9,102		924,774
Fastighets AB Balder, Class B*		31,237		137,032
Getinge AB, Class B		11,335		260,983
H & M Hennes & Mauritz AB, Class B (a)		37,504		416,614
Hexagon AB, Class B		98,787		1,111,393
Holmen AB, Class B		4,478		183,310
Husqvarna AB, Class B		20,156		155,347
Industrivarden AB, Class A		7,042		179,707
Industrivarden AB, Class C		7,852		198,957
Indutrade AB		14,722		312,752
Investment AB Latour, Class B (a)		7,150		139,366
Investor AB, Class A (a)		26,170		498,264
Investor AB, Class B		89,840		1,651,054
Kinnevik AB, Class B*		12,587		190,989
L E Lundbergforetagen AB, Class B		3,670		158,237
Lifco AB, Class B		10,924		186,716
Nibe Industrier AB, Class B		77,193		720,194
Sagax AB, Class B		10,381		228,045
Sandvik AB		52,888		961,888
Securitas AB, Class B (a)		26,607		216,315
Skandinaviska Enskilda Banken AB, Class A		83,207		948,789
Skanska AB, Class B		16,320		261,773
SKF AB, Class B		19,834		327,392
Svenska Cellulosa AB SCA, Class B		31,006		416,588
Svenska Handelsbanken AB, Class A		74,502		749,500
Swedbank AB, Class A		46,248		745,122
Swedish Match AB		82,617		904,694
Swedish Orphan Biovitrum AB*		8,663		187,335
Tele2 AB, Class B		28,022		247,671


See Notes to Financial Statements.		61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Sweden (Continued)
Telefonaktiebolaget LM Ericsson, Class B		148,826	$	922,842
Telia Co. AB		134,492		366,522
Volvo AB, Class A		9,884		188,045
Volvo AB, Class B		75,643		1,382,799
Volvo Car AB, Class B* (a)		31,742		155,901

(Cost $27,865,081)				23,572,196

Switzerland — 16.4%
ABB Ltd.		79,031		2,452,153
Adecco Group AG		8,367		281,626
Alcon, Inc.		25,097		1,699,037
Bachem Holding AG		1,575		151,050
Baloise Holding AG		2,371		356,558
Banque Cantonale Vaudoise		1,512		141,333
Barry Callebaut AG		185		375,963
BKW AG		1,035		133,771
Chocoladefabriken Lindt & Spruengli AG		6		614,425
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		54		566,108
Cie Financiere Richemont SA, Class A		26,309		3,449,016
Clariant AG*		11,493		184,617
Coca-Cola HBC AG*		9,745		236,665
Credit Suisse Group AG (a)		140,221		418,181
EMS-Chemie Holding AG		371		255,632
Geberit AG		1,791		845,674
Givaudan SA		470		1,572,544
Glencore PLC		490,171		3,329,039
Holcim AG*		27,858		1,435,515
Julius Baer Group Ltd.		10,708		609,267
Kuehne + Nagel International AG		2,777		670,882
Logitech International SA		8,831		521,321
Lonza Group AG		3,756		1,945,777
Nestle SA		138,604		16,455,243
Novartis AG		109,165		9,650,359
Partners Group Holding AG		1,138		1,112,444
Roche Holding AG		1,335		533,859
Roche Holding AG		35,427		11,523,837
Schindler Holding AG		1,183		211,033
Schindler Holding AG Participation Certificates		2,067		386,969
SGS SA		322		748,639
SIG Group AG*		15,106		330,456
Sika AG		7,324		1,834,386
Sonova Holding AG		2,738		700,234
STMicroelectronics NV		34,252		1,285,096
Straumann Holding AG		5,575		633,945
Swatch Group AG — Bearer		1,409		371,961
Swatch Group AG — Registered		2,500		119,313
Swiss Life Holding AG		1,547		820,053
Swiss Prime Site AG		3,941		326,942
Swiss Re AG		15,101		1,344,049
Swisscom AG		1,345		722,356
Temenos AG		2,905		175,175
UBS Group AG		168,674		3,070,446
VAT Group AG, 144A		1,390		380,166
Zurich Insurance Group AG		7,583		3,629,422

(Cost $76,867,655)				78,612,537


	Number of Shares		Value
United Kingdom — 22.2%
3i Group PLC		48,208	$	783,515
abrdn PLC (a)		106,707		250,015
Admiral Group PLC		8,589		209,729
Anglo American PLC		64,870		2,664,140
Ashtead Group PLC		22,171		1,329,400
Associated British Foods PLC		18,417		350,936
AstraZeneca PLC		78,093		10,509,621
Auto Trader Group PLC, 144A		48,302		329,386
AVEVA Group PLC		6,416		245,983
Aviva PLC		140,636		753,096
BAE Systems PLC		157,591		1,562,419
Barclays PLC		807,442		1,569,139
Barratt Developments PLC		48,762		233,730
Berkeley Group Holdings PLC		5,562		255,474
BP PLC		946,187		5,673,452
British American Tobacco PLC		107,724		4,402,685
British Land Co. PLC REIT		41,130		195,462
BT Group PLC		351,199		513,865
Bunzl PLC		17,115		628,737
Burberry Group PLC		19,094		500,994
CNH Industrial NV		51,752		822,338
Coca-Cola Europacific Partners PLC		10,390		551,605
Compass Group PLC		88,807		2,003,689
Croda International PLC		7,103		581,627
Diageo PLC		114,799		5,268,808
Entain PLC		28,679		484,607
GSK PLC		205,033		3,476,430
Haleon PLC*		252,291		863,874
Halma PLC		19,233		503,482
Hargreaves Lansdown PLC		18,622		189,339
HSBC Holdings PLC		1,005,774		6,178,633
Imperial Brands PLC		46,026		1,178,798
Informa PLC		72,155		534,138
InterContinental Hotels Group PLC		9,103		526,298
Intertek Group PLC		8,288		404,060
J Sainsbury PLC		93,972		252,116
JD Sports Fashion PLC		124,999		189,901
Johnson Matthey PLC		9,352		235,462
Kingfisher PLC		100,350		291,603
Land Securities Group PLC REIT		35,512		262,883
Legal & General Group PLC		305,317		925,847
Lloyds Banking Group PLC		3,429,679		1,938,876
London Stock Exchange Group PLC		16,572		1,647,407
M&G PLC		128,765		298,283
Melrose Industries PLC		203,190		323,629
Mondi PLC		24,893		462,936
National Grid PLC		186,254		2,277,377
NatWest Group PLC		266,237		840,391
Next PLC		6,363		447,870
Ocado Group PLC* (a)		29,780		223,466
Pearson PLC		34,810		417,534
Persimmon PLC		16,494		252,866
Phoenix Group Holdings PLC		37,936		269,213
Prudential PLC		138,453		1,634,330
Reckitt Benckiser Group PLC		36,464		2,614,042
RELX PLC		96,579		2,691,212
Rentokil Initial PLC		124,098		809,768
Rio Tinto PLC		56,487		3,802,323


See Notes to Financial Statements.		62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
United Kingdom (Continued)
Rolls-Royce Holdings PLC*		428,087	$	469,104
Sage Group PLC		51,724		496,604
Schroders PLC		35,967		191,777
Segro PLC REIT		60,624		577,815
Severn Trent PLC		12,772		417,471
Shell PLC		365,820		10,775,712
Smith & Nephew PLC		44,198		578,242
Smiths Group PLC		17,938		343,430
Spirax-Sarco Engineering PLC		3,736		504,541
SSE PLC		53,967		1,111,273
St James’s Place PLC		28,162		390,166
Standard Chartered PLC		125,422		933,292
Taylor Wimpey PLC		177,941		221,755
Tesco PLC		376,297		1,031,786
Unilever PLC		128,215		6,403,773
United Utilities Group PLC		34,454		425,223
Vodafone Group PLC		1,328,026		1,469,995
Whitbread PLC		9,784		304,710
WPP PLC		55,081		574,641

(Cost $125,822,204)				106,860,149

TOTAL COMMON STOCKS (Cost $518,869,520)				467,538,113

PREFERRED STOCKS — 0.8%
Germany — 0.8%
Bayerische Motoren Werke AG		2,711		233,161
Dr Ing hc F Porsche AG*		5,790		655,528
Henkel AG & Co. KGaA		8,842		629,716
Porsche Automobil Holding SE		7,727		469,096
Sartorius AG		1,197		443,931
Volkswagen AG		9,527		1,386,941

(Cost $4,933,891)				3,818,373


	Number of Shares		Value
RIGHTS — 0.0%
Switzerland — 0.0%
Credit Suisse Group AG* (a), expires 12/13/22 (Cost $0)		136,938	$	12,735

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		48,882		43,393

EXCHANGE-TRADED FUNDS — 0.4%
iShares Currency Hedged MSCI Eurozone ETF		34,236		1,191,071
iShares Currency Hedged MSCI United Kingdom ETF		15,800		402,677

TOTAL EXCHANGE-TRADED FUNDS (Cost $1,584,689)			1,593,748

SECURITIES LENDING COLLATERAL — 0.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d) (Cost $4,340,635)		4,340,635		4,340,635

CASH EQUIVALENTS — 0.1%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (c) (Cost $649,489)		649,489		649,230


TOTAL INVESTMENTS — 99.5% (Cost $530,378,224)			$	477,996,227
Other assets and liabilities, net — 0.5%				2,242,777

NET ASSETS — 100.0%			$	480,239,004

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


	Value ($) at 5/31/2022	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG (b)

	1,228,546		85,686		(154,538	)		(78,726	)		24,045		—		—		104,910		1,105,013
SECURITIES LENDING COLLATERAL — 0.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
	21,303,043		—		(16,962,408	)(e)		—			—		41,429		—		4,340,635		4,340,635
CASH EQUIVALENTS — 0.1%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (c)
	641,141		7,963		—			—			126		8,032		—		649,489		649,230
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
	—		132,632,237		(132,632,237	)		—			—		130,327		—		—		—

	23,172,730		132,725,886		(149,749,183	)		(78,726	)		24,171		179,788		—		5,095,034		6,094,878

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2022 amounted to $14,569,093, which is 3.0% of net assets.


See Notes to Financial Statements.		63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

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

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

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $10,986,459.

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

CVA:

Credit Valuation Adjustment

REIT:

Real Estate Investment Trust

144A:

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

Securities are listed in country of domicile.

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


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
AMSTERDAM Index Futures	EUR	9	$	1,335,621	$	1,357,328		12/16/2022	$	21,707
CAC40 10 EURO Futures	EUR	39		2,699,459		2,733,902		12/16/2022		34,443
DAX Index Futures	EUR	6		2,226,265		2,250,507		12/16/2022		24,242
FTSE 100 Index Futures	GBP	41		3,645,178		3,755,067		12/16/2022		109,889
FTSE/MIB Index Futures	EUR	4		492,201		512,662		12/16/2022		20,461
IBEX 35 Index Futures	EUR	6		509,829		521,628		12/16/2022		11,799
OMXS30 Index Futures	SEK	43		855,123		860,565		12/16/2022		5,442
SWISS MKT IX Futures	EUR	19		2,219,260		2,241,247		12/16/2022		21,987

Total unrealized appreciation									$	249,970

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


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	CHF	22,980,400	USD	23,036,840	$	—	$	(1,248,919	)
Goldman Sachs & Co.	12/2/2022	CHF	3,274,000	USD	3,281,992		—		(177,982	)
JP Morgan & Chase Co.	12/2/2022	CHF	25,433,122	USD	25,495,458		—		(1,382,345	)
RBC Capital Markets	12/2/2022	CHF	22,338,517	USD	22,393,493		—		(1,213,922	)
Goldman Sachs & Co.	12/2/2022	DKK	9,953,000	USD	1,324,231		—		(68,352	)
Goldman Sachs & Co.	12/2/2022	DKK	42,792,200	USD	5,693,708		—		(293,602	)
JP Morgan & Chase Co.	12/2/2022	DKK	48,671,542	USD	6,475,810		—		(334,113	)
RBC Capital Markets	12/2/2022	DKK	44,279,200	USD	5,891,560		—		(303,804	)
Goldman Sachs & Co.	12/2/2022	EUR	66,469,300	USD	65,833,189		—		(3,334,804	)
JP Morgan & Chase Co.	12/2/2022	EUR	74,451,623	USD	73,739,121		—		(3,735,282	)
RBC Capital Markets	12/2/2022	EUR	16,803,000	USD	16,641,742		—		(843,470	)
RBC Capital Markets	12/2/2022	EUR	66,068,073	USD	65,435,471		—		(3,315,005	)
Goldman Sachs & Co.	12/2/2022	GBP	32,833,454	USD	37,832,019		—		(1,740,520	)
JP Morgan & Chase Co.	12/2/2022	GBP	1,171,000	USD	1,349,298		—		(62,051	)
JP Morgan & Chase Co.	12/2/2022	GBP	28,634,350	USD	32,994,502		—		(1,517,064	)
RBC Capital Markets	12/2/2022	GBP	31,926,420	USD	36,787,696		—		(1,691,639	)
Goldman Sachs & Co.	12/2/2022	NOK	18,455,000	USD	1,776,680		—		(97,323	)
JP Morgan & Chase Co.	12/2/2022	NOK	20,041,891	USD	1,929,452		—		(105,692	)
RBC Capital Markets	12/2/2022	NOK	3,026,000	USD	291,288		—		(15,986	)
RBC Capital Markets	12/2/2022	NOK	18,440,700	USD	1,775,304		—		(97,248	)
Goldman Sachs & Co.	12/2/2022	SEK	84,204,550	USD	7,634,519		—		(383,549	)
JP Morgan & Chase Co.	12/2/2022	SEK	85,435,136	USD	7,746,092		—		(389,154	)
RBC Capital Markets	12/2/2022	SEK	20,559,000	USD	1,863,984		—		(93,672	)
RBC Capital Markets	12/2/2022	SEK	78,710,500	USD	7,136,394		—		(358,524	)
Goldman Sachs & Co.	12/2/2022	USD	578,156	CHF	550,000		3,086		—
Goldman Sachs & Co.	12/2/2022	USD	806,367	CHF	768,400		5,681		—
Goldman Sachs & Co.	12/2/2022	USD	26,172,658	CHF	24,936,000		179,786		—
JP Morgan & Chase Co.	12/2/2022	USD	25,539,881	CHF	24,333,122		175,439		—
JP Morgan & Chase Co.	12/2/2022	USD	1,147,915	CHF	1,100,000		14,568		—
RBC Capital Markets	12/2/2022	USD	23,446,357	CHF	22,338,517		161,058		—
Goldman Sachs & Co.	12/2/2022	USD	210,086	DKK	1,512,400		1,522		—


See Notes to Financial Statements.		64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	USD	180,994	DKK	1,300,000	$	896	$	—
Goldman Sachs & Co.	12/2/2022	USD	6,912,358	DKK	49,932,800		74,035		—
JP Morgan & Chase Co.	12/2/2022	USD	275,654	DKK	2,000,000		4,178		—
JP Morgan & Chase Co.	12/2/2022	USD	6,460,892	DKK	46,671,542		69,200		—
RBC Capital Markets	12/2/2022	USD	6,129,712	DKK	44,279,200		65,653		—
Goldman Sachs & Co.	12/2/2022	USD	68,440,115	EUR	66,469,300		727,878		—
JP Morgan & Chase Co.	12/2/2022	USD	73,158,304	EUR	71,051,623		778,057		—
JP Morgan & Chase Co.	12/2/2022	USD	3,485,139	EUR	3,400,000		52,903		—
RBC Capital Markets	12/2/2022	USD	2,399,950	EUR	2,323,100		17,469		—
RBC Capital Markets	12/2/2022	USD	81,082,850	EUR	78,747,973		862,337		—
RBC Capital Markets	12/2/2022	USD	1,864,111	EUR	1,800,000		8,971		—
Goldman Sachs & Co.	12/2/2022	USD	952,240	GBP	800,000		11,960		—
Goldman Sachs & Co.	12/2/2022	USD	1,166,668	GBP	981,600		16,406		—
Goldman Sachs & Co.	12/2/2022	USD	36,979,653	GBP	31,051,854		445,611		—
JP Morgan & Chase Co.	12/2/2022	USD	33,827,931	GBP	28,405,350		407,633		—
JP Morgan & Chase Co.	12/2/2022	USD	1,654,964	GBP	1,400,000		32,387		—
RBC Capital Markets	12/2/2022	USD	38,021,174	GBP	31,926,420		458,162		—
Goldman Sachs & Co.	12/2/2022	USD	1,850,840	NOK	18,455,000		23,164		—
JP Morgan & Chase Co.	12/2/2022	USD	2,009,988	NOK	20,041,891		25,156		—
RBC Capital Markets	12/2/2022	USD	61,088	NOK	622,500		2,123		—
RBC Capital Markets	12/2/2022	USD	2,020,248	NOK	20,144,200		25,284		—
RBC Capital Markets	12/2/2022	USD	68,786	NOK	700,000		2,295		—
Goldman Sachs & Co.	12/2/2022	USD	7,896,299	SEK	84,204,550		121,770		—
JP Morgan & Chase Co.	12/2/2022	USD	7,674,106	SEK	81,835,136		118,343		—
JP Morgan & Chase Co.	12/2/2022	USD	336,256	SEK	3,600,000		6,541		—
RBC Capital Markets	12/2/2022	USD	8,794,060	SEK	93,778,100		135,614		—
RBC Capital Markets	12/2/2022	USD	254,638	SEK	2,700,000		2,460		—
RBC Capital Markets	12/2/2022	USD	262,555	SEK	2,791,400		3,246		—
Goldman Sachs & Co.	1/3/2023	DKK	49,932,800	USD	6,932,271		—		(76,724	)
JP Morgan & Chase Co.	1/3/2023	DKK	46,671,542	USD	6,479,504		—		(71,713	)
RBC Capital Markets	1/3/2023	DKK	7,533,000	USD	1,045,672		—		(11,724	)
RBC Capital Markets	1/3/2023	DKK	44,279,200	USD	6,147,157		—		(68,250	)
Goldman Sachs & Co.	1/3/2023	EUR	15,952,000	USD	16,471,317		—		(179,999	)
Goldman Sachs & Co.	1/3/2023	EUR	66,469,300	USD	68,634,205		—		(749,029	)
JP Morgan & Chase Co.	1/3/2023	EUR	71,051,623	USD	73,365,774		—		(800,667	)
RBC Capital Markets	1/3/2023	EUR	78,747,973	USD	81,311,613		—		(888,576	)
Goldman Sachs & Co.	1/3/2023	NOK	18,455,000	USD	1,853,014		—		(23,513	)
JP Morgan & Chase Co.	1/3/2023	NOK	20,041,891	USD	2,012,329		—		(25,555	)
RBC Capital Markets	1/3/2023	NOK	20,144,200	USD	2,022,622		—		(25,665	)
Goldman Sachs & Co.	1/3/2023	SEK	84,204,550	USD	7,916,119		—		(124,155	)
JP Morgan & Chase Co.	1/3/2023	SEK	81,835,136	USD	7,693,297		—		(120,733	)
JP Morgan & Chase Co.	1/3/2023	SEK	14,440,000	USD	1,357,513		—		(21,291	)
RBC Capital Markets	1/3/2023	SEK	93,778,100	USD	8,815,720		—		(138,685	)
RBC Capital Markets	1/3/2023	USD	582,638	DKK	4,151,500		102		—
Goldman Sachs & Co.	1/3/2023	USD	6,779,237	EUR	6,495,700		1,226		—
RBC Capital Markets	1/3/2023	USD	166,782	NOK	1,640,300		6		—
JP Morgan & Chase Co.	1/3/2023	USD	732,357	SEK	7,671,500		156		—
Goldman Sachs & Co.	1/4/2023	CHF	865,000	USD	911,996		—		(6,717	)
Goldman Sachs & Co.	1/4/2023	CHF	24,936,000	USD	26,291,179		—		(193,248	)
JP Morgan & Chase Co.	1/4/2023	CHF	24,333,122	USD	25,655,537		—		(188,576	)
RBC Capital Markets	1/4/2023	CHF	22,338,517	USD	23,552,408		—		(173,242	)
Goldman Sachs & Co.	1/4/2023	GBP	31,051,854	USD	37,026,852		—		(450,473	)
JP Morgan & Chase Co.	1/4/2023	GBP	28,405,350	USD	33,870,994		—		(412,194	)
JP Morgan & Chase Co.	1/4/2023	GBP	4,046,000	USD	4,823,852		—		(59,376	)
RBC Capital Markets	1/4/2023	GBP	31,926,420	USD	38,069,702		—		(463,161	)
Goldman Sachs & Co.	1/4/2023	USD	2,152,017	CHF	2,027,200		1,064		—
JP Morgan & Chase Co.	1/4/2023	USD	3,221,592	GBP	2,669,400		179		—

Total unrealized appreciation (depreciation)						$	5,043,605	$	(28,077,288	)


See Notes to Financial Statements.		65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

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

Currency Abbreviations

CHF

Swiss Franc

DKK

Danish Krone

EUR

Euro

GBP

Pound Sterling

NOK

Norwegian Krone

SEK

Swedish Krona

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	467,538,113	$	—		$	—	$	467,538,113
Preferred Stocks		3,818,373		—			—		3,818,373
Rights		12,735		—			—		12,735
Warrants		43,393		—			—		43,393
Exchange-Traded Funds		1,593,748		—			—		1,593,748
Short-Term Investments (a)		4,989,865		—			—		4,989,865
Derivatives (b)
Forward Foreign Currency Contracts		—		5,043,605			—		5,043,605
Futures Contracts		249,970		—			—		249,970

TOTAL	$	478,246,197	$	5,043,605		$	—	$	483,289,802


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(28,077,288	)	$	—	$	(28,077,288	)

TOTAL	$	—	$	(28,077,288	)	$	—	$	(28,077,288	)

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

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


See Notes to Financial Statements.		66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 98.1%
Austria — 1.0%
Agrana Beteiligungs AG		33	$	532
ANDRITZ AG		148		8,001
AT&S Austria Technologie & Systemtechnik AG		45		1,620
BAWAG Group AG, 144A*		178		9,143
CA Immobilien Anlagen AG		107		3,530
DO & CO AG*		9		830
Erste Group Bank AG		721		22,208
EVN AG		69		1,269
IMMOFINANZ AG*		69		882
Kontron AG (a)		80		1,282
Lenzing AG		27		1,829
Oesterreichische Post AG		75		2,490
OMV AG		305		15,920
Palfinger AG		27		705
Porr AG		15		202
Raiffeisen Bank International AG*		288		4,504
Schoeller-Bleckmann Oilfield Equipment AG		27		1,821
Semperit AG Holding		20		407
Strabag SE		44		1,831
UNIQA Insurance Group AG		252		1,870
Verbund AG		140		12,536
Vienna Insurance Group AG Wiener Versicherung Gruppe		69		1,601
voestalpine AG		262		7,078
Wienerberger AG		260		6,813

(Cost $115,854)				108,904

Belgium — 3.0%
Ackermans & van Haaren NV		52		8,171
Aedifica SA REIT		84		6,551
Ageas SA/NV		345		13,811
AGFA-Gevaert NV*		322		931
Anheuser-Busch InBev SA/NV		1,849		107,844
Barco NV		163		3,684
Bekaert SA		63		2,215
bpost SA		176		1,005
Cofinimmo SA REIT		64		5,521
Deme Group NV*		15		1,837
D’ieteren Group		57		10,718
Econocom Group SA/NV		224		656
Elia Group SA/NV		73		10,331
Etablissements Franz Colruyt NV		133		3,485
Euronav NV*		357		6,914
Fagron		140		1,824
Galapagos NV*		106		4,204
Groupe Bruxelles Lambert NV		209		16,664
Immobel SA		9		451
Intervest Offices & Warehouses NV REIT (b)		39		832
Ion Beam Applications		39		584
KBC Ancora		69		2,836
KBC Group NV		539		29,581
Kinepolis Group NV*		27		1,022
Melexis NV		52		4,478


	Number of Shares		Value
Belgium (Continued)
Mithra Pharmaceuticals SA*		24	$	113
Montea NV REIT		21		1,385
Ontex Group NV*		140		931
Proximus SADP		348		3,621
Recticel SA		86		1,335
Retail Estates NV REIT		21		1,318
Sofina SA		32		6,846
Solvay SA		153		14,947
Telenet Group Holding NV		86		1,356
Tessenderlo Group SA*		39		1,295
UCB SA		275		21,972
Umicore SA		456		16,228
Van de Velde NV		9		303
VGP NV (a)		26		2,075
Warehouses De Pauw CVA REIT		338		8,899
X-Fab Silicon Foundries SE, 144A*		92		616
Xior Student Housing NV REIT		63		1,790

(Cost $493,441)				331,180

Finland — 3.6%
Aktia Bank OYJ		80		839
Anora Group OYJ		69		531
Cargotec OYJ, Class B		81		3,329
Caverion OYJ		230		1,666
Citycon OYJ* (a)		134		901
Elisa OYJ		311		16,104
Finnair OYJ* (a)		978		457
Fortum OYJ		934		14,788
F-Secure OYJ*		152		481
Huhtamaki OYJ		218		7,958
Kemira OYJ		260		3,758
Kempower OYJ*		55		1,399
Kesko OYJ, Class B		558		11,898
Kojamo OYJ		275		4,086
Kone OYJ, Class B		714		35,299
Konecranes OYJ		145		4,229
Marimekko OYJ		56		530
Metsa Board OYJ, Class B		428		3,784
Metso Outotec OYJ		1,410		13,129
Musti Group OYJ*		48		762
Neste OYJ		895		45,952
Nokia OYJ		11,464		55,508
Nokian Renkaat OYJ		248		2,692
Oriola OYJ, Class B		200		373
Orion OYJ, Class B		225		11,880
Outokumpu OYJ		893		4,437
Puuilo OYJ (a)		78		450
QT Group OYJ*		31		1,457
Revenio Group OYJ		45		1,902
Rovio Entertainment OYJ, 144A		92		562
Sampo OYJ, Class A		1,008		50,915
Sanoma OYJ		192		2,250
Stora Enso OYJ, Class R		1,144		16,637
Talenom OYJ		37		368
TietoEVRY OYJ		172		4,639
Tokmanni Group Corp.		104		1,420
UPM-Kymmene OYJ		1,128		41,048


See Notes to Financial Statements.		67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Finland (Continued)
Uponor OYJ		161	$	2,456
Valmet OYJ (a)		359		9,160
Wartsila OYJ Abp		1,020		8,744
YIT OYJ		242		672

(Cost $404,507)				389,450

France — 33.7%
AB Science SA*		45		410
ABC arbitrage		39		271
Accor SA*		362		9,500
Aeroports de Paris*		63		9,621
Air France-KLM* (a)		2,322		3,099
Air Liquide SA		1,114		160,229
Airbus SE		1,252		142,269
AKWEL		15		257
ALD SA, 144A		206		2,056
Alstom SA (a)		665		17,203
Altarea SCA REIT		6		845
Alten SA		64		7,959
Amundi SA, 144A		128		7,126
Antin Infrastructure Partners SA (a)		72		1,669
Arkema SA		121		10,592
Atos SE* (a)		198		2,065
Aubay		9		467
AXA SA		3,954		111,175
Believe SA*		39		459
Beneteau SA		51		574
BioMerieux		90		8,996
BNP Paribas SA		2,351		130,714
Boiron SA		9		423
Bollore SE		1,885		10,514
Bonduelle SCA		21		269
Bouygues SA		507		15,595
Bureau Veritas SA		653		17,001
Capgemini SE		349		62,102
Carmila SA REIT*		106		1,511
Carrefour SA		1,252		21,399
Casino Guichard Perrachon SA* (a)		69		765
CGG SA* (a)		1,341		920
Chargeurs SA		33		438
Cie de Saint-Gobain		1,047		47,661
Cie des Alpes*		16		233
Cie Generale des Etablissements Michelin SCA		1,430		39,768
Cie Plastic Omnium SA		104		1,605
Coface SA		265		3,224
Covivio REIT		99		5,697
Credit Agricole SA		2,547		25,470
Danone SA		1,356		70,666
Dassault Aviation SA		51		8,024
Dassault Systemes SE		1,418		51,770
Derichebourg SA		209		1,110
Edenred		540		29,490
Eiffage SA		175		17,107
Electricite de France SA		1,220		15,234
Elior Group SA, 144A*		188		567
Elis SA		403		5,242


	Number of Shares		Value
France (Continued)
Engie SA		3,867	$	58,429
Equasens		14		1,145
Eramet SA		26		2,183
Esker SA (a)		9		1,413
EssilorLuxottica SA		616		113,651
Etablissements Maurel et Prom SA		202		867
Eurazeo SE		90		5,605
Euroapi SA*		99		1,761
Eutelsat Communications SA (a)		320		2,532
Faurecia SE*		369		6,050
Fnac Darty SA		27		990
Gaztransport Et Technigaz SA		55		6,828
Gecina SA REIT		100		9,704
Getlink SE		978		16,115
Hermes International		67		107,543
ICADE REIT		75		3,077
ID Logistics Group*		5		1,415
Imerys SA		63		2,469
Interparfums SA		39		2,192
Ipsen SA		79		8,813
IPSOS		82		4,659
JCDecaux SE*		113		2,034
Kaufman & Broad SA		23		616
Kering SA		158		93,289
Klepierre SA REIT*		443		10,132
Korian SA		150		1,495
La Francaise des Jeux SAEM, 144A		238		9,466
Legrand SA		563		45,392
LISI		30		634
L’Oreal SA		511		188,664
LVMH Moet Hennessy Louis Vuitton SE		589		451,901
Maisons du Monde SA, 144A		75		921
Manitou BF SA		15		341
McPhy Energy SA* (a)		36		508
Mercialys SA REIT		133		1,270
Mersen SA		33		1,264
Metropole Television SA		45		643
Neoen SA, 144A		98		3,924
Nexans SA		47		4,113
Nexity SA (a)		75		1,875
Orange SA		4,211		42,803
Orpea SA* (a)		128		870
Pernod Ricard SA (a)		436		85,727
PEUGEOT INVEST		9		831
Publicis Groupe SA		487		31,623
Quadient SA		63		953
Remy Cointreau SA		48		8,232
Renault SA*		408		14,779
Rexel SA*		513		9,315
Rubis SCA		168		4,231
Safran SA		724		88,464
Sanofi		2,427		218,409
Sartorius Stedim Biotech		58		19,513
Schneider Electric SE		1,147		165,811
SCOR SE		326		6,189
SEB SA		50		3,913
SES-imagotag SA*		9		1,229


See Notes to Financial Statements.		68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
France (Continued)
SMCP SA, 144A*		69	$	487
Societe BIC SA		45		2,964
Societe Generale SA		1,713		42,763
Sodexo SA		186		17,749
SOITEC*		60		9,587
Somfy SA		18		2,690
Sopra Steria Group SACA		30		4,495
SPIE SA		283		6,950
Technicolor Creative Studios SA* (a)		354		108
Technip Energies NV		284		4,460
Teleperformance		126		28,242
Television Francaise 1		74		553
Thales SA		230		29,235
TotalEnergies SE		5,303		332,809
Trigano SA		21		2,609
Ubisoft Entertainment SA*		211		5,836
Unibail-Rodamco-Westfield REIT*		261		13,754
Valeo		470		8,681
Vallourec SA*		328		3,787
Valneva SE* (a)		209		1,362
Veolia Environnement SA		1,434		36,679
Verallia SA, 144A		140		4,242
Vicat SA		38		909
Vilmorin & Cie SA		15		766
Vinci SA		1,137		114,317
Virbac SA		8		2,027
Vivendi SE		1,490		13,303
Voltalia SA* (a)		42		809
Wavestone		25		1,150
Wendel SE		59		5,430
Worldline SA, 144A*		503		23,528

(Cost $3,444,878)				3,682,457

Germany — 23.1%
1&1 AG		78		1,118
Aareal Bank AG*		133		4,512
About You Holding SE*		69		419
Adesso SE		5		706
adidas AG		366		46,564
AIXTRON SE		230		7,434
Allianz SE		864		183,727
Amadeus Fire AG		9		1,062
Atoss Software AG		8		1,207
AURELIUS Equity Opportunities SE & Co. KGaA		75		1,525
Aurubis AG		68		5,365
Auto1 Group SE, 144A*		178		1,528
BASF SE		1,945		98,193
Basler AG		15		529
Bayer AG		2,081		119,925
Bayerische Motoren Werke AG		701		62,960
BayWa AG		24		1,156
Bechtle AG		174		6,223
Beiersdorf AG		212		22,932
Bertrandt AG		9		327
Bilfinger SE		80		2,273
Borussia Dortmund GmbH & Co. KGaA*		145		535


	Number of Shares		Value
Germany (Continued)
Brenntag SE		328	$	20,472
CANCOM SE		72		2,138
Carl Zeiss Meditec AG		84		11,289
CECONOMY AG		324		753
Cewe Stiftung & Co. KGaA		9		898
Commerzbank AG*		2,208		18,395
CompuGroup Medical SE & Co. KGaA		46		1,717
Continental AG		234		13,948
Covestro AG, 144A		409		16,245
CropEnergies AG		86		1,299
CTS Eventim AG & Co. KGaA*		123		7,603
CureVac NV*		116		827
Daimler Truck Holding AG*		957		31,240
Datagroup SE		9		651
Delivery Hero SE, 144A* (a)		359		15,305
Dermapharm Holding SE		33		1,429
Deutsche Bank AG (c)		4,341		45,724
Deutsche Beteiligungs AG		27		820
Deutsche Boerse AG		403		73,766
Deutsche EuroShop AG		41		908
Deutsche Lufthansa AG*		1,265		10,079
Deutsche Pfandbriefbank AG, 144A		254		2,001
Deutsche Post AG		2,102		82,747
Deutsche Telekom AG		6,868		138,692
Deutz AG		218		980
DIC Asset AG		91		711
Draegerwerk AG & Co. KGaA		3		120
Duerr AG		92		3,086
E.ON SE		4,771		45,298
Eckert & Ziegler Strahlen- und Medizintechnik AG		27		1,507
Einhell Germany AG		3		416
Elmos Semiconductor SE		16		994
ElringKlinger AG		51		390
Encavis AG		262		5,390
Energiekontor AG		12		1,089
Evonik Industries AG		451		8,788
Evotec SE*		302		5,328
Fielmann AG		63		2,281
flatexDEGIRO AG*		134		1,414
Fraport AG Frankfurt Airport Services Worldwide*		75		3,233
Freenet AG		242		5,344
Fresenius Medical Care AG & Co. KGaA		453		14,010
Fresenius SE & Co. KGaA		880		24,322
GEA Group AG		314		12,704
Gerresheimer AG		70		5,113
GFT Technologies SE		33		1,233
GRENKE AG		52		1,118
Hamborner REIT AG REIT		154		1,163
Hamburger Hafen und Logistik AG		45		544
Hannover Rueck SE		127		24,000
HeidelbergCement AG		303		16,434
Heidelberger Druckmaschinen AG*		492		847
HelloFresh SE*		337		8,199
Henkel AG & Co. KGaA		230		15,246
Hensoldt AG		75		1,725


See Notes to Financial Statements.		69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Germany (Continued)
HOCHTIEF AG		45	$	2,582
Hornbach Holding AG & Co. KGaA		17		1,337
HUGO BOSS AG		116		6,443
Hypoport SE*		7		758
Indus Holding AG		65		1,529
Infineon Technologies AG		2,764		90,658
Instone Real Estate Group SE, 144A		83		733
Jenoptik AG		94		2,588
JOST Werke AG, 144A		23		1,271
K+S AG		394		8,598
KION Group AG		153		4,294
Kloeckner & Co. SE		128		1,205
Knorr-Bremse AG		150		8,466
Krones AG		27		3,040
KWS Saat SE & Co. KGaA		27		1,849
LANXESS AG		178		7,039
LEG Immobilien SE		151		9,538
MBB SE		3		307
Medios AG*		50		1,046
Mercedes-Benz Group AG		1,696		113,657
Merck KGaA		275		49,735
METRO AG*		337		2,983
MLP SE		110		607
MorphoSys AG*		57		923
MTU Aero Engines AG		113		23,565
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		296		92,775
Nagarro SE*		15		1,708
Nemetschek SE		120		5,819
Nordex SE*		268		3,352
Norma Group SE		90		1,564
OHB SE		9		325
PATRIZIA SE		80		783
Pfeiffer Vacuum Technology AG		9		1,630
PNE AG		66		1,508
ProSiebenSat.1 Media SE		418		3,775
Puma SE		237		12,010
PVA TePla AG*		37		698
Rational AG		11		6,782
Rheinmetall AG		94		19,015
RWE AG		1,367		59,745
Salzgitter AG (a)		62		1,788
SAP SE		2,212		240,447
Scout24 SE, 144A		185		10,003
Secunet Security Networks AG		3		684
SGL Carbon SE* (a)		86		668
Siemens AG		1,624		221,753
Siemens Energy AG (a)		906		14,905
Siemens Healthineers AG, 144A		601		31,683
Siltronic AG		34		2,770
Sixt SE		27		2,583
SMA Solar Technology AG*		21		1,378
Software AG		121		3,070
Stabilus SE		64		4,082
Steico SE		14		664
STRATEC SE		14		1,206
Stroeer SE & Co. KGaA		77		3,510


	Number of Shares		Value
Germany (Continued)
Suedzucker AG		124	$	1,815
SUSE SA*		109		2,122
Symrise AG		283		32,085
Synlab AG		163		2,286
TAG Immobilien AG		427		2,533
Takkt AG		57		795
TeamViewer AG, 144A*		311		3,979
Telefonica Deutschland Holding AG		2,219		5,283
thyssenkrupp AG*		944		5,224
Uniper SE		204		926
United Internet AG		206		4,326
Varta AG (a)		49		1,429
VERBIO Vereinigte BioEnergie AG		45		3,517
Vitesco Technologies Group AG*		39		2,049
Volkswagen AG		61		11,619
Vonovia SE		1,521		37,179
Vossloh AG		20		872
Wacker Neuson SE		51		898
Wuestenrot & Wuerttembergische AG		33		521
Zalando SE, 144A*		460		14,236

(Cost $3,052,557)				2,513,321

Ireland — 2.2%
AerCap Holdings NV*		284		17,438
AIB Group PLC		2,201		7,086
Bank of Ireland Group PLC		2,170		17,631
Cairn Homes PLC		1,607		1,544
CRH PLC		1,602		63,364
Dalata Hotel Group PLC*		562		2,018
Flutter Entertainment PLC*		354		51,848
Glanbia PLC		451		5,435
Glenveagh Properties PLC, 144A*		1,310		1,262
Irish Residential Properties REIT PLC REIT		982		1,147
Kerry Group PLC, Class A		339		31,939
Kingspan Group PLC		321		17,851
Origin Enterprises PLC		224		910
Smurfit Kappa Group PLC		529		18,843
Uniphar PLC		412		1,528

(Cost $249,142)				239,844

Italy — 7.1%
A2A SpA		2,984		3,965
ACEA SpA		93		1,273
AMCO — Asset Management Co SpA, Class B* (b)		13		0
Amplifon SpA		260		7,264
Anima Holding SpA, 144A		492		1,859
Antares Vision SpA*		92		841
Ariston Holding NV		199		2,017
Arnoldo Mondadori Editore SpA		167		318
Ascopiave SpA		87		224
Assicurazioni Generali SpA		2,326		41,002
Atlantia SpA		1,081		25,794
Autogrill SpA*		414		2,774
Azimut Holding SpA		208		4,210
Banca Generali SpA		119		3,990
Banca IFIS SpA		99		1,353


See Notes to Financial Statements.		70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Italy (Continued)
Banca Mediolanum SpA		445	$	3,731
Banca Monte dei Paschi di Siena SpA*		1,113		2,181
Banca Popolare di Sondrio SpA		1,070		4,280
Banco BPM SpA		3,238		11,160
BFF Bank SpA, 144A		284		2,205
Biesse SpA		21		275
BPER Banca		2,373		4,870
Brembo SpA		356		4,138
Brunello Cucinelli SpA		67		4,385
Buzzi Unicem SpA		227		4,344
Carel Industries SpA, 144A		75		1,854
Cementir Holding NV		45		296
CIR SpA-Compagnie Industriali*		1,353		603
Credito Emiliano SpA		162		1,138
Danieli & C Officine Meccaniche SpA		21		464
Danieli & C Officine Meccaniche SpA-RSP		57		881
Datalogic SpA		33		290
Davide Campari-Milano NV		1,170		12,205
De’ Longhi SpA		167		3,708
DiaSorin SpA		55		7,266
Digital Bros SpA		14		324
Digital Value SpA*		6		445
doValue SpA, 144A		160		1,145
El.En. SpA		131		1,960
Enav SpA, 144A		527		2,321
Enel SpA		17,181		91,788
Eni SpA		5,262		78,433
ERG SpA		139		4,377
Esprinet SpA		98		712
Ferrari NV		266		58,654
Fila SpA		39		277
Fincantieri SpA*		875		504
FinecoBank Banca Fineco SpA		1,292		20,758
Gruppo MutuiOnline SpA		75		2,096
GVS SpA, 144A*		122		422
Hera SpA		1,884		5,174
Illimity Bank SpA*		113		882
Infrastrutture Wireless Italiane SpA, 144A		674		6,662
Interpump Group SpA		153		6,766
Intesa Sanpaolo SpA		35,318		77,988
Iren SpA		1,568		2,571
Italgas SpA		1,134		6,614
Italmobiliare SpA		27		721
Iveco Group NV*		486		3,248
Juventus Football Club SpA* (a)		1,671		476
Leonardo SpA		838		6,683
Maire Tecnimont SpA		212		669
MARR SpA		63		746
Mediobanca Banca di Credito Finanziario SpA		1,312		12,580
MFE-MediaForEurope NV, Class A		451		189
MFE-MediaForEurope NV, Class B		451		264
Moncler SpA		432		22,050
Nexi SpA, 144A*		1,200		10,494
OVS SpA, 144A		409		923
Pharmanutra SpA		8		530
Piaggio & C SpA		301		874


	Number of Shares		Value
Italy (Continued)
Pirelli & C SpA, 144A		704	$	3,106
Poste Italiane SpA, 144A		1,113		10,871
Prysmian SpA		539		18,734
RAI Way SpA, 144A		187		1,021
Recordati Industria Chimica e Farmaceutica SpA		218		9,219
Reply SpA		45		5,282
Safilo Group SpA*		681		1,091
Saipem SpA*		2,498		2,664
Salcef Group SpA		30		541
Salvatore Ferragamo SpA		138		2,443
Sanlorenzo SpA		23		838
Saras SpA*		1,030		1,252
Seco SpA*		63		388
Sesa SpA		15		1,850
Snam SpA		4,207		21,311
SOL SpA		69		1,337
Tamburi Investment Partners SpA		307		2,422
Technogym SpA, 144A		366		2,809
Technoprobe SpA*		272		2,102
Telecom Italia SpA* (a)		21,207		4,550
Terna — Rete Elettrica Nazionale		2,918		22,197
Tinexta SpA		51		1,207
UniCredit SpA		4,067		55,119
Unipol Gruppo SpA		798		4,064
Webuild SpA (a)		710		1,115
Wiit SpA		65		1,171
Zignago Vetro SpA		105		1,530

(Cost $850,379)				778,712

Luxembourg — 0.8%
APERAM SA		98		3,039
ArcelorMittal SA		1,099		29,517
Aroundtown SA		2,226		5,316
B&S Group SARL, 144A		45		241
Befesa SA, 144A		94		3,963
Eurofins Scientific SE		283		19,560
Global Fashion Group SA* (a)		133		151
Grand City Properties SA		212		2,105
SES SA		804		5,498
Shurgard Self Storage SA		50		2,172
Tenaris SA		1,030		17,915

(Cost $121,853)				89,477

Netherlands — 14.1%
Aalberts NV		211		8,256
ABN AMRO Bank NV, 144A		874		11,128
Adyen NV, 144A*		46		70,069
Aegon NV		3,809		18,486
Akzo Nobel NV		382		27,118
Alfen Beheer BV, 144A*		47		4,488
AMG Advanced Metallurgical Group NV		57		2,236
Arcadis NV		153		6,126
Argenx SE*		117		47,483
ASM International NV		100		26,952
ASML Holding NV		864		504,473
ASR Nederland NV		280		12,672


See Notes to Financial Statements.		71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Netherlands (Continued)
Basic-Fit NV, 144A* (a)		122	$	3,255
BE Semiconductor Industries NV		162		10,216
Brunel International NV		45		455
CM.com NV* (a)		36		505
Corbion NV		111		3,377
Ebusco Holding NV*		42		703
Eurocommercial Properties NV REIT		79		1,882
Euronext NV, 144A		190		14,382
EXOR NV*		229		17,891
Fastned BV* (a)		15		536
Flow Traders, 144A		57		1,314
Fugro NV*		212		3,320
Heineken Holding NV		224		16,794
Heineken NV		548		50,342
IMCD NV		119		17,243
ING Groep NV		7,975		96,183
JDE Peet’s NV		210		6,455
Just Eat Takeaway.com NV, 144A*		383		8,605
Koninklijke Ahold Delhaize NV		2,214		64,083
Koninklijke BAM Groep NV*		546		1,267
Koninklijke DSM NV		371		47,215
Koninklijke KPN NV		6,852		20,977
Koninklijke Philips NV		1,886		27,853
Koninklijke Vopak NV		143		4,204
NN Group NV		596		25,192
NSI NV REIT		34		844
OCI NV		216		9,121
Pharming Group NV*		1,005		1,280
PostNL NV		847		1,558
Prosus NV*		1,756		114,188
QIAGEN NV*		497		24,473
Randstad NV		253		14,480
SBM Offshore NV		308		4,873
Shop Apotheke Europe NV, 144A*		26		1,145
Signify NV, 144A		266		8,930
Sligro Food Group NV		45		783
Stellantis NV*		4,652		72,090
TKH Group NV		85		3,303
TomTom NV*		128		1,024
Universal Music Group NV		1,541		36,080
Van Lanschot Kempen NV		51		1,213
Vastned Retail NV REIT		27		590
Wereldhave NV REIT		69		951
Wolters Kluwer NV		556		60,866

(Cost $1,260,986)				1,541,528

Poland — 0.1%
InPost SA* (Cost $8,314)		511		3,737

Portugal — 0.6%
Altri SGPS SA		116		672
Banco Comercial Portugues SA, Class R (a)		16,255		2,583
Corticeira Amorim SGPS SA		89		825
CTT-Correios de Portugal SA (a)		230		761
EDP — Energias de Portugal SA		5,770		27,133
Galp Energia SGPS SA		1,112		13,637


	Number of Shares		Value
Portugal (Continued)
Greenvolt-Energias Renovaveis SA*		187	$	1,563
Jeronimo Martins SGPS SA		603		13,303
Navigator Co. SA		449		1,806
NOS SGPS SA		462		1,848
REN — Redes Energeticas Nacionais SGPS SA		785		2,067
Semapa-Sociedade de Investimento e Gestao		44		656
Sonae SGPS SA		2,254		2,259

(Cost $70,333)				69,113

Spain — 7.7%
Acciona SA		53		10,280
Acerinox SA		427		4,178
ACS Actividades de Construccion y Servicios SA		443		12,474
Aena SME SA, 144A*		156		20,016
Almirall SA		195		1,878
Amadeus IT Group SA*		955		50,941
Applus Services SA		367		2,416
Atresmedia Corp. de Medios de Comunicacion SA		152		530
Banco Bilbao Vizcaya Argentaria SA		12,833		74,943
Banco de Sabadell SA		11,716		10,843
Banco Santander SA		35,536		105,408
Bankinter SA (a)		1,507		9,867
CaixaBank SA		9,395		34,824
Cellnex Telecom SA, 144A*		1,149		38,978
Cia de Distribucion Integral Logista Holdings SA		167		3,927
CIE Automotive SA		125		3,161
Construcciones y Auxiliar de Ferrocarriles SA		33		960
Corp ACCIONA Energias Renovables SA		141		5,555
Distribuidora Internacional de Alimentacion SA*		23,550		338
Ebro Foods SA (a)		123		1,938
EDP Renovaveis SA		624		14,318
eDreams ODIGEO SA*		136		594
Enagas SA		504		9,036
Ence Energia y Celulosa SA		194		632
Endesa SA		655		12,064
Faes Farma SA		825		3,164
Ferrovial SA		1,019		27,145
Fluidra SA (a)		208		3,095
Gestamp Automocion SA, 144A		277		1,042
Global Dominion Access SA, 144A		182		685
Grenergy Renovables SA*		20		680
Grifols SA* (a)		621		6,562
Grupo Catalana Occidente SA		81		2,537
Iberdrola SA		12,758		143,115
Indra Sistemas SA		271		2,762
Industria de Diseno Textil SA		2,306		59,655
Inmobiliaria Colonial Socimi SA REIT		679		4,151
Laboratorios Farmaceuticos Rovi SA		34		1,289
Lar Espana Real Estate Socimi SA REIT		164		787


See Notes to Financial Statements.		72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Spain (Continued)
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		1,195	$	1,245
Mapfre SA (a)		2,028		3,837
Mediaset Espana Comunicacion SA*		73		241
Melia Hotels International SA*		194		1,051
Merlin Properties Socimi SA REIT (a)		760		7,015
Miquel y Costas & Miquel SA		60		687
Naturgy Energy Group SA (a)		321		8,945
Neinor Homes SA, 144A*		98		896
Pharma Mar SA		28		2,000
Prosegur Cash SA, 144A		917		583
Prosegur Cia de Seguridad SA		468		857
Red Electrica Corp. SA		843		14,733
Repsol SA		2,889		44,493
Sacyr SA		761		2,106
Siemens Gamesa Renewable Energy SA*		511		9,587
Solaria Energia y Medio Ambiente SA*		164		2,915
Soltec Power Holdings SA*		97		480
Talgo SA, 144A		185		602
Tecnicas Reunidas SA*		57		540
Telefonica SA		10,960		40,887
Unicaja Banco SA, 144A		3,420		3,523
Vidrala SA		41		3,396
Viscofan SA		92		5,701

(Cost $1,148,135)				843,088

Switzerland — 0.5%
STMicroelectronics NV (Cost $34,086)		1,443		54,140

United Kingdom — 0.6%
Allfunds Group PLC		541		3,918
CNH Industrial NV		2,150		34,164
Coca-Cola Europacific Partners PLC		427		22,669

(Cost $42,387)				60,751

TOTAL COMMON STOCKS (Cost $11,296,852)				10,705,702

PREFERRED STOCKS — 1.6%
Germany — 1.6%
Bayerische Motoren Werke AG		122		10,493
Dr Ing hc F Porsche AG*		241		27,285
Draegerwerk AG & Co. KGaA		26		1,170
FUCHS PETROLUB SE		147		5,085
Henkel AG & Co. KGaA		370		26,351
Jungheinrich AG		129		3,743
Porsche Automobil Holding SE		334		20,277
Sartorius AG		51		18,914
Schaeffler AG		346		2,311
Sixt SE		29		1,753
STO SE & Co. KGaA		3		488
Volkswagen AG		394		57,358

(Cost $190,221)				175,228

RIGHTS — 0.0%
Austria — 0.0%
S IMMO AG*, expires 12/31/49 (b) (Cost $0)		101		0


	Number of Shares		Value
France — 0.0%
ALD SA*, expires 12/20/22 (Cost $0)		206	$	178

TOTAL RIGHTS (Cost $0)				178

WARRANTS — 0.0%
Italy — 0.0%
Webuild SpA* (b), expires 8/2/30 (Cost $0)		38		14

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

TOTAL WARRANTS (Cost $43)				14

EXCHANGE-TRADED FUNDS — 0.4%
iShares Currency Hedged MSCI Eurozone ETF (a)		1,064		37,017
iShares MSCI Eurozone ETF		100		4,054

TOTAL EXCHANGE-TRADED FUNDS (Cost $37,407)				41,071

SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e) (Cost $154,052)		154,052		154,052

CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (d) (Cost $47,577)		47,577		47,577


TOTAL INVESTMENTS — 101.9% (Cost $11,726,152)			$	11,123,822
Other assets and liabilities, net — (1.9%)				(204,672	)

NET ASSETS — 100.0%			$	10,919,150


See Notes to Financial Statements.		73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

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


	Value ($) at 5/31/2022	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
COMMON STOCKS — 0.5%
Germany — 0.5%
Deutsche Bank AG (c)
	53,391		3,408		(7,814	)		(2,598	)		(663	)		—		—		4,341		45,724

SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e)
	999,756		—		(845,704	)(f)		—			—			1,547		—		154,052		154,052

CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (d)
	22,163		713,741		(688,327	)		—			—			429		—		47,577		47,577

	1,075,310		717,149		(1,541,845	)		(2,598	)		(663	)		1,976		—		205,970		247,353

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2022 amounted to $209,581, which is 1.9% of net assets.

(b)	Investment was valued using significant unobservable inputs.

(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 $66,121.

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

CVA:

Credit Valuation Adjustment

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

144A:

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

Securities are listed in country of domicile.

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

Contract Description

Currency

Number of
Contracts

Notional
Amount

Contract
Value

Expiration
Date

Unrealized
Appreciation

EURO STOXX 50 Futures

EUR

113,625

$123,779

12/16/2022

10,154

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


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	EUR	3,694,600	USD	3,659,243	$	—	$	(185,360	)
JP Morgan & Chase Co.	12/2/2022	EUR	2,410,530	USD	2,387,461		—		(120,938	)
JP Morgan & Chase Co.	12/2/2022	EUR	763,000	USD	755,687		—		(38,291	)
RBC Capital Markets	12/2/2022	EUR	3,191,200	USD	3,160,644		—		(160,120	)
Goldman Sachs & Co.	12/2/2022	USD	3,804,145	EUR	3,694,600		40,458		—
JP Morgan & Chase Co.	12/2/2022	USD	3,267,625	EUR	3,173,530		34,752		—
RBC Capital Markets	12/2/2022	USD	3,285,819	EUR	3,191,200		34,946		—
Goldman Sachs & Co.	1/3/2023	EUR	3,694,600	USD	3,814,933		—		(41,634	)
JP Morgan & Chase Co.	1/3/2023	EUR	3,173,530	USD	3,276,892		—		(35,762	)
JP Morgan & Chase Co.	1/3/2023	EUR	346,000	USD	357,210		—		(3,958	)
RBC Capital Markets	1/3/2023	EUR	3,191,200	USD	3,295,090		—		(36,009	)

Total unrealized appreciation (depreciation)						$	110,156	$	(622,072	)


See Notes to Financial Statements.		74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	10,704,870	$	—		$	832	$	10,705,702
Preferred Stocks		175,228		—			—		175,228
Rights (a)		178		—			0		178
Warrants (a)		—		—			14		14
Exchange-Traded Funds		41,071		—			—		41,071
Short-Term Investments (a)		201,629		—			—		201,629
Derivatives (b)
Forward Foreign Currency Contracts		—		110,156			—		110,156
Futures Contracts		10,154		—			—		10,154

TOTAL	$	11,133,130	$	110,156		$	846	$	11,244,132


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(622,072	)	$	—	$	(622,072	)

TOTAL	$	—	$	(622,072	)	$	—	$	(622,072	)

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

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

During the period ended November 30, 2022, the amount of transfers from Level 1 to Level 3 was $1,369. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity.


See Notes to Financial Statements.		75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

November 30, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 92.7%
Communication Services — 6.3%
Deutsche Telekom AG		23,043	$	465,328
Scout24 SE, 144A		570		30,820
Telefonica Deutschland Holding AG		7,565		18,011
United Internet AG		713		14,973

(Cost $538,808)				529,132

Consumer Discretionary — 11.6%
adidas AG		1,229		156,358
Bayerische Motoren Werke AG		2,354		211,423
Continental AG		782		46,611
Delivery Hero SE, 144A*		1,211		51,629
Mercedes-Benz Group AG		5,705		382,319
Puma SE		751		38,059
Volkswagen AG		210		40,001
Zalando SE, 144A*		1,592		49,268

(Cost $1,479,729)				975,668

Consumer Staples — 1.8%
Beiersdorf AG		717		77,558
HelloFresh SE*		1,175		28,587
Henkel AG & Co. KGaA		739		48,986

(Cost $215,155)				155,131

Financials — 17.5%
Allianz SE		2,904		617,526
Commerzbank AG*		7,568		63,049
Deutsche Bank AG (a)		14,694		154,771
Deutsche Boerse AG		1,351		247,289
Hannover Rueck SE		429		81,070
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		996		312,175

(Cost $1,565,272)				1,475,880

Health Care — 10.9%
Bayer AG		6,985		402,535
Carl Zeiss Meditec AG		286		38,437
Fresenius Medical Care AG & Co. KGaA		1,460		45,153
Fresenius SE & Co. KGaA		3,003		82,998
Merck KGaA		919		166,207
QIAGEN NV*		1,619		79,721
Siemens Healthineers AG, 144A		2,005		105,697

(Cost $1,613,404)				920,748

Industrials — 17.9%
Brenntag SE		1,098		68,532
Daimler Truck Holding AG*		3,218		105,047
Deutsche Lufthansa AG*		4,250		33,863
Deutsche Post AG		7,047		277,412
GEA Group AG		1,077		43,574
Knorr-Bremse AG		516		29,124
MTU Aero Engines AG		380		79,244
Rational AG		36		22,196
Rheinmetall AG		310		62,711
Siemens AG		5,439		742,682
Siemens Energy AG		3,100		51,001

(Cost $1,429,602)				1,515,386


	Number of Shares		Value
Information Technology — 13.6%
Bechtle AG		603	$	21,567
Infineon Technologies AG		9,284		304,513
Nemetschek SE		411		19,930
SAP SE		7,424		806,997

(Cost $1,028,956)				1,153,007

Materials — 6.8%
BASF SE		6,530		329,665
Covestro AG, 144A		1,374		54,575
Evonik Industries AG		1,491		29,052
HeidelbergCement AG		1,030		55,863
Symrise AG		944		107,025

(Cost $942,102)				576,180

Real Estate — 2.1%
Aroundtown SA		7,264		17,348
LEG Immobilien SE		527		33,288
Vonovia SE		5,092		124,467

(Cost $344,083)				175,103

Utilities — 4.2%
E.ON SE		15,962		151,550
RWE AG		4,567		199,602

(Cost $278,053)				351,152

TOTAL COMMON STOCKS (Cost $9,435,164)				7,827,387

PREFERRED STOCKS — 6.4%
Consumer Discretionary — 4.6%
Bayerische Motoren Werke AG		422		36,294
Dr Ing hc F Porsche AG*		810		91,706
Porsche Automobil Holding SE		1,089		66,112
Volkswagen AG		1,319		192,020

(Cost $532,778)				386,132

Consumer Staples — 1.1%
Henkel AG & Co. KGaA (Cost $145,012)		1,267		90,234

Health Care — 0.7%
Sartorius AG (Cost $31,290)		173		64,161

TOTAL PREFERRED STOCKS (Cost $709,080)				540,527

EXCHANGE-TRADED FUNDS — 1.1%
iShares Currency Hedged MSCI Germany ETF (Cost $92,753)		3,400		96,968

CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (b) (Cost $35,722)		35,722		35,722


TOTAL INVESTMENTS — 100.6% (Cost $10,272,719)			$	8,500,604
Other assets and liabilities, net — (0.6%)				(47,820	)

NET ASSETS — 100.0%			$	8,452,784


See Notes to Financial Statements.		76

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

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


	Value ($) at 5/31/2022	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
COMMON STOCKS — 1.9%
Financials — 1.9%
Deutsche Bank AG (a)
	186,311		13,564		(32,429	)		(48,528	)		35,853		—		—		14,694		154,771
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (b)(c)
	15,960		—		(15,960	)(d)		—			—		43		—		—		—
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (b)
	6,428		473,823		(444,529	)		—			—		487		—		35,722		35,722

	208,699		487,387		(492,918	)		(48,528	)		35,853		530		—		50,416		190,493

*	Non-income producing security.

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

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

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

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

144A:

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

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

Contract Description

Currency

Number of
Contracts

Notional
Amount

Contract
Value

Expiration
Date

Unrealized
Appreciation

DAX Mini Futures

EUR

70,080

$75,017

12/16/2022

4,937

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


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/2/2022	EUR	2,281,867	USD	2,260,030	$	—	$	(114,483	)
JP Morgan & Chase Co.	12/2/2022	EUR	2,235,000	USD	2,213,611		—		(112,131	)
JP Morgan & Chase Co.	12/2/2022	EUR	598,000	USD	592,269		—		(30,010	)
RBC Capital Markets	12/2/2022	EUR	2,612,319	USD	2,587,306		—		(131,075	)
Goldman Sachs & Co.	12/2/2022	USD	2,349,524	EUR	2,281,867		24,988		—
JP Morgan & Chase Co.	12/2/2022	USD	2,916,998	EUR	2,833,000		31,023		—
RBC Capital Markets	12/2/2022	USD	2,689,774	EUR	2,612,319		28,606		—
Goldman Sachs & Co.	1/3/2023	EUR	2,281,867	USD	2,356,187		—		(25,714	)
Goldman Sachs & Co.	1/3/2023	EUR	348,000	USD	359,329		—		(3,927	)
JP Morgan & Chase Co.	1/3/2023	EUR	2,833,000	USD	2,925,271		—		(31,924	)
RBC Capital Markets	1/3/2023	EUR	2,612,319	USD	2,697,363		—		(29,477	)

Total unrealized appreciation (depreciation)						$	84,617	$	(478,741	)

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar


See Notes to Financial Statements.		77

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	7,827,387	$	—		$	—	$	7,827,387
Preferred Stocks (a)		540,527		—			—		540,527
Exchange-Traded Funds		96,968		—			—		96,968
Short-Term Investments (a)		35,722		—			—		35,722
Derivatives (b)
Forward Foreign Currency Contracts		—		84,617			—		84,617
Futures Contracts		4,937		—			—		4,937

TOTAL	$	8,505,541	$	84,617		$	—	$	8,590,158


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(478,741	)	$	—	$	(478,741	)

TOTAL	$	—	$	(478,741	)	$	—	$	(478,741	)

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

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


See Notes to Financial Statements.		78

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

November 30, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 98.4%
Communication Services — 8.2%
Capcom Co. Ltd.		13,200	$	399,088
CyberAgent, Inc.		31,500		280,350
Dentsu Group, Inc.		16,236		517,332
Hakuhodo DY Holdings, Inc.		18,080		174,267
Kakaku.com, Inc.		9,436		165,911
KDDI Corp.		121,715		3,623,509
Koei Tecmo Holdings Co. Ltd.		8,740		150,319
Konami Group Corp.		6,864		320,608
Nexon Co. Ltd.		36,264		759,997
Nintendo Co. Ltd.		83,210		3,551,595
Nippon Telegraph & Telephone Corp.		90,952		2,516,016
SoftBank Corp.		216,100		2,343,470
SoftBank Group Corp.		90,986		3,921,708
Square Enix Holdings Co. Ltd.		6,700		300,333
Toho Co. Ltd.		8,398		321,713
Z Holdings Corp.		199,028		538,322

(Cost $20,839,159)				19,884,538

Consumer Discretionary — 18.1%
Aisin Corp.		11,323		308,720
Bandai Namco Holdings, Inc.		15,207		996,070
Bridgestone Corp.		42,807		1,601,736
Denso Corp.		32,510		1,768,992
Fast Retailing Co. Ltd.		4,389		2,568,434
Hikari Tsushin, Inc.		1,452		201,570
Honda Motor Co. Ltd.		124,045		3,014,664
Iida Group Holdings Co. Ltd.		11,566		183,679
Isuzu Motors Ltd.		43,595		566,366
Koito Manufacturing Co. Ltd.		15,544		243,702
Mazda Motor Corp.		44,504		351,610
McDonald’s Holdings Co. Japan Ltd.		6,819		252,336
Nissan Motor Co. Ltd.		169,347		602,384
Nitori Holdings Co. Ltd.		6,047		681,596
Open House Group Co. Ltd.		5,700		238,584
Oriental Land Co. Ltd.		15,025		2,145,651
Pan Pacific International Holdings Corp.		28,100		485,121
Panasonic Holdings Corp.		167,944		1,549,429
Rakuten Group, Inc.		68,438		323,630
Sekisui Chemical Co. Ltd.		27,252		380,293
Sekisui House Ltd.		45,652		848,640
Sharp Corp. (a)		17,955		126,513
Shimano, Inc.		5,584		945,426
Sony Group Corp.		95,193		7,758,688
Subaru Corp.		46,817		797,235
Sumitomo Electric Industries Ltd.		53,613		621,389
Suzuki Motor Corp.		27,989		995,800
Toyota Motor Corp.		800,165		11,649,879
USS Co. Ltd.		16,318		271,317
Yamaha Corp.		10,807		423,390
Yamaha Motor Co. Ltd.		22,624		559,497
ZOZO, Inc.		9,434		233,988

(Cost $44,838,818)				43,696,329

Consumer Staples — 6.5%
Aeon Co. Ltd.		49,802		1,018,112
Ajinomoto Co., Inc.		34,801		1,092,493


	Number of Shares		Value
Consumer Staples (Continued)
Asahi Group Holdings Ltd.		34,697	$	1,105,058
Ito En Ltd.		4,000		152,654
Japan Tobacco, Inc.		91,389		1,863,319
Kao Corp.		36,084		1,427,002
Kikkoman Corp.		11,048		617,645
Kirin Holdings Co. Ltd.		60,589		949,925
Kobayashi Pharmaceutical Co. Ltd.		3,900		240,061
Kobe Bussan Co. Ltd.		11,600		300,311
Kose Corp.		2,588		271,563
MEIJI Holdings Co. Ltd.		8,393		401,143
Nisshin Seifun Group, Inc.		13,775		161,102
Nissin Foods Holdings Co. Ltd.		4,770		362,007
Seven & i Holdings Co. Ltd.		56,702		2,290,828
Shiseido Co. Ltd.		29,807		1,251,726
Suntory Beverage & Food Ltd.		10,636		359,309
Unicharm Corp.		30,774		1,132,770
Welcia Holdings Co. Ltd.		6,700		146,528
Yakult Honsha Co. Ltd.		9,738		617,043

(Cost $17,969,797)				15,760,599

Energy — 0.8%
ENEOS Holdings, Inc.		229,937		775,948
Idemitsu Kosan Co. Ltd.		15,660		367,430
Inpex Corp.		79,044		877,503

(Cost $2,567,850)				2,020,881

Financials — 10.5%
Chiba Bank Ltd.		38,560		232,885
Concordia Financial Group Ltd.		85,938		296,853
Dai-ichi Life Holdings, Inc.		74,419		1,370,734
Daiwa Securities Group, Inc.		98,944		435,643
Japan Exchange Group, Inc.		37,332		534,067
Japan Post Bank Co. Ltd.		29,925		227,758
Japan Post Holdings Co. Ltd.		177,370		1,384,639
Japan Post Insurance Co. Ltd.		14,400		238,488
Mitsubishi HC Capital, Inc.		49,816		235,931
Mitsubishi UFJ Financial Group, Inc.		901,442		4,929,241
Mizuho Financial Group, Inc.		181,577		2,257,714
MS&AD Insurance Group Holdings, Inc.		33,889		1,006,191
Nomura Holdings, Inc.		220,377		799,064
ORIX Corp.		90,927		1,455,530
Resona Holdings, Inc.		163,476		782,398
SBI Holdings, Inc.		17,899		339,341
Shizuoka Financial Group, Inc.		33,182		241,494
Sompo Holdings, Inc.		23,775		1,043,180
Sumitomo Mitsui Financial Group, Inc.		98,372		3,328,933
Sumitomo Mitsui Trust Holdings, Inc.		25,762		822,168
T&D Holdings, Inc.		41,149		497,042
Tokio Marine Holdings, Inc.		138,213		2,829,518

(Cost $27,449,364)				25,288,812

Health Care — 9.9%
Asahi Intecc Co. Ltd.		17,500		305,924
Astellas Pharma, Inc.		137,935		2,125,611
Chugai Pharmaceutical Co. Ltd.		51,035		1,339,350
Daiichi Sankyo Co. Ltd.		132,183		4,324,736
Eisai Co. Ltd.		19,212		1,298,330
Hoya Corp.		27,186		2,768,015


See Notes to Financial Statements.		79

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Health Care (Continued)
Kyowa Kirin Co. Ltd.		19,760	$	454,327
M3, Inc.		33,584		1,022,672
Nippon Shinyaku Co. Ltd.		3,500		205,047
Olympus Corp.		91,676		1,862,864
Ono Pharmaceutical Co. Ltd.		27,183		692,124
Otsuka Holdings Co. Ltd.		29,500		1,001,919
Shionogi & Co. Ltd.		20,108		1,012,025
Sysmex Corp.		12,744		767,648
Takeda Pharmaceutical Co. Ltd.		112,923		3,311,885
Terumo Corp.		49,002		1,434,681

(Cost $23,290,079)				23,927,158

Industrials — 22.1%
AGC, Inc.		14,562		485,084
ANA Holdings, Inc.* (a)		12,218		260,525
Central Japan Railway Co.		10,826		1,303,761
Dai Nippon Printing Co. Ltd.		16,343		336,233
Daifuku Co. Ltd.		7,600		387,457
Daikin Industries Ltd.		18,748		3,041,849
East Japan Railway Co.		23,085		1,305,793
FANUC Corp.		14,589		2,151,531
Fuji Electric Co. Ltd.		9,906		403,155
Hankyu Hanshin Holdings, Inc.		17,140		532,483
Hitachi Construction Machinery Co. Ltd.		7,620		177,132
Hitachi Ltd.		73,034		3,860,346
Hoshizaki Corp.		7,908		265,433
ITOCHU Corp.		89,388		2,775,048
Japan Airlines Co. Ltd.*		10,454		206,900
Kajima Corp.		32,176		361,162
Keio Corp.		8,136		301,661
Keisei Electric Railway Co. Ltd.		9,984		283,057
Kintetsu Group Holdings Co. Ltd.		13,110		465,197
Komatsu Ltd.		69,237		1,593,920
Kubota Corp.		77,463		1,138,749
Kurita Water Industries Ltd.		7,842		346,413
Lixil Corp.		21,816		333,188
Makita Corp.		16,544		374,993
Marubeni Corp.		117,787		1,320,402
MINEBEA MITSUMI, Inc.		28,224		458,443
MISUMI Group, Inc.		21,220		514,787
Mitsubishi Corp.		95,291		3,177,747
Mitsubishi Electric Corp.		144,526		1,441,702
Mitsubishi Heavy Industries Ltd.		24,402		964,311
Mitsui & Co. Ltd.		107,971		3,114,262
Mitsui OSK Lines Ltd. (a)		25,800		628,699
MonotaRO Co. Ltd.		18,300		309,572
NGK Insulators Ltd.		18,864		247,394
Nidec Corp.		33,590		2,075,871
Nihon M&A Center Holdings, Inc.		22,300		297,140
NIPPON EXPRESS HOLDINGS, Inc.		5,839		342,078
Nippon Yusen KK (a)		36,536		803,533
Obayashi Corp.		47,108		349,327
Odakyu Electric Railway Co. Ltd.		21,977		286,788
Persol Holdings Co. Ltd.		13,400		305,670
Recruit Holdings Co. Ltd.		108,791		3,410,502
Secom Co. Ltd.		15,972		981,406
SG Holdings Co. Ltd.		21,300		328,547


	Number of Shares		Value
Industrials (Continued)
Shimizu Corp.		44,568	$	238,187
SMC Corp.		4,358		1,949,092
Sumitomo Corp.		85,673		1,394,071
Taisei Corp.		13,752		414,781
Tobu Railway Co. Ltd.		14,390		344,926
Tokyu Corp.		38,722		490,439
TOPPAN, Inc.		20,339		314,018
Toshiba Corp.		29,623		1,006,096
TOTO Ltd.		10,838		372,412
Toyota Industries Corp.		10,899		616,418
Toyota Tsusho Corp.		16,131		610,943
West Japan Railway Co.		16,679		704,893
Yamato Holdings Co. Ltd.		21,217		352,311
Yaskawa Electric Corp.		18,182		585,263

(Cost $54,147,481)				53,443,101

Information Technology — 13.5%
Advantest Corp. (a)		14,400		952,075
Azbil Corp.		8,600		260,012
Brother Industries Ltd.		17,122		274,517
Canon, Inc.		75,097		1,746,771
Disco Corp.		2,200		646,824
FUJIFILM Holdings Corp.		26,857		1,422,688
Fujitsu Ltd.		14,940		1,997,734
GMO Payment Gateway, Inc.		3,300		290,593
Hamamatsu Photonics KK		10,288		533,435
Hirose Electric Co. Ltd.		2,266		298,654
Ibiden Co. Ltd.		8,500		339,163
Itochu Techno-Solutions Corp.		7,500		181,946
Keyence Corp.		14,686		6,076,892
Kyocera Corp.		23,908		1,208,645
Lasertec Corp.		5,700		1,037,508
Murata Manufacturing Co. Ltd.		43,645		2,359,087
NEC Corp.		18,693		657,213
Nomura Research Institute Ltd.		25,422		551,556
NTT Data Corp.		47,640		725,174
Obic Co. Ltd.		5,262		826,891
Omron Corp.		14,117		720,111
Oracle Corp.		3,172		184,453
Otsuka Corp.		8,360		276,669
Renesas Electronics Corp.*		88,900		847,218
Ricoh Co. Ltd.		41,634		327,428
Rohm Co. Ltd.		6,712		527,375
SCSK Corp.		11,700		186,570
Seiko Epson Corp.		21,824		340,106
Shimadzu Corp.		18,436		558,060
SUMCO Corp.		25,900		379,431
TDK Corp.		29,584		1,045,477
TIS, Inc.		16,800		473,257
Tokyo Electron Ltd.		11,214		3,661,665
Trend Micro, Inc.		9,872		486,844
Yokogawa Electric Corp.		17,008		316,044

(Cost $30,646,071)				32,718,086

Materials — 4.4%
Asahi Kasei Corp.		94,584		697,959
JFE Holdings, Inc.		38,319		423,454
JSR Corp.		13,351		277,771


See Notes to Financial Statements.		80

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)


	Number of Shares		Value
Materials (Continued)
Mitsubishi Chemical Group Corp.		95,496	$	504,277
Mitsui Chemicals, Inc.		13,781		309,371
Nippon Paint Holdings Co. Ltd.		61,615		499,738
Nippon Sanso Holdings Corp.		13,380		220,239
Nippon Steel Corp.		61,337		973,868
Nissan Chemical Corp.		9,502		463,781
Nitto Denko Corp.		10,818		674,509
Oji Holdings Corp.		59,084		225,913
Shin-Etsu Chemical Co. Ltd.		28,231		3,591,996
Sumitomo Chemical Co. Ltd.		112,656		406,276
Sumitomo Metal Mining Co. Ltd.		18,505		622,462
Toray Industries, Inc.		107,142		573,069
Tosoh Corp.		20,100		236,239

(Cost $12,225,634)				10,700,922

Real Estate — 3.4%
Daito Trust Construction Co. Ltd.		4,751		527,086
Daiwa House Industry Co. Ltd.		44,517		1,018,388
Daiwa House REIT Investment Corp. REIT		165		367,424
GLP J REIT		318		354,638
Hulic Co. Ltd.		28,310		236,378
Japan Metropolitan Fund Invest REIT		524		417,789
Japan Real Estate Investment Corp. REIT		98		432,196
Mitsubishi Estate Co. Ltd.		88,324		1,240,847
Mitsui Fudosan Co. Ltd.		68,982		1,386,983
Nippon Building Fund, Inc. REIT		116		537,620
Nippon Prologis REIT, Inc. REIT (a)		159		388,605
Nomura Real Estate Holdings, Inc.		9,028		217,054
Nomura Real Estate Master Fund, Inc. REIT		316		394,743
Sumitomo Realty & Development Co. Ltd.		23,550		633,730

(Cost $9,519,511)				8,153,481


	Number of Shares		Value
Utilities — 1.0%
Chubu Electric Power Co., Inc.		50,034	$	466,680
Kansai Electric Power Co., Inc.		53,307		450,112
Osaka Gas Co. Ltd.		28,389		436,248
Tokyo Electric Power Co. Holdings, Inc.*		112,784		407,554
Tokyo Gas Co. Ltd.		28,965		529,840

(Cost $2,995,073)				2,290,434

TOTAL COMMON STOCKS (Cost $246,488,837)				237,884,341

EXCHANGE-TRADED FUNDS — 0.2%
iShares Currency Hedged MSCI Japan ETF (Cost $456,083)		11,250		456,075

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (b)(c) (Cost $649,356)		649,356		649,356

CASH EQUIVALENTS — 0.1%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (b)		119,439		119,391
DWS Government Money Market Series “Institutional Shares”, 3.74% (b)		217,039		217,039

TOTAL CASH EQUIVALENTS (Cost $336,476)				336,430


TOTAL INVESTMENTS — 99.0% (Cost $247,930,752)			$	239,326,202
Other assets and liabilities, net — 1.0%				2,316,414

NET ASSETS — 100.0%			$	241,642,616

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


	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (b)(c)
		466,150		183,206	(d)		—			—		—		14,966		—		649,356		649,356
CASH EQUIVALENTS — 0.1%
DWS ESG Liquidity Fund “Capital Shares”, 3.93% (b)
		117,904		1,464			—			—		23		1,477		—		119,439		119,391
DWS Government Money Market Series “Institutional Shares”, 3.74% (b)
		—		68,030,343			(67,813,304	)				— —		63,012		—		217,039		217,039

		584,054		68,215,013			(67,813,304	)		—		23		79,455		—		985,834		985,786

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2022 amounted to $2,005,483, which is 0.8% of net assets.

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


See Notes to Financial Statements.		81

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,461,767.

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

REIT:

Real Estate Investment Trust

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


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
Nikkei 225 Futures	JPY	3	$	607,100	$	609,168	12/08/2022	$	2,068
TOPIX Index Futures	JPY	36		5,126,536		5,187,921	12/08/2022		61,385

Total unrealized appreciation								$	63,453

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


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/2/2022	JPY	354,610,700	USD	2,515,571	$	—	$	(52,397	)
Goldman Sachs & Co.	12/2/2022	JPY	9,415,480,100	USD	63,556,056		—		(4,627,594	)
Goldman Sachs & Co.	12/2/2022	JPY	1,057,770,000	USD	7,139,993		—		(520,011	)
Goldman Sachs & Co.	12/2/2022	JPY	709,221,300	USD	4,785,352		—		(350,583	)
JP Morgan & Chase Co.	12/2/2022	JPY	9,506,798,400	USD	64,172,469		—		(4,672,475	)
RBC Capital Markets	12/2/2022	JPY	12,289,522,800	USD	82,956,042		—		(6,040,430	)
Goldman Sachs & Co.	12/2/2022	USD	80,258,892	JPY	11,182,471,400		720,697		—
JP Morgan & Chase Co.	12/2/2022	USD	70,670,841	JPY	9,861,409,100		742,072		—
RBC Capital Markets	12/2/2022	USD	9,968,052	JPY	1,400,000,000		170,263		—
RBC Capital Markets	12/2/2022	USD	78,038,719	JPY	10,889,522,800		819,438		—
Goldman Sachs & Co.	1/5/2023	JPY	11,182,471,400	USD	80,625,476		—		(774,238	)
JP Morgan & Chase Co.	1/5/2023	JPY	9,861,409,100	USD	70,993,144		—		(790,262	)
JP Morgan & Chase Co.	1/5/2023	JPY	1,375,772,000	USD	9,904,231		—		(110,321	)
RBC Capital Markets	1/5/2023	JPY	10,889,522,800	USD	78,394,624		—		(872,652	)

Total unrealized appreciation (depreciation)						$	2,452,470	$	(18,810,963	)

Currency Abbreviations

JPY

Japanese Yen

USD

U.S. Dollar


See Notes to Financial Statements.		82

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2022 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	237,884,341	$	—		$	—	$	237,884,341
Exchange-Traded Funds		456,075		—			—		456,075
Short-Term Investments (a)		985,786		—			—		985,786
Derivatives (b)
Forward Foreign Currency Contracts		—		2,452,470			—		2,452,470
Futures Contracts		63,453		—			—		63,453

TOTAL	$	239,389,655	$	2,452,470		$	—	$	241,842,125


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(18,810,963	)	$	—	$	(18,810,963	)

TOTAL	$	—	$	(18,810,963	)	$	—	$	(18,810,963	)

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

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


See Notes to Financial Statements.		83

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2022 (Unaudited)


	Xtrackers MSCI All World ex US Hedged Equity ETF		Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	138,204,019	$	91,449,972		$	471,901,349		$	10,876,469
Investment in affiliated securities at value		130,651		—			1,105,013			45,724
Investment in DWS ESG Liquidity Fund		—		—			649,230			—
Investment in DWS Government Money Market Series*		223,043		291,213			—			47,577
Investment in DWS Government & Agency Securities Portfolio**		883,140		267,405			4,340,635			154,052
Cash		1,471		831			—			—
Foreign currency at value		239,403		162,742			557,094			31,524
Receivable for return of collateral pledged for forward foreign currency contracts		5,620,000		1,950,000			20,010,000			20,000
Unrealized appreciation on forward foreign currency contracts		1,175,015		410,138			5,043,605			110,156
Deposit with broker for futures contracts		365,093		146,495			1,143,764			12,975
Receivables:
Investment securities sold		5,076,270		3,863,926			23,558,722			433,489
Variation margin on futures contracts		164,669		60,899			1,028,214			865
Dividends		323,415		140,641			464,337			1,097
Interest		4,031		2,301			13,726			136
Securities lending income		1,621		614			7,795			311
Foreign tax reclaim		149,952		525			1,786,888			10,580

Total assets	$	152,561,793	$	98,747,702		$	531,610,372		$	11,744,955


Liabilities
Due to custodian	$	—	$	—		$	1,827,880		$	—
Payable upon return of securities loaned		883,140		267,405			4,340,635			154,052
Payable upon return of deposit for forward foreign currency contracts		—		—			—			20,000
Unrealized depreciation on forward foreign currency contracts		7,053,652		2,893,323			28,077,288			622,072
Payables:
Investment securities purchased		1,167,367		1,432,025			3,124,660			25,778
Capital shares		—		—			13,822,702			—
Investment advisory fees		45,355		47,409			178,203			3,903
Deferred foreign tax payable		175,037		460,396			—			—

Total liabilities		9,324,551		5,100,558			51,371,368			825,805

Net Assets, at value	$	143,237,242	$	93,647,144		$	480,239,004		$	10,919,150


Net Assets Consist of
Paid-in capital	$	132,089,007	$	105,268,321		$	592,779,445		$	12,162,132
Distributable earnings (loss)		11,148,235		(11,621,177	)		(112,540,441	)		(1,242,982	)

Net Assets, at value	$	143,237,242	$	93,647,144		$	480,239,004		$	10,919,150


Number of Common Shares outstanding		4,600,001		4,200,800			13,900,001			300,001

Net Asset Value	$	31.14	$	22.29		$	34.55		$	36.40


Investment in non-affiliated securities at cost	$	135,203,591	$	81,382,588		$	522,779,208		$	11,400,601

Investment in affiliated securities at cost	$	160,701	$	—		$	2,608,892		$	123,922

Value of securities loaned	$	2,204,943	$	1,207,854		$	14,569,093		$	209,581

Investment in DWS ESG Liquidity Fund at cost	$	—	$	—		$	649,489		$	—

Investment in DWS Government Money Market Series at cost*	$	223,043	$	291,213		$	—		$	47,577

Investment in DWS Government & Agency Securities Portfolio at cost**	$	883,140	$	267,405		$	4,340,635		$	154,052

Non-cash collateral for securities on loan	$	1,424,292	$	984,242		$	10,986,459		$	66,121

Foreign currency at cost	$	254,253	$	215,568		$	548,451		$	30,209

* Includes collateral held for forward foreign currency contracts	$	—	$	—		$	—		$	20,000

**	Represents collateral on securities loaned.


See Notes to Financial Statements.		84

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2022 (Unaudited)


	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	8,310,111		$	238,340,416
Investment in affiliated securities at value		154,771			—
Investment in DWS ESG Liquidity Fund		—			119,391
Investment in DWS Government Money Market Series		35,722			217,039
Investment in DWS Government & Agency Securities Portfolio*		—			649,356
Cash		—			3,074
Foreign currency at value		7,315			578,158
Receivable for return of collateral pledged for forward foreign currency contracts		—			15,030,000
Unrealized appreciation on forward foreign currency contracts		84,617			2,452,470
Deposit with broker for futures contracts		8,033			252,049
Receivables:
Investment securities sold		370,240			2,116,258
Variation margin on futures contracts		209			500,762
Dividends		—			1,502,808
Interest		101			8,623
Securities lending income		—			296
Foreign tax reclaim		26,552			23,088

Total assets	$	8,997,671		$	261,793,788


Liabilities
Payable upon return of securities loaned	$	—		$	649,356
Unrealized depreciation on forward foreign currency contracts		478,741			18,810,963
Payables:
Investment securities purchased		63,129			603,248
Investment advisory fees		3,017			87,605

Total liabilities		544,887			20,151,172

Net Assets, at value	$	8,452,784		$	241,642,616


Net Assets Consist of
Paid-in capital	$	17,573,232		$	379,252,304
Distributable earnings (loss)		(9,120,448	)		(137,609,688	)

Net Assets, at value	$	8,452,784		$	241,642,616


Number of Common Shares outstanding		300,800			4,700,800

Net Asset Value	$	28.10		$	51.40


Investment in non-affiliated securities at cost	$	9,768,664		$	246,944,920

Investment in affiliated securities at cost	$	468,333		$	—

Value of securities loaned	$	—		$	2,005,483

Investment in DWS ESG Liquidity Fund at cost	$	—		$	119,437

Investment in DWS Government Money Market Series at cost	$	35,722		$	217,039

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	649,356

Non-cash collateral for securities on loan	$	—		$	1,461,767

Foreign currency at cost	$	7,214		$	564,862

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		85

DBX ETF Trust

Statements of Operations

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


	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	1,882,751		$	1,717,437		$	5,587,643		$	68,093
Income distributions from affiliated funds		38,974			13,155			138,359			429
Affiliated securities lending income		9,585			3,402			41,429			1,547
Unaffiliated non-cash dividend income		—			—			575,654			10,134
Unaffiliated securities lending income, net of borrower rebates		—			1,111			—			600
Other Income		—			—			261,810			—

Total investment income**		1,931,310			1,735,105			6,604,895			80,803


Expenses
Investment advisory fees		274,912			294,850			1,099,387			24,381
Interest expense (see note 2):		16,561			6,806			67,613			205
Other expenses		3,651			403			62,612			289

Total expenses		295,124			302,059			1,229,612			24,875

Less fees waived (see note 3):
Waiver		(920	)		(281	)		(3,369	)		(6	)

Net expenses		294,204			301,778			1,226,243			24,869

Net investment income (loss)		1,637,106			1,433,327			5,378,652			55,934


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments***		(3,819,205	)		(2,092,748	)		(11,185,312	)		(224,157	)
Investments in affiliates		(10,541	)		—			(90,928	)		(2,128	)
In-kind redemptions		2,609,462			—			7,311,821			297,623
In-kind redemptions in affiliates		2,538			—			12,202			(470	)
Futures contracts		(169,026	)		(64,438	)		146,192			2,731
Foreign currency transactions		(30,882	)		29,035			(30,905	)		4,853
Forward foreign currency contracts		10,861,451			5,008,983			37,643,333			836,908
Payments by Affiliates (see note 6)		—			—			48			—

Net realized gain (loss)		9,443,797			2,880,832			33,806,451			915,360

Net change in unrealized appreciation (depreciation) on:
Investments****		(6,439,490	)		(7,233,731	)		(13,157,711	)		(458,221	)
Investments in affiliates		4,670			—			24,171			(663	)
Futures contracts		246,390			121,504			126,808			5,283
Foreign currency translations		(44,597	)		(65,136	)		(137,957	)		(4,124	)
Forward foreign currency contracts		(4,542,023	)		(1,886,566	)		(17,050,133	)		(303,607	)

Net change in unrealized appreciation (depreciation)		(10,775,050	)		(9,063,929	)		(30,194,822	)		(761,332	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1,331,253	)		(6,183,097	)		3,611,629			154,028


Net Increase (Decrease) in Net Assets Resulting from Operations	$	305,853		$	(4,749,770	)	$	8,990,281		$	209,962

* Unaffiliated foreign tax withheld	$	192,436		$	219,135		$	303,641		$	11,766
** Total investment income includes $1,562,846 of non-recurring foreign dividend reclaims and $261,810 of non-recurring related interest which are included in Unaffiliated dividend income and Other income, respectively for Xtrackers MSCI Europe Hedged Equity ETF
*** Including foreign taxes	$	18,804		$	3,727		$	—		$	—
**** Including change in deferred foreign taxes	$	63,058		$	180,172		$	—		$	—


See Notes to Financial Statements.		86

DBX ETF Trust

Statements of Operations (Continued)

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


	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	4,566		$	2,189,037
Income distributions from affiliated funds		487			64,489
Affiliated securities lending income		43			—
Unaffiliated securities lending income, net of borrower rebates		—			14,966

Total investment income		5,096			2,268,492


Expenses
Investment advisory fees		18,232			466,735
Interest expense (see note 2):		—			43,257
Other expenses		173			2,825

Total expenses		18,405			512,817

Less fees waived (see note 3):
Waiver		(11	)		(1,367	)

Net expenses		18,394			511,450

Net investment income (loss)		(13,298	)		1,757,042


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(413,442	)		(5,711,280	)
Investments in affiliates		(29,201	)		—
In-kind redemptions		(16,368	)		1,367,866
In-kind redemptions in affiliates		(19,327	)		—
Futures contracts		(5,157	)		348,824
Foreign currency transactions		(1,520	)		(148,052	)
Forward foreign currency contracts		641,385			29,291,047

Net realized gain (loss)		156,370			25,148,405

Net change in unrealized appreciation (depreciation) on:
Investments		(91,569	)		1,252,128
Investments in affiliates		35,853			23
Futures contracts		2,284			27,482
Foreign currency translations		(5,229	)		111,764
Forward foreign currency contracts		(229,688	)		(15,268,609	)

Net change in unrealized appreciation (depreciation)		(288,349	)		(13,877,212	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(131,979	)		11,271,193


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(145,277	)	$	13,028,235

* Unaffiliated foreign tax withheld	$	719		$	247,513


See Notes to Financial Statements.		87

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI All World ex US Hedged Equity ETF						Xtrackers MSCI Emerging Markets Hedged Equity ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,637,106		$	3,790,573		$	1,433,327		$	2,206,226
Net realized gain (loss)		9,443,797			11,166,776			2,880,832			2,104,464
Net change in net unrealized appreciation (depreciation)		(10,775,050	)		(20,502,502	)		(9,063,929	)		(25,281,095	)

Net increase (decrease) in net assets resulting from operations		305,853			(5,545,153	)		(4,749,770	)		(20,970,405	)

Distributions to Shareholders		(1,711,201	)		(2,755,823	)		(1,115,581	)		(1,932,852	)


Fund Shares Transactions
Proceeds from shares sold		—			38,846,234			2,054,311			10,392,890
Value of shares redeemed		(11,041,632	)		—			—			(7,486,062	)

Net increase (decrease) in net assets resulting from fund share transactions		(11,041,632	)		38,846,234			2,054,311			2,906,828

Total net increase (decrease) in Net Assets		(12,446,980	)		30,545,258			(3,811,040	)		(19,996,429	)

Net Assets
Beginning of period		155,684,222			125,138,964			97,458,184			117,454,613

End of period	$	143,237,242		$	155,684,222		$	93,647,144		$	97,458,184


Changes in Shares Outstanding
Shares outstanding, beginning of period		4,950,001			3,750,001			4,100,800			4,000,800
Shares sold		—			1,200,000			100,000			400,000
Shares redeemed		(350,000	)		—			—			(300,000	)

Shares outstanding, end of period		4,600,001			4,950,001			4,200,800			4,100,800


See Notes to Financial Statements.		88

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Europe Hedged Equity ETF						Xtrackers MSCI Eurozone Hedged Equity ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	5,378,652		$	16,144,511		$	55,934		$	344,293
Net realized gain (loss)		33,806,451			88,684,890			915,360			2,307,837
Net change in net unrealized appreciation (depreciation)		(30,194,822	)		(89,272,383	)		(761,332	)		(3,058,939	)

Net increase (decrease) in net assets resulting from operations		8,990,281			15,557,018			209,962			(406,809	)

Distributions to Shareholders		(7,843,237	)		(11,268,402	)		(206,410	)		(261,109	)


Fund Shares Transactions
Proceeds from shares sold		—			78,587,519			—			—
Value of shares redeemed		(47,503,939	)		(119,387,070	)		(1,771,612	)		(1,813,038	)

Net increase (decrease) in net assets resulting from fund share transactions		(47,503,939	)		(40,799,551	)		(1,771,612	)		(1,813,038	)

Total net increase (decrease) in Net Assets		(46,356,895	)		(36,510,935	)		(1,768,060	)		(2,480,956	)

Net Assets
Beginning of period		526,595,899			563,106,834			12,687,210			15,168,166

End of period	$	480,239,004		$	526,595,899		$	10,919,150		$	12,687,210


Changes in Shares Outstanding
Shares outstanding, beginning of period		15,350,001			16,550,001			350,001			400,001
Shares sold		—			2,250,000			—			—
Shares redeemed		(1,450,000	)		(3,450,000	)		(50,000	)		(50,000	)

Shares outstanding, end of period		13,900,001			15,350,001			300,001			350,001


See Notes to Financial Statements.		89

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Germany Hedged Equity ETF						Xtrackers MSCI Japan Hedged Equity ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	(13,298	)	$	260,783		$	1,757,042		$	3,125,480
Net realized gain (loss)		156,370			2,289,243			25,148,405			31,413,571
Net change in net unrealized appreciation (depreciation)		(288,349	)		(3,573,222	)		(13,877,212	)		(31,093,217	)

Net increase (decrease) in net assets resulting from operations		(145,277	)		(1,023,196	)		13,028,235			3,445,834

Distributions to Shareholders		(239,488	)		(263,720	)		(1,463,693	)		(4,701,108	)


Fund Shares Transactions
Proceeds from shares sold		—			—			54,230,740			9,961,877
Value of shares redeemed		(1,278,801	)		(3,221,344	)		(14,664,697	)		(16,999,026	)

Net increase (decrease) in net assets resulting from fund share transactions		(1,278,801	)		(3,221,344	)		39,566,043			(7,037,149	)

Total net increase (decrease) in Net Assets		(1,663,566	)		(4,508,260	)		51,130,585			(8,292,423	)

Net Assets
Beginning of period		10,116,350			14,624,610			190,512,031			198,804,454

End of period	$	8,452,784		$	10,116,350		$	241,642,616		$	190,512,031


Changes in Shares Outstanding
Shares outstanding, beginning of period		350,800			450,800			3,900,800			4,050,800
Shares sold		—			—			1,100,000			200,000
Shares redeemed		(50,000	)		(100,000	)		(300,000	)		(350,000	)

Shares outstanding, end of period		300,800			350,800			4,700,800			3,900,800


See Notes to Financial Statements.		90

DBX ETF Trust

Financial Highlights


Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	31.45		$	33.37		$	25.63		$	26.61		$	27.71		$	26.20

Income (loss) from investment operations:
Net investment income (loss) (a)		0.35			0.88			0.64			0.62			0.73			0.67
Net realized and unrealized gain (loss)		(0.29	)		(2.11	)		7.73			(0.76	)		(1.12	)		1.51

Total from investment operations		0.06			(1.23	)		8.37			(0.14	)		(0.39	)		2.18

Less distributions from:
Net investment income		(0.37	)		(0.69	)		(0.63	)		(0.84	)		(0.71	)		(0.67	)

Total distributions		(0.37	)		(0.69	)		(0.63	)		(0.84	)		(0.71	)		(0.67	)

Net Asset Value, end of period	$	31.14		$	31.45		$	33.37		$	25.63		$	26.61		$	27.71

Total Return (%)		0.27	**(b)		(3.79	)(b)		33.10	(b)		(0.78	)(b)		(1.30	)(b)		8.43

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		143			156			125			99			98			127
Ratio of expenses before fee waiver (%)		0.43	*		0.40			0.40			0.41			0.41			0.40
Ratio of expenses after fee waiver (%)		0.43	*		0.40			0.40			0.41			0.41			0.40
Ratio of net investment income (loss) (%)		2.38	*		2.69			2.15			2.29			2.74			2.46
Portfolio turnover rate (%) (c)		8	**		6			14			10			13			11


Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	23.77		$	29.36		$	21.03		$	21.81		$	23.91		$	21.47

Income (loss) from investment operations:
Net investment income (loss) (a)		0.35			0.53			0.39			0.58			0.52			0.41
Net realized and unrealized gain (loss)		(1.56	)		(5.65	)		8.42			(0.74	)		(2.02	)		2.39

Total from investment operations		(1.21	)		(5.12	)		8.81			(0.16	)		(1.50	)		2.80

Less distributions from:
Net investment income		(0.27	)		(0.47	)		(0.48	)		(0.62	)		(0.60	)		(0.36	)

Total distributions		(0.27	)		(0.47	)		(0.48	)		(0.62	)		(0.60	)		(0.36	)

Net Asset Value, end of period	$	22.29		$	23.77		$	29.36		$	21.03		$	21.81		$	23.91

Total Return (%)		(5.05	)**(b)		(17.67	)(b)		42.20	(b)		(1.01	)(b)		(6.18	)(b)		13.09

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		94			97			117			89			112			195
Ratio of expenses before fee waiver (%)		0.67	*		0.65			0.65			0.66			0.66			0.65
Ratio of expenses after fee waiver (%)		0.67	*		0.65			0.65			0.66			0.66			0.65
Ratio of net investment income (loss) (%)		3.16	*		2.00			1.48			2.62			2.29			1.74
Portfolio turnover rate (%) (c)		6	**		14			13			20			13			15

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		91

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	34.31		$	34.02		$	26.91		$	28.31		$	28.71		$	28.29

Income (loss) from investment operations:
Net investment income (loss) (a)		0.36	(b)		0.97			0.77			0.52			0.75			0.68
Net realized and unrealized gain (loss)		0.39			(0.00	)(c)		7.07			(1.06	)		(0.26	)		0.39

Total from investment operations		0.75			0.97			7.84			(0.54	)		0.49			1.07

Less distributions from:
Net investment income		(0.51	)		(0.68	)		(0.73	)		(0.86	)		(0.89	)		(0.65	)

Total distributions		(0.51	)		(0.68	)		(0.73	)		(0.86	)		(0.89	)		(0.65	)

Net Asset Value, end of period	$	34.55		$	34.31		$	34.02		$	26.91		$	28.31		$	28.71

Total Return (%)		2.33	**(d)		2.85	(d)		29.68	(d)		(2.16	)(d)		1.88	(d)		3.82

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		480			527			563			487			849			1,543
Ratio of expenses before fee waiver (%)		0.49			0.45			0.45			0.46			0.47			0.45
Ratio of expenses after fee waiver (%)		0.49			0.45			0.45			0.46			0.47			0.45
Ratio of net investment income (loss) (%)		1.72	*(b)		2.77			2.58			1.79			2.67			2.41
Portfolio turnover rate (%) (e)		6	**		5			9			13			7			11


Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	36.25		$	37.92		$	28.10		$	29.80		$	30.90		$	30.29

Income (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.88			0.76			0.40			0.71			0.62
Net realized and unrealized gain (loss)		0.57			(1.90	)		9.71			(1.15	)		(1.13	)		0.63

Total from investment operations		0.74			(1.02	)		10.47			(0.75	)		(0.42	)		1.25

Less distributions from:
Net investment income		(0.59	)		(0.65	)		(0.65	)		(0.95	)		(0.68	)		(0.64	)

Total distributions		(0.59	)		(0.65	)		(0.65	)		(0.95	)		(0.68	)		(0.64	)

Net Asset Value, end of period	$	36.40		$	36.25		$	37.92		$	28.10		$	29.80		$	30.90

Total Return (%)		2.21	**(d)		(2.77	)(d)		37.79	(d)		(2.80	)(d)		(1.34	)(d)		4.19

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		11			13			15			21			31			42
Ratio of expenses before fee waiver (%)		0.46	*		0.45			0.45			0.47			0.47			0.45
Ratio of expenses after fee waiver (%)		0.46	*		0.45			0.45			0.46			0.47			0.45
Ratio of net investment income (loss) (%)		0.94	*		2.32			2.37			1.31			2.42			2.05
Portfolio turnover rate (%) (e)		8	**		7			10			11			5			14

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

(b)

Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.12 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 1.36%.

(c)	Less than 0.005.

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		92

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	28.84		$	32.44		$	25.49		$	25.77		$	27.93		$	27.87

Income (loss) from investment operations:
Net investment income (loss) (a)		(0.04	)		0.66			0.95			0.24			0.53			0.57
Net realized and unrealized gain (loss)		(0.02	)		(3.67	)		6.84			0.08			(2.02	)		(0.09	)

Total from investment operations		(0.06	)		(3.01	)		7.79			0.32			(1.49	)		0.48

Less distributions from:
Net investment income		(0.68	)		(0.59	)		(0.84	)		(0.60	)		(0.67	)		(0.42	)

Total distributions		(0.68	)		(0.59	)		(0.84	)		(0.60	)		(0.67	)		(0.42	)

Net Asset Value, end of period	$	28.10		$	28.84		$	32.44		$	25.49		$	25.77		$	27.93

Total Return (%)		0.02	**(b)		(9.49	)(b)		31.15	(b)		1.15	(b)		(5.48	)(b)		1.73

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		8			10			15			15			23			36
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.45			0.45			0.46			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.45			0.45			0.46			0.45
Ratio of net investment income (loss) (%)		(0.33	)*		2.10			3.29			0.90			2.03			2.04
Portfolio turnover rate (%) (c)		10	**		7			15			14			11			17


Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	48.84		$	49.08		$	39.80		$	37.95		$	42.95		$	38.65

Income (loss) from investment operations:
Net investment income (loss) (a)		0.42			0.79			0.62			0.67			0.64			0.52
Net realized and unrealized gain (loss)		2.51			0.13			9.82			2.27			(4.24	)		4.69

Total from investment operations		2.93			0.92			10.44			2.94			(3.60	)		5.21

Less distributions from:
Net investment income		(0.37	)		(1.16	)		(1.16	)		(1.09	)		(1.40	)		(0.91	)

Total distributions		(0.37	)		(1.16	)		(1.16	)		(1.09	)		(1.40	)		(0.91	)

Net Asset Value, end of period	$	51.40		$	48.84		$	49.08		$	39.80		$	37.95		$	42.95

Total Return (%)		6.08	**(b)		1.87	(b)		26.96	(b)		7.88	(b)		(8.59	)(b)		13.74

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		242			191			199			221			414			1,153
Ratio of expenses before fee waiver (%)		0.49	*		0.45			0.45			0.46			0.47			0.46
Ratio of expenses after fee waiver (%)		0.49	*		0.45			0.45			0.46			0.47			0.46
Ratio of net investment income (loss) (%)		1.69	*		1.61			1.41			1.69			1.55			1.24
Portfolio turnover rate (%) (c)		8	**		6			12			12			15			12

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		93

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2022, the Trust consists of thirty-eight investment series of exchange-traded funds (“ETFs”)(each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers MSCI All World ex US Hedged Equity ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

Xtrackers MSCI Germany Hedged Equity ETF

Xtrackers MSCI Japan Hedged Equity ETF

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

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

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


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

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

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

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

2. Significant Accounting Policies

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

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

At May 31, 2022, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.


	Short-Term		Long-Term		Total Amount
Xtrackers MSCI Emerging Markets Hedged Equity ETF	$	10,907,023	$	8,694,383	$	19,601,406
Xtrackers MSCI Europe Hedged Equity ETF		—		73,521,123		73,521,123
Xtrackers MSCI Eurozone Hedged Equity ETF		—		1,077,777		1,077,777
Xtrackers MSCI Germany Hedged Equity ETF		1,164,407		5,795,783		6,960,190
Xtrackers MSCI Japan Hedged Equity ETF		57,421,520		80,209,771		137,631,291

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


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	149,267,042	$	7,430,642		$	22,393,618	$	(14,962,976	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		84,226,860		13,110,909			27,915,430		(14,804,521	)
Xtrackers MSCI Europe Hedged Equity ETF		582,965,621		(47,641,109	)		38,285,032		(85,926,141	)
Xtrackers MSCI Eurozone Hedged Equity ETF		13,993,059		(361,526	)		1,892,016		(2,253,542	)
Xtrackers MSCI Germany Hedged Equity ETF		12,118,805		(2,012,256	)		741,178		(2,753,434	)
Xtrackers MSCI Japan Hedged Equity ETF		199,853,706		(12,945,872	)		17,416,857		(30,362,729	)

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

As of November 30, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.


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

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All World ex US Hedged Equity ETF
Common Stocks	$	883,140	$	169	$	11,218	$	1,412,905	$	2,307,432

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,307,432

Xtrackers MSCI Emerging Markets Hedged Equity ETF
Common Stocks	$	267,405	$	—	$	7,409	$	976,833	$	1,251,647

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,251,647

Xtrackers MSCI Europe Hedged Equity ETF
Common Stocks	$	4,340,635	$	—	$	1,998,285	$	8,988,174	$	15,327,094

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	15,327,094

Xtrackers MSCI Eurozone Hedged Equity ETF
Common Stocks	$	136,552	$	—	$	9,965	$	56,156	$	202,673
Exchange-Traded Funds	$	17,500	$	—	$	—	$	—	$	17,500

Total Borrowings	$	154,052	$	—	$	9,965	$	56,156	$	220,173

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	220,173

Xtrackers MSCI Japan Hedged Equity ETF
Common Stocks	$	649,356	$	—	$	—	$	1,461,767	$	2,111,123

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,111,123

As of November 30, 2022, MSCI Germany Hedged Equity ETF had no securities on loan.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2022, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF, invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro and the Japanese yen, respectively.

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

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

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2022, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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


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

	Equity contracts	Unrealized appreciation on futures contracts*	$	303,532	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,175,015	Unrealized depreciation on forward foreign currency contracts		7,053,652


		Total	$	1,478,547	Total	$	7,053,652

Xtrackers MSCI Emerging Markets Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	148,564	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		410,138	Unrealized depreciation on forward foreign currency contracts		2,893,323


		Total	$	558,702	Total	$	2,893,323

Xtrackers MSCI Europe Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	249,970	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		5,043,605	Unrealized depreciation on forward foreign currency contracts		28,077,288


		Total	$	5,293,575	Total	$	28,077,288

Xtrackers MSCI Eurozone Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	10,154	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		110,156	Unrealized depreciation on forward foreign currency contracts		622,072


		Total	$	120,310	Total	$	622,072

Xtrackers MSCI Germany Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	4,937	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		84,617	Unrealized depreciation on forward foreign currency contracts		478,741


		Total	$	89,554	Total	$	478,741

Xtrackers MSCI Japan Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	63,453	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,452,470	Unrealized depreciation on forward foreign currency contracts		18,810,963


		Total	$	2,515,923		$	18,810,963

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

100

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	(169,026	)	$	10,861,451	$	10,692,425
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(64,438	)		5,008,983		4,944,545
Xtrackers MSCI Europe Hedged Equity ETF		146,192			37,643,333		37,789,525
Xtrackers MSCI Eurozone Hedged Equity ETF		2,731			836,908		839,639
Xtrackers MSCI Germany Hedged Equity ETF		(5,157	)		641,385		636,228
Xtrackers MSCI Japan Hedged Equity ETF		348,824			29,291,047		29,639,871


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts		Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	246,390	$	(4,542,023	)	$	(4,295,633	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		121,504		(1,886,566	)		(1,765,062	)
Xtrackers MSCI Europe Hedged Equity ETF		126,808		(17,050,133	)		(16,923,325	)
Xtrackers MSCI Eurozone Hedged Equity ETF		5,283		(303,607	)		(298,324	)
Xtrackers MSCI Germany Hedged Equity ETF		2,284		(229,688	)		(227,404	)
Xtrackers MSCI Japan Hedged Equity ETF		27,482		(15,268,609	)		(15,241,127	)

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


	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	3,169,286	$	(137,067,415	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,353,027		(89,614,875	)
Xtrackers MSCI Europe Hedged Equity ETF		11,660,388		(478,618,656	)
Xtrackers MSCI Eurozone Hedged Equity ETF		65,911		(10,829,903	)
Xtrackers MSCI Germany Hedged Equity ETF		95,784		(8,257,030	)
Xtrackers MSCI Japan Hedged Equity ETF		3,787,083		(205,481,467	)

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

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netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:


Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received (a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged (a)			Net Amount of Derivatives Liabilities
Xtrackers MSCI All World ex US Hedged Equity ETF
Goldman Sachs & Co.	$	362,182	$	(362,182	)	$	—	$	—	$	2,256,686	$	(362,182	)	$	(1,760,000	)	$	134,504
JP Morgan & Chase Co.		441,701		(441,701	)		—		—		2,617,064		(441,701	)		(2,020,000	)		155,363
RBC Capital Markets		371,132		(371,132	)		—		—		2,179,902		(371,132	)		(1,808,770	)		—

	$	1,175,015	$	(1,175,015	)	$	—	$	—	$	7,053,652	$	(1,175,015	)	$	(5,588,770	)	$	289,867

Xtrackers MSCI Emerging Markets Hedged Equity ETF
Goldman Sachs & Co.	$	104,413	$	(104,413	)	$	—	$	—	$	583,767	$	(104,413	)	$	(380,000	)	$	99,354
JP Morgan & Chase Co.		179,367		(179,367	)		—		—		1,314,867		(179,367	)		(830,000	)		305,500
RBC Capital Markets		126,358		(126,358	)		—		—		994,689		(126,358	)		(740,000	)		128,331

	$	410,138	$	(410,138	)	$	—	$	—	$	2,893,323	$	(410,138	)	$	(1,950,000	)	$	533,185

Xtrackers MSCI Europe Hedged Equity ETF
Goldman Sachs & Co.	$	1,614,085	$	(1,614,085	)	$	—	$	—	$	9,148,909	$	(1,614,085	)	$	(6,120,000	)	$	1,414,824
JP Morgan & Chase Co.		1,684,740		(1,684,740	)		—		—		9,225,806		(1,684,740	)		(6,730,000	)		811,066
RBC Capital Markets		1,744,780		(1,744,780	)		—		—		9,702,573		(1,744,780	)		(7,160,000	)		797,793

	$	5,043,605	$	(5,043,605	)	$	—	$	—	$	28,077,288	$	(5,043,605	)	$	(20,010,000	)	$	3,023,683

Xtrackers MSCI Eurozone Hedged Equity ETF
Goldman Sachs & Co.	$	40,458	$	(40,458	)	$	—	$	—	$	226,994	$	(40,458	)	$	—		$	186,536
JP Morgan & Chase Co.		34,752		(34,752	)		—		—		198,949		(34,752	)		—			164,197
RBC Capital Markets		34,946		(34,946	)		—		—		196,129		(34,946	)		(20,000	)		141,183

	$	110,156	$	(110,156	)	$	—	$	—	$	622,072	$	(110,156	)	$	(20,000	)	$	491,916

Xtrackers MSCI Germany Hedged Equity ETF
Goldman Sachs & Co.	$	24,988	$	(24,988	)	$	—	$	—	$	144,123	$	(24,988	)	$	—		$	119,135
JP Morgan & Chase Co.		31,023		(31,023	)		—		—		174,066		(31,023	)		—			143,043
RBC Capital Markets		28,606		(28,606	)		—		—		160,552		(28,606	)		—			131,946

	$	84,617	$	(84,617	)	$	—	$	—	$	478,741	$	(84,617	)	$	—		$	394,124

Xtrackers MSCI Japan Hedged Equity ETF
Goldman Sachs & Co.	$	720,697	$	(720,697	)	$	—	$	—	$	6,272,426	$	(720,697	)	$	(4,970,000	)	$	581,729
JP Morgan & Chase Co.		742,072		(742,072	)		—		—		5,625,455		(742,072	)		(4,340,000	)		543,383
RBC Capital Markets		989,701		(989,701	)		—		—		6,913,082		(989,701	)		(5,720,000	)		203,381

	$	2,452,470	$	(2,452,470	)	$	—	$	—	$	18,810,963	$	(2,452,470	)	$	(15,030,000	)	$	1,328,493

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

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

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3. Investment Advisory and Other Agreements

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

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


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

The Advisor for the funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period ended November 30, 2022, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers MSCI All World ex US Hedged Equity ETF	$	920
Xtrackers MSCI Emerging Markets Hedged Equity ETF		281
Xtrackers MSCI Europe Hedged Equity ETF		3,369
Xtrackers MSCI Eurozone Hedged Equity ETF		6
Xtrackers MSCI Germany Hedged Equity ETF		11
Xtrackers MSCI Japan Hedged Equity ETF		1,367

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

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

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

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

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4. Investment Portfolio Transactions

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


	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	12,068,580	$	11,151,506
Xtrackers MSCI Emerging Markets Hedged Equity ETF		8,570,751		5,394,232
Xtrackers MSCI Europe Hedged Equity ETF		49,561,489		26,656,771
Xtrackers MSCI Eurozone Hedged Equity ETF		1,301,293		827,373
Xtrackers MSCI Germany Hedged Equity ETF		989,268		828,563
Xtrackers MSCI Japan Hedged Equity ETF		32,324,014		15,263,120

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


	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	—	$	8,894,655
Xtrackers MSCI Emerging Markets Hedged Equity ETF		303,904		—
Xtrackers MSCI Europe Hedged Equity ETF		—		46,048,639
Xtrackers MSCI Eurozone Hedged Equity ETF		—		1,751,909
Xtrackers MSCI Germany Hedged Equity ETF		—		1,224,360
Xtrackers MSCI Japan Hedged Equity ETF		52,021,205		14,082,209

5. Fund Share Transactions

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

6. Payments by Affiliates

During the period ended November 30, 2022, the Advisor agreed to reimburse Xtrackers MSCI Europe Hedged Equity ETF $48 for a loss due to a FX trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

7. Investing in Emerging Markets

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

Russia’s recent military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the

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Notes to Financial Statements (Unaudited) (Continued)

resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Funds’ investments, even beyond any direct exposure the Funds may have to Russian issuers or the adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership; custody risks associated with investing through Shanghai — Hong Kong and Shenzhen — Hong Kong Stock Connect programs, Renminbi Qualified Foreign Institutional Investor program or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; and different and less stringent financial reporting standards. In addition, in June 2021, President Biden issued an executive order (“CMIC Order”) prohibiting U.S. persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designated as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate (SOFR) plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2022.

9. Other — COVID-19 Pandemic

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

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Additional Information (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings Information

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

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

Discount/Premium Information

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

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security, and the Fund excludes it, the Fund’s tracking error may increase, and the performance of the Fund and Underlying Index may diverge. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. DBGR is non-diversified and can take larger positions in fewer issues, increasing the Fund’s potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

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

On January 31, 2020, the United Kingdom officially withdrew from the EU pursuant to a withdrawal agreement, providing for a transition period in which the United Kingdom negotiated and finalized a trade deal with the EU, the EU-UK Trade and Cooperation Agreement provisionally applied effective January 1, 2021. As a result, as of January 1, 2021 the United Kingdom is no longer part of the EU customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom’s withdrawal from the EU is still unknown and could have adverse economic and political effects on the United Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations.

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

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

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

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

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

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


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

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

R-049077-7 (1/23) DBX005408 (1/24)