DBX ETF Trust

N-CSR 1 d529303dncsr.htm DBX ETF TRUST DBX ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22487

DBX ETF Trust

(Exact name of registrant as specified in charter)

875 Third Avenue

New York, New York 10022

(Address of principal executive offices) (Zip code)

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 454-4500

Date of fiscal year end: August 31

Date of reporting period: August 31, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

LOGO

August 31, 2023

Annual Report

DBX ETF Trust

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)

Xtrackers MSCI Kokusai Equity ETF (KOKU)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)

Xtrackers Russell US Multifactor ETF (DEUS)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers FTSE Developed ex US Multifactor ETF		6
Xtrackers MSCI Kokusai Equity ETF		8
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		10
Xtrackers Russell US Multifactor ETF		12
Fees and Expenses		14
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF		15
Xtrackers MSCI Kokusai Equity ETF		29
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		43
Xtrackers Russell US Multifactor ETF		48
Statements of Assets and Liabilities		58
Statements of Operations		59
Statements of Changes in Net Assets		60
Financial Highlights		62
Notes to Financial Statements		64
Report of Independent Registered Public Accounting Firm		72
Other Information		74
Board Members and Officers		75
Additional Information		78

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report on four of our equity ETFs for the period ended August 31, 2023.

Global equities surged during the year, supported by economic resilience and robust corporate earnings, even as the Russia-Ukraine war and interest-rate hikes to contain inflation hurt market sentiment. While inflation cooled somewhat, it remained above most central banks’ targeted range. The last two quarters saw China, Japan, and the U.K. recovering faster than other regions, owing to an inflationary drop, and rebound in consumer confidence. The lifting of COVID-19 induced stringent norms also helped growth. Meanwhile, U.S. equities showed signs of strength over the period despite high inflation levels and the consequent rate hikes by the U.S. Federal Reserve Board. Tight labor-market conditions kept inflation levels high with mild signs of cooling. Meanwhile, the US economy expanded at a decent pace despite looming fears of a recession. By February 2023, the unemployment rate had dipped to its lowest level in 53 years. Q1 2023 saw a brief turmoil with the collapse of Silicon Valley Bank, followed by financial sector disruption in the U.S. and Europe witnessing major selloffs. Despite certain debt-ceiling concerns, the U.S. market stood firm in Q2 2023, with technology stocks driving the surge.

Eurozone equities recovered during the review period on upbeat corporate earnings, strong business activity, falling energy prices, and a milder-than-expected winter, leading to a slowdown in headline inflation. However, the European Central Bank maintained a hawkish stance and reiterated that it would work toward achieving a target inflation rate of 2%. This was followed by the Swiss government brokering the rescue of Credit Suisse by UBS; this timely intervention averted a major global banking crisis. Moreover, Germany’s economy stagnated, weighed down by weak economic indicators; speculations suggest that it is heading toward a recession, with the steepest decline in business activity in three years. The overall PMI¹ dropped with reduced input even as supply bottlenecks eased.

U.K. equities rallied in 2022 and continued growing in the first two quarters of 2023, with economically sensitive areas outperforming, boosting consumer confidence. Inflation softened but touched an all-time high in May 2023, which led to a slight dip. Elsewhere, Japan’s stocks also expanded on the back of a surprise adjustment of its yield curve policy and improved corporate earnings. The Chinese economy also recovered on the lifting of the country’s zero-COVID-19 policy, boosting business activities despite property crisis stagnating the growth.

Our analysts believe central banks’ successive rate hikes to curb rising prices will likely weigh on the global economy in 2023 and 2024, considerably slowing its growth compared with 2022. Meanwhile, growth in the U.S. has remained resilient, compared with other major global economies, raising hopes of a soft landing for the economy, thereby skirting a recession. On the other hand, we believe Europe is likely to enter into a recession in 2024, with growth dynamics remaining weak and manufacturing activity expected to contract further. By contrast, growth in emerging and developing markets will likely remain strong over the next year.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.

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.

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DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers FTSE Developed ex-US Multifactor Factor ETF

The Xtrackers FTSE Developed ex-US Multifactor Factor ETF (DEEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex-US Comprehensive Factor Index (the DEEF Index). The DEEF Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the DEEF Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). For the 12-month period ended August 31, 2023, DEEF shares returned 11.59%, compared to the DEEF Index return of 11.92%.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Industrials, Financials and Consumer Discretionary. The Real Estate sector was the only negative contributor to performance. From a geographical perspective Israel, Hong Kong and Norway are the most significant detractors. However, Japan, United Kingdom and France contributed positively to the performance.

Xtrackers MSCI Kokusai Equity ETF

The Xtrackers MSCI Kokusai Equity ETF (KOKU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Kokusai Index (the KOKU Index). The KOKU Index is also known as the MSCI World ex-Japan Index. The KOKU Index is designed to track the performance of equity markets in developed markets (excluding Japan). For the 12-month period ended August 31, 2023, KOKU shares returned 16.02%, compared to the KOKU Index return of 15.62%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Industrials and Financials. The Real Estate and Utilities sectors were the only negative contributors to performance. From a geographical perspective Hong Kong, Israel and Norway are the most significant detractors. However, United States, France and Germany contributed positively to the performance.

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

The Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the QARP Index). The QARP Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the QARP Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the Unites States. For the 12-month period ended August 31, 2023, QARP shares returned 17.63%, compared to the QARP Index return of 17.88%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Communication Services and Consumer Discretionary. The Utilities and Health Care sectors were the only negative contributors to performance.

Xtrackers Russell US Multifactor ETF

The Xtrackers Russell US Multifactor ETF (DEUS) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the DEUS Index). The DEUS Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the DEUS Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the Unites States. For the 12-month period ended August 31, 2023, DEUS shares returned 10.12%, compared to the DEUS Index return of 10.27%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Industrials, Information Technology and Consumer Discretionary. The Utilities, Consumer Staples and Real Estate sectors detracted from performance.

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DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-13 of this report for additional performance information, including performance data based on market value.

The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

This Page is Intentionally Left Blank

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)

Xtrackers FTSE Developed ex US Multifactor 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 FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Returns

	Net Asset Value	Market Value	FTSE Developed ex US Comprehensive Factor Index	FTSE Developed ex US Net Tax (US RIC) Index
One Year	11.59%	12.10%	11.92%	16.13%
Five Year	2.43%	2.42%	2.77%	4.38%
Since Inception¹	4.54%	4.51%	5.03%	5.72%

Cumulative Total Returns

	Net Asset Value	Market Value	FTSE Developed ex US Comprehensive Factor Index	FTSE Developed ex US Net Tax (US RIC) Index
One Year	11.59%	12.10%	11.92%	16.13%
Five Year	12.77%	12.68%	14.63%	23.92%
Since Inception¹	41.16%	40.87%	46.49%	54.11%

¹ Total returns are calculated based on the commencement of operations, November 24, 2015 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, November 24, 2015.

Sector Diversification* as of August 31, 2023


Industrials			22.6%
Materials			13.7%
Consumer Discretionary			12.0%
Consumer Staples			11.9%
Financials			11.4%
Utilities			7.1%
Information Technology			4.8%
Communication Services			4.6%
Real Estate			4.6%
Energy			3.8%
Health Care			3.5%

Total			100.0%

Ten Largest Equity Holdings
as of August 31, 2023 (6.8% of Net Assets)


Description	% of Net Assets
3i Group PLC (United Kingdom)		1.2%
Fairfax Financial Holdings Ltd. (Canada)		0.8%
Koninklijke Ahold Delhaize NV (Netherlands)		0.8%
Woolworths Group Ltd. (Australia)		0.7%
Repsol SA (Spain)		0.6%
Brambles Ltd. (Australia)		0.6%
Yara International ASA (Norway)		0.6%
Carlsberg A/S (Denmark)		0.5%
Mitsui & Co. Ltd. (Japan)		0.5%
Admiral Group PLC (United Kingdom)		0.5%

Country Diversification* as of August 31, 2023


Japan			31.7%
United Kingdom			10.7%
Australia			10.4%
Canada			5.4%
South Korea			5.2%
France			5.0%
Germany			3.6%
Switzerland			3.5%
Singapore			3.2%
Netherlands			3.0%
Sweden			2.5%
Italy			2.5%
Spain			2.2%
Other			11.1%

Total			100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Kokusai Equity ETF (KOKU)

Xtrackers MSCI Kokusai 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 Kokusai Index (the “Underlying Index”). The MSCI Kokusai Index is also known as the MSCI World ex Japan Index. The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan). The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure developed-market equity performance throughout the world. It is not possible to invest directly into an index.


Performance as of August 31, 2023



Average Annual Total Returns

	Net Asset Value	Market Value	MSCI Kokusai Index	MSCI World Index
One Year	16.02%	16.03%	15.62%	15.60%
Since Inception¹	17.06%	17.02%	16.70%	16.11%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Kokusai Index	MSCI World Index
One Year	16.02%	16.03%	15.62%	15.60%
Since Inception¹	70.83%	70.65%	69.04%	66.16%

¹ Total returns are calculated based on the commencement of operations, April 8, 2020 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Kokusai Equity ETF (KOKU) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, April 8, 2020.

Sector Diversification* as of August 31, 2023


Information Technology			22.8%
Financials			14.9%
Health Care			12.9%
Consumer Discretionary			10.5%
Industrials			10.1%
Consumer Staples			7.3%
Communication Services			7.2%
Energy			5.1%
Materials			4.1%
Utilities			2.7%
Real Estate			2.4%

Total			100.0%

Ten Largest Equity Holdings
as of August 31, 2023 (22.5% of Net Assets)


Description	% of Net Assets
Apple, Inc. (United States)		5.5%
Microsoft Corp. (United States)		4.3%
Alphabet, Inc. (United States)		2.9%
Amazon.com, Inc. (United States)		2.4%
NVIDIA Corp. (United States)		2.3%
Tesla, Inc. (United States)		1.4%
Meta Platforms, Inc. (United States)		1.2%
Berkshire Hathaway, Inc. (United States)		0.9%
Eli Lilly & Co. (United States)		0.8%
Exxon Mobil Corp. (United States)		0.8%

Country Diversification* as of August 31, 2023


United States			72.9%
United Kingdom			4.2%
Canada			3.5%
France			3.4%
Switzerland			3.3%
Germany			2.4%
Australia			2.1%
Other			8.2%

Total			100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 29.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)

Xtrackers Russell 1000 US Quality at a Reasonable Price 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 Russell 1000 2Qual/Val 5% Capped Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Returns

	Net Asset Value	Market Value	Russell 1000 2Qual/Val 5% Capped Factor Index	Russell 1000 Index Total Return
One Year	17.63%	17.71%	17.88%	15.40%
Five Year	11.46%	11.47%	11.71%	10.77%
Since Inception¹	12.43%	12.44%	12.68%	12.00%

Cumulative Total Returns

	Net Asset Value	Market Value	Russell 1000 2Qual/Val 5% Capped Factor Index	Russell 1000 Index Total Return
One Year	17.63%	17.71%	17.88%	15.40%
Five Year	72.06%	72.11%	73.99%	66.78%
Since Inception¹	88.43%	88.56%	90.78%	84.65%

¹ Total returns are calculated based on the commencement of operations, April 5, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.19%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, April 5, 2018.

Sector Diversification* as of August 31, 2023


Information Technology			21.1%
Health Care			12.6%
Consumer Discretionary			12.4%
Energy			11.8%
Communication Services			11.2%
Consumer Staples			8.8%
Industrials			8.8%
Financials			8.8%
Materials			3.3%
Real Estate			1.1%
Utilities			0.1%

Total			100.0%

Ten Largest Equity Holdings
as of August 31, 2023 (31.2% of Net Assets)


Description	% of Net Assets
Alphabet, Inc.		5.2%
Apple, Inc.		5.0%
Microsoft Corp.		4.8%
Exxon Mobil Corp.		4.0%
Meta Platforms, Inc.		3.6%
Chevron Corp.		2.3%
Walmart, Inc.		2.3%
Costco Wholesale Corp.		2.0%
Pfizer, Inc.		2.0%

* 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 43.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Russell US Multifactor ETF (DEUS)

Xtrackers Russell US Multifactor 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 Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Returns

	Net Asset Value	Market Value	Russell 1000 Comprehensive Factor Index	Russell 1000 Index Total Return
One Year	10.12%	10.15%	10.27%	15.40%
Five Year	7.61%	7.60%	7.73%	10.77%
Since Inception¹	9.72%	9.71%	9.89%	12.24%

Cumulative Total Returns

	Net Asset Value	Market Value	Russell 1000 Comprehensive Factor Index	Russell 1000 Index Total Return
One Year	10.12%	10.15%	10.27%	15.40%
Five Year	44.29%	44.21%	45.14%	66.78%
Since Inception¹	105.63%	105.57%	108.12%	145.38%

¹ Total returns are calculated based on the commencement of operations, November 24, 2015 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated December 22, 2022, was 0.17%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Russell US Multifactor ETF (DEUS) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, November 24, 2015.

Sector Diversification* as of August 31, 2023


Industrials			20.8%
Information Technology			16.2%
Consumer Discretionary			15.6%
Health Care			11.1%
Financials			9.3%
Materials			6.9%
Consumer Staples			6.5%
Energy			5.0%
Utilities			3.3%
Real Estate			3.1%
Communication Services			2.2%

Total			100.0%

Ten Largest Equity Holdings
as of August 31, 2023 (8.7% of Net Assets)


Description	% of Net Assets
Cardinal Health, Inc.		1.1%
Marathon Petroleum Corp.		1.0%
McKesson Corp.		1.0%
NVR, Inc.		0.9%
Cencora, Inc.		0.9%
Lennar Corp.		0.8%
CDW Corp.		0.8%
Reliance Steel & Aluminum Co.		0.8%
Jabil, Inc.		0.7%
Nucor Corp.		0.7%

* 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 48.

DBX ETF Trust

Fees and Expenses (Unaudited)

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

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

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


	Beginning Account Value March 1, 2023		Ending Account Value August 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers FTSE Developed ex US Multifactor ETF
Actual	$	1,000.00	$	1,054.58		0.24	%	$	1.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.24	%	$	1.22
Xtrackers MSCI Kokusai Equity ETF
Actual	$	1,000.00	$	1,113.10		0.09	%	$	0.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.75		0.09	%	$	0.46
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
Actual	$	1,000.00	$	1,145.20		0.19	%	$	1.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19	%	$	0.97
Xtrackers Russell US Multifactor ETF
Actual	$	1,000.00	$	1,044.00		0.17	%	$	0.88
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.35		0.17	%	$	0.87

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 98.9%
Australia — 10.3%
AGL Energy Ltd.		28,998	$	208,276
ALS Ltd.		3,243		24,805
Altium Ltd.		868		27,214
Alumina Ltd.*		7,942		5,555
AMP Ltd.		29,798		24,413
Ampol Ltd.		7,469		170,757
Ansell Ltd.		3,720		56,786
ANZ Group Holdings Ltd.		1,777		29,152
APA Group (a)		4,924		28,669
Aristocrat Leisure Ltd.		1,739		46,064
ASX Ltd.		569		21,223
Atlas Arteria Ltd. (a)		1,564		6,159
Aurizon Holdings Ltd.		66,560		157,343
Beach Energy Ltd.		7,137		7,188
Bendigo & Adelaide Bank Ltd.		2,934		18,071
BHP Group Ltd.		2,193		63,700
BlueScope Steel Ltd.		16,813		228,777
Boral Ltd.*		10,325		31,563
Brambles Ltd.		38,214		370,497
carsales.com Ltd.		1,155		21,499
Challenger Ltd.		2,458		10,841
Charter Hall Group REIT		7,610		53,426
Cleanaway Waste Management Ltd.		14,897		25,278
Cochlear Ltd.		655		115,169
Coles Group Ltd.		14,436		152,116
Commonwealth Bank of Australia		145		9,596
Computershare Ltd.		4,936		80,495
CSL Ltd.		148		26,218
CSR Ltd.		19,609		74,929
Deterra Royalties Ltd.		17,291		49,833
Dexus REIT		21,303		106,926
Domino’s Pizza Enterprises Ltd.		188		6,581
Downer EDI Ltd.		5,880		16,299
EBOS Group Ltd.		844		19,072
Endeavour Group Ltd.		13,401		47,735
Fortescue Metals Group Ltd.		1,935		26,856
Goodman Group REIT		6,551		99,111
GPT Group REIT		13,077		35,571
Harvey Norman Holdings Ltd.		9,636		25,213
IDP Education Ltd.		306		4,881
IGO Ltd.		496		4,472
Iluka Resources Ltd.		12,317		68,045
Incitec Pivot Ltd.		41,671		79,075
Insurance Australia Group Ltd.		23,964		90,328
JB Hi-Fi Ltd.		4,455		131,771
Lottery Corp. Ltd.		13,670		44,621
Macquarie Group Ltd.		567		65,192
Medibank Pvt Ltd.		115,935		274,812
Metcash Ltd.		35,913		86,756
Mineral Resources Ltd.		82		3,799
Mirvac Group REIT		58,351		91,454
National Australia Bank Ltd.		724		13,579
New Hope Corp. Ltd.		4,457		16,251
Newcrest Mining Ltd.		892		15,038
NEXTDC Ltd.*		1,103		9,672
Northern Star Resources Ltd.		3,550		27,383


	Number of Shares		Value
Australia (Continued)
Orica Ltd.		3,006	$	30,585
Origin Energy Ltd.		2,664		15,028
Orora Ltd. (b)		28,412		64,772
Perpetual Ltd.		522		7,123
Platinum Asset Management Ltd.		26,844		24,861
Qantas Airways Ltd.*		7,520		28,784
QBE Insurance Group Ltd.		16,130		156,490
Qube Holdings Ltd.		31,884		63,394
Ramsay Health Care Ltd.		985		32,822
REA Group Ltd.		262		28,011
Reece Ltd.		723		9,552
Region RE Ltd. REIT		47,202		66,032
Rio Tinto Ltd.		3,257		238,151
Santos Ltd.		7,049		35,016
Scentre Group REIT		7,613		13,559
SEEK Ltd.		802		12,004
Seven Group Holdings Ltd.		2,970		53,782
Sims Ltd.		1,464		14,545
Sonic Healthcare Ltd.		9,179		191,184
South32 Ltd.		73,195		161,176
Steadfast Group Ltd.		32,145		117,418
Stockland REIT		44,589		122,443
Suncorp Group Ltd.		10,550		93,130
Tabcorp Holdings Ltd.		145,946		103,502
Telstra Group Ltd.		15,354		39,875
TPG Telecom Ltd.		1,408		5,134
Transurban Group (a)		1,972		16,935
Treasury Wine Estates Ltd.		5,550		41,947
Vicinity Ltd. REIT		123,402		149,453
Washington H Soul Pattinson & Co. Ltd.		1,586		33,907
Wesfarmers Ltd.		3,805		132,752
Westpac Banking Corp.		1,885		26,797
Whitehaven Coal Ltd.		3,770		14,870
Woodside Energy Group Ltd.		4,224		101,275
Woolworths Group Ltd.		16,224		400,650
Worley Ltd.		1,060		11,993
Yancoal Australia Ltd.		1,475		5,053

(Cost $6,246,253)				6,220,110

Austria — 0.4%
ANDRITZ AG		1,295		68,984
Erste Group Bank AG		231		8,266
OMV AG		343		15,922
Raiffeisen Bank International AG*		586		8,427
Telekom Austria AG*		8,729		65,560
voestalpine AG		3,060		89,605

(Cost $257,164)				256,764

Belgium — 0.9%
Ackermans & van Haaren NV		433		68,238
Ageas SA/NV		738		29,380
Anheuser-Busch InBev SA/NV		77		4,387
D’ieteren Group		222		36,335
Elia Group SA/NV		979		113,162
Groupe Bruxelles Lambert NV		93		7,506
KBC Group NV		219		14,395
Lotus Bakeries NV		10		78,905
Sofina SA		49		11,041


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Belgium (Continued)
Solvay SA		957	$	111,035
UCB SA		57		5,122
Umicore SA		583		15,484
Warehouses De Pauw CVA REIT		485		13,897

(Cost $535,844)				508,887

Bermuda — 0.0%
Hiscox Ltd. (Cost $15,691)		1,236		15,623

Canada — 5.4%
Alimentation Couche-Tard, Inc.		4,597		240,086
Bank of Montreal		166		14,278
Bank of Nova Scotia		421		19,952
Barrick Gold Corp.		234		3,788
BCE, Inc.		463		19,588
Brookfield Asset Management Ltd., Class A		4,160		143,561
Brookfield Corp.		270		9,204
Canadian Imperial Bank of Commerce		323		12,782
Canadian National Railway Co.		451		50,735
Canadian Pacific Kansas City Ltd.		523		41,463
Canadian Tire Corp. Ltd., Class A		451		53,435
CGI, Inc.*		2,503		260,669
Constellation Software, Inc.		38		77,954
Dollarama, Inc.		2,499		161,822
Enbridge, Inc.		197		6,908
Fairfax Financial Holdings Ltd.		572		471,091
Fortis, Inc.		2,063		80,800
Franco-Nevada Corp.		279		40,142
George Weston Ltd.		1,231		136,343
Great-West Lifeco, Inc.		714		20,492
Hydro One Ltd., 144A		3,484		90,438
IGM Financial, Inc.		1,280		36,443
Imperial Oil Ltd.		418		23,706
Intact Financial Corp.		1,233		173,611
Loblaw Cos. Ltd.		1,113		96,521
Magna International, Inc.		1,224		71,905
Manulife Financial Corp.		2,238		41,321
Metro, Inc.		3,971		204,398
National Bank of Canada		373		25,962
Nutrien Ltd.		486		30,745
Power Corp. of Canada		1,822		49,693
Restaurant Brands International, Inc.		640		44,395
Royal Bank of Canada		56		5,039
Saputo, Inc.		2,895		62,503
Sun Life Financial, Inc.		994		48,423
Suncor Energy, Inc.		1,447		48,952
TC Energy Corp.		108		3,895
Teck Resources Ltd., Class B		449		18,545
TELUS Corp.		661		11,593
Thomson Reuters Corp.		325		41,795
Toronto-Dominion Bank		99		6,031
Tourmaline Oil Corp.		2,288		117,178
Waste Connections, Inc.		538		73,661
Wheaton Precious Metals Corp.		717		31,235

(Cost $2,777,824)				3,223,081


	Number of Shares		Value
Chile — 0.0%
Antofagasta PLC (Cost $14,855)		1,032	$	18,935

China — 0.1%
Lenovo Group Ltd. (Cost $37,549)		49,778		56,305

Denmark — 1.1%
A.P. Moller — Maersk A/S, Class A		4		7,176
A.P. Moller — Maersk A/S, Class B		1		1,821
Carlsberg A/S, Class B		2,126		308,360
Chr Hansen Holding A/S		502		32,853
Coloplast A/S, Class B		95		10,863
Danske Bank A/S		697		15,697
DSV A/S		446		84,921
Genmab A/S*		216		83,041
H Lundbeck A/S		5,642		28,724
H Lundbeck A/S, Class A		1,562		6,988
Novo Nordisk A/S, Class B		104		19,295
Novozymes A/S, Class B		424		18,431
Orsted AS, 144A		131		8,441
Pandora A/S		130		13,513
Royal Unibrew A/S		138		12,122
Tryg A/S		660		12,615

(Cost $641,281)				664,861

Finland — 1.1%
Elisa OYJ		2,220		109,077
Huhtamaki OYJ		3,069		105,624
Kesko OYJ, Class B		2,641		51,653
Kone OYJ, Class B		1,695		77,266
Metso Corp.		546		6,296
Neste OYJ		557		20,421
Nokia OYJ		7,170		28,692
Nordea Bank Abp		768		8,434
Orion OYJ, Class B		2,755		112,997
Sampo OYJ, Class A		959		42,186
Stora Enso OYJ, Class R		1,926		24,573
UPM-Kymmene OYJ		1,956		67,128
Valmet OYJ		128		3,265
Wartsila OYJ Abp		414		5,268

(Cost $754,932)				662,880

France — 5.0%
Accor SA		890		31,964
Aeroports de Paris		40		5,279
Air Liquide SA		321		58,134
Airbus SE		38		5,583
ALD SA, 144A		1,948		18,891
Alstom SA		1,113		30,816
Amundi SA, 144A		552		32,981
Arkema SA		354		37,130
AXA SA		437		13,174
BioMerieux		246		25,525
BNP Paribas SA		31		2,009
Bollore SE		14,094		83,598
Bouygues SA		1,282		44,386
Bureau Veritas SA		2,369		63,611
Capgemini SE		141		26,375


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
France (Continued)
Carrefour SA		6,559	$	125,789
Cie de L’Odet SE		14		21,881
Cie de Saint-Gobain SA		1,455		95,004
Cie Generale des Etablissements Michelin SCA		4,619		144,933
Credit Agricole SA		928		11,740
Danone SA		1,108		64,734
Dassault Aviation SA		322		63,466
Dassault Systemes SE		167		6,636
Edenred		1,758		112,269
Eiffage SA		1,263		125,181
Engie SA		14,220		229,807
EssilorLuxottica SA		152		28,689
Eurazeo SE		2,468		145,852
Gecina SA REIT		30		3,219
Getlink SE		3,183		53,392
Hermes International SCA		3		6,189
Ipsen SA		195		25,355
JCDecaux SE*		322		5,990
Kering SA		20		10,728
La Francaise des Jeux SAEM, 144A		583		21,134
Legrand SA		793		78,408
L’Oreal SA		18		7,928
LVMH Moet Hennessy Louis Vuitton SE		14		11,885
Orange SA		12,264		137,873
Pernod Ricard SA		219		43,070
Publicis Groupe SA		2,209		172,767
Remy Cointreau SA*		106		16,446
Renault SA		138		5,592
Rexel SA		1,818		42,818
Safran SA		41		6,599
Sanofi		364		38,969
Sartorius Stedim Biotech		14		3,983
Schneider Electric SE		271		46,643
SCOR SE		271		8,453
SEB SA		180		19,829
Societe Generale SA		408		11,609
Sodexo SA		685		73,618
Teleperformance SE		59		8,187
Thales SA		258		37,747
TotalEnergies SE		788		49,665
Valeo SE		290		5,666
Veolia Environnement SA		2,542		79,624
Vinci SA		878		98,114
Vivendi SE		4,490		40,984
Wendel SE		1,700		155,818
Worldline SA, 144A*		141		4,603

(Cost $2,793,298)				2,988,342

Germany — 3.3%
adidas AG		42		8,407
Allianz SE		31		7,548
BASF SE		1,587		80,593
Bayer AG		606		33,241
Bayerische Motoren Werke AG		807		85,109
Bechtle AG		239		11,657
Beiersdorf AG		643		84,304


	Number of Shares		Value
Germany (Continued)
Brenntag SE		464	$	37,639
Carl Zeiss Meditec AG		36		3,584
Continental AG		539		40,143
Covestro AG, 144A*		2,163		115,197
CTS Eventim AG & Co. KGaA		135		8,425
Daimler Truck Holding AG		1,093		38,543
Deutsche Bank AG (c)		537		5,858
Deutsche Boerse AG		80		14,227
Deutsche Telekom AG		2,993		64,131
DHL Group		1,562		73,043
E.ON SE		13,527		167,076
Evonik Industries AG		1,129		21,695
Fielmann Group AG		161		7,570
Fresenius Medical Care AG & Co. KGaA		73		3,530
Fresenius SE & Co. KGaA		1,378		44,285
FUCHS SE		1,337		43,969
GEA Group AG		1,813		71,626
Hannover Rueck SE		204		43,452
Heidelberg Materials AG		2,166		174,623
Hella GmbH & Co. KGaA		74		5,285
Henkel AG & Co. KGaA		502		34,750
HOCHTIEF AG		329		35,226
Infineon Technologies AG		395		14,154
Knorr-Bremse AG		297		20,340
LANXESS AG		210		6,651
LEG Immobilien SE*		265		19,155
Mercedes-Benz Group AG		524		38,412
Merck KGaA		236		42,520
METRO AG*		3,812		30,410
MTU Aero Engines AG		112		26,232
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		106		41,210
Puma SE		55		3,701
Rational AG		13		9,926
Rheinmetall AG		37		10,092
RWE AG		4,021		166,101
SAP SE		114		15,939
Scout24 SE, 144A		887		61,247
Siemens AG		86		12,963
Siemens Energy AG*		286		4,085
Symrise AG		90		9,393
Talanx AG		192		12,930
Telefonica Deutschland Holding AG		32,130		61,166
Traton SE		316		6,513
United Internet AG		185		3,564
Wacker Chemie AG		24		3,545

(Cost $1,871,100)				1,984,985

Hong Kong — 1.8%
AIA Group Ltd.		2,713		24,633
ASMPT Ltd.		1,405		14,074
Bank of East Asia Ltd.		9,947		14,182
BOC Hong Kong Holdings Ltd.		2,627		7,303
Budweiser Brewing Co. APAC Ltd., 144A		2,183		4,733
Cafe de Coral Holdings Ltd.		15,479		18,752
China Travel International Investment Hong Kong Ltd.*		32,021		6,084


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Hong Kong (Continued)
Chow Tai Fook Jewellery Group Ltd.		6,687	$	10,148
CK Asset Holdings Ltd.		10,819		59,740
CK Hutchison Holdings Ltd.		14,142		77,096
CK Infrastructure Holdings Ltd.		1,846		9,346
CLP Holdings Ltd.		1,893		14,846
Dah Sing Banking Group Ltd.		17,884		12,247
Dah Sing Financial Holdings Ltd.		1,478		3,249
DFI Retail Group Holdings Ltd.		13,600		33,592
First Pacific Co. Ltd.		38,533		16,412
Hang Lung Group Ltd.		8,231		11,357
Hang Lung Properties Ltd.		7,041		9,410
Hang Seng Bank Ltd.		201		2,563
Henderson Land Development Co. Ltd.		1,601		4,400
Hong Kong & China Gas Co. Ltd.		6,228		4,583
Hong Kong Exchanges & Clearing Ltd.		364		14,111
Hongkong Land Holdings Ltd.		1,400		4,970
Hutchison Port Holdings Trust, Class U		80,100		13,297
Hutchison Telecommunications Hong Kong Holdings Ltd.		51,480		7,221
Hysan Development Co. Ltd.		2,010		4,188
Jardine Matheson Holdings Ltd.		3,100		147,436
Kerry Logistics Network Ltd.		4,847		4,555
Kerry Properties Ltd.		26,608		49,200
Link REIT		3,734		18,523
MTR Corp. Ltd.		2,188		9,138
NWS Holdings Ltd.		53,762		61,223
PCCW Ltd.		43,037		20,471
Power Assets Holdings Ltd.		11,897		58,637
Sino Land Co. Ltd.		30,192		34,613
Sun Hung Kai Properties Ltd.		3,444		38,780
Swire Pacific Ltd., Class A		5,948		49,075
Swire Pacific Ltd., Class B		15,808		20,844
Swire Properties Ltd.		3,032		6,341
Techtronic Industries Co. Ltd.		476		4,704
Vitasoy International Holdings Ltd.		2,544		3,277
VTech Holdings Ltd.		6,000		36,650
Want Want China Holdings Ltd.		11,517		7,623
WH Group Ltd., 144A		174,223		89,758
Wharf Real Estate Investment Co. Ltd.		2,467		10,287
Xinyi Glass Holdings Ltd.		7,019		10,365
Yue Yuen Industrial Holdings Ltd.		12,545		15,742

(Cost $1,277,302)				1,099,779

Ireland — 1.2%
CRH PLC		3,333		191,870
DCC PLC		1,435		78,681
Experian PLC		1,614		56,488
Flutter Entertainment PLC*		84		15,338
Glanbia PLC		9,387		156,287
James Hardie Industries PLC CDI*		498		15,007
Kerry Group PLC, Class A		496		46,372
Kingspan Group PLC		96		8,135
Smurfit Kappa Group PLC		4,312		181,622

(Cost $657,804)				749,800

Israel — 1.0%
Airport City Ltd.*		646		9,924


	Number of Shares		Value
Israel (Continued)
Alony Hetz Properties & Investments Ltd.		161	$	1,227
Amot Investments Ltd.		1,676		7,943
Azrieli Group Ltd.		184		9,892
Bank Hapoalim BM		6,044		50,188
Bank Leumi Le-Israel BM		3,792		29,521
Bezeq The Israeli Telecommunication Corp. Ltd.		56,941		77,175
Elbit Systems Ltd.		159		31,324
First International Bank Of Israel Ltd.		275		11,142
Harel Insurance Investments & Financial Services Ltd.		628		4,581
ICL Group Ltd.		11,699		70,225
Israel Corp. Ltd.		11		3,064
Israel Discount Bank Ltd., Class A		6,018		30,183
Melisron Ltd.		133		8,351
Mivne Real Estate KD Ltd.		6,128		14,706
Mizrahi Tefahot Bank Ltd.		738		24,326
Nice Ltd.*		463		91,666
Nova Ltd.*		271		35,132
Phoenix Holdings Ltd.		1,289		12,933
Shufersal Ltd.*		2,614		12,188
Strauss Group Ltd.*		1,088		23,655
Teva Pharmaceutical Industries Ltd.*		15		146
Tower Semiconductor Ltd.*		1,251		36,592

(Cost $608,820)				596,084

Italy — 2.4%
A2A SpA		64,883		124,610
Assicurazioni Generali SpA		1,859		38,598
Banca Mediolanum SpA		849		7,777
Banco BPM SpA		1,925		9,226
Buzzi SpA		2,359		70,717
Davide Campari-Milano NV		2,113		27,681
De’ Longhi SpA		857		22,714
Enel SpA		20,474		137,995
Eni SpA		15,477		239,942
Ferrari NV		231		73,460
FinecoBank Banca Fineco SpA		1,412		19,402
Hera SpA		13,668		41,477
Infrastrutture Wireless Italiane SpA, 144A		1,638		20,294
Interpump Group SpA		893		45,311
Intesa Sanpaolo SpA		4,287		11,502
Italgas SpA		15,589		88,827
Leonardo SpA		2,036		29,423
Mediobanca Banca di Credito Finanziario SpA		2,096		27,458
Moncler SpA		776		52,757
Pirelli & C SpA, 144A		7,889		39,447
Poste Italiane SpA, 144A		1,533		17,063
PRADA SpA		931		6,085
Prysmian SpA		3,766		154,464
Recordati Industria Chimica e Farmaceutica SpA		777		39,113
Reply SpA		48		4,920
Snam SpA		4,969		25,693
Telecom Italia SpA*		21,093		6,559
Telecom Italia SpA-RSP*		18,162		5,578


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Italy (Continued)
Terna - Rete Elettrica Nazionale		7,398	$	61,184
UniCredit SpA		423		10,360
UnipolSai Assicurazioni SpA		4,750		12,033

(Cost $1,321,699)				1,471,670

Japan — 31.5%
ABC-Mart, Inc.		2,589		47,135
Acom Co. Ltd.		7,700		18,284
Activia Properties, Inc. REIT		4		11,210
Advance Residence Investment Corp. REIT		6		14,445
Advantest Corp.		200		25,154
Aeon Co. Ltd.		1,549		32,122
Aeon Mall Co. Ltd.		900		10,794
AEON REIT Investment Corp. REIT		9		9,106
AGC, Inc.		1,754		61,601
Aica Kogyo Co. Ltd.		1,514		35,930
Ain Holdings, Inc.		400		14,295
Air Water, Inc.		4,000		50,362
Aisin Corp.		1,493		49,912
Ajinomoto Co., Inc.		1,500		63,602
Alfresa Holdings Corp.		4,600		78,802
Alps Alpine Co. Ltd.		700		5,854
Amada Co. Ltd.		11,443		121,359
Amano Corp.		2,000		43,645
Anritsu Corp.		1,100		8,073
Ariake Japan Co. Ltd.		200		7,295
Asahi Group Holdings Ltd.		992		38,676
Asahi Intecc Co. Ltd.		216		4,402
Asahi Kasei Corp.		6,819		44,113
ASKUL Corp.		900		12,154
Astellas Pharma, Inc.		3,083		46,896
Azbil Corp.		813		27,140
Bandai Namco Holdings, Inc.		2,900		67,368
Bank of Kyoto Ltd.		100		5,785
Benesse Holdings, Inc.		500		6,369
Bic Camera, Inc.		3,500		26,012
BIPROGY, Inc.		500		12,951
Bridgestone Corp.		4,024		156,471
Brother Industries Ltd.		2,642		44,797
Calbee, Inc.		1,780		35,524
Canon Marketing Japan, Inc.		2,100		55,203
Canon, Inc.		5,522		136,092
Capcom Co. Ltd.		1,508		63,630
Casio Computer Co. Ltd.		1,500		13,307
Central Japan Railway Co.		71		9,115
Chiba Bank Ltd.		1,600		11,446
Chubu Electric Power Co., Inc.		5,231		69,886
Chugai Pharmaceutical Co. Ltd.		400		12,246
Chugin Financial Group, Inc.		700		4,653
Chugoku Electric Power Co., Inc.*		583		3,846
Coca-Cola Bottlers Japan Holdings, Inc.		1,200		15,649
COMSYS Holdings Corp.		1,534		32,696
Concordia Financial Group Ltd.		2,200		9,768
Cosmo Energy Holdings Co. Ltd.		1,200		43,191
Cosmos Pharmaceutical Corp.		90		10,580
Credit Saison Co. Ltd.		600		9,390


	Number of Shares		Value
Japan (Continued)
Dai Nippon Printing Co. Ltd.		6,707	$	183,494
Daicel Corp.		8,127		67,937
Daido Steel Co. Ltd.		755		31,271
Daifuku Co. Ltd.		978		18,094
Dai-ichi Life Holdings, Inc.		900		16,762
Daiichi Sankyo Co. Ltd.		200		5,906
Daiichikosho Co. Ltd.		1,400		27,080
Daikin Industries Ltd.		125		21,658
Daito Trust Construction Co. Ltd.		1,334		147,204
Daiwa House Industry Co. Ltd.		4,502		125,178
Daiwa House REIT Investment Corp. REIT		3		5,692
Daiwa Securities Living Investments Corp. REIT		10		7,659
DeNA Co. Ltd.		500		5,186
Denka Co. Ltd.		700		13,211
Denso Corp.		444		30,373
Dentsu Group, Inc.		500		14,957
DIC Corp.		1,700		29,327
Disco Corp.		546		107,805
DMG Mori Co. Ltd.		1,400		25,584
Dowa Holdings Co. Ltd.		600		19,296
East Japan Railway Co.		400		22,618
Ebara Corp.		300		14,958
Eisai Co. Ltd.		200		12,718
Electric Power Development Co. Ltd.		8,076		126,034
ENEOS Holdings, Inc.		61,220		229,725
EXEO Group, Inc.		3,672		78,164
Ezaki Glico Co. Ltd.		400		10,556
Fancl Corp.		200		3,507
FANUC Corp.		1,480		42,219
Fast Retailing Co. Ltd.		59		13,568
Food & Life Cos. Ltd.		300		5,705
FP Corp.		800		15,386
Frontier Real Estate Investment Corp. REIT		5		16,159
Fuji Electric Co. Ltd.		488		23,045
Fuji Media Holdings, Inc.		800		8,361
Fuji Oil Holdings, Inc.		200		3,215
FUJIFILM Holdings Corp.		951		56,269
Fujikura Ltd.		1,500		12,436
Fujitsu Ltd.		442		55,271
Fukuoka Financial Group, Inc.		500		11,838
Furukawa Electric Co. Ltd.		900		15,486
Fuyo General Lease Co. Ltd.		500		41,385
GLP J REIT		3		2,829
Goldwin, Inc.		400		28,616
GS Yuasa Corp.		638		12,117
GungHo Online Entertainment, Inc.		300		4,945
H.U. Group Holdings, Inc.		1,200		21,744
Hachijuni Bank Ltd.		2,100		11,328
Hakuhodo DY Holdings, Inc.		569		5,407
Hamamatsu Photonics KK		1,550		71,823
Hankyu Hanshin Holdings, Inc.		1,467		52,701
Haseko Corp.		9,497		118,007
Heiwa Corp.		1,100		16,796
Hikari Tsushin, Inc.		176		29,328
Hirogin Holdings, Inc.		1,300		8,129


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Japan (Continued)
Hirose Electric Co. Ltd.		440	$	53,359
Hisamitsu Pharmaceutical Co., Inc.		700		23,762
Hitachi Construction Machinery Co. Ltd.		600		18,715
Hitachi Ltd.		1,246		82,967
Honda Motor Co. Ltd.		4,045		130,670
Horiba Ltd.		800		41,664
Hoshizaki Corp.		1,026		39,423
House Foods Group, Inc.		857		18,513
Hoya Corp.		300		33,290
Hulic Co. Ltd.		5,448		48,947
Ibiden Co. Ltd.		200		12,078
Idemitsu Kosan Co. Ltd.		4,525		96,197
IHI Corp.		1,000		24,941
Iida Group Holdings Co. Ltd.		1,300		21,319
Industrial & Infrastructure Fund Investment Corp. REIT		3		3,009
Information Services International-Dentsu Ltd.		300		12,014
INFRONEER Holdings, Inc.		684		7,151
Inpex Corp.		8,899		124,391
Internet Initiative Japan, Inc.		1,500		26,108
Isetan Mitsukoshi Holdings Ltd.		900		10,330
Isuzu Motors Ltd.		2,600		33,396
ITOCHU Corp.		4,136		155,457
Itochu Techno-Solutions Corp.		1,100		32,679
Itoham Yonekyu Holdings, Inc.		3,800		21,142
Iwatani Corp.		1,600		84,349
Iyogin Holdings, Inc.		1,000		6,951
Izumi Co. Ltd.		800		20,881
J. Front Retailing Co. Ltd.		2,365		24,936
Japan Aviation Electronics Industry Ltd.		1,000		21,087
Japan Exchange Group, Inc.		100		1,747
Japan Logistics Fund, Inc. REIT		3		6,285
Japan Metropolitan Fund Invest REIT		15		10,077
Japan Post Holdings Co. Ltd.		3,700		28,388
Japan Post Insurance Co. Ltd.		700		11,287
Japan Prime Realty Investment Corp. REIT		4		10,138
Japan Real Estate Investment Corp. REIT		4		16,623
Japan Tobacco, Inc.		3,364		73,734
JFE Holdings, Inc.		4,400		69,618
JGC Holdings Corp.		200		2,675
JTEKT Corp.		3,300		29,909
Kadokawa Corp.		100		2,354
Kagome Co. Ltd.		265		6,185
Kajima Corp.		6,200		103,635
Kaken Pharmaceutical Co. Ltd.		347		8,533
Kamigumi Co. Ltd.		5,432		122,456
Kandenko Co. Ltd.		6,492		59,531
Kaneka Corp.		1,622		45,601
Kansai Electric Power Co., Inc.		14,911		212,422
Kansai Paint Co. Ltd.		488		8,008
Kao Corp.		1,453		56,280
Kawasaki Heavy Industries Ltd.		2,043		52,470
KDDI Corp.		1,629		48,394
Keihan Holdings Co. Ltd.		900		25,705
Keikyu Corp.		2,800		25,839


	Number of Shares		Value
Japan (Continued)
Keio Corp.		400	$	13,848
Keisei Electric Railway Co. Ltd.		600		22,989
Kenedix Office Investment Corp. REIT		1		2,363
Kewpie Corp.		1,559		25,984
Keyence Corp.		29		12,055
Kikkoman Corp.		173		10,013
Kinden Corp.		3,700		50,880
Kintetsu Group Holdings Co. Ltd.		1,500		47,488
Kirin Holdings Co. Ltd.		3,212		45,140
Kobayashi Pharmaceutical Co. Ltd.		126		6,233
Kobe Bussan Co. Ltd.		300		7,468
Kobe Steel Ltd.		5,700		71,649
Koei Tecmo Holdings Co. Ltd.		1,624		25,238
Koito Manufacturing Co. Ltd.		1,100		18,704
Kokuyo Co. Ltd.		3,100		48,230
Komatsu Ltd.		3,370		96,064
Konami Group Corp.		682		39,613
Konica Minolta, Inc.		1,500		4,642
Kose Corp.		200		16,609
Kotobuki Spirits Co. Ltd.		100		7,851
K’s Holdings Corp.		4,111		37,895
Kubota Corp.		900		14,435
Kuraray Co. Ltd.		10,181		115,772
Kurita Water Industries Ltd.		1,128		44,032
Kyocera Corp.		1,572		80,746
Kyowa Kirin Co. Ltd.		800		14,675
Kyudenko Corp.		1,099		33,834
Kyushu Electric Power Co., Inc.*		6,164		40,722
Kyushu Financial Group, Inc.		3,800		18,634
Kyushu Railway Co.		3,000		65,384
LaSalle Logiport REIT		7		7,150
Lawson, Inc.		1,100		52,520
Lintec Corp.		1,613		26,624
Lion Corp.		5,206		56,696
Lixil Corp.		1,411		17,683
Mabuchi Motor Co. Ltd.		1,000		30,628
Mani, Inc.		800		10,427
Marubeni Corp.		13,691		224,241
Marui Group Co. Ltd.		679		11,765
Maruichi Steel Tube Ltd.		1,950		50,737
Matsui Securities Co. Ltd.		1,100		6,052
MatsukiyoCocokara & Co.		297		17,493
Mazda Motor Corp.		13,700		144,213
McDonald’s Holdings Co. Japan Ltd.		1,500		59,656
Mebuki Financial Group, Inc.		4,100		11,352
Medipal Holdings Corp.		2,651		45,469
MEIJI Holdings Co. Ltd.		3,538		88,751
MINEBEA MITSUMI, Inc.		1,371		23,312
MISUMI Group, Inc.		740		12,928
Mitsubishi Chemical Group Corp.		27,902		166,797
Mitsubishi Corp.		3,236		159,950
Mitsubishi Electric Corp.		13,674		178,363
Mitsubishi Estate Co. Ltd.		1,500		19,190
Mitsubishi Gas Chemical Co., Inc.		2,567		35,018
Mitsubishi HC Capital, Inc.		7,050		45,854
Mitsubishi Heavy Industries Ltd.		3,613		205,238
Mitsubishi Logistics Corp.		1,500		39,884


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Japan (Continued)
Mitsubishi Materials Corp.		3,100	$	52,094
Mitsubishi Motors Corp.		7,700		30,290
Mitsubishi UFJ Financial Group, Inc.		1,200		9,590
Mitsui & Co. Ltd.		7,525		280,769
Mitsui Chemicals, Inc.		4,900		133,148
Mitsui Fudosan Co. Ltd.		800		17,540
Mitsui Mining & Smelting Co. Ltd.		900		23,009
Mitsui OSK Lines Ltd.		1,474		40,863
Miura Co. Ltd.		1,500		34,670
Mizuho Financial Group, Inc.		2,580		42,709
Mori Hills REIT Investment Corp. REIT		11		11,084
Morinaga & Co. Ltd.		1,400		50,899
Morinaga Milk Industry Co. Ltd.		300		12,286
MS&AD Insurance Group Holdings, Inc.		1,500		53,989
Murata Manufacturing Co. Ltd.		617		34,689
Nabtesco Corp.		600		11,371
Nagase & Co. Ltd.		565		9,698
Nagoya Railroad Co. Ltd.		1,400		22,493
Nankai Electric Railway Co. Ltd.		1,518		31,906
NEC Corp.		600		31,676
NEC Networks & System Integration Corp.		800		10,677
Nexon Co. Ltd.		600		12,187
NGK Insulators Ltd.		5,677		75,415
NH Foods Ltd.		300		9,310
NHK Spring Co. Ltd.		7,500		58,265
Nichirei Corp.		1,600		37,872
Nifco, Inc.		1,661		49,059
Nihon Kohden Corp.		1,400		37,292
Nikon Corp.		3,100		33,516
Nintendo Co. Ltd.		1,150		49,504
Nippon Accommodations Fund, Inc. REIT		2		9,026
Nippon Building Fund, Inc. REIT		3		12,673
Nippon Electric Glass Co. Ltd.		900		15,894
NIPPON EXPRESS HOLDINGS, Inc.		1,936		100,653
Nippon Kayaku Co. Ltd.		5,900		52,907
Nippon Paint Holdings Co. Ltd.		700		5,414
Nippon Prologis REIT, Inc. REIT		2		4,024
Nippon Sanso Holdings Corp.		959		23,167
Nippon Shinyaku Co. Ltd.		100		4,395
Nippon Shokubai Co. Ltd.		1,500		57,152
Nippon Steel Corp.		7,113		168,414
Nippon Telegraph & Telephone Corp.		14,875		17,196
Nippon Yusen KK		2,000		53,385
Nipro Corp.		600		4,979
Nishi-Nippon Railroad Co. Ltd.		1,400		26,176
Nissan Chemical Corp.		483		20,729
Nissan Motor Co. Ltd.		8,500		36,246
Nisshin Seifun Group, Inc.		1,478		19,497
Nissin Foods Holdings Co. Ltd.		1,084		94,711
Niterra Co. Ltd.		4,502		104,676
Nitori Holdings Co. Ltd.		462		52,742
Nitto Denko Corp.		1,743		119,113
Noevir Holdings Co. Ltd.		500		19,542
NOF Corp.		1,707		77,057
NOK Corp.		4,800		67,408
Nomura Real Estate Holdings, Inc.		786		19,803


	Number of Shares		Value
Japan (Continued)
Nomura Real Estate Master Fund, Inc. REIT		9	$	10,577
NS Solutions Corp.		600		16,279
NSK Ltd.		4,400		25,668
NTT Data Group Corp.		317		4,270
Obayashi Corp.		14,162		128,308
OBIC Business Consultants Co. Ltd.		300		12,879
Obic Co. Ltd.		228		39,669
Odakyu Electric Railway Co. Ltd.		400		5,951
Oji Holdings Corp.		15,088		61,768
OKUMA Corp.		600		28,169
Olympus Corp.		600		8,121
Omron Corp.		300		14,503
Ono Pharmaceutical Co. Ltd.		1,677		31,810
Open House Group Co. Ltd.		380		12,858
Oracle Corp.		300		20,957
Oriental Land Co. Ltd.		190		6,850
ORIX Corp.		3,836		71,669
Orix JREIT, Inc. REIT		15		18,659
Osaka Gas Co. Ltd.		9,029		144,504
OSG Corp.		1,700		21,474
Otsuka Corp.		908		40,509
Otsuka Holdings Co. Ltd.		1,434		54,628
PALTAC Corp.		882		29,098
Pan Pacific International Holdings Corp.		4,799		95,743
Panasonic Holdings Corp.		3,372		38,900
Park24 Co. Ltd.*		200		2,824
Penta-Ocean Construction Co. Ltd.		1,520		9,043
Persol Holdings Co. Ltd.		1,529		26,204
Pigeon Corp.		1,300		15,082
Pola Orbis Holdings, Inc.		1,000		12,917
Recruit Holdings Co. Ltd.		326		11,689
Relo Group, Inc.		1,200		14,070
Renesas Electronics Corp.*		800		13,466
Rengo Co. Ltd.		10,012		68,069
Resona Holdings, Inc.		2,800		14,853
Resonac Holdings Corp.		1,700		27,686
Resorttrust, Inc.		500		8,023
Ricoh Co. Ltd.		1,700		13,872
Rinnai Corp.		2,351		45,563
Rohm Co. Ltd.		714		59,686
Rohto Pharmaceutical Co. Ltd.		1,922		50,128
Ryohin Keikaku Co. Ltd.		1,100		14,193
Sankyo Co. Ltd.		1,809		78,841
Sankyu, Inc.		2,900		101,271
Sanrio Co. Ltd.		300		15,644
Santen Pharmaceutical Co. Ltd.		800		7,443
Sanwa Holdings Corp.		5,200		79,240
Sapporo Holdings Ltd.		500		15,331
SBI Holdings, Inc.		600		12,263
SCREEN Holdings Co. Ltd.		100		10,200
SCSK Corp.		1,000		17,351
Secom Co. Ltd.		1,335		93,487
Sega Sammy Holdings, Inc.		3,600		71,921
Seibu Holdings, Inc.		1,700		17,988
Seiko Epson Corp.		2,351		36,859
Seino Holdings Co. Ltd.		8,700		126,838


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Japan (Continued)
Sekisui Chemical Co. Ltd.		8,001	$	122,885
Sekisui House Ltd.		4,936		100,714
Sekisui House Reit, Inc. REIT		16		9,243
Seven & i Holdings Co. Ltd.		1,800		73,949
Seven Bank Ltd.		6,400		13,619
SG Holdings Co. Ltd.		2,160		31,216
Shikoku Electric Power Co., Inc.*		2,300		16,588
Shimadzu Corp.		1,496		44,042
Shimamura Co. Ltd.		946		97,534
Shimano, Inc.		130		19,109
Shimizu Corp.		6,946		46,742
Shin-Etsu Chemical Co. Ltd.		1,535		49,123
Shionogi & Co. Ltd.		300		13,223
Ship Healthcare Holdings, Inc.		600		10,206
Shiseido Co. Ltd.		200		8,127
Shizuoka Financial Group, Inc.		1,500		12,209
SHO-BOND Holdings Co. Ltd.		649		26,159
Skylark Holdings Co. Ltd.*		3,200		44,785
SMC Corp.		61		29,581
SMS Co. Ltd.		300		5,790
SoftBank Corp.		2,905		33,323
Sohgo Security Services Co. Ltd.		3,835		24,464
Sojitz Corp.		9,420		202,654
Sompo Holdings, Inc.		1,500		65,395
Sony Group Corp.		141		11,763
Sotetsu Holdings, Inc.		700		13,689
Square Enix Holdings Co. Ltd.		1,200		45,582
Stanley Electric Co. Ltd.		3,231		56,781
Subaru Corp.		5,564		107,374
Sugi Holdings Co. Ltd.		635		28,521
SUMCO Corp.		1,400		18,723
Sumitomo Bakelite Co. Ltd.		400		18,939
Sumitomo Chemical Co. Ltd.		16,300		45,166
Sumitomo Corp.		6,632		136,617
Sumitomo Electric Industries Ltd.		9,326		114,377
Sumitomo Forestry Co. Ltd.		4,383		123,616
Sumitomo Heavy Industries Ltd.		3,049		76,505
Sumitomo Metal Mining Co. Ltd.		1,169		36,294
Sumitomo Mitsui Financial Group, Inc.		200		9,178
Sumitomo Mitsui Trust Holdings, Inc.		400		14,977
Sumitomo Realty & Development Co. Ltd.		471		12,064
Sumitomo Rubber Industries Ltd.		4,000		42,243
Sundrug Co. Ltd.		1,888		55,803
Suntory Beverage & Food Ltd.		1,574		50,966
Suzuken Co. Ltd.		2,184		64,777
Suzuki Motor Corp.		2,042		80,440
Sysmex Corp.		227		12,086
Taiheiyo Cement Corp.		1,500		28,792
Taisei Corp.		4,534		152,696
Taisho Pharmaceutical Holdings Co. Ltd.		200		8,287
Takara Holdings, Inc.		800		6,910
Takashimaya Co. Ltd.		3,900		58,586
Takeda Pharmaceutical Co. Ltd.		500		15,482
TDK Corp.		530		19,346
TechnoPro Holdings, Inc.		387		9,506
Teijin Ltd.		5,720		58,149
Terumo Corp.		516		15,641


	Number of Shares		Value
Japan (Continued)
THK Co. Ltd.		1,200	$	21,971
TIS, Inc.		3,200		75,546
Tobu Railway Co. Ltd.		1,500		41,141
Toda Corp.		4,000		22,511
Toho Co. Ltd.		1,259		48,039
Toho Gas Co. Ltd.		1,200		21,513
Tohoku Electric Power Co., Inc.*		5,719		39,990
Tokai Carbon Co. Ltd.		1,800		14,243
Tokio Marine Holdings, Inc.		1,800		39,898
Tokyo Century Corp.		500		19,229
Tokyo Electric Power Co. Holdings, Inc.*		23,104		101,567
Tokyo Electron Ltd.		48		7,113
Tokyo Gas Co. Ltd.		9,859		228,690
Tokyo Ohka Kogyo Co. Ltd.		500		33,870
Tokyo Tatemono Co. Ltd.		500		6,577
Tokyu Corp.		1,500		18,963
Tokyu Fudosan Holdings Corp.		1,522		9,477
TOPPAN, Inc.		5,765		139,428
Toray Industries, Inc.		21,100		113,931
Toshiba Corp.		2,800		88,509
Toshiba TEC Corp.		91		2,216
Tosoh Corp.		10,541		136,555
TOTO Ltd.		1,080		29,636
Toyo Seikan Group Holdings Ltd.		7,121		128,984
Toyo Suisan Kaisha Ltd.		1,300		53,684
Toyo Tire Corp.		1,400		21,122
Toyoda Gosei Co. Ltd.		1,484		32,099
Toyota Boshoku Corp.		3,000		56,822
Toyota Industries Corp.		498		35,233
Toyota Motor Corp.		1,000		17,275
Toyota Tsusho Corp.		2,023		120,823
Trend Micro, Inc.		639		27,165
TS Tech Co. Ltd.		4,558		53,975
Tsuruha Holdings, Inc.		728		53,305
UBE Corp.		3,093		52,210
Ulvac, Inc.		200		7,767
Unicharm Corp.		1,477		58,964
United Urban Investment Corp. REIT		14		15,050
Ushio, Inc.		1,201		15,154
USS Co. Ltd.		4,500		78,650
Welcia Holdings Co. Ltd.		400		7,357
West Japan Railway Co.		100		4,330
Workman Co. Ltd.		300		10,839
Yakult Honsha Co. Ltd.		1,500		78,655
Yamada Holdings Co. Ltd.		19,257		60,581
Yamaha Corp.		781		24,135
Yamaha Motor Co. Ltd.		3,600		93,446
Yamato Holdings Co. Ltd.		5,700		107,141
Yamato Kogyo Co. Ltd.		1,400		67,584
Yamazaki Baking Co. Ltd.		2,553		48,391
Yaoko Co. Ltd.		200		10,548
Yaskawa Electric Corp.		800		31,437
Yokogawa Electric Corp.		2,000		39,681
Yokohama Rubber Co. Ltd.		3,200		65,161
Zenkoku Hosho Co. Ltd.		1,538		53,318
Zensho Holdings Co. Ltd.		1,800		84,891
Zeon Corp.		3,859		42,557

(Cost $17,554,966)				18,999,422


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Jordan — 0.1%
Hikma Pharmaceuticals PLC
(Cost $28,466)		1,088	$	30,179

Luxembourg — 0.2%
ArcelorMittal SA		353		9,398
Eurofins Scientific SE		119		7,341
L’Occitane International SA		2,138		7,580
RTL Group SA		1,472		54,479
Tenaris SA		2,726		43,670

(Cost $136,382)				122,468

Mexico — 0.0%
Fresnillo PLC
(Cost $5,502)		656		4,783

Netherlands — 3.0%
Aalberts NV		543		22,637
ABN AMRO Bank NV, 144A		370		5,459
Adyen NV, 144A*		4		3,354
Akzo Nobel NV		530		43,166
ASM International NV		15		7,248
ASML Holding NV		10		6,598
ASR Nederland NV		892		39,083
BE Semiconductor Industries NV		79		9,097
CTP NV, 144A		1,597		22,706
Euronext NV, 144A		77		5,570
EXOR NV		86		7,630
Heineken Holding NV		1,300		104,270
Heineken NV		410		39,969
IMCD NV		468		64,636
ING Groep NV		480		6,825
JDE Peet’s NV		1,029		28,680
Koninklijke Ahold Delhaize NV		14,020		459,161
Koninklijke KPN NV		48,000		168,116
Koninklijke Vopak NV		889		32,121
NN Group NV		1,157		44,654
OCI NV*		1,326		33,619
QIAGEN NV*		870		39,838
Randstad NV		4,686		275,557
Signify NV, 144A		574		16,285
Stellantis NV		5,880		109,615
Universal Music Group NV		572		14,211
Wolters Kluwer NV		1,536		185,381

(Cost $1,768,224)				1,795,486

New Zealand — 1.2%
a2 Milk Co. Ltd.*		9,010		26,825
Auckland International Airport Ltd.*		6,801		31,628
Contact Energy Ltd.		15,151		75,511
Fisher & Paykel Healthcare Corp. Ltd.		5,050		68,289
Fletcher Building Ltd.		10,136		29,151
Infratil Ltd.		6,356		38,187
Kiwi Property Group Ltd.		68,762		36,236
Mainfreight Ltd.		2,414		94,237
Mercury NZ Ltd.		10,530		38,906
Meridian Energy Ltd.		15,240		48,686
Ryman Healthcare Ltd.		2,290		9,054
Spark New Zealand Ltd.		74,197		224,217

(Cost $813,419)				720,927


	Number of Shares		Value
Norway — 1.2%
Aker ASA, Class A		126	$	7,771
Aker BP ASA		270		7,325
DNB Bank ASA		539		10,671
Equinor ASA		1,684		51,958
Gjensidige Forsikring ASA		455		7,079
Kongsberg Gruppen ASA		862		35,721
Leroy Seafood Group ASA		549		2,272
Mowi ASA		1,254		22,753
Norsk Hydro ASA		17,760		98,675
Orkla ASA		11,121		84,977
Telenor ASA		3,502		37,499
TOMRA Systems ASA		350		4,809
Var Energi ASA		2,413		7,000
Yara International ASA		9,388		343,230

(Cost $820,713)				721,740

Poland — 0.2%
Dino Polska SA, 144A*		399		36,683
KGHM Polska Miedz SA		530		14,673
LPP SA		3		10,104
ORLEN SA		1,392		21,296
Powszechna Kasa Oszczednosci Bank Polski SA*		892		8,084
Powszechny Zaklad Ubezpieczen SA		4,023		40,345
Santander Bank Polska SA*		88		7,935

(Cost $119,406)				139,120

Portugal — 0.5%
EDP — Energias de Portugal SA		14,750		67,333
Galp Energia SGPS SA		8,755		120,726
Jeronimo Martins SGPS SA		4,627		118,015

(Cost $266,422)				306,074

Russia — 0.0%
Evraz PLC*(b)
(Cost $35,071)		4,559		0

Singapore — 3.2%
BOC Aviation Ltd., 144A		2,031		15,242
CapitaLand Ascendas REIT		46,236		94,834
CapitaLand Ascott Trust (a)		27,655		19,863
CapitaLand Integrated Commercial Trust REIT		24,774		35,038
CapitaLand Investment Ltd.		10,100		24,231
City Developments Ltd.		18,400		91,012
ComfortDelGro Corp. Ltd.		108,544		102,074
DBS Group Holdings Ltd.		1,026		25,299
Frasers Logistics & Commercial Trust REIT		91,700		81,481
Genting Singapore Ltd.		181,700		117,725
Jardine Cycle & Carriage Ltd.		6,505		160,975
Keppel REIT		18,600		11,913
Keppel Corp. Ltd.		5,762		29,610
Keppel DC REIT		23,000		37,468
Mapletree Industrial Trust REIT		30,978		52,758
Mapletree Logistics Trust REIT		62,867		78,205
Mapletree Pan Asia Commercial Trust REIT		18,991		21,374


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Singapore (Continued)
NETLINK NBN TRUST		40,100	$	25,684
Olam Group Ltd.		15,364		14,221
Oversea-Chinese Banking Corp. Ltd.		8,762		81,424
Seatrium Ltd.*		72,300		7,763
Sembcorp Industries Ltd.		49,453		195,908
SIA Engineering Co. Ltd.		6,600		11,729
Singapore Airlines Ltd.		15,100		76,814
Singapore Exchange Ltd.		20,580		146,750
Singapore Post Ltd.		34,600		12,682
Singapore Technologies Engineering Ltd.		9,128		25,752
Singapore Telecommunications Ltd.		27,866		49,108
StarHub Ltd.		7,900		5,967
Suntec Real Estate Investment Trust REIT		24,200		21,682
United Overseas Bank Ltd.		1,700		35,800
UOL Group Ltd.		5,229		25,709
Venture Corp. Ltd.		14,262		138,449
Wilmar International Ltd.		21,300		59,618

(Cost $1,925,333)				1,934,162

South Korea — 5.1%
Amorepacific Corp.		64		6,484
AMOREPACIFIC Group		514		13,086
BGF retail Co. Ltd.		168		19,879
BNK Financial Group, Inc.		3,856		19,896
Celltrion, Inc.		54		5,879
Cheil Worldwide, Inc.		2,620		37,365
CJ CheilJedang Corp.		160		36,194
CJ Corp.		557		29,625
CJ ENM Co. Ltd.*		51		2,246
Coway Co. Ltd.		212		6,929
DB Insurance Co. Ltd.		1,046		64,655
DGB Financial Group, Inc.		2,164		12,279
DL Holdings Co. Ltd.		466		13,468
Doosan Bobcat, Inc.		370		15,060
E-MART, Inc.		136		7,594
F&F Co. Ltd. / New		61		4,754
Fila Holdings Corp.		824		23,627
GS Holdings Corp.		2,154		61,194
GS Retail Co. Ltd.		502		8,982
Hana Financial Group, Inc.		1,935		57,900
Hankook Tire & Technology Co. Ltd.		2,540		74,466
Hanon Systems		952		6,562
Hanwha Aerospace Co. Ltd.		166		14,342
Hanwha Corp.		937		17,723
HD Hyundai Co. Ltd.		1,379		61,660
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		62		5,802
HL Mando Co. Ltd.		299		9,478
Hotel Shilla Co. Ltd.		347		23,155
Hyundai Department Store Co. Ltd.		232		12,181
Hyundai Engineering & Construction Co. Ltd.		244		6,553
Hyundai Glovis Co. Ltd.		365		47,636
Hyundai Marine & Fire Insurance Co. Ltd.		1,539		35,222
Hyundai Mobis Co. Ltd.		716		125,134
Hyundai Motor Co.		202		28,900
Hyundai Steel Co.		243		6,655


	Number of Shares		Value
South Korea (Continued)
Industrial Bank of Korea		3,604	$	29,339
Kangwon Land, Inc.		212		2,488
KB Financial Group, Inc.		912		37,329
KEPCO Plant Service & Engineering Co. Ltd.		192		4,874
Kia Corp.		3,322		201,569
Korea Aerospace Industries Ltd.		240		9,188
Korea Electric Power Corp.*		711		9,586
Korea Investment Holdings Co. Ltd.		398		15,658
Korea Zinc Co. Ltd.		91		36,283
Korean Air Lines Co. Ltd.		201		3,467
KT&G Corp.		3,610		237,344
Kumho Petrochemical Co. Ltd.		184		17,373
LG Chem Ltd.		20		8,822
LG Corp.		2,129		132,242
LG Display Co. Ltd.*		1,939		19,658
LG Electronics, Inc.		510		38,006
LG H&H Co. Ltd.		14		4,920
LG Innotek Co. Ltd.		22		4,494
LG Uplus Corp.		3,670		29,016
Lotte Chemical Corp.		288		29,764
Lotte Chilsung Beverage Co. Ltd.		115		11,302
Lotte Corp.		225		4,247
LOTTE Fine Chemical Co. Ltd.		120		5,484
Lotte Shopping Co. Ltd.		208		11,173
LS Corp.		398		32,249
Meritz Financial Group, Inc.*		193		7,987
Mirae Asset Securities Co. Ltd.		2,863		14,426
NAVER Corp.		11		1,785
NCSoft Corp.		39		7,421
NH Investment & Securities Co. Ltd.		2,906		22,646
NongShim Co. Ltd.		132		45,789
Orion Corp.		562		51,789
Ottogi Corp.		47		13,086
Pan Ocean Co. Ltd.		2,192		7,396
POSCO Holdings, Inc.		618		270,718
Posco International Corp.		888		53,209
S-1 Corp.		511		21,573
Samsung C&T Corp.		1,051		83,253
Samsung Card Co. Ltd.		1,101		24,948
Samsung Electro-Mechanics Co. Ltd.		275		28,171
Samsung Electronics Co. Ltd.		242		12,249
Samsung Engineering Co. Ltd.*		1,591		40,926
Samsung Fire & Marine Insurance Co. Ltd.		639		119,170
Samsung Life Insurance Co. Ltd.		586		29,971
Samsung SDI Co. Ltd.		56		26,014
Samsung SDS Co. Ltd.		535		57,477
Samsung Securities Co. Ltd.		1,043		29,473
Shinhan Financial Group Co. Ltd.		3,329		89,537
Shinsegae, Inc.		75		11,519
SK Hynix, Inc.		261		24,051
SK Networks Co. Ltd.		3,818		20,827
SK, Inc.		54		5,904
S-Oil Corp.		730		40,318
Woori Financial Group, Inc.		3,696		33,304


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
South Korea (Continued)
Yuhan Corp.		238	$	13,109

(Cost $2,827,009)				3,066,486

Spain — 2.2%
Acciona SA		471		67,402
ACS Actividades de Construccion y Servicios SA		2,224		78,184
Aena SME SA, 144A		58		9,128
Amadeus IT Group SA		375		25,764
Banco Bilbao Vizcaya Argentaria SA		1,989		15,686
Banco Santander SA		2,370		9,265
Bankinter SA		862		5,535
Corp ACCIONA Energias Renovables SA		1,033		30,765
EDP Renovaveis SA		282		5,174
Enagas SA		1,472		25,155
Endesa SA		5,213		108,519
Ferrovial SE		998		31,683
Grifols SA*		550		7,548
Iberdrola SA		11,667		138,784
Industria de Diseno Textil SA		1,080		41,448
Inmobiliaria Colonial Socimi SA REIT		970		5,906
Mapfre SA		15,576		32,982
Merlin Properties Socimi SA REIT		2,723		24,441
Naturgy Energy Group SA		2,042		59,263
Redeia Corp. SA		4,604		74,979
Repsol SA		24,902		384,330
Telefonica SA		31,179		129,405

(Cost $1,278,504)				1,311,346

Sweden — 2.5%
Alfa Laval AB		1,447		50,903
Assa Abloy AB, Class B		3,371		76,010
Atlas Copco AB, Class B		1,461		16,858
Axfood AB		3,595		86,905
Beijer Ref AB		362		4,159
Boliden AB		5,073		135,073
Electrolux AB, Class B		654		7,206
Epiroc AB, Class A		1,627		31,292
Epiroc AB, Class B		1,148		18,830
Essity AB, Class B		5,955		139,060
H & M Hennes & Mauritz AB, Class B		1,611		24,640
Hexagon AB, Class B		1,432		12,803
Holmen AB, Class B		875		33,202
Husqvarna AB, Class B		444		3,832
Indutrade AB		1,398		26,901
L E Lundbergforetagen AB, Class B		163		6,636
Lifco AB, Class B		583		10,691
Nibe Industrier AB, Class B		2,811		21,097
Saab AB, Class B		477		25,205
Sagax AB, Class B		138		2,875
Sagax AB, Class D		1,391		3,366
Sandvik AB		2,682		50,799
Securitas AB, Class B		2,057		16,768
Skandinaviska Enskilda Banken AB, Class A		4,584		53,229
Skanska AB, Class B		2,053		30,111
SKF AB, Class B		4,060		65,906
SSAB AB, Class A		2,724		15,648


	Number of Shares		Value
Sweden (Continued)
SSAB AB, Class B		9,688	$	53,687
Svenska Cellulosa AB SCA, Class B		1,653		22,040
Svenska Handelsbanken AB, Class A		1,850		15,435
Sweco AB, Class B		1,726		16,835
Swedbank AB, Class A		3,861		68,459
Swedish Orphan Biovitrum AB*		1,233		23,827
Tele2 AB, Class B		6,743		47,626
Telefonaktiebolaget LM Ericsson, Class B		4,463		22,959
Telia Co. AB		3,062		6,183
Trelleborg AB, Class B		5,052		128,447
Volvo AB, Class A		617		12,644
Volvo AB, Class B		5,320		107,470

(Cost $1,582,985)				1,495,617

Switzerland — 3.4%
ABB Ltd.		1,389		52,981
Adecco Group AG		464		20,031
Alcon, Inc.		271		22,680
Baloise Holding AG		251		39,273
Banque Cantonale Vaudoise		88		9,545
Barry Callebaut AG		26		45,391
Belimo Holding AG		124		65,394
BKW AG		207		35,623
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		5		59,836
Cie Financiere Richemont SA, Class A		414		58,872
Clariant AG*		2,582		43,089
Coca-Cola HBC AG*		3,561		102,791
DKSH Holding AG		601		45,998
DSM-Firmenich AG		236		21,811
Emmi AG		15		16,168
EMS-Chemie Holding AG		16		12,037
Flughafen Zurich AG		71		14,638
Geberit AG		162		84,113
Georg Fischer AG		1,706		110,482
Givaudan SA		6		20,026
Glencore PLC		20,100		107,342
Helvetia Holding AG		160		24,383
Holcim AG*		3,656		242,395
Julius Baer Group Ltd.		253		17,605
Kuehne + Nagel International AG		249		74,961
Logitech International SA		506		35,095
Lonza Group AG		19		10,517
Nestle SA		77		9,276
Novartis AG		253		25,582
Partners Group Holding AG		32		34,607
PSP Swiss Property AG		344		41,829
Roche Holding AG		13		3,831
Schindler Holding AG		73		15,364
Schindler Holding AG Participation Certificates		179		39,954
SGS SA		573		52,146
SIG Group AG*		1,105		29,125
Sika AG		112		31,752
Sonova Holding AG		23		6,086
STMicroelectronics NV		253		11,990
Straumann Holding AG		63		9,558


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Switzerland (Continued)
Swatch Group AG — Bearer		365	$	102,774
Swatch Group AG — Registered		587		31,335
Swiss Life Holding AG		26		16,326
Swiss Prime Site AG		321		30,855
Swiss Re AG		248		24,119
Swisscom AG		150		91,367
Tecan Group AG		21		8,393
UBS Group AG		839		22,323
VAT Group AG, 144A		59		23,673
Zurich Insurance Group AG		19		8,927

(Cost $1,909,490)				2,064,269

United Kingdom — 10.6%
3i Group PLC		28,811		727,785
Admiral Group PLC		8,868		279,804
Amcor PLC CDI		18,387		179,816
Anglo American PLC		391		10,407
Ashtead Group PLC		249		17,429
Associated British Foods PLC		1,800		45,446
AstraZeneca PLC		102		13,781
Auto Trader Group PLC, 144A		7,860		60,396
Aviva PLC		7,080		33,661
B&M European Value Retail SA		7,214		52,800
BAE Systems PLC		13,495		172,284
Barclays PLC		4,588		8,567
Barratt Developments PLC		9,172		52,684
Beazley PLC		9,714		67,208
Berkeley Group Holdings PLC		441		22,693
BP PLC		8,077		49,895
British American Tobacco PLC		1,121		37,252
British Land Co. PLC REIT		18,360		75,285
BT Group PLC		15,314		22,432
Bunzl PLC		4,797		172,022
Burberry Group PLC		4,253		117,700
Centrica PLC		86,876		167,054
CNH Industrial NV		5,287		73,335
Compass Group PLC		4,237		107,003
ConvaTec Group PLC, 144A		8,088		23,818
Croda International PLC		1,004		70,252
Dechra Pharmaceuticals PLC		190		9,163
Diageo PLC		545		22,399
Direct Line Insurance Group PLC*		6,495		13,345
Dowlais Group PLC*		1,031		1,484
DS Smith PLC		40,805		161,478
Endeavour Mining PLC		1,201		24,547
Ferguson PLC		927		150,884
GSK PLC		8,873		156,149
Haleon PLC		8,959		36,611
Halma PLC		1,583		43,006
Hargreaves Lansdown PLC		2,722		26,255
Howden Joinery Group PLC		8,323		78,023
HSBC Holdings PLC		1,864		13,773
IMI PLC		2,787		53,044
Imperial Brands PLC		10,671		241,972
Informa PLC		4,389		40,644
InterContinental Hotels Group PLC		1,047		78,992
Intermediate Capital Group PLC		382		6,547
Intertek Group PLC		1,218		63,896


	Number of Shares		Value
United Kingdom (Continued)
ITV PLC		26,086	$	23,403
J Sainsbury PLC		26,225		89,757
Johnson Matthey PLC		9,663		199,585
Kingfisher PLC		27,427		81,325
Land Securities Group PLC REIT		11,309		86,354
Legal & General Group PLC		3,214		8,907
Lloyds Banking Group PLC		4,018		2,156
Melrose Industries PLC		1,031		6,697
Mondi PLC		11,194		186,384
National Grid PLC		5,025		63,050
NatWest Group PLC		1,777		5,188
Next PLC		1,938		171,607
Pearson PLC		5,690		60,493
Pepco Group NV*		532		4,177
Persimmon PLC		310		4,187
Reckitt Benckiser Group PLC		916		66,184
RELX PLC		2,653		86,666
Renishaw PLC		218		10,050
Rentokil Initial PLC		6,253		47,684
Rightmove PLC		5,539		39,305
Rio Tinto PLC		1,369		84,525
Rolls-Royce Holdings PLC*		3,209		9,039
RS GROUP PLC		7,824		75,368
Sage Group PLC		5,135		63,181
Schroders PLC		2,067		10,786
Severn Trent PLC		1,368		41,603
Shell PLC		877		26,799
Smith & Nephew PLC		1,209		16,392
Smiths Group PLC		10,389		215,897
Spirax-Sarco Engineering PLC		452		58,048
SSE PLC		8,381		172,734
Standard Chartered PLC		4,247		38,295
Tate & Lyle PLC		2,061		18,451
Taylor Wimpey PLC		35,257		51,065
Tesco PLC		38,326		129,037
Unilever PLC		1,157		59,259
UNITE Group PLC REIT		1,826		21,761
United Utilities Group PLC		4,323		51,876
Vodafone Group PLC		57,179		53,044
Weir Group PLC		775		18,016
Whitbread PLC		443		19,310
Wise PLC, Class A*		888		7,204
WPP PLC		3,118		30,257

(Cost $5,984,707)				6,398,127

TOTAL COMMON STOCKS
(Cost $56,868,015)				59,628,312

PREFERRED STOCKS — 0.4%
Germany — 0.3%
Bayerische Motoren Werke AG		145		13,967
FUCHS SE		1,781		74,035
Henkel AG & Co. KGaA		872		66,931
Sartorius AG		11		4,506
Volkswagen AG		102		12,514

(Cost $169,820)				171,953

South Korea — 0.1%
CJ CheilJedang Corp.		53		5,453


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
South Korea (Continued)
Hanwha Corp.		1,230	$	12,833
Hyundai Motor Co.		203		15,988
Hyundai Motor Co.		120		9,242
Mirae Asset Securities Co. Ltd.		2,996		8,070
Samsung Fire & Marine Insurance Co. Ltd.		86		11,803

(Cost $64,716)				63,389

Spain — 0.0%
Grifols SA, Class B* (Cost $5,210)		767		7,288

TOTAL PREFERRED STOCKS (Cost $239,746)				242,630

RIGHTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.*, expires 10/6/23
(Cost $0)		38		21

Sweden — 0.0%
Swedish Orphan Biovitrum AB*, expires 9/18/23 (Cost $0)		1,233		1,114


	Number of Shares		Value
Sweden (Continued)
TOTAL RIGHTS (Cost $0)			$	1,135

WARRANTS — 0.0%
Canada — 0.0%
Constellation Software Inc/Canada*(b), expires 8/22/28 (Cost $0)		38		0

Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		826		790

TOTAL WARRANTS (Cost $0)				790

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) (Cost $24,747)		24,747		24,747


TOTAL INVESTMENTS — 99.3% (Cost $57,132,508)			$	59,897,614
Other assets and liabilities, net — 0.7%				417,501

NET ASSETS — 100.0%			$	60,315,115

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
COMMON STOCKS — 0.0%
Germany — 0.0%
Deutsche Bank AG (c)
		4,101		6,554		(5,656	)		(1,465	)		2,324		211		—		537		5,858

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
		731,962		—		(731,962	) (f)		—			—		13,305		—		—		—

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (d)
		101,059		6,754,684		(6,830,996	)		—			—		4,373		—		24,747		24,747

		837,122		6,761,238		(7,568,614	)		(1,465	)		2,324		17,889		—		25,284		30,605

*	Non-income producing security.

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

(b)	Investment was valued using significant unobservable inputs.

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

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

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

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

CDI:

Chess Depositary Interests

CVA:

Credit Valuation Adjustment


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2023

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 August 31, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation (Depreciation)
MINI TOPIX Index Futures	JPY	2	$	31,437	$32,016		9/07/2023	$	579
MSCI EAFE Futures	USD	3		320,220	316,395		9/15/2023		(3,825	)

Total net unrealized depreciation								$	(3,246	)

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

Currency Abbreviations

JPY

Japanese Yen

USD

U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	59,563,540		$	—	$	64,772	$	59,628,312
Preferred Stocks (a)		242,630			—		—		242,630
Rights (a)		1,135			—		—		1,135
Warrants (a)		790			—		0		790
Short-Term Investments (a)		24,747			—		—		24,747
Derivatives (b)
Futures Contracts		579			—		—		579

TOTAL	$	59,833,421		$	—	$	64,772	$	59,898,193


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(3,825	)	$	—	$	—	$	(3,825	)

TOTAL	$	(3,825	)	$	—	$	—	$	(3,825	)

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

(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.

During the year ended August 31, 2023, the amount of transfers from Level 1 to Level 3 was $ 153,534. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.2%
Australia — 2.1%
Ampol Ltd.		2,251	$	51,462
ANZ Group Holdings Ltd.		28,505		467,624
APA Group (a)		10,360		60,320
Aristocrat Leisure Ltd.		6,268		166,032
ASX Ltd.		2,001		74,634
Atlassian Corp., Class A*		1,469		299,764
Aurizon Holdings Ltd.		14,853		35,111
BHP Group Ltd.		48,244		1,401,349
BlueScope Steel Ltd.		4,719		64,212
Brambles Ltd.		13,647		132,312
Cochlear Ltd.		722		126,950
Coles Group Ltd.		12,115		127,659
Commonwealth Bank of Australia		16,305		1,079,014
Computershare Ltd.		5,212		84,996
CSL Ltd.		4,714		835,093
Dexus REIT		10,953		54,976
EBOS Group Ltd.		1,906		43,071
Endeavour Group Ltd.		12,656		45,082
Fortescue Metals Group Ltd.		16,493		228,909
Goodman Group REIT		15,942		241,188
GPT Group REIT		20,339		55,325
IDP Education Ltd.		2,095		33,419
IGO Ltd.		6,416		57,842
Insurance Australia Group Ltd.		22,337		84,195
Lendlease Corp. Ltd. (a)		6,893		34,866
Lottery Corp. Ltd.		25,624		83,641
Macquarie Group Ltd.		3,459		397,707
Medibank Pvt Ltd.		28,350		67,201
Mineral Resources Ltd.		1,766		81,812
Mirvac Group REIT		40,289		63,146
National Australia Bank Ltd.		30,984		581,134
Newcrest Mining Ltd.		7,712		130,011
Northern Star Resources Ltd.		10,778		83,136
Orica Ltd.		4,702		47,841
Origin Energy Ltd.		18,133		102,289
Pilbara Minerals Ltd.		24,127		72,973
Qantas Airways Ltd.*		7,637		29,231
QBE Insurance Group Ltd.		14,578		141,433
Ramsay Health Care Ltd.		1,876		62,511
REA Group Ltd.		580		62,010
Reece Ltd.		1,197		15,815
Rio Tinto Ltd.		3,648		266,741
Santos Ltd.		32,247		160,186
Scentre Group REIT		48,235		85,908
SEEK Ltd.		3,320		49,691
Sonic Healthcare Ltd.		3,377		70,338
South32 Ltd.		39,831		87,708
Stockland REIT		17,173		47,158
Suncorp Group Ltd.		12,085		106,680
Telstra Group Ltd.		34,734		90,207
Transurban Group (a)		30,657		263,277
Treasury Wine Estates Ltd.		8,193		61,923
Vicinity Ltd. REIT		46,940		56,849
Washington H Soul Pattinson & Co. Ltd.		2,052		43,870
Wesfarmers Ltd.		10,860		378,894
Westpac Banking Corp.		33,544		476,859


	Number of Shares		Value
Australia (Continued)
WiseTech Global Ltd.		1,313	$	59,100
Woodside Energy Group Ltd.		18,338		439,672
Woolworths Group Ltd.		11,614		286,807

(Cost $11,681,360)				10,939,164

Austria — 0.0%
Erste Group Bank AG		3,274		117,157
OMV AG		1,124		52,176
Verbund AG		545		44,719
voestalpine AG		1,050		30,747

(Cost $249,828)				244,799

Belgium — 0.2%
Ageas SA/NV		1,409		56,093
Anheuser-Busch InBev SA/NV		8,442		481,033
D’ieteren Group		265		43,373
Elia Group SA/NV		280		32,365
Groupe Bruxelles Lambert NV		800		64,565
KBC Group NV		2,428		159,590
Lotus Bakeries NV		4		31,562
Sofina SA		121		27,264
Solvay SA		748		86,786
UCB SA		1,305		117,276
Umicore SA		2,015		53,515
Warehouses De Pauw CVA REIT		1,441		41,289

(Cost $1,362,204)				1,194,711

Bermuda — 0.1%
Arch Capital Group Ltd.*		3,329		255,867
Everest Group Ltd.		347		125,156

(Cost $217,887)				381,023

Canada — 3.5%
Agnico Eagle Mines Ltd.		4,590		222,588
Air Canada*		1,399		23,597
Algonquin Power & Utilities Corp.		6,844		51,749
Alimentation Couche-Tard, Inc.		7,797		407,211
AltaGas Ltd.		3,455		67,468
ARC Resources Ltd.		6,597		100,495
Bank of Montreal		6,785		583,592
Bank of Nova Scotia		11,793		558,903
Barrick Gold Corp.		17,596		284,824
BCE, Inc.		702		29,700
Brookfield Asset Management Ltd., Class A		3,408		117,609
Brookfield Corp.		13,570		462,581
BRP, Inc.		334		25,509
CAE, Inc.*		2,699		65,014
Cameco Corp.		3,947		145,866
Canadian Apartment Properties REIT		780		27,944
Canadian Imperial Bank of Commerce		8,696		344,125
Canadian National Railway Co.		5,395		606,910
Canadian Natural Resources Ltd.		10,947		707,333
Canadian Pacific Kansas City Ltd.		8,936		708,434
Canadian Tire Corp. Ltd., Class A		590		69,904
Canadian Utilities Ltd., Class A		1,244		29,442
CCL Industries, Inc., Class B		1,419		63,338
Cenovus Energy, Inc.		13,369		266,204


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Canada (Continued)
CGI, Inc.*		2,113	$	220,054
Constellation Software, Inc.		195		400,026
Descartes Systems Group, Inc.*		787		58,931
Dollarama, Inc.		2,574		166,679
Element Fleet Management Corp.		3,480		53,424
Emera, Inc.		2,597		97,223
Empire Co. Ltd., Class A		1,289		33,536
Enbridge, Inc.		19,701		690,798
Fairfax Financial Holdings Ltd.		217		178,718
First Quantum Minerals Ltd.		5,610		150,518
FirstService Corp.		409		61,769
Fortis, Inc.		4,483		175,582
Franco-Nevada Corp.		1,856		267,038
George Weston Ltd.		754		83,512
GFL Environmental, Inc.		1,713		55,443
Gildan Activewear, Inc.		2,051		61,093
Great-West Lifeco, Inc.		2,352		67,503
Hydro One Ltd., 144A		3,340		86,700
iA Financial Corp., Inc.		1,003		62,844
IGM Financial, Inc.		1,121		31,916
Imperial Oil Ltd.		2,143		121,536
Intact Financial Corp.		1,690		237,958
Ivanhoe Mines Ltd., Class A*		5,803		51,556
Keyera Corp.		1,963		48,431
Kinross Gold Corp.		12,931		65,565
Loblaw Cos. Ltd.		1,561		135,372
Lululemon Athletica, Inc.*		1,054		401,848
Lundin Mining Corp.		5,818		45,066
Magna International, Inc.		2,610		153,326
Manulife Financial Corp.		18,599		343,400
Metro, Inc.		2,056		105,828
National Bank of Canada		3,250		226,211
Northland Power, Inc.		2,506		47,325
Nutrien Ltd.		4,955		313,462
Nuvei Corp., 144A		599		10,798
Onex Corp.		663		40,913
Open Text Corp.		2,340		94,174
Pan American Silver Corp.		3,633		59,988
Parkland Corp.		1,697		44,841
Pembina Pipeline Corp.		4,907		152,329
Power Corp. of Canada		5,675		154,778
Quebecor, Inc., Class B		1,437		32,809
RB Global, Inc.		1,721		106,291
Restaurant Brands International, Inc.		2,756		191,175
RioCan Real Estate Investment Trust REIT		1,430		20,410
Rogers Communications, Inc., Class B		3,094		125,708
Royal Bank of Canada		13,535		1,217,895
Saputo, Inc.		2,229		48,124
Shopify, Inc., Class A*		11,647		773,827
Stantec, Inc.		1,071		71,450
Sun Life Financial, Inc.		5,615		273,539
Suncor Energy, Inc.		12,960		438,434
TC Energy Corp.		9,665		348,610
Teck Resources Ltd., Class B		4,686		193,543
TELUS Corp.		4,397		77,121
TFI International, Inc.		767		104,379


	Number of Shares		Value
Canada (Continued)
Thomson Reuters Corp.		1,508	$	193,930
TMX Group Ltd.		2,930		64,753
Toromont Industries Ltd.		806		66,031
Toronto-Dominion Bank		17,909		1,090,994
Tourmaline Oil Corp.		3,040		155,691
Waste Connections, Inc.		2,453		336,036
West Fraser Timber Co. Ltd.		404		30,500
Wheaton Precious Metals Corp.		4,311		187,805
WSP Global, Inc.		1,251		174,999

(Cost $18,199,213)				18,152,406

Chile — 0.0%
Antofagasta PLC (Cost $74,514)		3,802		69,760
Antofagasta PLC (Cost $74,514)		3,802		69,760

Denmark — 0.9%
A.P. Moller — Maersk A/S, Class A		33		59,205
A.P. Moller — Maersk A/S, Class B		55		100,157
Carlsberg A/S, Class B		894		129,668
Chr Hansen Holding A/S		1,145		74,933
Coloplast A/S, Class B		1,135		129,781
Danske Bank A/S		5,843		131,590
Demant A/S*		819		33,597
DSV A/S		1,829		348,250
Genmab A/S*		595		228,748
Novo Nordisk A/S, Class B		15,803		2,931,873
Novozymes A/S, Class B		1,910		83,026
Orsted AS, 144A		1,869		120,437
Pandora A/S		1,074		111,639
ROCKWOOL A/S, Class B		134		34,315
Tryg A/S		3,475		66,419
Vestas Wind Systems A/S*		9,822		227,394

(Cost $3,589,280)				4,811,032

Finland — 0.3%
Elisa OYJ		1,147		56,357
Fortum OYJ		4,532		60,993
Kesko OYJ, Class B		2,203		43,086
Kone OYJ, Class B		3,250		148,150
Metso Corp.		6,796		78,371
Neste OYJ		4,054		148,632
Nokia OYJ		53,921		215,775
Nordea Bank Abp		32,586		357,646
Orion OYJ, Class B		1,130		46,347
Sampo OYJ, Class A		4,597		202,219
Stora Enso OYJ, Class R		4,901		62,528
UPM-Kymmene OYJ		5,376		184,498
Wartsila OYJ Abp		4,586		58,360

(Cost $1,955,473)				1,662,962

France — 3.4%
Accor SA		1,856		66,657
Aeroports de Paris		312		41,177
Air Liquide SA		4,978		901,523
Airbus SE		5,607		823,863
Alstom SA		3,214		88,987
Amundi SA, 144A		450		26,887
Arkema SA		592		62,094


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
France (Continued)
AXA SA		18,051	$	544,158
BioMerieux		490		50,842
BNP Paribas SA		10,040		650,655
Bollore SE		9,104		54,000
Bouygues SA		2,513		87,007
Bureau Veritas SA		3,149		84,556
Capgemini SE		1,540		288,073
Carrefour SA		6,609		126,748
Cie de Saint-Gobain SA		4,734		309,105
Cie Generale des Etablissements Michelin SCA		6,963		218,481
Covivio SA REIT		641		31,349
Credit Agricole SA		11,018		139,387
Danone SA		6,358		371,462
Dassault Aviation SA		202		39,814
Dassault Systemes SE		6,338		251,838
Edenred		2,369		151,289
Eiffage SA		795		78,796
Engie SA		18,779		303,485
EssilorLuxottica SA		2,823		532,820
Eurazeo SE		439		25,944
Gecina SA REIT		503		53,965
Getlink SE		4,623		77,547
Hermes International SCA		305		629,225
Ipsen SA		330		42,908
Kering SA		725		388,876
Klepierre SA REIT		1,697		44,941
La Francaise des Jeux SAEM, 144A		786		28,493
Legrand SA		2,495		246,694
L’Oreal SA		2,279		1,003,752
LVMH Moet Hennessy Louis Vuitton SE		2,653		2,252,294
Orange SA		19,091		214,622
Pernod Ricard SA		1,973		388,021
Publicis Groupe SA		2,227		174,174
Remy Cointreau SA*		246		38,167
Renault SA		1,832		74,235
Safran SA		3,397		546,772
Sanofi		10,945		1,171,760
Sartorius Stedim Biotech		294		83,634
Schneider Electric SE		5,238		901,538
SEB SA		129		14,211
Societe Generale SA		6,478		184,315
Sodexo SA		924		99,304
Teleperformance SE		591		82,008
Thales SA		993		145,281
TotalEnergies SE		21,742		1,370,318
Unibail-Rodamco-Westfield REIT*		1,146		61,432
Valeo SE		2,056		40,167
Veolia Environnement SA		6,694		209,678
Vinci SA		5,062		565,667
Vivendi SE		6,824		62,288
Wendel SE		286		26,214
Worldline SA, 144A*		2,331		76,101

(Cost $15,528,103)				17,649,599

Germany — 2.2%
adidas AG		1,626		325,461


	Number of Shares		Value
Germany (Continued)
Allianz SE		3,838	$	934,547
BASF SE		8,826		448,216
Bayer AG		9,536		523,084
Bayerische Motoren Werke AG		2,903		306,161
Bechtle AG		688		33,558
Beiersdorf AG		930		121,933
Brenntag SE		1,582		128,330
Carl Zeiss Meditec AG		407		40,516
Commerzbank AG		10,221		112,598
Continental AG		1,028		76,562
Covestro AG, 144A*		1,866		99,380
Daimler Truck Holding AG		4,042		142,533
Delivery Hero SE, 144A*		1,430		52,343
Deutsche Bank AG (b)		19,404		211,696
Deutsche Boerse AG		1,819		323,481
Deutsche Lufthansa AG*		5,057		45,265
Deutsche Telekom AG		31,933		684,228
DHL Group		9,658		451,630
E.ON SE		20,428		252,312
Evonik Industries AG		2,018		38,778
Fresenius Medical Care AG & Co. KGaA		1,877		90,757
Fresenius SE & Co. KGaA		3,867		124,275
GEA Group AG		1,490		58,865
Hannover Rueck SE		536		114,168
Heidelberg Materials AG		1,414		113,996
HelloFresh SE*		1,412		45,700
Henkel AG & Co. KGaA		1,050		72,685
Infineon Technologies AG		12,710		455,435
Knorr-Bremse AG		583		39,927
LEG Immobilien SE*		612		44,238
Mercedes-Benz Group AG		7,982		585,117
Merck KGaA		1,233		222,147
MTU Aero Engines AG		579		135,613
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,371		533,007
Nemetschek SE		525		36,320
Puma SE		1,051		70,724
Rational AG		34		25,960
Rheinmetall AG		392		106,917
RWE AG		6,230		257,352
SAP SE		9,974		1,394,513
Scout24 SE, 144A		522		36,044
Siemens AG		7,379		1,112,262
Siemens Energy AG*		4,973		71,030
Siemens Healthineers AG, 144A		2,701		135,583
Symrise AG		1,305		136,199
Talanx AG		363		24,447
Telefonica Deutschland Holding AG		9,758		18,576
Volkswagen AG		259		37,078
Vonovia SE		7,465		179,138
Zalando SE, 144A*		1,970		61,429

(Cost $12,402,208)				11,692,114

Hong Kong — 0.7%
AIA Group Ltd.		113,490		1,030,444
BOC Hong Kong Holdings Ltd.		32,919		91,515
Budweiser Brewing Co. APAC Ltd., 144A		18,886		40,943


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Hong Kong (Continued)
CK Asset Holdings Ltd.		19,619	$	108,331
CK Hutchison Holdings Ltd.		25,351		138,203
CK Infrastructure Holdings Ltd.		6,087		30,816
CLP Holdings Ltd.		15,539		121,867
ESR Group Ltd., 144A		24,841		37,317
Futu Holdings Ltd., ADR*		598		35,641
Galaxy Entertainment Group Ltd.*		19,441		128,669
Hang Lung Properties Ltd.		26,122		34,910
Hang Seng Bank Ltd.		6,543		83,438
Henderson Land Development Co. Ltd.		16,287		44,759
HKT Trust & HKT Ltd. (a)		29,812		31,782
Hong Kong & China Gas Co. Ltd.		94,221		69,328
Hong Kong Exchanges & Clearing Ltd.		11,821		458,263
Hongkong Land Holdings Ltd.		12,100		42,955
Jardine Matheson Holdings Ltd.		1,651		78,522
Link REIT		24,576		121,912
MTR Corp. Ltd.		16,168		67,523
New World Development Co. Ltd.		14,640		31,103
Power Assets Holdings Ltd.		13,458		66,331
Prudential PLC		26,310		322,119
Sino Land Co. Ltd.		35,354		40,531
SITC International Holdings Co. Ltd.		14,223		26,517
Sun Hung Kai Properties Ltd.		13,669		153,916
Swire Pacific Ltd., Class A		3,052		25,181
Swire Properties Ltd.		12,355		25,839
Techtronic Industries Co. Ltd.		13,492		133,341
WH Group Ltd., 144A		101,287		52,182
Wharf Real Estate Investment Co. Ltd.		13,040		54,377
Xinyi Glass Holdings Ltd.		15,637		23,091

(Cost $4,877,497)				3,751,666

Ireland — 1.1%
Accenture PLC, Class A		6,020		1,949,095
AerCap Holdings NV*		1,560		95,971
AIB Group PLC		9,317		42,491
Allegion PLC		867		98,673
Aptiv PLC*		2,635		267,321
Bank of Ireland Group PLC		9,861		98,443
CRH PLC		7,303		421,046
DCC PLC		1,055		57,845
Experian PLC		8,533		298,644
Flutter Entertainment PLC*		1,562		284,644
James Hardie Industries PLC CDI*		3,965		119,486
Kerry Group PLC, Class A		1,379		128,926
Kingspan Group PLC		1,498		126,947
Medtronic PLC		12,742		1,038,473
Smurfit Kappa Group PLC		1,960		82,496
Trane Technologies PLC		2,200		451,572

(Cost $5,503,474)				5,562,073

Israel — 0.2%
Azrieli Group Ltd.		497		26,719
Bank Hapoalim BM		12,160		100,973
Bank Leumi Le-Israel BM		13,362		104,024
Check Point Software Technologies Ltd.*		956		128,668
CyberArk Software Ltd.*		432		71,729
Elbit Systems Ltd.		283		55,753
Global-e Online Ltd.*		871		34,518


	Number of Shares		Value
Israel (Continued)
ICL Group Ltd.		6,991	$	41,965
Israel Discount Bank Ltd., Class A		11,372		57,035
Mizrahi Tefahot Bank Ltd.		1,585		52,245
Monday.com Ltd.*		227		40,279
Nice Ltd.*		656		129,877
SolarEdge Technologies, Inc.*		503		81,773
Teva Pharmaceutical Industries Ltd., ADR*		11,103		108,365
Wix.com Ltd.*		580		57,287

(Cost $1,237,775)				1,091,210

Italy — 0.6%
Amplifon SpA		1,147		37,397
Assicurazioni Generali SpA		10,565		219,358
Davide Campari-Milano NV		5,056		66,235
DiaSorin SpA		193		20,436
Enel SpA		78,145		526,699
Eni SpA		21,752		337,224
Ferrari NV		1,243		395,283
FinecoBank Banca Fineco SpA		6,028		82,828
Infrastrutture Wireless Italiane SpA, 144A		2,610		32,336
Intesa Sanpaolo SpA		158,398		424,980
Mediobanca Banca di Credito Finanziario SpA		5,138		67,309
Moncler SpA		1,961		133,321
Nexi SpA, 144A*		6,183		44,506
Poste Italiane SpA, 144A		3,529		39,279
Prysmian SpA		2,700		110,742
Recordati Industria Chimica e Farmaceutica SpA		1,215		61,161
Snam SpA		19,319		99,891
Telecom Italia SpA*		48,341		15,032
Terna — Rete Elettrica Nazionale		11,717		96,904
UniCredit SpA		18,433		451,441

(Cost $2,814,153)				3,262,362

Jordan — 0.0%
Hikma Pharmaceuticals PLC
(Cost $59,483)		1,861		51,620

Luxembourg — 0.1%
ArcelorMittal SA		4,748		126,409
Eurofins Scientific SE		1,315		81,124
Tenaris SA		4,504		72,153

(Cost $285,399)				279,686

Macau — 0.0%
Sands China Ltd.*
(Cost $91,320)		24,099		81,593

Netherlands — 1.5%
ABN AMRO Bank NV, 144A		2,611		38,526
Adyen NV, 144A*		231		193,678
Aegon NV		17,926		92,221
Akzo Nobel NV		1,787		145,542
Argenx SE*		529		266,865
ASM International NV		427		206,326
ASML Holding NV		3,867		2,551,386


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Netherlands (Continued)
ASR Nederland NV		1,400	$	61,342
BE Semiconductor Industries NV		743		85,561
Euronext NV, 144A		840		60,764
EXOR NV		1,231		109,210
Heineken Holding NV		1,272		102,024
Heineken NV		2,776		270,622
IMCD NV		604		83,419
ING Groep NV		33,546		476,960
JDE Peet’s NV		676		18,841
Koninklijke Ahold Delhaize NV		9,157		299,896
Koninklijke KPN NV		34,155		119,625
Koninklijke Philips NV*		9,300		209,950
NN Group NV		2,888		111,463
NXP Semiconductors NV		2,448		503,603
OCI NV*		979		24,821
Prosus NV*		6,782		469,475
QIAGEN NV*		2,178		99,733
Randstad NV		1,313		77,210
Stellantis NV		20,988		391,258
Universal Music Group NV		7,898		196,215
Wolters Kluwer NV		2,517		303,779

(Cost $6,937,992)				7,570,315

New Zealand — 0.1%
Auckland International Airport Ltd.*		11,676		54,299
Fisher & Paykel Healthcare Corp. Ltd.		5,072		68,587
Mercury NZ Ltd.		6,566		24,260
Meridian Energy Ltd.		12,350		39,453
Spark New Zealand Ltd.		20,432		61,744
Xero Ltd.*		1,397		113,186

(Cost $426,774)				361,529

Norway — 0.2%
Adevinta ASA*		1,694		12,071
Aker BP ASA		2,947		79,956
DNB Bank ASA		8,831		174,841
Equinor ASA		9,020		278,304
Gjensidige Forsikring ASA		1,709		26,590
Kongsberg Gruppen ASA		880		36,467
Mowi ASA		3,892		70,616
Norsk Hydro ASA		14,952		83,073
Orkla ASA		7,885		60,251
Salmar ASA		556		27,180
Telenor ASA		7,163		76,700
Yara International ASA		1,305		47,712

(Cost $1,097,082)				973,761

Portugal — 0.1%
EDP — Energias de Portugal SA		34,500		157,492
Galp Energia SGPS SA		5,392		74,353
Jeronimo Martins SGPS SA		3,182		81,159

(Cost $304,849)				313,004

Singapore — 0.4%
CapitaLand Ascendas REIT		28,579		58,618
CapitaLand Integrated Commercial Trust REIT		41,756		59,055
CapitaLand Investment Ltd.		27,702		66,460


	Number of Shares		Value
Singapore (Continued)
City Developments Ltd.		3,300	$	16,323
DBS Group Holdings Ltd.		17,307		426,748
Genting Singapore Ltd.		82,000		53,128
Grab Holdings Ltd., Class A*		19,894		75,000
Jardine Cycle & Carriage Ltd.		1,300		32,170
Keppel Corp. Ltd.		15,500		79,652
Mapletree Logistics Trust REIT		27,728		34,493
Mapletree Pan Asia Commercial Trust REIT		14,100		15,870
Oversea-Chinese Banking Corp. Ltd.		32,385		300,949
Sea Ltd., ADR*		3,460		130,200
Seatrium Ltd.*		483,318		51,893
Sembcorp Industries Ltd.		8,600		34,069
Singapore Airlines Ltd.		14,250		72,490
Singapore Exchange Ltd.		9,131		65,110
Singapore Technologies Engineering Ltd.		10,502		29,628
Singapore Telecommunications Ltd.		80,800		142,395
United Overseas Bank Ltd.		12,601		265,363
UOL Group Ltd.		2,801		13,772
Wilmar International Ltd.		20,400		57,099

(Cost $2,399,798)				2,080,485

Spain — 0.8%
Acciona SA		263		37,636
ACS Actividades de Construccion y Servicios SA		2,226		78,254
Aena SME SA, 144A		674		106,071
Amadeus IT Group SA		4,296		295,147
Banco Bilbao Vizcaya Argentaria SA		58,152		458,596
Banco Santander SA		156,853		613,206
CaixaBank SA		42,478		172,150
Cellnex Telecom SA, 144A*		5,214		199,763
Corp ACCIONA Energias Renovables SA		628		18,703
EDP Renovaveis SA		2,665		48,897
Enagas SA		2,520		43,064
Endesa SA		3,074		63,992
Ferrovial SE		4,777		151,653
Grifols SA*		3,250		44,604
Iberdrola SA		57,463		683,548
Industria de Diseno Textil SA		10,400		399,131
Naturgy Energy Group SA		951		27,600
Redeia Corp. SA		3,790		61,723
Repsol SA		12,692		195,884
Telefonica SA		52,084		216,168

(Cost $3,600,715)				3,915,790

Sweden — 0.8%
Alfa Laval AB		3,157		111,058
Assa Abloy AB, Class B		9,488		213,937
Atlas Copco AB, Class A		25,905		342,919
Atlas Copco AB, Class B		15,172		175,069
Beijer Ref AB		2,978		34,213
Boliden AB		2,626		69,919
Epiroc AB, Class A		6,524		125,476
Epiroc AB, Class B		4,326		70,955
EQT AB		2,980		60,090
Essity AB, Class B		5,396		126,006


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Sweden (Continued)
Evolution AB, 144A		1,695	$	183,619
Fastighets AB Balder, Class B*		7,506		35,988
Getinge AB, Class B		2,375		41,286
H & M Hennes & Mauritz AB, Class B		5,327		81,477
Hexagon AB, Class B		18,397		164,482
Holmen AB, Class B		927		35,176
Husqvarna AB, Class B		3,202		27,634
Industrivarden AB, Class A		1,381		36,033
Industrivarden AB, Class C		1,694		44,122
Indutrade AB		2,622		50,453
Investment AB Latour, Class B		1,227		22,350
Investor AB, Class B		17,788		342,930
L E Lundbergforetagen AB, Class B		597		24,306
Lifco AB, Class B		2,504		45,919
Nibe Industrier AB, Class B		14,875		111,638
Saab AB, Class B		773		40,846
Sagax AB, Class B		1,822		37,955
Sandvik AB		10,302		195,128
Securitas AB, Class B		6,120		49,888
Skandinaviska Enskilda Banken AB, Class A		15,607		181,228
Skanska AB, Class B		2,605		38,207
SKF AB, Class B		3,072		49,868
Svenska Cellulosa AB SCA, Class B		5,563		74,174
Svenska Handelsbanken AB, Class A		13,013		108,573
Swedbank AB, Class A		8,906		157,910
Swedish Orphan Biovitrum AB*		1,584		30,610
Tele2 AB, Class B		5,149		36,368
Telefonaktiebolaget LM Ericsson, Class B		28,990		149,134
Telia Co. AB		23,889		48,237
Volvo AB, Class A		1,484		30,412
Volvo AB, Class B		14,423		291,360
Volvo Car AB, Class B*		5,701		21,721

(Cost $5,014,913)				4,118,674

Switzerland — 3.3%
ABB Ltd.		15,531		592,402
Adecco Group AG		1,319		56,941
Alcon, Inc.		4,747		397,281
Bachem Holding AG		205		19,183
Baloise Holding AG		492		76,982
Banque Cantonale Vaudoise		280		30,370
Barry Callebaut AG		38		66,341
BKW AG		222		38,204
Chocoladefabriken Lindt & Spruengli AG		1		117,973
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		11		131,639
Chubb Ltd.		4,050		813,524
Cie Financiere Richemont SA, Class A		5,071		721,107
Clariant AG*		1,476		24,632
Coca-Cola HBC AG*		1,410		40,701
DSM-Firmenich AG		1,666		153,968
Dufry AG*		850		37,878
EMS-Chemie Holding AG		75		56,425
Garmin Ltd.		1,468		155,637
Geberit AG		311		161,477


	Number of Shares		Value
Switzerland (Continued)
Givaudan SA		89	$	297,053
Glencore PLC		101,881		544,086
Helvetia Holding AG		271		41,298
Holcim AG*		5,330		353,382
Julius Baer Group Ltd.		1,891		131,583
Kuehne + Nagel International AG		507		152,631
Logitech International SA		1,487		103,135
Lonza Group AG		721		399,091
Nestle SA		25,819		3,110,265
Novartis AG		19,710		1,992,981
Partners Group Holding AG		241		260,632
Roche Holding AG		6,776		1,996,935
Roche Holding AG		284		88,809
Schindler Holding AG		250		52,618
Schindler Holding AG Participation Certificates		330		73,659
SGS SA		1,572		143,060
SIG Group AG*		2,897		76,357
Sika AG		1,374		389,527
Sonova Holding AG		500		132,295
STMicroelectronics NV		6,456		305,962
Straumann Holding AG		1,044		158,388
Swatch Group AG — Bearer		308		86,725
Swatch Group AG — Registered		687		36,674
Swiss Life Holding AG		264		165,768
Swiss Prime Site AG		663		63,729
Swiss Re AG		2,984		290,207
Swisscom AG		276		168,115
Temenos AG		586		46,615
UBS Group AG		31,609		840,998
VAT Group AG, 144A		287		115,157
Zurich Insurance Group AG		1,450		681,291

(Cost $16,658,005)				16,991,691

United Kingdom — 4.1%
3i Group PLC		9,942		251,141
abrdn PLC		16,035		33,546
Admiral Group PLC		1,959		61,810
Amcor PLC		13,354		130,068
Anglo American PLC		12,096		321,953
Ashtead Group PLC		4,122		288,529
Associated British Foods PLC		3,892		98,265
AstraZeneca PLC		14,855		2,006,964
Auto Trader Group PLC, 144A		9,718		74,673
Aviva PLC		26,625		126,585
BAE Systems PLC		30,131		384,669
Barclays PLC		160,411		299,531
Barratt Developments PLC		9,020		51,811
Berkeley Group Holdings PLC		1,146		58,972
BP PLC		167,793		1,036,518
British American Tobacco PLC		20,641		685,922
BT Group PLC		66,526		97,449
Bunzl PLC		3,234		115,972
Burberry Group PLC		3,340		92,433
Centrica PLC		59,097		113,638
Clarivate PLC*		3,323		24,690
CNH Industrial NV		9,027		125,212


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
United Kingdom (Continued)
Coca-Cola Europacific Partners PLC		1,882	$	120,655
Compass Group PLC		16,684		421,343
Croda International PLC		1,328		92,923
Diageo PLC		21,625		888,788
Endeavour Mining PLC		2,476		50,607
Entain PLC		6,110		89,617
Ferguson PLC		2,000		323,120
GSK PLC		38,536		678,164
Haleon PLC		48,166		196,833
Halma PLC		3,343		90,822
Hargreaves Lansdown PLC		3,229		31,145
HSBC Holdings PLC		192,930		1,425,513
Imperial Brands PLC		8,610		195,237
Informa PLC		12,253		113,467
InterContinental Hotels Group PLC		1,876		141,537
Intertek Group PLC		1,575		82,625
J Sainsbury PLC		17,230		58,971
JD Sports Fashion PLC		30,248		55,673
Johnson Matthey PLC		1,780		36,765
Kingfisher PLC		16,492		48,901
Land Securities Group PLC REIT		6,714		51,267
Legal & General Group PLC		54,478		150,973
Liberty Global PLC, Class C*		2,623		52,040
Lloyds Banking Group PLC		630,591		338,439
London Stock Exchange Group PLC		3,861		400,106
M&G PLC		26,790		64,839
Melrose Industries PLC		13,028		84,622
Mondi PLC		5,197		86,532
National Grid PLC		35,760		448,692
NatWest Group PLC		49,964		145,871
Next PLC		1,084		95,987
Ocado Group PLC*		4,761		52,583
Pearson PLC		4,875		51,828
Pentair PLC		1,687		118,529
Persimmon PLC		3,071		41,483
Phoenix Group Holdings PLC		7,195		47,500
Reckitt Benckiser Group PLC		6,945		501,797
RELX PLC		18,068		590,230
Rentokil Initial PLC		23,968		182,773
Rio Tinto PLC		10,742		663,232
Rolls-Royce Holdings PLC*		82,710		232,984
Sage Group PLC		8,753		107,697
Schroders PLC		9,687		50,548
Segro PLC REIT		11,877		110,978
Severn Trent PLC		2,608		79,314
Shell PLC		65,390		1,998,145
Smith & Nephew PLC		8,433		114,339
Smiths Group PLC		3,131		65,066
Spirax-Sarco Engineering PLC		619		79,496
SSE PLC		10,021		206,535
St James’s Place PLC		5,204		58,346
Standard Chartered PLC		23,185		209,060
Taylor Wimpey PLC		30,785		44,588
Tesco PLC		77,063		259,457
Unilever PLC		24,538		1,256,793
United Utilities Group PLC		7,627		91,523
Vodafone Group PLC		212,118		196,778


	Number of Shares		Value
United Kingdom (Continued)
Whitbread PLC		1,957	$	85,306
Willis Towers Watson PLC		1,001		206,967
Wise PLC, Class A*		6,473		52,511
WPP PLC		11,685		113,389

(Cost $20,859,882)				21,412,200

United States — 72.4%
3M Co.		5,264		561,511
A O Smith Corp.		1,256		91,060
Abbott Laboratories		16,632		1,711,433
AbbVie, Inc.		16,909		2,484,947
Activision Blizzard, Inc.		7,579		697,192
Adobe, Inc.*		4,401		2,461,655
Advanced Micro Devices, Inc.*		15,533		1,642,149
AECOM		1,122		98,455
AES Corp.		6,523		116,957
Aflac, Inc.		5,534		412,670
Agilent Technologies, Inc.		2,841		343,960
Air Products and Chemicals, Inc.		2,146		634,122
Airbnb, Inc., Class A*		3,996		525,674
Akamai Technologies, Inc.*		1,564		164,361
Albemarle Corp.		1,103		219,177
Albertsons Cos., Inc., Class A		2,185		48,944
Alexandria Real Estate Equities, Inc. REIT		1,475		171,601
Align Technology, Inc.*		683		252,806
Alliant Energy Corp.		2,502		125,525
Allstate Corp.		2,600		280,306
Ally Financial, Inc.		3,074		85,119
Alnylam Pharmaceuticals, Inc.*		1,122		221,954
Alphabet, Inc., Class A*		57,480		7,827,052
Alphabet, Inc., Class C*		51,122		7,021,607
Altria Group, Inc.		17,414		770,047
Amazon.com, Inc.*		89,019		12,285,512
Ameren Corp.		2,585		204,913
American Electric Power Co., Inc.		5,127		401,957
American Express Co.		6,055		956,629
American Financial Group, Inc.		683		79,173
American Homes 4 Rent, Class A REIT		2,974		107,183
American International Group, Inc.		7,205		421,637
American Tower Corp. REIT		4,463		809,231
American Water Works Co., Inc.		1,920		266,381
Ameriprise Financial, Inc.		1,036		349,733
AMETEK, Inc.		2,181		347,891
Amgen, Inc.		5,131		1,315,281
Amphenol Corp., Class A		5,872		518,967
Analog Devices, Inc.		4,886		888,177
Annaly Capital Management, Inc. REIT		4,670		94,661
ANSYS, Inc.*		857		273,272
Aon PLC, Class A		2,028		676,115
APA Corp.		3,336		146,250
Apollo Global Management, Inc.		3,826		334,163
Apple, Inc.		151,690		28,498,000
Applied Materials, Inc.		8,230		1,257,215
Aramark		2,037		75,736
Archer-Daniels-Midland Co.		5,253		416,563
Ares Management Corp., Class A		1,505		155,677
Arista Networks, Inc.*		2,511		490,223


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
United States (Continued)
Arrow Electronics, Inc.*		546	$	72,853
Arthur J Gallagher & Co.		1,972		454,507
Aspen Technology, Inc.*		300		58,200
Assurant, Inc.		584		81,369
AT&T, Inc.		68,551		1,013,869
Atmos Energy Corp.		1,436		166,504
Autodesk, Inc.*		2,102		466,518
Automatic Data Processing, Inc.		4,043		1,029,388
AutoZone, Inc.*		176		445,514
AvalonBay Communities, Inc. REIT		1,299		238,782
Avantor, Inc.*		5,851		126,674
Avery Dennison Corp.		794		149,574
Axon Enterprise, Inc.*		684		145,630
Baker Hughes Co.		9,149		331,102
Ball Corp.		3,066		166,944
Bank of America Corp.		69,515		1,992,995
Bank of New York Mellon Corp.		7,477		335,493
Bath & Body Works, Inc.		2,038		75,141
Baxter International, Inc.		4,697		190,698
Becton Dickinson and Co.		2,746		767,370
Bentley Systems, Inc., Class B		1,783		88,990
Berkshire Hathaway, Inc., Class B*		12,484		4,496,737
Best Buy Co., Inc.		2,129		162,762
BILL Holdings, Inc.*		921		106,191
Biogen, Inc.*		1,401		374,571
BioMarin Pharmaceutical, Inc.*		1,745		159,458
Bio-Rad Laboratories, Inc., Class A*		238		95,248
Bio-Techne Corp.		1,516		118,854
Black Knight, Inc.*		1,510		114,398
BlackRock, Inc.		1,451		1,016,484
Blackstone, Inc.		6,671		709,594
Block, Inc.*		5,188		299,088
Boeing Co.*		5,407		1,211,330
Booking Holdings, Inc.*		356		1,105,391
Booz Allen Hamilton Holding Corp.		1,419		160,787
BorgWarner, Inc.		1,945		79,259
Boston Properties, Inc. REIT		1,318		88,003
Boston Scientific Corp.*		13,929		751,330
Bristol-Myers Squibb Co.		20,324		1,252,975
Broadcom, Inc.		3,991		3,683,254
Broadridge Financial Solutions, Inc.		1,133		210,976
Brookfield Renewable Corp., Class A		1,232		34,348
Brown & Brown, Inc.		2,484		184,064
Brown-Forman Corp., Class B		2,941		194,488
Builders FirstSource, Inc.*		1,337		193,918
Bunge Ltd.		1,411		161,306
Burlington Stores, Inc.*		584		94,760
C.H. Robinson Worldwide, Inc.		1,223		110,596
Cadence Design Systems, Inc.*		2,712		652,073
Caesars Entertainment, Inc.*		1,972		108,973
Camden Property Trust REIT		918		98,795
Campbell Soup Co.		1,769		73,767
Capital One Financial Corp.		3,568		365,328
Cardinal Health, Inc.		2,663		232,560
Carlisle Cos., Inc.		480		126,250
Carlyle Group, Inc.		1,820		58,877
CarMax, Inc.*		1,415		115,577


	Number of Shares		Value
United States (Continued)
Carnival Corp.*		9,711	$	153,628
Carrier Global Corp.		8,179		469,884
Catalent, Inc.*		1,598		79,852
Caterpillar, Inc.		4,983		1,400,871
Cboe Global Markets, Inc.		939		140,578
CBRE Group, Inc., Class A*		2,924		248,686
CDW Corp.		1,272		268,583
Celanese Corp.		1,108		140,007
Cencora, Inc.		1,638		288,255
Centene Corp.*		5,328		328,471
CenterPoint Energy, Inc.		6,048		168,679
Ceridian HCM Holding, Inc.*		1,236		89,635
CF Industries Holdings, Inc.		1,950		150,286
Charles River Laboratories International, Inc.*		508		105,065
Charles Schwab Corp.		14,367		849,808
Charter Communications, Inc., Class A*		913		400,004
Cheniere Energy, Inc.		2,226		363,283
Chesapeake Energy Corp.		919		81,065
Chevron Corp.		17,471		2,814,578
Chewy, Inc., Class A*		665		15,947
Chipotle Mexican Grill, Inc.*		267		514,413
Church & Dwight Co., Inc.		2,298		222,377
Cigna Group		2,882		796,181
Cincinnati Financial Corp.		1,479		156,463
Cintas Corp.		922		464,845
Cisco Systems, Inc.		39,225		2,249,554
Citigroup, Inc.		18,980		783,684
Citizens Financial Group, Inc.		4,696		132,098
Cleveland-Cliffs, Inc.*		5,012		76,633
Clorox Co.		1,167		182,577
Cloudflare, Inc., Class A*		2,560		166,477
CME Group, Inc.		3,378		684,653
CMS Energy Corp.		2,573		144,577
Coca-Cola Co.		39,512		2,364,003
Cognex Corp.		2,065		97,220
Cognizant Technology Solutions Corp., Class A		5,267		377,170
Coinbase Global, Inc., Class A*		1,557		123,937
Colgate-Palmolive Co.		7,551		554,772
Comcast Corp., Class A		40,221		1,880,734
Conagra Brands, Inc.		4,781		142,856
Confluent, Inc., Class A*		1,578		52,216
ConocoPhillips		11,748		1,398,364
Consolidated Edison, Inc.		3,411		303,443
Constellation Brands, Inc., Class A		1,543		402,044
Constellation Energy Corp.		3,210		334,354
Cooper Cos., Inc.		478		176,855
Copart, Inc.*		7,956		356,667
Corning, Inc.		7,818		256,587
Corteva, Inc.		6,954		351,247
CoStar Group, Inc.*		3,939		322,959
Costco Wholesale Corp.		4,272		2,346,524
Coterra Energy, Inc.		7,804		219,995
Crowdstrike Holdings, Inc., Class A*		2,207		359,807
Crown Castle, Inc. REIT		4,102		412,251
Crown Holdings, Inc.		1,262		116,937


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
United States (Continued)
CSX Corp.		20,083	$	606,507
Cummins, Inc.		1,299		298,822
CVS Health Corp.		12,401		808,173
D.R. Horton, Inc.		2,887		343,611
Danaher Corp.		6,671		1,767,815
Darden Restaurants, Inc.		1,222		190,033
Darling Ingredients, Inc.*		1,484		91,652
Datadog, Inc., Class A*		2,382		229,815
DaVita, Inc.*		626		64,115
Deckers Outdoor Corp.*		263		139,151
Deere & Co.		2,686		1,103,785
Dell Technologies, Inc., Class C		2,462		138,463
Delta Air Lines, Inc.		1,228		52,657
DENTSPLY SIRONA, Inc.		1,987		73,698
Devon Energy Corp.		5,888		300,818
Dexcom, Inc.*		3,702		373,828
Diamondback Energy, Inc.		1,581		239,964
Dick’s Sporting Goods, Inc.		565		65,732
Digital Realty Trust, Inc. REIT		2,742		361,176
Discover Financial Services		2,500		225,175
DocuSign, Inc.*		1,878		94,463
Dollar General Corp.		2,181		302,068
Dollar Tree, Inc.*		2,131		260,749
Dominion Energy, Inc.		7,769		377,107
Domino’s Pizza, Inc.		352		136,365
DoorDash, Inc., Class A*		2,508		210,998
Dover Corp.		1,392		206,434
Dow, Inc.		6,954		379,410
DraftKings, Inc., Class A*		4,012		118,956
Dropbox, Inc., Class A*		2,502		69,531
DTE Energy Co.		1,951		201,694
Duke Energy Corp.		7,332		651,082
DuPont de Nemours, Inc.		4,704		361,691
Dynatrace, Inc.*		2,037		98,183
Eastman Chemical Co.		1,027		87,305
Eaton Corp. PLC		3,843		885,312
eBay, Inc.		5,120		229,274
Ecolab, Inc.		2,506		460,628
Edison International		3,713		255,640
Edwards Lifesciences Corp.*		5,990		458,055
Electronic Arts, Inc.		2,686		322,266
Elevance Health, Inc.		2,283		1,009,109
Eli Lilly & Co.		7,832		4,340,494
Emerson Electric Co.		5,672		557,274
Enphase Energy, Inc.*		1,302		164,742
Entegris, Inc.		1,497		151,601
Entergy Corp.		1,945		185,261
EOG Resources, Inc.		5,588		718,729
EPAM Systems, Inc.*		554		143,480
EQT Corp.		3,250		140,465
Equifax, Inc.		1,184		244,733
Equinix, Inc. REIT		894		698,554
Equitable Holdings, Inc.		3,800		109,440
Equity LifeStyle Properties, Inc. REIT		1,863		124,746
Equity Residential REIT		3,616		234,425
Erie Indemnity Co., Class A		270		75,257
Essential Utilities, Inc.		2,037		75,165


	Number of Shares		Value
United States (Continued)
Essex Property Trust, Inc. REIT		648	$	154,477
Estee Lauder Cos., Inc., Class A		2,189		351,400
Etsy, Inc.*		1,212		89,167
Evergy, Inc.		2,172		119,395
Eversource Energy		3,160		201,671
Exact Sciences Corp.*		1,697		141,988
Exelon Corp.		9,605		385,353
Expedia Group, Inc.*		1,312		142,208
Expeditors International of Washington, Inc.		1,589		185,452
Extra Space Storage, Inc. REIT		1,992		256,331
Exxon Mobil Corp.		38,953		4,331,184
F5, Inc.*		581		95,086
FactSet Research Systems, Inc.		331		144,452
Fair Isaac Corp.*		242		218,911
Fastenal Co.		5,485		315,826
FedEx Corp.		2,207		576,071
Fidelity National Financial, Inc.		2,386		98,780
Fidelity National Information Services, Inc.		5,883		328,624
Fifth Third Bancorp		6,562		174,221
First Citizens BancShares, Inc., Class A		110		149,644
First Horizon Corp.		4,843		60,780
First Solar, Inc.*		950		179,664
FirstEnergy Corp.		5,674		204,661
Fiserv, Inc.*		5,802		704,305
FleetCor Technologies, Inc.*		645		175,266
FMC Corp.		1,195		103,045
Ford Motor Co.		38,160		462,881
Fortinet, Inc.*		6,640		399,794
Fortive Corp.		3,375		266,119
Fortune Brands Innovations, Inc.		1,325		91,451
Fox Corp., Class A		2,602		86,022
Fox Corp., Class B		1,435		43,796
Franklin Resources, Inc.		3,064		81,931
Freeport-McMoRan, Inc.		14,376		573,746
Gaming and Leisure Properties, Inc. REIT		2,868		135,943
Gartner, Inc.*		733		256,315
GE HealthCare Technologies, Inc.		3,945		277,925
Gen Digital, Inc.		5,173		104,753
Generac Holdings, Inc.*		592		70,336
General Dynamics Corp.		2,201		498,835
General Electric Co.		10,435		1,194,390
General Mills, Inc.		5,646		382,008
General Motors Co.		13,196		442,198
Genuine Parts Co.		1,418		217,989
Gilead Sciences, Inc.		12,018		919,137
Global Payments, Inc.		2,715		343,963
Globe Life, Inc.		933		104,095
GoDaddy, Inc., Class A*		1,565		113,478
Goldman Sachs Group, Inc.		3,263		1,069,318
Graco, Inc.		1,532		120,936
Halliburton Co.		8,921		344,529
Hartford Financial Services Group, Inc.		3,115		223,719
Hasbro, Inc.		1,228		88,416
HCA Healthcare, Inc.		2,056		570,129
Healthcare Realty Trust, Inc. REIT		3,606		63,177


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
United States (Continued)
Healthpeak Properties, Inc. REIT		5,583	$	114,898
HEICO Corp.		410		69,171
HEICO Corp., Class A		750		101,572
Henry Schein, Inc.*		1,227		93,915
Hershey Co.		1,411		303,167
Hess Corp.		2,596		401,082
Hewlett Packard Enterprise Co.		12,418		210,982
HF Sinclair Corp.		1,566		86,271
Hilton Worldwide Holdings, Inc.		2,577		383,071
Hologic, Inc.*		2,226		166,371
Home Depot, Inc.		9,697		3,202,919
Honeywell International, Inc.		6,444		1,211,085
Horizon Therapeutics PLC*		2,019		227,622
Hormel Foods Corp.		3,060		118,085
Host Hotels & Resorts, Inc. REIT		6,549		103,409
Howmet Aerospace, Inc.		3,866		191,251
HP, Inc.		8,021		238,304
Hubbell, Inc.		494		161,069
HubSpot, Inc.*		500		273,260
Humana, Inc.		1,205		556,264
Huntington Bancshares, Inc.		14,292		158,498
Huntington Ingalls Industries, Inc.		354		77,993
Hyatt Hotels Corp., Class A		339		38,107
IDEX Corp.		769		174,102
IDEXX Laboratories, Inc.*		825		421,913
Illinois Tool Works, Inc.		2,974		735,619
Illumina, Inc.*		1,583		261,543
Incyte Corp.*		1,856		119,768
Ingersoll Rand, Inc.		3,886		270,504
Insulet Corp.*		673		129,021
Intel Corp.		39,532		1,389,154
Intercontinental Exchange, Inc.		5,252		619,683
International Business Machines Corp.		8,579		1,259,655
International Flavors & Fragrances, Inc.		2,457		173,096
International Paper Co.		3,620		126,410
Interpublic Group of Cos., Inc.		3,764		122,744
Intuit, Inc.		2,713		1,469,931
Intuitive Surgical, Inc.*		3,451		1,079,059
Invesco Ltd.		3,892		61,961
Invitation Homes, Inc. REIT		5,872		200,176
IQVIA Holdings, Inc.*		1,727		384,482
Iron Mountain, Inc. REIT		2,930		186,172
J M Smucker Co.		1,055		152,922
Jabil, Inc.		1,262		144,398
Jack Henry & Associates, Inc.		631		98,928
Jacobs Solutions, Inc.		1,316		177,423
Jazz Pharmaceuticals PLC*		582		83,436
JB Hunt Transport Services, Inc.		736		138,280
Johnson & Johnson		23,170		3,746,126
Johnson Controls International PLC		6,553		387,020
JPMorgan Chase & Co.		28,298		4,140,846
Juniper Networks, Inc.		2,604		75,828
Kellogg Co.		2,635		160,788
Kenvue, Inc.		14,660		337,913
Keurig Dr Pepper, Inc.		8,586		288,919
KeyCorp		7,679		87,003
Keysight Technologies, Inc.*		1,731		230,742


	Number of Shares		Value
United States (Continued)
Kimberly-Clark Corp.		3,250	$	418,697
Kimco Realty Corp. REIT		6,466		122,466
Kinder Morgan, Inc.		19,936		343,298
KKR & Co., Inc.		5,758		361,660
KLA Corp.		1,347		676,019
Knight-Swift Transportation Holdings, Inc.		1,416		77,625
Kraft Heinz Co.		7,528		249,102
Kroger Co.		6,896		319,905
L3Harris Technologies, Inc.		1,841		327,864
Laboratory Corp. of America Holdings		922		191,868
Lam Research Corp.		1,304		915,930
Lamb Weston Holdings, Inc.		1,320		128,581
Las Vegas Sands Corp.		3,155		173,083
Lattice Semiconductor Corp.*		1,334		129,745
Lear Corp.		578		83,284
Leidos Holdings, Inc.		1,132		110,381
Lennar Corp., Class A		2,601		309,753
Lennox International, Inc.		280		105,507
Liberty Broadband Corp., Class C*		1,116		104,413
Liberty Media Corp.-Liberty Formula One, Class C*		2,033		139,850
Liberty Media Corp.-Liberty SiriusXM*		1,787		43,674
Linde PLC		4,773		1,847,342
Live Nation Entertainment, Inc.*		1,701		143,786
LKQ Corp.		2,307		121,187
Lockheed Martin Corp.		2,209		990,405
Loews Corp.		1,929		119,772
Lowe’s Cos., Inc.		5,777		1,331,483
LPL Financial Holdings, Inc.		781		180,091
Lucid Group, Inc.*		8,650		54,322
LyondellBasell Industries NV, Class A		2,634		260,160
M&T Bank Corp.		1,604		200,580
Manhattan Associates, Inc.*		598		121,167
Marathon Oil Corp.		6,660		175,491
Marathon Petroleum Corp.		4,141		591,211
Markel Group, Inc.*		122		180,428
MarketAxess Holdings, Inc.		331		79,748
Marriott International, Inc., Class A		2,493		507,350
Marsh & McLennan Cos., Inc.		4,780		932,052
Martin Marietta Materials, Inc.		561		250,436
Marvell Technology, Inc.		8,241		480,038
Masco Corp.		2,095		123,626
Mastercard, Inc., Class A		8,164		3,368,793
Match Group, Inc.*		2,605		122,096
McCormick & Co., Inc.		2,459		201,835
McDonald’s Corp.		7,039		1,979,015
McKesson Corp.		1,360		560,755
Merck & Co., Inc.		24,461		2,665,760
Meta Platforms, Inc., Class A*		21,334		6,312,517
MetLife, Inc.		6,000		380,040
Mettler-Toledo International, Inc.*		213		258,471
MGM Resorts International		3,400		149,532
Microchip Technology, Inc.		5,300		433,752
Micron Technology, Inc.		10,468		732,132
Microsoft Corp.		68,094		22,318,489
Mid-America Apartment Communities, Inc. REIT		1,138		165,272


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
United States (Continued)
Moderna, Inc.*		3,120	$	352,778
Mohawk Industries, Inc.*		352		35,689
Molina Healthcare, Inc.*		591		183,281
Molson Coors Beverage Co., Class B		1,775		112,695
Mondelez International, Inc., Class A		13,086		932,508
MongoDB, Inc.*		692		263,860
Monolithic Power Systems, Inc.		399		207,963
Monster Beverage Corp.*		7,464		428,508
Moody’s Corp.		1,559		525,071
Morgan Stanley		12,240		1,042,236
Mosaic Co.		3,216		124,942
Motorola Solutions, Inc.		1,576		446,906
MSCI, Inc.		794		431,634
Nasdaq, Inc.		3,310		173,709
NetApp, Inc.		2,126		163,064
Netflix, Inc.*		4,224		1,831,864
Neurocrine Biosciences, Inc.*		908		98,872
Newmont Corp.		7,372		290,604
News Corp., Class A		3,867		83,102
NextEra Energy, Inc.		19,462		1,300,062
NIKE, Inc., Class B		12,035		1,224,080
NiSource, Inc.		3,887		104,016
Nordson Corp.		438		106,933
Norfolk Southern Corp.		2,174		445,692
Northern Trust Corp.		2,008		152,749
Northrop Grumman Corp.		1,414		612,389
NRG Energy, Inc.		2,414		90,646
Nucor Corp.		2,446		420,957
NVIDIA Corp.		23,788		11,740,567
NVR, Inc.*		33		210,452
Occidental Petroleum Corp.		6,467		406,063
Okta, Inc.*		1,454		121,424
Old Dominion Freight Line, Inc.		897		383,351
Omnicom Group, Inc.		1,947		157,726
ON Semiconductor Corp.*		4,348		428,104
ONEOK, Inc.		4,264		278,013
Oracle Corp.		15,646		1,883,622
O’Reilly Automotive, Inc.*		600		563,820
Otis Worldwide Corp.		3,902		333,816
Ovintiv, Inc.		2,343		110,027
Owens Corning		912		131,246
PACCAR, Inc.		4,843		398,530
Packaging Corp. of America		924		137,768
Palantir Technologies, Inc., Class A*		17,700		265,146
Palo Alto Networks, Inc.*		2,928		712,382
Paramount Global, Class B		4,038		60,933
Parker-Hannifin Corp.		1,262		526,128
Paychex, Inc.		3,155		385,636
Paycom Software, Inc.		515		151,843
Paylocity Holding Corp.*		353		70,776
PayPal Holdings, Inc.*		10,468		654,355
PepsiCo, Inc.		13,256		2,358,508
Pfizer, Inc.		53,882		1,906,345
PG&E Corp.*		17,280		281,664
Philip Morris International, Inc.		14,769		1,418,710
Phillips 66		4,597		524,794
Pinterest, Inc., Class A*		5,096		140,089


	Number of Shares		Value
United States (Continued)
Pioneer Natural Resources Co.		2,178	$	518,212
PNC Financial Services Group, Inc.		3,944		476,159
Pool Corp.		356		130,154
PPG Industries, Inc.		2,227		315,700
PPL Corp.		7,043		175,512
Principal Financial Group, Inc.		2,282		177,334
Procter & Gamble Co.		22,724		3,507,222
Progressive Corp.		5,642		753,038
Prologis, Inc. REIT		9,000		1,117,800
Prudential Financial, Inc.		3,575		338,445
PTC, Inc.*		1,040		153,057
Public Service Enterprise Group, Inc.		4,585		280,052
Public Storage REIT		1,585		438,062
PulteGroup, Inc.		2,075		170,274
Qorvo, Inc.*		1,012		108,679
QUALCOMM, Inc.		10,880		1,246,086
Quanta Services, Inc.		1,388		291,300
Quest Diagnostics, Inc.		1,014		133,341
Raymond James Financial, Inc.		1,873		195,897
Realty Income Corp. REIT		6,305		353,332
Regency Centers Corp. REIT		1,499		93,238
Regeneron Pharmaceuticals, Inc.*		1,040		859,550
Regions Financial Corp.		8,289		152,020
Reliance Steel & Aluminum Co.		522		148,749
Repligen Corp.*		472		82,086
Republic Services, Inc.		2,036		293,449
ResMed, Inc.		1,414		225,660
Revvity, Inc.		1,153		134,936
Rivian Automotive, Inc., Class A*		6,137		139,494
Robert Half, Inc.		927		68,561
Robinhood Markets, Inc., Class A*		4,112		44,780
ROBLOX Corp., Class A*		4,117		116,470
Rockwell Automation, Inc.		1,094		341,416
Roku, Inc.*		1,151		93,461
Rollins, Inc.		2,058		81,435
Roper Technologies, Inc.		981		489,578
Ross Stores, Inc.		3,403		414,519
Royal Caribbean Cruises Ltd.*		2,128		210,544
Royalty Pharma PLC, Class A		3,227		96,229
RPM International, Inc.		1,228		122,481
RTX Corp.		14,349		1,234,588
S&P Global, Inc.		3,112		1,216,356
Salesforce, Inc.*		9,419		2,085,932
SBA Communications Corp. REIT		1,015		227,898
Schlumberger NV		13,850		816,596
Seagate Technology Holdings PLC		1,855		131,315
Seagen, Inc.*		1,374		283,140
Sealed Air Corp.		1,434		53,144
SEI Investments Co.		1,153		71,555
Sempra		6,006		421,741
Sensata Technologies Holding PLC		1,419		53,383
ServiceNow, Inc.*		1,976		1,163,528
Sherwin-Williams Co.		2,290		622,239
Simon Property Group, Inc. REIT		3,280		372,247
Sirius XM Holdings, Inc.		7,250		31,900
Skyworks Solutions, Inc.		1,591		173,005
Snap, Inc., Class A*		10,223		105,808


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
United States (Continued)
Snap-on, Inc.		497	$	133,494
Snowflake, Inc., Class A*		2,545		399,183
Southern Co.		10,267		695,384
Southwest Airlines Co.		1,418		44,809
Splunk, Inc.*		1,547		187,589
SS&C Technologies Holdings, Inc.		2,421		139,014
Stanley Black & Decker, Inc.		1,591		150,159
Starbucks Corp.		11,029		1,074,666
State Street Corp.		3,447		236,947
Steel Dynamics, Inc.		1,623		172,996
STERIS PLC		923		211,912
Stryker Corp.		3,250		921,537
Sun Communities, Inc. REIT		1,145		140,171
Super Micro Computer, Inc.*		455		125,161
Synchrony Financial		4,363		140,838
Synopsys, Inc.*		1,487		682,369
Sysco Corp.		4,830		336,409
T. Rowe Price Group, Inc.		2,132		239,274
Take-Two Interactive Software, Inc.*		1,577		224,249
Targa Resources Corp.		2,094		180,607
Target Corp.		4,352		550,746
TE Connectivity Ltd.		3,078		407,496
Teledyne Technologies, Inc.*		405		169,411
Teleflex, Inc.		485		103,179
Teradyne, Inc.		1,586		171,082
Tesla, Inc.*		27,457		7,086,103
Texas Instruments, Inc.		8,637		1,451,534
Texas Pacific Land Corp.		65		122,509
Textron, Inc.		2,045		158,917
Thermo Fisher Scientific, Inc.		3,735		2,080,769
TJX Cos., Inc.		11,147		1,030,875
T-Mobile US, Inc.*		5,221		711,361
Toast, Inc., Class A*		3,244		71,919
Toro Co.		971		99,353
Tractor Supply Co.		997		217,845
Trade Desk, Inc., Class A*		4,286		343,009
Tradeweb Markets, Inc., Class A		1,049		90,665
TransDigm Group, Inc.*		506		457,348
TransUnion		1,972		160,166
Travelers Cos., Inc.		2,177		350,998
Trimble, Inc.*		2,504		137,194
Truist Financial Corp.		12,838		392,201
Twilio, Inc., Class A*		1,614		102,828
Tyler Technologies, Inc.*		369		147,021
Tyson Foods, Inc., Class A		2,674		142,444
Uber Technologies, Inc.*		17,553		829,028
UDR, Inc. REIT		3,031		120,937
U-Haul Holding Co.		872		46,425
Uipath, Inc., Class A*		3,569		56,426
Ulta Beauty, Inc.*		474		196,724
Union Pacific Corp.		5,983		1,319,670
United Parcel Service, Inc., Class B		6,987		1,183,598
United Rentals, Inc.		680		324,047
United Therapeutics Corp.*		442		99,167
UnitedHealth Group, Inc.		9,025		4,301,135
Unity Software, Inc.*		2,498		92,601
Universal Health Services, Inc., Class B		575		77,453


	Number of Shares		Value
United States (Continued)
US Bancorp		14,195	$	518,543
Vail Resorts, Inc.		359		81,249
Valero Energy Corp.		3,487		452,961
Veeva Systems, Inc., Class A*		1,315		274,441
Ventas, Inc. REIT		3,823		166,989
VeriSign, Inc.*		913		189,712
Verisk Analytics, Inc.		1,382		334,748
Verizon Communications, Inc.		40,704		1,423,826
Vertex Pharmaceuticals, Inc.*		2,524		879,210
VF Corp.		3,258		64,378
Viatris, Inc.		11,483		123,442
VICI Properties, Inc. REIT		9,249		285,239
Visa, Inc., Class A		15,604		3,833,591
Vistra Corp.		3,140		98,659
VMware, Inc., Class A*		2,280		384,818
Vulcan Materials Co.		1,215		265,174
W.R. Berkley Corp.		1,827		113,018
W.W. Grainger, Inc.		418		298,511
Walgreens Boots Alliance, Inc.		6,889		174,361
Walmart, Inc.		14,394		2,340,608
Walt Disney Co.*		17,407		1,456,618
Warner Bros Discovery, Inc.*		22,436		294,809
Waste Management, Inc.		3,980		623,984
Waters Corp.*		595		167,076
Watsco, Inc.		301		109,730
Webster Financial Corp.		1,782		75,575
WEC Energy Group, Inc.		3,001		252,444
Wells Fargo & Co.		35,378		1,460,758
Welltower, Inc. REIT		4,900		406,112
West Pharmaceutical Services, Inc.		699		284,423
Western Digital Corp.*		3,226		145,170
Westinghouse Air Brake Technologies Corp.		1,702		191,509
Westlake Corp.		338		44,271
Westrock Co.		2,516		82,298
Weyerhaeuser Co. REIT		7,160		234,490
Whirlpool Corp.		581		81,317
Williams Cos., Inc.		12,278		423,959
Wolfspeed, Inc.*		1,146		54,802
Workday, Inc., Class A*		2,000		489,000
WP Carey, Inc. REIT		1,815		118,066
Wynn Resorts Ltd.		1,055		106,956
Xcel Energy, Inc.		5,285		301,932
Xylem, Inc.		2,276		235,657
Yum! Brands, Inc.		2,698		349,067
Zebra Technologies Corp., Class A*		467		128,430
Zillow Group, Inc., Class C*		1,324		69,060
Zimmer Biomet Holdings, Inc.		1,951		232,403
Zoetis, Inc.		4,455		848,722
Zoom Video Communications, Inc., Class A*		2,122		150,726
ZoomInfo Technologies, Inc.*		2,504		45,122
Zscaler, Inc.*		911		142,162

(Cost $336,835,941)				376,303,098


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Uruguay — 0.1%
MercadoLibre, Inc.* (Cost $485,917)		436	$	598,349

TOTAL COMMON STOCKS (Cost $474,751,039)				515,516,676

PREFERRED STOCKS — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG		494		47,585
Dr Ing hc F Porsche AG, 144A		1,070		118,281
Henkel AG & Co. KGaA		1,683		129,180
Porsche Automobil Holding SE		1,487		80,002
Sartorius AG		259		106,089
Volkswagen AG		1,981		243,045

(Cost $865,152)				724,182

RIGHTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.*, expires 10/6/23 (Cost $0)		214		118

Sweden — 0.0%
Swedish Orphan Biovitrum AB*, expires 9/18/23 (Cost $0)		1,584		1,431


	Number of Shares		Value
TOTAL RIGHTS (Cost $0)			$	1,549

WARRANTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.*(c), expires 8/22/28 (Cost $0)		214		0

Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		19,824		18,966

TOTAL WARRANTS (Cost $0)				18,966

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) (Cost $820,287)		820,287		820,287


TOTAL INVESTMENTS — 99.5% (Cost $476,436,478)			$	517,081,660
Other assets and liabilities, net — 0.5%				2,624,653

NET ASSETS — 100.0%			$	519,706,313

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
COMMON STOCKS — 0.0%
Germany — 0.0%
Deutsche Bank AG (b)
		178,464		—		(20,826	)		2,962		51,096		6,841		—		19,404		211,696

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
		339,649		—		(339,649	) (f)		—		—		34,025		—		—		—

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (d)
		995,448		12,750,370		(12,925,531	)		—				48,511		—		820,287		820,287

		1,513,561		12,750,370		(13,286,006	)		2,962		51,096		89,377		—		839,691		1,031,983

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

(c)	Investment was valued using significant unobservable inputs.

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

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

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2023

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interests

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 August 31, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Futures	USD	8	$	1,761,506		$1,806,400		9/15/2023	$	44,894
S&P Mid 400 E-Mini Futures	USD	1		268,840		264,870		9/15/2023		(3,970	)
MINI S&P/TSX 60 Futures	CAD	2		88,583		89,885		9/14/2023		1,302
MSCI EAFE Futures	USD	10		1,070,880		1,054,650		9/15/2023		(16,230	)

Total net unrealized appreciation									$	25,996

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

Currency Abbreviations

CAD

Canadian Dollar

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	515,516,676		$	—	$	—	$	515,516,676
Preferred Stocks		724,182			—		—		724,182
Rights (a)		1,549			—		—		1,549
Warrants (a)		18,966			—		0		18,966
Short-Term Investments (a)		820,287			—		—		820,287
Derivatives (b)
Futures Contracts		46,196			—		—		46,196

TOTAL	$	517,127,856		$	—	$	0	$	517,127,856


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(20,200	)	$	—	$	—	$	(20,200	)

TOTAL	$	(20,200	)	$	—	$	—	$	(20,200	)

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

(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 11.2%
Activision Blizzard, Inc.		209	$	19,226
Alphabet, Inc., Class A*		5,824		793,054
Alphabet, Inc., Class C*		5,277		724,796
AT&T, Inc.		9,306		137,636
Charter Communications, Inc., Class A*		130		56,955
Comcast Corp., Class A		4,718		220,614
Electronic Arts, Inc.		341		40,913
Interpublic Group of Cos., Inc.		270		8,805
Live Nation Entertainment, Inc.*		264		22,316
Meta Platforms, Inc., Class A*		3,519		1,041,237
New York Times Co., Class A		218		9,651
News Corp., Class A		483		10,379
Nexstar Media Group, Inc.		46		7,489
Omnicom Group, Inc.		74		5,995
Verizon Communications, Inc.		4,122		144,187

(Cost $2,606,674)				3,243,253

Consumer Discretionary — 12.3%
Advance Auto Parts, Inc.		176		12,112
Airbnb, Inc., Class A*		429		56,435
Amazon.com, Inc.*		655		90,397
Aramark		189		7,027
AutoNation, Inc.*		83		13,038
AutoZone, Inc.*		37		93,659
Bath & Body Works, Inc.		473		17,440
Best Buy Co., Inc.		866		66,206
Booking Holdings, Inc.*		54		167,672
BorgWarner, Inc.		365		14,874
Brunswick Corp.		86		6,804
Capri Holdings Ltd.*		383		20,104
Chipotle Mexican Grill, Inc.*		31		59,726
D.R. Horton, Inc.		110		13,092
Darden Restaurants, Inc.		245		38,100
Deckers Outdoor Corp.*		52		27,513
Dick’s Sporting Goods, Inc.		144		16,753
Domino’s Pizza, Inc.		52		20,145
eBay, Inc.		168		7,523
Expedia Group, Inc.*		311		33,709
Five Below, Inc.*		69		11,865
Floor & Decor Holdings, Inc., Class A*		124		12,363
Garmin Ltd.		259		27,459
General Motors Co.		1,043		34,951
Gentex Corp.		433		14,142
Genuine Parts Co.		214		32,898
Grand Canyon Education, Inc.*		96		11,256
H&R Block, Inc.		484		19,350
Home Depot, Inc.		1,455		480,586
Lear Corp.		105		15,129
Lennar Corp., Class A		676		80,505
LKQ Corp.		526		27,631
Lowe’s Cos., Inc.		1,612		371,534
Lululemon Athletica, Inc.*		138		52,614
Macy’s, Inc.		710		8,683
MGM Resorts International		425		18,692
Mohawk Industries, Inc.*		82		8,314
Murphy USA, Inc.		81		25,729


	Number of Shares		Value
Consumer Discretionary (Continued)
NIKE, Inc., Class B		325	$	33,056
NVR, Inc.*		10		63,773
O’Reilly Automotive, Inc.*		112		105,246
Penske Automotive Group, Inc.		56		9,201
Phinia, Inc.*		73		2,029
Polaris, Inc.		82		9,191
Pool Corp.		45		16,452
PulteGroup, Inc.		368		30,198
Ralph Lauren Corp.		80		9,330
Ross Stores, Inc.		554		67,483
Skechers U.S.A., Inc., Class A*		203		10,213
Starbucks Corp.		1,435		139,826
Tapestry, Inc.		668		22,258
Tesla, Inc.*		2,110		544,549
Texas Roadhouse, Inc.		112		11,659
Thor Industries, Inc.		242		25,366
TJX Cos., Inc.		2,291		211,872
Toll Brothers, Inc.		161		13,191
TopBuild Corp.*		58		16,825
Tractor Supply Co.		244		53,314
Ulta Beauty, Inc.*		126		52,294
Williams-Sonoma, Inc.		314		44,337
Yum! Brands, Inc.		338		43,730

(Cost $3,278,067)				3,571,423

Consumer Staples — 8.8%
Albertsons Cos., Inc., Class A		1,363		30,531
Altria Group, Inc.		2,515		111,213
Archer-Daniels-Midland Co.		1,578		125,135
BJ’s Wholesale Club Holdings, Inc.*		493		33,223
Casey’s General Stores, Inc.		88		21,508
Clorox Co.		47		7,353
Colgate-Palmolive Co.		272		19,984
Costco Wholesale Corp.		1,078		592,124
Dollar General Corp.		125		17,313
Dollar Tree, Inc.*		198		24,227
Estee Lauder Cos., Inc., Class A		322		51,691
Hershey Co.		130		27,932
Kroger Co.		1,581		73,343
Monster Beverage Corp.*		779		44,722
Philip Morris International, Inc.		636		61,094
Procter & Gamble Co.		2,561		395,265
Sysco Corp.		984		68,536
Target Corp.		1,004		127,056
Tyson Foods, Inc., Class A		558		29,725
US Foods Holding Corp.*		502		20,296
Walgreens Boots Alliance, Inc.		375		9,491
Walmart, Inc.		4,046		657,920

(Cost $2,434,292)				2,549,682

Energy — 11.8%
Antero Resources Corp. *		562		15,551
APA Corp.		834		36,563
Cheniere Energy, Inc.		303		49,450
Chesapeake Energy Corp.		312		27,521
Chevron Corp.		4,085		658,093
ConocoPhillips		3,133		372,921
Coterra Energy, Inc.		1,697		47,838


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)

August 31, 2023


	Number of Shares		Value
Energy (Continued)
Devon Energy Corp.		1,444	$	73,774
Diamondback Energy, Inc.		292		44,320
EOG Resources, Inc.		1,324		170,293
EQT Corp.		426		18,412
Exxon Mobil Corp.		10,438		1,160,601
HF Sinclair Corp.		356		19,612
Marathon Oil Corp.		1,264		33,306
Marathon Petroleum Corp.		1,410		201,306
Occidental Petroleum Corp.		1,001		62,853
ONEOK, Inc.		115		7,498
Ovintiv, Inc.		569		26,720
Phillips 66		817		93,269
Pioneer Natural Resources Co.		450		107,068
Range Resources Corp.		416		13,470
Southwestern Energy Co.*		2,020		13,696
Targa Resources Corp.		105		9,056
Texas Pacific Land Corp.		5		9,424
Valero Energy Corp.		1,113		144,579

(Cost $3,034,971)				3,417,194

Financials — 8.7%
Affiliated Managers Group, Inc.		268		35,915
Allstate Corp.		105		11,320
Aon PLC, Class A		341		113,686
Apollo Global Management, Inc.		113		9,869
Arch Capital Group Ltd.*		110		8,455
Berkshire Hathaway, Inc., Class B*		1,187		427,557
Blackstone, Inc.		297		31,592
Cincinnati Financial Corp.		125		13,224
Coinbase Global, Inc., Class A *		164		13,054
Credit Acceptance Corp.*		25		12,544
Discover Financial Services		59		5,314
Evercore, Inc., Class A		257		35,993
FactSet Research Systems, Inc.		90		39,277
Franklin Resources, Inc.		530		14,172
Houlihan Lokey, Inc.		86		9,059
Jack Henry & Associates, Inc.		107		16,775
Janus Henderson Group PLC		244		6,703
Lazard Ltd., Class A		323		11,221
LPL Financial Holdings, Inc.		295		68,024
MarketAxess Holdings, Inc.		80		19,274
Marsh & McLennan Cos., Inc.		1,027		200,255
Mastercard, Inc., Class A		1,066		439,874
MGIC Investment Corp.		2,065		36,303
Moody’s Corp.		307		103,398
MSCI, Inc.		166		90,241
PayPal Holdings, Inc.*		1,199		74,950
Progressive Corp.		191		25,493
RLI Corp.		139		18,281
S&P Global, Inc.		124		48,467
SEI Investments Co.		415		25,755
Synchrony Financial		554		17,883
T. Rowe Price Group, Inc.		976		109,536
Visa, Inc., Class A		1,741		427,729
Willis Towers Watson PLC		79		16,334

(Cost $2,285,179)				2,537,527


	Number of Shares		Value
Health Care — 12.5%
Abbott Laboratories		1,640	$	168,756
AbbVie, Inc.		110		16,166
Align Technology, Inc.*		29		10,734
Amgen, Inc.		81		20,764
Biogen, Inc.*		82		21,924
Bio-Rad Laboratories, Inc., Class A*		20		8,004
Bio-Techne Corp.		124		9,722
Bristol-Myers Squibb Co.		417		25,708
Cardinal Health, Inc.		946		82,614
Cencora, Inc.		580		102,068
Centene Corp.*		1,501		92,537
Chemed Corp.		21		10,740
Cigna Group		514		141,998
CVS Health Corp.		2,872		187,168
Edwards Lifesciences Corp.*		745		56,970
Elevance Health, Inc.		341		150,725
Eli Lilly & Co.		42		23,276
Enovis Corp.*		122		6,837
Fortrea Holdings, Inc.*		55		1,515
GE HealthCare Technologies, Inc.		504		35,507
Gilead Sciences, Inc.		322		24,627
HCA Healthcare, Inc.		272		75,426
Henry Schein, Inc.*		249		19,058
Hologic, Inc.*		514		38,416
Humana, Inc.		341		157,416
IDEXX Laboratories, Inc.*		23		11,762
Incyte Corp.*		265		17,100
Intuitive Surgical, Inc.*		278		86,925
Johnson & Johnson		943		152,464
Laboratory Corp. of America Holdings		55		11,446
McKesson Corp.		693		285,738
Medpace Holdings, Inc.*		33		8,919
Merck & Co., Inc.		2,884		314,298
Mettler-Toledo International, Inc.*		24		29,124
Moderna, Inc.*		1,107		125,168
Molina Healthcare, Inc.*		176		54,581
Pfizer, Inc.		16,330		577,755
Premier, Inc., Class A		206		4,435
Quest Diagnostics, Inc.		170		22,355
Regeneron Pharmaceuticals, Inc.*		80		66,119
Shockwave Medical, Inc.*		28		6,171
Thermo Fisher Scientific, Inc.		25		13,928
United Therapeutics Corp.*		70		15,705
UnitedHealth Group, Inc.		313		149,170
Universal Health Services, Inc., Class B		74		9,968
Vertex Pharmaceuticals, Inc.*		381		132,718
Waters Corp.*		68		19,094
West Pharmaceutical Services, Inc.		80		32,552

(Cost $3,678,474)				3,636,171

Industrials — 8.8%
3M Co.		785		83,736
A O Smith Corp.		263		19,068
Acuity Brands, Inc.		71		11,451
Advanced Drainage Systems, Inc.		96		12,303
AGCO Corp.		143		18,523
Alaska Air Group, Inc.*		408		17,124


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)

August 31, 2023


	Number of Shares		Value
Industrials (Continued)
American Airlines Group, Inc.*		1,069	$	15,746
Automatic Data Processing, Inc.		618		157,349
Avis Budget Group, Inc.*		38		8,109
Builders FirstSource, Inc.*		533		77,306
C.H. Robinson Worldwide, Inc.		499		45,125
Carlisle Cos., Inc.		91		23,935
Carrier Global Corp.		198		11,375
Caterpillar, Inc.		397		111,609
Cintas Corp.		76		38,317
Clean Harbors, Inc.*		55		9,314
CNH Industrial NV		1,491		20,546
Copart, Inc.*		1,052		47,161
CSX Corp.		1,611		48,652
Cummins, Inc.		89		20,474
Delta Air Lines, Inc.		1,161		49,784
Donaldson Co., Inc.		176		11,241
EMCOR Group, Inc.		118		26,461
Emerson Electric Co.		81		7,958
Expeditors International of Washington, Inc.		599		69,909
Fastenal Co.		878		50,555
FedEx Corp.		492		128,422
Fortune Brands Innovations, Inc.		253		17,462
FTI Consulting, Inc.*		46		8,548
Genpact Ltd.		198		7,391
Graco, Inc.		233		18,393
Hubbell, Inc.		45		14,672
Illinois Tool Works, Inc.		295		72,968
ITT, Inc.		76		7,773
JB Hunt Transport Services, Inc.		233		43,776
Knight-Swift Transportation Holdings, Inc.		453		24,833
Landstar System, Inc.		136		25,814
Lockheed Martin Corp.		353		158,268
ManpowerGroup, Inc.		122		9,622
Masco Corp.		458		27,027
Nordson Corp.		59		14,404
Old Dominion Freight Line, Inc.		172		73,508
Oshkosh Corp.		134		13,913
Otis Worldwide Corp.		410		35,075
Owens Corning		275		39,575
PACCAR, Inc.		490		40,322
Paychex, Inc.		428		52,314
Paycom Software, Inc.		37		10,909
Quanta Services, Inc.		150		31,481
RB Global, Inc.		194		11,974
Robert Half, Inc.		395		29,214
Rollins, Inc.		186		7,360
Ryder System, Inc.		98		9,869
Saia, Inc.*		34		14,491
Snap-on, Inc.		81		21,757
Southwest Airlines Co.		1,124		35,518
Tetra Tech, Inc.		85		13,375
Textron, Inc.		223		17,329
Trane Technologies PLC		161		33,047
Trex Co., Inc.*		133		9,492
Union Pacific Corp.		450		99,257


	Number of Shares		Value
Industrials (Continued)
United Airlines Holdings, Inc.*		289	$	14,395
United Parcel Service, Inc., Class B		1,343		227,504
United Rentals, Inc.		61		29,069
W.W. Grainger, Inc.		65		46,419
Waste Management, Inc.		82		12,856
Watsco, Inc.		70		25,519

(Cost $2,384,077)				2,548,046

Information Technology — 21.0%
Accenture PLC, Class A		1,060		343,196
Adobe, Inc.*		597		333,926
Advanced Micro Devices, Inc.*		452		47,786
Amdocs Ltd.		245		21,854
Analog Devices, Inc.		356		64,714
Apple, Inc.		7,664		1,439,836
Applied Materials, Inc.		1,496		228,529
Arista Networks, Inc.*		295		57,593
Autodesk, Inc.*		181		40,171
Cadence Design Systems, Inc.*		79		18,995
CDW Corp.		98		20,693
Cirrus Logic, Inc.*		107		8,778
Cisco Systems, Inc.		8,766		502,730
Cognex Corp.		164		7,721
Cognizant Technology Solutions Corp., Class A		1,307		93,594
Dropbox, Inc., Class A*		286		7,948
EPAM Systems, Inc.*		71		18,388
F5, Inc.*		71		11,620
Fair Isaac Corp.*		28		25,329
Fortinet, Inc.*		691		41,605
Gartner, Inc.*		20		6,994
HP, Inc.		1,921		57,073
Intel Corp.		2,904		102,047
Intuit, Inc.		24		13,003
Keysight Technologies, Inc.*		198		26,393
KLA Corp.		231		115,932
Lam Research Corp.		203		142,587
Lattice Semiconductor Corp.*		108		10,504
Manhattan Associates, Inc.*		49		9,928
Microchip Technology, Inc.		504		41,247
Micron Technology, Inc.		3,086		215,835
Microsoft Corp.		4,215		1,381,508
NVIDIA Corp.		106		52,316
ON Semiconductor Corp.*		572		56,319
Oracle Corp.		220		26,486
Pure Storage, Inc., Class A*		259		9,477
QUALCOMM, Inc.		1,379		157,937
Salesforce, Inc.*		46		10,187
Skyworks Solutions, Inc.		239		25,989
Teradyne, Inc.		246		26,536
Texas Instruments, Inc.		1,597		268,392
VeriSign, Inc.*		99		20,571

(Cost $5,237,107)				6,112,267

Materials — 3.3%
Albemarle Corp.		195		38,748
Berry Global Group, Inc.		132		8,625
Celanese Corp.		61		7,708


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)

August 31, 2023


	Number of Shares		Value
Materials (Continued)
CF Industries Holdings, Inc.		948	$	73,062
Cleveland-Cliffs, Inc.*		1,119		17,109
Corteva, Inc.		360		18,184
Dow, Inc.		1,328		72,456
DuPont de Nemours, Inc.		259		19,914
Eagle Materials, Inc.		71		13,442
Freeport-McMoRan, Inc.		769		30,691
Graphic Packaging Holding Co.		451		10,030
Huntsman Corp.		410		11,427
International Paper Co.		662		23,117
Louisiana-Pacific Corp.		340		21,243
LyondellBasell Industries NV, Class A		962		95,017
Mosaic Co.		1,470		57,109
Nucor Corp.		987		169,863
Olin Corp.		558		32,375
Packaging Corp. of America		199		29,671
Reliance Steel & Aluminum Co.		260		74,090
Steel Dynamics, Inc.		830		88,470
United States Steel Corp.		798		24,810
Westlake Corp.		77		10,085
Westrock Co.		365		11,939

(Cost $861,329)				959,185

Real Estate — 1.1%
Apartment Income REIT Corp. REIT		432		14,714
Camden Property Trust REIT		90		9,686
CBRE Group, Inc., Class A*		636		54,092
Extra Space Storage, Inc. REIT		104		13,382


	Number of Shares		Value
Real Estate (Continued)
Jones Lang LaSalle, Inc.*		71	$	12,269
Lamar Advertising Co., Class A REIT		73		6,659
Public Storage REIT		327		90,376
Simon Property Group, Inc. REIT		357		40,516
Weyerhaeuser Co. REIT		2,213		72,476

(Cost $310,127)				314,170

Utilities — 0.0%
DTE Energy Co.		68		7,030
UGI Corp.		324		8,158

(Cost $17,456)				15,188

TOTAL COMMON STOCKS (Cost $26,127,753)				28,904,106

EXCHANGE-TRADED FUNDS — 0.3%
iShares Russell 1000 ETF (Cost $82,137)		350		86,727

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $14,718)		14,718		14,718

TOTAL INVESTMENTS — 99.9% (Cost $26,224,608)			$	29,005,551
Other assets and liabilities, net — 0.1%				36,133

NET ASSETS — 100.0%			$	29,041,684


A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(b)
		4,995		—		(4,995	) (c)		—		—		416		—		—		—
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		4,206		422,712		(412,200	)		—		—		365		—		14,718		14,718

		9,201		422,712		(417,195	)		—		—		781		—		14,718		14,718

*	Non-income producing security.

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

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

(c)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

REIT:

Real Estate Investment Trust


See Notes to Financial Statements.		46

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)

August 31, 2023

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	28,904,106	$	—	$	—	$	28,904,106
Exchange-Traded Funds		86,727		—		—		86,727
Short-Term Investments (a)		14,718		—		—		14,718

TOTAL	$	29,005,551	$	—	$	—	$	29,005,551

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


See Notes to Financial Statements.		47

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.4%
Communication Services — 2.2%
Activision Blizzard, Inc.		951	$	87,482
Alphabet, Inc., Class A*		740		100,766
Alphabet, Inc., Class C*		733		100,678
AT&T, Inc.		7,208		106,606
Charter Communications, Inc., Class A*		301		131,874
Comcast Corp., Class A		3,945		184,468
Electronic Arts, Inc.		1,363		163,533
Fox Corp., Class A		3,337		110,321
Fox Corp., Class B		1,345		41,049
Frontier Communications Parent, Inc.*		837		13,409
Interpublic Group of Cos., Inc.		7,742		252,467
Iridium Communications, Inc.		841		41,167
Liberty Broadband Corp., Class A*		172		16,106
Liberty Broadband Corp., Class C*		433		40,511
Liberty Media Corp.-Liberty Formula One, Class A*		188		11,402
Liberty Media Corp.-Liberty Formula One, Class C*		1,189		81,791
Liberty Media Corp.-Liberty Live, Class A*		86		2,865
Liberty Media Corp.-Liberty Live, Class C*		207		6,966
Liberty Media Corp.-Liberty SiriusXM*		629		15,373
Liberty Media Corp.-Liberty SiriusXM, Class A*		312		7,497
Live Nation Entertainment, Inc.*		2,143		181,148
Madison Square Garden Sports Corp.		502		89,356
Meta Platforms, Inc., Class A*		73		21,600
Netflix, Inc.*		28		12,143
New York Times Co., Class A		2,935		129,932
News Corp., Class A		10,239		220,036
News Corp., Class B		3,452		75,944
Nexstar Media Group, Inc.		876		142,613
Omnicom Group, Inc.		3,686		298,603
Pinterest, Inc., Class A*		516		14,185
Spotify Technology SA*		131		20,170
T-Mobile US, Inc.*		209		28,476
TripAdvisor, Inc.*		828		12,511
Verizon Communications, Inc.		1,321		46,209
Walt Disney Co.*		384		32,133
World Wrestling Entertainment, Inc., Class A		1,307		126,191
ZoomInfo Technologies, Inc.*		492		8,866

(Cost $2,851,196)				2,976,447

Consumer Discretionary — 15.5%
Advance Auto Parts, Inc.		485		33,378
Airbnb, Inc., Class A*		475		62,486
Amazon.com, Inc.*		103		14,215
Aptiv PLC*		448		45,450
Aramark		2,795		103,918
AutoNation, Inc.*		688		108,078
AutoZone, Inc.*		240		607,519
Best Buy Co., Inc.		3,917		299,455
Booking Holdings, Inc.*		135		419,179
BorgWarner, Inc.		13,136		535,292


	Number of Shares		Value
Consumer Discretionary (Continued)
Boyd Gaming Corp.		3,604	$	240,999
Bright Horizons Family Solutions, Inc.*		374		35,313
Brunswick Corp.		1,706		134,979
Burlington Stores, Inc.*		135		21,905
Capri Holdings Ltd.*		1,634		85,769
CarMax, Inc.*		598		48,845
Carter’s, Inc.		522		37,360
Chipotle Mexican Grill, Inc.*		136		262,023
Choice Hotels International, Inc.		410		52,029
Churchill Downs, Inc.		267		33,450
Columbia Sportswear Co.		1,179		86,468
Coupang, Inc.*		759		14,406
D.R. Horton, Inc.		2,767		329,328
Darden Restaurants, Inc.		467		72,623
Deckers Outdoor Corp.*		868		459,250
Dick’s Sporting Goods, Inc.		2,336		271,770
Domino’s Pizza, Inc.		328		127,067
eBay, Inc.		2,954		132,280
Etsy, Inc.*		141		10,373
Expedia Group, Inc.*		1,425		154,456
Five Below, Inc.*		1,064		182,965
Floor & Decor Holdings, Inc., Class A*		778		77,567
Ford Motor Co.		25,236		306,113
Garmin Ltd.		2,673		283,391
General Motors Co.		7,552		253,068
Gentex Corp.		7,381		241,063
Genuine Parts Co.		3,831		588,940
Grand Canyon Education, Inc.*		1,751		205,305
H&R Block, Inc.		3,569		142,689
Harley-Davidson, Inc.		873		29,464
Hasbro, Inc.		118		8,496
Hilton Worldwide Holdings, Inc.		1,079		160,393
Home Depot, Inc.		187		61,766
Hyatt Hotels Corp., Class A		1,305		146,695
Las Vegas Sands Corp.		750		41,145
Lear Corp.		2,182		314,404
Leggett & Platt, Inc.		1,842		51,944
Lennar Corp., Class A		9,072		1,080,384
Lennar Corp., Class B		518		55,250
Lithia Motors, Inc.		48		14,785
LKQ Corp.		11,451		601,521
Lowe’s Cos., Inc.		1,507		347,333
Lululemon Athletica, Inc.*		562		214,268
Macy’s, Inc.		424		5,186
Marriott International, Inc., Class A		864		175,833
Marriott Vacations Worldwide Corp.		758		82,387
Mattel, Inc.*		953		21,118
McDonald’s Corp.		262		73,661
MGM Resorts International		10,224		449,652
Mohawk Industries, Inc.*		161		16,324
Murphy USA, Inc.		1,288		409,120
NIKE, Inc., Class B		894		90,929
NVR, Inc.*		189		1,205,315
Ollie’s Bargain Outlet Holdings, Inc.*		780		60,122
O’Reilly Automotive, Inc.*		694		652,152
Penn Entertainment, Inc.*		528		12,508
Penske Automotive Group, Inc.		1,311		215,397


See Notes to Financial Statements.		48

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Consumer Discretionary (Continued)
Phinia, Inc.*		2,627	$	73,031
Polaris, Inc.		2,329		261,058
Pool Corp.		669		244,586
PulteGroup, Inc.		9,777		802,301
PVH Corp.		89		7,440
Ralph Lauren Corp.		2,113		246,439
RH*		171		62,447
Ross Stores, Inc.		3,512		427,797
Royal Caribbean Cruises Ltd.*		140		13,852
Service Corp. International		1,638		103,374
Skechers U.S.A., Inc., Class A*		6,847		344,473
Starbucks Corp.		2,889		281,504
Tapestry, Inc.		7,046		234,773
Tempur Sealy International, Inc.		4,454		208,091
Texas Roadhouse, Inc.		2,400		249,840
Thor Industries, Inc.		3,341		350,204
TJX Cos., Inc.		5,329		492,826
Toll Brothers, Inc.		7,201		589,978
TopBuild Corp.*		535		155,193
Tractor Supply Co.		2,204		481,574
Travel + Leisure Co.		1,845		74,169
Ulta Beauty, Inc.*		1,408		584,362
Vail Resorts, Inc.		455		102,976
Valvoline, Inc.		73		2,514
Wendy’s Co.		3,207		63,467
Whirlpool Corp.		264		36,949
Williams-Sonoma, Inc.		1,705		240,746
Wingstop, Inc.		144		23,132
Wyndham Hotels & Resorts, Inc.		357		26,914
Wynn Resorts Ltd.		128		12,977
YETI Holdings, Inc.*		416		20,779
Yum! Brands, Inc.		3,332		431,094

(Cost $19,290,314)				20,969,176

Consumer Staples — 6.5%
Albertsons Cos., Inc., Class A		11,379		254,890
Altria Group, Inc.		6,547		289,508
Archer-Daniels-Midland Co.		7,063		560,096
BJ’s Wholesale Club Holdings, Inc.*		6,101		411,146
Boston Beer Co., Inc., Class A*		165		60,296
Brown-Forman Corp., Class A		325		21,850
Brown-Forman Corp., Class B		683		45,167
Bunge Ltd.		240		27,437
Campbell Soup Co.		2,642		110,171
Casey’s General Stores, Inc.		2,424		592,450
Church & Dwight Co., Inc.		1,898		183,669
Clorox Co.		1,310		204,950
Coca-Cola Co.		687		41,103
Colgate-Palmolive Co.		2,213		162,589
Conagra Brands, Inc.		5,309		158,633
Constellation Brands, Inc., Class A		600		156,336
Costco Wholesale Corp.		278		152,700
Coty, Inc., Class A*		5,949		68,770
Darling Ingredients, Inc.*		1,262		77,941
Dollar General Corp.		771		106,784
Dollar Tree, Inc.*		2,333		285,466
Estee Lauder Cos., Inc., Class A		1,178		189,104
Flowers Foods, Inc.		8,751		206,174
General Mills, Inc.		3,744		253,319


	Number of Shares		Value
Consumer Staples (Continued)
Grocery Outlet Holding Corp.*		804	$	24,803
Hershey Co.		1,577		338,834
Hormel Foods Corp.		1,839		70,967
Ingredion, Inc.		2,615		269,110
J M Smucker Co.		1,836		266,128
Kellogg Co.		2,576		157,188
Keurig Dr Pepper, Inc.		1,692		56,936
Kimberly-Clark Corp.		2,672		344,234
Kraft Heinz Co.		2,782		92,056
Kroger Co.		11,102		515,022
Lamb Weston Holdings, Inc.		1,365		132,965
McCormick & Co., Inc.		1,015		83,311
Molson Coors Beverage Co., Class B		2,700		171,423
Mondelez International, Inc., Class A		1,914		136,392
Monster Beverage Corp.*		3,971		227,975
PepsiCo, Inc.		448		79,708
Philip Morris International, Inc.		417		40,057
Pilgrim’s Pride Corp.*		417		10,492
Post Holdings, Inc.*		1,602		143,715
Procter & Gamble Co.		464		71,614
Reynolds Consumer Products, Inc.		1,040		28,382
Seaboard Corp.		19		71,636
Spectrum Brands Holdings, Inc.		174		14,472
Sysco Corp.		1,731		120,564
Target Corp.		2,988		378,131
Tyson Foods, Inc., Class A		1,024		54,548
US Foods Holding Corp.*		2,780		112,395
Walgreens Boots Alliance, Inc.		1,495		37,838
Walmart, Inc.		408		66,345

(Cost $8,434,038)				8,737,790

Energy — 4.9%
Baker Hughes Co.		605		21,895
Cheniere Energy, Inc.		3,426		559,123
Chesapeake Energy Corp.		5,350		471,923
Chevron Corp.		549		88,444
ConocoPhillips		1,754		208,779
Coterra Energy, Inc.		12,656		356,773
Devon Energy Corp.		3,460		176,771
Diamondback Energy, Inc.		2,313		351,067
DT Midstream, Inc.		569		29,753
EOG Resources, Inc.		2,343		301,357
EQT Corp.		1,320		57,050
Exxon Mobil Corp.		1,082		120,308
Hess Corp.		524		80,958
HF Sinclair Corp.		3,807		209,728
Kinder Morgan, Inc.		5,030		86,617
Marathon Oil Corp.		1,600		42,160
Marathon Petroleum Corp.		9,670		1,380,586
Occidental Petroleum Corp.		251		15,760
ONEOK, Inc.		5,411		352,797
Phillips 66		5,484		626,053
Pioneer Natural Resources Co.		1,896		451,115
Schlumberger NV		448		26,414
Targa Resources Corp.		1,562		134,722
TechnipFMC PLC		893		17,003
Texas Pacific Land Corp.		42		79,160
Valero Energy Corp.		2,919		379,178
Williams Cos., Inc.		1,021		35,255

(Cost $5,347,810)				6,660,749


See Notes to Financial Statements.		49

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Financials — 9.3%
Affiliated Managers Group, Inc.		2,318	$	310,635
Aflac, Inc.		2,984		222,517
Allstate Corp.		411		44,310
Ally Financial, Inc.		246		6,812
American Express Co.		306		48,345
American Financial Group, Inc.		252		29,212
American International Group, Inc.		1,245		72,857
Ameriprise Financial, Inc.		558		188,370
Annaly Capital Management, Inc. REIT		6,041		122,451
Aon PLC, Class A		1,090		363,395
Apollo Global Management, Inc.		101		8,821
Arch Capital Group Ltd.*		5,075		390,064
Ares Management Corp., Class A		360		37,238
Arthur J Gallagher & Co.		968		223,105
Assurant, Inc.		123		17,138
Assured Guaranty Ltd.		743		43,718
Axis Capital Holdings Ltd.		710		38,951
Bank of New York Mellon Corp.		1,892		84,894
Bank OZK		926		37,197
BlackRock, Inc.		128		89,669
Blackstone, Inc.		476		50,632
BOK Financial Corp.		405		33,660
Brown & Brown, Inc.		4,116		304,996
Capital One Financial Corp.		366		37,475
Carlyle Group, Inc.		1,723		55,739
Cboe Global Markets, Inc.		1,235		184,892
Charles Schwab Corp.		438		25,908
Chubb Ltd.		748		150,251
Cincinnati Financial Corp.		75		7,934
Citigroup, Inc.		641		26,467
Citizens Financial Group, Inc.		670		18,847
CME Group, Inc.		124		25,132
CNA Financial Corp.		227		8,928
Columbia Banking System, Inc.		1,752		35,881
Comerica, Inc.		147		7,072
Commerce Bancshares, Inc.		265		13,009
Corebridge Financial, Inc.		1,821		32,468
Credit Acceptance Corp.*		88		44,156
Cullen/Frost Bankers, Inc.		184		17,393
Discover Financial Services		2,733		246,161
East West Bancorp, Inc.		537		29,718
Equitable Holdings, Inc.		930		26,784
Euronet Worldwide, Inc.*		1,172		102,386
Evercore, Inc., Class A		2,318		324,636
Everest Group Ltd.		660		238,049
FactSet Research Systems, Inc.		776		338,654
Fidelity National Financial, Inc.		4,228		175,039
Fidelity National Information Services, Inc.		266		14,859
Fifth Third Bancorp		661		17,550
First American Financial Corp.		1,550		95,604
First Hawaiian, Inc.		504		9,531
First Horizon Corp.		2,201		27,623
Fiserv, Inc.*		1,092		132,558
FleetCor Technologies, Inc.*		370		100,540
FNB Corp.		4,635		53,905
Franklin Resources, Inc.		4,884		130,598


	Number of Shares		Value
Financials (Continued)
Global Payments, Inc.		748	$	94,764
Globe Life, Inc.		1,381		154,078
Goldman Sachs Group, Inc.		195		63,903
Hanover Insurance Group, Inc.		162		17,289
Hartford Financial Services Group, Inc.		1,989		142,850
Houlihan Lokey, Inc.		1,548		163,066
Huntington Bancshares, Inc.		4,095		45,414
Interactive Brokers Group, Inc., Class A		1,144		104,195
Intercontinental Exchange, Inc.		460		54,275
Invesco Ltd.		2,836		45,149
Jack Henry & Associates, Inc.		552		86,543
Janus Henderson Group PLC		4,671		128,312
Jefferies Financial Group, Inc.		1,143		40,794
JPMorgan Chase & Co.		93		13,609
KeyCorp		984		11,149
Kinsale Capital Group, Inc.		538		214,463
Lazard Ltd., Class A		2,003		69,584
Loews Corp.		1,371		85,125
LPL Financial Holdings, Inc.		1,661		383,010
M&T Bank Corp.		217		27,136
Markel Group, Inc.*		27		39,931
MarketAxess Holdings, Inc.		618		148,895
Marsh & McLennan Cos., Inc.		1,736		338,503
Mastercard, Inc., Class A		109		44,978
MetLife, Inc.		683		43,261
MGIC Investment Corp.		14,224		250,058
Moody’s Corp.		613		206,458
Morgan Stanley		138		11,751
Morningstar, Inc.		79		18,381
MSCI, Inc.		513		278,877
Nasdaq, Inc.		2,737		143,638
New York Community Bancorp, Inc.		1,314		16,136
Northern Trust Corp.		332		25,255
Old Republic International Corp.		7,625		208,544
OneMain Holdings, Inc.		363		15,068
PayPal Holdings, Inc.*		687		42,944
PNC Financial Services Group, Inc.		212		25,595
Popular, Inc.		267		18,231
Primerica, Inc.		784		157,553
Principal Financial Group, Inc.		2,414		187,592
Progressive Corp.		661		88,224
Prosperity Bancshares, Inc.		394		22,383
Prudential Financial, Inc.		412		39,004
Raymond James Financial, Inc.		568		59,407
Regions Financial Corp.		1,579		28,959
Reinsurance Group of America, Inc.		997		138,204
Rithm Capital Corp. REIT		11,075		114,183
RLI Corp.		2,157		283,689
Ryan Specialty Holdings, Inc.*		892		43,485
S&P Global, Inc.		305		119,212
SEI Investments Co.		3,586		222,547
SLM Corp.		1,940		27,626
Starwood Property Trust, Inc. REIT		1,167		23,842
State Street Corp.		1,512		103,935
Stifel Financial Corp.		987		64,175
Synchrony Financial		3,166		102,198
Synovus Financial Corp.		219		6,780


See Notes to Financial Statements.		50

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Financials (Continued)
T. Rowe Price Group, Inc.		2,342	$	262,843
TPG, Inc.		487		13,694
Tradeweb Markets, Inc., Class A		1,052		90,924
Travelers Cos., Inc.		1,122		180,900
Truist Financial Corp.		529		16,161
Unum Group		1,936		95,232
US Bancorp		465		16,986
Virtu Financial, Inc., Class A		657		12,312
Visa, Inc., Class A		175		42,994
Voya Financial, Inc.		1,033		71,979
W.R. Berkley Corp.		2,204		136,339
Webster Financial Corp.		460		19,509
Wells Fargo & Co.		807		33,321
Western Union Co.		1,875		23,156
WEX, Inc.*		441		86,515
Willis Towers Watson PLC		806		166,649
Wintrust Financial Corp.		266		20,644

(Cost $11,092,591)				12,469,102

Health Care — 11.0%
Abbott Laboratories		735		75,631
AbbVie, Inc.		712		104,636
Acadia Healthcare Co., Inc.*		1,623		125,133
Agilent Technologies, Inc.		1,371		165,987
Align Technology, Inc.*		270		99,938
Amgen, Inc.		361		92,539
Avantor, Inc.*		659		14,267
Baxter International, Inc.		706		28,664
Becton Dickinson and Co.		228		63,715
Biogen, Inc.*		269		71,920
BioMarin Pharmaceutical, Inc.*		730		66,707
Bio-Techne Corp.		877		68,757
Boston Scientific Corp.*		1,562		84,254
Bristol-Myers Squibb Co.		960		59,184
Bruker Corp.		841		55,170
Cardinal Health, Inc.		16,820		1,468,891
Cencora, Inc.		6,664		1,172,731
Centene Corp.*		3,562		219,597
Charles River Laboratories International, Inc.*		445		92,035
Chemed Corp.		514		262,880
Cigna Group		1,069		295,322
Cooper Cos., Inc.		340		125,797
CVS Health Corp.		1,497		97,559
Danaher Corp.		125		33,125
DaVita, Inc.*		1,358		139,086
DENTSPLY SIRONA, Inc.		823		30,525
Dexcom, Inc.*		711		71,797
Edwards Lifesciences Corp.*		2,958		226,198
Elevance Health, Inc.		602		266,090
Eli Lilly & Co.		54		29,927
Encompass Health Corp.		4,014		285,155
Enovis Corp.*		1,783		99,919
Envista Holdings Corp.*		507		16,234
Exelixis, Inc.*		6,129		137,228
Fortrea Holdings, Inc.*		656		18,073
GE HealthCare Technologies, Inc.		2,580		181,761
Gilead Sciences, Inc.		3,362		257,126


	Number of Shares		Value
Health Care (Continued)
Globus Medical, Inc., Class A*		1,468	$	79,419
HCA Healthcare, Inc.		1,380		382,674
Henry Schein, Inc.*		3,963		303,328
Hologic, Inc.*		5,412		404,493
Horizon Therapeutics PLC*		1,039		117,137
Humana, Inc.		958		442,242
ICON PLC*		332		86,300
IDEXX Laboratories, Inc.*		456		233,203
Incyte Corp.*		1,464		94,472
Inspire Medical Systems, Inc.*		48		10,890
Insulet Corp.*		20		3,834
Integra LifeSciences Holdings Corp.*		306		13,017
Intuitive Surgical, Inc.*		457		142,895
IQVIA Holdings, Inc.*		356		79,256
Jazz Pharmaceuticals PLC*		611		87,593
Johnson & Johnson		109		17,623
Laboratory Corp. of America Holdings		656		136,514
Masimo Corp.*		97		11,085
McKesson Corp.		3,230		1,331,794
Medpace Holdings, Inc.*		314		84,865
Medtronic PLC		1,240		101,060
Merck & Co., Inc.		1,166		127,071
Mettler-Toledo International, Inc.*		135		163,820
Molina Healthcare, Inc.*		2,002		620,860
Neurocrine Biosciences, Inc.*		1,079		117,492
Organon & Co.		687		15,087
Perrigo Co. PLC		447		15,645
Pfizer, Inc.		1,138		40,262
Premier, Inc., Class A		4,465		96,131
QIAGEN NV*		1,761		80,108
Quest Diagnostics, Inc.		1,585		208,427
Regeneron Pharmaceuticals, Inc.*		215		177,695
Repligen Corp.*		137		23,826
ResMed, Inc.		690		110,117
Revvity, Inc.		188		22,002
Royalty Pharma PLC, Class A		1,108		33,041
Seagen, Inc.*		115		23,698
Shockwave Medical, Inc.*		87		19,174
STERIS PLC		438		100,560
Stryker Corp.		318		90,169
Syneos Health, Inc.*		722		30,851
Teleflex, Inc.		268		57,014
Tenet Healthcare Corp.*		2,120		164,427
Thermo Fisher Scientific, Inc.		105		58,495
United Therapeutics Corp.*		545		122,276
UnitedHealth Group, Inc.		32		15,251
Universal Health Services, Inc., Class B		2,229		300,246
Veeva Systems, Inc., Class A*		455		94,958
Vertex Pharmaceuticals, Inc.*		920		320,473
Viatris, Inc.		4,635		49,826
Waters Corp.*		269		75,535
West Pharmaceutical Services, Inc.		873		355,224
Zimmer Biomet Holdings, Inc.		1,318		157,000
Zoetis, Inc.		715		136,215

(Cost $13,733,369)				14,890,228


See Notes to Financial Statements.		51

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Industrials — 20.7%
3M Co.		738	$	78,722
A O Smith Corp.		3,089		223,953
Acuity Brands, Inc.		1,082		174,505
Advanced Drainage Systems, Inc.		1,181		151,357
AECOM		3,498		306,950
AGCO Corp.		2,308		298,955
Air Lease Corp.		1,808		73,694
Alaska Air Group, Inc.*		6,765		283,927
Allegion PLC		509		57,929
Allison Transmission Holdings, Inc.		4,849		293,122
American Airlines Group, Inc.*		2,172		31,994
AMETEK, Inc.		1,665		265,584
Armstrong World Industries, Inc.		326		24,968
Automatic Data Processing, Inc.		693		176,445
Avis Budget Group, Inc.*		270		57,615
Axon Enterprise, Inc.*		77		16,394
AZEK Co., Inc.*		503		17,107
Boeing Co.*		60		13,442
Booz Allen Hamilton Holding Corp.		1,756		198,972
Broadridge Financial Solutions, Inc.		1,144		213,024
Builders FirstSource, Inc.*		5,164		748,987
BWX Technologies, Inc.		1,764		130,113
C.H. Robinson Worldwide, Inc.		3,943		356,566
CACI International, Inc., Class A*		948		310,953
Carlisle Cos., Inc.		955		251,184
Carrier Global Corp.		6,905		396,692
Caterpillar, Inc.		595		167,272
Ceridian HCM Holding, Inc.*		448		32,489
Cintas Corp.		483		243,514
Clean Harbors, Inc.*		2,902		491,425
CNH Industrial NV		16,916		233,102
Copart, Inc.*		8,868		397,552
Core & Main, Inc., Class A*		2,443		80,228
CSX Corp.		5,593		168,909
Cummins, Inc.		756		173,910
Curtiss-Wright Corp.		674		140,185
Deere & Co.		148		60,819
Delta Air Lines, Inc.		5,076		217,659
Donaldson Co., Inc.		4,511		288,118
Dover Corp.		1,170		173,511
Driven Brands Holdings, Inc.*		329		4,951
Dun & Bradstreet Holdings, Inc.		1,540		16,786
Eaton Corp. PLC		902		207,794
EMCOR Group, Inc.		3,057		685,532
Emerson Electric Co.		308		30,261
Equifax, Inc.		388		80,200
Esab Corp.		1,532		110,564
Expeditors International of Washington, Inc.		4,806		560,908
Fastenal Co.		6,684		384,865
FedEx Corp.		1,586		413,978
Ferguson PLC		791		127,794
Flowserve Corp.		1,089		43,092
Fortive Corp.		2,616		206,272
Fortune Brands Innovations, Inc.		4,960		342,339
FTI Consulting, Inc.*		910		169,096
Gates Industrial Corp. PLC*		895		10,991


	Number of Shares		Value
Industrials (Continued)
General Dynamics Corp.		628	$	142,330
General Electric Co.		567		64,899
Genpact Ltd.		2,115		78,953
Graco, Inc.		3,438		271,396
GXO Logistics, Inc.*		925		59,172
HEICO Corp.		536		90,429
HEICO Corp., Class A		986		133,534
Hexcel Corp.		1,225		89,793
Honeywell International, Inc.		359		67,470
Howmet Aerospace, Inc.		1,722		85,187
Hubbell, Inc.		1,105		360,285
Huntington Ingalls Industries, Inc.		639		140,784
IDEX Corp.		633		143,311
Illinois Tool Works, Inc.		1,203		297,562
Ingersoll Rand, Inc.		2,123		147,782
ITT, Inc.		1,796		183,695
Jacobs Solutions, Inc.		957		129,023
JB Hunt Transport Services, Inc.		1,682		316,014
Johnson Controls International PLC		4,235		250,119
KBR, Inc.		1,993		122,609
Kirby Corp.*		1,010		83,658
Knight-Swift Transportation Holdings, Inc.		7,592		416,193
L3Harris Technologies, Inc.		147		26,179
Landstar System, Inc.		2,336		443,396
Leidos Holdings, Inc.		2,603		253,819
Lennox International, Inc.		591		222,695
Lincoln Electric Holdings, Inc.		1,107		213,053
Lockheed Martin Corp.		275		123,296
ManpowerGroup, Inc.		1,474		116,254
Masco Corp.		5,832		344,146
MasTec, Inc.*		357		35,518
MDU Resources Group, Inc.		7,295		148,526
Middleby Corp.*		467		67,991
MSA Safety, Inc.		502		91,705
MSC Industrial Direct Co., Inc., Class A		1,848		188,607
Nordson Corp.		975		238,037
Norfolk Southern Corp.		689		141,252
Northrop Grumman Corp.		171		74,058
nVent Electric PLC		3,020		170,751
Old Dominion Freight Line, Inc.		683		291,894
Oshkosh Corp.		1,764		183,156
Otis Worldwide Corp.		3,997		341,943
Owens Corning		3,571		513,903
PACCAR, Inc.		6,213		511,268
Parker-Hannifin Corp.		541		225,543
Paychex, Inc.		848		103,651
Paycom Software, Inc.		533		157,150
Paylocity Holding Corp.*		75		15,038
Pentair PLC		977		68,644
Quanta Services, Inc.		2,131		447,233
RB Global, Inc.		4,035		249,040
RBC Bearings, Inc.*		135		31,123
Regal Rexnord Corp.		1,011		163,974
Republic Services, Inc.		1,331		191,837
Robert Half, Inc.		2,487		183,939
Rockwell Automation, Inc.		565		176,325


See Notes to Financial Statements.		52

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Industrials (Continued)
Rollins, Inc.		3,509	$	138,851
RTX Corp.		448		38,546
Ryder System, Inc.		870		87,609
Saia, Inc.*		490		208,838
Schneider National, Inc., Class B		3,363		97,224
Science Applications International Corp.		3,030		356,510
Sensata Technologies Holding PLC		782		29,419
SiteOne Landscape Supply, Inc.*		662		113,328
Snap-on, Inc.		1,105		296,803
Southwest Airlines Co.		4,305		136,038
SS&C Technologies Holdings, Inc.		1,897		108,926
Stanley Black & Decker, Inc.		185		17,460
Stericycle, Inc.*		1,305		57,694
Tetra Tech, Inc.		1,241		195,271
Textron, Inc.		1,903		147,882
Timken Co.		2,225		170,035
Toro Co.		1,285		131,481
Trane Technologies PLC		2,005		411,546
TransDigm Group, Inc.*		100		90,385
TransUnion		238		19,330
Trex Co., Inc.*		1,210		86,358
U-Haul Holding Co.		1,359		72,353
U-Haul Holding Co.		569		32,416
Union Pacific Corp.		233		51,393
United Airlines Holdings, Inc.*		4,155		206,961
United Parcel Service, Inc., Class B		871		147,547
United Rentals, Inc.		864		411,731
Valmont Industries, Inc.		866		219,531
Verisk Analytics, Inc.		1,055		255,542
Vertiv Holdings Co.		677		26,667
W.W. Grainger, Inc.		578		412,773
Waste Management, Inc.		1,692		265,272
Watsco, Inc.		1,100		401,005
WESCO International, Inc.		189		30,590
Westinghouse Air Brake Technologies Corp.		1,646		185,208
WillScot Mobile Mini Holdings Corp.*		2,226		91,311
Woodward, Inc.		716		92,629
XPO, Inc.*		1,356		101,198
Xylem, Inc.		1,309		135,534

(Cost $23,100,669)				27,925,607

Information Technology — 16.1%
Accenture PLC, Class A		169		54,717
Adobe, Inc.*		567		317,146
Advanced Micro Devices, Inc.*		62		6,555
Akamai Technologies, Inc.*		2,442		256,630
Allegro MicroSystems, Inc.*		1,821		69,653
Amdocs Ltd.		7,756		691,835
Amphenol Corp., Class A		7,352		649,770
Analog Devices, Inc.		2,225		404,461
ANSYS, Inc.*		797		254,139
Apple, Inc.		2,188		411,060
Applied Materials, Inc.		3,250		496,470
Arista Networks, Inc.*		1,069		208,701
Arrow Electronics, Inc.*		1,128		150,509
Atlassian Corp., Class A*		705		143,862


	Number of Shares		Value
Information Technology (Continued)
Autodesk, Inc.*		2,391	$	530,659
Avnet, Inc.		2,912		147,784
Bentley Systems, Inc., Class B		314		15,672
Black Knight, Inc.*		943		71,442
Broadcom, Inc.		103		95,058
Cadence Design Systems, Inc.*		2,129		511,897
CCC Intelligent Solutions Holdings, Inc.*		1,504		16,093
CDW Corp.		5,162		1,089,956
Ciena Corp.*		193		9,646
Cirrus Logic, Inc.*		3,020		247,761
Cisco Systems, Inc.		2,482		142,343
Cognex Corp.		1,444		67,984
Cognizant Technology Solutions Corp., Class A		9,907		709,440
Corning, Inc.		8,203		269,222
Crane NXT Co.		1,590		94,382
Crowdstrike Holdings, Inc., Class A*		88		14,347
Dolby Laboratories, Inc., Class A		3,149		265,996
DoubleVerify Holdings, Inc.*		931		31,477
Dropbox, Inc., Class A*		12,461		346,291
DXC Technology Co.*		805		16,696
Dynatrace, Inc.*		827		39,861
Enphase Energy, Inc.*		74		9,363
EPAM Systems, Inc.*		196		50,762
F5, Inc.*		1,526		249,745
Fair Isaac Corp.*		153		138,402
First Solar, Inc.*		105		19,858
Fortinet, Inc.*		6,271		377,577
Gartner, Inc.*		1,692		591,659
Globant SA*		158		32,306
GoDaddy, Inc., Class A*		2,032		147,340
Guidewire Software, Inc.*		181		15,644
Hewlett Packard Enterprise Co.		33,150		563,219
HP, Inc.		10,067		299,091
HubSpot, Inc.*		104		56,838
Intel Corp.		865		30,396
International Business Machines Corp.		680		99,844
Intuit, Inc.		47		25,465
IPG Photonics Corp.*		1,336		144,769
Jabil, Inc.		8,427		964,217
Juniper Networks, Inc.		3,054		88,933
Keysight Technologies, Inc.*		1,634		217,812
KLA Corp.		1,612		809,014
Kyndryl Holdings, Inc.*		1,320		22,282
Lam Research Corp.		490		344,176
Lattice Semiconductor Corp.*		2,541		247,138
Littelfuse, Inc.		293		78,254
Lumentum Holdings, Inc.*		220		11,909
Manhattan Associates, Inc.*		2,182		442,117
Marvell Technology, Inc.		212		12,349
Microchip Technology, Inc.		9,511		778,380
Micron Technology, Inc.		5,778		404,113
Microsoft Corp.		978		320,549
Monolithic Power Systems, Inc.		191		99,551
Motorola Solutions, Inc.		1,070		303,420
National Instruments Corp.		1,047		62,401
NetApp, Inc.		4,381		336,023


See Notes to Financial Statements.		53

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Information Technology (Continued)
New Relic, Inc.*		204	$	17,362
NVIDIA Corp.		37		18,261
ON Semiconductor Corp.*		5,114		503,524
Oracle Corp.		525		63,205
Palo Alto Networks, Inc.*		206		50,120
PTC, Inc.*		894		131,570
Pure Storage, Inc., Class A*		2,847		104,172
Qorvo, Inc.*		678		72,810
QUALCOMM, Inc.		738		84,523
Roper Technologies, Inc.		101		50,405
Salesforce, Inc.*		246		54,479
ServiceNow, Inc.*		102		60,061
Skyworks Solutions, Inc.		3,768		409,732
Smartsheet, Inc., Class A*		315		13,145
Snowflake, Inc., Class A*		114		17,881
Synopsys, Inc.*		739		339,120
TD SYNNEX Corp.		2,482		252,544
Teledyne Technologies, Inc.*		308		128,836
Teradata Corp.*		3,796		175,641
Teradyne, Inc.		2,479		267,410
Texas Instruments, Inc.		1,915		321,835
Trimble, Inc.*		418		22,902
Tyler Technologies, Inc.*		435		173,317
Universal Display Corp.		902		146,629
VeriSign, Inc.*		3,303		686,330
VMware, Inc., Class A*		372		62,786
Vontier Corp.		2,947		92,565
Western Digital Corp.*		645		29,025
Workday, Inc., Class A*		372		90,954
Zebra Technologies Corp., Class A*		230		63,252
Zoom Video Communications, Inc., Class A*		189		13,425

(Cost $18,251,815)				21,762,252

Materials — 6.8%
Air Products and Chemicals, Inc.		748		221,027
Albemarle Corp.		862		171,288
Amcor PLC		8,494		82,732
AptarGroup, Inc.		1,271		168,484
Ashland, Inc.		488		42,275
Avery Dennison Corp.		1,796		338,331
Axalta Coating Systems Ltd.*		2,907		82,268
Ball Corp.		1,329		72,364
Berry Global Group, Inc.		4,199		274,363
Celanese Corp.		83		10,488
CF Industries Holdings, Inc.		2,259		174,101
Chemours Co.		460		15,649
Cleveland-Cliffs, Inc.*		1,461		22,339
Corteva, Inc.		2,827		142,792
Crown Holdings, Inc.		1,191		110,358
Dow, Inc.		4,052		221,077
DuPont de Nemours, Inc.		2,481		190,764
Eagle Materials, Inc.		1,703		322,412
Eastman Chemical Co.		1,222		103,882
Ecolab, Inc.		769		141,350
Element Solutions, Inc.		1,664		34,312
FMC Corp.		749		64,586
Freeport-McMoRan, Inc.		598		23,866


	Number of Shares		Value
Materials (Continued)
Graphic Packaging Holding Co.		17,033	$	378,814
Huntsman Corp.		3,918		109,195
International Flavors & Fragrances, Inc.		255		17,965
International Paper Co.		2,634		91,979
Linde PLC		201		77,795
Louisiana-Pacific Corp.		1,498		93,595
LyondellBasell Industries NV, Class A		6,043		596,867
Martin Marietta Materials, Inc.		296		132,137
Mosaic Co.		694		26,962
NewMarket Corp.		389		182,690
Newmont Corp.		333		13,127
Nucor Corp.		5,363		922,972
Olin Corp.		2,361		136,985
Packaging Corp. of America		1,524		227,228
PPG Industries, Inc.		1,148		162,740
Reliance Steel & Aluminum Co.		3,816		1,087,407
Royal Gold, Inc.		722		80,929
RPM International, Inc.		1,134		113,105
Sealed Air Corp.		874		32,390
Sherwin-Williams Co.		461		125,263
Silgan Holdings, Inc.		4,516		203,807
Sonoco Products Co.		1,923		110,476
Southern Copper Corp.		297		23,956
Steel Dynamics, Inc.		6,087		648,813
United States Steel Corp.		5,878		182,747
Vulcan Materials Co.		710		154,958
Westlake Corp.		1,225		160,451
Westrock Co.		1,201		39,285

(Cost $7,408,873)				9,165,746

Real Estate — 3.1%
Agree Realty Corp. REIT		395		24,419
Alexandria Real Estate Equities, Inc. REIT		108		12,565
American Homes 4 Rent, Class A REIT		1,279		46,095
American Tower Corp. REIT		47		8,522
Americold Realty Trust, Inc. REIT		225		7,571
Apartment Income REIT Corp. REIT		4,946		168,461
AvalonBay Communities, Inc. REIT		589		108,270
Brixmor Property Group, Inc. REIT		2,732		60,049
Camden Property Trust REIT		590		63,496
CBRE Group, Inc., Class A*		4,451		378,558
CoStar Group, Inc.*		1,197		98,142
Crown Castle, Inc. REIT		140		14,070
CubeSmart REIT		2,440		101,772
EastGroup Properties, Inc. REIT		545		97,898
EPR Properties REIT		868		38,869
Equinix, Inc. REIT		58		45,320
Equity LifeStyle Properties, Inc. REIT		1,200		80,352
Equity Residential REIT		801		51,929
Essex Property Trust, Inc. REIT		115		27,415
Extra Space Storage, Inc. REIT		1,703		219,142
Federal Realty Investment Trust REIT		802		78,548
First Industrial Realty Trust, Inc. REIT		3,739		194,204
Gaming and Leisure Properties, Inc. REIT		1,205		57,117
Healthpeak Properties, Inc. REIT		1,225		25,210
Host Hotels & Resorts, Inc. REIT		10,719		169,253
Howard Hughes Holdings, Inc.*		207		16,281


See Notes to Financial Statements.		54

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2023


	Number of Shares		Value
Real Estate (Continued)
Invitation Homes, Inc. REIT		1,487	$	50,692
Iron Mountain, Inc. REIT		3,139		199,452
Jones Lang LaSalle, Inc.*		407		70,330
Kimco Realty Corp. REIT		1,185		22,444
Lamar Advertising Co., Class A REIT		1,754		160,000
Mid-America Apartment Communities, Inc. REIT		657		95,416
National Storage Affiliates Trust REIT		268		9,005
NNN REIT, Inc. REIT		2,365		93,157
Omega Healthcare Investors, Inc. REIT		4,277		136,094
Prologis, Inc. REIT		554		68,807
Public Storage REIT		815		225,250
Rayonier, Inc. REIT		385		11,511
Realty Income Corp. REIT		586		32,839
Regency Centers Corp. REIT		1,607		99,955
Rexford Industrial Realty, Inc. REIT		408		21,816
SBA Communications Corp. REIT		135		30,312
Simon Property Group, Inc. REIT		591		67,073
Spirit Realty Capital, Inc. REIT		2,163		83,513
STAG Industrial, Inc. REIT		2,001		73,097
Sun Communities, Inc. REIT		98		11,997
UDR, Inc. REIT		565		22,543
Ventas, Inc. REIT		129		5,635
VICI Properties, Inc. REIT		3,193		98,472
Welltower, Inc. REIT		209		17,322
Weyerhaeuser Co. REIT		7,567		247,819
WP Carey, Inc. REIT		542		35,257

(Cost $4,080,182)				4,183,336

Utilities — 3.3%
AES Corp.		4,777		85,652
Alliant Energy Corp.		1,431		71,793
Ameren Corp.		2,301		182,400
American Electric Power Co., Inc.		1,942		152,253
American Water Works Co., Inc.		629		87,267
Atmos Energy Corp.		1,230		142,618
Avangrid, Inc.		319		11,005
Brookfield Renewable Corp., Class A		1,335		37,313
CenterPoint Energy, Inc.		4,799		133,844
Clearway Energy, Inc., Class A		699		16,385
Clearway Energy, Inc., Class C		1,005		24,894
CMS Energy Corp.		1,662		93,388
Consolidated Edison, Inc.		3,016		268,303
Constellation Energy Corp.		284		29,581
Dominion Energy, Inc.		421		20,435
DTE Energy Co.		1,189		122,919
Duke Energy Corp.		966		85,781
Edison International		3,701		254,814
Entergy Corp.		1,695		161,449
Essential Utilities, Inc.		1,533		56,568
Evergy, Inc.		2,532		139,184
Eversource Energy		1,779		113,536
Exelon Corp.		4,036		161,924
FirstEnergy Corp.		3,611		130,249
Hawaiian Electric Industries, Inc.		2,242		31,433
IDACORP, Inc.		1,044		100,057
National Fuel Gas Co.		980		52,665
NextEra Energy, Inc.		866		57,849


	Number of Shares		Value
Utilities (Continued)
NiSource, Inc.		6,958	$	186,196
NRG Energy, Inc.		2,694		101,160
OGE Energy Corp.		4,996		170,114
Pinnacle West Capital Corp.		3,266		252,364
PPL Corp.		5,087		126,768
Public Service Enterprise Group, Inc.		1,982		121,061
Sempra		1,290		90,584
Southern Co.		2,419		163,839
UGI Corp.		1,697		42,730
Vistra Corp.		625		19,638
WEC Energy Group, Inc.		1,584		133,246
Xcel Energy, Inc.		2,964		169,333

(Cost $4,500,287)				4,402,592

TOTAL COMMON STOCKS (Cost $118,091,144)				134,143,025

EXCHANGE-TRADED FUNDS — 0.4%
iShares Russell 1000 ETF (Cost $474,660)		2,000		495,580

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $139,790)		139,790		139,790


TOTAL INVESTMENTS — 99.9% (Cost $118,705,594)			$	134,778,395
Other assets and liabilities, net — 0.1%				186,896

NET ASSETS — 100.0%			$	134,965,291


See Notes to Financial Statements.		55

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(b)
		304,334		—		(304,334	) (c)		—		—		3,253		—		—		—
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		657,286		4,682,769		(5,200,265	)		—		—		16,724		—		139,790		139,790

		961,620		4,682,769		(5,504,599	)		—		—		19,977		—		139,790		139,790

*	Non-income producing security.

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

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

(c)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

REIT: Real Estate Investment Trust

At August 31, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
S&P Mid 400 E-Mini Futures	USD	1	$	219,414	$	225,800	9/15/2023	$	6,386

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

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	134,143,025	$	—	$	—	$	134,143,025
Exchange-Traded Funds		495,580		—		—		495,580
Short-Term Investments (a)		139,790		—		—		139,790
Derivatives (b)
Futures Contracts		6,386		—		—		6,386

TOTAL	$	134,784,781	$	—	$	—	$	134,784,781

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

(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.


See Notes to Financial Statements.		56

This Page is Intentionally Left Blank

DBX ETF Trust

Statements of Assets and Liabilities

August 31, 2023


	Xtrackers FTSE Developed ex US Multifactor ETF			Xtrackers MSCI Kokusai Equity ETF		Xtrackers Russell 1000 US Quality at a Reasonable Price ETF			Xtrackers Russell US Multifactor ETF
Assets
Investment in non-affiliated securities at value	$	59,867,009		$	516,049,677	$	28,990,833		$	134,638,605
Investment in affiliated securities at value		5,858			211,696		—			—
Investment in DWS Government Money Market Series		24,747			820,287		14,718			139,790
Cash		—			—		—			27
Foreign currency at value		198,449			1,061,491		—			—
Deposit with broker for futures contracts		12,172			155,726		—			12,320
Receivables:
Investment securities sold		—			2,139,761		—			—
Dividends		157,620			976,487		55,711			193,487
Interest		88			2,990		41			841
Foreign tax reclaim		62,560			445,863		—			—

Total assets	$	60,328,503		$	521,863,978	$	29,061,303		$	134,985,070


Liabilities
Payables:
Investment securities purchased	$	—		$	2,108,032	$	14,990		$	—
Investment advisory fees		12,205			41,001		4,629			19,366
Variation margin on futures contracts		1,183			8,632		—			413

Total liabilities		13,388			2,157,665		19,619			19,779

Net Assets, at value	$	60,315,115		$	519,706,313	$	29,041,684		$	134,965,291


Net Assets Consist of
Paid-in capital	$	78,763,511		$	484,739,145	$	29,687,023		$	155,315,489
Distributable earnings (loss)		(18,448,396	)		34,967,168		(645,339	)		(20,350,198	)

Net Assets, at value	$	60,315,115		$	519,706,313	$	29,041,684		$	134,965,291


Number of Common Shares outstanding		2,200,001			6,430,001		675,001			3,000,001

Net Asset Value	$	27.42		$	80.83	$	43.02		$	44.99


Investment in non-affiliated securities at cost	$	57,102,360		$	475,393,360	$	26,209,890		$	118,565,804

Investment in affiliated securities at cost	$	5,401		$	222,831	$	—		$	—

Investment in DWS Government Money Market Series at cost	$	24,747		$	820,287	$	14,718		$	139,790

Foreign currency at cost	$	200,158		$	1,037,339	$	—		$	—


See Notes to Financial Statements.		58

DBX ETF Trust

Statements of Operations

For the Year Ended August 31, 2023


	Xtrackers FTSE Developed ex US Multifactor ETF			Xtrackers MSCI Kokusai Equity ETF			Xtrackers Russell 1000 US Quality at a Reasonable Price ETF			Xtrackers Russell US Multifactor ETF
Investment Income
Unaffiliated dividend income*	$	2,348,300		$	10,895,479		$	290,330		$	2,740,135
Affiliated dividend income		211			6,841			—			—
Income distributions from affiliated funds		4,373			48,511			365			16,724
Affiliated securities lending income		13,305			34,025			416			3,253
Unaffiliated securities lending income, net of borrower rebates		—			—			—			4,024

Total investment income		2,366,189			10,984,856			291,111			2,764,136


Expenses
Investment advisory fees		225,320			469,123			31,782			237,977
Other expenses		153			58			195			153

Total expenses		225,473			469,181			31,977			238,130

Less fees waived (see note 3):
Waiver		(70,900	)		(860	)		(87	)		(297	)

Net expenses		154,573			468,321			31,890			237,833

Net investment income (loss)		2,211,616			10,516,535			259,221			2,526,303


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(7,292,143	)		(4,627,657	)		72,708			(5,170,946	)
Investments in affiliates		(1,511	)		—			—			—
In-kind redemptions		1,856,332			11,888,245			522,181			9,084,335
In-kind redemptions in affiliates		46			2,962			—			—
Futures contracts		68,863			177,500			—			33,864
Foreign currency transactions		(16,097	)		(20,638	)		—			—

Net realized gain (loss)		(5,384,510	)		7,420,412			594,889			3,947,253

Net change in unrealized appreciation (depreciation) on:
Investments		9,687,227			60,406,182			2,517,678			5,922,804
Investments in affiliates		2,324			51,096			—			—
Futures contracts		1,454			53,555			—			(14,384	)
Foreign currency translations		9,084			74,934			—			—

Net change in unrealized appreciation (depreciation)		9,700,089			60,585,767			2,517,678			5,908,420

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		4,315,579			68,006,179			3,112,567			9,855,673


Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,527,195		$	78,522,714		$	3,371,788		$	12,381,976

* Unaffiliated foreign tax withheld	$	262,189		$	513,718		$	8		$	754


See Notes to Financial Statements.		59

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers FTSE Developed ex US Multifactor ETF						Xtrackers MSCI Kokusai Equity ETF
	Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	2,211,616		$	2,378,827		$	10,516,535		$	9,830,418
Net realized gain (loss)		(5,384,510	)		4,012,437			7,420,412			108,176,625
Net change in net unrealized appreciation (depreciation)		9,700,089			(21,730,964	)		60,585,767			(190,678,220	)

Net increase (decrease) in net assets resulting from operations		6,527,195			(15,339,700	)		78,522,714			(72,671,177	)

Distributions to Shareholders		(2,130,476	)		(2,665,644	)		(10,244,127	)		(10,748,298	)


Fund Shares Transactions
Proceeds from shares sold		6,891,035			34,320,381			—			219,667,883
Value of shares redeemed		(16,975,746	)		(21,000,774	)		(50,947,243	)		(436,629,998	)

Net increase (decrease) in net assets resulting from fund share transactions		(10,084,711	)		13,319,607			(50,947,243	)		(216,962,115	)

Total net increase (decrease) in Net Assets		(5,687,992	)		(4,685,737	)		17,331,344			(300,381,590	)

Net Assets
Beginning of year		66,003,107			70,688,844			502,374,969			802,756,559

End of year	$	60,315,115		$	66,003,107		$	519,706,313		$	502,374,969


Changes in Shares Outstanding
Shares outstanding, beginning of year		2,600,001			2,150,001			7,070,001			9,450,001
Shares sold		250,000			1,100,000			—			2,700,000
Shares redeemed		(650,000	)		(650,000	)		(640,000	)		(5,080,000	)

Shares outstanding, end of year		2,200,001			2,600,001			6,430,001			7,070,001


See Notes to Financial Statements.		60

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF						Xtrackers Russell US Multifactor ETF
	Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	259,221		$	265,165		$	2,526,303		$	2,754,876
Net realized gain (loss)		594,889			5,906,029			3,947,253			19,100,647
Net change in net unrealized appreciation (depreciation)		2,517,678			(6,983,389	)		5,908,420			(35,604,641	)

Net increase (decrease) in net assets resulting from operations		3,371,788			(812,195	)		12,381,976			(13,749,118	)

Distributions to Shareholders		(210,231	)		(319,266	)		(2,664,258	)		(2,701,417	)


Fund Shares Transactions
Proceeds from shares sold		18,421,557			1,772,590			28,235,429			38,220,376
Value of shares redeemed		(3,689,886	)		(29,229,939	)		(48,688,101	)		(82,229,358	)

Net increase (decrease) in net assets resulting from fund share transactions		14,731,671			(27,457,349	)		(20,452,672	)		(44,008,982	)

Total net increase (decrease) in Net Assets		17,893,228			(28,588,810	)		(10,734,954	)		(60,459,517	)

Net Assets
Beginning of year		11,148,456			39,737,266			145,700,245			206,159,762

End of year	$	29,041,684		$	11,148,456		$	134,965,291		$	145,700,245


Changes in Shares Outstanding
Shares outstanding, beginning of year		300,001			950,001			3,500,001			4,450,001
Shares sold		475,000			50,000			700,000			850,000
Shares redeemed		(100,000	)		(700,000	)		(1,200,000	)		(1,800,000	)

Shares outstanding, end of year		675,001			300,001			3,000,001			3,500,001


See Notes to Financial Statements.		61

DBX ETF Trust

Financial Highlights


Xtrackers FTSE Developed ex US Multifactor ETF Selected Per Share Data	Years Ended August 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	25.39		$	32.88		$	27.84		$	26.80		$	28.84

Income (loss) from investment operations:
Net investment income (loss)(a)		0.90			1.01			0.84			0.62			0.83
Net realized and unrealized gain (loss)		1.98			(7.37	)		5.35			1.32			(2.11	)

Total from investment operations		2.88			(6.36	)		6.19			1.94			(1.28	)

Less distributions from:
Net investment income		(0.85	)		(1.13	)		(1.15	)		(0.90	)		(0.76	)

Total distributions		(0.85	)		(1.13	)		(1.15	)		(0.90	)		(0.76	)

Net Asset Value, end of year	$	27.42		$	25.39		$	32.88		$	27.84		$	26.80

Total Return (%)(b)		11.59			(19.75	)		22.69			7.49			(4.51	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		60			66			71			72			72
Ratio of expenses before fee waiver (%)		0.35			0.35			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.24			0.24			0.24			0.24			0.29
Ratio of net investment income (loss) (%)		3.44			3.45			2.75			2.37			3.05
Portfolio turnover rate (%)(c)		52			56			53			43			51


Xtrackers MSCI Kokusai Equity ETF Selected Per Share Data	Years Ended August 31,									Period Ended 8/31/2020(d)
Xtrackers MSCI Kokusai Equity ETF Selected Per Share Data	2023			2022			2021			Period Ended 8/31/2020(d)
Net Asset Value, beginning of period	$	71.06		$	84.95		$	65.83		$	50.00

Income (loss) from investment operations:
Net investment income (loss)(a)		1.50			1.53			1.28			0.49
Net realized and unrealized gain (loss)		9.72			(13.73	)		18.91			15.34

Total from investment operations		11.22			(12.20	)		20.19			15.83

Less distributions from:
Net investment income		(1.45	)		(1.69	)		(1.06	)		—
Net realized gains		—			—			(0.01	)		—

Total distributions		(1.45	)		(1.69	)		(1.07	)		—

Net Asset Value, end of period	$	80.83		$	71.06		$	84.95		$	65.83

Total Return (%)(b)		16.02			(14.55	)		30.87			31.66	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		520			502			803			132
Ratio of expenses before fee waiver (%)		0.09			0.09			0.09			0.09	*
Ratio of expenses after fee waiver (%)		0.09			0.09			0.09			0.09	*
Ratio of net investment income (loss) (%)		2.02			1.93			1.73			2.08	*
Portfolio turnover rate (%)(c)		2			4			6			7	**

(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.

(d)	For the period April 8, 2020 (commencement of operations) through August 31, 2020.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		62

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers Russell 1000 US Quality at a Reasonable Price ETF Selected Per Share Data	Years Ended August 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	37.16		$	41.83		$	31.43		$	27.08		$	27.29

Income (loss) from investment operations:
Net investment income (loss)(a)		0.61			0.53			0.52			0.52			0.51
Net realized and unrealized gain (loss)		5.85			(4.60	)		10.44			4.42			(0.25	)

Total from investment operations		6.46			(4.07	)		10.96			4.94			0.26

Less distributions from:
Net investment income		(0.60	)		(0.60	)		(0.56	)		(0.59	)		(0.47	)

Total distributions		(0.60	)		(0.60	)		(0.56	)		(0.59	)		(0.47	)

Net Asset Value, end of year	$	43.02		$	37.16		$	41.83		$	31.43		$	27.08

Total Return (%)(b)		17.63			(9.84	)		35.25			18.72			1.03

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		29			11			40			101			111
Ratio of expenses before fee waiver (%)		0.19			0.19			0.19			0.19			0.19
Ratio of expenses after fee waiver (%)		0.19			0.19			0.19			0.19			0.19
Ratio of net investment income (loss) (%)		1.55			1.29			1.51			1.85			1.93
Portfolio turnover rate (%)(c)		34			14			13			22			31


Xtrackers Russell US Multifactor ETF Selected Per Share Data	Years Ended August 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	41.63		$	46.33		$	34.84		$	33.88		$	33.93

Income (loss) from investment operations:
Net investment income (loss)(a)		0.77			0.72			0.56			0.62			0.57
Net realized and unrealized gain (loss)		3.38			(4.76	)		11.47			0.96			(0.09	)

Total from investment operations		4.15			(4.04	)		12.03			1.58			0.48

Less distributions from:
Net investment income		(0.79	)		(0.66	)		(0.54	)		(0.62	)		(0.53	)

Total distributions		(0.79	)		(0.66	)		(0.54	)		(0.62	)		(0.53	)

Net Asset Value, end of year	$	44.99		$	41.63		$	46.33		$	34.84		$	33.88

Total Return (%)(b)		10.12			(8.80	)		34.85			4.93			1.53

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		135			146			206			150			203
Ratio of expenses before fee waiver (%)		0.17			0.17			0.17			0.17			0.17
Ratio of expenses after fee waiver (%)		0.17			0.17			0.17			0.17			0.17
Ratio of net investment income (loss) (%)		1.80			1.60			1.40			1.85			1.77
Portfolio turnover rate (%)(c)		44			38			39			47			48

(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.


See Notes to Financial Statements.		63

DBX ETF Trust

Notes to Financial Statements

1. Organization

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

As of August 31, 2023, the Trust consists of forty-two 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 FTSE Developed ex US Multifactor ETF

Xtrackers MSCI Kokusai Equity ETF

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

Xtrackers Russell US Multifactor 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, except for Xtrackers MSCI Kokusai Equity ETF which lots consist of 10,000 shares and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF which lots consist of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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


Fund		Underlying Index
Xtrackers FTSE Developed ex US Multifactor ETF		FTSE Developed ex US Comprehensive Factor Index
Xtrackers MSCI Kokusai Equity ETF		MSCI Kokusai Index
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		Russell 1000 2Qual/Val 5% Capped Factor Index
Xtrackers Russell US Multifactor ETF		Russell 1000 Comprehensive Factor Index

The FTSE Developed ex US Comprehensive Factor is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.

The MSCI Kokusai Index, also known as the MSCI World ex Japan Index, is designed to track the performance of equity markets in developed markets (excluding Japan). The index is reviewed quarterly in February, May, August and November, with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated.

The Russell 1000 2Qual/Val 5% Capped Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced annually in June after the close of business on the third Friday of the review month. Upon a rebalancing, no issuer in the Underlying Index may represent more than 5% of the Underlying Index. In the event an issuer represents more than 5% of the Underlying Index at a rebalancing, such amount in excess of 5% shall be reallocated pro-rata to the other issuers in the Underlying Index.

DBX ETF Trust

Notes to Financial Statements (Continued)

The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.

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

Each Fund is diversified. 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 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.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

DBX ETF Trust

Notes to Financial Statements (Continued)

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

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

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. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

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 quarterly. 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.

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.

DBX ETF Trust

Notes to Financial Statements (Continued)

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2023, the Funds did not incur any interest or penalties.

As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)		Total Accumulated Earnings (Losses)
Xtrackers FTSE Developed ex US Multifactor ETF	$	1,046,536	$	(21,372,170	)	$	1,877,238	$	(18,448,396	)
Xtrackers MSCI Kokusai Equity ETF		2,122,153		(7,433,720	)		40,278,735		34,967,168
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		89,222		(3,430,830	)		2,696,269		(645,339	)
Xtrackers Russell US Multifactor ETF		403,067		(36,087,720	)		15,334,455		(20,350,198	)

The tax character of dividends and distributions declared for the years ended August 31, 2023 and August 31, 2022 were as follows:


	Year Ended August 31, 2023
	Ordinary Income*		Long Term Capital Gains
Xtrackers FTSE Developed ex US Multifactor ETF	$	2,130,476	$	—
Xtrackers MSCI Kokusai Equity ETF		10,244,127		—
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		210,231		—
Xtrackers Russell US Multifactor ETF		2,664,258		—

	Year Ended August 31, 2022
	Ordinary Income*		Long Term Capital Gains
Xtrackers FTSE Developed ex US Multifactor ETF	$	2,665,644	$	—
Xtrackers MSCI Kokusai Equity ETF		10,748,298		—
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		319,266		—
Xtrackers Russell US Multifactor ETF		2,701,417		—

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.

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


	Short-Term		Long-Term		Total Amount
Xtrackers FTSE Developed ex US Multifactor ETF	$	11,267,957	$	10,104,213	$	21,372,170
Xtrackers MSCI Kokusai Equity ETF		2,162,841		5,270,305		7,433,146
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		267,626		3,163,204		3,430,830
Xtrackers Russell US Multifactor ETF		23,101,573		12,985,749		36,087,322

For the fiscal year ended August 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.


	Distributable earnings (loss)			Paid-In Capital
Xtrackers FTSE Developed ex US Multifactor ETF	$	(1,687,966	)	$	1,687,966
Xtrackers MSCI Kokusai Equity ETF		(11,812,071	)		11,812,071
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		(455,519	)		455,519
Xtrackers Russell US Multifactor ETF		(8,275,801	)		8,275,801

DBX ETF Trust

Notes to Financial Statements (Continued)

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


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers FTSE Developed ex US Multifactor ETF	$	58,017,951	$	1,880,242	$	5,336,717	$	(3,456,475	)
Xtrackers MSCI Kokusai Equity ETF		476,828,382		40,254,580		78,661,885		(38,407,305	)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		26,309,282		2,696,269		3,277,626		(581,357	)
Xtrackers Russell US Multifactor ETF		119,443,940		15,334,455		18,227,862		(2,893,407	)

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 August 31, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending 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 securities 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 year ended August 31, 2023, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities 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.

DBX ETF Trust

Notes to Financial Statements (Continued)

As of August 31, 2023, no Funds had securities on loan.

Derivatives

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 year ended August 31, 2023, Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF and Xtrackers Russell US Multifactor ETF utilized futures in order to simulate investment in the 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 August 31, 2023 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of August 31, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


		Asset Derivatives			Liability Derivatives
Xtrackers FTSE Developed ex US Multifactor ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	579	Unrealized depreciation on futures contracts*	$	3,825
Xtrackers MSCI Kokusai Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	46,196	Unrealized depreciation on futures contracts*	$	20,200
Xtrackers Russell US Multifactor ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	6,386	Unrealized depreciation on futures contracts*	$	—

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

DBX ETF Trust

Notes to Financial Statements (Continued)

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended August 31, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts- Equity Contracts
Xtrackers FTSE Developed ex US Multifactor ETF	$	68,863
Xtrackers MSCI Kokusai Equity ETF		177,500
Xtrackers Russell US Multifactor ETF		33,864

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts- Equity Contracts
Xtrackers FTSE Developed ex US Multifactor ETF	$	1,454
Xtrackers MSCI Kokusai Equity ETF		53,555
Xtrackers Russell US Multifactor ETF		(14,384	)

For the year ended August 31, 2023 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers FTSE Developed ex US Multifactor ETF	$	529,488
Xtrackers MSCI Kokusai Equity ETF		3,340,013
Xtrackers Russell US Multifactor ETF		467,798

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

3. Investment Advisory and Other Agreements

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

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee from each Fund 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 FTSE Developed ex US Multifactor ETF		0.35	%
Xtrackers MSCI Kokusai Equity ETF		0.09	%
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		0.19	%
Xtrackers Russell US Multifactor ETF		0.17	%

The Advisor for Xtrackers FTSE Developed ex US Multifactor ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation

DBX ETF Trust

Notes to Financial Statements (Continued)

expenses and other extraordinary expenses) from exceeding 0.24% of the Fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $70,815 of expenses to the Fund.

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 Funds’ investments in affiliated Funds. For the year ended August 31, 2023, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers FTSE Developed ex US Multifactor ETF	$	85
Xtrackers MSCI Kokusai Equity ETF		860
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		87
Xtrackers Russell US Multifactor ETF		297

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, Securities 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).

4. Investment Portfolio Transactions

For the year ended August 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers FTSE Developed ex US Multifactor ETF	$	32,992,891	$	34,330,838
Xtrackers MSCI Kokusai Equity ETF		12,925,694		12,786,373
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		6,027,392		5,982,027
Xtrackers Russell US Multifactor ETF		61,277,800		61,164,496

For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers FTSE Developed ex US Multifactor ETF	$	6,385,304	$	14,845,847
Xtrackers MSCI Kokusai Equity ETF		—		50,743,825
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		18,405,508		3,689,866
Xtrackers Russell US Multifactor ETF		28,233,533		48,223,540

5. Fund Share Transactions

As of August 31, 2023 there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2023, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting DBX ETF Trust) at August 31, 2023, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers FTSE Developed ex US Multifactor ETF Xtrackers Russell US Multifactor ETF Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	For the year ended August 31, 2023	For each of the two years in the period ended August 31, 2023	For each of the five years in the period ended August 31, 2023
Xtrackers MSCI Kokusai Equity ETF	For the year ended August 31, 2023	For each of the two years in the period ended August 31, 2023	For each of the three years in the period ended August 31, 2023 and the period from April 8, 2020 (commencement of operations) through August 31, 2020

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2023

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

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

DBX ETF Trust

Board Members and Officers (Unaudited)

Identification and Background

The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.

The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.

Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

Independent Board Members


Name, Year of Birth, Position with the Trust and Length of Time Served⁽¹⁾	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011-present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	42	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	42	—
J. David Officer (1948) Board Member since 2011, Chairperson of the Nominating Committee since 2015	Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	42	(Chairman of) Ilex Management Ltd; Old Westbury Funds

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Officers⁽²⁾


Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Freddi Klassen⁽⁴⁾(1975) President and Chief Executive Officer, 2016- present		Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Diane Kenneally⁽⁴⁾(1966) Treasurer, Chief Financial Officer and Controller, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi⁽⁴⁾(1967) Chief Compliance Officer, 2010-present		AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards⁽⁴⁾(1978) Vice President, 2016-present		Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette⁽⁵⁾(1962) Secretary, 2020-present		Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020).

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)


Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Caroline Pearson⁽⁵⁾(1962) Assistant Secretary, 2020-present		Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021).
Jeffrey Berry⁽⁵⁾(1959) Assistant Treasurer, 2019-present		Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan⁽⁵⁾(1966) Assistant Treasurer, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present).
Christina A. Morse⁽⁶⁾(1964) Assistant Secretary, 2017-present		Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Christian Rijs⁽⁴⁾(1980) Anti-Money Laundering Compliance Officer, since October 21, 2021		Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

(1)	The length of time served is represented by the year in which the Board Member joined the Board.

(2)	As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

(3)	The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

(4)	Address: 875 Third Avenue, New York, New York 10022.

(5)	Address: 100 Summer Street, Boston, MA 02110.

(6)	Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings Information

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

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

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca 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.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended August 31, 2023.


	Qualified Dividend Income*		Dividends Received Deduction*
Xtrackers FTSE Developed ex US Multifactor ETF		76%		0%
Xtrackers MSCI Kokusai Equity ETF		100%		43%
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		100%		100%
Xtrackers Russell US Multifactor ETF		100%		94%

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:


	Gross Foreign Income		Foreign Taxes Income
Xtrackers FTSE Developed ex US Multifactor ETF		$2,607,585		$213,245

DBX ETF Trust

This report is intended for the shareholders of the 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. 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. Because the Funds seek to provide exposure to stocks based on the following multifactors — value, momentum, quality, low volatility and size — it is expected, exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Funds’ prospectus. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. Please read the prospectus for more information.

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

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.

DEEF, DEUS and QARP have been developed solely by DBX Advisors LLC. The Funds are not in any way connected to or sponsored, endorsed, issued, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Developed ex US Comprehensive Factor Index, Russell 1000 Comprehensive Factor Index and Russell 1000 2Qual/Val 5% Capped Factor Index vest in the relevant LSE Group company which owns the Indexes. “FTSE^®” “Russell^®” and “FTSE Russell^®” are a trademarks of the relevant LSE Group company and are used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Funds. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Funds or the suitability of the Indexes for the purpose to which it is being put by DBX Advisors LLC.

KOKU is 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, securities 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

R-047731-8 (10/23) DBX005645 (10/24)

August 31, 2023

Annual Report

DBX ETF Trust

Xtrackers High Beta High Yield Bond ETF (HYUP)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers High Beta High Yield Bond ETF		6
Xtrackers Low Beta High Yield Bond ETF		8
Xtrackers Risk Managed USD High Yield Strategy ETF		10
Xtrackers Short Duration High Yield Bond ETF		12
Xtrackers USD High Yield Corporate Bond ETF		14
Fees and Expenses		16
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF		17
Xtrackers Low Beta High Yield Bond ETF		27
Xtrackers Risk Managed USD High Yield Strategy ETF		37
Xtrackers Short Duration High Yield Bond ETF		39
Xtrackers USD High Yield Corporate Bond ETF		50
Statements of Assets and Liabilities		68
Statements of Operations		70
Statements of Changes in Net Assets		72
Financial Highlights		75
Notes to Financial Statements		78
Report of Independent Registered Public Accounting Firm		86
Other Information		88
Board Members and Officers		89
Additional Information		92

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report for five of our ETFs tracking the fixed income market for the period ended August 31, 2023.

The global economy remained resilient throughout the reporting period, buoyed by a steady job market and cooling inflation. Nonetheless, inflation remained above most central banks’ targeted range, prompting them to maintain their hawkish stance as they emphasized on the potential need to hike rates further to effectively manage inflation. In the U.S., the debt ceiling impasse ended after President Biden signed the debt limit bill, avoiding a potential default.

Global bond markets wobbled throughout the reporting period, with yields moving up toward the end of the period, driven by the hawkish stance of major central banks. The banking turmoil, earlier this year, had sparked a rally in government bonds. Financial turbulence rattled the global markets after Silicon Valley Bank was shut down by the California Department of Financial Protection and Innovation. However, the timely intervention by the U.S. Federal Reserve Board (Fed) averted a major global banking crisis. This was followed by the Swiss government’s brokering the rescue of Credit Suisse by UBS. The central banks, however, continued with their rate-hike spree, albeit at a slower pace. The Fed, the European Central Bank, and the Bank of England (BoE) hiked rates twice in the period. Notably, U.S. and European investment-grade bonds outperformed their high-yield counterparts.

Global high-yield bonds outperformed investment-grade bonds in Q2 2023 on abating recessionary fears. Meanwhile, government bonds from the U.K. and Australia underperformed, due to higher-than-expected inflation and subsequent rate hikes. All the major central banks continued raising rates, with the exception of the Bank of Japan (BoJ). The U.S. 10-year yield continued its rally, edging up 3.95% by the end of Q2 2023.

Toward the end of the reporting period, global bond yields started rising to record levels on encouraging macroeconomic data and expectations of continued monetary tightening by the central banks. In the U.S., the benchmark 10-year Treasury yield soared to the highest level since 2007 as investors expected rates to remain high for longer periods. Meanwhile, the BoJ altered its yield curve control policy, introducing a 1% cap on the 10-year Japanese government bond yield while keeping the target range unchanged. This led to a sell-off of Japanese government bonds. Elsewhere, the BoE raised its policy rate by 25bps¹ to 5.25% in August 2023. Meanwhile, high-yield credit markets outperformed government bonds in the month of August 2023.

Our analysts believe that successive rate hikes by the central banks to curb rising prices will likely weigh on the global economy in 2023 and 2024, considerably slowing its growth, compared with 2022. Meanwhile, growth in the U.S. has remained resilient, compared with other major global economies’, giving rise to hopes of a soft landing by the economy, thereby skirting a recession. On the other hand, we believe Europe is likely to enter into a recession in 2024, with growth dynamics remaining weak and manufacturing activity expected to contract further. By contrast, growth in the emerging and the developing markets will likely remain strong over the next year.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

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DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers High Beta High Yield Bond ETF

The Xtrackers High Beta High Yield Bond ETF (HYUP) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the HYUP Index). The HYUP Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2023, HYUP shares returned 8.11%, compared to the HYUP Index return of 8.20%.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy. The Communications sector was the only negative contributor to performance.

Xtrackers Low Beta High Yield Bond ETF

The Xtrackers Low Beta High Yield Bond ETF (HYDW) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the HYDW Index). The HYDW Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2023, HYDW shares returned 5.44%, compared to the HYDW Index return of 5.57%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Capital Goods.

Xtrackers Risk Managed USD High Yield Strategy ETF

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM) seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the “Underlying Index”). The HYRM Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. For the 12-month period ended August 31, 2023, HYRM shares returned 7.27%, compared to the HYRM Index return of 6.92%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.

Xtrackers Short Duration High Yield Bond ETF

The Xtrackers Short Duration High Yield Bond ETF (SHYL) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the SHYL Index). The SHYL Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. For the 12-month period ended August 31, 2023, SHYL shares returned 7.65%, compared to the SHYL Index return of 7.46%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Xtrackers USD High Yield Corporate Bond ETF

The Xtrackers USD High Yield Corporate Bond ETF (HYLB) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the HYLB Index). The HYLB Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. For the 12-month period ended August 31, 2023, HYLB shares returned 6.63%, compared to the HYLB Index return of 6.92%

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.

*************************

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-15 of this report for additional performance information, including performance data based on market value.

This Page is Intentionally Left Blank

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers High Beta High Yield Bond ETF (HYUP)

The Xtrackers High Beta High Yield Bond 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 Solactive USD High Yield Corporates Total Market High Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market High Beta Index	Solactive USD High Yield Corporates Total Market Index
One Year	8.11%	8.94%	8.20%	6.92%
Five Year	2.73%	2.75%	2.73%	2.80%
Since Inception¹	2.79%	2.80%	2.80%	2.76%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market High Beta Index	Solactive USD High Yield Corporates Total Market Index
One Year	8.11%	8.94%	8.20%	6.92%
Five Year	14.44%	14.54%	14.43%	14.79%
Since Inception¹	16.81%	16.85%	16.87%	16.59%

¹Total returns are calculated based on the commencement of operations, January 11, 2018 (“Inception”).

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers High Beta High Yield Bond ETF (HYUP) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, January 11, 2018.

Sector Diversification* as of August 31, 2023


Communications			23.6%
Consumer, Cyclical			20.3%
Consumer, Non-cyclical			13.4%
Energy			13.2%
Financial			11.6%
Industrial			6.7%
Basic Materials			4.4%
Technology			4.2%
Utilities			2.5%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of August 31, 2023: 3.7 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of August 31, 2023


Description	% of Market Value
BBB		0.7%
BB		46.8%
B		39.8%
CCC		11.7%
CC		0.9%
NR		0.1%

Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.


*Country Diversification as of August 31, 2023**


United States			81.5%
Canada			6.4%
Luxembourg			2.6%
France			2.0%
Other			7.5%

Total			100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

The Xtrackers Low Beta High Yield Bond 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 Solactive USD High Yield Corporates Total Market Low Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market Low Beta Index	Solactive USD High Yield Corporates Total Market Index
One Year	5.44%	6.06%	5.57%	6.92%
Five Year	2.72%	2.71%	2.72%	2.80%
Since Inception¹	2.54%	2.55%	2.56%	2.76%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market Low Beta Index	Solactive USD High Yield Corporates Total Market Index
One Year	5.44%	6.06%	5.57%	6.92%
Five Year	14.33%	14.33%	14.36%	14.79%
Since Inception¹	15.16%	15.25%	15.31%	16.59%

¹ Total returns are calculated based on the commencement of operations, January 11, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.25%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Low Beta High Yield Bond ETF (HYDW) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, January 11, 2018.


*Sector Diversification as of August 31, 2023**


Consumer, Cyclical			27.9%
Consumer, Non-cyclical			20.0%
Industrial			12.0%
Communications			11.0%
Financial			9.2%
Energy			8.4%
Technology			4.8%
Basic Materials			3.6%
Utilities			3.1%

Total			100.0%

Modified duration to worst as of August 31, 2023: 3.8 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.


*Quality as of August 31, 2023**


Description	% of Market Value
BBB		7.7%
BB		76.8%
B		15.4%
CCC		0.1%

Total		100.0%


*Country Diversification as of August 31, 2023**


United States			89.8%
Canada			4.1%
Other			6.1%

Total			100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

The Xtrackers Risk Managed USD High Yield Strategy 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 Adaptive Wealth Strategies Risk Managed High Yield Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Returns

	Net Asset Value	Market Value	Adaptive Wealth Strategies Risk Managed High Yield Index	Solactive USD High Yield Corporates Total Market Index
One Year	7.27%	7.31%	6.92%	6.92%
Since Inception¹	-1.62%	-1.62%	-1.38%	-1.38%

Cumulative Total Returns

	Net Asset Value	Market Value	Adaptive Wealth Strategies Risk Managed High Yield Index	Solactive USD High Yield Corporates Total Market Index
One Year	7.27%	7.31%	6.92%	6.92%
Since Inception¹	-2.51%	-2.52%	-2.15%	-2.15%

¹ Total returns are calculated based on the commencement of operations, February 10, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. The expense ratio includes net expenses of the underlying funds in which the Fund invests.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, February 10, 2022.


*Sector Diversification as of August 31, 2023**


Consumer, Cyclical			24.8%
Communications			17.4%
Consumer, Non-cyclical			16.4%
Energy			10.8%
Financial			10.2%
Industrial			9.2%
Technology			4.5%
Basic Materials			3.8%
Utilities			2.8%
Diversified			0.1%

Total			100.0%


*Quality as of August 31, 2023**


Description	% of Market Value
BBB		3.9%
BB		61.8%
B		27.8%
CCC		6.0%
CC		0.5%

		100.0%

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 37.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

The Xtrackers Short Duration High Yield Bond 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 Solactive USD High Yield Corporates Total Market 0-5 Year Index (the “Underlying Index”). The Underlying Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market 0-5 Year Index	Solactive USD High Yield Corporates Total Market Index
One Year	7.65%	8.31%	7.46%	6.92%
Five Year	3.05%	3.10%	3.16%	2.80%
Since Inception¹	3.15%	3.18%	3.24%	2.70%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market 0-5 Year Index	Solactive USD High Yield Corporates Total Market Index
One Year	7.65%	8.31%	7.46%	6.92%
Five Year	16.24%	16.46%	16.84%	14.79%
Since Inception¹	19.10%	19.31%	19.75%	16.24%

¹ Total returns are calculated based on the commencement of operations, January 10, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Short Duration High Yield Bond ETF (SHYL) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, January 10, 2018.


*Sector Diversification as of August 31, 2023**


Consumer, Cyclical			25.0%
Communications			16.4%
Consumer, Non-cyclical			15.4%
Financial			11.6%
Industrial			10.9%
Energy			10.4%
Basic Materials			4.0%
Utilities			3.3%
Technology			2.9%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of August 31, 2023: 2.7 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.


*Quality as of August 31, 2023**


Description	% of Market Value
BBB		4.3%
BB		59.4%
B		29.2%
CCC		6.8%
CC		0.2%
NR		0.1%

		100.0%


*Country Diversification as of August 31, 2023**


United States			83.4%
Canada			5.9%
Other			10.7%

Total			100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 39.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

The Xtrackers USD High Yield Corporate Bond 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 Solactive USD High Yield Corporates Total Market Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market Index	iBoxx USD Liquid High Yield Index
One Year	6.63%	7.42%	6.92%	7.05%
Five Year	2.55%	2.61%	2.80%	2.81%
Since Inception¹	3.26%	3.27%	3.52%	3.49%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market Index	iBoxx USD Liquid High Yield Index
One Year	6.63%	7.42%	6.92%	7.05%
Five Year	13.40%	13.75%	14.79%	14.89%
Since Inception¹	24.08%	24.21%	26.26%	26.02%

¹ Total returns are calculated based on the commencement of operations, December 7, 2016 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers USD High Yield Corporate Bond ETF (HYLB) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, December 7, 2016.


*Sector Diversification as of August 31, 2023**


Consumer, Cyclical			24.8%
Communications			17.3%
Consumer, Non-cyclical			16.5%
Energy			10.7%
Financial			10.2%
Industrial			9.3%
Technology			4.5%
Basic Materials			3.8%
Utilities			2.8%
Diversified			0.1%

Total			100.0%


*Quality as of August 31, 2023**


Description	% of Market Value
BBB		4.0%
BB		62.2%
B		27.5%
CCC		5.9%
CC		0.4%

Total		100.0%


*Country Diversification as of August 31, 2023**


United States			85.9%
Canada			5.1%
Other			9.0%

Total			100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 50.

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. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers Risk Managed USD High Yield Strategy ETF shareholders indirectly bear the expenses of Xtrackers High Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF (the “Underlying Funds”) in which the Xtrackers Risk Managed USD High Yield Strategy ETF invests. The Underlying Funds’ expenses are not included in Xtrackers Risk Managed USD High Yield Strategy ETF’s annualized expense ratios used to calculate the expense estimate in the tables. 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 (March 1, 2023 to August 31, 2023).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value March 1, 2023		Ending Account Value August 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers High Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,049.60		0.21	%	$	1.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15		0.21	%	$	1.07
Xtrackers Low Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,047.20		0.20	%	$	1.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.20	%	$	1.02
Xtrackers Risk Managed USD High Yield Strategy ETF⁽²⁾
Actual	$	1,000.00	$	1,042.90		0.15	%	$	0.77
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.77
Xtrackers Short Duration High Yield Bond ETF
Actual	$	1,000.00	$	1,040.60		0.20	%	$	1.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.20	%	$	1.02
Xtrackers USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,042.40		0.15	%	$	0.77
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.76

(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF

August 31, 2023


	Principal Amount		Value
CORPORATE BONDS — 97.2%
Basic Materials — 4.2%
Chemicals — 1.8%
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28	$	23,000	$	15,684
144A, 7.50%, 9/30/29		10,000		5,211
Chemours Co. 5.375%, 5/15/27		13,000		12,232
144A, 5.75%, 11/15/28		25,000		22,481
144A, 4.625%, 11/15/29		18,000		14,971
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		13,000		10,870
INEOS Finance PLC, 144A, 6.75%, 5/15/28		15,000		14,376
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		13,000		11,896
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		17,000		16,165
144A, 5.25%, 6/1/27		35,000		31,159
144A, 4.25%, 5/15/29		13,000		10,553
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/29		19,000		16,785
Tronox, Inc., 144A, 4.625%, 3/15/29		37,000		30,407

(Cost $246,272)				212,790

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $22,583)		24,000		19,655

Iron/Steel — 0.5%
ATI, Inc., 7.25%, 8/15/30		10,000		10,114
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		18,000		17,988
144A, 8.00%, 11/1/27		18,000		17,959
144A, 8.50%, 5/1/30		16,000		16,077

(Cost $63,287)				62,138

Mining — 1.8%
First Quantum Minerals Ltd. 144A, 6.875%, 3/1/26		50,000		49,340
144A, 6.875%, 10/15/27		54,000		52,641
144A, 8.625%, 6/1/31		36,000		36,704
Hudbay Minerals, Inc., 144A, 6.125%, 4/1/29		15,000		14,117
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		15,000		13,287
144A, 4.50%, 6/1/31		20,000		16,179
Vedanta Resources Finance II PLC 144A, 8.95%, 3/11/25		15,000		9,823
144A, 9.25%, 4/23/26		35,000		20,064

(Cost $223,294)				212,155

Communications — 23.0%
Advertising — 1.3%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		32,000		28,683


	Principal Amount		Value
Advertising (Continued)
144A, 7.75%, 4/15/28	$	20,000	$	15,751
144A, 9.00%, 9/15/28		25,000		25,147
144A, 7.50%, 6/1/29		37,000		27,645
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		5,000		4,508
144A, 4.25%, 1/15/29		17,000		13,961
144A, 4.625%, 3/15/30		20,000		16,278
Stagwell Global LLC,144A, 5.625%, 8/15/29		34,000		28,425

(Cost $180,692)				160,398

Internet — 0.2%
Rakuten Group, Inc., 144A, 10.25%, 11/30/24
(Cost $16,509)		17,000		17,170

Media — 12.7%
Altice Financing SA 144A, 5.00%, 1/15/28		32,000		26,046
144A, 5.75%, 8/15/29		59,000		46,791
AMC Networks, Inc. 4.75%, 8/1/25		27,000		25,336
4.25%, 2/15/29		26,000		16,608
Cable One, Inc., 144A, 4.00%, 11/15/30		15,000		11,714
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 7.375%, 3/1/31		32,000		31,807
144A, 4.75%, 2/1/32		35,000		28,995
4.50%, 5/1/32		80,000		64,931
144A, 4.50%, 6/1/33		45,000		35,555
144A, 4.25%, 1/15/34		55,000		42,169
CSC Holdings LLC 144A, 5.50%, 4/15/27		38,000		32,808
144A, 5.375%, 2/1/28		22,000		18,018
144A, 7.50%, 4/1/28		30,000		19,108
144A, 11.25%, 5/15/28		20,000		19,745
144A, 6.50%, 2/1/29		56,000		46,319
144A, 5.75%, 1/15/30		62,000		34,218
144A, 4.125%, 12/1/30		31,000		22,126
144A, 4.625%, 12/1/30		65,000		34,072
144A, 3.375%, 2/15/31		27,000		18,563
144A, 4.50%, 11/15/31		41,000		29,185
144A, 5.00%, 11/15/31		18,000		9,637
DISH DBS Corp. 5.875%, 11/15/24		56,000		52,141
7.75%, 7/1/26		54,000		40,400
144A, 5.25%, 12/1/26		81,000		68,409
7.375%, 7/1/28		25,000		15,724
144A, 5.75%, 12/1/28		70,000		54,300
5.125%, 6/1/29		43,000		23,245
DISH Network Corp., 144A, 11.75%, 11/15/27		91,000		92,405
Gray Television, Inc. 144A, 5.875%, 7/15/26		27,000		24,730
144A, 7.00%, 5/15/27		17,000		15,276
144A, 4.75%, 10/15/30		20,000		13,985


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Media (Continued)
iHeartCommunications, Inc. 6.375%, 5/1/26	$	12,000	$	10,487
8.375%, 5/1/27		38,000		26,353
144A, 5.25%, 8/15/27		19,000		15,072
144A, 4.75%, 1/15/28		11,000		8,489
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		23,000		20,433
144A, 8.00%, 8/1/29		16,000		14,038
Nexstar Media, Inc., 144A, 4.75%, 11/1/28		22,000		19,330
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30		13,000		6,950
144A, 4.125%, 12/1/30		21,000		13,434
Sirius XM Radio, Inc. 144A, 5.50%, 7/1/29		40,000		36,144
144A, 4.125%, 7/1/30		50,000		40,816
144A, 3.875%, 9/1/31		35,000		27,273
TEGNA, Inc. 4.625%, 3/15/28		30,000		26,911
5.00%, 9/15/29		30,000		26,443
Univision Communications, Inc. 144A, 6.625%, 6/1/27		44,000		42,641
144A, 8.00%, 8/15/28		10,000		9,984
144A, 4.50%, 5/1/29		35,000		30,161
144A, 7.375%, 6/30/30		21,000		20,340
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		32,000		26,440
UPC Holding BV, 144A, 5.50%, 1/15/28		10,000		8,910
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		25,000		20,307
VTR Finance NV, 144A, 6.375%, 7/15/28		13,000		5,991
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		16,000		14,901
144A, 5.125%, 2/28/30		13,000		10,102
Ziggo BV, 144A, 4.875%, 1/15/30		30,000		25,248

(Cost $1,764,402)				1,521,564

Telecommunications — 8.8%
Altice France Holding SA 144A, 10.50%, 5/15/27		38,000		20,554
144A, 6.00%, 2/15/28		31,000		13,719
Altice France SA 144A, 8.125%, 2/1/27		51,000		43,148
144A, 5.50%, 1/15/28		26,000		19,508
144A, 5.125%, 1/15/29		15,000		10,703
144A, 5.125%, 7/15/29		73,000		51,668
144A, 5.50%, 10/15/29		52,000		37,462
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		33,000		30,658
CommScope Technologies LLC 144A, 6.00%, 6/15/25		37,000		33,841
144A, 5.00%, 3/15/27		19,000		10,584
CommScope, Inc. 144A, 6.00%, 3/1/26		38,000		34,571


	Principal Amount		Value
Telecommunications (Continued)
144A, 8.25%, 3/1/27	$	25,000	$	16,589
144A, 7.125%, 7/1/28		20,000		11,162
144A, 4.75%, 9/1/29		43,000		31,994
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		12,000		8,790
144A, 6.50%, 10/1/28		20,000		15,404
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		38,000		34,642
144A, 5.00%, 5/1/28		45,000		38,600
144A, 6.75%, 5/1/29		26,000		20,207
5.875%, 11/1/29		20,000		14,830
144A, 6.00%, 1/15/30		30,000		22,192
144A, 8.75%, 5/15/30		30,000		29,187
144A, 8.625%, 3/15/31		20,000		19,242
Hughes Satellite Systems Corp. 5.25%, 8/1/26		30,000		27,619
6.625%, 8/1/26		19,000		16,501
Iliad Holding SASU 144A, 6.50%, 10/15/26		31,000		29,604
144A, 7.00%, 10/15/28		23,000		21,418
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		86,000		79,053
Level 3 Financing, Inc. 144A, 4.625%, 9/15/27		25,000		18,806
144A, 4.25%, 7/1/28		32,000		20,982
144A, 3.625%, 1/15/29		22,000		13,114
144A, 10.50%, 5/15/30		26,000		26,405
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		15,000		7,784
144A, 4.00%, 2/15/27		35,000		22,028
144A, 4.50%, 1/15/29		12,000		3,973
Millicom International Cellular SA 144A, 5.125%, 1/15/28		13,500		12,255
144A, 6.25%, 3/25/29		18,000		16,483
144A, 4.50%, 4/27/31		25,000		19,771
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		12,000		11,143
VEON Holdings BV, 144A, 4.95%, 6/16/24		17,000		16,024
Viasat, Inc. 144A, 5.625%, 9/15/25		18,000		17,027
144A, 5.625%, 4/15/27		16,000		14,329
144A, 6.50%, 7/15/28		10,000		7,822
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		40,000		32,460
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		38,000		28,506
144A, 6.125%, 3/1/28		30,000		19,529

(Cost $1,277,367)				1,051,891

Consumer, Cyclical — 19.8%
Airlines — 0.8%
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		16,000		15,326
American Airlines, Inc., 144A, 7.25%, 2/15/28		25,000		24,583


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Airlines (Continued)
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26	$	33,000	$	30,570
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		15,000		15,032
144A, 8.00%, 9/20/25		14,000		14,029

(Cost $102,816)				99,540

Apparel — 0.4%
Hanesbrands, Inc. 144A, 4.875%, 5/15/26		26,000		24,310
144A, 9.00%, 2/15/31		18,000		18,100

(Cost $42,645)				42,410

Auto Manufacturers — 1.2%
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		20,000		20,339
Ford Motor Co., 9.625%, 4/22/30		16,000		18,593
Ford Motor Credit Co. LLC 6.95%, 6/10/26		15,000		15,034
6.80%, 5/12/28		40,000		40,024
7.35%, 3/6/30		34,000		34,641
7.20%, 6/10/30		20,000		20,322

(Cost $149,445)				148,953

Auto Parts & Equipment — 1.8%
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		13,000		12,335
6.875%, 7/1/28		10,000		9,181
5.00%, 10/1/29		20,000		16,484
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		45,000		45,537
Dana, Inc. 5.375%, 11/15/27		10,000		9,469
5.625%, 6/15/28		10,000		9,423
4.25%, 9/1/30		10,000		8,232
Goodyear Tire & Rubber Co. 5.00%, 7/15/29		28,000		24,933
5.25%, 4/30/31		14,000		12,294
5.25%, 7/15/31		16,000		13,795
5.625%, 4/30/33		13,000		11,168
Tenneco, Inc., 144A, 8.00%, 11/17/28		55,000		45,377

(Cost $233,724)				218,228

Entertainment — 2.2%
AMC Entertainment Holdings, Inc. 144A, 10.00%, 6/15/26		36,000		24,998
144A, 7.50%, 2/15/29		28,000		19,140
Caesars Entertainment, Inc., 144A, 4.625%, 10/15/29		35,000		30,667
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		17,000		16,336
144A, 5.25%, 7/15/28		20,000		17,783


	Principal Amount		Value
Entertainment (Continued)
Light & Wonder International, Inc. 144A, 7.00%, 5/15/28	$	19,000	$	18,947
144A, 7.25%, 11/15/29		11,000		11,037
144A, 7.50%, 9/1/31		20,000		20,298
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		29,000		27,032
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		10,000		9,464
144A, 4.125%, 7/1/29		10,000		8,154
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		19,000		15,183
144A, 5.875%, 9/1/31		26,000		20,127
Six Flags Entertainment Corp., 144A, 7.25%, 5/15/31		25,000		23,994

(Cost $297,165)				263,160

Food Service — 0.2%
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		11,000		9,955
144A, 10.50%, 5/15/29		21,000		17,449

(Cost $31,595)				27,404

Home Builders — 0.6%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		10,000		8,623
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		18,000		16,540
144A, 4.875%, 2/15/30		15,000		12,406
Mattamy Group Corp. 144A, 5.25%, 12/15/27		13,000		12,276
144A, 4.625%, 3/1/30		18,000		15,900

(Cost $71,642)				65,745

Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31
(Cost $21,044)		21,000		16,898

Housewares — 1.1%
Newell Brands, Inc. 4.875%, 6/1/25		10,000		9,669
4.70%, 4/1/26		55,000		52,629
6.375%, 9/15/27		15,000		14,684
6.625%, 9/15/29		15,000		14,874
Scotts Miracle-Gro Co. 4.50%, 10/15/29		10,000		8,374
4.00%, 4/1/31		22,000		17,311
4.375%, 2/1/32		10,000		7,927

(Cost $128,343)				125,468

Leisure Time — 4.4%
Carnival Corp. 144A, 7.625%, 3/1/26		42,000		41,906
144A, 5.75%, 3/1/27		88,000		82,754
144A, 6.00%, 5/1/29		59,000		53,455
144A, 10.50%, 6/1/30		29,000		30,917


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Leisure Time (Continued)
Life Time, Inc., 144A, 8.00%, 4/15/26	$	10,000	$	9,934
NCL Corp. Ltd. 144A, 5.875%, 3/15/26		45,000		42,390
144A, 8.375%, 2/1/28		5,000		5,158
144A, 7.75%, 2/15/29		17,000		16,165
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26		18,000		16,798
144A, 5.50%, 8/31/26		29,000		27,805
144A, 5.375%, 7/15/27		29,000		27,295
144A, 11.625%, 8/15/27		35,000		38,151
3.70%, 3/15/28		15,000		13,078
144A, 5.50%, 4/1/28		34,000		31,850
144A, 9.25%, 1/15/29		29,000		30,915
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		26,000		24,335
144A, 7.00%, 2/15/29		13,000		12,338
144A, 9.125%, 7/15/31		22,000		22,749

(Cost $525,906)				527,993

Lodging — 1.6%
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		13,000		10,997
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		26,000		24,724
144A, 5.25%, 4/26/26		10,000		9,271
144A, 5.625%, 7/17/27		16,000		14,316
144A, 5.75%, 7/21/28		23,000		20,370
144A, 5.375%, 12/4/29		29,000		24,351
Station Casinos LLC, 144A, 4.625%, 12/1/31		13,000		10,729
Studio City Finance Ltd. 144A, 6.00%, 7/15/25		25,000		23,663
144A, 6.50%, 1/15/28		15,000		12,716
144A, 5.00%, 1/15/29		32,000		24,013
Travel + Leisure Co., 144A, 4.50%, 12/1/29		19,000		16,316

(Cost $210,981)				191,466

Retail — 5.4%
Asbury Automotive Group, Inc., 144A, 5.00%, 2/15/32		16,000		13,739
Bath & Body Works, Inc. 7.50%, 6/15/29		14,000		14,126
144A, 6.625%, 10/1/30		30,000		29,283
Carvana Co. 144A, 5.50%, 4/15/27		15,000		11,037
144A, 5.875%, 10/1/28		15,000		9,242
144A, 4.875%, 9/1/29		20,000		11,956
144A, 10.25%, 5/1/30		95,000		73,741
eG Global Finance PLC 144A, 6.75%, 2/7/25		20,000		19,728
144A, 8.50%, 10/30/25		15,000		14,865
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		17,000		15,995
144A, 5.875%, 4/1/29		25,000		22,091
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		20,000		17,291


	Principal Amount		Value
Retail (Continued)
144A, 6.75%, 1/15/30	$	36,000	$	29,777
Gap, Inc. 144A, 3.625%, 10/1/29		19,000		14,481
144A, 3.875%, 10/1/31		24,000		17,420
Kohl’s Corp., 4.625%, 5/1/31		15,000		11,057
LBM Acquisition LLC, 144A, COMPANY GUARNT, 1/15/29		19,000		16,601
Macy’s Retail Holdings LLC, 144A, 5.875%, 4/1/29		13,000		11,764
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		15,000		12,516
144A, 7.875%, 5/1/29		37,000		25,682
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		32,000		30,440
Nordstrom, Inc. 4.375%, 4/1/30		15,000		12,013
4.25%, 8/1/31		11,000		8,285
PetSmart, Inc. / PetSmart Finance Corp., 144A, 7.75%, 2/15/29		24,000		22,948
QVC, Inc. 4.45%, 2/15/25		15,000		13,498
4.75%, 2/15/27		15,000		9,917
4.375%, 9/1/28		13,000		7,369
Rite Aid Corp., 144A, 8.00%, 11/15/26		25,000		15,900
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		17,000		14,523
144A, 4.875%, 11/15/31		17,000		14,148
SRS Distribution, Inc. 144A, 6.125%, 7/1/29		12,000		10,445
144A, 6.00%, 12/1/29		25,000		21,402
Staples, Inc. 144A, 7.50%, 4/15/26		49,000		40,590
144A, 10.75%, 4/15/27		28,000		15,223
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		16,000		13,694

(Cost $747,465)				642,787

Consumer, Non-cyclical — 13.0%
Agriculture — 0.3%
Vector Group Ltd. 144A, 10.50%, 11/1/26		12,000		12,050
144A, 5.75%, 2/1/29		29,000		25,259

(Cost $40,792)				37,309

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $18,989)		19,000		16,690

Commercial Services — 3.1%
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26		10,000		9,473
Albion Financing 2SARL, 144A, 8.75%, 4/15/27		15,000		13,984


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Commercial Services (Continued)
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26	$	47,000	$	44,752
144A, 9.75%, 7/15/27		33,000		30,338
144A, 6.00%, 6/1/29		25,000		19,143
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		36,000		30,632
APX Group, Inc., 144A, 5.75%, 7/15/29		23,000		19,845
Garda World Security Corp. 144A, 4.625%, 2/15/27		14,000		12,963
144A, 9.50%, 11/1/27		20,000		19,365
144A, 7.75%, 2/15/28		10,000		9,936
144A, 6.00%, 6/1/29		11,000		8,974
Hertz Corp., 144A, 5.00%, 12/1/29		24,000		19,756
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		28,000		23,809
144A, 5.75%, 11/1/28		28,000		21,005
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 6.25%, 1/15/28		30,000		28,540
Sabre GLBL, Inc. 144A, 7.375%, 9/1/25		25,000		24,594
144A, 11.25%, 12/15/27		17,000		16,217
Sotheby’s, 144A, 7.375%, 10/15/27		20,000		18,230

(Cost $411,550)				371,556

Cosmetics/Personal Care — 0.2%
Coty, Inc., 144A, 6.50%, 4/15/26		14,000		13,890
Edgewell Personal Care Co., 144A, 4.125%, 4/1/29		13,000		11,278

(Cost $27,118)				25,168

Food — 1.2%
B&G Foods, Inc. 5.25%, 4/1/25		24,000		23,448
5.25%, 9/15/27		14,000		12,417
Post Holdings, Inc. 144A, 5.50%, 12/15/29		32,000		29,654
144A, 4.625%, 4/15/30		42,000		37,250
144A, 4.50%, 9/15/31		33,000		28,336
Sigma Holdco BV, 144A, 7.875%, 5/15/26		19,000		16,180

(Cost $161,169)				147,285

Healthcare-Services — 4.4%
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		57,000		55,696
144A, 5.625%, 3/15/27		50,000		44,047
144A, 8.00%, 12/15/27		24,000		23,097
144A, 6.875%, 4/1/28		28,000		16,840
144A, 6.00%, 1/15/29		16,000		13,418
144A, 6.875%, 4/15/29		38,000		23,030
144A, 6.125%, 4/1/30		34,000		19,412


	Principal Amount		Value
Healthcare-Services (Continued)
144A, 5.25%, 5/15/30	$	41,000	$	32,374
144A, 4.75%, 2/15/31		28,000		20,885
DaVita, Inc. 144A, 4.625%, 6/1/30		81,000		69,552
144A, 3.75%, 2/15/31		38,000		30,292
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		22,000		18,972
LifePoint Health, Inc. 144A, 5.375%, 1/15/29		13,000		9,003
144A, 9.875%, 8/15/30		23,000		22,759
ModivCare, Inc., 144A, 5.875%, 11/15/25		13,000		12,348
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		36,000		33,703
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		20,000		15,424
Tenet Healthcare Corp., 6.125%, 10/1/28		73,000		70,270

(Cost $619,191)				531,122

Household Products/Wares — 0.2%
Central Garden & Pet Co., 144A, 4.125%, 4/30/31		10,000		8,499
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		13,000		10,904

(Cost $22,777)				19,403

Pharmaceuticals — 3.5%
AdaptHealth LLC 144A, 4.625%, 8/1/29		11,000		8,979
144A, 5.125%, 3/1/30		16,000		13,139
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		22,000		20,073
144A, 8.50%, 1/31/27		20,000		11,149
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		49,000		44,179
144A, 9.00%, 12/15/25		28,000		25,654
144A, 6.125%, 2/1/27		26,000		17,122
144A, 5.75%, 8/15/27		13,000		8,154
144A, 5.00%, 1/30/28		7,000		3,050
144A, 4.875%, 6/1/28		37,000		21,990
144A, 11.00%, 9/30/28		52,000		37,255
144A, 5.00%, 2/15/29		15,000		6,293
144A, 6.25%, 2/15/29		23,000		10,088
144A, 5.25%, 1/30/30		24,000		10,157
144A, 5.25%, 2/15/31		11,000		4,639
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		13,000		11,784
Grifols SA, 144A, 4.75%, 10/15/28		19,000		16,687
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		20,000		19,264
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		16,000		11,980
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 10.00%, 4/15/25 (a)		10,000		7,916


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Pharmaceuticals (Continued)
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 5.125%, 4/30/31	$	55,000	$	46,885
Owens & Minor, Inc. 144A, 4.50%, 3/31/29		11,000		9,333
144A, 6.625%, 4/1/30		16,000		14,571
Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/1/28		34,000		33,994

(Cost $530,549)				414,335

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28
(Cost $15,264)		15,000		15,069

Energy — 12.8%
Oil & Gas — 5.5%
Baytex Energy Corp. 144A, 8.75%, 4/1/27		12,000		12,293
144A, 8.50%, 4/30/30		20,000		20,293
Callon Petroleum Co. 144A, 8.00%, 8/1/28		17,000		17,254
144A, 7.50%, 6/15/30		15,000		14,843
Civitas Resources, Inc. 144A, 8.375%, 7/1/28		35,000		36,181
144A, 8.75%, 7/1/31		40,000		41,362
CNX Resources Corp. 144A, 6.00%, 1/15/29		13,000		12,392
144A, 7.375%, 1/15/31		11,000		10,991
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		32,000		29,967
144A, 5.875%, 1/15/30		28,000		24,742
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		20,000		19,720
144A, 9.25%, 2/15/28		22,000		22,525
CVR Energy, Inc.
144A, 5.25%, 2/15/25		15,000		14,564
144A, 5.75%, 2/15/28		11,000		10,026
Earthstone Energy Holdings LLC 144A, 8.00%, 4/15/27		15,000		15,314
144A, 9.875%, 7/15/31		14,000		15,362
Energean PLC,144A, 6.50%, 4/30/27		16,000		14,709
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		22,000		20,209
144A, 7.75%, 5/1/27		14,000		12,624
144A, 7.50%, 3/1/28		10,000		8,845
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		16,000		15,700
144A, REGS, 6.50%, 6/30/27		25,000		24,250
144A, REGS, 6.75%, 6/30/30		14,000		13,162
Northern Oil and Gas, Inc. 144A, 8.125%, 3/1/28		19,000		19,063
144A, 8.75%, 6/15/31		20,000		20,455
Parkland Corp. 144A, 4.50%, 10/1/29		33,000		29,108
144A, 4.625%, 5/1/30		21,000		18,536


	Principal Amount		Value
Oil & Gas (Continued)
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28	$	19,000	$	17,976
144A, 7.875%, 9/15/30		20,000		19,921
SM Energy Co. 6.75%, 9/15/26		12,000		11,960
6.625%, 1/15/27		11,000		10,872
6.50%, 7/15/28		11,000		10,762
Transocean, Inc. 144A, 7.50%, 1/15/26		15,000		14,774
144A, 11.50%, 1/30/27		18,000		18,975
144A, 8.00%, 2/1/27		14,000		13,664
Tullow Oil PLC, 144A, 7.00%, 3/1/25		16,000		11,057
Vital Energy, Inc., 9.50%, 1/15/25		15,000		15,090

(Cost $646,427)				659,541

Oil & Gas Services — 1.1%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		16,000		15,745
144A, 6.25%, 4/1/28		21,000		20,066
CGG SA, 144A, 8.75%, 4/1/27		16,000		13,784
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		19,000		18,803
6.875%, 9/1/27		19,000		18,539
Weatherford International Ltd., 144A, 8.625%, 4/30/30		41,000		41,982

(Cost $132,910)				128,919

Pipelines — 6.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 5.75%, 3/1/27		18,000		17,462
144A, 5.75%, 1/15/28		17,000		16,295
Buckeye Partners LP 3.95%, 12/1/26		15,000		13,849
144A, 4.50%, 3/1/28		13,000		11,809
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 144A, 5.625%, 5/1/27		15,000		14,489
144A, 6.00%, 2/1/29		29,000		28,500
144A, 8.00%, 4/1/29		13,000		13,445
144A, 7.375%, 2/1/31		10,000		10,261
EQM Midstream Partners LP 144A, 7.50%, 6/1/27		13,000		13,131
144A, 6.50%, 7/1/27		24,000		23,868
5.50%, 7/15/28		25,000		23,909
144A, 4.50%, 1/15/29		21,000		19,054
144A, 7.50%, 6/1/30		13,000		13,345
144A, 4.75%, 1/15/31		32,000		28,312
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		14,000		13,804


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Pipelines (Continued)
8.00%, 1/15/27	$	25,000	$	24,669
7.75%, 2/1/28		28,000		27,263
8.875%, 4/15/30		10,000		9,969
ITT Holdings LLC, 144A, 6.50%, 8/1/29		31,000		28,007
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		32,000		30,960
144A, 6.50%, 9/30/26		43,000		39,971
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		60,000		59,681
NuStar Logistics LP 6.00%, 6/1/26		15,000		14,717
5.625%, 4/28/27		15,000		14,564
6.375%, 10/1/30		10,000		9,635
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26		22,000		21,250
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		15,000		15,018
144A, 6.00%, 3/1/27		11,000		10,542
144A, 5.50%, 1/15/28		22,000		20,417
144A, 6.00%, 12/31/30		19,000		17,015
144A, 6.00%, 9/1/31		14,000		12,447
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		63,000		63,606
144A, 8.375%, 6/1/31		63,000		63,603

(Cost $770,213)				744,867

Financial — 11.2%
Banks — 0.3%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		14,000		13,809
144A, 7.625%, 5/1/26		15,000		13,813
144A, 6.625%, 1/15/27		14,000		12,269

(Cost $40,805)				39,891

Diversified Financial Services — 4.3%
Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31		11,000		11,137
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		30,000		22,100
144A, 3.625%, 10/1/31		24,000		16,183
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		20,000		7,970
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		26,000		22,227
LD Holdings Group LLC 144A, 6.50%, 11/1/25		11,000		9,259
144A, 6.125%, 4/1/28		16,000		10,431
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		15,000		15,311
Nationstar Mortgage Holdings, Inc. 144A, 5.50%, 8/15/28		25,000		22,685
144A, 5.125%, 12/15/30		19,000		16,122
144A, 5.75%, 11/15/31		16,000		13,728


	Principal Amount		Value
Diversified Financial Services (Continued)
Navient Corp. 5.00%, 3/15/27	$	19,000	$	17,306
4.875%, 3/15/28		13,000		11,335
5.50%, 3/15/29		22,000		18,828
9.375%, 7/25/30		15,000		15,083
NFP Corp., 144A, 6.875%, 8/15/28		59,000		52,063
OneMain Finance Corp. 7.125%, 3/15/26		45,000		44,318
6.625%, 1/15/28		25,000		23,403
3.875%, 9/15/28		15,000		12,316
9.00%, 1/15/29		10,000		10,147
5.375%, 11/15/29		22,000		19,056
4.00%, 9/15/30		22,000		17,157
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27		15,000		15,089
PennyMac Financial Services, Inc. 144A, 4.25%, 2/15/29		17,000		14,087
144A, 5.75%, 9/15/31		13,000		10,942
PRA Group, Inc., 144A, 8.375%, 2/1/28		10,000		9,136
Synchrony Financial, 7.25%, 2/2/33		20,000		18,415
United Wholesale Mortgage LLC 144A, 5.75%, 6/15/27		11,000		10,145
144A, 5.50%, 4/15/29		29,000		25,186

(Cost $566,744)				511,165

Insurance — 0.9%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		32,000		30,958
144A, 10.125%, 8/1/26		5,000		5,164
144A, 6.00%, 8/1/29		13,000		11,305
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 6.75%, 10/15/27		38,000		35,959
144A, 5.875%, 11/1/29		12,000		10,520
AssuredPartners, Inc., 144A, 5.625%, 1/15/29		14,000		12,178

(Cost $109,461)				106,084

Real Estate — 0.9%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30		23,200		20,827
Cushman & Wakefield US Borrower LLC 144A, 6.75%, 5/15/28		20,000		19,061
144A, 8.875%, 9/1/31		10,000		10,094
Kennedy-Wilson, Inc. 4.75%, 3/1/29		17,000		13,676
4.75%, 2/1/30		12,000		9,252
5.00%, 3/1/31		24,000		18,185
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		24,000		17,304
144A, 5.25%, 4/15/30		2,000		1,390

(Cost $130,848)				109,789


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Real Estate Investment Trusts — 3.7%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26	$	28,000	$	25,726
144A, 4.50%, 4/1/27		19,000		15,892
Diversified Healthcare Trust 9.75%, 6/15/25		25,000		24,610
4.75%, 2/15/28		13,000		9,944
4.375%, 3/1/31		10,000		7,555
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		15,000		13,575
144A, 4.75%, 6/15/29		17,000		14,310
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		10,000		8,509
5.00%, 10/15/27		41,000		32,439
4.625%, 8/1/29		29,000		20,991
3.50%, 3/15/31		34,000		22,113
Office Properties Income Trust 4.50%, 2/1/25		20,000		17,864
3.45%, 10/15/31		12,000		6,103
Service Properties Trust 7.50%, 9/15/25		26,000		25,715
4.75%, 10/1/26		15,000		13,039
4.95%, 2/15/27		21,000		18,201
5.50%, 12/15/27		16,000		14,177
3.95%, 1/15/28		7,000		5,578
4.95%, 10/1/29		3,000		2,369
4.375%, 2/15/30		10,000		7,612
Starwood Property Trust, Inc. 144A, 3.625%, 7/15/26		15,000		13,437
144A, 4.375%, 1/15/27		10,000		8,941
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30		20,000		13,231
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		73,000		72,903
144A, 4.75%, 4/15/28		15,000		12,653
144A, 6.50%, 2/15/29		28,000		19,137

(Cost $483,199)				446,624

Venture Capital — 1.1%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		31,000		29,997
6.375%, 12/15/25		25,000		23,864
6.25%, 5/15/26		30,000		27,856
5.25%, 5/15/27		35,000		30,750
4.375%, 2/1/29		25,000		19,759

(Cost $128,544)				132,226

Industrial — 6.5%
Aerospace/Defense — 2.1%
Bombardier, Inc. 144A, 7.125%, 6/15/26		31,000		30,507
144A, 7.875%, 4/15/27		55,000		54,956
144A, 6.00%, 2/15/28		20,000		18,713


	Principal Amount		Value
Aerospace/Defense (Continued)
144A, 7.50%, 2/1/29	$	26,000	$	25,496
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		31,000		30,714
4.60%, 6/15/28		21,000		17,037
144A, 9.375%, 11/30/29		25,000		25,979
Triumph Group, Inc. 7.75%, 8/15/25		11,000		10,367
144A, 9.00%, 3/15/28		35,000		35,141

(Cost $256,927)				248,910

Building Materials — 0.3%
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28
(Cost $36,052)		36,000		34,604

Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		15,000		13,274
144A, 4.375%, 3/31/29		21,000		18,010

(Cost $34,520)				31,284

Engineering & Construction — 0.5%
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30		40,000		41,301
IHS Holding Ltd. 144A, 5.625%, 11/29/26		7,000		6,046
144A, 6.25%, 11/29/28		20,000		16,163

(Cost $64,114)				63,510

Environmental Control — 0.0%
Covanta Holding Corp., 5.00%, 9/1/30
(Cost $8,299)		8,000		6,792

Machinery-Diversified — 0.5%
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		14,000		13,273
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		10,000		9,278
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		46,000		43,159

(Cost $69,010)				65,710

Miscellaneous Manufacturing — 0.1%
Trinity Industries, Inc., 144A, 7.75%, 7/15/28
(Cost $10,183)		10,000		10,181

Packaging & Containers — 2.3%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		28,000		22,788
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 8/15/27		34,000		28,958
144A, 5.25%, 8/15/27		20,000		17,034
LABL, Inc. 144A, 6.75%, 7/15/26		21,000		20,549
144A, 10.50%, 7/15/27		22,000		21,083


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Packaging & Containers (Continued)
144A, 5.875%, 11/1/28	$	13,000	$	11,779
144A, 8.25%, 11/1/29		11,000		9,207
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		70,000		68,997
144A, 9.25%, 4/15/27		38,000		34,488
Owens-Brockway Glass Container, Inc. 144A, 6.625%, 5/13/27		16,000		15,830
144A, 7.25%, 5/15/31		20,000		20,077

(Cost $290,243)				270,790

Transportation — 0.4%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28		18,000		16,277
Seaspan Corp., 144A, 5.50%, 8/1/29		21,000		16,352
XPO, Inc., 144A, 7.125%, 6/1/31		12,000		12,074

(Cost $47,437)				44,703

Technology — 4.1%
Computers — 1.1%
McAfee Corp., 144A, 7.375%, 2/15/30		55,000		48,142
NCR Corp. 144A, 5.125%, 4/15/29		30,000		27,317
144A, 5.25%, 10/1/30		11,000		9,879
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		15,000		14,548
Seagate HDD Cayman 144A, 8.50%, 7/15/31		15,000		15,732
144A, 9.625%, 12/1/32		15,600		17,297

(Cost $142,428)				132,915

Office/Business Equipment — 0.3%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		19,000		18,145
144A, 5.50%, 8/15/28		19,000		16,541

(Cost $35,964)				34,686

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25
(Cost $11,279)		11,000		10,096

Software — 2.6%
Alteryx, Inc., 144A, 8.75%, 3/15/28		15,000		14,488
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30		69,000		59,993
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		23,000		20,070
Cloud Software Group, Inc. 144A, 6.50%, 3/31/29		112,000		100,279
144A, 9.00%, 9/30/29		104,000		92,965
MicroStrategy, Inc., 144A, 6.125%, 6/15/28		16,000		14,339
RingCentral, Inc., 144A, 8.50%, 8/15/30		13,000		12,802

(Cost $318,344)				314,936


	Principal Amount		Value
Utilities — 2.5%
Electric — 2.1%
Calpine Corp. 144A, 5.125%, 3/15/28	$	37,000	$	33,732
144A, 4.625%, 2/1/29		19,000		16,552
144A, 5.00%, 2/1/31		23,000		19,460
Drax Finco PLC, 144A, 6.625%, 11/1/25		15,000		14,764
NRG Energy, Inc. 5.75%, 1/15/28		21,000		19,869
144A, 3.375%, 2/15/29		15,000		12,379
144A, 5.25%, 6/15/29		20,000		17,987
144A, 3.625%, 2/15/31		30,000		23,431
PG&E Corp. 5.00%, 7/1/28		35,000		32,232
5.25%, 7/1/30		22,000		19,606
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30		30,000		31,269
TransAlta Corp., 7.75%, 11/15/29		10,000		10,337

(Cost $274,198)				251,618

Gas — 0.4%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.875%, 8/20/26		18,000		17,091
5.75%, 5/20/27		18,000		16,667
144A, 9.375%, 6/1/28		10,000		10,259

(Cost $45,085)				44,017

TOTAL CORPORATE BONDS (Cost $12,857,810)				11,649,608


	Number of Shares
CASH EQUIVALENTS — 1.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $203,368)		203,368		203,368


TOTAL INVESTMENTS — 98.9% (Cost $13,061,178)			$	11,852,976
Other assets and liabilities, net — 1.1%				126,081

NET ASSETS — 100.0%			$	11,979,057


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (b)(c)
		263,774		—		(263,774	)(d)		—		—		8,240		—		—		—

CASH EQUIVALENTS —1.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		35,828		1,832,392		(1,664,852	)		—		—		6,318		—		203,368		203,368

		299,602		1,832,392		(1,928,626	)		—		—		14,558		—		203,368		203,368

(a)	Defaulted security or security for which income has been deemed uncollectible.

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

REIT:

Real Estate Investment Trust

REGS:

Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	11,649,608	$	—	$	11,649,608
Short-Term Investments (a)		203,368		—		—		203,368

TOTAL	$	203,368	$	11,649,608	$	—	$	11,852,976

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


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF

August 31, 2023


	Principal Amount		Value
CORPORATE BONDS — 98.3%
Basic Materials — 3.5%
Chemicals — 1.7%
Ashland, Inc., 144A, 3.375%, 9/1/31	$	241,000	$	192,901
Avient Corp. 144A, 5.75%, 5/15/25		348,000		343,705
144A, 7.125%, 8/1/30		388,000		387,899
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		375,000		318,386
Methanex Corp. 5.125%, 10/15/27		375,000		352,108
5.25%, 12/15/29		360,000		328,271
Olin Corp. 5.125%, 9/15/27		268,000		256,848
5.625%, 8/1/29		359,000		343,941
5.00%, 2/1/30		276,000		252,641
SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/28		589,000		530,062
Valvoline, Inc. 144A, 4.25%, 2/15/30		322,000		316,813
144A, 3.625%, 6/15/31		287,000		228,416

(Cost $4,067,473)				3,851,991

Iron/Steel — 0.6%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		444,000		444,637
5.875%, 6/1/27		297,000		286,366
144A, 6.75%, 4/15/30		402,000		383,714
United States Steel Corp., 6.875%, 3/1/29		255,000		254,248

(Cost $1,404,965)				1,368,965

Mining — 1.2%
FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27		322,000		297,454
144A, 5.875%, 4/15/30		375,000		348,497
144A, 4.375%, 4/1/31		804,000		674,532
144A, 6.125%, 4/15/32		409,000		380,951
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		305,000		288,122
Nexa Resources SA 144A, 5.375%, 5/4/27		375,000		352,943
144A, 6.50%, 1/18/28		268,000		259,925

(Cost $2,794,456)				2,602,424

Communications — 10.8%
Advertising — 0.4%
Lamar Media Corp. 3.75%, 2/15/28		319,000		290,832
4.00%, 2/15/30		295,000		258,390
3.625%, 1/15/31		295,000		246,591
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 6.25%, 6/15/25		214,000		210,501

(Cost $1,128,004)				1,006,314


	Principal Amount		Value
Internet — 3.0%
Gen Digital, Inc. 144A, 5.00%, 4/15/25	$	589,000	$	577,956
144A, 6.75%, 9/30/27		482,000		483,074
144A, 7.125%, 9/30/30		322,000		324,322
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		322,000		308,629
144A, 3.50%, 3/1/29		429,000		369,108
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		226,000		212,368
144A, 4.625%, 6/1/28		268,000		247,503
144A, 4.125%, 8/1/30		268,000		230,086
144A, 3.625%, 10/1/31		268,000		218,718
MercadoLibre, Inc. 2.375%, 1/14/26		214,000		196,293
3.125%, 1/14/31		351,000		281,105
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		472,000		476,921
144A, 8.00%, 11/1/26		804,000		819,345
144A, 7.50%, 9/15/27		643,000		656,062
144A, 6.25%, 1/15/28		268,000		265,616
144A, 4.50%, 8/15/29		804,000		737,685
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		247,000		212,675

(Cost $6,854,548)				6,617,466

Media — 6.5%
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		301,000		294,231
144A, 5.125%, 5/1/27		1,521,000		1,434,341
144A, 5.00%, 2/1/28		1,340,000		1,236,042
144A, 5.375%, 6/1/29		702,000		640,282
144A, 6.375%, 9/1/29		702,000		665,253
144A, 4.75%, 3/1/30		1,427,000		1,231,009
144A, 4.50%, 8/15/30		1,286,000		1,083,233
144A, 4.25%, 2/1/31		1,404,000		1,152,830
News Corp. 144A, 3.875%, 5/15/29		536,000		471,198
144A, 5.125%, 2/15/32		268,000		242,781
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		918,000		863,716
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		536,000		484,115
144A, 5.00%, 8/1/27		804,000		742,574
144A, 4.00%, 7/15/28		1,052,000		910,981
TEGNA, Inc., 144A, 4.75%, 3/15/26		295,000		281,354
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		600,000		551,400
Univision Communications, Inc., 144A, 5.125%, 2/15/25		588,000		580,444
Videotron Ltd. 144A, 5.125%, 4/15/27		322,000		308,605
144A, 3.625%, 6/15/29		268,000		230,389
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		764,000		698,926


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Media (Continued)
144A, 4.50%, 8/15/30	$	490,000	$	414,177

(Cost $15,804,043)				14,517,881

Telecommunications — 0.9%
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		405,000		374,037
144A, 3.875%, 11/15/29		400,000		353,671
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		723,000		592,295
144A, 4.75%, 7/15/31		730,000		610,268

(Cost $2,037,881)				1,930,271

Consumer, Cyclical — 27.4%
Airlines — 2.3%
Air Canada, 144A, 3.875%, 8/15/26		643,000		594,452
American Airlines, Inc., 144A, 11.75%, 7/15/25		1,030,000		1,128,257
Delta Air Lines, Inc. 2.90%, 10/28/24		482,000		467,365
7.375%, 1/15/26		432,000		444,770
4.375%, 4/19/28		220,000		206,604
3.75%, 10/28/29		254,000		225,590
United Airlines, Inc. 144A, 4.375%, 4/15/26		1,072,000		1,010,658
144A, 4.625%, 4/15/29		1,047,000		932,285

(Cost $5,270,521)				5,009,981

Apparel — 0.1%
Levi Strauss & Co., 144A, 3.50%, 3/1/31
(Cost $228,264)		268,000		217,999

Auto Manufacturers — 4.5%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		214,000		201,085
144A, 5.875%, 6/1/29		268,000		259,141
144A, 3.75%, 1/30/31		536,000		448,252
Ford Motor Co. 4.346%, 12/8/26		804,000		776,837
3.25%, 2/12/32		1,340,000		1,047,137
6.10%, 8/19/32		938,000		897,261
Ford Motor Credit Co. LLC 4.063%, 11/1/24		413,000		400,487
2.30%, 2/10/25		344,000		323,515
4.687%, 6/9/25		165,000		158,978
5.125%, 6/16/25		482,000		469,665
4.134%, 8/4/25		385,000		367,037
3.375%, 11/13/25		578,000		538,798
GMTN, 4.389%, 1/8/26		330,000		311,810
6.95%, 3/6/26		358,000		359,260
4.542%, 8/1/26		207,000		195,334
2.70%, 8/10/26		413,000		369,787
4.271%, 1/9/27		248,000		229,516
4.95%, 5/28/27		413,000		387,847
4.125%, 8/17/27		344,000		312,716
3.815%, 11/2/27		207,000		184,323


	Principal Amount		Value
Auto Manufacturers (Continued)
7.35%, 11/4/27	$	413,000	$	421,644
2.90%, 2/16/28		207,000		176,835
2.90%, 2/10/29		219,000		180,951
5.113%, 5/3/29		409,000		376,614
4.00%, 11/13/30		450,000		381,163
3.625%, 6/17/31		275,000		223,057

(Cost $11,154,660)				9,999,050

Auto Parts & Equipment — 2.0%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		426,000		410,042
144A, 7.00%, 4/15/28		268,000		271,016
144A, 8.25%, 4/15/31		268,000		274,999
Clarios Global LP, 144A, 6.75%, 5/15/25		250,000		250,127
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		481,000		476,780
144A, 6.75%, 5/15/28		402,000		401,321
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		376,000		384,328
5.00%, 5/31/26		482,000		465,645
4.875%, 3/15/27		375,000		353,094
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		577,000		561,127
144A, 6.875%, 4/14/28		322,000		320,683
144A, 7.125%, 4/14/30		322,000		326,555

(Cost $4,593,046)				4,495,717

Distribution/Wholesale — 0.8%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		375,000		339,823
144A, 3.875%, 11/15/29		214,000		184,684
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		670,000		585,602
Ritchie Bros Holdings, Inc. 144A, 6.75%, 3/15/28		295,000		296,872
144A, 7.75%, 3/15/31		429,000		441,409

(Cost $1,939,584)				1,848,390

Entertainment — 5.4%
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		1,772,000		1,759,832
144A, 8.125%, 7/1/27		863,000		877,050
144A, 7.00%, 2/15/30		1,072,000		1,077,266
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		530,000		530,857
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		643,000		598,740
Cedar Fair LP, 5.25%, 7/15/29		268,000		241,586
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		536,000		532,235
5.375%, 4/15/27		268,000		253,614
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		322,000		310,526


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Entertainment (Continued)
144A, 4.75%, 1/15/28	$	375,000	$	346,250
144A, 6.75%, 5/1/31		322,000		314,687
International Game Technology PLC 144A, 6.50%, 2/15/25		268,000		268,472
144A, 4.125%, 4/15/26		402,000		381,982
144A, 6.25%, 1/15/27		402,000		398,424
144A, 5.25%, 1/15/29		402,000		378,399
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		308,000		302,791
144A, 6.50%, 5/15/27		643,000		644,077
144A, 4.75%, 10/15/27		509,000		474,643
144A, 3.75%, 1/15/28		268,000		239,262
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		268,000		252,496
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		322,000		321,160
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		289,000		250,792
144A, 3.875%, 7/15/30		287,000		249,306
144A, 3.00%, 2/15/31		409,000		333,703
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		402,000		360,224
144A, 7.125%, 2/15/31		311,000		305,609

(Cost $12,577,937)				12,003,983

Food Service — 0.7%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		296,000		292,641
144A, 6.375%, 5/1/25		787,000		789,150
144A, 5.00%, 2/1/28		616,000		575,249

(Cost $1,687,023)				1,657,040

Home Builders — 0.5%
Meritage Homes Corp. 6.00%, 6/1/25		245,000		244,095
144A, 3.875%, 4/15/29		236,000		206,194
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		268,000		263,592
144A, 5.75%, 1/15/28		250,000		241,397
144A, 5.125%, 8/1/30		248,000		227,692

(Cost $1,270,506)				1,182,970

Home Furnishings — 0.2%
Tempur Sealy International, Inc., 144A, 4.00%, 4/15/29
(Cost $438,962)		429,000		368,857

Leisure Time — 2.5%
Carnival Corp. 144A, 9.875%, 8/1/27		446,000		471,335
144A, 4.00%, 8/1/28		1,289,000		1,154,476
144A, 7.00%, 8/15/29		250,000		253,885
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		1,088,000		1,184,282
Life Time, Inc., 144A, 5.75%, 1/15/26		496,000		484,341


	Principal Amount		Value
Leisure Time (Continued)
NCL Corp. Ltd. 144A, 3.625%, 12/15/24	$	303,000	$	290,495
144A, 5.875%, 2/15/27		536,000		519,699
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		330,000		349,012
144A, 8.25%, 1/15/29		496,000		518,825
144A, 7.25%, 1/15/30		375,000		380,543

(Cost $5,608,244)				5,606,893

Lodging — 4.0%
Boyd Gaming Corp. 4.75%, 12/1/27		536,000		502,933
144A, 4.75%, 6/15/31		482,000		425,028
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		268,000		265,732
144A, 5.75%, 5/1/28		268,000		263,169
144A, 3.75%, 5/1/29		429,000		378,290
4.875%, 1/15/30		536,000		500,516
144A, 4.00%, 5/1/31		589,000		511,953
144A, 3.625%, 2/15/32		784,000		652,025
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		455,000		403,802
144A, 4.875%, 7/1/31		268,000		226,219
Las Vegas Sands Corp. 2.90%, 6/25/25		268,000		253,019
3.50%, 8/18/26		536,000		497,823
3.90%, 8/8/29		402,000		353,765
MGM Resorts International 6.75%, 5/1/25		386,000		386,980
5.75%, 6/15/25		362,000		357,358
4.625%, 9/1/26		214,000		201,753
5.50%, 4/15/27		362,000		346,203
4.75%, 10/15/28		402,000		365,186
Station Casinos LLC, 144A, 4.50%, 2/15/28		370,000		331,483
Travel + Leisure Co. 144A, 6.625%, 7/31/26		348,000		343,550
6.00%, 4/1/27		214,000		207,839
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		705,000		697,102
144A, 5.25%, 5/15/27		483,000		457,561

(Cost $9,378,263)				8,929,289

Retail — 4.4%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		268,000		266,227
144A, 3.875%, 1/15/28		831,000		756,542
144A, 4.375%, 1/15/28		402,000		369,411
144A, 3.50%, 2/15/29		402,000		352,340
144A, 4.00%, 10/15/30		1,534,000		1,300,457
Asbury Automotive Group, Inc. 4.50%, 3/1/28		217,000		198,128
144A, 4.625%, 11/15/29		409,000		361,246
4.75%, 3/1/30		238,000		209,225


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Retail (Continued)
Bath & Body Works, Inc., 5.25%, 2/1/28	$	268,000	$	257,359
Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30		300,000		296,700
FirstCash, Inc. 144A, 4.625%, 9/1/28		268,000		238,631
144A, 5.625%, 1/1/30		295,000		268,122
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		214,000		197,843
144A, 3.875%, 6/1/29		409,000		351,549
144A, 4.375%, 1/15/31		295,000		251,252
Macy’s Retail Holdings LLC 144A, 5.875%, 3/15/30		228,000		199,705
144A, 6.125%, 3/15/32		228,000		195,715
Murphy Oil USA, Inc. 4.75%, 9/15/29		268,000		246,155
144A, 3.75%, 2/15/31		268,000		225,683
Penske Automotive Group, Inc. 3.50%, 9/1/25		295,000		281,470
3.75%, 6/15/29		268,000		229,955
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		643,000		577,382
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		348,000		310,137
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		429,000		395,451
3.625%, 3/15/31		543,000		460,966
4.625%, 1/31/32		589,000		527,542
5.375%, 4/1/32		536,000		503,285

(Cost $10,635,180)				9,828,478

Consumer, Non-cyclical — 19.6%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		268,000		260,743
144A, 6.00%, 6/15/30		536,000		524,143

(Cost $814,283)				784,886

Commercial Services — 4.8%
ADT Security Corp., 144A, 4.125%, 8/1/29		536,000		468,552
APX Group, Inc., 144A, 6.75%, 2/15/27		322,000		311,913
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		268,000		243,935
144A, 5.375%, 3/1/29		322,000		295,897
Block, Inc. 2.75%, 6/1/26		536,000		487,933
3.50%, 6/1/31		536,000		439,991
Brink’s Co. 144A, 5.50%, 7/15/25		214,000		210,619
144A, 4.625%, 10/15/27		322,000		299,754
Gartner, Inc. 144A, 4.50%, 7/1/28		409,000		381,726
144A, 3.625%, 6/15/29		322,000		283,130
144A, 3.75%, 10/1/30		429,000		370,843


	Principal Amount		Value
Commercial Services (Continued)
Herc Holdings, Inc., 144A, 5.50%, 7/15/27	$	643,000	$	617,785
Hertz Corp., 144A, 4.625%, 12/1/26		268,000		242,886
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		703,000		690,523
144A, 3.375%, 8/31/27		536,000		477,194
Service Corp. International 4.625%, 12/15/27		275,000		258,747
5.125%, 6/1/29		402,000		379,388
3.375%, 8/15/30		455,000		377,785
4.00%, 5/15/31		429,000		364,114
United Rentals North America, Inc. 5.50%, 5/15/27		268,000		262,864
3.875%, 11/15/27		402,000		372,675
4.875%, 1/15/28		894,000		851,478
5.25%, 1/15/30		402,000		382,459
4.00%, 7/15/30		367,000		322,103
3.875%, 2/15/31		589,000		504,303
3.75%, 1/15/32		402,000		338,412
Williams Scotsman International, Inc. 144A, 6.125%, 6/15/25		282,000		279,751
144A, 4.625%, 8/15/28		268,000		244,791

(Cost $11,683,339)				10,761,551

Cosmetics/Personal Care — 0.6%
Coty, Inc., 144A, 5.00%, 4/15/26		482,000		463,771
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30		400,000		399,654
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28		402,000		379,251

(Cost $1,283,749)				1,242,676

Food — 3.8%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		402,000		373,889
144A, 7.50%, 3/15/26		322,000		327,012
144A, 4.625%, 1/15/27		723,000		684,679
144A, 5.875%, 2/15/28		402,000		390,518
144A, 6.50%, 2/15/28		402,000		400,560
144A, 3.50%, 3/15/29		723,000		625,994
144A, 4.875%, 2/15/30		516,000		473,938
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		268,000		253,360
144A, 4.125%, 1/31/30		520,000		457,775
144A, 4.375%, 1/31/32		360,000		312,790
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		568,000		547,511
144A, 4.25%, 8/1/29		536,000		472,192
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27		455,000		450,315
3.50%, 3/1/32		462,000		372,469
6.25%, 7/1/33		536,000		532,644


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Food (Continued)
Post Holdings, Inc. 144A, 5.75%, 3/1/27	$	246,000	$	240,655
144A, 5.625%, 1/15/28		504,000		483,873
US Foods, Inc. 144A, 6.25%, 4/15/25		497,000		498,742
144A, 4.75%, 2/15/29		482,000		439,930
144A, 4.625%, 6/1/30		268,000		238,445

(Cost $9,010,582)				8,577,291

Healthcare-Products — 2.5%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		816,000		758,257
144A, 3.875%, 11/1/29		429,000		376,653
Hologic, Inc. 144A, 4.625%, 2/1/28		214,000		201,343
144A, 3.25%, 2/15/29		509,000		442,533
Medline Borrower LP 144A, 3.875%, 4/1/29		2,391,000		2,083,066
144A, 5.25%, 10/1/29		1,325,000		1,177,994
Teleflex, Inc. 4.625%, 11/15/27		268,000		252,994
144A, 4.25%, 6/1/28		268,000		246,804

(Cost $5,742,478)				5,539,644

Healthcare-Services — 5.2%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		268,000		250,504
144A, 3.125%, 2/15/29		295,000		248,532
144A, 3.50%, 4/1/30		348,000		292,968
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		268,000		246,285
144A, 3.75%, 3/15/29		268,000		236,793
144A, 4.00%, 3/15/31		268,000		231,678
Encompass Health Corp. 4.50%, 2/1/28		429,000		398,864
4.75%, 2/1/30		429,000		391,688
4.625%, 4/1/31		214,000		187,782
IQVIA, Inc. 144A, 5.00%, 10/15/26		563,000		544,375
144A, 5.00%, 5/15/27		589,000		567,567
144A, 6.50%, 5/15/30		268,000		269,773
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		429,000		394,121
144A, 3.875%, 11/15/30		328,000		280,391
144A, 3.875%, 5/15/32		402,000		333,799
Select Medical Corp., 144A, 6.25%, 8/15/26		630,000		624,634
Tenet Healthcare Corp. 4.875%, 1/1/26		1,125,000		1,089,678
6.25%, 2/1/27		804,000		792,450
5.125%, 11/1/27		804,000		761,413
4.625%, 6/15/28		322,000		296,799
4.25%, 6/1/29		750,000		669,771
4.375%, 1/15/30		777,000		691,031
6.125%, 6/15/30		1,032,000		1,001,287
144A, 6.75%, 5/15/31		723,000		720,208

(Cost $12,262,475)				11,522,391


	Principal Amount		Value
Household Products/Wares — 0.1%
Central Garden & Pet Co., 4.125%, 10/15/30
(Cost $245,766)	$	268,000	$	230,900

Pharmaceuticals — 2.3%
Jazz Securities DAC, 144A, 4.375%, 1/15/29		804,000		721,098
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28		1,105,000		1,001,042
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		375,000		362,464
4.375%, 3/15/26		375,000		356,316
4.65%, 6/15/30		402,000		356,126
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		214,000		203,033
144A, 3.75%, 4/1/31		322,000		266,745
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 1/31/25		228,000		229,563
3.15%, 10/1/26		1,780,000		1,611,299

(Cost $5,433,799)				5,107,686

Energy — 8.2%
Oil & Gas — 4.1%
Antero Resources Corp. 144A, 7.625%, 2/1/29		218,000		223,362
144A, 5.375%, 3/1/30		322,000		301,507
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		320,000		318,439
144A, 5.875%, 6/30/29		214,000		195,146
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		185,000		189,858
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		268,000		261,821
144A, 5.875%, 2/1/29		268,000		256,700
144A, 6.75%, 4/15/29		509,000		505,810
Civitas Resources, Inc., 144A, 5.00%, 10/15/26		214,000		202,362
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		483,000		474,982
Matador Resources Co. 5.875%, 9/15/26		375,000		366,094
144A, 6.875%, 4/15/28		268,000		267,820
MEG Energy Corp. 144A, 7.125%, 2/1/27		203,000		205,424
144A, 5.875%, 2/1/29		322,000		307,961
Murphy Oil Corp. 5.875%, 12/1/27		291,000		286,370
6.375%, 7/15/28		242,000		242,070
Parkland Corp., 144A, 5.875%, 7/15/27		268,000		259,143
PBF Holding Co. LLC / PBF Finance Corp., 7.25%, 6/15/25		358,000		358,346
Permian Resources Operating LLC, 144A, 5.875%, 7/1/29		375,000		362,014


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Oil & Gas (Continued)
Range Resources Corp. 4.875%, 5/15/25	$	369,000	$	361,044
8.25%, 1/15/29		322,000		334,579
144A, 4.75%, 2/15/30		268,000		242,268
Southwestern Energy Co. 5.375%, 2/1/29		373,000		354,367
5.375%, 3/15/30		643,000		601,683
4.75%, 2/1/32		596,000		528,588
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		322,000		318,951
4.50%, 5/15/29		429,000		388,387
4.50%, 4/30/30		428,000		381,920

(Cost $9,353,139)				9,097,016

Pipelines — 4.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		295,000		300,047
144A, 5.375%, 6/15/29		402,000		376,761
Buckeye Partners LP 144A, 4.125%, 3/1/25		268,000		258,333
4.125%, 12/1/27		214,000		194,781
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		750,000		684,803
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25		268,000		265,638
DT Midstream, Inc. 144A, 4.125%, 6/15/29		589,000		522,467
144A, 4.375%, 6/15/31		536,000		464,551
EnLink Midstream LLC 144A, 5.625%, 1/15/28		268,000		259,483
5.375%, 6/1/29		242,000		231,004
144A, 6.50%, 9/1/30		536,000		537,982
EnLink Midstream Partners LP 4.15%, 6/1/25		226,000		218,937
4.85%, 7/15/26		263,000		252,725
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		214,000		211,953
4.125%, 12/1/26		268,000		251,858
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		426,000		415,503
144A, 5.125%, 6/15/28		295,000		276,994
144A, 4.25%, 2/15/30		382,000		336,227
144A, 5.50%, 10/15/30		214,000		200,555
NuStar Logistics LP, 5.75%, 10/1/25		322,000		316,038
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		214,000		202,053
144A, 4.95%, 7/15/29		295,000		270,425
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		670,000		580,257
144A, 6.25%, 1/15/30		536,000		522,617
144A, 4.125%, 8/15/31		645,000		547,774
144A, 3.875%, 11/1/33		670,000		544,844

(Cost $10,036,936)				9,244,610


	Principal Amount		Value
Financial — 9.1%
Diversified Financial Services — 2.7%
AG Issuer LLC, 144A, 6.25%, 3/1/28	$	268,000	$	257,021
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		268,000		276,477
Nationstar Mortgage Holdings, Inc., 144A, 6.00%, 1/15/27		315,000		301,505
Navient Corp. 5.875%, 10/25/24		268,000		264,243
6.75%, 6/25/25		268,000		266,434
6.75%, 6/15/26		260,000		255,726
NFP Corp., 144A, 4.875%, 8/15/28		295,000		263,526
OneMain Finance Corp. 6.875%, 3/15/25		669,000		666,254
3.50%, 1/15/27		402,000		350,202
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25		337,000		326,486
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		616,000		548,086
144A, 3.625%, 3/1/29		402,000		342,670
144A, 3.875%, 3/1/31		650,000		530,923
144A, 4.00%, 10/15/33		455,000		360,498
SLM Corp. 4.20%, 10/29/25		268,000		252,295
3.125%, 11/2/26		268,000		238,793
United Wholesale Mortgage LLC, 144A, 5.50%, 11/15/25		429,000		412,908

(Cost $6,406,352)				5,914,047

Insurance — 1.8%
Acrisure LLC / Acrisure Finance, Inc., 144A, 4.25%, 2/15/29		375,000		324,680
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		402,000		365,395
144A, 6.75%, 4/15/28		670,000		660,718
AssuredPartners, Inc., 144A, 7.00%, 8/15/25		268,000		265,611
HUB International Ltd. 144A, 7.00%, 5/1/26		895,000		894,128
144A, 5.625%, 12/1/29		295,000		260,551
144A, 7.25%, 6/15/30		1,145,000		1,160,422

(Cost $3,956,953)				3,931,505

Real Estate — 0.4%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		402,000		362,488
144A, 4.125%, 2/1/29		348,000		287,441
144A, 4.375%, 2/1/31		348,000		277,383

(Cost $1,080,736)				927,312

Real Estate Investment Trusts — 4.2%
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		214,000		210,228
144A, 3.375%, 6/15/26		536,000		481,710


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Iron Mountain, Inc. 144A, 4.875%, 9/15/27	$	536,000	$	503,828
144A, 5.25%, 3/15/28		442,000		414,821
144A, 5.00%, 7/15/28		268,000		248,478
144A, 7.00%, 2/15/29		536,000		535,093
144A, 4.875%, 9/15/29		536,000		484,821
144A, 5.25%, 7/15/30		667,000		601,691
144A, 4.50%, 2/15/31		589,000		506,558
144A, 5.625%, 7/15/32		322,000		289,255
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		348,000		348,709
144A, 5.875%, 10/1/28		368,000		340,771
144A, 4.875%, 5/15/29		402,000		349,097
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		355,000		330,376
144A, 7.25%, 7/15/28		214,000		215,262
144A, 4.50%, 2/15/29		322,000		282,941
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		268,000		245,796
144A, 4.00%, 9/15/29		268,000		224,370
SBA Communications Corp. 3.875%, 2/15/27		802,000		742,226
3.125%, 2/1/29		804,000		688,453
Service Properties Trust, 4.35%, 10/1/24		442,000		425,745
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		214,000		205,981
4.75%, 3/15/25		268,000		259,297
XHR LP 144A, 6.375%, 8/15/25		268,000		265,023
144A, 4.875%, 6/1/29		268,000		232,100

(Cost $9,972,700)				9,432,630

Industrial — 11.8%
Aerospace/Defense — 3.6%
Howmet Aerospace, Inc., 5.125%, 10/1/24		554,000		548,726
Rolls-Royce PLC 144A, 3.625%, 10/14/25		536,000		505,180
144A, 5.75%, 10/15/27		536,000		520,823
TransDigm, Inc. 144A, 6.25%, 3/15/26		2,053,000		2,035,617
6.375%, 6/15/26		410,000		410,388
7.50%, 3/15/27		244,000		244,736
5.50%, 11/15/27		1,267,000		1,203,352
144A, 6.75%, 8/15/28		998,000		1,002,516
4.625%, 1/15/29		572,000		512,958
4.875%, 5/1/29		351,000		316,137
144A, 6.875%, 12/15/30		700,000		705,411

(Cost $8,088,157)				8,005,844

Building Materials — 1.5%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		295,000		271,283


	Principal Amount		Value
Building Materials (Continued)
144A, 4.25%, 2/1/32	$	697,000	$	593,171
144A, 6.375%, 6/15/32		360,000		351,252
Standard Industries, Inc. 144A, 5.00%, 2/15/27		455,000		431,849
144A, 4.75%, 1/15/28		536,000		494,204
144A, 4.375%, 7/15/30		857,000		734,946
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		375,000		351,664

(Cost $3,365,187)				3,228,369

Electrical Components & Equipment — 0.7%
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		804,000		808,333
144A, 7.25%, 6/15/28		710,000		720,846

(Cost $1,549,281)				1,529,179

Electronics — 0.8%
Sensata Technologies BV 144A, 5.625%, 11/1/24		214,000		212,278
144A, 5.00%, 10/1/25		374,000		364,856
144A, 4.00%, 4/15/29		536,000		471,200
144A, 5.875%, 9/1/30		268,000		253,565
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		241,000		213,385
144A, 3.75%, 2/15/31		382,000		320,452

(Cost $2,062,240)				1,835,736

Engineering & Construction — 0.1%
Fluor Corp., 4.25%, 9/15/28
(Cost $298,775)		320,000		298,704

Environmental Control — 1.2%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31		268,000		266,809
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		268,000		259,482
144A, 3.75%, 8/1/25		402,000		383,136
144A, 5.125%, 12/15/26		268,000		259,580
144A, 4.00%, 8/1/28		402,000		359,182
144A, 3.50%, 9/1/28		382,000		338,020
144A, 4.75%, 6/15/29		402,000		364,543
144A, 4.375%, 8/15/29		295,000		261,123
Stericycle, Inc., 144A, 3.875%, 1/15/29		268,000		233,695

(Cost $2,872,422)				2,725,570

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25
(Cost $216,432)		214,000		212,860

Packaging & Containers — 3.3%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		302,000		294,785
144A, 3.25%, 9/1/28		322,000		273,744


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Packaging & Containers (Continued)
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25	$	375,000	$	365,755
144A, 4.125%, 8/15/26		651,000		608,722
Ball Corp. 5.25%, 7/1/25		536,000		529,016
4.875%, 3/15/26		402,000		390,503
6.875%, 3/15/28		402,000		408,173
6.00%, 6/15/29		536,000		528,688
2.875%, 8/15/30		697,000		569,100
3.125%, 9/15/31		435,000		352,592
Berry Global, Inc., 144A, 5.625%, 7/15/27		268,000		262,965
Crown Americas LLC, 5.25%, 4/1/30		268,000		252,804
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		241,000		214,944
144A, 3.75%, 2/1/30		214,000		182,614
OI European Group BV, 144A, 4.75%, 2/15/30		214,000		192,842
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		536,000		482,122
Sealed Air Corp. 144A, 5.125%, 12/1/24		225,000		222,114
144A, 5.50%, 9/15/25		214,000		210,994
144A, 4.00%, 12/1/27		228,000		208,161
144A, 5.00%, 4/15/29		228,000		211,405
Sealed Air Corp./Sealed Air Corp., 144A, 6.125%, 2/1/28		415,000		408,083
Silgan Holdings, Inc., 4.125%, 2/1/28		305,000		279,722

(Cost $7,999,177)				7,449,848

Trucking & Leasing — 0.5%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		348,000		343,962
144A, 9.75%, 8/1/27		214,000		222,282
144A, 5.50%, 5/1/28		536,000		498,408

(Cost $1,061,245)				1,064,652

Technology — 4.8%
Computers — 1.5%
NCR Corp. 144A, 5.75%, 9/1/27		271,000		273,904
144A, 5.00%, 10/1/28		329,000		302,209
144A, 6.125%, 9/1/29		268,000		276,203
Presidio Holdings, Inc., 144A, 4.875%, 2/1/27		281,000		263,005
Seagate HDD Cayman 4.75%, 1/1/25		257,000		251,316
4.875%, 6/1/27		271,000		259,751
4.091%, 6/1/29		265,000		232,220
144A, 8.25%, 12/15/29		268,000		281,418
Western Digital Corp., 4.75%, 2/15/26		1,232,000		1,174,614

(Cost $3,402,060)				3,314,640


	Principal Amount		Value
Semiconductors — 0.9%
Entegris Escrow Corp. 144A, 4.75%, 4/15/29	$	857,000	$	795,662
144A, 5.95%, 6/15/30		480,000		460,143
Entegris, Inc. 144A, 4.375%, 4/15/28		194,000		177,049
144A, 3.625%, 5/1/29		214,000		184,124
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		375,000		334,161

(Cost $2,002,461)				1,951,139

Software — 2.4%
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		322,000		322,692
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/28		494,000		436,349
Fair Isaac Corp. 144A, 5.25%, 5/15/26		214,000		207,914
144A, 4.00%, 6/15/28		482,000		441,275
Open Text Corp. 144A, 3.875%, 2/15/28		482,000		429,398
144A, 3.875%, 12/1/29		455,000		386,395
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		482,000		415,797
144A, 4.125%, 12/1/31		333,000		276,761
PTC, Inc. 144A, 3.625%, 2/15/25		268,000		258,934
144A, 4.00%, 2/15/28		268,000		246,472
ROBLOX Corp., 144A, 3.875%, 5/1/30		536,000		442,686
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		1,072,000		1,033,034
Twilio, Inc. 3.625%, 3/15/29		268,000		230,171
3.875%, 3/15/31		268,000		224,691

(Cost $5,737,645)				5,352,569

Utilities — 3.1%
Electric — 2.9%
Calpine Corp. 144A, 5.25%, 6/1/26		225,000		220,951
144A, 4.50%, 2/15/28		670,000		621,524
144A, 3.75%, 3/1/31		482,000		402,882
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		430,000		397,881
144A, 3.75%, 2/15/31		496,000		408,335
DPL, Inc., 4.125%, 7/1/25		222,000		211,387
FirstEnergy Corp. Series B, 4.15%, 7/15/27		804,000		759,302
2.65%, 3/1/30		322,000		269,035
Series B, 2.25%, 9/1/30		241,000		193,634
NextEra Energy Operating Partners LP 144A, 3.875%, 10/15/26		268,000		247,848
144A, 4.50%, 9/15/27		295,000		274,110
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		536,000		517,483
144A, 5.625%, 2/15/27		697,000		671,611


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Electric (Continued)
144A, 5.00%, 7/31/27	$	667,000	$	627,920
144A, 4.375%, 5/1/29		670,000		591,327

(Cost $6,970,315)				6,415,230

Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.50%, 5/20/25
(Cost $366,925)		375,000		368,395

TOTAL CORPORATE BONDS (Cost $232,149,169)				219,110,839


	Number of Shares
CASH EQUIVALENTS — 1.5%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $3,360,237)		3,360,237		3,360,237


TOTAL INVESTMENTS — 99.8% (Cost $235,509,406)			$	222,471,076
Other assets and liabilities, net — 0.2%				537,028

NET ASSETS — 100.0%			$	223,008,104

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
CORPORATE BONDS — 0.0%
Financial — 0.0%
Deutsche Bank AG, 5.882%, 7/08/31 (b)
		1,552,065		—		(1,467,170	)		(398,114	)		313,219		15,533		—		—		—
Deutsche Bank AG, 3.729%, 1/14/32 (b)
		3,038,749		—		(2,883,343	)		(973,927	)		818,521		24,591		—		—		—
Deutsche Bank AG, 3.742%, 1/07/33 (b)
		2,794,732		46,341		(2,703,931	)		(903,636	)		766,494		24,328		—		—		—

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(c)
		9,125,075		—		(9,125,075	)(d)		—			—		135,202		—		—		—

CASH EQUIVALENTS —1.5%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		10,573,885		99,268,024		(106,481,672	)		—			—		211,084		—		3,360,237		3,360,237

		27,084,506		99,314,365		(122,661,191	)		(2,275,677	)		1,898,234		410,738		—		3,360,237		3,360,237

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

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

GMTN:

Global Medium Term Note

144A:

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


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	219,110,839	$	—	$	219,110,839
Short-Term Investments (a)		3,360,237		—		—		3,360,237

TOTAL	$	3,360,237	$	219,110,839	$	—	$	222,471,076

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


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF

August 31, 2023


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 99.3%
Xtrackers High Beta High Yield Bond ETF (a)(b)		24,207	$	967,365
Xtrackers USD High Yield Corporate Bond ETF (a)(b)		1,232,679		42,650,693

(Cost $47,510,824)				43,618,058

SECURITIES LENDING COLLATERAL — 14.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $6,535,150)		6,535,150		6,535,150

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $311,422)		311,422		311,422


TOTAL INVESTMENTS — 114.9% (Cost $54,357,396)			$	50,464,630
Other assets and liabilities, net — (14.9%)				(6,538,593	)

NET ASSETS — 100.0%			$	43,926,037

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
EXCHANGE-TRADED FUNDS — 99.3%
Xtrackers High Beta High Yield Bond ETF (a)(b)
		1,090,918		36,452			(169,408	)		(7,537	)		16,940		77,228		—		24,207		967,365

Xtrackers USD High Yield Corporate Bond ETF (a)(b)
		48,129,309		1,784,428			(7,833,340	)		(281,017	)		851,313		2,632,251		—		1,232,679		42,650,693

SECURITIES LENDING COLLATERAL — 14.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		—		6,535,150 (e	)		—			—			—		2,638		—		6,535,150		6,535,150

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
		374,305		501,480			(564,363	)		—			—		16,386		—		311,422		311,422

		49,594,532		8,857,510			(8,567,111	)		(288,554	)		868,253		2,728,503		—		8,103,458		50,464,630

(a)	Affiliated fund advised by DBX Advisors LLC.

(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 August 31, 2023 amounted to $6,369,617, which is 14.5% of net assets.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)

August 31, 2023

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	43,618,058	$	—	$	—	$	43,618,058
Short-Term Investments (a)		6,846,572		—		—		6,846,572

TOTAL	$	50,464,630	$	—	$	—	$	50,464,630

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


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF

August 31, 2023


	Principal Amount		Value
CORPORATE BONDS — 97.9%
Basic Materials — 3.9%
Chemicals — 1.5%
Avient Corp., 144A, 5.75%, 5/15/25	$	170,000	$	167,902
Chemours Co., 5.375%, 5/15/27		91,000		85,625
INEOS Finance PLC, 144A, 6.75%, 5/15/28		74,000		70,921
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		83,000		75,954
Methanex Corp., 5.125%, 10/15/27		115,000		107,980
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		200,000		196,927
144A, 5.00%, 5/1/25		97,000		92,236
144A, 5.25%, 6/1/27		179,000		159,354
Olin Corp., 5.125%, 9/15/27		83,000		79,546
SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/28		191,000		171,888

(Cost $1,226,367)				1,208,333

Iron/Steel — 0.6%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		170,000		170,244
5.875%, 6/1/27		100,000		96,419
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		113,000		112,921
144A, 8.00%, 11/1/27		126,000		125,716

(Cost $513,976)				505,300

Mining — 1.8%
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		146,000		146,109
144A, 6.875%, 3/1/26		174,000		171,702
144A, 6.875%, 10/15/27		250,000		243,710
FMG Resources August 2006 Pty Ltd., 144A, 4.50%, 9/15/27		100,000		92,377
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		125,000		118,083
Kaiser Aluminum Corp., 144A, 4.625%, 3/1/28		85,000		75,294
Nexa Resources SA 144A, 5.375%, 5/4/27		119,000		112,000
144A, 6.50%, 1/18/28		87,000		84,379
Vedanta Resources Finance II PLC 144A, 13.875%, 1/21/24		200,000		170,853
144A, 8.95%, 3/11/25		250,000		163,718
144A, 9.25%, 4/23/26		100,000		57,324
Vedanta Resources Ltd., 144A, 6.125%, 8/9/24		100,000		59,679

(Cost $1,538,720)				1,495,228

Communications — 16.1%
Advertising — 0.7%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		202,000		181,060
144A, 7.75%, 4/15/28		174,000		137,030


	Principal Amount		Value
Advertising (Continued)
Lamar Media Corp., 3.75%, 2/15/28	$	115,000	$	104,845
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		65,000		63,937
144A, 5.00%, 8/15/27		104,000		93,765

(Cost $582,216)				580,637

Internet — 2.0%
Gen Digital, Inc. 144A, 5.00%, 4/15/25		160,000		157,000
144A, 6.75%, 9/30/27		156,000		156,348
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 5.25%, 12/1/27		100,000		95,848
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		78,000		73,295
144A, 4.625%, 6/1/28		88,000		81,270
MercadoLibre, Inc., 2.375%, 1/14/26		50,000		45,863
Rakuten Group, Inc., 144A, 10.25%, 11/30/24		185,000		186,850
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		225,000		227,346
144A, 8.00%, 11/1/26		244,000		248,657
144A, 7.50%, 9/15/27		236,000		240,794
144A, 6.25%, 1/15/28		80,000		79,288

(Cost $1,586,919)				1,592,559

Media — 8.4%
Altice Financing SA, 144A, 5.00%, 1/15/28		208,000		169,297
AMC Networks, Inc. 5.00%, 4/1/24		126,000		124,748
4.75%, 8/1/25		132,000		123,867
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		100,000		97,751
144A, 5.125%, 5/1/27		565,000		532,809
144A, 5.00%, 2/1/28		420,000		387,416
CSC Holdings LLC 5.25%, 6/1/24		130,000		123,425
144A, 5.50%, 4/15/27		225,000		194,260
144A, 5.375%, 2/1/28		164,000		134,318
144A, 7.50%, 4/1/28		181,000		115,286
144A, 11.25%, 5/15/28		175,000		172,764
DISH DBS Corp. 5.875%, 11/15/24		327,000		304,465
7.75%, 7/1/26		372,000		278,312
144A, 5.25%, 12/1/26		485,000		409,612
7.375%, 7/1/28		130,000		81,766
DISH Network Corp., 144A, 11.75%, 11/15/27		622,000		631,603
Gray Television, Inc. 144A, 5.875%, 7/15/26		124,000		113,575
144A, 7.00%, 5/15/27		130,000		116,814
iHeartCommunications, Inc. 6.375%, 5/1/26		137,000		119,723


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Media (Continued)
8.375%, 5/1/27	$	172,000	$	119,284
144A, 5.25%, 8/15/27		133,000		105,503
144A, 4.75%, 1/15/28		80,000		61,735
McGraw-Hill Education, Inc., 144A, 5.75%, 8/1/28		140,000		124,376
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		295,000		277,556
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		220,000		198,704
144A, 5.00%, 8/1/27		228,000		210,581
144A, 4.00%, 7/15/28		340,000		294,424
TEGNA, Inc. 144A, 4.75%, 3/15/26		102,000		97,281
4.625%, 3/15/28		161,000		144,422
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		200,000		183,800
Univision Communications, Inc. 144A, 5.125%, 2/15/25		178,000		175,713
144A, 6.625%, 6/1/27		268,000		259,724
144A, 8.00%, 8/15/28		80,000		79,874
UPC Holding BV, 144A, 5.50%, 1/15/28		70,000		62,370
Videotron Ltd. 144A, 5.375%, 6/15/24		121,000		120,192
144A, 5.125%, 4/15/27		80,000		76,672
VTR Finance NV, 144A, 6.375%, 7/15/28		85,000		39,168
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		106,000		98,720

(Cost $7,333,526)				6,961,910

Telecommunications — 5.0%
Altice France Holding SA 144A, 10.50%, 5/15/27		270,000		146,044
144A, 6.00%, 2/15/28		188,000		83,196
Altice France SA 144A, 8.125%, 2/1/27		291,000		246,197
144A, 5.50%, 1/15/28		179,000		134,303
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		212,000		196,956
CommScope Technologies LLC 144A, 6.00%, 6/15/25		215,000		196,646
144A, 5.00%, 3/15/27		139,000		77,432
CommScope, Inc. 144A, 6.00%, 3/1/26		245,000		222,892
144A, 8.25%, 3/1/27		176,000		116,783
144A, 7.125%, 7/1/28		104,000		58,044
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		200,000		182,326
144A, 5.00%, 5/1/28		257,000		220,450
Hughes Satellite Systems Corp. 5.25%, 8/1/26		124,000		114,158
6.625%, 8/1/26		137,000		118,984
Iliad Holding SASU, 144A, 6.50%, 10/15/26		201,000		191,947
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		108,000		99,743
144A, 4.625%, 9/15/27		197,000		148,195


	Principal Amount		Value
Telecommunications (Continued)
144A, 4.25%, 7/1/28	$	170,000	$	111,467
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		85,000		44,109
144A, 4.00%, 2/15/27		214,000		134,686
Millicom International Cellular SA, 144A, 5.125%, 1/15/28		70,200		63,726
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		82,000		76,146
Telecom Italia SpA, 144A, 5.303%, 5/30/24		259,000		255,870
VEON Holdings BV, 144A, 4.95%, 6/16/24		113,000		106,514
Viasat, Inc. 144A, 5.625%, 9/15/25		201,000		190,134
144A, 5.625%, 4/15/27		79,000		70,750
144A, 6.50%, 7/15/28		50,000		39,108
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		240,000		194,763
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		244,000		183,042
144A, 6.125%, 3/1/28		190,000		123,685

(Cost $4,679,520)				4,148,296

Consumer, Cyclical — 24.5%
Airlines — 2.2%
Air Canada, 144A, 3.875%, 8/15/26		203,000		187,673
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		85,000		81,420
American Airlines, Inc. 144A, 11.75%, 7/15/25		299,000		327,523
144A, 7.25%, 2/15/28		140,000		137,662
Delta Air Lines, Inc. 2.90%, 10/28/24		170,000		164,838
7.375%, 1/15/26		140,000		144,138
4.375%, 4/19/28		71,000		66,677
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		209,252		193,845
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		106,000		106,216
144A, 8.00%, 9/20/25		70,000		70,150
United Airlines, Inc., 144A, 4.375%, 4/15/26		365,000		344,114

(Cost $1,889,110)				1,824,256

Apparel — 0.2%
Hanesbrands, Inc., 144A, 4.875%, 5/15/26
(Cost $162,085)		159,000		148,664

Auto Manufacturers — 3.6%
Allison Transmission, Inc., 144A, 4.75%, 10/1/27		61,000		57,318
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		210,000		213,553


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Auto Manufacturers (Continued)
Ford Motor Co., 4.346%, 12/8/26	$	310,000	$	299,527
Ford Motor Credit Co. LLC 3.81%, 1/9/24		50,000		49,565
5.584%, 3/18/24		170,000		169,237
3.664%, 9/8/24		93,000		90,310
4.063%, 11/1/24		150,000		145,455
2.30%, 2/10/25		67,000		63,010
4.687%, 6/9/25		97,000		93,460
5.125%, 6/16/25		186,000		181,240
4.134%, 8/4/25		125,000		119,168
3.375%, 11/13/25		331,000		308,551
GMTN, 4.389%, 1/8/26		158,000		149,291
6.95%, 3/6/26		85,000		85,299
6.95%, 6/10/26		20,000		20,046
4.542%, 8/1/26		82,000		77,379
2.70%, 8/10/26		151,000		135,200
4.271%, 1/9/27		113,000		104,578
4.95%, 5/28/27		159,000		149,316
4.125%, 8/17/27		107,000		97,269
3.815%, 11/2/27		35,000		31,166
7.35%, 11/4/27		128,000		130,679
2.90%, 2/16/28		80,000		68,342
6.80%, 5/12/28		100,000		100,060

(Cost $3,032,903)				2,939,019

Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		140,000		134,756
144A, 7.00%, 4/15/28		84,000		84,945
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		108,000		102,475
6.875%, 7/1/28		55,000		50,498
Clarios Global LP / Clarios US Finance Co. 144A, 8.50%, 5/15/27		165,000		166,970
144A, 6.75%, 5/15/28		150,000		149,747
Dana, Inc. 5.375%, 11/15/27		86,000		81,436
5.625%, 6/15/28		67,000		63,131
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		113,000		115,503
5.00%, 5/31/26		152,000		146,842
4.875%, 3/15/27		133,000		125,231
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		182,000		176,993
144A, 6.875%, 4/14/28		115,000		114,530

(Cost $1,544,427)				1,513,057

Distribution/Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		130,000		117,806
Ritchie Bros Holdings, Inc., 144A, 6.75%, 3/15/28		65,000		65,412

(Cost $185,749)				183,218


	Principal Amount		Value
Entertainment — 4.0%
AMC Entertainment Holdings, Inc., 144A, 10.00%, 6/15/26	$	243,000	$	168,738
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		537,000		533,313
144A, 8.125%, 7/1/27		315,000		320,128
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		169,000		169,273
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		192,000		190,651
5.375%, 4/15/27		97,000		91,793
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		102,000		98,365
144A, 4.75%, 1/15/28		120,000		110,800
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		78,000		74,953
144A, 5.25%, 7/15/28		120,000		106,697
International Game Technology PLC 144A, 6.50%, 2/15/25		58,000		58,102
144A, 4.125%, 4/15/26		127,000		120,676
144A, 6.25%, 1/15/27		130,000		128,844
Light & Wonder International, Inc., 144A, 7.00%, 5/15/28		90,000		89,749
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		137,000		134,683
144A, 6.50%, 5/15/27		213,000		213,357
144A, 4.75%, 10/15/27		168,000		156,660
144A, 3.75%, 1/15/28		80,000		71,422
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		204,000		190,159
Penn Entertainment, Inc., 144A, 5.625%, 1/15/27		68,000		64,353
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		86,000		81,025
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		100,000		99,739

(Cost $3,365,273)				3,273,480

Food Service — 0.7%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		96,000		94,910
144A, 6.375%, 5/1/25		210,000		210,574
144A, 5.00%, 2/1/28		200,000		186,769
TKC Holdings, Inc., 144A, 6.875%, 5/15/28		70,000		63,352

(Cost $552,713)				555,605

Home Builders — 0.6%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 6.25%, 9/15/27		110,000		101,077
Mattamy Group Corp., 144A, 5.25%, 12/15/27		97,000		91,598
Meritage Homes Corp., 6.00%, 6/1/25		128,000		127,527


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Home Builders (Continued)
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27	$	85,000	$	83,602
144A, 5.75%, 1/15/28		80,000		77,247

(Cost $475,548)				481,051

Housewares — 0.6%
Newell Brands, Inc. 4.875%, 6/1/25		87,000		84,115
4.70%, 4/1/26		345,000		330,129
6.375%, 9/15/27		91,000		89,085

(Cost $531,507)				503,329

Leisure Time — 4.4%
Carnival Corp. 144A, 7.625%, 3/1/26		316,000		315,295
144A, 5.75%, 3/1/27		603,000		567,051
144A, 9.875%, 8/1/27		150,000		158,521
144A, 4.00%, 8/1/28		350,000		313,473
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		300,000		326,548
Life Time, Inc. 144A, 5.75%, 1/15/26		173,000		168,933
144A, 8.00%, 4/15/26		80,000		79,472
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		94,000		90,121
144A, 5.875%, 3/15/26		257,000		242,094
144A, 5.875%, 2/15/27		175,000		169,678
144A, 8.375%, 2/1/28		60,000		61,898
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		77,000		81,436
144A, 4.25%, 7/1/26		115,000		107,323
144A, 5.50%, 8/31/26		169,000		162,034
144A, 5.375%, 7/15/27		165,000		155,301
144A, 11.625%, 8/15/27		192,000		209,287
3.70%, 3/15/28		103,000		89,802
144A, 5.50%, 4/1/28		260,000		243,555
Viking Cruises Ltd., 144A, 5.875%, 9/15/27		140,000		131,035

(Cost $3,616,939)				3,672,857

Lodging — 3.3%
Boyd Gaming Corp., 4.75%, 12/1/27		186,000		174,525
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		81,000		80,314
144A, 5.75%, 5/1/28		100,000		98,198
Las Vegas Sands Corp. 3.20%, 8/8/24		353,000		340,857
2.90%, 6/25/25		62,000		58,534
3.50%, 8/18/26		180,000		167,179
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		236,000		224,413
144A, 5.25%, 4/26/26		85,000		78,806
144A, 5.625%, 7/17/27		100,000		89,476
144A, 5.75%, 7/21/28		120,000		106,277
MGM Resorts International 6.75%, 5/1/25		211,000		211,536
5.75%, 6/15/25		101,000		99,705


	Principal Amount		Value
Lodging (Continued)
4.625%, 9/1/26	$	78,000	$	73,536
5.50%, 4/15/27		101,000		96,593
Station Casinos LLC, 144A, 4.50%, 2/15/28		118,000		105,716
Studio City Finance Ltd. 144A, 6.00%, 7/15/25		80,000		75,722
144A, 6.50%, 1/15/28		94,000		79,690
Travel + Leisure Co. 144A, 6.625%, 7/31/26		110,000		108,594
6.00%, 4/1/27		73,000		70,898
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		285,000		281,807
144A, 5.25%, 5/15/27		157,000		148,731

(Cost $2,798,611)				2,771,107

Retail — 2.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		90,000		89,405
144A, 3.875%, 1/15/28		269,000		244,897
144A, 4.375%, 1/15/28		130,000		119,461
Asbury Automotive Group, Inc., 4.50%, 3/1/28		75,000		68,477
Bath & Body Works, Inc., 5.25%, 2/1/28		80,000		76,824
Carvana Co., 144A, 5.50%, 4/15/27		101,000		74,313
eG Global Finance PLC 144A, 6.75%, 2/7/25		62,000		61,157
144A, 8.50%, 10/30/25		120,000		118,922
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.375%, 4/1/26		113,000		106,318
Lithia Motors, Inc., 144A, 4.625%, 12/15/27		75,000		69,337
Michaels Cos., Inc., 144A, 5.25%, 5/1/28		148,000		123,488
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		194,000		184,544
Penske Automotive Group, Inc., 3.50%, 9/1/25		70,000		66,790
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		210,000		188,569
QVC, Inc. 4.85%, 4/1/24		50,000		48,622
4.45%, 2/15/25		100,000		89,984
4.75%, 2/15/27		103,000		68,100
Rite Aid Corp., 144A, 8.00%, 11/15/26		148,000		94,131
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		113,000		100,706
Staples, Inc. 144A, 7.50%, 4/15/26		348,000		288,273
144A, 10.75%, 4/15/27		165,000		89,710

(Cost $2,553,581)				2,372,028


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Consumer, Non-cyclical — 15.0%
Agriculture — 0.2%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27	$	60,000	$	58,375
Vector Group Ltd., 144A, 10.50%, 11/1/26		94,000		94,391

(Cost $152,790)				152,766

Commercial Services — 4.5%
Albion Financing 2SARL, 144A, 8.75%, 4/15/27		123,000		114,666
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		337,000		320,881
144A, 9.75%, 7/15/27		190,000		174,675
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		203,000		172,733
APX Group, Inc., 144A, 6.75%, 2/15/27		98,000		94,930
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, 4.75%, 4/1/28		84,000		76,457
Block, Inc., 2.75%, 6/1/26		174,000		158,396
Brink’s Co. 144A, 5.50%, 7/15/25		60,000		59,052
144A, 4.625%, 10/15/27		100,000		93,091
Garda World Security Corp. 144A, 4.625%, 2/15/27		96,000		88,887
144A, 9.50%, 11/1/27		103,000		99,731
144A, 7.75%, 2/15/28		68,000		67,563
Gartner, Inc., 144A, 4.50%, 7/1/28		139,000		129,731
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		209,000		200,804
Hertz Corp., 144A, 4.625%, 12/1/26		85,000		77,035
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		90,000		89,283
144A, 5.75%, 4/15/26		235,000		230,829
144A, 3.375%, 8/31/27		174,000		154,910
144A, 6.25%, 1/15/28		226,000		215,005
Sabre GLBL, Inc. 144A, 7.375%, 9/1/25		155,000		152,482
144A, 11.25%, 12/15/27		93,000		88,718
Service Corp. International, 4.625%, 12/15/27		100,000		94,090
Sotheby’s, 144A, 7.375%, 10/15/27		133,000		121,232
United Rentals North America, Inc. 5.50%, 5/15/27		122,000		119,662
3.875%, 11/15/27		70,000		64,894
4.875%, 1/15/28		342,000		325,733
Williams Scotsman International, Inc. 144A, 6.125%, 6/15/25		70,000		69,442
144A, 4.625%, 8/15/28		85,000		77,639

(Cost $3,806,451)				3,732,551


	Principal Amount		Value
Cosmetics/Personal Care — 0.4%
Coty, Inc. 144A, 5.00%, 4/15/26	$	149,000	$	143,365
144A, 6.50%, 4/15/26		93,000		92,270
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28		132,000		124,530

(Cost $369,057)				360,165

Food — 2.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		137,000		127,420
144A, 7.50%, 3/15/26		75,000		76,167
144A, 4.625%, 1/15/27		211,000		199,816
144A, 5.875%, 2/15/28		130,000		126,287
144A, 6.50%, 2/15/28		130,000		129,534
B&G Foods, Inc. 5.25%, 4/1/25		159,000		155,344
5.25%, 9/15/27		95,000		84,255
Lamb Weston Holdings, Inc., 144A, 4.875%, 5/15/28		87,000		82,248
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		161,000		155,192
Pilgrim’s Pride Corp., 144A, 5.875%, 9/30/27		195,000		192,992
Post Holdings, Inc. 144A, 5.75%, 3/1/27		80,000		78,262
144A, 5.625%, 1/15/28		164,000		157,451
Sigma Holdco BV, 144A, 7.875%, 5/15/26		81,000		68,977
US Foods, Inc., 144A, 6.25%, 4/15/25		182,000		182,638

(Cost $1,842,869)				1,816,583

Healthcare-Products — 0.6%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		269,000		249,964
Hologic, Inc., 144A, 4.625%, 2/1/28		85,000		79,973
Teleflex, Inc. 4.625%, 11/15/27		80,000		75,521
144A, 4.25%, 6/1/28		88,000		81,040

(Cost $488,148)				486,498

Healthcare-Services — 3.8%
Catalent Pharma Solutions, Inc., 144A, 5.00%, 7/15/27		77,000		71,973
Charles River Laboratories International, Inc., 144A, 4.25%, 5/1/28		76,000		69,842
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		370,000		361,534
144A, 5.625%, 3/15/27		320,000		281,900
144A, 8.00%, 12/15/27		110,000		105,859
144A, 6.875%, 4/1/28		130,000		78,188
Encompass Health Corp., 4.50%, 2/1/28		130,000		120,868
IQVIA, Inc. 144A, 5.00%, 10/15/26		155,000		149,872
144A, 5.00%, 5/15/27		217,000		209,104


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Healthcare-Services (Continued)
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27	$	84,000	$	72,439
ModivCare, Inc., 144A, 5.875%, 11/15/25		79,000		75,039
Molina Healthcare, Inc., 144A, 4.375%, 6/15/28		141,000		129,536
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		234,000		219,071
Select Medical Corp., 144A, 6.25%, 8/15/26		207,000		205,237
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		125,000		96,399
Tenet Healthcare Corp. 4.875%, 1/1/26		318,000		308,016
6.25%, 2/1/27		260,000		256,265
5.125%, 11/1/27		250,000		236,758
4.625%, 6/15/28		106,000		97,704

(Cost $3,240,807)				3,145,604

Pharmaceuticals — 3.3%
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		126,000		114,962
144A, 8.50%, 1/31/27		111,000		61,876
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		294,000		265,073
144A, 9.00%, 12/15/25		160,000		146,594
144A, 6.125%, 2/1/27		173,000		113,926
144A, 5.75%, 8/15/27		89,000		55,825
144A, 5.00%, 1/30/28		75,000		32,677
144A, 4.875%, 6/1/28		265,000		157,496
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		88,000		79,771
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		100,000		96,321
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 10.00%, 4/15/25 (a)		88,000		69,662
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28		346,000		313,448
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		150,000		144,986
4.375%, 3/15/26		125,000		118,772
Prestige Brands, Inc., 144A, 5.125%, 1/15/28		42,000		39,848
Teva Pharmaceutical Finance Netherlands III BV 6.00%, 4/15/24		190,000		189,014
7.125%, 1/31/25		31,000		31,212
3.15%, 10/1/26		565,000		511,452
6.75%, 3/1/28		217,000		216,963

(Cost $2,940,142)				2,759,878

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28
(Cost $91,582)		90,000		90,411


	Principal Amount		Value
Energy — 10.2%
Oil & Gas — 4.4%
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26	$	102,000	$	101,503
Baytex Energy Corp., 144A, 8.75%, 4/1/27		69,000		70,683
Callon Petroleum Co., 144A, 8.00%, 8/1/28		60,000		60,897
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		78,000		80,048
Chesapeake Energy Corp., 144A, 5.50%, 2/1/26		134,000		130,911
Civitas Resources, Inc. 144A, 5.00%, 10/15/26		71,000		67,139
144A, 8.375%, 7/1/28		235,000		242,931
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		145,000		142,973
144A, 9.25%, 2/15/28		113,000		115,697
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		167,000		164,228
CVR Energy, Inc. 144A, 5.25%, 2/15/25		108,000		104,862
144A, 5.75%, 2/15/28		55,000		50,128
Earthstone Energy Holdings LLC, 144A, 8.00%, 4/15/27		96,000		98,007
Energean PLC, 144A, 6.50%, 4/30/27		78,000		71,707
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		200,000		183,718
144A, 7.75%, 5/1/27		75,000		67,630
144A, 7.50%, 3/1/28		30,000		26,534
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		102,000		100,088
144A, REGS, 6.50%, 6/30/27		108,000		104,760
Matador Resources Co. 5.875%, 9/15/26		117,000		114,221
144A, 6.875%, 4/15/28		88,000		87,941
MEG Energy Corp., 144A, 7.125%, 2/1/27		100,000		101,194
Murphy Oil Corp. 5.875%, 12/1/27		68,000		66,918
6.375%, 7/15/28		25,000		25,007
Northern Oil and Gas, Inc., 144A, 8.125%, 3/1/28		124,000		124,410
Parkland Corp., 144A, 5.875%, 7/15/27		85,000		82,191
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		55,000		55,053
6.00%, 2/15/28		145,000		137,183
Range Resources Corp., 4.875%, 5/15/25		111,000		108,607
SM Energy Co. 6.75%, 9/15/26		75,000		74,752
6.625%, 1/15/27		46,000		45,466
6.50%, 7/15/28		50,000		48,920
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27		100,000		99,053


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Oil & Gas (Continued)
Transocean, Inc. 144A, 7.50%, 1/15/26	$	95,000	$	93,571
144A, 11.50%, 1/30/27		159,000		167,612
144A, 8.00%, 2/1/27		105,000		102,479
Tullow Oil PLC, 144A, 7.00%, 3/1/25		112,000		77,399
Vital Energy, Inc., 9.50%, 1/15/25		88,000		88,531

(Cost $3,662,132)				3,684,952

Oil & Gas Services — 0.7%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		85,000		83,644
144A, 6.25%, 4/1/28		134,000		128,043
CGG SA, 144A, 8.75%, 4/1/27		88,000		75,811
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		153,000		151,415
6.875%, 9/1/27		124,000		120,993

(Cost $570,277)				559,906

Pipelines — 5.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		160,000		162,738
144A, 5.75%, 3/1/27		119,000		115,441
144A, 5.75%, 1/15/28		90,000		86,269
Buckeye Partners LP 144A, 4.125%, 3/1/25		85,000		81,934
3.95%, 12/1/26		100,000		92,326
4.125%, 12/1/27		75,000		68,264
144A, 4.50%, 3/1/28		86,000		78,122
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		80,000		79,295
144A, 5.625%, 5/1/27		110,000		106,256
EnLink Midstream LLC, 144A, 5.625%, 1/15/28		70,000		67,775
EnLink Midstream Partners LP 4.15%, 6/1/25		80,000		77,500
4.85%, 7/15/26		91,000		87,445
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		108,000		106,967
4.125%, 12/1/26		102,000		95,857
144A, 7.50%, 6/1/27		70,000		70,706
144A, 6.50%, 7/1/27		159,000		158,126
5.50%, 7/15/28		120,000		114,765
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		93,000		91,700
8.00%, 1/15/27		176,000		173,668
7.75%, 2/1/28		113,000		110,025
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		162,000		158,008
144A, 5.125%, 6/15/28		97,000		91,079
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		232,000		224,463
144A, 6.50%, 9/30/26		251,000		233,320


	Principal Amount		Value
Pipelines (Continued)
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26	$	361,000	$	359,078
NuStar Logistics LP 5.75%, 10/1/25		110,000		107,963
6.00%, 6/1/26		106,000		104,000
5.625%, 4/28/27		69,000		66,996
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		54,000		50,985
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26		136,000		131,362
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		63,000		63,074
144A, 6.00%, 3/1/27		79,000		75,709
144A, 5.50%, 1/15/28		132,000		122,505
Venture Global LNG, Inc., 144A, 8.125%, 6/1/28		397,000		400,818

(Cost $4,268,361)				4,214,539

Financial — 11.4%
Banks — 0.3%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		61,000		60,169
144A, 7.625%, 5/1/26		81,000		74,590
144A, 6.625%, 1/15/27		99,000		86,757

(Cost $227,657)				221,516

Diversified Financial Services — 4.4%
AG Issuer LLC, 144A, 6.25%, 3/1/28		95,000		91,108
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		100,000		103,163
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		115,000		45,825
Home Point Capital, Inc., 144A, 5.00%, 2/1/26		40,000		37,680
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		200,000		170,974
LD Holdings Group LLC 144A, 6.50%, 11/1/25		83,000		69,864
144A, 6.125%, 4/1/28		106,000		69,103
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		100,000		102,072
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		104,000		99,545
144A, 5.50%, 8/15/28		160,000		145,188
Navient Corp. MTN, 6.125%, 3/25/24		150,000		149,498
5.875%, 10/25/24		101,000		99,584
6.75%, 6/25/25		92,000		91,463
6.75%, 6/15/26		91,000		89,504
5.00%, 3/15/27		118,000		107,477
4.875%, 3/15/28		88,000		76,727
NFP Corp. 144A, 4.875%, 8/15/28		60,000		53,598
144A, 6.875%, 8/15/28		360,000		317,672


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Diversified Financial Services (Continued)
OneMain Finance Corp. 6.125%, 3/15/24	$	205,000	$	204,870
6.875%, 3/15/25		225,000		224,077
7.125%, 3/15/26		262,000		258,031
3.50%, 1/15/27		118,000		102,796
6.625%, 1/15/28		137,000		128,248
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27		70,000		70,418
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25		119,000		115,287
PRA Group, Inc., 144A, 8.375%, 2/1/28		70,000		63,955
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26		210,000		186,848
SLM Corp. 4.20%, 10/29/25		84,000		79,078
3.125%, 11/2/26		81,000		72,173
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		146,000		140,523
144A, 5.75%, 6/15/27		85,000		78,394

(Cost $3,744,245)				3,644,743

Insurance — 1.4%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		163,000		157,692
144A, 10.125%, 8/1/26		70,000		72,297
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		132,000		119,980
144A, 6.75%, 10/15/27		233,000		220,487
144A, 6.75%, 4/15/28		220,000		216,952
AssuredPartners, Inc., 144A, 7.00%, 8/15/25		97,000		96,135
HUB International Ltd., 144A, 7.00%, 5/1/26		304,000		303,704

(Cost $1,190,173)				1,187,247

Real Estate — 0.2%
Cushman & Wakefield US Borrower LLC, 144A, 6.75%, 5/15/28		100,000		95,303
Howard Hughes Corp., 144A, 5.375%, 8/1/28		108,000		97,385

(Cost $192,734)				192,688

Real Estate Investment Trusts — 4.2%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		167,000		153,435
144A, 4.50%, 4/1/27		122,000		102,043
Diversified Healthcare Trust 9.75%, 6/15/25		83,000		81,705
4.75%, 2/15/28		87,000		66,551
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.375%, 6/15/26		193,000		173,452
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		189,000		177,656


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
144A, 5.25%, 3/15/28	$	149,000	$	139,838
144A, 5.00%, 7/15/28		60,000		55,629
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		107,000		96,833
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		79,000		67,222
5.00%, 10/15/27		243,000		192,260
Office Properties Income Trust, 4.50%, 2/1/25		120,000		107,182
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, 7.50%, 6/1/25		92,000		92,187
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		119,000		110,746
144A, 7.25%, 7/15/28		68,000		68,401
RLJ Lodging Trust LP, 144A, 3.75%, 7/1/26		92,000		84,378
SBA Communications Corp., 3.875%, 2/15/27		264,000		244,324
Service Properties Trust 4.35%, 10/1/24		145,000		139,667
7.50%, 9/15/25		136,000		134,510
4.75%, 10/1/26		83,000		72,147
4.95%, 2/15/27		58,000		50,270
5.50%, 12/15/27		73,000		64,683
3.95%, 1/15/28		80,000		63,754
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		73,000		70,265
4.75%, 3/15/25		70,000		67,727
144A, 3.625%, 7/15/26		70,000		62,708
144A, 4.375%, 1/15/27		88,000		78,679
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		452,000		451,401
144A, 4.75%, 4/15/28		84,000		70,858
XHR LP, 144A, 6.375%, 8/15/25		92,000		90,978

(Cost $3,553,955)				3,431,489

Venture Capital — 0.9%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		191,000		184,818
6.375%, 12/15/25		130,000		124,094
6.25%, 5/15/26		217,000		201,487
5.25%, 5/15/27		256,000		224,916

(Cost $778,114)				735,315

Industrial — 10.7%
Aerospace/Defense — 3.9%
Bombardier, Inc. 144A, 7.125%, 6/15/26		209,000		205,674
144A, 7.875%, 4/15/27		362,000		361,711
144A, 6.00%, 2/15/28		120,000		112,278


See Notes to Financial Statements.		46

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Aerospace/Defense (Continued)
Howmet Aerospace, Inc., 5.125%, 10/1/24	$	132,000	$	130,743
Rolls-Royce PLC 144A, 3.625%, 10/14/25		241,000		227,142
144A, 5.75%, 10/15/27		145,000		140,894
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		160,000		158,524
4.60%, 6/15/28		122,000		98,979
TransDigm, Inc. 144A, 6.25%, 3/15/26		720,000		713,904
7.50%, 3/15/27		108,000		108,326
5.50%, 11/15/27		520,000		493,878
144A, 6.75%, 8/15/28		150,000		150,679
Triumph Group, Inc. 7.75%, 8/15/25		93,000		87,648
144A, 9.00%, 3/15/28		209,000		209,842

(Cost $3,206,162)				3,200,222

Building Materials — 0.4%
InterCement Financial Operations BV, 144A, 5.75%, 7/17/24		130,000		87,311
Standard Industries, Inc. 144A, 5.00%, 2/15/27		100,000		94,912
144A, 4.75%, 1/15/28		200,000		184,404

(Cost $395,504)				366,627

Electrical Components & Equipment — 0.7%
Energizer Holdings, Inc., 144A, 4.75%, 6/15/28		103,000		91,146
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		264,000		265,423
144A, 7.25%, 6/15/28		200,000		203,055

(Cost $563,838)				559,624

Electronics — 0.2%
Sensata Technologies BV 144A, 5.625%, 11/1/24		66,000		65,469
144A, 5.00%, 10/1/25		100,000		97,555

(Cost $170,215)				163,024

Engineering & Construction — 0.1%
IHS Holding Ltd., 144A, 5.625%, 11/29/26 (Cost $75,655)		87,000		75,143

Environmental Control — 0.6%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		54,000		52,284
144A, 3.75%, 8/1/25		130,000		123,900
144A, 5.125%, 12/15/26		130,000		125,915
144A, 4.00%, 8/1/28		80,000		71,479
Stericycle, Inc., 144A, 5.375%, 7/15/24		87,000		86,680

(Cost $470,225)				460,258

Machinery-Diversified — 0.4%
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		70,000		64,948
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		271,000		254,261

(Cost $327,246)				319,209


	Principal Amount		Value
Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc., 5.75%, 6/15/25	$	94,000	$	93,500
Trinity Industries, Inc., 144A, 7.75%, 7/15/28		70,000		71,264

(Cost $166,341)				164,764

Packaging & Containers — 3.7%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 6.00%, 6/15/27		100,000		97,611
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		95,000		92,658
144A, 4.125%, 8/15/26		205,000		191,687
144A, 5.25%, 8/15/27		174,000		148,199
144A, 5.25%, 8/15/27		139,000		118,389
Ball Corp. 4.00%, 11/15/23		185,000		184,143
5.25%, 7/1/25		214,000		211,212
4.875%, 3/15/26		139,000		135,024
6.875%, 3/15/28		119,000		120,827
Berry Global, Inc., 144A, 5.625%, 7/15/27		90,000		88,309
Graphic Packaging International LLC, 144A, 3.50%, 3/15/28		74,000		65,999
LABL, Inc. 144A, 6.75%, 7/15/26		180,000		176,133
144A, 10.50%, 7/15/27		105,000		100,623
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		478,000		471,155
144A, 9.25%, 4/15/27		225,000		204,206
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		120,000		118,726
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		183,000		164,605
Sealed Air Corp. 144A, 5.125%, 12/1/24		100,000		98,717
144A, 5.50%, 9/15/25		60,000		59,157
144A, 4.00%, 12/1/27		110,000		100,429
Sealed Air Corp./Sealed Air Corp., 144A, 6.125%, 2/1/28		45,000		44,250
Silgan Holdings, Inc., 4.125%, 2/1/28		115,000		105,469

(Cost $3,134,708)				3,097,528

Transportation — 0.1%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28
(Cost $72,362)		80,000		72,344

Trucking & Leasing — 0.4%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		141,000		139,364
144A, 9.75%, 8/1/27		42,000		43,626
144A, 5.50%, 5/1/28		174,000		161,796

(Cost $340,622)				344,786


See Notes to Financial Statements.		47

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Technology — 2.8%
Computers — 1.0%
NCR Corp., 144A, 5.75%, 9/1/27	$	85,000	$	85,911
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		86,000		80,492
144A, 8.25%, 2/1/28		90,000		87,291
Seagate HDD Cayman 4.75%, 1/1/25		81,000		79,208
4.875%, 6/1/27		81,000		77,638
Western Digital Corp., 4.75%, 2/15/26		406,000		387,089

(Cost $801,095)				797,629

Office/Business Equipment — 0.3%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		130,000		124,147
144A, 5.50%, 8/15/28		128,000		111,436

(Cost $240,774)				235,583

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25		77,000		70,672
Entegris, Inc., 144A, 4.375%, 4/15/28		50,000		45,631

(Cost $122,663)				116,303

Software — 1.4%
Alteryx, Inc., 144A, 8.75%, 3/15/28		82,000		79,203
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		60,000		60,129
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/28		160,000		141,327
Fair Isaac Corp. 144A, 5.25%, 5/15/26		68,000		66,066
144A, 4.00%, 6/15/28		159,000		145,566
MicroStrategy, Inc., 144A, 6.125%, 6/15/28		88,000		78,862
Open Text Corp., 144A, 3.875%, 2/15/28		164,000		146,102
PTC, Inc. 144A, 3.625%, 2/15/25		92,000		88,888
144A, 4.00%, 2/15/28		80,000		73,574
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		327,000		315,114

(Cost $1,197,730)				1,194,831

Utilities — 3.2%
Electric — 2.7%
Calpine Corp. 144A, 5.25%, 6/1/26		73,000		71,686
144A, 4.50%, 2/15/28		205,000		190,168
144A, 5.125%, 3/15/28		250,000		227,920
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/28		155,000		143,422
DPL, Inc., 4.125%, 7/1/25		76,000		72,367
Drax Finco PLC, 144A, 6.625%, 11/1/25		50,000		49,214


	Principal Amount		Value
Electric (Continued)
FirstEnergy Corp., Series B, 4.15%, 7/15/27	$	254,000	$	239,879
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		130,000		127,663
144A, 3.875%, 10/15/26		80,000		73,984
144A, 4.50%, 9/15/27		102,000		94,777
NRG Energy, Inc., 5.75%, 1/15/28		150,000		141,922
PG&E Corp., 5.00%, 7/1/28		174,000		160,242
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		176,000		169,920
144A, 5.625%, 2/15/27		200,000		192,715
144A, 5.00%, 7/31/27		259,000		243,825

(Cost $2,236,910)				2,199,704

Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		175,000		171,917
5.875%, 8/20/26		161,000		152,873
5.75%, 5/20/27		46,000		42,592
144A, 9.375%, 6/1/28		88,000		90,282

(Cost $473,429)				457,664

TOTAL CORPORATE BONDS (Cost $83,284,663)				80,972,028


	Number of Shares
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $1,126,201)		1,126,201		1,126,201


TOTAL INVESTMENTS — 99.3% (Cost $84,410,864)			$	82,098,229
Other assets and liabilities, net — 0.7%				603,050

NET ASSETS — 100.0%			$	82,701,279


See Notes to Financial Statements.		48

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		821,382		—		(821,382	)(d)		—		—		25,429		—		—		—
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		589,978		14,241,380		(13,705,157	)		—		—		26,720		—		1,126,201		1,126,201

		1,411,360		14,241,380		(14,526,539	)		—		—		52,149		—		1,126,201		1,126,201

(a)	Defaulted security or security for which income has been deemed uncollectible.

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

GMTN:

Global Medium Term Note

MTN:

Medium Term Note

REIT:

Real Estate Investment Trust

REGS:

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.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	80,972,028	$	—	$	80,972,028
Short-Term Investments (a)		1,126,201		—		—		1,126,201

TOTAL	$	1,126,201	$	80,972,028	$	—	$	82,098,229

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


See Notes to Financial Statements.		49

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF

August 31, 2023


	Principal Amount		Value
CORPORATE BONDS — 97.8%
Basic Materials — 3.7%
Chemicals — 1.6%
Ashland, Inc., 144A, 3.375%, 9/1/31	$	2,021,000	$	1,617,646
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28		3,579,000		2,440,557
144A, 7.50%, 9/30/29		1,797,000		936,416
Avient Corp. 144A, 5.75%, 5/15/25		2,952,000		2,915,567
144A, 7.125%, 8/1/30		3,345,000		3,344,132
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		3,096,000		2,628,598
Chemours Co. 5.375%, 5/15/27		2,188,000		2,058,767
144A, 5.75%, 11/15/28		3,689,000		3,317,368
144A, 4.625%, 11/15/29		2,757,000		2,293,100
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		2,424,000		2,026,764
INEOS Finance PLC, 144A, 6.75%, 5/15/28		1,914,000		1,834,350
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		2,212,000		2,024,223
Methanex Corp. 5.125%, 10/15/27		3,146,000		2,953,950
5.25%, 12/15/29		3,111,000		2,836,807
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		2,212,000		2,103,366
144A, 5.25%, 6/1/27		4,669,000		4,156,558
144A, 4.25%, 5/15/29		2,555,000		2,074,162
Olin Corp. 5.125%, 9/15/27		2,257,000		2,163,086
5.625%, 8/1/29		3,012,000		2,885,651
5.00%, 2/1/30		2,340,000		2,141,954
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		4,950,000		4,454,677
144A, 6.625%, 5/1/29		3,121,000		2,757,123
Tronox, Inc., 144A, 4.625%, 3/15/29		4,915,000		4,039,168
Valvoline, Inc. 144A, 4.25%, 2/15/30		2,585,000		2,543,359
144A, 3.625%, 6/15/31		2,377,000		1,891,795

(Cost $72,990,289)				64,439,144

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $3,871,202)		3,907,000		3,199,626

Iron/Steel — 0.6%
ATI, Inc., 7.25%, 8/15/30		1,850,000		1,871,053
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		3,800,000		3,805,449
5.875%, 6/1/27		2,478,000		2,389,281
144A, 6.75%, 4/15/30		3,342,000		3,189,983
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		3,096,000		3,093,847


	Principal Amount		Value
Iron/Steel (Continued)
144A, 8.00%, 11/1/27	$	2,771,000	$	2,764,753
144A, 8.50%, 5/1/30		2,833,000		2,846,673
United States Steel Corp., 6.875%, 3/1/29		2,096,000		2,089,817

(Cost $22,636,085)				22,050,856

Mining — 1.4%
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		4,910,000		4,913,678
144A, 6.875%, 3/1/26		4,423,000		4,364,582
144A, 6.875%, 10/15/27		6,696,000		6,527,523
144A, 8.625%, 6/1/31		5,801,000		5,914,514
FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27		2,686,000		2,481,246
144A, 5.875%, 4/15/30		3,270,000		3,038,890
144A, 4.375%, 4/1/31		6,660,000		5,587,538
144A, 6.125%, 4/15/32		3,539,000		3,296,301
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		2,654,000		2,507,136
144A, 6.125%, 4/1/29		2,654,000		2,497,676
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		2,212,000		1,959,421
144A, 4.50%, 6/1/31		2,508,000		2,028,831
Nexa Resources SA 144A, 5.375%, 5/4/27		3,096,000		2,913,895
144A, 6.50%, 1/18/28		2,212,000		2,145,353
Vedanta Resources Finance II PLC 144A, 8.95%, 3/11/25		5,130,000		3,359,483
144A, 9.25%, 4/23/26		1,865,000		1,069,100

(Cost $58,215,527)				54,605,167

Communications — 16.9%
Advertising — 0.9%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		5,879,000		5,269,563
144A, 7.75%, 4/15/28		4,463,000		3,514,728
144A, 9.00%, 9/15/28		3,300,000		3,319,470
144A, 7.50%, 6/1/29		4,674,000		3,492,186
Lamar Media Corp. 3.75%, 2/15/28		2,669,000		2,433,327
4.00%, 2/15/30		2,433,000		2,131,065
3.625%, 1/15/31		2,433,000		2,033,745
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		1,964,000		1,931,884
144A, 5.00%, 8/15/27		2,899,000		2,613,705
144A, 4.25%, 1/15/29		2,313,000		1,899,513
144A, 4.625%, 3/15/30		2,157,000		1,755,590
Stagwell Global LLC, 144A, 5.625%, 8/15/29		4,940,000		4,130,026

(Cost $39,792,944)				34,524,802

Internet — 1.6%
Gen Digital, Inc. 144A, 5.00%, 4/15/25		4,890,000		4,798,312
144A, 6.75%, 9/30/27		4,011,000		4,019,937
144A, 7.125%, 9/30/30		2,681,000		2,700,335


See Notes to Financial Statements.		50

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Internet (Continued)
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27	$	2,674,000	$	2,562,962
144A, 3.50%, 3/1/29		3,539,000		3,044,923
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		2,020,000		1,898,159
144A, 4.625%, 6/1/28		2,247,000		2,075,149
144A, 4.125%, 8/1/30		2,268,000		1,947,147
144A, 3.625%, 10/1/31		2,223,000		1,814,213
MercadoLibre, Inc. 2.375%, 1/14/26		1,785,000		1,637,301
3.125%, 1/14/31		2,902,000		2,324,119
Rakuten Group, Inc., 144A, 10.25%, 11/30/24		4,202,000		4,244,020
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		4,456,000		4,502,461
144A, 8.00%, 11/1/26		7,044,000		7,178,442
144A, 7.50%, 9/15/27		5,353,000		5,461,741
144A, 6.25%, 1/15/28		2,262,000		2,241,881
144A, 4.50%, 8/15/29		6,700,000		6,147,371
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		2,035,000		1,752,203

(Cost $62,777,972)				60,350,676

Media — 9.7%
Altice Financing SA 144A, 5.00%, 1/15/28		5,338,000		4,344,737
144A, 5.75%, 8/15/29		9,218,000		7,310,487
AMC Networks, Inc. 4.75%, 8/1/25		3,539,000		3,320,942
4.25%, 2/15/29		4,443,000		2,838,097
Cable One, Inc., 144A, 4.00%, 11/15/30		2,875,000		2,245,138
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		3,317,000		3,242,405
144A, 5.125%, 5/1/27		14,436,000		13,613,507
144A, 5.00%, 2/1/28		11,083,000		10,223,176
144A, 5.375%, 6/1/29		6,755,000		6,161,117
144A, 6.375%, 9/1/29		6,695,000		6,344,542
144A, 4.75%, 3/1/30		13,789,000		11,895,158
144A, 4.50%, 8/15/30		12,221,000		10,294,081
144A, 4.25%, 2/1/31		13,430,000		11,027,423
144A, 7.375%, 3/1/31		4,866,000		4,836,620
144A, 4.75%, 2/1/32		5,308,000		4,397,227
4.50%, 5/1/32		12,824,000		10,408,496
144A, 4.50%, 6/1/33		7,969,000		6,296,335
144A, 4.25%, 1/15/34		8,972,000		6,878,976
CSC Holdings LLC 144A, 5.50%, 4/15/27		5,824,000		5,028,302
144A, 5.375%, 2/1/28		4,553,000		3,728,975
144A, 7.50%, 4/1/28		4,656,000		2,965,586
144A, 11.25%, 5/15/28		4,623,000		4,563,936
144A, 6.50%, 2/1/29		7,891,000		6,526,879
144A, 5.75%, 1/15/30		10,006,000		5,522,411
144A, 4.125%, 12/1/30		4,866,000		3,473,061
144A, 4.625%, 12/1/30		10,329,000		5,414,232


	Principal Amount		Value
Media (Continued)
144A, 3.375%, 2/15/31	$	4,453,000	$	3,061,568
144A, 4.50%, 11/15/31		6,680,000		4,755,096
144A, 5.00%, 11/15/31		2,222,000		1,189,646
DISH DBS Corp. 5.875%, 11/15/24		8,892,000		8,279,207
7.75%, 7/1/26		8,906,000		6,663,024
144A, 5.25%, 12/1/26		12,414,000		10,484,376
7.375%, 7/1/28		4,469,000		2,810,867
144A, 5.75%, 12/1/28		11,188,000		8,678,652
5.125%, 6/1/29		6,690,000		3,616,456
DISH Network Corp., 144A, 11.75%, 11/15/27		15,571,000		15,811,401
Gray Television, Inc. 144A, 5.875%, 7/15/26		3,078,000		2,819,216
144A, 7.00%, 5/15/27		3,317,000		2,980,558
144A, 4.75%, 10/15/30		3,619,000		2,530,546
iHeartCommunications, Inc. 6.375%, 5/1/26		3,564,587		3,115,074
8.375%, 5/1/27		4,515,151		3,131,304
144A, 5.25%, 8/15/27		3,317,000		2,631,226
144A, 4.75%, 1/15/28		2,292,000		1,768,718
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		3,690,000		3,278,196
144A, 8.00%, 8/1/29		3,048,000		2,674,185
News Corp. 144A, 3.875%, 5/15/29		4,423,000		3,888,259
144A, 5.125%, 2/15/32		2,222,000		2,012,910
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		7,743,000		7,285,131
144A, 4.75%, 11/1/28		4,448,000		3,908,252
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30		2,212,000		1,182,638
144A, 4.125%, 12/1/30		3,319,000		2,123,238
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		4,423,000		3,994,854
144A, 5.00%, 8/1/27		6,821,000		6,299,876
144A, 4.00%, 7/15/28		8,872,000		7,682,724
144A, 5.50%, 7/1/29		5,770,000		5,213,754
144A, 4.125%, 7/1/30		6,660,000		5,436,625
144A, 3.875%, 9/1/31		6,660,000		5,189,660
TEGNA, Inc. 144A, 4.75%, 3/15/26		2,433,000		2,320,452
4.625%, 3/15/28		4,500,000		4,036,636
5.00%, 9/15/29		4,980,000		4,389,571
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		4,400,000		4,043,600
Univision Communications, Inc. 144A, 5.125%, 2/15/25		4,900,000		4,837,035
144A, 6.625%, 6/1/27		6,941,000		6,726,659
144A, 8.00%, 8/15/28		2,015,000		2,011,836
144A, 4.50%, 5/1/29		4,737,000		4,082,072
144A, 7.375%, 6/30/30		4,125,000		3,995,403
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		5,637,000		4,657,571
UPC Holding BV, 144A, 5.50%, 1/15/28		2,001,000		1,782,901


See Notes to Financial Statements.		51

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Media (Continued)
Videotron Ltd. 144A, 5.125%, 4/15/27	$	2,653,500	$	2,543,114
144A, 3.625%, 6/15/29		2,222,000		1,910,164
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		4,191,000		3,404,279
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		6,311,000		5,773,461
144A, 4.50%, 8/15/30		4,047,000		3,420,765
VTR Finance NV, 144A, 6.375%, 7/15/28		2,174,000		1,001,792
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		2,777,000		2,586,287
144A, 5.125%, 2/28/30		2,222,000		1,726,677
Ziggo BV, 144A, 4.875%, 1/15/30		4,451,000		3,745,897

(Cost $446,623,448)				376,395,255

Telecommunications — 4.7%
Altice France Holding SA 144A, 10.50%, 5/15/27		6,946,000		3,757,126
144A, 6.00%, 2/15/28		4,916,000		2,175,498
Altice France SA 144A, 8.125%, 2/1/27		7,781,000		6,583,022
144A, 5.50%, 1/15/28		5,016,000		3,763,480
144A, 5.125%, 1/15/29		2,201,000		1,570,526
144A, 5.125%, 7/15/29		11,208,000		7,932,806
144A, 5.50%, 10/15/29		8,897,000		6,409,553
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		5,566,000		5,171,037
CommScope Technologies LLC 144A, 6.00%, 6/15/25		5,638,000		5,156,704
144A, 5.00%, 3/15/27		3,316,000		1,847,235
CommScope, Inc. 144A, 6.00%, 3/1/26		6,635,000		6,036,275
144A, 8.25%, 3/1/27		4,350,000		2,886,399
144A, 7.125%, 7/1/28		3,094,000		1,726,803
144A, 4.75%, 9/1/29		5,574,000		4,147,316
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		1,778,000		1,302,334
144A, 6.50%, 10/1/28		3,377,000		2,600,965
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		5,274,000		4,807,935
144A, 5.00%, 5/1/28		6,956,000		5,966,726
144A, 6.75%, 5/1/29		4,457,000		3,463,865
5.875%, 11/1/29		3,318,189		2,460,416
144A, 6.00%, 1/15/30		4,477,000		3,311,799
144A, 8.75%, 5/15/30		5,308,000		5,164,065
144A, 8.625%, 3/15/31		3,317,000		3,191,211
Hughes Satellite Systems Corp. 5.25%, 8/1/26		3,317,000		3,053,713
6.625%, 8/1/26		3,360,500		2,918,577
Iliad Holding SASU 144A, 6.50%, 10/15/26		5,328,000		5,088,025
144A, 7.00%, 10/15/28		3,981,000		3,707,145
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		13,549,000		12,454,474
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		3,317,000		3,063,407


	Principal Amount		Value
Telecommunications (Continued)
144A, 4.625%, 9/15/27	$	4,474,000	$	3,365,602
144A, 4.25%, 7/1/28		5,386,000		3,531,549
144A, 3.625%, 1/15/29		3,806,000		2,268,755
144A, 3.875%, 11/15/29		3,317,000		2,932,816
144A, 10.50%, 5/15/30		4,109,000		4,173,059
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		1,839,000		954,322
144A, 4.00%, 2/15/27		5,595,000		3,521,353
144A, 4.50%, 1/15/29		1,827,000		604,883
Millicom International Cellular SA 144A, 5.125%, 1/15/28		1,791,000		1,625,834
144A, 6.25%, 3/25/29		2,687,400		2,460,903
144A, 4.50%, 4/27/31		3,641,000		2,879,408
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		2,200,000		2,042,931
Viasat, Inc. 144A, 5.625%, 9/15/25		3,085,000		2,918,225
144A, 5.625%, 4/15/27		2,654,000		2,376,851
144A, 6.50%, 7/15/28		1,849,000		1,446,195
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		6,021,000		4,932,512
144A, 4.75%, 7/15/31		6,282,000		5,251,653
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		6,322,000		5,130,372
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		6,560,000		4,921,120
144A, 6.125%, 3/1/28		4,813,000		3,133,138

(Cost $224,991,984)				182,189,918

Consumer, Cyclical — 24.4%
Airlines — 1.5%
Air Canada, 144A, 3.875%, 8/15/26		5,308,000		4,907,234
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		1,037,000		993,325
American Airlines, Inc. 144A, 11.75%, 7/15/25		10,264,000		11,243,134
144A, 7.25%, 2/15/28		3,317,000		3,261,612
Delta Air Lines, Inc. 2.90%, 10/28/24		4,000,000		3,878,544
7.375%, 1/15/26		3,566,000		3,671,407
4.375%, 4/19/28		1,885,000		1,770,224
3.75%, 10/28/29		2,166,000		1,923,733
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		5,407,858		5,009,666
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		2,653,195		2,658,608
144A, 8.00%, 9/20/25		2,335,366		2,340,375
United Airlines, Inc. 144A, 4.375%, 4/15/26		8,846,000		8,339,814
144A, 4.625%, 4/15/29		8,846,000		7,876,785

(Cost $61,341,880)				57,874,461


See Notes to Financial Statements.		52

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Apparel — 0.2%
Hanesbrands, Inc. 144A, 4.875%, 5/15/26	$	3,981,000	$	3,722,203
144A, 9.00%, 2/15/31		2,781,000		2,796,490
Levi Strauss & Co., 144A, 3.50%, 3/1/31		2,222,000		1,807,442

(Cost $8,799,078)				8,326,135

Auto Manufacturers — 3.9%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		1,782,000		1,674,452
144A, 5.875%, 6/1/29		2,222,000		2,148,548
144A, 3.75%, 1/30/31		4,453,000		3,724,002
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		5,378,000		5,468,996
Ford Motor Co. 4.346%, 12/8/26		6,649,000		6,424,362
9.625%, 4/22/30		1,959,000		2,276,430
3.25%, 2/12/32		11,170,000		8,728,747
6.10%, 8/19/32		7,821,000		7,481,318
Ford Motor Credit Co. LLC 3.664%, 9/8/24		3,114,000		3,023,932
4.063%, 11/1/24		5,977,000		5,795,912
2.30%, 2/10/25		4,931,000		4,637,364
4.687%, 6/9/25		2,407,000		2,319,153
5.125%, 6/16/25		6,936,000		6,758,506
4.134%, 8/4/25		5,593,000		5,332,041
3.375%, 11/13/25		8,394,000		7,824,695
GMTN, 4.389%, 1/8/26		4,796,000		4,531,644
6.95%, 3/6/26		5,196,000		5,214,290
6.95%, 6/10/26		4,150,000		4,159,462
4.542%, 8/1/26		3,059,000		2,886,601
2.70%, 8/10/26		6,007,000		5,378,470
4.271%, 1/9/27		3,598,000		3,329,831
4.95%, 5/28/27		6,001,000		5,635,521
4.125%, 8/17/27		4,984,000		4,530,748
3.815%, 11/2/27		2,992,000		2,664,231
7.35%, 11/4/27		6,009,000		6,134,768
2.90%, 2/16/28		3,004,000		2,566,248
6.80%, 5/12/28		6,009,000		6,012,600
2.90%, 2/10/29		3,035,000		2,507,702
5.113%, 5/3/29		6,007,000		5,531,349
7.35%, 3/6/30		4,537,000		4,622,550
7.20%, 6/10/30		3,393,000		3,447,695
4.00%, 11/13/30		6,607,000		5,596,314
3.625%, 6/17/31		3,995,000		3,240,407

(Cost $164,717,135)				151,608,889

Auto Parts & Equipment — 1.9%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		3,544,000		3,411,239
144A, 7.00%, 4/15/28		2,278,000		2,303,637
144A, 8.25%, 4/15/31		2,222,000		2,280,030
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		2,222,000		2,108,335
6.875%, 7/1/28		1,818,000		1,669,169
5.00%, 10/1/29		2,695,000		2,221,239
Clarios Global LP, 144A, 6.75%, 5/15/25		2,005,000		2,006,015


	Principal Amount		Value
Auto Parts & Equipment (Continued)
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26	$	3,994,000	$	3,958,961
144A, 8.50%, 5/15/27		7,397,000		7,485,335
144A, 6.75%, 5/15/28		3,317,000		3,311,402
Dana, Inc. 5.375%, 11/15/27		1,785,000		1,690,279
5.625%, 6/15/28		1,748,000		1,647,070
4.25%, 9/1/30		1,815,000		1,494,053
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		3,611,000		3,690,980
5.00%, 5/31/26		4,000,000		3,864,271
4.875%, 3/15/27		3,019,000		2,842,640
5.00%, 7/15/29		3,736,000		3,326,796
5.25%, 4/30/31		2,433,000		2,136,478
5.25%, 7/15/31		2,771,000		2,389,018
5.625%, 4/30/33		2,005,000		1,722,476
Tenneco, Inc., 144A, 8.00%, 11/17/28		8,500,000		7,012,755
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		4,766,000		4,634,887
144A, 6.875%, 4/14/28		2,694,000		2,682,983
144A, 7.125%, 4/14/30		2,674,000		2,711,829

(Cost $76,333,715)				72,601,877

Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		3,126,000		2,832,767
144A, 3.875%, 11/15/29		1,772,000		1,529,251
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		5,669,000		4,954,894
Ritchie Bros Holdings, Inc. 144A, 6.75%, 3/15/28		2,433,000		2,448,436
144A, 7.75%, 3/15/31		3,526,000		3,627,994

(Cost $16,639,510)				15,393,342

Entertainment — 3.7%
AMC Entertainment Holdings, Inc. 144A, 10.00%, 6/15/26		6,432,466		4,466,679
144A, 7.50%, 2/15/29		4,211,000		2,878,565
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		15,500,000		15,393,567
144A, 8.125%, 7/1/27		7,216,000		7,333,476
144A, 4.625%, 10/15/29		5,354,000		4,691,131
144A, 7.00%, 2/15/30		8,933,000		8,976,879
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		4,404,000		4,411,120
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		5,452,000		5,076,723
Cedar Fair LP, 5.25%, 7/15/29		2,228,000		2,008,411
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		4,463,000		4,431,652
5.375%, 4/15/27		2,228,000		2,108,402


See Notes to Financial Statements.		53

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Entertainment (Continued)
Churchill Downs, Inc. 144A, 5.50%, 4/1/27	$	2,654,000	$	2,559,426
144A, 4.75%, 1/15/28		3,096,000		2,858,643
144A, 6.75%, 5/1/31		2,654,000		2,593,728
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		1,791,000		1,721,024
144A, 5.25%, 7/15/28		3,400,000		3,023,076
International Game Technology PLC 144A, 6.50%, 2/15/25		2,228,000		2,231,921
144A, 4.125%, 4/15/26		3,342,000		3,175,585
144A, 6.25%, 1/15/27		3,333,000		3,303,353
144A, 5.25%, 1/15/29		3,317,000		3,122,266
Light & Wonder International, Inc. 144A, 7.00%, 5/15/28		3,121,000		3,112,311
144A, 7.25%, 11/15/29		2,237,000		2,244,606
144A, 7.50%, 9/1/31		2,450,000		2,486,567
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		2,555,000		2,511,786
144A, 6.50%, 5/15/27		5,308,000		5,316,891
144A, 4.75%, 10/15/27		4,227,000		3,941,678
144A, 3.75%, 1/15/28		2,222,000		1,983,732
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		5,222,000		4,867,687
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		1,785,000		1,689,267
144A, 4.125%, 7/1/29		1,785,000		1,455,411
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		3,362,000		2,686,574
144A, 5.875%, 9/1/31		3,301,000		2,555,304
Six Flags Entertainment Corp. 144A, 5.50%, 4/15/27		2,222,000		2,093,457
144A, 7.25%, 5/15/31		3,689,000		3,540,589
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		2,666,000		2,659,047
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		2,389,000		2,073,153
144A, 3.875%, 7/15/30		2,366,000		2,055,256
144A, 3.00%, 2/15/31		3,539,000		2,887,470
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		3,367,000		3,017,097
144A, 7.125%, 2/15/31		2,632,000		2,586,374

(Cost $152,866,132)				142,129,884

Food Service — 0.5%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		2,451,000		2,423,183
144A, 6.375%, 5/1/25		6,765,000		6,783,482
144A, 5.00%, 2/1/28		5,087,000		4,750,472
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		2,101,000		1,901,468
144A, 10.50%, 5/15/29		2,975,000		2,471,927

(Cost $19,404,794)				18,330,532

Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		1,803,000		1,554,673


	Principal Amount		Value
Home Builders (Continued)
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27	$	2,654,000	$	2,438,705
144A, 4.875%, 2/15/30		2,212,000		1,829,516
Mattamy Group Corp. 144A, 5.25%, 12/15/27		2,212,000		2,088,815
144A, 4.625%, 3/1/30		2,666,000		2,355,006
Meritage Homes Corp. 6.00%, 6/1/25		1,996,000		1,988,625
144A, 3.875%, 4/15/29		2,053,000		1,793,716
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		2,222,000		2,185,448
144A, 5.75%, 1/15/28		2,025,000		1,955,316
144A, 5.125%, 8/1/30		2,253,000		2,068,510

(Cost $22,443,137)				20,258,330

Home Furnishings — 0.2%
Tempur Sealy International, Inc. 144A, 4.00%, 4/15/29		3,569,000		3,068,653
144A, 3.875%, 10/15/31		3,598,000		2,895,245

(Cost $7,043,977)				5,963,898

Housewares — 0.5%
Newell Brands, Inc. 4.875%, 6/1/25		2,232,000		2,157,990
4.70%, 4/1/26		8,780,000		8,401,541
6.375%, 9/15/27		2,293,000		2,244,737
6.625%, 9/15/29		2,328,000		2,308,489
Scotts Miracle-Gro Co. 4.50%, 10/15/29		1,821,000		1,524,832
4.00%, 4/1/31		2,128,000		1,674,481
4.375%, 2/1/32		1,829,000		1,449,848

(Cost $21,740,965)				19,761,918

Leisure Time — 3.4%
Carnival Corp. 144A, 7.625%, 3/1/26		6,444,000		6,429,634
144A, 5.75%, 3/1/27		15,481,000		14,558,085
144A, 9.875%, 8/1/27		4,017,000		4,245,190
144A, 4.00%, 8/1/28		10,796,000		9,669,293
144A, 6.00%, 5/1/29		8,847,000		8,015,502
144A, 7.00%, 8/15/29		2,050,000		2,081,855
144A, 10.50%, 6/1/30		4,423,000		4,715,338
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		8,979,000		9,773,590
Life Time, Inc. 144A, 5.75%, 1/15/26		4,092,000		3,995,816
144A, 8.00%, 4/15/26		2,117,000		2,103,028
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		2,509,000		2,405,454
144A, 5.875%, 3/15/26		6,303,000		5,937,430
144A, 5.875%, 2/15/27		4,423,000		4,288,486
144A, 8.375%, 2/1/28		2,684,000		2,768,895
144A, 7.75%, 2/15/29		2,736,000		2,601,668
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		1,915,000		2,025,325
144A, 4.25%, 7/1/26		2,935,000		2,739,060
144A, 5.50%, 8/31/26		4,423,000		4,240,683


See Notes to Financial Statements.		54

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Leisure Time (Continued)
144A, 5.375%, 7/15/27	$	4,423,000	$	4,163,001
144A, 11.625%, 8/15/27		5,529,000		6,026,805
3.70%, 3/15/28		2,222,000		1,937,281
144A, 5.50%, 4/1/28		6,751,000		6,323,997
144A, 8.25%, 1/15/29		4,448,000		4,652,688
144A, 9.25%, 1/15/29		4,567,000		4,868,509
144A, 7.25%, 1/15/30		3,126,000		3,172,205
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		3,649,000		3,415,336
144A, 7.00%, 2/15/29		2,362,000		2,241,774
144A, 9.125%, 7/15/31		3,190,000		3,298,580

(Cost $136,343,210)				132,694,508

Lodging — 2.8%
Boyd Gaming Corp. 4.75%, 12/1/27		4,422,000		4,149,194
144A, 4.75%, 6/15/31		4,011,000		3,536,899
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		2,228,000		2,209,142
144A, 5.75%, 5/1/28		2,212,000		2,172,130
144A, 3.75%, 5/1/29		3,564,000		3,142,718
4.875%, 1/15/30		4,423,000		4,130,189
144A, 4.00%, 5/1/31		4,886,000		4,246,867
144A, 3.625%, 2/15/32		6,793,000		5,649,499
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		3,816,000		3,386,611
144A, 4.875%, 7/1/31		2,212,000		1,867,154
Las Vegas Sands Corp. 3.20%, 8/8/24		1,052,000		1,015,812
2.90%, 6/25/25		2,222,000		2,097,796
3.50%, 8/18/26		4,448,000		4,131,185
3.90%, 8/8/29		3,317,000		2,919,004
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		2,222,000		1,879,635
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		4,406,000		4,189,681
144A, 5.25%, 4/26/26		2,222,000		2,060,081
144A, 5.625%, 7/17/27		2,814,000		2,517,855
144A, 5.75%, 7/21/28		3,810,000		3,374,292
144A, 5.375%, 12/4/29		5,087,000		4,271,412
MGM Resorts International 6.75%, 5/1/25		3,471,000		3,479,813
5.75%, 6/15/25		2,986,000		2,947,712
4.625%, 9/1/26		1,769,000		1,667,762
5.50%, 4/15/27		2,986,000		2,855,695
4.75%, 10/15/28		3,324,000		3,019,594
Station Casinos LLC 144A, 4.50%, 2/15/28		3,070,000		2,750,413
144A, 4.625%, 12/1/31		2,200,000		1,815,594
Studio City Finance Ltd. 144A, 6.00%, 7/15/25		2,252,000		2,131,563
144A, 6.50%, 1/15/28		2,242,000		1,900,689
144A, 5.00%, 1/15/29		4,886,000		3,666,479
Travel + Leisure Co. 144A, 6.625%, 7/31/26		2,875,000		2,838,238
6.00%, 4/1/27		1,787,000		1,735,552


	Principal Amount		Value
Lodging (Continued)
144A, 4.50%, 12/1/29	$	2,889,000	$	2,480,958
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		6,287,000		6,216,567
144A, 5.25%, 5/15/27		4,247,000		4,023,313

(Cost $115,805,571)				106,477,098

Retail — 4.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		2,228,000		2,213,257
144A, 3.875%, 1/15/28		6,881,000		6,264,458
144A, 4.375%, 1/15/28		3,317,000		3,048,097
144A, 3.50%, 2/15/29		3,357,000		2,942,298
144A, 4.00%, 10/15/30		12,883,000		10,921,637
Asbury Automotive Group, Inc. 4.50%, 3/1/28		1,769,000		1,615,153
144A, 4.625%, 11/15/29		3,559,000		3,143,462
4.75%, 3/1/30		2,038,000		1,791,602
144A, 5.00%, 2/15/32		2,666,000		2,289,333
Bath & Body Works, Inc. 5.25%, 2/1/28		2,222,000		2,133,772
7.50%, 6/15/29		2,146,000		2,165,256
144A, 6.625%, 10/1/30		4,423,000		4,317,307
Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30		2,670,000		2,640,630
Carvana Co. 144A, 5.50%, 4/15/27		2,654,000		1,952,747
144A, 5.875%, 10/1/28		2,674,000		1,647,572
144A, 4.875%, 9/1/29		3,317,000		1,982,850
144A, 10.25%, 5/1/30		14,501,000		11,256,044
eG Global Finance PLC 144A, 6.75%, 2/7/25		3,088,000		3,046,034
144A, 8.50%, 10/30/25		2,597,000		2,573,680
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		2,905,000		2,733,217
144A, 5.875%, 4/1/29		3,749,000		3,312,768
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		4,613,000		3,988,056
144A, 6.75%, 1/15/30		5,529,000		4,573,294
FirstCash, Inc. 144A, 4.625%, 9/1/28		2,247,000		2,000,762
144A, 5.625%, 1/1/30		2,433,000		2,211,326
Gap, Inc. 144A, 3.625%, 10/1/29		3,467,000		2,642,421
144A, 3.875%, 10/1/31		3,317,000		2,407,589
Kohl’s Corp., 4.625%, 5/1/31		2,316,000		1,707,239
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		3,742,000		3,269,446
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		1,785,000		1,650,230
144A, 3.875%, 6/1/29		3,517,000		3,022,980
144A, 4.375%, 1/15/31		2,444,000		2,081,559
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29		2,327,000		2,105,674
144A, 5.875%, 3/15/30		1,922,000		1,683,480
144A, 6.125%, 3/15/32		1,889,000		1,621,518


See Notes to Financial Statements.		55

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Retail (Continued)
Michaels Cos., Inc. 144A, 5.25%, 5/1/28	$	3,821,000	$	3,188,166
144A, 7.875%, 5/1/29		5,636,000		3,911,948
Murphy Oil USA, Inc. 4.75%, 9/15/29		2,222,000		2,040,885
144A, 3.75%, 2/15/31		2,212,000		1,862,725
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		4,886,000		4,647,839
Nordstrom, Inc. 4.375%, 4/1/30		2,291,000		1,834,805
4.25%, 8/1/31		1,880,000		1,415,978
Penske Automotive Group, Inc. 3.50%, 9/1/25		2,444,000		2,331,907
3.75%, 6/15/29		2,216,000		1,901,421
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		5,333,000		4,788,766
144A, 7.75%, 2/15/29		5,247,000		5,017,013
QVC, Inc. 4.45%, 2/15/25		2,602,000		2,341,382
4.75%, 2/15/27		2,555,000		1,689,268
4.375%, 9/1/28		2,291,000		1,298,571
Rite Aid Corp., 144A, 8.00%, 11/15/26		3,759,000		2,390,799
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		2,875,000		2,456,032
144A, 4.875%, 11/15/31		2,232,000		1,857,534
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		2,905,000		2,588,933
144A, 6.125%, 7/1/29		2,069,000		1,800,960
144A, 6.00%, 12/1/29		3,840,000		3,287,309
Staples, Inc. 144A, 7.50%, 4/15/26		8,887,000		7,361,735
144A, 10.75%, 4/15/27		4,300,000		2,337,890
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		2,891,000		2,474,424
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		3,539,000		3,262,241
3.625%, 3/15/31		4,775,000		4,053,617
4.625%, 1/31/32		4,906,000		4,394,089
5.375%, 4/1/32		4,553,000		4,275,109

(Cost $217,615,544)				189,768,094

Consumer, Non-cyclical — 16.1%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		2,212,000		2,152,104
144A, 6.00%, 6/15/30		4,463,000		4,364,273
Vector Group Ltd. 144A, 10.50%, 11/1/26		3,005,000		3,017,486
144A, 5.75%, 2/1/29		3,890,000		3,388,259

(Cost $13,608,258)				12,922,122

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $3,249,997)		3,317,000		2,913,653


	Principal Amount		Value
Commercial Services — 3.9%
ADT Security Corp., 144A, 4.125%, 8/1/29	$	4,423,000	$	3,866,432
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26		2,511,000		2,378,570
Albion Financing 2SARL, 144A, 8.75%, 4/15/27		1,990,000		1,855,158
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		8,581,000		8,170,560
144A, 9.75%, 7/15/27		4,644,000		4,269,433
144A, 6.00%, 6/1/29		4,296,000		3,289,441
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		5,694,000		4,845,025
APX Group, Inc. 144A, 6.75%, 2/15/27		2,654,000		2,570,860
144A, 5.75%, 7/15/29		3,539,000		3,053,553
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		2,212,000		2,013,375
144A, 5.375%, 3/1/29		2,722,000		2,501,343
Block, Inc. 2.75%, 6/1/26		4,423,000		4,026,356
3.50%, 6/1/31		4,574,000		3,754,696
Brink’s Co. 144A, 5.50%, 7/15/25		1,769,000		1,741,054
144A, 4.625%, 10/15/27		2,655,000		2,471,575
Garda World Security Corp. 144A, 4.625%, 2/15/27		2,540,000		2,351,806
144A, 9.50%, 11/1/27		2,686,000		2,600,748
144A, 7.75%, 2/15/28		1,761,000		1,749,695
144A, 6.00%, 6/1/29		2,282,000		1,861,625
Gartner, Inc. 144A, 4.50%, 7/1/28		3,539,000		3,303,003
144A, 3.625%, 6/15/29		2,653,000		2,332,742
144A, 3.75%, 10/1/30		3,521,000		3,043,677
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		5,338,000		5,128,676
Hertz Corp. 144A, 4.625%, 12/1/26		2,374,000		2,151,532
144A, 5.00%, 12/1/29		4,423,000		3,640,878
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		4,705,000		4,000,814
144A, 5.75%, 11/1/28		4,578,000		3,434,301
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		5,967,000		5,861,097
144A, 3.375%, 8/31/27		4,423,000		3,937,740
144A, 6.25%, 1/15/28		5,750,500		5,470,732
Sabre GLBL, Inc. 144A, 7.375%, 9/1/25		3,856,000		3,793,353
144A, 11.25%, 12/15/27		2,455,000		2,341,976
Service Corp. International 4.625%, 12/15/27		2,451,000		2,306,146
5.125%, 6/1/29		3,486,000		3,289,912


See Notes to Financial Statements.		56

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Commercial Services (Continued)
3.375%, 8/15/30	$	3,760,000	$	3,121,915
4.00%, 5/15/31		3,561,000		3,022,399
Sotheby’s, 144A, 7.375%, 10/15/27		3,384,000		3,084,585
United Rentals North America, Inc. 5.50%, 5/15/27		2,212,000		2,169,607
3.875%, 11/15/27		3,317,000		3,075,036
4.875%, 1/15/28		7,448,000		7,093,741
5.25%, 1/15/30		3,347,000		3,184,308
4.00%, 7/15/30		3,337,000		2,928,770
3.875%, 2/15/31		4,991,000		4,273,301
3.75%, 1/15/32		3,342,000		2,813,364
Williams Scotsman International, Inc. 144A, 6.125%, 6/15/25		2,369,000		2,350,106
144A, 4.625%, 8/15/28		2,262,000		2,066,111

(Cost $167,772,814)				152,591,127

Cosmetics/Personal Care — 0.4%
Coty, Inc. 144A, 5.00%, 4/15/26		3,981,000		3,830,438
144A, 6.50%, 4/15/26		2,092,000		2,075,578
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30		3,350,000		3,347,102
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		3,317,000		3,129,291
144A, 4.125%, 4/1/29		2,281,000		1,978,859

(Cost $15,053,112)				14,361,268

Food — 2.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		3,342,000		3,108,303
144A, 7.50%, 3/15/26		2,647,000		2,688,201
144A, 4.625%, 1/15/27		6,071,000		5,749,218
144A, 5.875%, 2/15/28		3,317,000		3,222,263
144A, 6.50%, 2/15/28		3,387,000		3,374,867
144A, 3.50%, 3/15/29		5,969,000		5,168,127
144A, 4.875%, 2/15/30		4,448,000		4,085,420
B&G Foods, Inc. 5.25%, 4/1/25		3,923,000		3,832,781
5.25%, 9/15/27		2,433,000		2,157,807
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		2,237,000		2,114,800
144A, 4.125%, 1/31/30		4,291,000		3,777,525
144A, 4.375%, 1/31/32		3,219,000		2,796,860
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		4,689,000		4,519,856
144A, 4.25%, 8/1/29		4,453,000		3,922,890
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27		3,909,000		3,868,754
3.50%, 3/1/32		3,950,000		3,184,529
6.25%, 7/1/33		4,448,000		4,420,148
Post Holdings, Inc. 144A, 5.75%, 3/1/27		2,031,000		1,986,875
144A, 5.625%, 1/15/28		4,162,000		3,995,796
144A, 5.50%, 12/15/29		5,480,000		5,078,174
144A, 4.625%, 4/15/30		6,466,000		5,734,793


	Principal Amount		Value
Food (Continued)
144A, 4.50%, 9/15/31	$	4,916,000	$	4,221,273
Sigma Holdco BV, 144A, 7.875%, 5/15/26		2,156,000		1,835,970
US Foods, Inc. 144A, 6.25%, 4/15/25		4,707,000		4,723,498
144A, 4.75%, 2/15/29		4,006,000		3,656,348
144A, 4.625%, 6/1/30		2,189,000		1,947,598

(Cost $102,392,732)				95,172,674

Healthcare-Products — 1.2%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		6,856,000		6,370,845
144A, 3.875%, 11/1/29		3,539,000		3,107,169
Hologic, Inc. 144A, 4.625%, 2/1/28		1,794,000		1,687,896
144A, 3.25%, 2/15/29		4,216,000		3,665,460
Medline Borrower LP 144A, 3.875%, 4/1/29		20,101,000		17,512,214
144A, 5.25%, 10/1/29		11,156,000		9,918,263
Teleflex, Inc. 4.625%, 11/15/27		2,212,000		2,088,150
144A, 4.25%, 6/1/28		2,212,000		2,037,052

(Cost $47,901,978)				46,387,049

Healthcare-Services — 4.7%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		2,292,000		2,142,367
144A, 3.125%, 2/15/29		2,463,000		2,075,028
144A, 3.50%, 4/1/30		2,881,000		2,425,403
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		2,212,000		2,032,773
144A, 3.75%, 3/15/29		2,262,000		1,998,601
144A, 4.00%, 3/15/31		2,206,000		1,907,018
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		9,332,000		9,118,474
144A, 5.625%, 3/15/27		8,480,000		7,470,359
144A, 8.00%, 12/15/27		3,096,000		2,979,451
144A, 6.875%, 4/1/28		3,453,000		2,076,781
144A, 6.00%, 1/15/29		3,981,000		3,338,586
144A, 6.875%, 4/15/29		6,202,000		3,758,713
144A, 6.125%, 4/1/30		5,559,000		3,173,800
144A, 5.25%, 5/15/30		6,859,000		5,415,946
144A, 4.75%, 2/15/31		4,679,000		3,490,066
DaVita, Inc. 144A, 4.625%, 6/1/30		12,318,000		10,577,024
144A, 3.75%, 2/15/31		6,635,000		5,289,141
Encompass Health Corp. 4.50%, 2/1/28		3,539,000		3,290,396
4.75%, 2/1/30		3,539,000		3,231,198
4.625%, 4/1/31		1,854,000		1,626,859
IQVIA, Inc. 144A, 5.00%, 10/15/26		4,644,000		4,490,370
144A, 5.00%, 5/15/27		4,891,000		4,713,020
144A, 6.50%, 5/15/30		2,212,000		2,226,636
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		2,654,000		2,288,743


See Notes to Financial Statements.		57

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Healthcare-Services (Continued)
LifePoint Health, Inc. 144A, 5.375%, 1/15/29	$	2,298,000	$	1,591,421
144A, 9.875%, 8/15/30		3,550,000		3,512,796
ModivCare, Inc., 144A, 5.875%, 11/15/25		2,328,000		2,211,274
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		3,555,000		3,265,964
144A, 3.875%, 11/15/30		2,889,000		2,469,667
144A, 3.875%, 5/15/32		3,353,000		2,784,153
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		5,728,000		5,362,560
Select Medical Corp., 144A, 6.25%, 8/15/26		5,419,000		5,372,841
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		3,160,000		2,436,961
Tenet Healthcare Corp. 4.875%, 1/1/26		9,583,000		9,282,119
6.25%, 2/1/27		6,695,000		6,598,825
5.125%, 11/1/27		6,660,000		6,307,231
4.625%, 6/15/28		2,654,000		2,446,287
6.125%, 10/1/28		11,223,000		10,803,316
4.25%, 6/1/29		6,253,000		5,584,105
4.375%, 1/15/30		6,472,000		5,755,926
6.125%, 6/15/30		8,927,000		8,661,329
144A, 6.75%, 5/15/31		6,106,000		6,082,420

(Cost $202,632,002)				181,665,948

Household Products/Wares — 0.1%
Central Garden & Pet Co. 4.125%, 10/15/30		2,222,000		1,914,404
144A, 4.125%, 4/30/31		1,769,000		1,503,539
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		2,272,000		1,905,617

(Cost $6,097,011)				5,323,560

Pharmaceuticals — 2.9%
AdaptHealth LLC 144A, 4.625%, 8/1/29		2,222,000		1,813,785
144A, 5.125%, 3/1/30		2,666,000		2,189,283
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		3,297,000		3,008,173
144A, 8.50%, 1/31/27		2,856,000		1,592,063
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		7,569,000		6,824,286
144A, 9.00%, 12/15/25		4,291,000		3,931,479
144A, 6.125%, 2/1/27		4,447,000		2,928,483
144A, 5.75%, 8/15/27		2,262,000		1,418,825
144A, 5.00%, 1/30/28		1,934,000		842,637
144A, 4.875%, 6/1/28		7,137,000		4,241,683
144A, 11.00%, 9/30/28		7,847,000		5,621,883
144A, 5.00%, 2/15/29		2,088,000		875,989
144A, 6.25%, 2/15/29		3,648,000		1,599,995
144A, 5.25%, 1/30/30		3,549,000		1,502,030
144A, 5.25%, 2/15/31		2,035,000		858,176
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		2,222,000		2,014,221


	Principal Amount		Value
Pharmaceuticals (Continued)
Grifols SA, 144A, 4.75%, 10/15/28	$	3,126,000	$	2,745,472
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		2,654,000		2,556,359
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		2,736,000		2,048,553
Jazz Securities DAC, 144A, 4.375%, 1/15/29		6,780,000		6,080,903
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 10.00%, 4/15/25 (a)		1,894,000		1,499,316
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		9,379,000		8,496,630
144A, 5.125%, 4/30/31		8,977,000		7,652,578
Owens & Minor, Inc. 144A, 4.50%, 3/31/29		2,213,000		1,877,599
144A, 6.625%, 4/1/30		2,533,000		2,306,760
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		3,066,000		2,963,505
4.375%, 3/15/26		3,096,000		2,941,744
4.65%, 6/15/30		3,444,000		3,050,988
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		1,778,000		1,686,884
144A, 3.75%, 4/1/31		2,654,000		2,198,574
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 1/31/25		1,890,000		1,902,954
3.15%, 10/1/26		15,223,000		13,780,225
6.75%, 3/1/28		5,528,000		5,527,059

(Cost $135,408,032)				110,579,094

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28
(Cost $2,250,950)		2,212,000		2,222,101

Energy — 10.4%
Oil & Gas — 4.7%
Antero Resources Corp. 144A, 7.625%, 2/1/29		1,842,000		1,887,311
144A, 5.375%, 3/1/30		2,796,000		2,618,059
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		2,661,000		2,648,023
144A, 5.875%, 6/30/29		1,782,000		1,625,000
Baytex Energy Corp. 144A, 8.75%, 4/1/27		1,846,000		1,891,029
144A, 8.50%, 4/30/30		3,580,000		3,632,465
Callon Petroleum Co. 144A, 8.00%, 8/1/28		2,875,000		2,917,958
144A, 7.50%, 6/15/30		2,660,000		2,632,086
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		1,829,000		1,877,026


See Notes to Financial Statements.		58

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Oil & Gas (Continued)
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26	$	2,222,000	$	2,170,771
144A, 5.875%, 2/1/29		2,372,000		2,271,988
144A, 6.75%, 4/15/29		4,410,000		4,382,362
Civitas Resources, Inc. 144A, 5.00%, 10/15/26		1,778,000		1,681,309
144A, 8.375%, 7/1/28		6,026,000		6,229,377
144A, 8.75%, 7/1/31		6,094,000		6,301,489
CNX Resources Corp. 144A, 6.00%, 1/15/29		2,222,000		2,118,046
144A, 7.375%, 1/15/31		2,222,000		2,220,161
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		5,414,000		5,070,092
144A, 5.875%, 1/15/30		4,318,000		3,815,604
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		3,090,000		3,046,801
144A, 9.25%, 2/15/28		3,092,000		3,165,806
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		3,990,000		3,923,766
CVR Energy, Inc. 144A, 5.25%, 2/15/25		2,666,000		2,588,542
144A, 5.75%, 2/15/28		1,782,000		1,624,142
Earthstone Energy Holdings LLC 144A, 8.00%, 4/15/27		2,469,000		2,520,614
144A, 9.875%, 7/15/31		2,222,000		2,438,167
Energean PLC, 144A, 6.50%, 4/30/27		1,990,000		1,829,443
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		2,875,000		2,640,946
144A, 7.75%, 5/1/27		1,769,000		1,595,157
144A, 7.50%, 3/1/28		2,065,000		1,826,400
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		2,648,429		2,598,771
144A, REGS, 6.50%, 6/30/27		2,762,289		2,679,420
144A, REGS, 6.75%, 6/30/30		2,421,059		2,276,093
Matador Resources Co. 5.875%, 9/15/26		3,118,000		3,043,952
144A, 6.875%, 4/15/28		2,222,000		2,220,509
MEG Energy Corp. 144A, 7.125%, 2/1/27		2,261,000		2,287,994
144A, 5.875%, 2/1/29		2,654,000		2,538,285
Murphy Oil Corp. 5.875%, 12/1/27		2,403,000		2,364,770
6.375%, 7/15/28		2,058,000		2,058,594
Northern Oil and Gas, Inc. 144A, 8.125%, 3/1/28		3,133,000		3,143,370
144A, 8.75%, 6/15/31		2,222,000		2,272,592
Parkland Corp. 144A, 5.875%, 7/15/27		2,212,000		2,138,896
144A, 4.50%, 10/1/29		3,539,000		3,121,561
144A, 4.625%, 5/1/30		3,569,000		3,150,214
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		2,978,000		2,980,879
6.00%, 2/15/28		3,656,000		3,458,893
144A, 7.875%, 9/15/30		2,240,000		2,231,118


	Principal Amount		Value
Oil & Gas (Continued)
Permian Resources Operating LLC, 144A, 5.875%, 7/1/29	$	3,111,000	$	3,003,265
Puma International Financing SA, 144A, 5.00%, 1/24/26		3,569,000		3,324,524
Range Resources Corp. 4.875%, 5/15/25		3,045,000		2,979,350
8.25%, 1/15/29		2,654,000		2,757,679
144A, 4.75%, 2/15/30		2,222,000		2,008,655
SM Energy Co. 6.75%, 9/15/26		1,879,000		1,872,799
6.625%, 1/15/27		1,855,000		1,833,482
6.50%, 7/15/28		1,774,000		1,735,682
Southwestern Energy Co. 5.375%, 2/1/29		3,102,000		2,947,040
5.375%, 3/15/30		5,308,000		4,966,923
4.75%, 2/1/32		5,175,000		4,589,666
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		2,654,000		2,628,870
4.50%, 5/15/29		3,555,000		3,218,449
4.50%, 4/30/30		3,536,000		3,155,302
Transocean, Inc. 144A, 7.50%, 1/15/26		2,518,000		2,480,130
144A, 11.50%, 1/30/27		3,040,000		3,204,662
144A, 8.00%, 2/1/27		2,708,000		2,642,994
Tullow Oil PLC, 144A, 7.00%, 3/1/25		2,817,000		1,946,730
Vital Energy, Inc., 9.50%, 1/15/25		2,015,000		2,027,150

(Cost $188,909,094)				183,079,203

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		2,222,000		2,186,559
144A, 6.25%, 4/1/28		3,555,000		3,396,971
CGG SA, 144A, 8.75%, 4/1/27		2,228,000		1,919,406
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		3,232,000		3,198,508
6.875%, 9/1/27		3,342,000		3,260,941
Weatherford International Ltd., 144A, 8.625%, 4/30/30		7,147,000		7,318,175

(Cost $22,039,715)				21,280,560

Pipelines — 5.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		2,433,000		2,474,629
144A, 5.75%, 3/1/27		2,950,000		2,861,783
144A, 5.75%, 1/15/28		2,875,000		2,755,806
144A, 5.375%, 6/15/29		3,366,000		3,154,671
Buckeye Partners LP 144A, 4.125%, 3/1/25		2,362,000		2,276,803
3.95%, 12/1/26		2,654,000		2,450,332
4.125%, 12/1/27		1,763,000		1,604,665
144A, 4.50%, 3/1/28		2,225,000		2,021,190


See Notes to Financial Statements.		59

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Pipelines (Continued)
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31	$	6,282,000	$	5,735,909
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		2,246,000		2,226,206
144A, 5.625%, 5/1/27		2,654,000		2,563,658
144A, 6.00%, 2/1/29		3,126,000		3,072,076
144A, 8.00%, 4/1/29		1,990,000		2,058,170
144A, 7.375%, 2/1/31		2,654,000		2,723,150
DT Midstream, Inc. 144A, 4.125%, 6/15/29		4,906,000		4,351,822
144A, 4.375%, 6/15/31		4,423,000		3,833,415
EnLink Midstream LLC 144A, 5.625%, 1/15/28		2,212,000		2,141,700
5.375%, 6/1/29		2,226,000		2,124,852
144A, 6.50%, 9/1/30		4,534,000		4,550,762
EnLink Midstream Partners LP 4.15%, 6/1/25		1,865,000		1,806,719
4.85%, 7/15/26		2,188,000		2,102,515
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		1,782,000		1,764,954
4.125%, 12/1/26		2,232,000		2,097,568
144A, 7.50%, 6/1/27		2,228,000		2,250,483
144A, 6.50%, 7/1/27		3,981,000		3,959,108
5.50%, 7/15/28		3,777,000		3,612,222
144A, 4.50%, 1/15/29		3,564,000		3,233,672
144A, 7.50%, 6/1/30		2,270,000		2,330,278
144A, 4.75%, 1/15/31		4,951,000		4,380,316
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		2,366,000		2,332,935
8.00%, 1/15/27		4,360,000		4,302,231
7.75%, 2/1/28		3,005,000		2,925,880
8.875%, 4/15/30		2,239,000		2,232,107
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		3,516,000		3,429,366
144A, 5.125%, 6/15/28		2,433,000		2,284,493
144A, 4.25%, 2/15/30		3,369,000		2,965,310
144A, 5.50%, 10/15/30		1,785,000		1,672,857
ITT Holdings LLC, 144A, 6.50%, 8/1/29		5,446,000		4,920,134
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		5,529,000		5,349,374
144A, 6.50%, 9/30/26		6,787,000		6,308,928
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		9,108,000		9,059,504
NuStar Logistics LP 5.75%, 10/1/25		2,654,000		2,604,859
6.00%, 6/1/26		2,430,000		2,384,146
5.625%, 4/28/27		2,433,000		2,362,321
6.375%, 10/1/30		2,610,000		2,514,618
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		1,803,000		1,702,344
144A, 4.95%, 7/15/29		2,442,000		2,238,572
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26		3,488,000		3,369,059


	Principal Amount		Value
Pipelines (Continued)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25	$	2,654,000	$	2,657,120
144A, 6.00%, 3/1/27		1,961,000		1,879,315
144A, 5.50%, 1/15/28		3,317,000		3,078,392
144A, 6.00%, 12/31/30		3,243,000		2,904,220
144A, 6.00%, 9/1/31		2,073,000		1,843,115
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		5,881,000		5,093,267
144A, 6.25%, 1/15/30		4,391,000		4,281,362
144A, 4.125%, 8/15/31		5,590,000		4,747,373
144A, 3.875%, 11/1/33		5,570,000		4,529,522
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		9,952,000		10,047,718
144A, 8.375%, 6/1/31		10,066,000		10,162,322

(Cost $210,739,997)				198,702,198

Financial — 10.0%
Banks — 0.2%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		2,423,000		2,390,002
144A, 7.625%, 5/1/26		2,175,000		2,002,885
144A, 6.625%, 1/15/27		2,250,000		1,971,749
144A, 6.625%, 1/15/27		122,000		106,913

(Cost $6,573,535)				6,471,549

Diversified Financial Services — 3.4%
AG Issuer LLC, 144A, 6.25%, 3/1/28		2,222,000		2,130,974
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		2,212,000		2,281,966
Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31		1,840,000		1,863,000
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		4,444,000		3,273,724
144A, 3.625%, 10/1/31		4,350,000		2,933,248
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		3,038,000		1,210,582
Home Point Capital, Inc., 144A, 5.00%, 2/1/26		2,511,000		2,365,364
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		4,497,000		3,844,355
LD Holdings Group LLC 144A, 6.50%, 11/1/25		2,212,000		1,861,923
144A, 6.125%, 4/1/28		2,670,000		1,740,619
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		2,212,000		2,257,833
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		2,666,000		2,551,789
144A, 5.50%, 8/15/28		3,777,000		3,427,339
144A, 5.125%, 12/15/30		2,964,000		2,515,035
144A, 5.75%, 11/15/31		2,654,000		2,277,133
Navient Corp. 5.875%, 10/25/24		2,212,000		2,180,988
6.75%, 6/25/25		2,216,000		2,203,054
6.75%, 6/15/26		2,212,000		2,175,635
5.00%, 3/15/27		3,096,000		2,819,914


See Notes to Financial Statements.		60

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Diversified Financial Services (Continued)
4.875%, 3/15/28	$	2,212,000	$	1,928,643
5.50%, 3/15/29		3,430,000		2,935,413
9.375%, 7/25/30		2,292,000		2,304,709
NFP Corp. 144A, 4.875%, 8/15/28		2,444,000		2,183,243
144A, 6.875%, 8/15/28		9,177,000		8,097,999
OneMain Finance Corp. 6.875%, 3/15/25		5,548,000		5,525,231
7.125%, 3/15/26		7,077,000		6,969,803
3.50%, 1/15/27		3,342,000		2,911,383
6.625%, 1/15/28		3,454,000		3,233,341
3.875%, 9/15/28		2,912,000		2,390,883
9.00%, 1/15/29		1,930,000		1,958,361
5.375%, 11/15/29		3,305,000		2,862,791
4.00%, 9/15/30		3,758,000		2,930,695
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27		1,831,000		1,841,927
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		2,875,000		2,785,300
144A, 4.25%, 2/15/29		2,900,000		2,403,019
144A, 5.75%, 9/15/31		2,262,000		1,903,883
PRA Group, Inc., 144A, 8.375%, 2/1/28		1,838,000		1,679,273
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		5,087,000		4,526,158
144A, 3.625%, 3/1/29		3,337,000		2,844,506
144A, 3.875%, 3/1/31		5,662,000		4,624,750
144A, 4.00%, 10/15/33		3,764,000		2,982,226
SLM Corp. 4.20%, 10/29/25		2,247,000		2,115,326
3.125%, 11/2/26		2,222,000		1,979,847
Synchrony Financial, 7.25%, 2/2/33		3,334,000		3,069,738
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		3,606,000		3,470,735
144A, 5.75%, 6/15/27		2,222,000		2,049,319
144A, 5.50%, 4/15/29		3,111,000		2,701,904

(Cost $147,761,941)				133,124,881

Insurance — 1.3%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		4,091,000		3,957,779
144A, 10.125%, 8/1/26		1,799,000		1,858,029
144A, 4.25%, 2/15/29		3,181,000		2,754,154
144A, 6.00%, 8/1/29		2,222,000		1,932,232
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		3,317,000		3,014,963
144A, 6.75%, 10/15/27		5,987,000		5,665,468
144A, 6.75%, 4/15/28		5,569,000		5,491,849
144A, 5.875%, 11/1/29		2,057,000		1,803,316
AssuredPartners, Inc. 144A, 7.00%, 8/15/25		2,232,000		2,212,100
144A, 5.625%, 1/15/29		2,458,000		2,138,069
HUB International Ltd. 144A, 7.00%, 5/1/26		7,421,000		7,413,774


	Principal Amount		Value
Insurance (Continued)
144A, 5.625%, 12/1/29	$	2,457,000	$	2,170,079
144A, 7.25%, 6/15/30		9,621,000		9,750,586

(Cost $51,461,391)				50,162,398

Real Estate — 0.6%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30		1,772,800		1,591,443
Cushman & Wakefield US Borrower LLC 144A, 6.75%, 5/15/28		2,900,000		2,763,787
144A, 8.875%, 9/1/31		1,850,000		1,867,408
Howard Hughes Corp. 144A, 5.375%, 8/1/28		3,387,000		3,054,094
144A, 4.125%, 2/1/29		2,875,000		2,374,692
144A, 4.375%, 2/1/31		2,875,000		2,291,597
Kennedy-Wilson, Inc. 4.75%, 3/1/29		2,666,000		2,144,797
4.75%, 2/1/30		2,686,000		2,070,893
5.00%, 3/1/31		2,664,000		2,018,491
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		2,483,000		1,790,265
144A, 5.25%, 4/15/30		2,245,000		1,560,663

(Cost $27,825,075)				23,528,130

Real Estate Investment Trusts — 3.9%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		4,295,000		3,946,130
144A, 4.50%, 4/1/27		3,342,000		2,795,299
Diversified Healthcare Trust 9.75%, 6/15/25		2,212,000		2,177,490
4.75%, 2/15/28		2,332,000		1,783,884
4.375%, 3/1/31		2,229,000		1,684,032
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		1,778,000		1,746,658
144A, 3.375%, 6/15/26		4,423,000		3,975,009
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		4,448,000		4,181,020
144A, 5.25%, 3/15/28		3,816,000		3,581,351
144A, 5.00%, 7/15/28		2,212,000		2,050,869
144A, 7.00%, 2/15/29		4,423,000		4,415,513
144A, 4.875%, 9/15/29		4,448,000		4,023,290
144A, 5.25%, 7/15/30		5,750,000		5,186,991
144A, 4.50%, 2/15/31		4,866,000		4,184,913
144A, 5.625%, 7/15/32		2,693,000		2,419,141
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		2,908,000		2,631,681
144A, 4.75%, 6/15/29		2,889,000		2,431,786
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		2,212,000		1,882,222
5.00%, 10/15/27		6,267,000		4,958,402
4.625%, 8/1/29		4,001,000		2,896,005
3.50%, 3/15/31		5,812,000		3,780,084


See Notes to Financial Statements.		61

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Office Properties Income Trust 4.50%, 2/1/25	$	2,914,000	$	2,602,724
3.45%, 10/15/31		1,767,000		898,660
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		2,902,000		2,907,911
144A, 5.875%, 10/1/28		3,468,000		3,211,393
144A, 4.875%, 5/15/29		3,317,000		2,880,486
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		3,094,500		2,879,852
144A, 7.25%, 7/15/28		1,785,000		1,795,526
144A, 4.50%, 2/15/29		2,650,000		2,328,555
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		2,212,000		2,028,736
144A, 4.00%, 9/15/29		2,232,000		1,868,638
SBA Communications Corp. 3.875%, 2/15/27		6,616,000		6,122,898
3.125%, 2/1/29		6,634,000		5,680,594
Service Properties Trust 4.35%, 10/1/24		3,649,000		3,514,802
7.50%, 9/15/25		3,555,000		3,516,057
4.75%, 10/1/26		1,990,000		1,729,789
4.95%, 2/15/27		1,778,000		1,541,043
5.50%, 12/15/27		2,009,000		1,780,117
3.95%, 1/15/28		1,817,000		1,448,020
4.95%, 10/1/29		1,915,000		1,512,077
4.375%, 2/15/30		1,777,000		1,352,607
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		1,945,000		1,872,121
4.75%, 3/15/25		2,211,000		2,139,199
144A, 3.625%, 7/15/26		1,785,000		1,599,057
144A, 4.375%, 1/15/27		2,222,000		1,986,657
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30		3,143,000		2,079,189
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		11,603,000		11,587,611
144A, 4.75%, 4/15/28		2,521,000		2,126,586
144A, 6.50%, 2/15/29		4,958,000		3,388,713
XHR LP 144A, 6.375%, 8/15/25		2,212,000		2,187,432
144A, 4.875%, 6/1/29		2,312,000		2,002,292

(Cost $167,784,440)				149,301,112

Venture Capital — 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		4,797,000		4,641,733
6.375%, 12/15/25		3,346,000		3,193,988
6.25%, 5/15/26		5,771,000		5,358,434
5.25%, 5/15/27		6,425,000		5,644,876
4.375%, 2/1/29		3,416,000		2,699,905

(Cost $23,799,565)				21,538,936


	Principal Amount		Value
Industrial — 9.1%
Aerospace/Defense — 2.9%
Bombardier, Inc. 144A, 7.125%, 6/15/26	$	5,488,000	$	5,400,675
144A, 7.875%, 4/15/27		8,459,000		8,452,240
144A, 6.00%, 2/15/28		3,317,000		3,103,549
144A, 7.50%, 2/1/29		3,353,000		3,288,007
Howmet Aerospace, Inc., 5.125%, 10/1/24		4,084,000		4,045,119
Rolls-Royce PLC 144A, 3.625%, 10/14/25		4,423,000		4,168,678
144A, 5.75%, 10/15/27		4,423,000		4,297,760
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		5,296,000		5,247,143
4.60%, 6/15/28		3,121,000		2,532,074
144A, 9.375%, 11/30/29		4,027,000		4,184,685
TransDigm, Inc. 144A, 6.25%, 3/15/26		19,461,000		19,296,224
6.375%, 6/15/26		4,529,000		4,533,290
7.50%, 3/15/27		2,444,000		2,451,371
5.50%, 11/15/27		11,718,000		11,129,342
144A, 6.75%, 8/15/28		9,238,000		9,279,802
4.625%, 1/15/29		5,308,000		4,760,108
4.875%, 5/1/29		3,352,000		3,019,061
144A, 6.875%, 12/15/30		6,681,000		6,732,644
Triumph Group, Inc. 7.75%, 8/15/25		2,148,000		2,024,393
144A, 9.00%, 3/15/28		5,486,000		5,508,114

(Cost $117,422,082)				113,454,279

Building Materials — 0.8%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		2,433,000		2,237,396
144A, 4.25%, 2/1/32		5,800,000		4,935,997
144A, 6.375%, 6/15/32		3,105,000		3,029,552
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28		4,886,000		4,696,455
Standard Industries, Inc. 144A, 5.00%, 2/15/27		3,777,000		3,584,823
144A, 4.75%, 1/15/28		4,423,000		4,078,101
144A, 4.375%, 7/15/30		7,102,000		6,090,537
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		3,096,000		2,903,336

(Cost $34,731,133)				31,556,197

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		2,619,000		2,317,594
144A, 4.375%, 3/31/29		3,500,000		3,001,670
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		6,696,000		6,732,085
144A, 7.25%, 6/15/28		5,886,000		5,975,920

(Cost $18,940,604)				18,027,269

Electronics — 0.4%
Sensata Technologies BV 144A, 5.625%, 11/1/24		1,778,000		1,763,696


See Notes to Financial Statements.		62

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Electronics (Continued)
144A, 5.00%, 10/1/25	$	3,090,000	$	3,014,452
144A, 4.00%, 4/15/29		4,473,000		3,932,232
144A, 5.875%, 9/1/30		2,252,000		2,130,702
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		2,016,000		1,784,996
144A, 3.75%, 2/15/31		3,442,000		2,887,421

(Cost $17,182,273)				15,513,499

Engineering & Construction — 0.3%
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30		5,972,000		6,166,269
Fluor Corp., 4.25%, 9/15/28		2,651,000		2,474,576
IHS Holding Ltd. 144A, 5.625%, 11/29/26		2,226,000		1,922,619
144A, 6.25%, 11/29/28		2,212,000		1,787,650

(Cost $12,423,810)				12,351,114

Environmental Control — 0.6%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31		2,312,000		2,301,726
Covanta Holding Corp., 5.00%, 9/1/30		1,785,000		1,515,525
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		2,212,000		2,141,694
144A, 3.75%, 8/1/25		3,317,000		3,161,350
144A, 5.125%, 12/15/26		2,212,000		2,142,500
144A, 4.00%, 8/1/28		3,367,000		3,008,375
144A, 3.50%, 9/1/28		3,334,000		2,950,153
144A, 4.75%, 6/15/29		3,337,000		3,026,069
144A, 4.375%, 8/15/29		2,433,000		2,153,596
Stericycle, Inc., 144A, 3.875%, 1/15/29		2,222,000		1,937,579

(Cost $26,469,259)				24,338,567

Machinery-Diversified — 0.3%
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		2,222,000		2,106,609
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		1,780,000		1,651,531
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		6,899,000		6,472,873

(Cost $10,702,865)				10,231,013

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25		1,797,000		1,787,431
Trinity Industries, Inc., 144A, 7.75%, 7/15/28		1,785,000		1,817,234

(Cost $3,631,845)				3,604,665

Packaging & Containers — 2.8%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		2,666,000		2,602,310
144A, 3.25%, 9/1/28		2,780,000		2,363,376
144A, 4.00%, 9/1/29		4,644,000		3,779,506


	Principal Amount		Value
Packaging & Containers (Continued)
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25	$	3,096,000	$	3,019,673
144A, 4.125%, 8/15/26		5,374,000		5,024,998
144A, 5.25%, 8/15/27		4,518,000		3,848,056
144A, 5.25%, 8/15/27		3,579,000		3,048,294
Ball Corp. 5.25%, 7/1/25		4,668,000		4,607,179
4.875%, 3/15/26		3,501,000		3,400,868
6.875%, 3/15/28		3,348,000		3,399,409
6.00%, 6/15/29		4,448,000		4,387,316
2.875%, 8/15/30		5,800,000		4,735,699
3.125%, 9/15/31		3,764,000		3,050,935
Berry Global, Inc., 144A, 5.625%, 7/15/27		2,242,000		2,199,876
Crown Americas LLC, 5.25%, 4/1/30		2,212,000		2,086,580
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		2,009,000		1,791,794
144A, 3.75%, 2/1/30		1,822,000		1,554,777
LABL, Inc. 144A, 6.75%, 7/15/26		3,075,000		3,008,941
144A, 10.50%, 7/15/27		3,110,000		2,980,369
144A, 5.875%, 11/1/28		2,204,000		1,996,950
144A, 8.25%, 11/1/29		2,044,000		1,710,793
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		12,346,000		12,169,197
144A, 9.25%, 4/15/27		6,019,000		5,462,728
OI European Group BV, 144A, 4.75%, 2/15/30		1,785,000		1,608,517
Owens-Brockway Glass Container, Inc. 144A, 6.625%, 5/13/27		2,719,000		2,690,124
144A, 7.25%, 5/15/31		3,066,000		3,077,791
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		4,423,000		3,978,402
Sealed Air Corp. 144A, 5.125%, 12/1/24		1,880,000		1,855,889
144A, 5.50%, 9/15/25		1,769,000		1,744,154
144A, 4.00%, 12/1/27		1,897,000		1,731,939
144A, 5.00%, 4/15/29		1,906,000		1,767,272
Sealed Air Corp./Sealed Air Corp., 144A, 6.125%, 2/1/28		3,435,000		3,377,750
Silgan Holdings, Inc., 4.125%, 2/1/28		2,546,000		2,334,988

(Cost $114,145,512)				106,396,450

Transportation — 0.2%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28		2,580,000		2,333,094
Seaspan Corp., 144A, 5.50%, 8/1/29		3,333,000		2,595,205
XPO, Inc., 144A, 7.125%, 6/1/31		1,990,000		2,002,318

(Cost $7,549,607)				6,930,617


See Notes to Financial Statements.		63

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25	$	2,875,000	$	2,841,639
144A, 9.75%, 8/1/27		1,799,000		1,868,627
144A, 5.50%, 5/1/28		4,419,000		4,109,073

(Cost $9,189,404)				8,819,339

Technology — 4.4%
Computers — 1.3%
McAfee Corp., 144A, 7.375%, 2/15/30		9,032,000		7,905,805
NCR Corp. 144A, 5.75%, 9/1/27		2,197,000		2,220,539
144A, 5.00%, 10/1/28		2,875,000		2,640,888
144A, 5.125%, 4/15/29		5,308,000		4,833,222
144A, 6.125%, 9/1/29		2,213,000		2,280,733
144A, 5.25%, 10/1/30		2,110,000		1,895,073
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		2,322,000		2,173,302
144A, 8.25%, 2/1/28		2,432,000		2,358,790
Seagate HDD Cayman 4.75%, 1/1/25		2,139,000		2,091,692
4.875%, 6/1/27		2,537,000		2,431,694
4.091%, 6/1/29		2,213,000		1,939,252
144A, 8.25%, 12/15/29		2,232,000		2,343,750
144A, 8.50%, 7/15/31		2,222,000		2,330,403
144A, 9.625%, 12/1/32		3,332,495		3,694,937
Western Digital Corp., 4.75%, 2/15/26		10,223,000		9,746,820

(Cost $53,745,146)				50,886,900

Office/Business Equipment — 0.2%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		3,427,000		3,272,706
144A, 5.50%, 8/15/28		3,447,000		3,000,937

(Cost $6,910,793)				6,273,643

Semiconductors — 0.5%
ams-OSRAM AG, 144A, 7.00%, 7/31/25		2,000,000		1,835,620
Entegris Escrow Corp. 144A, 4.75%, 4/15/29		7,076,000		6,569,548
144A, 5.95%, 6/15/30		3,979,000		3,814,397
Entegris, Inc. 144A, 4.375%, 4/15/28		1,778,000		1,622,646
144A, 3.625%, 5/1/29		1,774,000		1,526,341
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		3,096,000		2,758,830

(Cost $18,772,275)				18,127,382

Software — 2.4%
Alteryx, Inc., 144A, 8.75%, 3/15/28		2,000,000		1,931,781
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30		10,505,000		9,133,743
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		2,678,000		2,683,758


	Principal Amount		Value
Software (Continued)
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28	$	4,094,000	$	3,616,218
144A, 4.875%, 7/1/29		4,177,000		3,644,831
Cloud Software Group, Inc. 144A, 6.50%, 3/31/29		17,718,000		15,863,859
144A, 9.00%, 9/30/29		17,279,000		15,445,556
Fair Isaac Corp. 144A, 5.25%, 5/15/26		1,786,000		1,735,206
144A, 4.00%, 6/15/28		4,006,000		3,667,530
MicroStrategy, Inc., 144A, 6.125%, 6/15/28		2,222,000		1,991,267
Open Text Corp. 144A, 3.875%, 2/15/28		4,000,000		3,563,465
144A, 3.875%, 12/1/29		3,777,000		3,207,503
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		4,000,000		3,450,599
144A, 4.125%, 12/1/31		2,969,000		2,467,582
PTC, Inc. 144A, 3.625%, 2/15/25		2,207,000		2,132,343
144A, 4.00%, 2/15/28		2,212,000		2,034,310
RingCentral, Inc., 144A, 8.50%, 8/15/30		1,770,000		1,743,070
ROBLOX Corp., 144A, 3.875%, 5/1/30		4,483,000		3,702,536
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		8,926,000		8,601,552
Twilio, Inc. 3.625%, 3/15/29		2,312,000		1,985,650
3.875%, 3/15/31		2,248,000		1,884,723

(Cost $99,836,666)				94,487,082

Utilities — 2.7%
Electric — 2.4%
Calpine Corp. 144A, 5.25%, 6/1/26		1,858,000		1,824,561
144A, 4.50%, 2/15/28		5,529,000		5,128,965
144A, 5.125%, 3/15/28		6,418,000		5,851,170
144A, 4.625%, 2/1/29		2,889,000		2,516,745
144A, 5.00%, 2/1/31		3,760,000		3,181,265
144A, 3.75%, 3/1/31		3,981,000		3,327,538
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		3,777,000		3,494,879
144A, 3.75%, 2/15/31		4,111,000		3,384,409
DPL, Inc., 4.125%, 7/1/25		1,835,000		1,747,278
Drax Finco PLC, 144A, 6.625%, 11/1/25		2,212,000		2,177,202
FirstEnergy Corp.
Series B, 4.15%, 7/15/27		6,665,000		6,294,465
2.65%, 3/1/30		2,840,000		2,372,854
Series B, 2.25%, 9/1/30		2,000,000		1,606,922
NextEra Energy Operating Partners LP 144A, 3.875%, 10/15/26		2,208,000		2,041,967
144A, 4.50%, 9/15/27		2,433,000		2,260,710
NRG Energy, Inc. 5.75%, 1/15/28		3,649,000		3,452,486
144A, 3.375%, 2/15/29		2,322,000		1,916,256


See Notes to Financial Statements.		64

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023


	Principal Amount		Value
Electric (Continued)
144A, 5.25%, 6/15/29	$	3,242,000	$	2,915,774
144A, 3.625%, 2/15/31		4,577,000		3,574,803
PG&E Corp. 5.00%, 7/1/28		4,443,000		4,091,701
5.25%, 7/1/30		4,536,000		4,042,324
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30		5,308,000		5,532,465
TransAlta Corp., 7.75%, 11/15/29		1,785,000		1,845,155
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		4,423,000		4,270,204
144A, 5.625%, 2/15/27		5,815,000		5,603,182
144A, 5.00%, 7/31/27		5,775,000		5,436,635
144A, 4.375%, 5/1/29		5,672,000		5,005,978

(Cost $104,302,760)				94,897,893

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		3,096,000		3,041,463
5.875%, 8/20/26		3,011,000		2,859,002


	Principal Amount		Value
Gas (Continued)
5.75%, 5/20/27	$	2,479,000	$	2,295,327
144A, 9.375%, 6/1/28		2,202,000		2,259,098

(Cost $11,095,736)				10,454,890

TOTAL CORPORATE BONDS (Cost $4,163,307,508)				3,776,622,772


	Number of Shares
CASH EQUIVALENTS — 1.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $49,189,697)		49,189,697		49,189,697


TOTAL INVESTMENTS — 99.1% (Cost $4,212,497,205)			$	3,825,812,469
Other assets and liabilities, net — 0.9%				33,350,507

NET ASSETS — 100.0%			$	3,859,162,976

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
CORPORATE BONDS — 0.0%
Financial — 0.0%
Deutsche Bank AG, 5.882%, 7/08/31 (c)
		1,711,027		573,064		(2,188,899	)		(536,171	)		440,979		19,503		—		—		—
Deutsche Bank AG, 3.729%, 1/14/32 (c)
		3,593,664		619,222		(4,058,837	)		(1,424,285	)		1,270,236		29,417		—		—		—
Deutsche Bank AG, 3.742%, 1/07/33 (c)
		3,472,027		592,104		(3,923,327	)		(1,320,470	)		1,179,666		29,725		—		—		—

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(d)
		78,245,816		—		(78,245,816	)(e)		—			—		1,482,026		—		—		—

CASH EQUIVALENTS — 1.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		21,909,142		416,444,027		(389,163,472	)		—			—		1,177,512		—		49,189,697		49,189,697

		108,931,676		418,228,417		(477,580,351	)		(3,280,926	)		2,890,881		2,738,183		—		49,189,697		49,189,697

(a)	Defaulted security or security for which income has been deemed uncollectible.

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

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.


See Notes to Financial Statements.		65

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2023

GMTN:

Global Medium Term Note

REIT:

Real Estate Investment Trust

REGS:

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.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	3,776,622,772	$	—	$	3,776,622,772
Short-Term Investments (a)		49,189,697		—		—		49,189,697

TOTAL	$	49,189,697	$	3,776,622,772	$	—	$	3,825,812,469

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


See Notes to Financial Statements.		66

This Page is Intentionally Left Blank

DBX ETF Trust

Statements of Assets and Liabilities

August 31, 2023


	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF
Assets
Investment in non-affiliated securities at value	$	11,649,608		$	219,110,839		$	—		$	80,972,028
Investment in affiliated securities at value		—			—			43,618,058			—
Investment in DWS Government Money Market Series		203,368			3,360,237			311,422			1,126,201
Investment in DWS Government & Agency Securities Portfolio*		—			—			6,535,150			—
Foreign currency at value		3			472			—			28
Receivables:
Investment securities sold		321,691			3,990,335			—			1,626,528
Dividends		—			—			472			—
Interest		232,751			3,039,906			1,414			1,394,641
Securities lending income		—			—			232			—

Total assets	$	12,407,421		$	229,501,789		$	50,466,748		$	85,119,426


Liabilities
Payable upon return of securities loaned	$	—		$	—		$	6,535,150		$	—
Payables:
Investment securities purchased		426,360			6,451,105			—			2,404,254
Investment advisory fees		2,004			42,580			5,561			13,893

Total liabilities		428,364			6,493,685			6,540,711			2,418,147

Net Assets, at value	$	11,979,057		$	223,008,104		$	43,926,037		$	82,701,279


Net Assets Consist of
Paid-in capital	$	24,958,877		$	299,643,293		$	47,774,051		$	88,125,259
Distributable earnings (loss)		(12,979,820	)		(76,635,189	)		(3,848,014	)		(5,423,980	)

Net Assets, at value	$	11,979,057		$	223,008,104		$	43,926,037		$	82,701,279


Number of Common Shares outstanding		300,001			4,950,001			1,950,001			1,900,001

Net Asset Value	$	39.93		$	45.05		$	22.53		$	43.53


Investment in non-affiliated securities at cost	$	12,857,810		$	232,149,169		$	—		$	83,284,663

Investment in affiliated securities at cost	$	—		$	—		$	47,510,824		$	—

Value of securities loaned	$	—		$	—		$	6,369,617		$	—

Investment in DWS Government Money Market Series at cost	$	203,368		$	3,360,237		$	311,422		$	1,126,201

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	6,535,150		$	—

Foreign currency at cost	$	3		$	441		$	—		$	26

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		68

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

August 31, 2023


	Xtrackers USD High Yield Corporate Bond ETF
Assets
Investment in non-affiliated securities at value	$	3,776,622,772
Investment in DWS Government Money Market Series		49,189,697
Foreign currency at value		5,724
Receivables:
Investment securities sold		24,621,044
Capital shares		20,743,875
Interest		63,806,293

Total assets	$	3,934,989,405


Liabilities
Payables:
Investment securities purchased	$	75,335,751
Investment advisory fees		490,678

Total liabilities		75,826,429


Net Assets, at value	$	3,859,162,976


Net Assets Consist of
Paid-in capital	$	4,503,549,516
Distributable earnings (loss)		(644,386,540	)


Net Assets, at value	$	3,859,162,976


Number of Common Shares outstanding		111,587,501

Net Asset Value	$	34.58


Investment in non-affiliated securities at cost	$	4,163,307,508

Investment in DWS Government Money Market Series at cost	$	49,189,697

Foreign currency at cost	$	5,502


See Notes to Financial Statements.		69

DBX ETF Trust

Statements of Operations

For the Year Ended August 31, 2023


	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF
Investment Income
Unaffiliated interest income	$	967,622		$	41,635,488		$	10		$	4,865,066
Affiliated interest income		—			64,452			—			—
Affiliated dividend income		—			—			2,709,479			—
Income distributions from affiliated funds		6,318			211,084			16,386			26,720
Affiliated securities lending income		8,240			135,202			2,638			25,429

Total investment income		982,180			42,046,226			2,728,513			4,917,215


Expenses
Investment advisory fees		45,221			2,032,399			138,940			151,240
Other expenses		588			4,045			45			242

Total expenses		45,809			2,036,444			138,985			151,482

Less fees waived (see note 3):
Waiver		(19,486	)		(410,177	)		(69,681	)		(439	)

Net expenses		26,323			1,626,267			69,304			151,043

Net investment income (loss)		955,857			40,419,959			2,659,209			4,766,172


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(856,727	)		(28,839,735	)		—			(2,277,432	)
Investments in affiliates		—			(2,208,152	)		(32,893	)		—
In-kind redemptions		(14,767	)		(57,926,649	)		—			(1,773,235	)
In-kind redemptions in affiliates		—			(67,525	)		(255,661	)		—

Net realized gain (loss)		(871,494	)		(89,042,061	)		(288,554	)		(4,050,667	)

Net change in unrealized appreciation (depreciation) on:
Investments		981,672			88,709,659			—			4,643,664
Investments in affiliates		—			1,898,234			868,253			—
Foreign currency translations		—			31			—			2

Net change in unrealized appreciation (depreciation)		981,672			90,607,924			868,253			4,643,666

Net realized and unrealized gain (loss) on investments and foreign currency transactions		110,178			1,565,863			579,699			592,999


Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,066,035		$	41,985,822		$	3,238,908		$	5,359,171


See Notes to Financial Statements.		70

DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended August 31, 2023


	Xtrackers USD High Yield Corporate Bond ETF
Investment Income
Unaffiliated interest income	$	219,419,772
Affiliated interest income		78,645
Income distributions from affiliated funds		1,177,512
Affiliated securities lending income		1,482,026

Total investment income		222,157,955


Expenses
Investment advisory fees		7,605,249
Other expenses		4,150

Total expenses		7,609,399

Less fees waived (see note 3):
Waiver		(1,921,118	)

Net expenses		5,688,281

Net investment income (loss)		216,469,674

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(129,780,406	)
Investments in affiliates		(1,921,217	)
In-kind redemptions		(17,953,283	)
In-kind redemptions in affiliates		(1,359,709	)
Foreign currency transactions		(10	)

Net realized gain (loss)		(151,014,625	)

Net change in unrealized appreciation (depreciation) on:
Investments		184,928,455
Investments in affiliates		2,890,881
Foreign currency translations		220

Net change in unrealized appreciation (depreciation)		187,819,556

Net realized and unrealized gain (loss) on investments and foreign currency transactions		36,804,931


Net Increase (Decrease) in Net Assets Resulting from Operations	$	253,274,605


See Notes to Financial Statements.		71

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers High Beta High Yield Bond ETF						Xtrackers Low Beta High Yield Bond ETF
	Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	955,857		$	1,081,103		$	40,419,959		$	41,041,591
Net realized gain (loss)		(871,494	)		(1,209,094	)		(89,042,061	)		(42,727,027	)
Net change in net unrealized appreciation (depreciation)		981,672			(2,372,970	)		90,607,924			(114,546,857	)

Net increase (decrease) in net assets resulting from operations		1,066,035			(2,500,961	)		41,985,822			(116,232,293	)

Distributions to Shareholders		(974,644	)		(1,152,992	)		(44,403,017	)		(42,567,833	)


Fund Shares Transactions
Proceeds from shares sold		1,901,084			6,992,436			223,270,378			1,268,329,518
Value of shares redeemed		(1,965,874	)		(10,724,660	)		(1,438,511,784	)		(419,246,955	)

Net increase (decrease) in net assets resulting from fund share transactions		(64,790	)		(3,732,224	)		(1,215,241,406	)		849,082,563

Total net increase (decrease) in Net Assets		26,601			(7,386,177	)		(1,217,658,601	)		690,282,437

Net Assets
Beginning of year		11,952,456			19,338,633			1,440,666,705			750,384,268

End of year	$	11,979,057		$	11,952,456		$	223,008,104		$	1,440,666,705


Changes in Shares Outstanding
Shares outstanding, beginning of year		300,001			400,001			31,950,001			14,700,001
Shares sold		50,000			150,000			4,950,000			26,250,000
Shares redeemed		(50,000	)		(250,000	)		(31,950,000	)		(9,000,000	)

Shares outstanding, end of year		300,001			300,001			4,950,001			31,950,001


See Notes to Financial Statements.		72

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers Risk Managed USD High Yield Strategy ETF						Xtrackers Short Duration High Yield Bond ETF
	Year Ended August 31, 2023			For the Period February 10, 2022⁽¹⁾ to August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	2,659,209		$	1,028,437		$	4,766,172		$	3,795,682
Net realized gain (loss)		(288,554	)		128,548			(4,050,667	)		(396,537	)
Net change in net unrealized appreciation (depreciation)		868,253			(4,761,019	)		4,643,666			(8,681,574	)

Net increase (decrease) in net assets resulting from operations		3,238,908			(3,604,034	)		5,359,171			(5,282,429	)

Distributions to Shareholders		(2,798,892	)		(844,002	)		(4,721,603	)		(3,956,845	)


Fund Shares Transactions
Proceeds from shares sold		1,679,445			56,938,197			25,919,023			23,388,169
Value of shares redeemed		(7,782,030	)		(2,901,580	)		(29,934,486	)		(4,697,674	)

Net increase (decrease) in net assets resulting from fund share transactions		(6,102,585	)		54,036,617			(4,015,463	)		18,690,495

Total net increase (decrease) in Net Assets		(5,662,569	)		49,588,581			(3,377,895	)		9,451,221

Net Assets
Beginning of period		49,588,606			25			86,079,174			76,627,953

End of period	$	43,926,037		$	49,588,606		$	82,701,279		$	86,079,174


Changes in Shares Outstanding
Shares outstanding, beginning of period		2,225,001			1			2,000,001			1,600,001
Shares sold		75,000			2,350,000			600,000			500,000
Shares redeemed		(350,000	)		(125,000	)		(700,000	)		(100,000	)

Shares outstanding, end of period		1,950,001			2,225,001			1,900,001			2,000,001

(1)	Commencement of Operations.


See Notes to Financial Statements.		73

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers USD High Yield Corporate Bond ETF
	Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	216,469,674		$	222,522,218
Net realized gain (loss)		(151,014,625	)		(182,677,275	)
Net change in net unrealized appreciation (depreciation)		187,819,556			(602,952,647	)

Net increase (decrease) in net assets resulting from operations		253,274,605			(563,107,704	)

Distributions to Shareholders		(218,918,420	)		(242,753,834	)


Fund Shares Transactions
Proceeds from shares sold		6,278,010,067			4,826,710,036
Value of shares redeemed		(6,068,454,467	)		(7,072,094,189	)

Net increase (decrease) in net assets resulting from fund share transactions		209,555,600			(2,245,384,153	)

Total net increase (decrease) in Net Assets		243,911,785			(3,051,245,691	)

Net Assets
Beginning of year		3,615,251,191			6,666,496,882

End of year	$	3,859,162,976		$	3,615,251,191


Changes in Shares Outstanding
Shares outstanding, beginning of year		105,187,501			165,387,501
Shares sold		183,900,000			129,000,000
Shares redeemed		(177,500,000	)		(189,200,000	)

Shares outstanding, end of year		111,587,501			105,187,501


See Notes to Financial Statements.		74

DBX ETF Trust

Financial Highlights


Xtrackers High Beta High Yield Bond ETF Selected Per Share Data	Years Ended August 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	39.84		$	48.35		$	46.55		$	48.61		$	49.17

Income (loss) from investment operations:
Net investment income (loss)(a)		2.90			2.51			2.60			3.01	(b)		3.32
Net realized and unrealized gain (loss)		0.15			(8.37	)		2.65			(1.95	)(b)		(0.58	)

Total from investment operations		3.05			(5.86	)		5.25			1.06			2.74

Less distributions from:
Net investment income		(2.96	)		(2.65	)		(3.45	)		(3.12	)		(3.30	)

Total distributions		(2.96	)		(2.65	)		(3.45	)		(3.12	)		(3.30	)

Net Asset Value, end of year	$	39.93		$	39.84		$	48.35		$	46.55		$	48.61

Total Return (%)(c)		8.11			(12.56	)		11.67			2.46			5.90

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		12			12			19			7			151
Ratio of expenses before fee waiver (%)		0.35			0.35			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.31
Ratio of net investment income (loss) (%)		7.40			5.61			5.45			6.50	(b)		6.91
Portfolio turnover rate (%)(d)		58			55			98			98			51


Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data	Years Ended August 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	45.09		$	51.05		$	50.50		$	50.62		$	49.16

Income (loss) from investment operations:
Net investment income (loss)(a)		2.24			1.69			1.45			2.02	(b)		2.29
Net realized and unrealized gain (loss)		0.14			(5.87	)		1.07			0.12	(b)		1.44

Total from investment operations		2.38			(4.18	)		2.52			2.14			3.73

Less distributions from:
Net investment income		(2.42	)		(1.78	)		(1.97	)		(2.26	)		(2.27	)

Total distributions		(2.42	)		(1.78	)		(1.97	)		(2.26	)		(2.27	)

Net Asset Value, end of year	$	45.05		$	45.09		$	51.05		$	50.50		$	50.62

Total Return (%)(c)		5.44			(8.36	)		5.12			4.42			7.84

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		223			1,441			750			38			144
Ratio of expenses before fee waiver (%)		0.25			0.25			0.25			0.25			0.25
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.24
Ratio of net investment income (loss) (%)		4.97			3.53			2.89			4.09	(b)		4.66
Portfolio turnover rate (%)(d)		52			68			88			111			55

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

(b)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.04 and $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and $0.23, and decrease to the ratio of net investment income to average net assets of 0.08% and 0.47%, for Xtrackers High Beta High Yield Bond ETF and Xtrackers Low Beta High Yield Bond ETF respectively. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

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

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


See Notes to Financial Statements.		75

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers Risk Managed USD High Yield Strategy ETF Selected Per Share Data	Year Ended 8/31/2023			Period Ended 8/31/2022(a)
Net Asset Value, beginning of period	$	22.29		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.28			0.58
Net realized and unrealized gain (loss)		0.29			(2.84	)

Total from investment operations		1.57			(2.26	)

Less distributions from:
Net investment income		(1.33	)		(0.45	)

Total distributions		(1.33	)		(0.45	)

Net Asset Value, end of period	$	22.53		$	22.29

Total Return (%)(c)		7.27			(9.12	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		44			50
Ratio of expenses before fee waiver (%)(d)		0.30			0.30	*
Ratio of expenses after fee waiver (%)(d)		0.15			0.15	*
Ratio of net investment income (loss) (%)		5.74			4.54	*
Portfolio turnover rate (%)(e)		0			0	**


Xtrackers Short Duration High Yield Bond ETF Selected Per Share Data	Years Ended August 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	43.04		$	47.89		$	46.57		$	49.13		$	49.69

Income (loss) from investment operations:
Net investment income (loss)(b)		2.71			2.04			2.34			2.69	(f)		2.83
Net realized and unrealized gain (loss)		0.45			(4.76	)		1.67			(2.47	)(f)		(0.54	)

Total from investment operations		3.16			(2.72	)		4.01			0.22			2.29

Less distributions from:
Net investment income		(2.67	)		(2.13	)		(2.69	)		(2.78	)		(2.85	)

Total distributions		(2.67	)		(2.13	)		(2.69	)		(2.78	)		(2.85	)

Net Asset Value, end of year	$	43.53		$	43.04		$	47.89		$	46.57		$	49.13

Total Return (%)(c)		7.65			(5.84	)		8.86			0.61			4.79

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		83			86			77			37			22
Ratio of expenses before fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		6.30			4.48			4.95			6.13	(f)		5.78
Portfolio turnover rate (%)(e)		49			46			52			150			45

(a)	For the period February 10, 2022 (commencement of operations) through August 31, 2022.

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

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

(d)	The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

(f)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.10, increase to net realized and unrealized gain (loss) from investments per share by $0.10 and decrease to the ratio of net investment income to average net assets of 0.22% for Xtrackers Short Duration High Yield Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		76

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers USD High Yield Corporate Bond ETF Selected Per Share Data	Years Ended August 31,
	2023			2022			2021			2020(a)			2019(a)
Net Asset Value, beginning of year	$	34.37		$	40.31			39.06	(a)	$	40.19		$	39.90

Income (loss) from investment operations:
Net investment income (loss)(b)		1.94			1.61			1.70			2.03	(c)		2.39
Net realized and unrealized gain (loss)		0.25			(5.80	)		1.79			(0.95	)(c)		0.24

Total from investment operations		2.19			(4.19	)		3.49			1.08			2.63

Less distributions from:
Net investment income		(1.98	)		(1.75	)		(2.24	)		(2.21	)		(2.34	)

Total distributions		(1.98	)		(1.75	)		(2.24	)		(2.21	)		(2.34	)

Net Asset Value, end of year	$	34.58		$	34.37		$	40.31		$	39.06		$	40.19

Total Return (%)(d)		6.63			(10.67	)		8.31			2.91			6.87

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		3,859			3,615			6,666			6,209			3,062
Ratio of expenses before fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15			0.15			0.17
Ratio of net investment income (loss) (%)		5.69			4.24			4.27			5.27	(c)		6.06
Portfolio turnover rate (%)(e)		26			24			37			54			29

(a)

On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split. Net asset value and per share information through April 12, 2021 have been updated to reflect the effect of the split. Shareholders received 5 shares for every 4 shares owned and net asset value per share decreased correspondingly.

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

(c)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.12, increase to net realized and unrealized gain (loss) from investments per share by $0.12 and decrease to the ratio of net investment income to average net assets of 0.32% for Xtrackers USD High Yield Corporate Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

(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.


See Notes to Financial Statements.		77

DBX ETF Trust

Notes to Financial Statements

1. Organization

Xtrackers High Beta High Yield Bond ETF

Xtrackers Low Beta High Yield Bond ETF

Xtrackers Risk Managed USD High Yield Strategy ETF

Xtrackers Short Duration High Yield Bond ETF

Xtrackers USD High Yield Corporate Bond ETF

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, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 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.


Fund		Underlying Index
Xtrackers High Beta High Yield Bond ETF		Solactive USD High Yield Corporates Total Market High Beta Index
Xtrackers Low Beta High Yield Bond ETF Xtrackers Risk Managed USD High Yield Strategy ETF		Solactive USD High Yield Corporates Total Market Low Beta Index Adaptive Wealth Strategies Risk Managed High Yield Index
Xtrackers Short Duration High Yield Bond ETF		Solactive USD High Yield Corporates Total Market 0-5 Year Index
Xtrackers USD High Yield Corporate Bond ETF		Solactive USD High Yield Corporates Total Market Index

The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.

DBX ETF Trust

Notes to Financial Statements (Continued)

Xtrackers Risk Managed USD High Yield Strategy ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.

2. Significant Accounting Policies

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. ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. 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.

DBX ETF Trust

Notes to Financial Statements (Continued)

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; length of time of a halt in trading of the security; movement in the security’s proxy index; 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.

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. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.

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 monthly. 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 (Continued)

As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers High Beta High Yield Bond ETF	$	72,841	$	(11,795,350	)	$	(1,257,311	)	$	(12,979,820	)
Xtrackers Low Beta High Yield Bond ETF		1,905,987		(64,406,194	)		(14,134,982	)		(76,635,189	)
Xtrackers Risk Managed USD High Yield Strategy ETF		44,752		—			(3,892,766	)		(3,848,014	)
Xtrackers Short Duration High Yield Bond ETF		509,294		(3,197,839	)		(2,735,435	)		(5,423,980	)
Xtrackers USD High Yield Corporate Bond ETF		19,579,236		(242,862,261	)		(421,103,515	)		(644,386,540	)

The tax character of dividends and distributions declared for the years ended August 31, 2023 and August 31, 2022 were as follows:


	Year Ended August 31, 2023
	Ordinary Income*
Xtrackers High Beta High Yield Bond ETF	$	974,644
Xtrackers Low Beta High Yield Bond ETF		44,403,017
Xtrackers Risk Managed USD High Yield Strategy ETF		2,798,892
Xtrackers Short Duration High Yield Bond ETF		4,721,603
Xtrackers USD High Yield Corporate Bond ETF		218,918,420

	Year Ended August 31, 2022
	Ordinary Income*
Xtrackers High Beta High Yield Bond ETF	$	1,152,992
Xtrackers Low Beta High Yield Bond ETF		42,567,833
Xtrackers Risk Managed USD High Yield Strategy ETF		844,002
Xtrackers Short Duration High Yield Bond ETF		3,956,845
Xtrackers USD High Yield Corporate Bond ETF		242,753,834

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.


	Short-Term		Long-Term		Total Amount
Xtrackers High Beta High Yield Bond ETF	$	2,996,574	$	8,798,776	$	11,795,350
Xtrackers Low Beta High Yield Bond ETF		35,194,222		29,211,972		64,406,194
Xtrackers Short Duration High Yield Bond ETF		1,232,714		1,965,125		3,197,839
Xtrackers USD High Yield Corporate Bond ETF		38,381,756		204,480,505		242,862,261

For the fiscal year ended August 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below.These differences are primarily due to redemptions-in-kind.


	Distributable earnings (loss)		Paid-In Capital
Xtrackers High Beta High Yield Bond ETF	$	24,402	$	(24,402	)
Xtrackers Low Beta High Yield Bond ETF		62,097,456		(62,097,456	)
Xtrackers Risk Managed USD High Yield Strategy ETF		291,189		(291,189	)
Xtrackers Short Duration High Yield Bond ETF		1,818,720		(1,818,720	)
Xtrackers USD High Yield Corporate Bond ETF		29,450,250		(29,450,250	)

DBX ETF Trust

Notes to Financial Statements (Continued)


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers High Beta High Yield Bond ETF	$	13,110,287	$	(1,257,311	)	$	72,690	$	(1,330,001	)
Xtrackers Low Beta High Yield Bond ETF		236,606,089		(14,135,013	)		205,631		(14,340,644	)
Xtrackers Risk Managed USD High Yield Strategy ETF		54,357,396		(3,892,766	)		—		(3,892,766	)
Xtrackers Short Duration High Yield Bond ETF		84,833,666		(2,735,437	)		475,301		(3,210,738	)
Xtrackers USD High Yield Corporate Bond ETF		4,246,916,206		(421,103,737	)		4,824,790		(425,928,527	)

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, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of August 31, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Securities Lending The Bank of New York Mellon, as securities lending agent, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF. 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 securities 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 year ended August 31, 2023, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds 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

DBX ETF Trust

Notes to Financial Statements (Continued)

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 August 31, 2023, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of August 31, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Risk Managed USD HighYield Strategy ETF
Exchange-Traded Funds	$	6,535,150	$	—	$	—	$	—	$	6,535,150

Gross amount of recognized liabilities for securities lending transactions									$	6,535,150

As of August 31, 2023, Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF had no securities on loan.

3. Investment Advisory and Other Agreements

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 High Beta High Yield Bond ETF		0.35	%
Xtrackers Low Beta High Yield Bond ETF		0.25	%
Xtrackers Risk Managed USD High Yield Strategy ETF		0.30	%
Xtrackers Short Duration High Yield Bond ETF		0.20	%
Xtrackers USD High Yield Corporate Bond ETF		0.20	%

The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $19,380 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for

DBX ETF Trust

Notes to Financial Statements (Continued)

interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $406,480 of expenses to the Fund.

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until November 14, 2024, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended August 31, 2023, the Advisor waived $69,404 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $1,901,312 of expenses to the Fund.

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 Funds’ investments in affiliated cash management vehicles. For the year ended August 31, 2023, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers High Beta High Yield Bond ETF	$	106
Xtrackers Low Beta High Yield Bond ETF		3,697
Xtrackers Risk Managed USD High Yield Strategy ETF		277
Xtrackers Short Duration High Yield Bond ETF		439
Xtrackers USD High Yield Corporate Bond ETF		19,806

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

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 the 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).

4. Investment Portfolio Transactions

For the year ended August 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	7,190,506	$	7,231,680
Xtrackers Low Beta High Yield Bond ETF		409,213,296		413,831,267
Xtrackers Risk Managed USD High Yield Strategy ETF		171,550		302,231
Xtrackers Short Duration High Yield Bond ETF		35,942,166		37,085,784
Xtrackers USD High Yield Corporate Bond ETF		954,929,407		971,400,974

DBX ETF Trust

Notes to Financial Statements (Continued)

For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	1,743,289	$	1,914,594
Xtrackers Low Beta High Yield Bond ETF		217,681,322		1,411,991,488
Xtrackers Risk Managed USD High Yield Strategy ETF		1,649,330		7,700,517
Xtrackers Short Duration High Yield Bond ETF		25,548,248		28,808,301
Xtrackers USD High Yield Corporate Bond ETF		6,158,454,717		5,951,186,221

Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees. During the year ended August 31, 2023, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:


	Securities Purchased		Securities Sold		Net Realized Gain (Loss) on Securities Sold
Xtrackers High Beta High Yield Bond ETF	$	1,587,750	$	2,445,439	$	(102,985	)
Xtrackers Low Beta High Yield Bond ETF		2,445,439		1,587,750		(149,808	)

5. Fund Share Transactions

As of August 31, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at August 31, 2023.

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF (collectively referred to as the “Funds”), (five of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2023, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (five of the funds constituting DBX ETF Trust) at August 31, 2023, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers High Beta High Yield Bond ETF Xtrackers Low Beta High Yield Bond ETF Xtrackers Short Duration High Yield Bond ETF Xtrackers USD High Yield Corporate Bond ETF	For the year ended August 31, 2023	For each of the two years in the period ended August 31, 2023	For each of the five years in the period ended August 31, 2023
Xtrackers Risk Managed USD High Yield Strategy ETF	For the year ended August 31, 2023	For the year ended August 31, 2023 and the period from February 10, 2022 (commencement of operations) through August 31, 2022

Basis for Opinion

DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2023

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

DBX ETF Trust

Board Members and Officers (Unaudited)

Identification and Background


Independent Board Members
Name, Year of Birth, Position with the Trust and Length of Time Served⁽¹⁾	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	42	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017- 2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	42	—
J. David Officer (1948) Board Member since 2011, Chairperson of the Nominating Committee since 2015	Independent Director (2010- present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	42	(Chairman of) Ilex Management Ltd; Old Westbury Funds

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)


Officers⁽²⁾
Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Freddi Klassen⁽⁴⁾(1975) President and Chief Executive Officer, 2016-present		Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014- 2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Diane Kenneally⁽⁴⁾(1966) Treasurer, Chief Financial Officer and Controller, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018- present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi⁽⁴⁾(1967) Chief Compliance Officer, 2010-present		AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016- present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards⁽⁴⁾(1978) Vice President, 2016-present		Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette⁽⁵⁾(1962) Secretary, 2020-present		Legal (Associate General Counsel), DWS US Retail Legal (2003- present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015- present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011- present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020).

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)


Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Caroline Pearson⁽⁵⁾(1962) Assistant Secretary, 2020-present		Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020- present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021).
Jeffrey Berry⁽⁵⁾(1959) Assistant Treasurer, 2019-present		Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan⁽⁵⁾(1966) Assistant Treasurer, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018- present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018- present).
Christina A. Morse⁽⁶⁾(1964) Assistant Secretary, 2017-present		Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Christian Rijs⁽⁴⁾(1980) Anti-Money Laundering Compliance Officer, since October 21, 2021		Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

(1)	The length of time served is represented by the year in which the Board Member joined the Board.

(2)	As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

(3)	The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

(4)	Address: 875 Third Avenue, New York, New York 10022.

(5)	Address: 100 Summer Street, Boston, MA 02110.

(6)	Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

Portfolio Holdings Information

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.

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. 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. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. HYRM is currently non-diversified and can take larger positions in fewer issues, increasing its 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.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. 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.

HYUP, HYDW, SHYL and HYLB (the “Funds”) are not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding advisability of investing in funds generally or in these Funds particularly or the ability of the Underlying Indexes to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Indexes or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.

The Index Marks, trademarks and trade names, the Index and the Intellectual Property are licensed under an Agreement for use by DBX Advisors LLC (“Licensee”) and the Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”). Such Index Marks, trademarks, trade names, Index and Intellectual Property have been created and developed by NorthCrest Asset Management LLC without regard to Licensee or the Fund, their business, and/ or any prospective investor in the Fund.

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

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


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

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

R-052201-7 (10/23) DBX005646 (10/24)

August 31, 2023

Annual Report

DBX ETF Trust

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

Xtrackers MSCI USA Climate Action Equity ETF (USCA)

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion on Fund Performance		3
Performance Summary		6
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		6
Xtrackers MSCI EAFE ESG Leaders Equity ETF		8
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		10
Xtrackers MSCI USA Climate Action Equity ETF		12
Xtrackers MSCI USA ESG Leaders Equity ETF		14
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		16
Fees and Expenses		18
Schedule of Investments		19
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		19
Xtrackers MSCI EAFE ESG Leaders Equity ETF		37
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		43
Xtrackers MSCI USA Climate Action Equity ETF		51
Xtrackers MSCI USA ESG Leaders Equity ETF		56
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		60
Statements of Assets and Liabilities		65
Statements of Operations		67
Statements of Changes in Net Assets		69
Financial Highlights		72
Notes to Financial Statements		75
Report of Independent Registered Public Accounting Firm		86
Other Information		88
Board Considerations in Approval of Investment Advisory Contracts		89
Board Members and Officers		91
Additional Information		94

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report on six of our equity ETFs tracking the environmental, social and governance (ESG) market for the period ended August 31, 2023.

The global economy faced several headwinds resulting from high inflation, rising interest rates, and increased economic and geopolitical unpredictability. The U.S. Federal Reserve (Fed) and other major central banks, except for the Bank of Japan, raised interest rates in response to elevated inflation that wiped out real incomes in both developed and developing countries. By February 2023, Russia’s invasion of Ukraine had lasted a year and no meaningful steps had been taken to resolve the crisis. The global financial markets have largely remained stable despite the turmoil in the U.S. and European banking sectors. The U.S. labor market performed reasonably well, with the unemployment rate remaining constant and wage growth slowing. As soon as China began trading after the COVID-19-related restrictions were lifted, the mood of the global markets improved. However, worries that U.S. interest rates will continue to climb for a while and China’s economic slowdown because of the worsening real estate crisis, had a negative influence on investor sentiment.

European stocks rose as the rate of inflation started to slow during the reporting period. The outcome was influenced by better-than-expected economic data, lower gas prices, and a larger tilt toward China, where confidence improved for most of the period. Beijing relaxed its zero-COVID policy sooner than the market had anticipated, triggering speculation about a strong economic recovery. To increase corporate responsibility and transparency, several nations have implemented new legislation or made new rule proposals. Germany and the Netherlands have implemented due diligence laws, requiring businesses to disclose ESG risks and consequences in their supply chains.

While the European Union (EU) has enacted explicit conduct-based directives on ESG, the U.K.’s Financial Conduct Authority has made it mandatory for listed firms to disclose information about the environment. The Corporate Sustainability Reporting Directive (CSRD), one of the most significant ESG disclosure regulations, was passed by the European Parliament. The CSRD is part of the European Green Deal, a package of laws and programs intended to move the EU toward a sustainable and digital economy. The European Sustainability Reporting Standards (ESRS) were adopted by the European Commission in July 2023. The ESRS aim to standardize how businesses in the EU report on ESG-related issues such as climate change. Although sustainable themes face challenges from a value perspective, there is a positive competitive atmosphere between significant parts of the world regarding green technology and infrastructure.

Our analysts believe that investor preference will generally continue to shift toward net zero, along with increased demand for disclosures, and global sustainability standards are expected to broaden in scope during 2023 and beyond. Even if concerns surrounding high inflation, Fed rate hikes, and tougher lending rules exist, we maintain a positive outlook on global stocks, as they have returned to a more favorable environment. We anticipate the equity markets to exhibit resilience despite the possibility of volatility in upcoming months. While mega-cap, technology, and AI-related equities saw large returns in H1 2023, a more upbeat narrative of a global economic recovery with inflation more under control may surface in H2 2023. Given deteriorating climate conditions and large tax incentives, we expect green investment capital flows to continue growing despite the market’s shift toward growth equities.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

This Page is Intentionally Left Blank

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “EMCR Index”). The EMCR Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituent companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. For the period ended August 31, 2023, EMCR shares returned 2.01%, compared to the EMCR Index return of 2.27%.

Information Technology, Financials and Consumer Staples were the major positive contributors, while Consumer Discretionary, Utilities and Health Care sectors detracted most from the performance. From a geographical perspective, Hong Kong, China, and Saudi Arabia are the most significant detractors. However, Taiwan, Mexico and South Korea contributed positively to the performance.

Xtrackers MSCI EAFE ESG Leaders Equity ETF

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index (the EASG Index). The EASG Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers. The EASG Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. For the period ended August 31, 2023, EASG shares returned 17.79%, compared to the EASG Index return of 17.69%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials and Health Care. From a geographical perspective Hong Kong, Norway and Israel are the most significant detractors. However, France, Japan and United Kingdom contributed positively to the performance.

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG), seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index (the EMSG Index). The EMSG Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers. The EMSG Index consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. For the period ended August 31, 2023, EMSG shares returned -0.51%, compared to the EMSG Index return of -0.30%.

Information Technology, Financials and Consumer Staples were the major positive contributors, while Consumer Discretionary, Utilities and Health Care sectors detracted most from the performance. From a geographical perspective Hong Kong, China and India are the most significant detractors. However, Mexico, Taiwan and Poland contributed positively to the performance.

Xtrackers MSCI USA Climate Action Equity ETF

Xtrackers MSCI USA Climate Action Equity ETF (USCA) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA Climate Action Index (the USCA Index). The USCA Index consists of large and mid-capitalization companies in the United States that the USCA Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. The USCA Index targets a coverage of 50% of the companies from each Global Industry Classification Standard (“GICS”) sector in the MSCI USA Index (the “Parent Index”). The USCA Index uses MSCI Impact Solutions, MSCI ESG Ratings, MSCI ESG Controversies, MSCI Business Involvement Screening Research and MSCI Climate Change Metrics (collectively, “MSCI ESG Research”) to determine index components for the USCA Index. For the period April 04, 2023 (commencement of operations), to August 31, 2023, USCA shares returned 12.55%, compared to the USCA Index return of 12.60%.

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited) (Continued)

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Communication Services and Consumer Discretionary. The Utilities and Consumer Staples sectors were the only negative contributors to performance.

Xtrackers MSCI USA ESG Leaders Equity ETF

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index (the USSG Index). The USSG Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (ESG) performance relative to their sector peers. The USSG Index consists of large- and medium- capitalization companies in the U.S. market. For the period ended August 31, 2023, USSG shares returned 18.68%, compared to the USSG Index return of 18.79%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Health Care, and Industrials. The Real Estate and Utilities sectors were the only negative contributors to performance.

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the USNZ Index). The USNZ Index is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ESG”) criteria. The constituents of the USNZ Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. In constructing the USNZ Index, Solactive AG (“Solactive”) begins with the universe of securities comprising the parent index, the Solactive GBS United States Large & Mid Cap Index, which is designed to track the performance of the large and mid-capitalization segment covering approximately the largest 85% of the free-float market capitalization in the United States. From this universe of securities, Solactive first seeks to identify only those companies operating in accordance with certain established standards for responsible ESG conduct. Selected constituents are then weighted in a manner designed to align with the objectives of the Net Zero Investment Framework and such that the resulting portfolio’s greenhouse gas emissions are consistent with the long-term global warming target of the Paris Climate Agreement. For the period ending August 31, 2023, USNZ shares returned 16.60%, compared to the USNZ Index return of 16.71%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Communication Services and Health Care. The Real Estate and Consumer Staples sectors detracted from performance.

*************************

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 5-16 of this report for additional performance information, including performance data based on market value.

This Page is Intentionally Left Blank

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)

The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers 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 Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “Underlying Index”). The Underlying Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The Underlying Index is then weighted in such a manner seeking to align its constituent companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Return

	Net Asset Value	Market Value	Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR²	MSCI Emerging Markets Index
One Year	2.01%	2.44%	2.27%	1.25%
Since Inception¹	3.82%	3.81%	4.05%	1.82%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR²	MSCI Emerging Markets Index
One Year	2.01%	2.44%	2.27%	1.25%
Since Inception¹	19.46%	19.40%	20.74%	8.91%

¹ Total returns are calculated based on the commencement of operations, December 6, 2018 (“Inception”).

² On August 18, 2021, the Fund changed its underlying index from MSCI ACWI ex USA ESG Leaders Index to the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. Returns reflect performance for the MSCI ACWI ex USA ESG Leaders Index through August 17, 2021.

Prior to August 18, 2021, the Fund was known as Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ASCG) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.”

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, December 6, 2018^.

Sector Diversification* as of August 31, 2023


Financials			26.2%
Information Technology			24.4%
Communication Services			12.6%
Consumer Discretionary			12.6%
Industrials			5.8%
Materials			5.4%
Consumer Staples			5.3%
Health Care			4.6%
Real Estate			1.6%
Utilities			1.4%
Energy			0.1%

Total			100.0%

Ten Largest Equity Holdings as of August 31, 2023

(26.1% of Net Assets)


Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		8.3%
Tencent Holdings Ltd. (China)		5.1%
Samsung Electronics Co. Ltd. (South Korea)		3.0%
Alibaba Group Holding Ltd. (China)		2.5%
Infosys Ltd. (India)		1.5%
Meituan (China)		1.5%
PDD Holdings, Inc. (Ireland)		1.2%
China Construction Bank Corp. (China)		1.0%
SK Hynix, Inc. (South Korea)		1.0%
Tata Consultancy Services Ltd. (India)		1.0%

Country Diversification* as of August 31, 2023


China			26.5%
Taiwan			18.8%
India			14.2%
South Korea			11.8%
Brazil			4.6%
South Africa			3.6%
Mexico			3.0%
Saudi Arabia			2.9%
Indonesia			2.3%
United Arab Emirates			2.2%
Other			10.1%

Total			100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

The Xtrackers MSCI EAFE ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Return

	Net Asset Value	Market Value	MSCI EAFE ESG Leaders Index	MSCI EAFE Index
One Year	17.79%	18.56%	17.69%	17.92%
Since Inception¹	4.84%	4.89%	4.79%	4.56%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI EAFE ESG Leaders Index	MSCI EAFE Index
One Year	17.79%	18.56%	17.69%	17.92%
Since Inception¹	26.57%	26.90%	26.29%	24.90%

¹ Total returns are calculated based on the commencement of operations, September 6, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.14%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, September 6, 2018.

Sector Diversification* as of August 31, 2023


Financials			18.5%
Industrials			16.1%
Health Care			13.9%
Consumer Discretionary			12.3%
Consumer Staples			9.2%
Information Technology			8.6%
Materials			7.5%
Communication Services			4.1%
Energy			3.9%
Utilities			3.3%
Real Estate			2.6%

Total			100.0%

Ten Largest Equity Holdings as of August 31, 2023

(24.3% of Net Assets)


Description	% of Net Assets
Novo Nordisk A/S (Denmark)		4.0%
ASML Holding NV (Netherlands)		3.5%
LVMH Moet Hennessy Louis Vuitton SE (France)		3.1%
AstraZeneca PLC (United Kingdom)		2.7%
Novartis AG (Switzerland)		2.7%
HSBC Holdings PLC (United Kingdom)		1.9%
TotalEnergies SE (France)		1.9%
Unilever PLC (United Kingdom)		1.7%
L’Oreal SA (France)		1.4%
Sony Group Corp. (Japan)		1.4%

Country Diversification* as of August 31, 2023


Japan			24.8%
United Kingdom			13.7%
France			13.3%
Switzerland			9.5%
Netherlands			6.4%
Australia			6.1%
Denmark			6.0%
Germany			5.0%
Sweden			2.9%
Hong Kong			2.5%
Other			9.8%

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 37.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

The Xtrackers MSCI Emerging Markets ESG Leaders 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 Emerging Markets ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Return

	Net Asset Value	Market Value	MSCI Emerging Markets ESG Leaders Index	MSCI Emerging Markets Index
One Year	-0.51%	0.36%	-0.30%	1.25%
Since Inception¹	1.12%	1.04%	1.42%	1.82%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Emerging Markets ESG Leaders Index	MSCI Emerging Markets Index
One Year	-0.51%	0.36%	-0.30%	1.25%
Since Inception¹	5.40%	5.05%	6.92%	8.91%

¹ Total returns are calculated based on the commencement of operations, December 6, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, December 6, 2018.

Sector Diversification* as of August 31, 2023


Financials			20.7%
Information Technology			18.8%
Communication Services			15.8%
Consumer Discretionary			13.7%
Materials			6.8%
Industrials			6.7%
Consumer Staples			5.8%
Energy			4.7%
Health Care			3.5%
Real Estate			1.9%
Utilities			1.6%

Total			100.0%

Ten Largest Equity Holdings as of August 31, 2023

(34.0% of Net Assets)


Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		11.8%
Tencent Holdings Ltd. (China)		7.7%
Alibaba Group Holding Ltd. (China)		5.2%
Reliance Industries Ltd. (India)		2.5%
China Construction Bank Corp. (China)		1.4%
NetEase, Inc. (China)		1.1%
Baidu, Inc. (China)		1.1%
JD.com, Inc. (China)		1.1%
Infosys Ltd. (India)		1.1%
Tata Consultancy Services Ltd. (India)		1.0%

Country Diversification * as of August 31, 2023


China			29.7%
Taiwan			19.6%
India			13.5%
South Korea			6.7%
South Africa			5.0%
Brazil			4.1%
Mexico			2.8%
Thailand			2.7%
Saudi Arabia			2.3%
Indonesia			2.3%
Malaysia			2.1%
United Arab Emirates			2.0%
Other			7.2%

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 43.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI USA Climate Action Equity ETF (USCA)

Xtrackers MSCI USA Climate Action 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 USA Climate Action Index (the “Underlying Index”) which is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Cumulative Total Returns

	Net Asset Value	Market Value	MSCI USA Climate Action Index	MSCI USA Index
Since Inception¹	12.55%	12.59%	12.60%	10.22%

¹ Total returns are calculated based on the commencement of operations, April 4, 2023 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated June 9, 2023, was 0.07%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI USA Climate Action Equity ETF (USCA) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, April 4, 2023.

Sector Diversification* as of August 31, 2023


Information Technology			27.4%
Health Care			16.5%
Financials			13.2%
Communication Services			11.9%
Consumer Discretionary			9.1%
Industrials			7.6%
Energy			3.8%
Consumer Staples			3.0%
Utilities			2.6%
Real Estate			2.5%
Materials			2.4%

Total			100.0%

Ten Largest Equity Holdings as of August 31, 2023 (32.0% of
Net Assets)


Description	% of Net Assets
Alphabet, Inc.		5.1%
Apple, Inc.		4.9%
NVIDIA Corp.		4.9%
Microsoft Corp.		4.7%
Tesla, Inc.		2.9%
Meta Platforms, Inc.		2.6%
Eli Lilly & Co.		1.8%
UnitedHealth Group, Inc.		1.8%
JPMorgan Chase & Co.		1.7%
Visa, Inc.		1.6%

* 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 51.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)

Xtrackers MSCI USA ESG Leaders 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 USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Return

	Net Asset Value	Market Value	MSCI USA ESG Leaders Index	MSCI USA Index
One Year	18.68%	18.69%	18.79%	15.77%
Since Inception¹	13.83%	13.82%	13.92%	13.47%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI USA ESG Leaders Index	MSCI USA Index
One Year	18.68%	18.69%	18.79%	15.77%
Since Inception¹	78.85%	78.81%	79.53%	76.31%

¹ Total returns are calculated based on the commencement of operations, March 7, 2019 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.10%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, March 7, 2019.

Sector Diversification* as of August 31, 2023


Information Technology			28.8%
Health Care			12.9%
Financials			11.9%
Consumer Discretionary			11.3%
Communication Services			10.6%
Industrials			9.4%
Consumer Staples			6.3%
Materials			2.8%
Real Estate			2.5%
Energy			2.4%
Utilities			1.1%

Total			100.0%

Ten Largest Equity Holdings as of August 31, 2023 (39.5% of
Net Assets)


Description	% of Net Assets
Microsoft Corp.		11.3%
Alphabet, Inc.		7.5%
NVIDIA Corp.		6.0%
Tesla, Inc.		3.6%
Eli Lilly & Co.		2.2%
Visa, Inc.		1.9%
Johnson & Johnson		1.9%
Procter & Gamble Co.		1.8%
Mastercard, Inc.		1.7%
Home Depot, Inc.		1.6%

* As a percent of total investments excluding cash equivalents.

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

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)

Xtrackers Net Zero Pathway Paris Aligned US 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 Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the “Underlying Index”), which is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ ESG “) criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Return

	Net Asset Value	Market Value	Solactive ISS ESG United States Net Zero Pathway Enhanced Index	S&P 500 Index
One Year	16.60%	16.54%	16.71%	15.94%
Since Inception¹	14.74%	14.84%	14.83%	15.03%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive ISS ESG United States Net Zero Pathway Enhanced Index	S&P 500 Index
One Year	16.60%	16.54%	16.71%	15.94%
Since Inception¹	17.58%	17.70%	17.69%	17.93%

¹ Total returns are calculated based on the commencement of operations, June 28, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.10%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

1 Based on Net Asset Value from commencement of operations, June 28, 2022.

Sector Diversification* as of August 31, 2023


Information Technology			35.4%
Health Care			18.4%
Financials			11.2%
Communication Services			9.2%
Consumer Discretionary			6.5%
Consumer Staples			5.9%
Industrials			5.5%
Real Estate			4.7%
Materials			2.1%
Utilities			1.1%

Total			100.0%

Ten Largest Equity Holdings as of August 31, 2023 (39.5% of
Net Assets)


Description	% of Net Assets
Apple, Inc.		9.3%
Microsoft Corp.		8.3%
Alphabet, Inc.		4.0%
NVIDIA Corp.		3.9%
Meta Platforms, Inc.		1.7%
Eli Lilly & Co.		1.4%
Johnson & Johnson		1.2%
UnitedHealth Group, Inc.		1.2%
JPMorgan Chase & Co.		1.1%
Broadcom, Inc.		1.1%

* 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 60.

DBX ETF Trust

Fees and Expenses (Unaudited)

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023) except Xtrackers MSCI USA Climate Action Equity ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to August 31, 2023).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value March 1, 2023		Ending Account Value August 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Actual	$	1,000.00	$	1,039.80		0.15	%	$	0.77
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.77
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Actual	$	1,000.00	$	1,047.90		0.14	%	$	0.72
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.50		0.14	%	$	0.71
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Actual	$	1,000.00	$	1,012.20		0.20	%	$	1.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.20	%	$	1.02
Xtrackers MSCI USA Climate Action Equity ETF
Actual⁽²⁾	$	1,000.00	$	1,125.50		0.07	%	$	0.31
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.26		0.07	%	$	0.29
Xtrackers MSCI USA ESG Leaders Equity ETF
Actual	$	1,000.00	$	1,165.10		0.09	%	$	0.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.75		0.09	%	$	0.46
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Actual	$	1,000.00	$	1,141.90		0.10	%	$	0.54
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.70		0.10	%	$	0.51

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 150 (the number of days in the period April 4, 2023 (commencement of operations) to August 31, 2023), then divided by 365.

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 97.7%
Brazil — 3.5%
Ambev SA		436,554	$	1,220,353
Atacadao SA		56,149		116,359
B3 SA — Brasil Bolsa Balcao		561,333		1,465,989
Banco Bradesco SA		140,580		375,944
Banco BTG Pactual SA		149,290		979,094
Banco do Brasil SA		85,463		813,037
Banco Santander Brasil SA		39,436		215,940
BB Seguridade Participacoes SA		70,636		433,436
Caixa Seguridade Participacoes S/A		48,444		105,676
CCR SA		100,859		253,831
Centrais Eletricas Brasileiras SA		118,239		842,082
Cia de Saneamento Basico do Estado de Sao Paulo		21,059		246,364
Cia Energetica de Minas Gerais		19,067		75,830
Cia Siderurgica Nacional SA		12,156		29,734
CPFL Energia SA		2,429		16,754
CSN Mineracao SA		26,255		22,697
Energisa SA		19,907		185,361
Engie Brasil Energia SA		18,815		160,068
Equatorial Energia SA		37,089		237,174
Hapvida Participacoes e Investimentos SA, 144A*		301,047		259,033
Hypera SA		42,276		332,934
Itau Unibanco Holding SA		48,719		229,378
Klabin SA		82,683		380,102
Localiza Rent a Car SA		52,149		666,221
Lojas Renner SA		96,020		310,890
Magazine Luiza SA*		205,832		114,745
Multiplan Empreendimentos Imobiliarios SA		17,634		88,118
Natura & Co. Holding SA*		79,043		242,352
Neoenergia SA		14,300		52,683
NU Holdings Ltd., Class A*		183,351		1,255,954
Pagseguro Digital Ltd., Class A*		18,425		165,457
Porto Seguro SA		13,880		73,171
Raia Drogasil SA		124,592		691,542
Rede D’Or Sao Luiz SA, 144A		110,424		639,221
Rumo SA		120,721		544,969
Sendas Distribuidora SA		77,835		182,523
StoneCo Ltd., Class A*		24,952		305,912
Suzano SA		69,509		704,082
Telefonica Brasil SA		41,245		344,475
TIM SA		85,684		249,388
TOTVS SA		45,231		253,428
WEG SA		86,126		624,163
XP, Inc., Series BDR*		10,295		261,339
XP, Inc., Class A*		20,549		520,712

(Cost $17,343,441)				17,288,515

Chile — 0.4%
Banco de Chile		4,429,284		480,854
Banco de Credito e Inversiones SA		8,198		234,719
Banco Santander Chile		6,477,294		308,497
Cencosud SA		120,967		257,707
Cia Sud Americana de Vapores SA		1,454,900		96,637
Empresas CMPC SA		104,193		188,281


	Number of Shares		Value
Chile (Continued)
Enel Americas SA*		1,233,149	$	145,850
Falabella SA		73,434		180,025

(Cost $1,879,947)				1,892,570

China — 26.4%
360 Security Technology, Inc., Class A*		33,054		50,772
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		9,736		33,013
3peak, Inc., Class A		1,230		31,072
Advanced Micro-Fabrication Equipment Inc China, Class A*		3,681		77,044
AECC Aero-Engine Control Co. Ltd., Class A		7,000		21,553
Agricultural Bank of China Ltd., Class A		554,839		263,755
Agricultural Bank of China Ltd., Class H		2,812,328		964,729
Aier Eye Hospital Group Co. Ltd., Class A		40,977		101,450
Air China Ltd., Class A*		17,096		20,317
Air China Ltd., Class H*		69,821		51,731
Aisino Corp., Class A		15,000		26,523
Akeso, Inc., 144A*		39,785		174,782
Alibaba Group Holding Ltd.*		139,107		1,600,083
Alibaba Group Holding Ltd., ADR*		114,069		10,597,010
Amlogic Shanghai Co. Ltd., Class A*		2,722		32,753
Angang Steel Co. Ltd., Class A		34,600		13,120
Angang Steel Co. Ltd., Class H		35,410		9,076
Angel Yeast Co. Ltd., Class A		6,112		27,846
Anhui Conch Cement Co. Ltd., Class H		1,537		4,273
Anjoy Foods Group Co. Ltd., Class A		1,900		34,066
ANTA Sports Products Ltd.		76,513		862,043
Apeloa Pharmaceutical Co. Ltd., Class A		6,900		16,637
Asymchem Laboratories Tianjin Co. Ltd., Class A		3,352		61,274
Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A		4,083		51,443
Autobio Diagnostics Co. Ltd., Class A		4,900		30,867
Autohome, Inc., ADR		7,101		205,219
Avary Holding Shenzhen Co. Ltd., Class A		4,836		14,212
AVIC Industry-Finance Holdings Co. Ltd., Class A		47,600		24,067
Baidu, Inc., ADR*		27,875		3,981,386
Bank of Beijing Co. Ltd., Class A		91,802		56,379
Bank of Changsha Co. Ltd., Class A		36,400		40,658
Bank of Chengdu Co. Ltd., Class A		16,300		30,658
Bank of China Ltd., Class A		149,013		76,774
Bank of China Ltd., Class H		4,996,482		1,694,857
Bank of Communications Co. Ltd., Class A		259,714		198,037
Bank of Communications Co. Ltd., Class H		757,242		433,579
Bank of Hangzhou Co. Ltd., Class A		35,743		55,001
Bank of Jiangsu Co. Ltd., Class A		62,276		61,005
Bank of Nanjing Co. Ltd., Class A		52,895		57,557
Bank of Ningbo Co. Ltd., Class A		25,655		92,243
Bank of Shanghai Co. Ltd., Class A		65,639		53,658
Bank of Zhengzhou Co. Ltd., Class A*		80,410		23,642
Bank of Zhengzhou Co. Ltd., Class H, 144A*		202,473		24,529


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
China (Continued)
Baoshan Iron & Steel Co. Ltd., Class A		7,256	$	6,041
BBMG Corp., Class A		45,480		13,747
Beijing Dabeinong Technology Group Co. Ltd., Class A		19,038		16,976
Beijing Easpring Material Technology Co. Ltd., Class A		2,700		16,441
Beijing E-Hualu Information Technology Co. Ltd., Class A*		6,600		27,348
Beijing Enlight Media Co. Ltd., Class A		20,500		26,306
Beijing Kingsoft Office Software, Inc., Class A		2,364		128,163
Beijing New Building Materials PLC, Class A		1,200		4,930
Beijing Roborock Technology Co. Ltd., Class A		967		38,992
Beijing Shiji Information Technology Co. Ltd., Class A*		11,284		21,069
Beijing Tiantan Biological Products Corp. Ltd., Class A		15,200		52,417
Beijing Tongrentang Co. Ltd., Class A		6,200		47,890
Beijing United Information Technology Co. Ltd., Class A		4,770		23,665
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		5,777		39,598
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		283,500		198,647
Bethel Automotive Safety Systems Co. Ltd., Class A		2,700		27,955
Betta Pharmaceuticals Co. Ltd., Class A		2,800		19,015
BGI Genomics Co. Ltd., Class A		3,200		23,618
Bilibili, Inc., ADR*		21,876		330,984
Bilibili, Inc., Class Z*		1,920		28,720
Bloomage Biotechnology Corp. Ltd., Class A		3,223		40,987
BOC International China Co. Ltd., Class A		14,455		23,594
BOE Technology Group Co. Ltd., Class A		146,587		80,760
BTG Hotels Group Co. Ltd., Class A*		11,200		26,729
By-health Co. Ltd., Class A		13,700		36,384
Caitong Securities Co. Ltd., Class A		27,800		30,594
Canmax Technologies Co. Ltd., Class A		4,160		15,432
CanSino Biologics, Inc., Class A*		1,485		14,967
CanSino Biologics, Inc., Class H, 144A*		11,318		33,196
CECEP Wind-Power Corp., Class A		44,100		20,358
CETC Cyberspace Security Technology Co. Ltd., Class A		5,300		18,212
CGN Power Co. Ltd., Class A		122,190		52,714
CGN Power Co. Ltd., Class H, 144A		1,028,586		257,089
Changchun High & New Technology Industry Group, Inc., Class A		1,512		28,564
Changjiang Securities Co. Ltd., Class A		29,600		24,319
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		1,412		28,682
Chaozhou Three-Circle Group Co. Ltd., Class A		11,300		49,851
Chengxin Lithium Group Co. Ltd., Class A		5,100		16,011
Chifeng Jilong Gold Mining Co. Ltd., Class A*		15,900		33,052


	Number of Shares		Value
China (Continued)
China Baoan Group Co. Ltd., Class A		13,549	$	19,844
China Bohai Bank Co. Ltd., Class H, 144A*		245,802		37,928
China Cinda Asset Management Co. Ltd., Class H		529,076		51,951
China CITIC Bank Corp. Ltd., Class A		34,100		25,580
China CITIC Bank Corp. Ltd., Class H		641,557		285,527
China Conch Venture Holdings Ltd.		94,009		92,430
China Construction Bank Corp., Class A		87,421		72,065
China Construction Bank Corp., Class H		9,287,097		4,974,120
China Eastern Airlines Corp. Ltd., Class A*		11,908		7,100
China Eastern Airlines Corp. Ltd., Class H*		105,864		37,395
China Energy Engineering Corp. Ltd., Class A		76,500		24,069
China Energy Engineering Corp. Ltd., Class H		322,106		37,379
China Everbright Bank Co. Ltd., Class A		169,415		70,061
China Everbright Bank Co. Ltd., Class H		466,999		134,590
China Evergrande Group*		185,090		6,491
China Feihe Ltd., 144A		208,628		125,575
China Film Co. Ltd., Class A*		17,600		35,884
China Galaxy Securities Co. Ltd., Class A		18,000		28,514
China Galaxy Securities Co. Ltd., Class H		243,905		131,256
China Great Wall Securities Co. Ltd., Class A		33,500		40,411
China Greatwall Technology Group Co. Ltd., Class A		13,749		20,571
China Hongqiao Group Ltd.		1,087		1,084
China Huarong Asset Management Co. Ltd., Class H, 144A*		1,070,463		49,143
China International Capital Corp. Ltd., Class A		15,088		80,845
China International Capital Corp. Ltd., Class H, 144A		152,514		293,291
China Jushi Co. Ltd., Class A		19,600		37,592
China Lesso Group Holdings Ltd.		31,497		17,352
China Life Insurance Co. Ltd., Class A		13,829		67,696
China Life Insurance Co. Ltd., Class H		734,807		1,115,083
China Literature Ltd., 144A*		37,988		152,596
China Merchants Bank Co. Ltd., Class A		128,460		556,834
China Merchants Bank Co. Ltd., Class H		374,959		1,482,288
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		23,900		31,884
China Merchants Securities Co. Ltd., Class A		55,344		108,049
China Merchants Securities Co. Ltd., Class H, 144A		57,061		52,610
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		34,643		65,017
China Minsheng Banking Corp. Ltd., Class A		143,963		74,765
China Minsheng Banking Corp. Ltd., Class H		449,954		144,596
China National Chemical Engineering Co. Ltd., Class A		10,701		11,438


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
China (Continued)
China National Medicines Corp. Ltd., Class A		6,100	$	27,280
China National Nuclear Power Co. Ltd., Class A		109,672		108,489
China National Software & Service Co. Ltd., Class A		6,300		37,392
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,854		8,658
China Pacific Insurance Group Co. Ltd., Class A		29,460		112,117
China Pacific Insurance Group Co. Ltd., Class H		147,800		338,507
China Railway Group Ltd., Class A		43,224		39,789
China Railway Group Ltd., Class H		167,526		88,658
China Railway Signal & Communication Corp. Ltd., Class A		35,744		27,550
China Railway Signal & Communication Corp. Ltd., Class H, 144A		89,745		29,756
China Rare Earth Resources And Technology Co. Ltd., Class A		5,900		23,175
China Resources Microelectronics Ltd., Class A		6,121		49,222
China Resources Mixc Lifestyle Services Ltd., 144A		45,989		198,518
China Resources Pharmaceutical Group Ltd., 144A		96,281		64,337
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		4,300		28,109
China Southern Airlines Co. Ltd., Class A*		22,000		19,103
China Southern Airlines Co. Ltd., Class H*		80,834		42,985
China State Construction Engineering Corp. Ltd., Class A		109,359		84,590
China Three Gorges Renewables Group Co. Ltd., Class A		151,000		102,070
China Tourism Group Duty Free Corp. Ltd., Class A		8,400		125,703
China Tourism Group Duty Free Corp. Ltd., Class H, 144A		6,017		80,797
China Tower Corp. Ltd., Class H, 144A		2,595,134		251,513
China United Network Communications Ltd., Class A		198,767		142,279
China Vanke Co. Ltd., Class A		24,452		45,823
China Vanke Co. Ltd., Class H		83,774		97,750
China Yangtze Power Co. Ltd., Class A		140,718		426,494
China Zhenhua Group Science & Technology Co. Ltd., Class A		3,284		41,365
China Zheshang Bank Co. Ltd., Class A		186,110		65,714
Chongqing Brewery Co. Ltd., Class A		3,100		38,920
Chongqing Changan Automobile Co. Ltd., Class A		12,870		22,173
Chongqing Hongjiu Fruit Co. Ltd., Class H*		33,128		25,939
Chongqing Rural Commercial Bank Co. Ltd., Class A		48,100		24,848


	Number of Shares		Value
China (Continued)
Chongqing Rural Commercial Bank Co. Ltd., Class H		163,645	$	57,806
Chongqing Zhifei Biological Products Co. Ltd., Class A		11,310		68,682
CITIC Securities Co. Ltd., Class A		82,646		252,077
CITIC Securities Co. Ltd., Class H		196,708		384,298
CMOC Group Ltd., Class A		2,800		2,204
CMOC Group Ltd., Class H		72,524		43,375
CNGR Advanced Material Co. Ltd., Class A		2,900		21,866
CNPC Capital Co. Ltd., Class A		22,800		21,082
Contemporary Amperex Technology Co. Ltd., Class A		24,480		795,596
COSCO SHIPPING Development Co. Ltd., Class A		68,400		22,366
COSCO SHIPPING Holdings Co. Ltd., Class A		13,776		18,548
COSCO SHIPPING Holdings Co. Ltd., Class H		103,919		106,679
Country Garden Holdings Co. Ltd.*		822,932		93,399
Country Garden Services Holdings Co. Ltd.		223,570		257,162
CRRC Corp. Ltd., Class A		8,100		6,610
CRRC Corp. Ltd., Class H		132,329		65,137
CSC Financial Co. Ltd., Class A		25,700		91,028
CSC Financial Co. Ltd., Class H, 144A		102,746		109,405
Dali Foods Group Co. Ltd., 144A (a)		140,667		67,268
DaShenLin Pharmaceutical Group Co. Ltd., Class A		6,886		25,156
DHC Software Co. Ltd., Class A		28,000		25,851
Do-Fluoride New Materials Co. Ltd., Class A		6,720		15,142
Dong-E-E-Jiao Co. Ltd., Class A		5,400		38,453
Dongfeng Motor Group Co. Ltd., Class H		65,388		24,015
Dongxing Securities Co. Ltd., Class A		22,800		25,969
East Money Information Co. Ltd., Class A		64,167		139,909
Eastroc Beverage Group Co. Ltd., Class A		1,800		48,546
Ecovacs Robotics Co. Ltd., Class A		4,365		31,803
ENN Energy Holdings Ltd.		74,142		581,469
Eve Energy Co. Ltd., Class A		6,482		43,994
Everbright Securities Co. Ltd., Class A		32,088		75,652
Fangda Carbon New Material Co. Ltd., Class A*		29,300		23,469
First Capital Securities Co. Ltd., Class A		28,400		23,489
Flat Glass Group Co. Ltd., Class A		14,282		60,593
Flat Glass Group Co. Ltd., Class H		50,873		126,376
Focus Media Information Technology Co. Ltd., Class A		60,942		64,471
Foshan Haitian Flavouring & Food Co. Ltd., Class A		11,110		59,683
Founder Securities Co. Ltd., Class A		65,000		64,478
Foxconn Industrial Internet Co. Ltd., Class A		39,157		117,872
Fujian Sunner Development Co. Ltd., Class A		8,260		22,107
Full Truck Alliance Co. Ltd., ADR*		65,076		436,009


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
China (Continued)
Fuyao Glass Industry Group Co. Ltd., Class A		7,431	$	38,796
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		41,924		189,792
Ganfeng Lithium Group Co. Ltd., Class A		7,847		51,113
Ganfeng Lithium Group Co. Ltd., Class H, 144A		23,236		111,117
G-bits Network Technology Xiamen Co. Ltd., Class A		500		28,694
GDS Holdings Ltd., ADR*		10,589		126,644
GEM Co. Ltd., Class A		26,341		22,655
Gemdale Corp., Class A		13,396		13,252
Genscript Biotech Corp.*		98,230		230,238
GF Securities Co. Ltd., Class A		40,163		83,102
GF Securities Co. Ltd., Class H		108,675		155,215
GigaDevice Semiconductor, Inc., Class A		3,204		41,370
Ginlong Technologies Co. Ltd., Class A		2,000		20,620
GoerTek, Inc., Class A		10,488		22,075
Goldwind Science & Technology Co. Ltd., Class A		5,487		7,162
Goldwind Science & Technology Co. Ltd., Class H		39,942		20,985
GoodWe Technologies Co. Ltd., Class A		1,173		22,308
Gotion High-tech Co. Ltd., Class A*		2,119		7,051
Great Wall Motor Co. Ltd., Class A		401		1,439
Great Wall Motor Co. Ltd., Class H		57,213		67,852
Gree Electric Appliances, Inc. of Zhuhai, Class A		14,070		69,185
Greenland Holdings Corp. Ltd., Class A*		57,700		23,227
Greentown China Holdings Ltd.		56,013		66,572
GRG Banking Equipment Co. Ltd., Class A		21,900		37,761
Guangdong Haid Group Co. Ltd., Class A		3,270		21,673
Guangdong Kinlong Hardware Products Co. Ltd., Class A		3,171		24,833
Guangzhou Automobile Group Co. Ltd., Class H		40,662		21,415
Guangzhou Baiyun International Airport Co. Ltd., Class A*		19,400		31,425
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		7,832		33,271
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		27,363		76,941
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		2,871		23,533
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		4,300		31,483
Guangzhou Tinci Materials Technology Co. Ltd., Class A		11,210		50,563
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		25,700		24,293
Guolian Securities Co. Ltd., Class A*		23,100		34,467
Guosen Securities Co. Ltd., Class A		21,556		27,484
Guotai Junan Securities Co. Ltd., Class A		33,191		66,396
Guotai Junan Securities Co. Ltd., Class H, 144A		61,314		71,934
Guoyuan Securities Co. Ltd., Class A		22,400		21,389


	Number of Shares		Value
China (Continued)
H World Group Ltd., ADR*		11,635	$	468,658
Haidilao International Holding Ltd., 144A		104,734		285,149
Haier Smart Home Co. Ltd., Class A		23,907		77,221
Haier Smart Home Co. Ltd., Class H		134,225		415,080
Hainan Airlines Holding Co. Ltd., Class A*		226,600		48,567
Haitian International Holdings Ltd.		32,639		70,092
Haitong Securities Co. Ltd., Class A		49,036		66,226
Haitong Securities Co. Ltd., Class H		197,837		122,864
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		27,600		39,778
Hangzhou Chang Chuan Technology Co. Ltd., Class A		5,600		28,752
Hangzhou First Applied Material Co. Ltd., Class A		16,301		69,629
Hangzhou Lion Electronics Co. Ltd., Class A		3,800		17,218
Hangzhou Oxygen Plant Group Co. Ltd., Class A		5,300		22,289
Hangzhou Robam Appliances Co. Ltd., Class A		4,600		17,374
Hangzhou Silan Microelectronics Co. Ltd., Class A		9,789		34,094
Hangzhou Tigermed Consulting Co. Ltd., Class A		2,805		25,659
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		7,661		41,765
Hansoh Pharmaceutical Group Co. Ltd., 144A		114,879		149,427
Haohua Chemical Science & Technology Co. Ltd., Class A		6,100		28,151
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		9,900		33,392
Hefei Meiya Optoelectronic Technology, Inc., Class A		8,200		26,396
Henan Shuanghui Investment & Development Co. Ltd., Class A		7,800		28,784
Hengan International Group Co. Ltd.		29,960		111,179
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		9,500		21,419
Hengtong Optic-electric Co. Ltd., Class A		11,400		22,147
Hithink RoyalFlush Information Network Co. Ltd., Class A		2,642		60,746
Hongta Securities Co. Ltd., Class A		33,500		36,775
Hoshine Silicon Industry Co. Ltd., Class A		3,100		26,304
Hoyuan Green Energy Co. Ltd., Class A		6,055		34,674
Hua Hong Semiconductor Ltd., 144A*		62,501		163,391
Huadong Medicine Co. Ltd., Class A		6,850		35,753
Huafon Chemical Co. Ltd., Class A		11,000		10,579
Huagong Tech Co. Ltd., Class A		6,100		26,358
Hualan Biological Engineering, Inc., Class A		8,100		23,626
Huaneng Lancang River Hydropower, Inc., Class A		38,942		38,790
Huatai Securities Co. Ltd., Class A		35,679		77,843
Huatai Securities Co. Ltd., Class H, 144A		85,391		112,377
Huaxi Securities Co. Ltd., Class A		20,900		24,465


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
China (Continued)
Huaxia Bank Co. Ltd., Class A		54,452	$	41,446
Huayu Automotive Systems Co. Ltd., Class A		11,706		30,220
Huizhou Desay Sv Automotive Co. Ltd., Class A		3,670		73,370
Humanwell Healthcare Group Co. Ltd., Class A		7,800		25,034
Hundsun Technologies, Inc., Class A		8,183		40,474
Hygeia Healthcare Holdings Co. Ltd., 144A		30,285		153,129
Iflytek Co. Ltd., Class A		9,631		72,552
Imeik Technology Development Co. Ltd., Class A		1,200		72,295
Industrial & Commercial Bank of China Ltd., Class A		379,592		240,945
Industrial & Commercial Bank of China Ltd., Class H		6,840,996		3,140,573
Industrial Bank Co. Ltd., Class A		80,490		174,836
Industrial Securities Co. Ltd., Class A		67,716		59,636
Ingenic Semiconductor Co. Ltd., Class A		1,680		17,044
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		22,218		79,366
Innovent Biologics, Inc., 144A*		124,983		559,429
Inspur Electronic Information Industry Co. Ltd., Class A		7,671		41,240
iQIYI, Inc., ADR*		29,295		147,647
iRay Technology Co. Ltd., Class A		1,064		35,971
JA Solar Technology Co. Ltd., Class A		21,071		80,567
Jafron Biomedical Co. Ltd., Class A		5,198		15,276
Jason Furniture Hangzhou Co. Ltd., Class A		4,100		23,456
JCET Group Co. Ltd., Class A		8,792		39,379
JD Health International, Inc., 144A*		83,642		451,182
JD Logistics, Inc., 144A*		141,515		188,765
JD.com, Inc., ADR		63,520		2,109,499
JD.com, Inc., Class A		19,475		319,875
Jiangsu Eastern Shenghong Co. Ltd., Class A		23,742		37,545
Jiangsu Hengli Hydraulic Co. Ltd., Class A		3,900		33,302
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		25,012		143,574
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		18,100		27,180
Jiangsu Yangnong Chemical Co. Ltd., Class A		3,380		29,683
Jiangsu Yoke Technology Co. Ltd., Class A		3,700		34,532
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		5,500		25,624
Jiangsu Zhongtian Technology Co. Ltd., Class A		2,925		5,855
Jiangxi Special Electric Motor Co. Ltd., Class A*		9,000		11,228
Joinn Laboratories China Co. Ltd., Class A		3,920		12,926


	Number of Shares		Value
China (Continued)
Joinn Laboratories China Co. Ltd., Class H, 144A		10,189	$	20,399
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A*		5,489		25,490
Juewei Food Co. Ltd., Class A		3,700		18,143
Juneyao Airlines Co. Ltd., Class A*		11,100		24,202
Kanzhun Ltd., ADR*		22,061		326,503
KE Holdings, Inc., ADR*		53,565		921,318
Keda Industrial Group Co. Ltd., Class A		11,000		15,204
Kingdee International Software Group Co. Ltd.*		177,017		273,593
Kingsoft Corp. Ltd.		59,768		238,561
Kuaishou Technology, 144A*		162,284		1,328,611
Kuang-Chi Technologies Co. Ltd., Class A		9,700		19,857
Kunlun Tech Co. Ltd., Class A*		8,500		42,252
LB Group Co. Ltd., Class A		7,201		17,937
Lenovo Group Ltd.		829,451		938,213
Lens Technology Co. Ltd., Class A		11,938		20,174
Lepu Medical Technology Beijing Co. Ltd., Class A		7,400		16,460
Li Auto, Inc., ADR*		53,601		2,232,482
Li Auto, Inc., Class A*		3,600		74,188
Li Ning Co. Ltd.		142,430		672,941
Liaoning Port Co. Ltd., Class A		106,100		23,032
Livzon Pharmaceutical Group, Inc., Class A		5,000		23,631
Livzon Pharmaceutical Group, Inc., Class H		14,716		46,634
Longfor Group Holdings Ltd., 144A		113,022		238,100
LONGi Green Energy Technology Co. Ltd., Class A		59,333		216,431
Lufax Holding Ltd., ADR		67,395		81,548
Luxshare Precision Industry Co. Ltd., Class A		20,553		93,185
Mango Excellent Media Co. Ltd., Class A		10,460		42,452
Maxscend Microelectronics Co. Ltd., Class A		2,174		37,067
MeiHua Holdings Group Co. Ltd., Class A		27,700		34,746
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		26,100		24,384
Meituan, Class B, 144A*		450,641		7,384,496
Metallurgical Corp. of China Ltd., Class A		56,242		28,127
Metallurgical Corp. of China Ltd., Class H		100,722		21,964
Microport Scientific Corp.*		45,063		77,119
Ming Yang Smart Energy Group Ltd., Class A		11,834		24,274
Montage Technology Co. Ltd., Class A		6,436		45,309
Muyuan Foods Co. Ltd., Class A		15,550		86,696
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		15,500		25,193
Nanjing Securities Co. Ltd., Class A		30,900		35,024
NARI Technology Co. Ltd., Class A		32,083		104,997
National Silicon Industry Group Co. Ltd., Class A*		19,827		55,462
NAURA Technology Group Co. Ltd., Class A		2,163		80,612
NavInfo Co. Ltd., Class A*		11,031		15,610


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
China (Continued)
NetEase, Inc., ADR		35,237	$	3,646,325
New China Life Insurance Co. Ltd., Class A		5,580		31,049
New China Life Insurance Co. Ltd., Class H		58,721		147,069
New Hope Liuhe Co. Ltd., Class A*		10,878		17,441
New Oriental Education & Technology Group, Inc., ADR*		9,145		496,025
Ninestar Corp., Class A		7,759		29,827
Ningbo Deye Technology Co. Ltd., Class A		2,340		29,645
Ningbo Orient Wires & Cables Co. Ltd., Class A		3,000		15,250
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		2,814		19,694
Ningbo Shanshan Co. Ltd., Class A		13,500		25,244
Ningbo Tuopu Group Co. Ltd., Class A		3,500		37,464
Ningbo Zhoushan Port Co. Ltd., Class A		77,800		36,129
NIO, Inc., ADR*		132,967		1,365,571
Nongfu Spring Co. Ltd., Class H, 144A		180,207		1,012,289
Offcn Education Technology Co. Ltd., Class A*		26,339		15,452
Onewo, Inc., Class H		12,673		44,927
Oppein Home Group, Inc., Class A		2,766		37,208
Orient Securities Co. Ltd., Class A		41,280		56,488
Orient Securities Co. Ltd., Class H, 144A		82,219		45,714
Ovctek China, Inc., Class A		3,677		13,337
People’s Insurance Co. Group of China Ltd., Class A		71,904		57,693
People’s Insurance Co. Group of China Ltd., Class H		901,113		306,816
Perfect World Co. Ltd., Class A		12,100		22,991
Pharmaron Beijing Co. Ltd., Class A		8,257		33,806
Pharmaron Beijing Co. Ltd., Class H, 144A		30,912		72,138
PICC Property & Casualty Co. Ltd., Class H		406,083		467,098
Ping An Bank Co. Ltd., Class A		81,233		124,218
Ping An Insurance Group Co. of China Ltd., Class A		65,567		439,516
Ping An Insurance Group Co. of China Ltd., Class H		612,121		3,664,881
Poly Developments and Holdings Group Co. Ltd., Class A		32,388		62,208
Poly Property Services Co. Ltd., Class H		5,802		26,969
Pop Mart International Group Ltd., 144A		60,167		195,653
Postal Savings Bank of China Co. Ltd., Class A		173,473		115,831
Postal Savings Bank of China Co. Ltd., Class H, 144A		1,116,551		551,032
Pylon Technologies Co. Ltd., Class A		839		15,954
Qinghai Salt Lake Industry Co. Ltd., Class A*		28,100		69,106
Raytron Technology Co. Ltd., Class A		4,700		33,068
Red Star Macalline Group Corp. Ltd., Class A		35,800		23,413
Remegen Co. Ltd., Class A*		3,838		32,429


	Number of Shares		Value
China (Continued)
Remegen Co. Ltd., Class H, 144A*		11,366	$	53,049
Rockchip Electronics Co. Ltd., Class A		2,300		20,692
SAIC Motor Corp. Ltd., Class A		6,388		12,603
Sanan Optoelectronics Co. Ltd., Class A		23,900		51,586
Sangfor Technologies, Inc., Class A*		3,812		57,129
Sany Heavy Industry Co. Ltd., Class A		3,412		7,261
Satellite Chemical Co. Ltd., Class A		14,949		31,424
SDIC Capital Co. Ltd., Class A		49,500		49,850
Seazen Holdings Co. Ltd., Class A*		10,115		20,151
Seres Group Co. Ltd., Class A*		9,600		47,535
SF Holding Co. Ltd., Class A		14,131		84,415
SG Micro Corp., Class A		1,571		16,713
Shandong Gold Mining Co. Ltd., Class A		13,900		50,092
Shandong Gold Mining Co. Ltd., Class H, 144A		49,319		99,748
Shandong Hi-speed Co. Ltd., Class A		28,200		26,230
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		10,250		46,613
Shandong Linglong Tyre Co. Ltd., Class A		4,844		14,495
Shandong Nanshan Aluminum Co. Ltd., Class A		6,684		2,865
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		148,342		147,552
Shanghai Baosight Software Co. Ltd., Class A		8,816		58,055
Shanghai Baosight Software Co. Ltd., Class B		39,321		89,298
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		21,671		83,159
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		58,136		136,856
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		860		31,119
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		2,507		18,204
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		25,376		60,837
Shanghai International Airport Co. Ltd., Class A*		10,084		54,351
Shanghai International Port Group Co. Ltd., Class A		42,100		29,499
Shanghai Jinjiang International Hotels Co. Ltd., Class A		5,632		29,814
Shanghai Junshi Biosciences Co. Ltd., Class A*		4,474		23,364
Shanghai Junshi Biosciences Co. Ltd., Class H, 144A*		11,583		31,610
Shanghai Lingang Holdings Corp. Ltd., Class A		22,800		37,214
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		65,381		26,806
Shanghai M&G Stationery, Inc., Class A		4,400		22,790
Shanghai Medicilon, Inc., Class A		1,041		10,484
Shanghai MicroPort MedBot Group Co. Ltd.*		28,978		68,881


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
China (Continued)
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		6,300	$	15,476
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		47,085		77,457
Shanghai Pudong Development Bank Co. Ltd., Class A		185,361		177,759
Shanghai Putailai New Energy Technology Co. Ltd., Class A		9,911		44,554
Shanghai RAAS Blood Products Co. Ltd., Class A		27,100		26,473
Shanghai Rural Commercial Bank Co. Ltd., Class A		76,800		61,410
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		18,885		19,096
Shengyi Technology Co. Ltd., Class A		11,100		22,601
Shennan Circuits Co. Ltd., Class A		2,600		23,637
Shenwan Hongyuan Group Co. Ltd., Class A		74,927		44,883
Shenzhen Capchem Technology Co. Ltd., Class A		3,357		22,129
Shenzhen Dynanonic Co. Ltd., Class A		1,440		18,556
Shenzhen Goodix Technology Co. Ltd., Class A*		3,800		30,944
Shenzhen Inovance Technology Co. Ltd., Class A		8,818		82,722
Shenzhen Kaifa Technology Co. Ltd., Class A		9,500		23,311
Shenzhen Kangtai Biological Products Co. Ltd., Class A*		8,224		31,490
Shenzhen Kedali Industry Co. Ltd., Class A		1,400		22,383
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		7,791		289,011
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		5,900		49,269
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		67,864		40,559
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		10,200		38,748
Shenzhen SC New Energy Technology Corp., Class A		3,600		43,812
Shenzhen Transsion Holdings Co. Ltd., Class A		3,965		79,981
Shenzhou International Group Holdings Ltd.		47,056		483,056
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		9,800		31,331
Shuangliang Eco-Energy Systems Co. Ltd., Class A		16,000		22,378
Sichuan Chuantou Energy Co. Ltd., Class A		27,600		56,728
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		5,800		21,595
Sichuan Road & Bridge Group Co. Ltd., Class A		23,172		28,366
Sichuan Swellfun Co. Ltd., Class A		3,800		34,541
Sichuan Yahua Industrial Group Co. Ltd., Class A		7,000		15,070


	Number of Shares		Value
China (Continued)
Sinolink Securities Co. Ltd., Class A		42,700	$	55,087
Sinoma Science & Technology Co. Ltd., Class A		5,182		15,628
Sinomine Resource Group Co. Ltd., Class A		4,200		21,466
Sinopharm Group Co. Ltd., Class H		129,038		374,357
Sinotrans Ltd., Class H		68,376		27,728
Skshu Paint Co. Ltd., Class A*		2,100		21,734
Smoore International Holdings Ltd., 144A		117,772		119,097
Songcheng Performance Development Co. Ltd., Class A		11,400		19,422
SooChow Securities Co. Ltd., Class A		31,000		34,882
Spring Airlines Co. Ltd., Class A*		3,500		28,174
StarPower Semiconductor Ltd., Class A		1,000		27,214
Sungrow Power Supply Co. Ltd., Class A		7,489		102,635
Sunny Optical Technology Group Co. Ltd.		42,016		343,447
Sunwoda Electronic Co. Ltd., Class A		10,172		22,137
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		8,700		22,472
Suzhou Maxwell Technologies Co. Ltd., Class A		2,204		46,197
TAL Education Group, ADR*		27,607		194,629
TCL Technology Group Corp., Class A*		27,024		15,223
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		30,327		106,875
Tencent Holdings Ltd.		606,114		25,120,292
Tencent Music Entertainment Group, ADR*		53,224		362,988
Thunder Software Technology Co. Ltd., Class A		2,871		31,584
Tianqi Lithium Corp., Class A		5,700		45,085
Tianqi Lithium Corp., Class H		6,629		36,350
Tianshui Huatian Technology Co. Ltd., Class A		20,800		25,662
Tingyi Cayman Islands Holding Corp.		68,291		100,324
Toly Bread Co. Ltd., Class A		12,840		15,383
Tongcheng Travel Holdings Ltd.*		102,104		228,902
TongFu Microelectronics Co. Ltd., Class A		8,500		23,812
Tongwei Co. Ltd., Class A		18,550		81,759
Topchoice Medical Corp., Class A*		2,665		34,169
Topsports International Holdings Ltd., 144A		161,124		131,090
TravelSky Technology Ltd., Class H		98,588		176,765
Trina Solar Co. Ltd., Class A		12,114		56,555
Trip.com Group Ltd., ADR*		55,471		2,180,565
Tsinghua Tongfang Co. Ltd., Class A*		27,800		27,386
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		3,428		43,674
Uni-President China Holdings Ltd.		48,383		35,786
Unisplendour Corp. Ltd., Class A*		300		1,110
Universal Scientific Industrial Shanghai Co. Ltd., Class A		8,200		16,617
Venustech Group, Inc., Class A		9,100		36,483
Vipshop Holdings Ltd., ADR*		24,814		391,813
Walvax Biotechnology Co. Ltd., Class A		6,070		19,740


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
China (Continued)
Wanda Film Holding Co. Ltd., Class A*		20,900	$	38,621
Wangfujing Group Co. Ltd., Class A		11,200		31,822
Wanhua Chemical Group Co. Ltd., Class A		9,831		126,627
Weibo Corp., ADR		7,202		92,906
Weichai Power Co. Ltd., Class A		29,288		47,482
Weichai Power Co. Ltd., Class H		122,393		158,888
Weihai Guangwei Composites Co. Ltd., Class A		5,280		20,290
Wens Foodstuffs Group Co. Ltd., Class A		15,686		35,904
Western Mining Co. Ltd., Class A		14,800		25,987
Western Securities Co. Ltd., Class A		44,956		41,692
Western Superconducting Technologies Co. Ltd., Class A		3,719		24,235
Will Semiconductor Co. Ltd., Class A		5,918		74,820
Wingtech Technology Co. Ltd., Class A*		5,401		34,268
Winning Health Technology Group Co. Ltd., Class A		26,600		26,350
WUS Printed Circuit Kunshan Co. Ltd., Class A		13,600		39,482
WuXi AppTec Co. Ltd., Class A		16,850		188,676
WuXi AppTec Co. Ltd., Class H, 144A		37,321		408,821
Wuxi Autowell Technology Co. Ltd., Class A		1,092		25,252
Wuxi Biologics Cayman, Inc., 144A*		363,835		2,048,435
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		5,500		22,299
Xiamen C & D, Inc., Class A		24,800		37,003
Xiamen Faratronic Co. Ltd., Class A		1,400		21,860
Xiaomi Corp., Class B, 144A*		932,318		1,469,500
Xinyi Solar Holdings Ltd.		512,893		428,406
XPeng, Inc., ADR*		57,960		1,031,108
Yadea Group Holdings Ltd., 144A		93,620		180,035
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		3,400		16,686
Yealink Network Technology Corp. Ltd., Class A		6,346		32,277
Yifeng Pharmacy Chain Co. Ltd., Class A		4,753		23,221
Yihai Kerry Arawana Holdings Co. Ltd., Class A		7,184		35,197
Yintai Gold Co. Ltd., Class A		15,400		30,574
Yonghui Superstores Co. Ltd., Class A*		54,200		23,978
YongXing Special Materials Technology Co. Ltd., Class A		2,080		14,246
Yonyou Network Technology Co. Ltd., Class A		19,000		47,379
Youngor Group Co. Ltd., Class A		42,000		40,104
YTO Express Group Co. Ltd., Class A		14,655		30,403
Yunda Holding Co. Ltd., Class A		8,618		11,663
Yunnan Aluminium Co. Ltd., Class A		5,168		10,253
Yunnan Baiyao Group Co. Ltd., Class A		14,747		110,727
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		2,000		27,970
Yunnan Energy New Material Co. Ltd., Class A		4,177		38,100
Yunnan Tin Co. Ltd., Class A		1,600		3,078
Yunnan Yuntianhua Co. Ltd., Class A		8,300		19,660


	Number of Shares		Value
China (Continued)
Zai Lab Ltd., ADR*		5,246	$	133,616
Zangge Mining Co. Ltd., Class A		9,300		28,711
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		2,356		89,449
Zhaojin Mining Industry Co. Ltd., Class H		91,199		128,860
Zhejiang Century Huatong Group Co. Ltd., Class A*		34,986		26,053
Zhejiang China Commodities City Group Co. Ltd., Class A		39,700		44,835
Zhejiang Chint Electrics Co. Ltd., Class A		14,554		49,550
Zhejiang Dahua Technology Co. Ltd., Class A		19,868		58,907
Zhejiang Dingli Machinery Co. Ltd., Class A		2,700		19,709
Zhejiang Expressway Co. Ltd., Class H		101,490		75,842
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		9,900		22,851
Zhejiang Huayou Cobalt Co. Ltd., Class A		3,273		17,942
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		6,575		50,885
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		4,030		15,049
Zhejiang Juhua Co. Ltd., Class A		5,100		11,484
Zhejiang NHU Co. Ltd., Class A		13,516		30,232
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		13,700		55,903
Zhejiang Supcon Technology Co. Ltd., Class A		5,022		34,802
Zhejiang Supor Co. Ltd., Class A		2,900		18,969
Zhejiang Weiming Environment Protection Co. Ltd., Class A		9,700		23,842
Zhejiang Weixing New Building Materials Co. Ltd., Class A		9,000		24,990
Zheshang Securities Co. Ltd., Class A		38,622		54,655
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		73,167		217,399
Zhongji Innolight Co. Ltd., Class A		3,900		61,416
Zhongsheng Group Holdings Ltd.		30,982		94,427
Zhongtai Securities Co. Ltd., Class A		38,900		39,068
Zhuzhou CRRC Times Electric Co. Ltd., Class A		8,281		49,651
Zhuzhou CRRC Times Electric Co. Ltd., Class H		30,023		104,712
Zhuzhou Kibing Group Co. Ltd., Class A		10,180		12,210
Zijin Mining Group Co. Ltd., Class A		72,952		123,884
Zijin Mining Group Co. Ltd., Class H		332,751		523,626
ZTE Corp., Class A		13,712		66,784
ZTE Corp., Class H		43,252		139,269
ZTO Express Cayman, Inc., ADR		24,831		624,251

(Cost $183,182,932)				129,974,977

Colombia — 0.1%
Bancolombia SA		24,943		177,229
Ecopetrol SA		29,070		16,730
Interconexion Electrica SA ESP		26,185		95,776

(Cost $374,310)				289,735


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
Czech Republic — 0.1%
CEZ AS		9,501	$	404,322
Komercni Banka AS		7,680		240,192

(Cost $727,110)				644,514

Egypt — 0.1%
Abou Kir Fertilizers & Chemical Industries		19,352		33,036
Commercial International Bank Egypt SAE		236,358		436,000
EFG Holding S.A.E.*		90,051		46,454
Telecom Egypt Co.		52,301		44,515

(Cost $585,384)				560,005

Greece — 0.5%
Alpha Services and Holdings SA*		201,615		340,598
Eurobank Ergasias Services and Holdings SA*		246,101		428,171
Hellenic Telecommunications Organization SA		17,866		267,594
JUMBO SA		7,006		216,865
Mytilineos SA		4,852		197,163
National Bank of Greece SA*		55,431		377,457
Piraeus Financial Holdings SA*		66,031		228,760
Star Bulk Carriers Corp.		4,606		81,020
Terna Energy SA		6,954		125,289

(Cost $1,589,045)				2,262,917

Hong Kong — 0.7%
Beijing Enterprises Water Group Ltd.		149,433		34,492
BOC Hong Kong Holdings Ltd.		356,993		992,438
C&D International Investment Group Ltd.		48,067		122,347
China Everbright Environment Group Ltd.		200,120		72,987
China Jinmao Holdings Group Ltd.		432,031		61,154
China Medical System Holdings Ltd.		131,200		189,394
China Merchants Port Holdings Co. Ltd.		80,561		96,364
China Overseas Land & Investment Ltd.		226,479		477,695
China Overseas Property Holdings Ltd.		68,822		82,234
China Resources Land Ltd.		173,649		734,079
China State Construction International Holdings Ltd.		100,213		111,564
China Taiping Insurance Holdings Co. Ltd.		147,385		155,246
Guangdong Investment Ltd.		127,454		99,632
Orient Overseas International Ltd.		4,242		56,908
Want Want China Holdings Ltd.		261,042		172,769
Yuexiu Property Co. Ltd.		97,143		120,411

(Cost $4,327,828)				3,579,714

Hungary — 0.3%
OTP Bank Nyrt		22,655		925,314
Richter Gedeon Nyrt		14,383		360,897

(Cost $1,717,041)				1,286,211

India — 14.2%
Aarti Industries Ltd.		16,436		97,640
ABB India Ltd.		3,576		189,264
ACC Ltd.		38		921


	Number of Shares		Value
India (Continued)
Adani Energy Solutions Ltd.*		23,635	$	231,807
Adani Green Energy Ltd.*		37,200		417,289
Adani Ports & Special Economic Zone Ltd.		73,103		699,539
Adani Wilmar Ltd.*		13,525		58,732
Aditya Birla Capital Ltd.*		33,756		73,864
Alkem Laboratories Ltd.		2,723		119,820
Ambuja Cements Ltd.		27,739		143,543
Apollo Hospitals Enterprise Ltd.		6,226		362,048
Ashok Leyland Ltd.		76,424		169,721
Asian Paints Ltd.		24,357		957,995
Astral Ltd.		9,985		235,682
AU Small Finance Bank Ltd., 144A		37,761		330,030
Aurobindo Pharma Ltd.		28,825		288,994
Avenue Supermarts Ltd., 144A*		14,662		658,908
Axis Bank Ltd., GDR		5,239		308,053
Axis Bank Ltd.		199,748		2,348,877
Bajaj Auto Ltd.		2,829		157,664
Bajaj Finance Ltd.		15,977		1,382,394
Bajaj Finserv Ltd.		38,534		693,029
Bajaj Holdings & Investment Ltd.		2,291		205,829
Balkrishna Industries Ltd.		2,691		75,515
Bandhan Bank Ltd., 144A		51,352		142,420
Bank of Baroda		84,525		191,081
Berger Paints India Ltd.		17,713		153,752
Bharat Forge Ltd.		15,041		194,466
Bharti Airtel Ltd.		235,794		2,439,221
Biocon Ltd.		52,860		165,598
Bosch Ltd.		576		129,231
Britannia Industries Ltd.		4,769		257,370
Canara Bank		30,287		117,217
CG Power & Industrial Solutions Ltd.		44,974		233,246
Cholamandalam Investment and Finance Co. Ltd.		24,854		336,801
Cipla Ltd.		54,130		822,285
Colgate-Palmolive India Ltd.		13,539		317,606
Container Corp. Of India Ltd.		19,022		154,499
Cummins India Ltd.		7,966		164,326
Dabur India Ltd.		36,697		245,175
Dalmia Bharat Ltd.		3,507		88,327
Deepak Nitrite Ltd.		6,063		162,586
Delhivery Ltd.*		25,569		135,124
Divi’s Laboratories Ltd.		12,888		559,211
DLF Ltd.		39,961		243,330
Dr. Reddy’s Laboratories Ltd.		14,601		989,056
Eicher Motors Ltd.		7,712		310,823
Embassy Office Parks REIT		53,703		197,962
FSN E-Commerce Ventures Ltd.*		89,168		143,845
Gland Pharma Ltd., 144A*		5,501		115,716
Godrej Consumer Products Ltd.*		37,838		459,410
Godrej Properties Ltd.*		10,029		199,378
Grasim Industries Ltd.		14,439		312,365
Gujarat Fluorochemicals Ltd.		3,350		123,283
Havells India Ltd.		10,573		176,827
HCL Technologies Ltd.		105,389		1,492,177
HDFC Asset Management Co. Ltd., 144A		5,303		161,691
HDFC Life Insurance Co. Ltd., 144A		59,420		462,771


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
India (Continued)
Hero MotoCorp Ltd.		7,070	$	249,024
Hindalco Industries Ltd.		77,994		433,231
Hindustan Unilever Ltd.		88,587		2,680,576
Honeywell Automation India Ltd.		156		74,703
ICICI Bank Ltd.		307,428		3,560,333
ICICI Lombard General Insurance Co. Ltd., 144A		23,926		379,672
ICICI Prudential Life Insurance Co. Ltd., 144A		40,223		273,980
IDBI Bank Ltd.		62,819		45,377
IDFC First Bank Ltd.*		181,219		204,343
Indian Hotels Co. Ltd.		67,787		344,641
Indian Railway Catering & Tourism Corp. Ltd.		25,591		207,730
Indus Towers Ltd.*		40,374		85,443
IndusInd Bank Ltd.		57,520		957,540
Info Edge India Ltd.		5,921		309,796
Infosys Ltd., ADR		50,916		884,411
Infosys Ltd.		375,073		6,503,478
InterGlobe Aviation Ltd., 144A*		4,584		134,830
Jindal Steel & Power Ltd.		8,847		73,149
JSW Energy Ltd.		16,395		69,502
JSW Steel Ltd.		53,721		505,924
Jubilant Foodworks Ltd.		25,597		158,323
Kotak Mahindra Bank Ltd.		65,409		1,389,580
L&T Technology Services Ltd., 144A		2,360		125,553
Life Insurance Corp. Of India		19,767		154,079
Linde India Ltd.		2,032		153,855
LTIMindtree Ltd., 144A		7,439		466,668
Lupin Ltd.		24,597		326,187
Macrotech Developers Ltd., 144A*		18,836		152,522
Mahindra & Mahindra Ltd.		49,055		933,503
Marico Ltd.		53,766		370,222
Maruti Suzuki India Ltd.		7,628		921,759
Max Financial Services Ltd.*		18,394		207,456
Max Healthcare Institute Ltd.*		62,111		442,314
Mphasis Ltd.		5,326		156,255
Muthoot Finance Ltd.		7,880		119,966
Nestle India Ltd.		2,179		578,700
NHPC Ltd.		162,103		98,296
NMDC Ltd.		83,477		124,077
Oberoi Realty Ltd.		9,399		127,254
One 97 Communications Ltd.*		17,362		179,081
Oracle Financial Services Software Ltd.		2,341		116,201
Page Industries Ltd.		543		263,367
Patanjali Foods Ltd.		4,658		69,040
PB Fintech Ltd.*		20,920		195,753
Persistent Systems Ltd.		4,301		279,024
PI Industries Ltd.		6,519		285,710
Pidilite Industries Ltd.		9,438		286,721
Polycab India Ltd.		2,679		165,784
Power Finance Corp. Ltd.		75,870		238,462
Power Grid Corp. of India Ltd.		204,059		602,789
Punjab National Bank		198,622		151,151
REC Ltd.		78,838		227,268
Samvardhana Motherson International Ltd.		113,361		131,181


	Number of Shares		Value
India (Continued)
SBI Cards & Payment Services Ltd.		17,072	$	168,387
SBI Life Insurance Co. Ltd., 144A		26,650		416,089
Schaeffler India Ltd.		3,207		118,241
Shree Cement Ltd.		502		144,326
Shriram Finance Ltd.		14,941		348,013
Siemens Ltd.		5,717		270,850
Sona Blw Precision Forgings Ltd., 144A		22,601		162,601
SRF Ltd.		11,293		321,454
State Bank of India		177,250		1,201,882
Sun Pharmaceutical Industries Ltd.		107,328		1,441,131
Tata Communications Ltd.		9,401		203,166
Tata Consultancy Services Ltd.		120,302		4,877,981
Tata Consumer Products Ltd.		48,407		487,863
Tata Elxsi Ltd.		3,075		269,185
Tata Motors Ltd.		102,085		741,102
Tata Motors Ltd., Class A		30,661		147,960
Tata Power Co. Ltd.		26,259		77,743
Tata Steel Ltd.		406,589		603,600
Tech Mahindra Ltd.		74,687		1,084,359
Titan Co. Ltd.		22,641		849,028
Torrent Pharmaceuticals Ltd.		10,386		231,152
Trent Ltd.		15,318		379,054
Tube Investments of India Ltd.		7,668		268,656
TVS Motor Co. Ltd.		17,039		292,243
UltraTech Cement Ltd.		6,077		609,082
Union Bank of India Ltd.		96,828		100,470
United Spirits Ltd.*		18,109		220,396
UPL Ltd.		31,452		224,589
Varun Beverages Ltd.		38,626		419,684
Vedant Fashions Ltd.		3,419		52,055
Vedanta Ltd.		31,885		89,470
Voltas Ltd.		18,068		189,855
Wipro Ltd.		178,255		879,365
WNS Holdings Ltd., ADR*		3,513		229,575
Yes Bank Ltd.*		1,324,024		268,687
Zomato Ltd.*		316,170		372,745
Zydus Lifesciences Ltd.		16,558		125,176

(Cost $69,692,802)				69,668,333

Indonesia — 2.2%
Aneka Tambang Tbk		180,049		23,526
GoTo Gojek Tokopedia Tbk PT*		61,311,344		386,467
PT Bank Central Asia Tbk		5,176,147		3,118,263
PT Bank Jago Tbk*		391,516		59,897
PT Bank Mandiri Persero Tbk		3,606,070		1,426,564
PT Bank Negara Indonesia Persero Tbk		782,086		471,151
PT Bank Rakyat Indonesia Persero Tbk		6,962,347		2,537,165
PT Barito Pacific Tbk		2,024,948		142,265
PT Chandra Asri Petrochemical Tbk		430,154		61,572
PT Charoen Pokphand Indonesia Tbk*		392,413		133,338
PT Dayamitra Telekomunikasi		1,727,020		85,047
PT Elang Mahkota Teknologi Tbk		1,491,098		55,806
PT Indah Kiat Pulp & Paper Tbk		113,331		67,716
PT Indocement Tunggal Prakarsa Tbk		7,289		5,121
PT Indofood CBP Sukses Makmur Tbk		98,928		72,751
PT Indofood Sukses Makmur Tbk		221,804		103,402
PT Indosat Tbk		125,053		78,825
PT Kalbe Farma Tbk		1,230,197		146,606


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
Indonesia (Continued)
PT Merdeka Copper Gold Tbk*		975,882	$	216,578
PT Sarana Menara Nusantara Tbk		1,693,340		114,520
PT Sumber Alfaria Trijaya Tbk		1,575,748		300,044
PT Telkom Indonesia Persero Tbk		4,734,231		1,159,467
PT Tower Bersama Infrastructure Tbk		536,511		73,977
PT Unilever Indonesia Tbk		570,997		137,594
PT Vale Indonesia Tbk		165,095		63,957

(Cost $10,081,280)				11,041,619

Ireland — 1.2%
PDD Holdings, Inc., ADR* (Cost $4,846,368)		58,928		5,832,104

Kazakhstan — 0.0%
Polymetal International PLC* (a) (Cost $548,412)		28,889		0

Kuwait — 0.8%
Agility Public Warehousing Co. KSC*		116,136		216,636
Boubyan Bank KSCP		81,430		161,143
Gulf Bank KSCP		190,189		155,483
Kuwait Finance House KSCP		617,296		1,491,924
Mabanee Co KPSC		54,995		149,151
Mobile Telecommunications Co. KSCP		170,221		281,631
National Bank of Kuwait SAKP		445,419		1,329,393

(Cost $3,879,759)				3,785,361

Malaysia — 1.2%
AMMB Holdings Bhd		206,500		166,001
Axiata Group Bhd		448,752		228,244
Celcomdigi Bhd		188,300		177,749
CIMB Group Holdings Bhd		673,604		817,325
Gamuda Bhd		117,630		114,081
Hong Leong Bank Bhd		59,200		254,662
Hong Leong Financial Group Bhd		25,600		100,524
IHH Healthcare Bhd		246,900		316,607
Inari Amertron Bhd		189,400		128,580
IOI Corp. Bhd		125,100		108,654
Kuala Lumpur Kepong Bhd		23,900		110,950
Malayan Banking Bhd		484,556		951,359
Malaysia Airports Holdings Bhd		58,162		92,382
Maxis Bhd		143,000		123,584
MR DIY Group M Bhd, 144A		189,350		63,253
Nestle Malaysia Bhd		2,419		68,034
Petronas Chemicals Group Bhd		108,300		166,184
PPB Group Bhd		25,300		85,715
Press Metal Aluminium Holdings Bhd		205,500		214,801
Public Bank Bhd		1,218,100		1,110,466
QL Resources Bhd		35,300		41,082
RHB Bank Bhd		212,575		257,014
Sime Darby Bhd		121,400		60,177
Sime Darby Plantation Bhd		102,400		96,883
Telekom Malaysia Bhd		164,100		180,368
TIME dotCom Bhd		74,700		88,545

(Cost $6,541,298)				6,123,224

Mexico — 3.0%
Alfa SAB de CV, Class A		310,609		207,974
America Movil SAB de CV, Series B		3,198,336		3,049,789


	Number of Shares		Value
Mexico (Continued)
Arca Continental SAB de CV		27,903	$	275,188
Cemex SAB de CV, Series CPO*		751,161		600,242
Coca-Cola Femsa SAB de CV		51,934		445,759
El Puerto de Liverpool SAB de CV, Class C1		12,773		80,531
Fibra Uno Administracion SA de CV REIT		190,970		281,830
Fomento Economico Mexicano SAB de CV		128,167		1,453,018
Gruma SAB de CV, Class B		6,395		108,141
Grupo Aeroportuario del Pacifico SAB de CV, Class B		23,195		431,688
Grupo Aeroportuario del Sureste SAB de CV, Class B		11,154		307,866
Grupo Bimbo SAB de CV, Series A		80,716		402,243
Grupo Carso SAB de CV, Series A1		30,033		242,505
Grupo Comercial Chedraui SA de CV		35,044		198,749
Grupo Elektra SAB DE CV		4,101		285,846
Grupo Financiero Banorte SAB de CV, Class O		286,377		2,457,176
Grupo Financiero Inbursa SAB de CV, Class O*		122,155		267,291
Grupo Mexico SAB de CV, Series B		183,500		885,353
Grupo Televisa SAB, Series CPO		247,504		222,481
Industrias Penoles SAB de CV*		10,447		149,681
Kimberly-Clark de Mexico SAB de CV, Class A		153,607		350,074
Operadora De Sites Mexicanos SAB de CV, Class A-1		105,536		99,819
Orbia Advance Corp. SAB de CV		2,698		6,083
Wal-Mart de Mexico SAB de CV		495,767		1,978,444

(Cost $12,880,903)				14,787,771

Philippines — 0.6%
ACEN Corp.		59,410		5,257
Ayala Land, Inc.		376,800		180,680
Bank of the Philippine Islands		199,174		386,951
BDO Unibank, Inc.		218,298		537,070
Globe Telecom, Inc.		4,004		127,432
International Container Terminal Services, Inc.		51,820		189,635
JG Summit Holdings, Inc.		130,540		84,268
Jollibee Foods Corp.		32,860		137,546
Metropolitan Bank & Trust Co.		109,300		106,559
Monde Nissin Corp., 144A		621,100		78,981
PLDT, Inc.		8,645		175,587
SM Investments Corp.		29,490		433,860
SM Prime Holdings, Inc.		700,500		361,261
Universal Robina Corp.		49,330		97,318

(Cost $3,379,021)				2,902,405

Qatar — 0.8%
Commercial Bank PSQC		208,424		325,233
Industries Qatar QSC		82,821		281,227
Masraf Al Rayan QSC		415,275		253,272
Mesaieed Petrochemical Holding Co.		365,594		184,806
Ooredoo QPSC		42,194		125,191
Qatar International Islamic Bank QSC		94,696		257,318


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
Qatar (Continued)
Qatar Islamic Bank SAQ		100,987	$	536,008
Qatar National Bank QPSC		441,868		1,893,720

(Cost $4,634,975)				3,856,775

Russia — 0.0%
Alrosa PJSC* (a)		246,725		0
MMC Norilsk Nickel PJSC* (a)		5,593		0
Mobile TeleSystems PJSC, ADR* (a)		25,457		0
Mobile TeleSystems PJSC* (a)		32,151		0
Novolipetsk Steel PJSC* (a)		121,611		0
PIK Group PJSC* (a)		21,692		0
Polyus PJSC* (a)		2,793		0
Sberbank of Russia PJSC* (a)		989,954		0
United Co. RUSAL International PJSC* (a)		255,320		0
Yandex NV, Class A* (a)		28,401		0

(Cost $9,710,782)				0

Saudi Arabia — 2.9%
Advanced Petrochemical Co.		10,671		121,059
Al Rajhi Bank		117,019		2,252,615
Alinma Bank		78,613		773,418
Almarai Co. JSC		19,521		329,978
Arab National Bank		54,647		375,906
Arabian Internet & Communications Services Co.		2,069		194,728
Bank AlBilad		41,158		470,766
Banque Saudi Fransi		47,443		485,100
Bupa Arabia for Cooperative Insurance Co.		6,305		338,898
Dr Sulaiman Al Habib Medical Services Group Co.		5,095		330,099
Etihad Etisalat Co.		32,021		385,466
Jarir Marketing Co.		51,950		204,440
Mouwasat Medical Services Co.		6,154		180,814
Nahdi Medical Co.		3,250		131,537
Riyad Bank		88,546		718,869
Sahara International Petrochemical Co.		28,542		277,380
Saudi Awwal Bank		60,022		573,711
Saudi Basic Industries Corp.		86,540		2,039,683
Saudi Industrial Investment Group		26,205		180,259
Saudi Kayan Petrochemical Co.*		54,289		176,300
Saudi National Bank		175,961		1,677,204
Saudi Telecom Co.		177,591		1,884,506
Savola Group		18,751		189,477

(Cost $14,558,374)				14,292,213

Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $112,509)		13,998		105,051

South Africa — 3.5%
Absa Group Ltd.		77,280		743,986
Anglo American Platinum Ltd.		3,420		119,403
AngloGold Ashanti Ltd.		25,150		428,686
Aspen Pharmacare Holdings Ltd.		36,579		332,659
Bid Corp. Ltd.		33,134		743,402
Bidvest Group Ltd.		20,944		315,183


	Number of Shares		Value
South Africa (Continued)
Capitec Bank Holdings Ltd.		9,813	$	821,265
Clicks Group Ltd.		24,730		357,204
Discovery Ltd.*		53,554		414,997
FirstRand Ltd.		492,758		1,910,137
Gold Fields Ltd.		87,286		1,119,575
Impala Platinum Holdings Ltd.		49,612		255,357
Investec Ltd.		22,648		132,575
Kumba Iron Ore Ltd.		1,789		39,246
MTN Group Ltd.		167,232		1,062,654
MultiChoice Group		22,070		91,240
Naspers Ltd., Class N		20,881		3,547,609
Nedbank Group Ltd.		44,934		512,131
Northam Platinum Holdings Ltd.*		20,747		136,414
Old Mutual Ltd.		446,478		299,224
OUTsurance Group Ltd.		88,530		187,019
Pepkor Holdings Ltd., 144A		112,643		96,968
Sanlam Ltd.		164,851		593,324
Sasol Ltd.		24,854		320,615
Shoprite Holdings Ltd.		42,132		587,044
Sibanye Stillwater Ltd.		156,084		236,908
Standard Bank Group Ltd.		134,045		1,367,776
Vodacom Group Ltd.		61,234		348,809
Woolworths Holdings Ltd.		88,863		348,131

(Cost $19,858,108)				17,469,541

South Korea — 11.3%
Alteogen, Inc.*		2,685		91,921
Amorepacific Corp.		1,648		166,951
AMOREPACIFIC Group		1,617		41,167
BNK Financial Group, Inc.		30,011		154,852
Celltrion Healthcare Co. Ltd.		5,858		286,751
Celltrion Pharm, Inc.*		1,353		70,324
Celltrion, Inc.		10,984		1,195,837
Cheil Worldwide, Inc.		7,773		110,854
Chunbo Co. Ltd.		379		43,183
CJ CheilJedang Corp.		421		95,237
CJ Corp.		808		42,975
CJ ENM Co. Ltd.*		1,000		44,032
CJ Logistics Corp.		462		27,578
CosmoAM&T Co. Ltd.*		1,766		210,704
Coway Co. Ltd.		3,295		107,694
CS Wind Corp.		1,400		67,259
Daewoo Engineering & Construction Co. Ltd.*		2,244		7,810
DB HiTek Co. Ltd.		2,197		88,927
DB Insurance Co. Ltd.		4,323		267,213
DL E&C Co. Ltd.		604		14,166
Dongsuh Cos., Inc.		2,199		29,797
Doosan Co. Ltd.		666		59,256
Doosan Enerbility Co. Ltd.*		24,982		344,371
Doosan Fuel Cell Co. Ltd.*		3,358		62,879
Ecopro BM Co. Ltd.		2,756		676,620
Ecopro Co. Ltd.		1,549		1,473,117
E-MART, Inc.		1,120		62,535
F&F Co. Ltd. / New		1,002		78,083
Fila Holdings Corp.		4,598		131,844
Green Cross Corp.		405		35,452


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
South Korea (Continued)
GS Engineering & Construction Corp.		2,982	$	32,781
Hana Financial Group, Inc.		28,811		862,096
Hanjin Kal Corp.		1,293		43,483
Hankook Tire & Technology Co. Ltd.		47		1,378
Hanmi Pharm. Co. Ltd.		690		153,739
Hanmi Science Co. Ltd.		2,084		56,761
Hanon Systems		11,187		77,105
Hansol Chemical Co. Ltd.		747		91,273
Hanssem Co. Ltd.		940		42,102
Hanwha Life Insurance Co. Ltd.*		28,391		54,022
HL Mando Co. Ltd.		2,686		85,147
HLB, Inc.*		4,741		103,482
HMM Co. Ltd.		14,398		181,480
Hugel, Inc.*		524		44,560
HYBE Co. Ltd.*		1,135		216,824
Hyosung Advanced Materials Corp.		152		51,980
Hyosung TNC Corp.		182		45,577
Hyundai Autoever Corp.		542		72,048
Hyundai Department Store Co. Ltd.		968		50,826
Hyundai Doosan Infracore Co. Ltd.		4,330		34,496
Hyundai Elevator Co. Ltd.		1,580		53,792
Hyundai Engineering & Construction Co. Ltd.		6,315		169,610
Hyundai Glovis Co. Ltd.		1,081		141,080
Hyundai Marine & Fire Insurance Co. Ltd.		3,346		76,578
Hyundai Mipo Dockyard Co. Ltd.*		86		5,921
Hyundai Mobis Co. Ltd.		3,642		636,506
Hyundai Motor Co.		7,942		1,136,245
Hyundai Steel Co.		2,743		75,125
Industrial Bank of Korea		25,974		211,447
Kakao Corp.		30,399		1,106,254
Kakao Games Corp.*		3,327		71,612
KakaoBank Corp.		13,716		273,438
Kakaopay Corp.*		2,370		81,137
KB Financial Group, Inc.		37,054		1,516,642
KCC Corp.		109		18,019
KEPCO Engineering & Construction Co., Inc.		1,355		67,865
KEPCO Plant Service & Engineering Co. Ltd.		1,770		44,928
Kia Corp.		13,427		814,712
KIWOOM Securities Co. Ltd.		843		65,884
Korea Investment Holdings Co. Ltd.		3,119		122,707
Korea Zinc Co. Ltd.		486		193,775
Korean Air Lines Co. Ltd.		11,271		194,423
Krafton, Inc.*		1,848		216,713
KT Corp.		13,108		327,266
KT&G Corp.		11,262		740,433
Kum Yang Co. Ltd.*		2,485		242,531
Kumho Petrochemical Co. Ltd.		26		2,455
L&F Co. Ltd.		1,969		320,284
LEENO Industrial, Inc.		906		115,225
LG Chem Ltd.		2,780		1,226,208
LG Corp.		8,554		531,328
LG Display Co. Ltd.*		20,061		203,380
LG Electronics, Inc.		9,942		740,902
LG Energy Solution Ltd.*		2,757		1,134,714


	Number of Shares		Value
South Korea (Continued)
LG H&H Co. Ltd.		596	$	209,451
LG Innotek Co. Ltd.		1,445		295,177
LG Uplus Corp.		22,570		178,443
Lotte Chemical Corp.		820		84,745
Lotte Energy Materials Corp.		1,265		46,609
Lotte Shopping Co. Ltd.		602		32,337
Meritz Financial Group, Inc.*		8,633		357,273
Mirae Asset Securities Co. Ltd.		27,701		139,579
NAVER Corp.		13,480		2,187,600
NCSoft Corp.		813		154,696
Netmarble Corp., 144A*		1,489		48,272
NH Investment & Securities Co. Ltd.		16,098		125,447
OCI Holdings Co. Ltd.		348		24,249
Orion Corp.		1,385		127,628
Pan Ocean Co. Ltd.		4,830		16,298
Pearl Abyss Corp.*		2,239		81,819
POSCO Future M Co. Ltd.		1,670		567,933
S-1 Corp.		961		40,570
Samsung Biologics Co. Ltd., 144A*		1,794		1,000,324
Samsung C&T Corp.		4,626		366,440
Samsung Card Co. Ltd.		2,740		62,087
Samsung Electro-Mechanics Co. Ltd.		5,527		566,186
Samsung Electronics Co. Ltd.		287,333		14,543,278
Samsung Engineering Co. Ltd.*		9,658		248,437
Samsung Fire & Marine Insurance Co. Ltd.		3,074		573,286
Samsung Life Insurance Co. Ltd.		7,072		361,693
Samsung SDI Co. Ltd.		5,083		2,361,235
Samsung SDS Co. Ltd.		3,533		379,562
Samsung Securities Co. Ltd.		6,758		190,967
SD Biosensor, Inc.		4,198		39,733
Seegene, Inc.		2,986		50,153
Shinhan Financial Group Co. Ltd.		45,297		1,218,315
Shinsegae, Inc.		375		57,594
SK Biopharmaceuticals Co. Ltd.*		3,104		201,258
SK Bioscience Co. Ltd.*		2,782		154,491
SK Chemicals Co. Ltd.		193		9,185
SK Hynix, Inc.		53,116		4,894,669
SK IE Technology Co. Ltd., 144A*		2,795		190,950
SK Innovation Co. Ltd.*		2,396		321,763
SK Square Co. Ltd.*		10,250		349,745
SK Telecom Co. Ltd.		5,747		208,922
SKC Co. Ltd.		766		53,027
Solus Advanced Materials Co. Ltd.		1,344		33,250
Soulbrain Co. Ltd.		376		64,717
SSANGYONG C&E Co. Ltd.		5,733		23,856
Studio Dragon Corp.*		733		28,616
Wemade Co. Ltd.		2,333		63,720
WONIK IPS Co. Ltd.		2,298		53,636
Woori Financial Group, Inc.		62,551		563,633
Yuhan Corp.		3,365		185,339

(Cost $67,801,736)				55,407,881

Taiwan — 18.7%
Accton Technology Corp.		40,554		608,695
Acer, Inc.		276,579		317,862
Advantech Co. Ltd.		26,008		280,934


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
Taiwan (Continued)
Airtac International Group		9,969	$	287,990
Alchip Technologies Ltd.		6,000		465,357
ASE Technology Holding Co. Ltd.		357,078		1,323,072
Asia Cement Corp.		134,498		168,511
ASMedia Technology, Inc.		2,611		80,593
ASPEED Technology, Inc.		3,000		254,345
Asustek Computer, Inc.		68,533		866,172
AUO Corp.*		566,444		316,603
Catcher Technology Co. Ltd.		25,107		142,302
Cathay Financial Holding Co. Ltd.*		1,228,261		1,758,708
Chailease Holding Co. Ltd.		152,044		847,434
Chang Hwa Commercial Bank Ltd.		602,952		327,542
China Airlines Ltd.		141,772		100,609
China Development Financial Holding Corp.*		1,625,524		604,853
China Steel Corp.		683,259		568,551
Chroma ATE, Inc.		23,496		206,581
Chunghwa Telecom Co. Ltd.		377,883		1,376,428
Compal Electronics, Inc.		367,992		368,610
CTBC Financial Holding Co. Ltd.		1,795,037		1,344,312
Delta Electronics, Inc.		190,634		2,071,165
E Ink Holdings, Inc.		73,000		418,335
E.Sun Financial Holding Co. Ltd.		1,392,090		1,068,771
Eclat Textile Co. Ltd.		23,253		371,651
eMemory Technology, Inc.		5,605		319,441
Eva Airways Corp.		142,224		140,677
Evergreen Marine Corp. Taiwan Ltd.		49,968		167,101
Far Eastern New Century Corp.		192,409		170,076
Far EasTone Telecommunications Co. Ltd.		163,364		362,159
Feng TAY Enterprise Co. Ltd.		47,998		253,204
First Financial Holding Co. Ltd.		1,072,561		885,760
Formosa Chemicals & Fibre Corp.		247,640		482,115
Formosa Plastics Corp.		315,624		787,908
Formosa Sumco Technology Corp.		6,070		27,447
Formosa Taffeta Co. Ltd.		36,000		28,826
Foxconn Technology Co. Ltd.		91,613		160,232
Fubon Financial Holding Co. Ltd.		796,698		1,591,069
Giant Manufacturing Co. Ltd.		17,709		108,990
Global Unichip Corp.		7,000		320,914
Globalwafers Co. Ltd.		12,663		182,510
Highwealth Construction Corp.		111,717		150,843
Hiwin Technologies Corp.		11,964		77,014
Hon Hai Precision Industry Co. Ltd.		1,158,938		3,875,682
Hotai Motor Co. Ltd.		20,001		426,442
Hua Nan Financial Holdings Co. Ltd.		1,002,480		645,309
Innolux Corp.*		117,571		53,347
Inventec Corp.		316,515		560,547
Largan Precision Co. Ltd.		5,568		358,419
Lite-On Technology Corp.		205,169		882,614
Lotes Co. Ltd.		8,155		221,502
Macronix International Co. Ltd.		88,937		94,113
MediaTek, Inc.		88,881		1,967,598
Mega Financial Holding Co. Ltd.		1,076,533		1,213,557
Merida Industry Co. Ltd.		20,073		121,649
Micro-Star International Co. Ltd.		66,482		332,968
momo.com, Inc.		6,778		110,673


	Number of Shares		Value
Taiwan (Continued)
Nan Ya Plastics Corp.		323,138	$	670,699
Nan Ya Printed Circuit Board Corp.		14,944		113,324
Nanya Technology Corp.		116,457		243,544
Nien Made Enterprise Co. Ltd.		9,562		89,776
Novatek Microelectronics Corp.		57,386		719,882
Oneness Biotech Co. Ltd.		26,849		167,350
Pegatron Corp.		174,548		427,511
PharmaEssentia Corp.*		19,000		213,289
Phison Electronics Corp.		10,051		133,660
Polaris Group*		27,000		73,251
Pou Chen Corp.		215,283		193,337
Powerchip Semiconductor Manufacturing Corp.		242,897		212,415
Powertech Technology, Inc.		68,856		215,564
Quanta Computer, Inc.		228,331		1,817,528
Realtek Semiconductor Corp.		26,578		348,849
Ruentex Development Co. Ltd.*		77,613		89,807
Ruentex Industries Ltd.*		46,838		91,627
Shanghai Commercial & Savings Bank Ltd.		372,996		498,944
Shin Kong Financial Holding Co. Ltd.*		1,349,777		401,375
Silicon Motion Technology Corp., ADR*		2,459		133,548
Sino-American Silicon Products, Inc.		30,611		150,429
SinoPac Financial Holdings Co. Ltd.		1,081,056		580,474
Synnex Technology International Corp.		68,635		131,682
TA Chen Stainless Pipe		140,400		160,034
Taishin Financial Holding Co. Ltd.		1,157,137		646,760
Taiwan Business Bank		636,602		266,862
Taiwan Cement Corp.		189,828		208,327
Taiwan Cooperative Financial Holding Co. Ltd.		610,147		502,924
Taiwan Fertilizer Co. Ltd.		33,080		61,908
Taiwan High Speed Rail Corp.		229,877		214,744
Taiwan Mobile Co. Ltd.		207,984		608,673
Taiwan Semiconductor Manufacturing Co. Ltd.		2,362,032		40,718,935
Tatung Co. Ltd.*		123,942		196,928
Teco Electric and Machinery Co. Ltd.		4,051		6,347
Tripod Technology Corp.		25,616		152,024
Unimicron Technology Corp.		103,796		604,593
Uni-President Enterprises Corp.		272,953		605,962
United Microelectronics Corp.		1,139,385		1,627,872
Vanguard International Semiconductor Corp.		90,426		193,933
VisEra Technologies Co. Ltd.		10,000		66,726
Voltronic Power Technology Corp.		5,343		243,272
Walsin Lihwa Corp.		624		745
Walsin Technology Corp.		18,937		58,631
Wan Hai Lines Ltd.		94,509		134,434
Win Semiconductors Corp.		37,837		161,582
Winbond Electronics Corp.*		154,514		127,846
Wistron Corp.		257,505		946,041
Wiwynn Corp.		7,697		377,037
WPG Holdings Ltd.		87,190		150,306
Yageo Corp.		23,754		361,757
Yang Ming Marine Transport Corp.		102,850		136,449
Yuanta Financial Holding Co. Ltd.		1,105,657		847,127


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
Taiwan (Continued)
Yulon Finance Corp.		32,000	$	178,858
Yulon Motor Co. Ltd.		22,176		58,075
Zhen Ding Technology Holding Ltd.		63,962		194,217

(Cost $105,139,297)				92,164,486

Thailand — 1.9%
Advanced Info Service PCL, NVDR		114,300		705,042
Airports of Thailand PCL, NVDR*		263,600		545,756
Asset World Corp. PCL, NVDR		820,500		102,160
Bangkok Bank PCL		54,500		263,804
Bangkok Bank PCL, NVDR		53,000		256,543
Bangkok Commercial Asset Management PCL, NVDR		197,200		67,014
Bangkok Dusit Medical Services PCL, NVDR		387,100		309,525
Bangkok Expressway & Metro PCL		161,300		39,844
Bangkok Expressway & Metro PCL, NVDR		732,600		180,966
Bangkok Life Assurance PCL, NVDR		43,400		30,365
Berli Jucker PCL, NVDR		59,900		57,732
BTS Group Holdings PCL, NVDR		874,300		183,511
Bumrungrad Hospital PCL, NVDR		36,800		272,184
Carabao Group PCL, NVDR		36,700		90,132
Central Pattana PCL, NVDR		107,100		210,270
Central Retail Corp. PCL		75,100		88,466
Central Retail Corp. PCL, NVDR		183,800		216,513
Charoen Pokphand Foods PCL, NVDR		222,300		131,409
Com7 PCL, NVDR		98,600		90,807
CP ALL PCL, NVDR		541,600		1,009,193
CP Axtra PCL		19,600		20,290
CP Axtra PCL, NVDR		126,200		130,642
Delta Electronics Thailand PCL, NVDR		41,000		127,036
Energy Absolute PCL, NVDR		182,400		329,458
Home Product Center PCL, NVDR		322,000		125,977
Indorama Ventures PCL, NVDR		19,800		16,397
Intouch Holdings PCL, Class F		3,400		7,064
Intouch Holdings PCL, NVDR		83,400		173,266
JMT Network Services PCL, NVDR		64,700		85,916
Kasikornbank PCL, NVDR		152,900		569,814
KCE Electronics PCL, NVDR		48,800		71,073
Krung Thai Bank PCL, NVDR		489,900		270,010
Krungthai Card PCL		59,000		81,716
Krungthai Card PCL, NVDR		37,100		51,384
Land & Houses PCL, NVDR		387,400		91,823
Minor International PCL, NVDR		197,083		187,135
Muangthai Capital PCL		600		698
Muangthai Capital PCL, NVDR		65,400		76,106
Ngern Tid Lor PCL, NVDR		145,700		98,194
Osotspa PCL, NVDR		110,300		94,496
PSG Corp. PCL, NVDR*		790,200		22,566
PTT Global Chemical PCL, NVDR		41,000		43,614
SCB X PCL, NVDR		115,700		389,879
SCG Packaging PCL		38,700		45,312
SCG Packaging PCL, NVDR		58,900		68,963
Siam Cement PCL, NVDR		17,700		158,209
Siam Global House PCL, NVDR		113,659		61,021
Srisawad Corp. PCL, NVDR		71,100		103,551


	Number of Shares		Value
Thailand (Continued)
Thai Beverage PCL		557,200	$	235,175
Thai Life Insurance PCL		182,600		61,532
Thai Life Insurance PCL, NVDR		168,700		56,848
Thai Union Group PCL, NVDR		93,200		38,060
Thonburi Healthcare Group PCL, NVDR		28,300		52,935
Tisco Financial Group PCL, NVDR		49,900		146,775
TMBThanachart Bank PCL, NVDR		4,502,677		219,878
TOA Paint Thailand PCL		58,500		44,271
True Corp. PCL, NVDR.		1,222,469		240,881
VGI PCL, NVDR		835,300		70,607

(Cost $9,930,810)				9,519,808

Turkey — 0.9%
Akbank TAS		326,899		352,926
Aksa Akrilik Kimya Sanayii AS		5,766		17,358
Arcelik AS*		3,371		20,587
Aselsan Elektronik Sanayi Ve Ticaret AS		70,792		102,294
Aydem Yenilenebilir Enerji AS*		38,869		26,902
Bera Holding AS*		62,280		31,517
BIM Birlesik Magazalar AS		43,415		410,738
Borusan Mannesmann Boru Sanayi VE Ticaret AS*		3		86
Borusan Yatirim ve Pazarlama AS		580		43,452
Celebi Hava Servisi AS		820		26,746
Coca-Cola Icecek AS		4,088		60,283
Deva Holding AS		11,651		39,204
Dogus Otomotiv Servis Ve Ticaret AS		3,848		41,197
Eczacibasi Yatirim Holding Ortakligi AS		3,197		25,905
Ege Endustri Ve Ticaret AS		106		28,590
Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS		16,850		31,731
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		132,971		42,848
Eregli Demir Ve Celik Fabrikalari TAS*		37,603		60,684
Ford Otomotiv Sanayi AS		85		2,751
GEN Ilac Ve Saglik Urunleri Sanayi Ve Ticaret AS		10,054		24,515
Girisim Elektrik Taahhut Ticaret VE Sanayi AS*		10,454		36,392
Gubre Fabrikalari TAS*		4,243		56,854
Haci Omer Sabanci Holding AS		53,009		118,913
Hektas Ticaret TAS*		81,446		78,398
Is Gayrimenkul Yatirim Ortakligi AS REIT*		53,629		38,324
Is Yatirim Menkul Degerler AS		55,242		88,114
Kardemir Karabuk Demir Celik Sanayi Ve Ticaret AS, Class D		14,695		13,781
Kiler Holding AS*		49,761		41,664
KOC Holding AS		42,565		226,417
Kontrolmatik Enerji Ve Muhendislik AS		1,486		15,330
Koza Altin Isletmeleri AS		82,887		88,491
Koza Anadolu Metal Madencilik Isletmeleri AS*		739		1,817
Logo Yazilim Sanayi Ve Ticaret AS		8,139		22,639
Migros Ticaret AS		553		7,196
MLP Saglik Hizmetleri AS, 144A*		8,586		40,905
Pegasus Hava Tasimaciligi AS*		3,558		116,773


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
Turkey (Continued)
Penta Teknoloji Urunleri Dagitim Ticaret AS*		11,533	$	9,985
Petkim Petrokimya Holding AS*		68,019		52,154
Qua Granite Hayal*		91,098		23,751
Sarkuysan Elektrolitik Bakir Sanayi Ve Ticaret AS		36,426		51,488
Sasa Polyester Sanayi AS*		99,158		196,214
Selcuk Ecza Deposu Ticaret Ve Sanayi A.S.		11,953		26,500
Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS*		13,371		38,020
Sok Marketler Ticaret AS		19,937		46,482
Tekfen Holding AS		1,372		2,455
Tofas Turk Otomobil Fabrikasi AS		4,353		44,073
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		28,744		27,496
Turk Hava Yollari AO*		39,529		363,297
Turk Telekomunikasyon AS*		59,507		57,325
Turkcell Iletisim Hizmetleri AS*		126,936		265,704
Turkiye Halk Bankasi AS*		87,240		43,657
Turkiye Is Bankasi AS, Class C		361,847		285,866
Turkiye Sigorta AS*		43,289		43,845
Turkiye Sinai Kalkinma Bankasi AS*		137,997		36,806
Turkiye Sise Ve Cam Fabrikalari AS		56,338		108,312
Turkiye Vakiflar Bankasi TAO, Class D*		138,579		70,596
Ulker Biskuvi Sanayi AS*		9,264		21,199
Verusa Holding AS		4,170		26,045
Vestel Elektronik Sanayi Ve Ticaret AS*		8,501		21,940
Yapi Ve Kredi Bankasi AS		153,741		91,699

(Cost $2,828,130)				4,337,231

United Arab Emirates — 2.2%
Abu Dhabi Commercial Bank PJSC		300,820		706,790
Abu Dhabi Islamic Bank PJSC		116,182		329,594
Aldar Properties PJSC		233,601		334,529
Alpha Dhabi Holding PJSC*		115,151		630,140
Borouge PLC		251,187		186,695
Dubai Islamic Bank PJSC		175,980		270,219
Emaar Properties PJSC		368,451		708,203
Emirates NBD Bank PJSC		243,752		1,085,023
Emirates Telecommunications Group Co. PJSC		345,423		1,865,804
First Abu Dhabi Bank PJSC		439,904		1,638,390
International Holding Co. PJSC*		28,293		3,150,471

(Cost $9,401,799)				10,905,858

United States — 0.2%
BeiGene Ltd., ADR *		3,256		675,783
Parade Technologies Ltd.		6,000		169,186

(Cost $911,422)				844,969

TOTAL COMMON STOCKS (Cost $568,464,823)				480,823,788


	Number of Shares		Value
PREFERRED STOCKS — 1.8%
Brazil — 1.1%
Banco Bradesco SA		522,652	$	1,578,212
Centrais Eletricas Brasileiras SA, Class B		21,867		171,104
Cia Energetica de Minas Gerais		127,748		318,147
Gerdau SA		51,509		268,940
Itau Unibanco Holding SA		477,405		2,644,991
Itausa SA		297,849		555,878

(Cost $5,349,183)				5,537,272

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $430,453)		8,340		514,040

Colombia — 0.1%
Bancolombia SA (Cost $357,244)		44,019		292,349

Russia — 0.0%
Sberbank of Russia PJSC *(a) (Cost $275,893)		71,636		0

South Korea — 0.5%
Hyundai Motor Co.		1,139		87,725
Hyundai Motor Co. — 2nd Preferred		1,914		150,745
LG Chem Ltd.		521		134,611
Samsung Electronics Co. Ltd.		48,828		1,994,864
Samsung SDI Co. Ltd.		188		42,671

(Cost $3,319,936)				2,410,616

TOTAL PREFERRED STOCKS (Cost $9,732,709)				8,754,277


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $0)	INR	2,494		30


	Number of Shares
RIGHTS — 0.0%
Brazil — 0.0%
Itausa SA* , expires 10/6/23 (Cost $0)		4,142		2,317

South Korea — 0.0%
SK Innovation Co. Ltd.* , expires 9/26/23 (Cost $0)		177		5,069

TOTAL RIGHTS (Cost $0)				7,386


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023


	Number of Shares		Value
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		746	$	714

Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		400		1
BTS Group Holdings PCL*, expires 11/20/26		800		4

(Cost $0)				5

TOTAL WARRANTS (Cost $0)				719


	Number of Shares		Value
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $1,488,084)		1,488,084	$	1,488,084


TOTAL INVESTMENTS — 99.8%
(Cost $579,685,616)			$	491,074,284
Other assets and liabilities, net — 0.2%				1,170,552

NET ASSETS — 100.0%			$	492,244,836

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		1,366,731		—		(1,366,731	)(d)		—		—		64,464		—		—		—

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		1,859,521		20,144,248		(20,515,685	)		—		—		56,357		—		1,488,084		1,488,084

		3,226,252		20,144,248		(21,882,416	)		—		—		120,821		—		1,488,084		1,488,084

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

KSC:

Kuwait Shareholding Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar

144A:

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

Securities are listed in country of domicile.


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

At August 31, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
MSCI Emerging Markets Index Future	USD	58	$	2,882,958	$	2,839,970	9/15/2023	$	(42,988	)

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

Currency Abbreviations

INR

Indian Rupee

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	480,756,520		$	—	$	67,268	$	480,823,788
Preferred Stocks (a)		8,754,277			—		0		8,754,277
Corporate Bonds		—			30		—		30
Rights (a)		7,386			—		—		7,386
Warrants (a)		719			—		—		719
Short-Term Investments (a)		1,488,084			—		—		1,488,084

TOTAL	$	491,006,986		$	30	$	67,268	$	491,074,284


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(42,988	)	$	—	$	—	$	(42,988	)

TOTAL	$	(42,988	)	$	—	$	—	$	(42,988	)

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

(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.

During the year ended August 31, 2023, the amount of transfers from Level 1 to Level 3 was $ 64,340. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.2%
Australia — 6.1%
ANZ Group Holdings Ltd.		16,955	$	278,146
APA Group (a)		6,625		38,573
Aristocrat Leisure Ltd.		3,353		88,817
ASX Ltd.		1,078		40,207
Aurizon Holdings Ltd.		10,168		24,036
BlueScope Steel Ltd.		2,614		35,569
Brambles Ltd.		7,854		76,147
Cochlear Ltd.		371		65,233
Coles Group Ltd.		7,666		80,779
Computershare Ltd.		3,180		51,859
Dexus REIT		6,181		31,024
EBOS Group Ltd.		858		19,389
Endeavour Group Ltd.		8,246		29,373
Fortescue Metals Group Ltd.		9,570		132,823
Goodman Group REIT		9,422		142,546
GPT Group REIT		10,254		27,892
IDP Education Ltd.		1,463		23,337
IGO Ltd.		3,838		34,601
Lendlease Corp. Ltd. (a)		3,662		18,523
Macquarie Group Ltd.		2,030		233,404
Mineral Resources Ltd.		978		45,307
Mirvac Group REIT		21,343		33,451
Newcrest Mining Ltd.		5,077		85,590
Northern Star Resources Ltd.		6,539		50,439
Orica Ltd.		2,515		25,589
Pilbara Minerals Ltd.		15,208		45,997
QBE Insurance Group Ltd.		8,449		81,971
Ramsay Health Care Ltd.		1,015		33,821
REA Group Ltd.		305		32,609
Scentre Group REIT		28,190		50,208
SEEK Ltd.		1,985		29,710
Sonic Healthcare Ltd.		2,522		52,529
Stockland REIT		14,078		38,659
Suncorp Group Ltd.		7,184		63,417
Telstra Group Ltd.		22,935		59,564
Transurban Group (a)		16,851		144,714
Vicinity Ltd. REIT		20,849		25,250
Woodside Energy Group Ltd.		10,568		253,379

(Cost $2,650,735)				2,624,482

Austria — 0.2%
OMV AG		838		38,900
Verbund AG		395		32,411

(Cost $77,744)				71,311

Belgium — 0.3%
KBC Group NV		1,410		92,678
Umicore SA		1,193		31,684

(Cost $147,018)				124,362

Chile — 0.1%
Antofagasta PLC (Cost $42,770)		2,163		39,687

Denmark — 5.9%
A.P. Moller — Maersk A/S, Class A		19		34,088
A.P. Moller — Maersk A/S, Class B		28		50,989


	Number of Shares		Value
Denmark (Continued)
Chr Hansen Holding A/S		593	$	38,808
Coloplast A/S, Class B		668		76,382
DSV A/S		1,029		195,927
Genmab A/S*		370		142,247
Novo Nordisk A/S, Class B		9,208		1,708,326
Novozymes A/S, Class B		1,155		50,207
Orsted AS, 144A		1,073		69,143
Pandora A/S		461		47,920
ROCKWOOL A/S, Class B		53		13,572
Vestas Wind Systems A/S*		5,703		132,033

(Cost $1,818,631)				2,559,642

Finland — 1.6%
Elisa OYJ		762		37,440
Kesko OYJ, Class B		1,574		30,784
Metso Corp.		3,692		42,576
Neste OYJ		2,391		87,662
Nokia OYJ		30,437		121,799
Nordea Bank Abp		18,430		202,277
Stora Enso OYJ, Class R		3,208		40,929
UPM-Kymmene OYJ		2,996		102,819
Wartsila OYJ Abp		2,709		34,474

(Cost $731,911)				700,760

France — 13.2%
Aeroports de Paris		164		21,645
AXA SA		10,315		310,952
BNP Paribas SA		5,937		384,755
Bouygues SA		1,114		38,570
Carrefour SA		3,344		64,132
Cie Generale des Etablissements Michelin SCA		3,821		119,893
Credit Agricole SA		6,736		85,216
Danone SA		3,607		210,737
Dassault Systemes SE		3,771		149,839
Eiffage SA		389		38,555
Gecina SA REIT		257		27,573
Getlink SE		1,988		33,347
Hermes International SCA		178		367,220
Kering SA		419		224,743
Klepierre SA REIT		1,250		33,103
L’Oreal SA		1,359		598,551
LVMH Moet Hennessy Louis Vuitton SE		1,557		1,321,832
Orange SA		10,359		116,456
Schneider Electric SE		3,069		528,221
Societe Generale SA		4,082		116,143
Teleperformance SE		332		46,069
TotalEnergies SE		12,728		802,199
Valeo SE		1,159		22,643
Worldline SA, 144A*		1,338		43,682

(Cost $5,325,686)				5,706,076

Germany — 4.8%
adidas AG		918		183,747
Bayerische Motoren Werke AG		1,698		179,077
Beiersdorf AG		559		73,291
Brenntag SE		868		70,411


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Germany (Continued)
Commerzbank AG		6,017	$	66,285
Covestro AG, 144A*		1,099		58,531
Deutsche Boerse AG		1,071		190,461
Deutsche Lufthansa AG*		3,399		30,424
DHL Group		5,546		259,344
Evonik Industries AG		1,187		22,810
GEA Group AG		841		33,225
Heidelberg Materials AG		829		66,834
HelloFresh SE*		933		30,197
Henkel AG & Co. KGaA		586		40,565
Knorr-Bremse AG		401		27,463
LEG Immobilien SE*		416		30,070
Merck KGaA		729		131,343
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		772		300,132
Puma SE		601		40,442
Symrise AG		750		78,275
Telefonica Deutschland Holding AG		4,911		9,349
Vonovia SE		4,150		99,588
Zalando SE, 144A*		1,270		39,601

(Cost $2,001,212)				2,061,465

Hong Kong — 2.5%
AIA Group Ltd.		64,967		589,875
BOC Hong Kong Holdings Ltd.		20,863		57,999
Hang Seng Bank Ltd.		4,281		54,592
HKT Trust & HKT Ltd. (a)		20,672		22,038
Hong Kong & China Gas Co. Ltd.		63,476		46,706
MTR Corp. Ltd.		8,940		37,337
Prudential PLC		15,118		185,093
Sino Land Co. Ltd.		18,803		21,556
Swire Pacific Ltd., Class A		2,163		17,846
Swire Properties Ltd.		5,685		11,890
WH Group Ltd., 144A		47,870		24,662

(Cost $1,258,844)				1,069,594

Ireland — 1.3%
CRH PLC		4,068		234,536
DCC PLC		539		29,553
James Hardie Industries PLC CDI*		2,513		75,730
Kerry Group PLC, Class A		902		84,330
Kingspan Group PLC		871		73,812
Smurfit Kappa Group PLC		1,450		61,030

(Cost $500,645)				558,991

Israel — 0.1%
Bank Leumi Le-Israel BM (Cost $69,276)		8,621		67,115

Italy — 1.8%
Assicurazioni Generali SpA		5,735		119,074
Enel SpA		45,142		304,258
FinecoBank Banca Fineco SpA		3,438		47,240
Mediobanca Banca di Credito Finanziario SpA		3,075		40,283
Moncler SpA		1,111		75,533
Nexi SpA, 144A*		3,297		23,732
Poste Italiane SpA, 144A		2,990		33,280


	Number of Shares		Value
Italy (Continued)
Prysmian SpA		1,434	$	58,816
Terna—Rete Elettrica Nazionale		7,996		66,130

(Cost $757,964)				768,346

Japan — 24.6%
Advantest Corp.		1,100		138,345
Aeon Co. Ltd.		3,700		76,727
Ajinomoto Co., Inc.		2,600		110,243
ANA Holdings, Inc.*		800		18,079
Asahi Kasei Corp.		7,000		45,283
Astellas Pharma, Inc.		10,100		153,632
Azbil Corp.		600		20,030
Bridgestone Corp.		3,200		124,430
Brother Industries Ltd.		1,400		23,738
Dai Nippon Printing Co. Ltd.		1,165		31,873
Daifuku Co. Ltd.		1,748		32,340
Daiichi Sankyo Co. Ltd.		10,300		304,150
Daikin Industries Ltd.		1,471		254,875
Daiwa House Industry Co. Ltd.		3,300		91,757
Daiwa Securities Group, Inc.		7,600		43,276
Eisai Co. Ltd.		1,408		89,537
FANUC Corp.		5,425		154,755
Fast Retailing Co. Ltd.		992		228,129
Fuji Electric Co. Ltd.		700		33,056
FUJIFILM Holdings Corp.		2,150		127,212
Fujitsu Ltd.		1,001		125,172
Hankyu Hanshin Holdings, Inc.		1,400		50,294
Hirose Electric Co. Ltd.		221		26,801
Hitachi Construction Machinery Co. Ltd.		600		18,715
Hitachi Ltd.		5,300		352,909
Hoya Corp.		2,049		227,370
Hulic Co. Ltd.		2,200		19,766
Ibiden Co. Ltd.		600		36,234
Inpex Corp.		5,500		76,879
Isuzu Motors Ltd.		3,200		41,103
ITOCHU Corp.		6,600		248,070
Itochu Techno-Solutions Corp.		500		14,854
JFE Holdings, Inc.		2,800		44,303
JSR Corp.		900		25,161
Kao Corp.		2,684		103,960
KDDI Corp.		8,302		246,634
Keio Corp.		539		18,660
Kikkoman Corp.		800		46,301
Komatsu Ltd.		5,300		151,080
Kubota Corp.		5,800		93,025
Kurita Water Industries Ltd.		500		19,518
Kyowa Kirin Co. Ltd.		1,600		29,349
Lixil Corp.		1,800		22,558
Marubeni Corp.		8,300		135,944
MatsukiyoCocokara & Co.		600		35,340
Mazda Motor Corp.		3,100		32,632
McDonald’s Holdings Co. Japan Ltd.		500		19,885
MEIJI Holdings Co. Ltd.		1,400		35,119
Mitsubishi Chemical Group Corp.		6,800		40,650
Mitsubishi Estate Co. Ltd.		6,300		80,597
Mitsui Chemicals, Inc.		900		24,456
Mitsui Fudosan Co. Ltd.		5,100		111,819


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Japan (Continued)
Mizuho Financial Group, Inc.		13,600	$	225,133
MS&AD Insurance Group Holdings, Inc.		2,400		86,383
NEC Corp.		1,400		73,911
Nintendo Co. Ltd.		5,820		250,534
NIPPON EXPRESS HOLDINGS, Inc.		350		18,197
Nippon Paint Holdings Co. Ltd.		5,350		41,379
Nippon Prologis REIT, Inc. REIT		14		28,166
Nissin Foods Holdings Co. Ltd.		350		30,580
Nitori Holdings Co. Ltd.		442		50,459
Nitto Denko Corp.		750		51,254
Nomura Holdings, Inc.		16,600		64,332
Nomura Real Estate Holdings, Inc.		700		17,636
Nomura Research Institute Ltd.		2,200		63,241
NTT Data Group Corp.		3,400		45,797
Omron Corp.		913		44,137
Ono Pharmaceutical Co. Ltd.		2,200		41,730
Open House Group Co. Ltd.		400		13,534
Oriental Land Co. Ltd.		6,125		220,834
ORIX Corp.		6,600		123,309
Osaka Gas Co. Ltd.		2,200		35,210
Pan Pacific International Holdings Corp.		2,200		43,891
Panasonic Holdings Corp.		12,500		144,203
Rakuten Group, Inc.		8,500		33,180
Recruit Holdings Co. Ltd.		8,200		294,014
Renesas Electronics Corp.*		7,000		117,825
Ricoh Co. Ltd.		3,100		25,297
SCSK Corp.		800		13,881
Secom Co. Ltd.		1,200		84,033
Seiko Epson Corp.		1,700		26,653
Sekisui Chemical Co. Ltd.		2,100		32,253
Sekisui House Ltd.		3,500		71,414
Seven & i Holdings Co. Ltd.		4,200		172,547
SG Holdings Co. Ltd.		1,900		27,459
Sharp Corp.*		1,500		9,241
Shimadzu Corp.		1,340		39,449
Shimizu Corp.		3,000		20,188
Shin-Etsu Chemical Co. Ltd.		10,175		325,620
Shionogi & Co. Ltd.		1,400		61,708
SoftBank Corp.		16,100		184,682
Sompo Holdings, Inc.		1,640		71,498
Sony Group Corp.		7,083		590,878
Sumitomo Chemical Co. Ltd.		7,900		21,890
Sumitomo Electric Industries Ltd.		4,000		49,057
Sumitomo Metal Mining Co. Ltd.		1,453		45,112
Sumitomo Mitsui Financial Group, Inc.		7,153		328,256
Sumitomo Mitsui Trust Holdings, Inc.		1,900		71,140
Suntory Beverage & Food Ltd.		700		22,666
Sysmex Corp.		900		47,916
T&D Holdings, Inc.		2,800		44,495
TDK Corp.		2,225		81,215
Terumo Corp.		3,750		113,671
TIS, Inc.		1,400		33,051
Tobu Railway Co. Ltd.		1,000		27,427
Tokio Marine Holdings, Inc.		10,100		223,874
Tokyo Electron Ltd.		2,625		389,012
Tokyo Gas Co. Ltd.		2,300		53,351
Tokyu Corp.		3,100		39,191


	Number of Shares		Value
Japan (Continued)
Toray Industries, Inc.		8,000	$	43,197
TOTO Ltd.		700		19,209
Unicharm Corp.		2,300		91,820
USS Co. Ltd.		1,100		19,226
West Japan Railway Co.		1,150		49,796
Yamaha Corp.		719		22,219
Yamaha Motor Co. Ltd.		1,800		46,723
Yamato Holdings Co. Ltd.		1,700		31,954
Yaskawa Electric Corp.		1,372		53,915
Yokogawa Electric Corp.		1,279		25,376
Z Holdings Corp.		15,300		46,010
ZOZO, Inc.		900		17,986

(Cost $10,179,965)				10,631,050

Luxembourg — 0.1%
Tenaris SA (Cost $33,102)		2,647		42,404

Netherlands — 6.4%
Akzo Nobel NV		970		79,001
ASML Holding NV		2,275		1,501,010
ING Groep NV		20,175		286,850
JDE Peet’s NV		716		19,956
Koninklijke Ahold Delhaize NV		5,525		180,946
Koninklijke KPN NV		18,081		63,327
NN Group NV		1,423		54,921
Prosus NV*		3,966		274,541
Universal Music Group NV		4,622		114,828
Wolters Kluwer NV		1,453		175,364

(Cost $2,273,541)				2,750,744

New Zealand — 0.3%
Mercury NZ Ltd.		3,640		13,449
Meridian Energy Ltd.		6,932		22,145
Spark New Zealand Ltd.		10,388		31,391
Xero Ltd.*		798		64,655

(Cost $133,449)				131,640

Norway — 1.2%
Aker BP ASA		1,770		48,023
DNB Bank ASA		5,061		100,201
Equinor ASA		5,167		159,423
Gjensidige Forsikring ASA		1,105		17,192
Mowi ASA		2,535		45,995
Norsk Hydro ASA		7,610		42,281
Orkla ASA		4,149		31,703
Salmar ASA		416		20,336
Telenor ASA		3,972		42,531

(Cost $542,720)				507,685

Portugal — 0.2%
Galp Energia SGPS SA		2,777		38,293
Jeronimo Martins SGPS SA		1,638		41,779

(Cost $67,845)				80,072

Singapore — 0.7%
CapitaLand Integrated Commercial Trust REIT		28,565		40,399
CapitaLand Investment Ltd.		14,600		35,027


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Singapore (Continued)
City Developments Ltd.		2,800	$	13,850
Keppel Corp. Ltd.		8,400		43,166
Singapore Exchange Ltd.		4,900		34,941
United Overseas Bank Ltd.		7,100		149,518

(Cost $313,410)				316,901

Spain — 1.8%
ACS Actividades de Construccion y Servicios SA		1,245		43,767
Amadeus IT Group SA		2,543		174,711
Iberdrola SA		34,406		409,275
Naturgy Energy Group SA		678		19,677
Redeia Corp. SA		2,259		36,789
Repsol SA		7,098		109,548

(Cost $743,756)				793,767

Sweden — 2.9%
Alfa Laval AB		1,628		57,270
Assa Abloy AB, Class B		5,683		128,141
Atlas Copco AB, Class A		15,202		201,237
Atlas Copco AB, Class B		8,731		100,746
Beijer Ref AB		1,908		21,920
Boliden AB		1,537		40,924
Epiroc AB, Class A		3,712		71,393
Epiroc AB, Class B		2,195		36,002
EQT AB		2,004		40,410
Essity AB, Class B		3,455		80,681
H & M Hennes & Mauritz AB, Class B		3,724		56,959
Holmen AB, Class B		520		19,732
Husqvarna AB, Class B		2,294		19,798
Nibe Industrier AB, Class B		8,591		64,476
Sandvik AB		6,027		114,156
SKF AB, Class B		1,926		31,265
Svenska Cellulosa AB SCA, Class B		3,448		45,974
Svenska Handelsbanken AB, Class A		8,243		68,775
Tele2 AB, Class B		3,052		21,557
Telia Co. AB		13,937		28,142

(Cost $1,335,164)				1,249,558

Switzerland — 9.5%
ABB Ltd.		9,097		346,989
Baloise Holding AG		264		41,307
Banque Cantonale Vaudoise		168		18,222
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		11		131,639
Clariant AG*		1,187		19,809
Coca-Cola HBC AG*		1,263		36,457
DSM-Firmenich AG		1,072		99,072
Geberit AG		195		101,248
Givaudan SA		52		173,559
Julius Baer Group Ltd.		1,217		84,684
Kuehne + Nagel International AG		310		93,325
Logitech International SA		932		64,641
Lonza Group AG		415		229,712
Novartis AG		11,569		1,169,802
SGS SA		851		77,445
SIG Group AG*		1,737		45,782
Sika AG		837		237,288


	Number of Shares		Value
Switzerland (Continued)
Sonova Holding AG		296	$	78,319
STMicroelectronics NV		3,870		183,406
Swiss Life Holding AG		174		109,256
Swiss Re AG		1,710		166,305
Swisscom AG		146		88,931
Temenos AG		365		29,035
VAT Group AG, 144A		152		60,989
Zurich Insurance Group AG		852		400,317

(Cost $3,899,693)				4,087,539

United Kingdom — 13.6%
3i Group PLC		5,460		137,923
abrdn PLC		11,376		23,799
Admiral Group PLC		1,193		37,642
Anglo American PLC		7,159		190,548
Ashtead Group PLC		2,473		173,104
Associated British Foods PLC		2,010		50,748
AstraZeneca PLC		8,753		1,182,562
Auto Trader Group PLC, 144A		5,079		39,027
Barratt Developments PLC		5,506		31,626
Berkeley Group Holdings PLC		616		31,699
BT Group PLC		39,371		57,672
Burberry Group PLC		2,150		59,500
CNH Industrial NV		5,787		80,270
Coca-Cola Europacific Partners PLC		1,159		74,303
Croda International PLC		787		55,068
Endeavour Mining PLC		1,001		20,460
HSBC Holdings PLC		111,533		824,090
Informa PLC		7,797		72,203
Intertek Group PLC		908		47,634
J Sainsbury PLC		9,385		32,121
Johnson Matthey PLC		1,074		22,183
Kingfisher PLC		10,755		31,890
Legal & General Group PLC		33,916		93,990
Lloyds Banking Group PLC		363,686		195,191
Mondi PLC		2,746		45,722
National Grid PLC		20,808		261,085
Ocado Group PLC*		3,467		38,291
Phoenix Group Holdings PLC		4,249		28,051
Reckitt Benckiser Group PLC		4,000		289,012
RELX PLC		10,536		344,181
Sage Group PLC		5,826		71,683
Schroders PLC		3,961		20,669
Segro PLC REIT		6,648		62,119
Spirax-Sarco Engineering PLC		412		52,911
St James’s Place PLC		3,021		33,871
Taylor Wimpey PLC		20,407		29,557
Tesco PLC		40,372		135,925
Unilever PLC		14,208		727,709
Vodafone Group PLC		129,657		120,280
WPP PLC		6,080		58,999

(Cost $5,959,971)				5,885,318

TOTAL COMMON STOCKS (Cost $40,865,052)				42,828,509


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
PREFERRED STOCKS — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG		328	$	31,594
Henkel AG & Co. KGaA		956		73,379

(Cost $108,963)				104,973

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		1,880		1,799


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 0.1%
iShares ESG Aware MSCI EAFE ETF (Cost $42,061)		600	$	43,098

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $11,252)		11,252		11,252


TOTAL INVESTMENTS — 99.6% (Cost $41,027,328)			$	42,989,631
Other assets and liabilities, net — 0.4%				193,924

NET ASSETS — 100.0%			$	43,183,555

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
	112,126		—		(112,126	) (d)		—		—		5,064		—		—		—

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
	29,931		1,349,956		(1,368,635	)		—		—		1,183		—		11,252		11,252

	142,057		1,349,956		(1,480,761	)		—		—		6,247		—		11,252		11,252

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

CDI:

Chess Depositary Interests

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 August 31, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
EURO STOXX 50 Futures	EUR	3	$	141,506	$	140,433	9/15/2023	$	(1,073	)
MINI TOPIX Index Futures	JPY	4		61,303		64,031	9/07/2023		2,728

Total net unrealized appreciation								$	1,655

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

Currency Abbreviations

EUR

Euro

JPY

Japanese Yen


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2023

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	42,828,509		$	—	$	—	$	42,828,509
Preferred Stocks		104,973			—		—		104,973
Warrants		1,799			—		—		1,799
Exchange-Traded Funds		43,098			—		—		43,098
Short-Term Investments (a)		11,252			—		—		11,252
Derivatives (b)
Futures Contracts		2,728			—		—		2,728

TOTAL	$	42,992,359		$	—	$	—	$	42,992,359


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(1,073	)	$	—	$	—	$	(1,073	)

TOTAL	$	(1,073	)	$	—	$	—	$	(1,073	)

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

(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 98.0%
Brazil — 2.7%
Atacadao SA		4,126	$	8,550
Banco Santander Brasil SA		2,487		13,618
CCR SA		7,060		17,768
Cia de Saneamento Basico do Estado de Sao Paulo		2,443		28,580
Cia Siderurgica Nacional SA		4,500		11,007
Cosan SA		8,349		29,545
Energisa SA		1,404		13,073
Equatorial Energia SA		7,217		46,151
Hapvida Participacoes e Investimentos SA, 144A*		34,150		29,384
Klabin SA		5,472		25,155
Localiza Rent a Car SA		6,219		79,450
Lojas Renner SA		6,576		21,292
Natura & Co. Holding SA*		6,237		19,123
PRIO SA*		5,193		48,689
Raia Drogasil SA		9,006		49,987
Rede D’Or Sao Luiz SA, 144A		4,083		23,636
Rumo SA		9,072		40,954
Telefonica Brasil SA		2,834		23,669
TIM SA		5,043		14,678
TOTVS SA		3,923		21,980
Ultrapar Participacoes SA		4,964		18,208
WEG SA		11,735		85,045

(Cost $629,285)				669,542

Chile — 0.3%
Cencosud SA		8,783		18,711
Empresas CMPC SA		7,977		14,415
Empresas Copec SA		2,896		20,818
Enel Americas SA*		161,583		19,111
Falabella SA		5,724		14,033

(Cost $90,423)				87,088

China — 29.7%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,000		3,391
3SBio, Inc., 144A*		11,138		9,317
AAC Technologies Holdings, Inc.		4,879		9,457
Agricultural Bank of China Ltd., Class A		35,800		17,018
Agricultural Bank of China Ltd., Class H		202,144		69,343
Air China Ltd., Class A*		2,300		2,733
Air China Ltd., Class H*		13,956		10,340
Alibaba Group Holding Ltd.*		113,405		1,304,445
Angel Yeast Co. Ltd., Class A		200		911
Anhui Conch Cement Co. Ltd., Class A		1,700		5,998
Anhui Conch Cement Co. Ltd., Class H		7,471		20,769
Anjoy Foods Group Co. Ltd., Class A		100		1,793
Baidu, Inc., Class A*		15,534		276,142
Beijing Capital International Airport Co. Ltd., Class H*		12,614		6,611
Beijing Easpring Material Technology Co. Ltd., Class A		200		1,218
Beijing Tongrentang Co. Ltd., Class A		600		4,634
BYD Co. Ltd., Class A		777		26,624
BYD Co. Ltd., Class H		7,164		224,556


	Number of Shares		Value
China (Continued)
By-health Co. Ltd., Class A		300	$	797
CECEP Solar Energy Co. Ltd., Class A		1,600		1,326
China Baoan Group Co. Ltd., Class A		900		1,318
China Communications Services Corp. Ltd., Class H		16,044		7,222
China Conch Venture Holdings Ltd.		9,969		9,802
China Construction Bank Corp., Class H		665,772		356,584
China Eastern Airlines Corp. Ltd., Class A*		4,800		2,862
China Feihe Ltd., 144A		27,466		16,532
China Jushi Co. Ltd., Class A		1,828		3,506
China Literature Ltd., 144A*		2,801		11,252
China Mengniu Dairy Co. Ltd.*		22,102		74,409
China Merchants Bank Co. Ltd., Class A		8,134		35,258
China Merchants Bank Co. Ltd., Class H		27,268		107,796
China Resources Pharmaceutical Group Ltd., 144A		11,070		7,397
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		400		2,615
China Southern Airlines Co. Ltd., Class A*		3,674		3,190
China Southern Airlines Co. Ltd., Class H*		12,905		6,863
China Three Gorges Renewables Group Co. Ltd., Class A		12,810		8,659
China Tourism Group Duty Free Corp. Ltd., Class A		800		11,972
China Tourism Group Duty Free Corp. Ltd., Class H, 144A		569		7,641
China Vanke Co. Ltd., Class A		4,385		8,218
China Vanke Co. Ltd., Class H		15,367		17,931
CITIC Ltd.		40,649		40,381
CMOC Group Ltd., Class A		8,624		6,789
CMOC Group Ltd., Class H		25,630		15,329
Contemporary Amperex Technology Co. Ltd., Class A		1,895		61,587
COSCO SHIPPING Holdings Co. Ltd., Class A		5,600		7,540
COSCO SHIPPING Holdings Co. Ltd., Class H		23,486		24,110
Country Garden Services Holdings Co. Ltd.		15,205		17,490
CSPC Pharmaceutical Group Ltd.		62,144		46,756
Dali Foods Group Co. Ltd., 144A (a)		15,813		7,562
East Buy Holding Ltd., 144A*		2,796		14,173
Ecovacs Robotics Co. Ltd., Class A		200		1,457
ENN Energy Holdings Ltd.		5,489		43,048
ENN Natural Gas Co. Ltd., Class A		1,200		2,879
Fosun International Ltd.		19,653		12,305
Ganfeng Lithium Group Co. Ltd., Class A		664		4,325
Ganfeng Lithium Group Co. Ltd., Class H, 144A		2,798		13,380
GEM Co. Ltd., Class A		1,200		1,032
Genscript Biotech Corp.*		7,910		18,540
Ginlong Technologies Co. Ltd., Class A		200		2,062
Goldwind Science & Technology Co. Ltd., Class A		1,700		2,219
Greentown China Holdings Ltd.		6,985		8,302
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		300		1,274


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
China (Continued)
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		200	$	1,639
Haier Smart Home Co. Ltd., Class A		2,700		8,721
Haier Smart Home Co. Ltd., Class H		16,975		52,494
Haitian International Holdings Ltd.		3,835		8,236
Hangzhou Robam Appliances Co. Ltd., Class A		400		1,511
Hangzhou Tigermed Consulting Co. Ltd., Class A		200		1,830
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,839		10,196
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,642		6,060
Huadong Medicine Co. Ltd., Class A		600		3,132
Huatai Securities Co. Ltd., Class A		3,356		7,322
Huatai Securities Co. Ltd., Class H, 144A		9,778		12,868
Industrial & Commercial Bank of China Ltd., Class A		26,500		16,821
Industrial & Commercial Bank of China Ltd., Class H		443,104		203,421
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,650		9,466
JD Logistics, Inc., 144A*		13,209		17,619
JD.com, Inc., Class A		16,175		265,673
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,600		2,530
Jiangsu Expressway Co. Ltd., Class H		7,064		6,378
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		2,700		15,499
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,500		3,003
Jiumaojiu International Holdings Ltd., 144A		6,524		10,466
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		800		1,253
Jointown Pharmaceutical Group Co. Ltd., Class A		1,192		1,692
Kanzhun Ltd., ADR*		1,249		18,485
Kingdee International Software Group Co. Ltd.*		19,946		30,828
Kuaishou Technology, 144A*		16,208		132,694
Kuang-Chi Technologies Co. Ltd., Class A		1,100		2,252
Lenovo Group Ltd.		50,276		56,868
Li Auto, Inc., Class A*		7,854		161,852
Livzon Pharmaceutical Group, Inc., Class A		300		1,418
Longfor Group Holdings Ltd., 144A		13,294		28,006
Microport Scientific Corp.*		4,949		8,469
Ming Yang Smart Energy Group Ltd., Class A		900		1,846
MINISO Group Holding Ltd., ADR*		657		17,016
NetEase, Inc.		13,319		278,210
NIO, Inc., ADR*		9,477		97,329
Nongfu Spring Co. Ltd., Class H, 144A		12,158		68,296
Perfect World Co. Ltd., Class A		1,000		1,900
Pharmaron Beijing Co. Ltd., Class A		750		3,071
Ping An Healthcare and Technology Co. Ltd., 144A*		4,153		10,359


	Number of Shares		Value
China (Continued)
Pop Mart International Group Ltd., 144A		2,626	$	8,539
Postal Savings Bank of China Co. Ltd., Class A		12,284		8,202
Postal Savings Bank of China Co. Ltd., Class H, 144A		55,065		27,175
SF Holding Co. Ltd., Class A		2,188		13,071
Shandong Nanshan Aluminum Co. Ltd., Class A		4,300		1,843
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		17,011		16,920
Shanghai Electric Group Co. Ltd., Class A*		4,200		2,579
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		826		3,170
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,817		8,985
Shanghai M&G Stationery, Inc., Class A		400		2,072
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,278		3,139
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,091		8,375
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,052		4,729
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		1,600		1,618
Shenzhen Inovance Technology Co. Ltd., Class A		624		5,854
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		548		20,328
Sinopharm Group Co. Ltd., Class H		9,458		27,439
Sinotruk Hong Kong Ltd.		4,708		8,729
Skshu Paint Co. Ltd., Class A*		196		2,029
Sungrow Power Supply Co. Ltd., Class A		670		9,182
Sunwoda Electronic Co. Ltd., Class A		800		1,741
TCL Technology Group Corp., Class A*		7,900		4,450
Tencent Holdings Ltd.		46,258		1,917,155
Tianqi Lithium Corp., Class A		600		4,746
Titan Wind Energy Suzhou Co. Ltd., Class A*		700		1,251
Tongcheng Travel Holdings Ltd.*		8,927		20,013
Topchoice Medical Corp., Class A*		100		1,282
Uni-President China Holdings Ltd.		9,964		7,370
Vipshop Holdings Ltd., ADR*		2,456		38,780
Weichai Power Co. Ltd., Class A		2,700		4,377
Weichai Power Co. Ltd., Class H		13,000		16,876
WuXi AppTec Co. Ltd., Class A		1,088		12,183
WuXi AppTec Co. Ltd., Class H, 144A		2,489		27,265
Wuxi Biologics Cayman, Inc., 144A*		26,349		148,348
XPeng, Inc., Class A*		7,134		66,912
Yadea Group Holdings Ltd., 144A		8,450		16,250
Yihai International Holding Ltd.*		3,141		5,888
Yihai Kerry Arawana Holdings Co. Ltd., Class A		700		3,430
Yum China Holdings, Inc.		2,922		156,882
Yunnan Baiyao Group Co. Ltd., Class A		806		6,052
Yunnan Energy New Material Co. Ltd., Class A		358		3,265


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
China (Continued)
Zai Lab Ltd., ADR*		645	$	16,428
Zangge Mining Co. Ltd., Class A		800		2,470
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		300		11,390
Zhejiang Chint Electrics Co. Ltd., Class A		912		3,105
Zhejiang Expressway Co. Ltd., Class H		8,654		6,467
Zhejiang Huayou Cobalt Co. Ltd., Class A		699		3,832
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		300		1,120
Zhejiang Weixing New Building Materials Co. Ltd., Class A		800		2,221
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,800		3,373
ZTO Express Cayman, Inc., ADR		2,954		74,264

(Cost $9,010,646)				7,410,883

Colombia — 0.1%
Bancolombia SA		1,897		13,479
Interconexion Electrica SA ESP		2,679		9,799

(Cost $33,177)				23,278

Czech Republic — 0.1%
Komercni Banka AS		454		14,199
Moneta Money Bank AS, 144A		2,257		8,416

(Cost $22,282)				22,615

Egypt — 0.1%
Commercial International Bank Egypt SAE (Cost $26,611)		17,245		31,811

Greece — 0.5%
Alpha Services and Holdings SA*		14,485		24,470
Eurobank Ergasias Services and Holdings SA*		17,815		30,995
Hellenic Telecommunications Organization SA		1,363		20,415
Motor Oil Hellas Corinth Refineries SA		446		11,375
Mytilineos SA		739		30,030

(Cost $76,367)				117,285

Hong Kong — 1.6%
Alibaba Health Information Technology Ltd.*		34,090		20,128
Beijing Enterprises Water Group Ltd.		28,772		6,641
Bosideng International Holdings Ltd.		26,391		10,365
China Everbright Environment Group Ltd.		21,059		7,680
China Jinmao Holdings Group Ltd.		40,771		5,771
China Medical System Holdings Ltd.		9,958		14,375
China Overseas Land & Investment Ltd.		26,559		56,019
China Resources Cement Holdings Ltd.		17,635		5,847
China Resources Gas Group Ltd.		6,347		17,847
China Resources Land Ltd.		22,268		94,135
China Ruyi Holdings Ltd.*		41,857		11,102
Chow Tai Fook Jewellery Group Ltd.		13,756		20,875
Far East Horizon Ltd.		10,270		7,020
Geely Automobile Holdings Ltd.		41,613		51,686
Kunlun Energy Co. Ltd.		26,615		19,482
Shenzhen International Holdings Ltd.		8,929		6,354
Sino Biopharmaceutical Ltd.		71,983		27,355


	Number of Shares		Value
Hong Kong (Continued)
Vinda International Holdings Ltd.		2,496	$	5,780
Want Want China Holdings Ltd.		32,681		21,630

(Cost $538,743)				410,092

Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		2,959		22,396
OTP Bank Nyrt		1,674		68,372
Richter Gedeon Nyrt		973		24,415

(Cost $115,993)				115,183

India — 13.4%
ABB India Ltd.		366		19,371
Adani Green Energy Ltd.*		2,144		24,050
Ashok Leyland Ltd.		9,600		21,320
Asian Paints Ltd.		2,680		105,408
Astral Ltd.		795		18,765
AU Small Finance Bank Ltd., 144A		1,191		10,409
Axis Bank Ltd.		15,872		186,642
Bajaj Finance Ltd.		1,867		161,540
Berger Paints India Ltd.		1,796		15,590
Bharti Airtel Ltd.		15,526		160,612
Britannia Industries Ltd.		747		40,314
Colgate-Palmolive India Ltd.		919		21,558
Cummins India Ltd.		884		18,236
Dabur India Ltd.		4,232		28,274
DLF Ltd.		4,313		26,263
Eicher Motors Ltd.		942		37,966
GAIL India Ltd.		14,638		20,334
Grasim Industries Ltd.		1,865		40,346
Havells India Ltd.		1,700		28,432
HCL Technologies Ltd.		6,623		93,773
Hero MotoCorp Ltd.		824		29,023
Hindalco Industries Ltd.		8,530		47,381
Hindustan Unilever Ltd.		5,624		170,178
ICICI Prudential Life Insurance Co. Ltd., 144A		2,296		15,639
Indian Hotels Co. Ltd.		5,952		30,261
Indraprastha Gas Ltd.		2,296		12,971
Info Edge India Ltd.		483		25,271
Infosys Ltd., ADR		7,818		135,799
Infosys Ltd.		15,255		264,510
Kotak Mahindra Bank Ltd.		7,627		162,032
Lupin Ltd.		1,463		19,401
Mahindra & Mahindra Ltd.		6,405		121,885
Marico Ltd.		3,537		24,355
Nestle India Ltd.		238		63,208
PI Industries Ltd.		528		23,141
Pidilite Industries Ltd.		1,000		30,379
Reliance Industries Ltd.		21,133		614,439
Shree Cement Ltd.		63		18,113
Shriram Finance Ltd.		1,899		44,233
Siemens Ltd.		617		29,231
Supreme Industries Ltd.		429		23,100
Tata Consultancy Services Ltd.		6,303		255,573
Torrent Pharmaceuticals Ltd.		733		16,314
TVS Motor Co. Ltd.		1,672		28,677
UPL Ltd.		3,228		23,050
Vedanta Ltd.		5,089		14,280


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
India (Continued)
Zomato Ltd.*		29,494	$	34,772

(Cost $2,997,028)				3,356,419

Indonesia — 2.3%
Aneka Tambang Tbk		64,114		8,377
PT Bank Central Asia Tbk		381,796		230,005
PT Bank Rakyat Indonesia Persero Tbk		476,719		173,722
PT Barito Pacific Tbk		202,106		14,199
PT Kalbe Farma Tbk		142,363		16,966
PT Merdeka Copper Gold Tbk*		73,258		16,258
PT Sarana Menara Nusantara Tbk		140,658		9,513
PT Telkom Indonesia Persero Tbk		343,306		84,080
PT Unilever Indonesia Tbk		51,759		12,473

(Cost $544,953)				565,593

Kazakhstan — 0.0%
Polymetal International PLC* (a) (Cost $40,174)		2,070		0

Kuwait — 0.5%
Kuwait Finance House KSCP (Cost $129,338)		56,735		137,121

Malaysia — 2.1%
AMMB Holdings Bhd		11,100		8,923
Axiata Group Bhd		20,983		10,672
Celcomdigi Bhd		24,900		23,505
CIMB Group Holdings Bhd		44,273		53,719
Dialog Group Bhd		22,400		9,897
Gamuda Bhd		12,688		12,305
Hong Leong Financial Group Bhd		1,600		6,283
IHH Healthcare Bhd		15,200		19,491
Kuala Lumpur Kepong Bhd		3,500		16,248
Malayan Banking Bhd		37,653		73,926
Malaysia Airports Holdings Bhd		4,428		7,033
Maxis Bhd		17,000		14,692
MISC Bhd		7,600		11,793
MR DIY Group M Bhd, 144A		23,100		7,717
Nestle Malaysia Bhd		500		14,062
Petronas Chemicals Group Bhd		18,300		28,081
Petronas Dagangan Bhd		1,900		9,091
Petronas Gas Bhd		5,300		19,555
PPB Group Bhd		4,700		15,923
Press Metal Aluminium Holdings Bhd		25,400		26,550
Public Bank Bhd		101,775		92,782
QL Resources Bhd		7,400		8,612
RHB Bank Bhd		11,057		13,368
Sime Darby Bhd		20,200		10,013
Telekom Malaysia Bhd		8,500		9,343

(Cost $535,449)				523,584

Mexico — 2.8%
America Movil SAB de CV, Series B		130,929		124,848
Arca Continental SAB de CV		3,394		33,473
Cemex SAB de CV, Series CPO*		105,016		83,917
Fomento Economico Mexicano SAB de CV		13,587		154,035
Gruma SAB de CV, Class B		1,247		21,087


	Number of Shares		Value
Mexico (Continued)
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,277	$	35,247
Grupo Bimbo SAB de CV, Series A		8,796		43,834
Grupo Financiero Banorte SAB de CV, Class O		18,139		155,636
Grupo Televisa SAB, Series CPO		17,939		16,125
Industrias Penoles SAB de CV*		1,366		19,572
Orbia Advance Corp. SAB de CV		7,389		16,660

(Cost $580,469)				704,434

Netherlands — 0.1%
NEPI Rockcastle NV (Cost $22,962)		3,448		20,639

Peru — 0.3%
Credicorp Ltd. (Cost $64,240)		466		65,906

Philippines — 0.5%
Ayala Corp.		1,710		18,604
JG Summit Holdings, Inc.		17,770		11,471
PLDT, Inc.		515		10,460
SM Investments Corp.		1,632		24,010
SM Prime Holdings, Inc.		69,500		35,843
Universal Robina Corp.		6,530		12,882

(Cost $141,829)				113,270

Poland — 1.1%
Allegro.eu SA, 144A*		3,390		27,161
CD Projekt SA		496		17,758
KGHM Polska Miedz SA		926		25,637
mBank SA*		103		10,722
ORLEN SA		4,057		62,067
Powszechna Kasa Oszczednosci Bank Polski SA*		6,004		54,413
Powszechny Zaklad Ubezpieczen SA		4,227		42,390
Santander Bank Polska SA*		250		22,542

(Cost $253,049)				262,690

Qatar — 0.7%
Qatar Fuel QSC		4,285		18,835
Qatar Gas Transport Co. Ltd.		17,822		18,150
Qatar National Bank QPSC		32,169		137,867

(Cost $204,119)				174,852

Russia — 0.0%
Gazprom PJSC* (a)		68,905		0
LUKOIL PJSC* (a)		2,408		0
Mobile TeleSystems PJSC, ADR* (a)		2,662		0
Moscow Exchange MICEX-RTS PJSC* (a)		8,602		0
Novatek PJSC* (a)		5,300		0
Novolipetsk Steel PJSC* (a)		8,462		0
PhosAgro PJSC* (a)		267		0
PhosAgro PJSC, GDR* (a)		300		0
PhosAgro PJSC, GDR* (a)		4		0
Polyus PJSC* (a)		193		0

(Cost $634,818)				0


See Notes to Financial Statements.		46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Saudi Arabia — 2.3%
ACWA Power Co.		590	$	30,360
Alinma Bank		6,806		66,959
Bank AlBilad		3,183		36,407
Dr Sulaiman Al Habib Medical Services Group Co.		611		39,586
National Industrialization Co.*		2,220		7,541
Sahara International Petrochemical Co.		2,442		23,732
Saudi Arabian Oil Co., 144A		18,543		172,544
Saudi Basic Industries Corp.		6,269		147,756
Saudi Electricity Co.		5,739		31,674
Savola Group		1,773		17,916

(Cost $569,654)				574,475

Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $11,623)		1,457		10,934

South Africa — 5.0%
Absa Group Ltd.		5,881		56,617
Anglo American Platinum Ltd.		454		15,851
Aspen Pharmacare Holdings Ltd.		2,580		23,463
Bid Corp. Ltd.		2,334		52,366
Bidvest Group Ltd.		2,117		31,858
Capitec Bank Holdings Ltd.		600		50,215
Clicks Group Ltd.		1,683		24,309
Discovery Ltd.*		3,532		27,370
FirstRand Ltd.		35,031		135,795
Gold Fields Ltd.		6,199		79,512
Growthpoint Properties Ltd. REIT		21,296		13,283
Impala Platinum Holdings Ltd.		5,889		30,311
Kumba Iron Ore Ltd.		500		10,969
MTN Group Ltd.		11,771		74,797
Naspers Ltd., Class N		1,346		228,681
Nedbank Group Ltd.		3,039		34,637
Northam Platinum Holdings Ltd.*		2,561		16,839
Old Mutual Ltd.		35,509		23,798
Sanlam Ltd.		12,433		44,748
Sasol Ltd.		3,929		50,684
Shoprite Holdings Ltd.		3,426		47,736
Sibanye Stillwater Ltd.		19,424		29,482
Standard Bank Group Ltd.		9,400		95,916
Vodacom Group Ltd.		4,310		24,551
Woolworths Holdings Ltd.		6,649		26,048

(Cost $1,428,243)				1,249,836

South Korea — 6.6%
Amorepacific Corp.		202		20,464
BGF retail Co. Ltd.		55		6,508
Celltrion Healthcare Co. Ltd.		744		36,419
CJ CheilJedang Corp.		47		10,632
Coway Co. Ltd.		411		13,433
Doosan Bobcat, Inc.		313		12,740
Doosan Enerbility Co. Ltd.*		3,022		41,658
Hana Financial Group, Inc.		2,109		63,106
Hanon Systems		1,245		8,581
Hanwha Solutions Corp.*		701		19,332
HD Hyundai Co. Ltd.		305		13,638
HMM Co. Ltd.		1,658		20,898


	Number of Shares		Value
South Korea (Continued)
Hyundai Engineering & Construction Co. Ltd.		524	$	14,074
Hyundai Glovis Co. Ltd.		144		18,793
Hyundai Mipo Dockyard Co. Ltd.*		143		9,845
Kakao Corp.		2,209		80,388
KB Financial Group, Inc.		2,695		110,308
Korea Zinc Co. Ltd.		55		21,929
Korean Air Lines Co. Ltd.		1,331		22,960
Kumho Petrochemical Co. Ltd.		119		11,236
LG Chem Ltd.		345		152,173
LG Corp.		651		40,437
LG Display Co. Ltd.*		1,750		17,742
LG Electronics, Inc.		736		54,848
LG H&H Co. Ltd.		67		23,546
LG Uplus Corp.		1,461		11,551
Lotte Chemical Corp.		154		15,916
Mirae Asset Securities Co. Ltd.		1,883		9,488
NAVER Corp.		917		148,815
NCSoft Corp.		98		18,647
Netmarble Corp., 144A*		150		4,863
POSCO Future M Co. Ltd.		215		73,117
Samsung Engineering Co. Ltd.*		992		25,518
Samsung SDI Co. Ltd.		384		178,382
Samsung SDS Co. Ltd.		270		29,007
Samsung Securities Co. Ltd.		477		13,479
Shinhan Financial Group Co. Ltd.		2,981		80,177
SK Biopharmaceuticals Co. Ltd.*		211		13,681
SK Bioscience Co. Ltd.*		184		10,218
SK IE Technology Co. Ltd., 144A*		164		11,204
SK Innovation Co. Ltd.*		385		51,702
SK Square Co. Ltd.*		688		23,476
SK, Inc.		243		26,566
SKC Co. Ltd.		130		8,999
Woori Financial Group, Inc.		4,215		37,980
Yuhan Corp.		359		19,773

(Cost $1,913,872)				1,658,247

Taiwan — 19.6%
Acer, Inc.		21,941		25,216
Airtac International Group		1,106		31,951
AUO Corp.*		43,513		24,321
Cathay Financial Holding Co. Ltd.*		66,095		94,639
China Airlines Ltd.		21,022		14,918
China Steel Corp.		81,930		68,175
Chunghwa Telecom Co. Ltd.		26,058		94,915
CTBC Financial Holding Co. Ltd.		123,403		92,417
Delta Electronics, Inc.		13,377		145,336
E.Sun Financial Holding Co. Ltd.		95,725		73,492
Eva Airways Corp.		19,784		19,569
Evergreen Marine Corp. Taiwan Ltd.		6,987		23,366
Far Eastern New Century Corp.		20,050		17,723
Far EasTone Telecommunications Co. Ltd.		11,313		25,080
First Financial Holding Co. Ltd.		72,930		60,228
Fubon Financial Holding Co. Ltd.		51,846		103,541
Hotai Motor Co. Ltd.		2,140		45,627
Hua Nan Financial Holdings Co. Ltd.		62,065		39,952
Lite-On Technology Corp.		14,000		60,226


See Notes to Financial Statements.		47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Taiwan (Continued)
MediaTek, Inc.		10,034	$	222,127
Mega Financial Holding Co. Ltd.		77,897		87,812
momo.com, Inc.		465		7,593
Nan Ya Plastics Corp.		33,034		68,565
President Chain Store Corp.		4,406		37,009
SinoPac Financial Holdings Co. Ltd.		73,005		39,200
Taishin Financial Holding Co. Ltd.		77,541		43,340
Taiwan Cement Corp.		40,314		44,243
Taiwan Cooperative Financial Holding Co. Ltd.		71,274		58,749
Taiwan High Speed Rail Corp.		13,623		12,726
Taiwan Mobile Co. Ltd.		12,023		35,186
Taiwan Semiconductor Manufacturing Co. Ltd.		170,722		2,943,067
Uni-President Enterprises Corp.		33,748		74,921
United Microelectronics Corp.		78,869		112,682
Voltronic Power Technology Corp.		425		19,351
Wan Hai Lines Ltd.		5,523		7,856
Yang Ming Marine Transport Corp.		13,041		17,301

(Cost $4,197,495)				4,892,420

Thailand — 2.6%
Advanced Info Service PCL, NVDR		8,200		50,580
Airports of Thailand PCL, NVDR*		28,400		58,799
Asset World Corp. PCL, NVDR		57,700		7,184
B Grimm Power PCL, NVDR		6,200		6,020
Bangkok Dusit Medical Services PCL, NVDR		78,000		62,369
Bangkok Expressway & Metro PCL		51,100		12,623
Berli Jucker PCL, NVDR		8,000		7,710
BTS Group Holdings PCL, NVDR		46,900		9,844
Bumrungrad Hospital PCL, NVDR		4,100		30,325
Central Retail Corp. PCL, NVDR		12,600		14,843
Charoen Pokphand Foods PCL, NVDR		21,200		12,532
CP ALL PCL, NVDR		40,900		76,211
Delta Electronics Thailand PCL, NVDR		21,700		67,236
Energy Absolute PCL, NVDR		12,200		22,036
Home Product Center PCL, NVDR		44,000		17,214
Indorama Ventures PCL, NVDR		12,500		10,352
Intouch Holdings PCL, NVDR		7,300		15,166
Kasikornbank PCL, NVDR		4,200		15,652
Minor International PCL, NVDR		21,054		19,991
Muangthai Capital PCL, NVDR		5,200		6,051
Osotspa PCL		2,600		2,228
Osotspa PCL, NVDR		6,200		5,312
PTT Exploration & Production PCL, NVDR		9,200		41,642
PTT Global Chemical PCL, NVDR		17,000		18,084
PTT Oil & Retail Business PCL, NVDR		20,200		11,768
SCG Packaging PCL, NVDR		8,900		10,421
Siam Cement PCL, NVDR		5,500		49,161

(Cost $688,130)				661,354

Turkey — 0.5%
Haci Omer Sabanci Holding AS		7,273		16,315
KOC Holding AS		5,324		28,320
Turk Hava Yollari AO*		3,870		35,568
Turkiye Is Bankasi AS, Class C		23,133		18,275


	Number of Shares		Value
Turkey (Continued)
Turkiye Sise ve Cam Fabrikalari AS		8,198	$	15,761
Yapi ve Kredi Bankasi AS		20,980		12,514

(Cost $71,997)				126,753

United Arab Emirates — 2.0%
Abu Dhabi Commercial Bank PJSC		20,564		48,316
Abu Dhabi Islamic Bank PJSC		9,395		26,652
Aldar Properties PJSC		26,719		38,263
Emaar Properties PJSC		46,322		89,036
Emirates NBD Bank PJSC		13,300		59,203
Emirates Telecommunications Group Co. PJSC		24,295		131,230
First Abu Dhabi Bank PJSC		30,997		115,446

(Cost $491,081)				508,146

TOTAL COMMON STOCKS (Cost $26,064,050)				24,494,450

PREFERRED STOCKS — 1.9%
Brazil — 1.5%
Banco Bradesco SA		37,129		112,116
Cia Energetica de Minas Gerais		9,478		23,604
Gerdau SA		8,124		42,417
Itau Unibanco Holding SA		33,227		184,089

(Cost $357,097)				362,226

Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $63,251)		998		61,512

Colombia — 0.1%
Bancolombia SA (Cost $23,135)		3,336		22,156

South Korea — 0.1%
LG Chem Ltd. (Cost $11,393)		53		13,694

TOTAL PREFERRED STOCKS (Cost $454,876)				459,588


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $0)		INR 12,383		147


	Number of Shares
RIGHTS — 0.0%
South Korea — 0.0%
SK Innovation Co. Ltd.*, expires 9/26/23 (Cost $0)		28		802


See Notes to Financial Statements.		48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		3,050	$	13
BTS Group Holdings PCL*, expires 11/20/26		6,100		30

TOTAL WARRANTS (Cost $0)				43

EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (b) (Cost $2,658)		100		2,689


	Number of Shares		Value
CASH EQUIVALENTS — 0.8%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $191,969)		191,969	$	191,969


TOTAL INVESTMENTS — 100.7% (Cost $26,713,553)			$	25,149,688
Other assets and liabilities, net — (0.7%)				(162,684	)

NET ASSETS — 100.0%			$	24,987,004

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (b)
	—		157,419		(151,810	)		(2,951	)		31		665		—		100		2,689
Xtrackers MSCI China A Inclusion Equity ETF (b)
	—		20,190		(20,364	)		174			—		346		—		—		—
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
	43,257		—		(43,257	) (e)		—			—		1,748		—		—		—
CASH EQUIVALENTS — 0.8%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
	—		5,614,648		(5,422,679	)		—			—		1,946		—		191,969		191,969

	43,257		5,792,257		(5,638,110	)		(2,777	)		31		4,705		—		192,069		194,658

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

(b)	Affiliated fund advised by DBX Advisors LLC.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

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.		49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023

At August 31, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MSCI Emerging Markets Index Future	USD	1	$	48,430	$	48,965	9/15/2023	$	535

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

Currency Abbreviations

INR

Indian Rupee

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	24,486,888	$	—	$	7,562	$	24,494,450
Preferred Stocks (a)		459,588		—		—		459,588
Corporate Bonds		—		147		—		147
Rights		802		—		—		802
Warrants		43		—		—		43
Exchange-Traded Funds		2,689		—		—		2,689
Short-Term Investments (a)		191,969		—		—		191,969
Derivatives (b)
Futures Contracts		535		—		—		535

TOTAL	$	25,142,514	$	147	$	7,562	$	25,150,223

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

(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.

During the year ended August 31, 2023, the amount of transfers from Level 1 to Level 3 was $6,542. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.


See Notes to Financial Statements.		50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 11.9%
Activision Blizzard, Inc.		72,668	$	6,684,729
Alphabet, Inc., Class A*		444,281		60,497,744
Alphabet, Inc., Class C*		396,472		54,455,429
AT&T, Inc.		646,180		9,557,002
Charter Communications, Inc., Class A*		8,906		3,901,897
Comcast Corp., Class A		378,810		17,713,156
Electronic Arts, Inc.		23,928		2,870,881
Liberty Global PLC, Class C*		20,638		409,458
Liberty Media Corp.-Liberty Formula One, Class C*		17,445		1,200,042
Match Group, Inc.*		26,165		1,226,354
Meta Platforms, Inc., Class A*		201,355		59,578,931
Netflix, Inc.*		40,362		17,504,192
Snap, Inc., Class A*		90,214		933,715
T-Mobile US, Inc.*		49,911		6,800,374
Verizon Communications, Inc.		380,635		13,314,612
Walt Disney Co.*		165,562		13,854,228

(Cost $228,813,888)				270,502,744

Consumer Discretionary — 9.1%
Airbnb, Inc., Class A*		37,466		4,928,652
Aramark		21,248		790,001
Best Buy Co., Inc.		17,785		1,359,663
Booking Holdings, Inc.*		3,376		10,482,581
Caesars Entertainment, Inc.*		19,189		1,060,384
Carnival Corp.*		92,452		1,462,591
Chipotle Mexican Grill, Inc.*		2,506		4,828,160
Darden Restaurants, Inc.		10,957		1,703,923
Deckers Outdoor Corp.*		2,387		1,262,938
Domino’s Pizza, Inc.		3,210		1,243,554
eBay, Inc.		48,657		2,178,860
Etsy, Inc.*		11,297		831,120
Ford Motor Co.		356,096		4,319,445
Garmin Ltd.		13,957		1,479,721
General Motors Co.		126,396		4,235,530
Hilton Worldwide Holdings, Inc.		24,090		3,580,979
Home Depot, Inc.		91,437		30,201,641
Hyatt Hotels Corp., Class A		4,304		483,813
Las Vegas Sands Corp.		31,397		1,722,439
Lucid Group, Inc.* (a)		81,760		513,453
Lululemon Athletica, Inc.*		10,464		3,989,505
Marriott International, Inc., Class A		23,797		4,842,928
McDonald’s Corp.		66,164		18,602,009
MercadoLibre, Inc.*		4,122		5,656,868
MGM Resorts International		27,038		1,189,131
NIKE, Inc., Class B		111,665		11,357,447
Starbucks Corp.		104,159		10,149,253
Tesla, Inc.*		259,616		67,001,697
Vail Resorts, Inc.		3,654		826,973
VF Corp.		31,397		620,405
Wynn Resorts Ltd.		9,274		940,198
Yum! Brands, Inc.		25,388		3,284,699

(Cost $185,864,479)				207,130,561

Consumer Staples — 3.0%
Bunge Ltd.		13,587		1,553,266


	Number of Shares		Value
Consumer Staples (Continued)
Campbell Soup Co.		17,642	$	735,671
Church & Dwight Co., Inc.		22,120		2,140,552
Clorox Co.		11,196		1,751,614
Conagra Brands, Inc.		43,610		1,303,067
Constellation Brands, Inc., Class A		15,048		3,920,907
Estee Lauder Cos., Inc., Class A		20,933		3,360,375
General Mills, Inc.		53,233		3,601,745
Hershey Co.		13,339		2,866,018
J M Smucker Co.		9,664		1,400,797
Kellogg Co.		24,421		1,490,169
Keurig Dr Pepper, Inc.		82,852		2,787,970
Kimberly-Clark Corp.		30,584		3,940,137
McCormick & Co., Inc.		22,677		1,861,328
Molson Coors Beverage Co., Class B		17,445		1,107,583
Sysco Corp.		46,002		3,204,039
Target Corp.		41,866		5,298,142
Tyson Foods, Inc., Class A		25,885		1,378,894
Walgreens Boots Alliance, Inc.		66,466		1,682,254
Walmart, Inc.		134,369		21,849,743

(Cost $70,340,576)				67,234,271

Energy — 3.8%
Baker Hughes Co.		92,452		3,345,838
Chevron Corp.		165,614		26,680,415
ConocoPhillips		109,834		13,073,541
Devon Energy Corp.		59,274		3,028,309
Diamondback Energy, Inc.		15,701		2,383,098
EOG Resources, Inc.		53,271		6,851,716
Halliburton Co.		81,830		3,160,275
Hess Corp.		25,043		3,869,143
Kinder Morgan, Inc.		183,315		3,156,684
Marathon Oil Corp.		56,450		1,487,457
ONEOK, Inc.		40,551		2,643,925
Pioneer Natural Resources Co.		21,183		5,040,071
Schlumberger NV		128,709		7,588,683
Williams Cos., Inc.		110,435		3,813,321

(Cost $81,104,132)				86,122,476

Financials — 13.1%
American Express Co.		57,318		9,055,671
American International Group, Inc.		66,492		3,891,112
Ameriprise Financial, Inc.		9,530		3,217,137
Annaly Capital Management, Inc. REIT		43,610		883,975
Aon PLC, Class A		18,590		6,197,720
Arch Capital Group Ltd.*		33,762		2,594,947
Ares Management Corp., Class A		14,358		1,485,191
Bank of America Corp.		652,478		18,706,544
Bank of New York Mellon Corp.		72,884		3,270,305
BlackRock, Inc.		13,583		9,515,435
Blackstone, Inc.		64,021		6,809,914
Block, Inc.*		48,842		2,815,741
Capital One Financial Corp.		34,130		3,494,571
Cboe Global Markets, Inc.		9,584		1,434,821
Charles Schwab Corp.		136,184		8,055,284
Chubb Ltd.		37,533		7,539,254
CME Group, Inc.		32,602		6,607,773
Discover Financial Services		23,508		2,117,366
FactSet Research Systems, Inc.		3,488		1,522,198


See Notes to Financial Statements.		51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Financials (Continued)
Fidelity National Information Services, Inc.		54,074	$	3,020,574
Fiserv, Inc.*		56,477		6,855,743
Global Payments, Inc.		23,908		3,028,904
Goldman Sachs Group, Inc.		30,253		9,914,211
Intercontinental Exchange, Inc.		50,725		5,985,043
Invesco Ltd.		31,397		499,840
Jack Henry & Associates, Inc.		6,615		1,037,100
JPMorgan Chase & Co.		265,181		38,803,936
KeyCorp		85,476		968,443
Mastercard, Inc., Class A		77,142		31,831,875
Moody’s Corp.		14,948		5,034,486
Morgan Stanley		113,674		9,679,341
Nasdaq, Inc.		31,397		1,647,715
Northern Trust Corp.		18,870		1,435,441
PayPal Holdings, Inc.*		96,673		6,043,029
PNC Financial Services Group, Inc.		36,160		4,365,597
Progressive Corp.		53,056		7,081,384
S&P Global, Inc.		29,720		11,616,359
SEI Investments Co.		10,464		649,396
State Street Corp.		30,494		2,096,158
T. Rowe Price Group, Inc.		20,350		2,283,880
Tradeweb Markets, Inc., Class A		10,464		904,403
US Bancorp		138,827		5,071,350
Visa, Inc., Class A		147,270		36,181,294
W.R. Berkley Corp.		19,189		1,187,031
Willis Towers Watson PLC		9,649		1,995,027

(Cost $279,560,255)				298,432,519

Health Care — 16.4%
Abbott Laboratories		157,509		16,207,676
AbbVie, Inc.		159,886		23,496,846
Agilent Technologies, Inc.		26,802		3,244,918
Alnylam Pharmaceuticals, Inc.*		11,223		2,220,134
Amgen, Inc.		48,416		12,410,957
Biogen, Inc.*		13,094		3,500,812
Boston Scientific Corp.*		130,261		7,026,278
Bristol-Myers Squibb Co.		190,624		11,751,970
Catalent, Inc.*		15,701		784,579
Charles River Laboratories International, Inc.*		4,510		932,758
Cigna Group		26,922		7,437,472
CVS Health Corp.		115,993		7,559,264
Danaher Corp.		64,154		17,000,810
DaVita, Inc.*		5,232		535,861
Edwards Lifesciences Corp.*		54,931		4,200,573
Elevance Health, Inc.		21,502		9,504,099
Eli Lilly & Co.		73,545		40,758,639
Gilead Sciences, Inc.		113,181		8,656,083
Humana, Inc.		11,335		5,232,576
Illumina, Inc.*		14,403		2,379,664
Incyte Corp.*		17,445		1,125,726
IQVIA Holdings, Inc.*		16,868		3,755,323
Johnson & Johnson		219,530		35,493,610
McKesson Corp.		12,412		5,117,716
Merck & Co., Inc.		231,654		25,245,653
Mettler-Toledo International, Inc.*		2,018		2,448,803


	Number of Shares		Value
Health Care (Continued)
Pfizer, Inc.		511,553	$	18,098,745
Regeneron Pharmaceuticals, Inc.*		9,743		8,052,492
Repligen Corp.*		4,791		833,203
Revvity, Inc.		11,456		1,340,696
Seagen, Inc.*		12,719		2,621,004
STERIS PLC		9,000		2,066,310
Thermo Fisher Scientific, Inc.		34,958		19,475,102
UnitedHealth Group, Inc.		84,543		40,291,503
Vertex Pharmaceuticals, Inc.*		23,343		8,131,301
Waters Corp.*		5,232		1,469,146
West Pharmaceutical Services, Inc.		6,730		2,738,437
Zimmer Biomet Holdings, Inc.		18,761		2,234,810
Zoetis, Inc.		41,922		7,986,560

(Cost $366,025,279)				373,368,109

Industrials — 7.6%
3M Co.		49,980		5,331,367
A O Smith Corp.		11,329		821,353
AECOM		11,961		1,049,578
Allegion PLC		7,964		906,383
AMETEK, Inc.		20,933		3,339,023
Automatic Data Processing, Inc.		37,552		9,561,115
Booz Allen Hamilton Holding Corp.		12,213		1,383,855
Broadridge Financial Solutions, Inc.		10,464		1,948,501
Ceridian HCM Holding, Inc.*		13,267		962,123
Cintas Corp.		8,295		4,182,090
Clarivate PLC*		33,678		250,228
Copart, Inc.*		77,748		3,485,443
CSX Corp.		185,651		5,606,660
Cummins, Inc.		12,828		2,950,953
Deere & Co.		25,514		10,484,723
Dover Corp.		12,668		1,878,664
Eaton Corp. PLC		36,069		8,309,216
Emerson Electric Co.		51,786		5,087,974
Equifax, Inc.		11,115		2,297,470
Expeditors International of Washington, Inc.		13,957		1,628,921
FedEx Corp.		21,639		5,648,212
Fortive Corp.		32,011		2,524,067
Graco, Inc.		15,223		1,201,704
Hubbell, Inc.		4,866		1,586,559
IDEX Corp.		6,847		1,550,161
Ingersoll Rand, Inc.		36,634		2,550,093
JB Hunt Transport Services, Inc.		7,584		1,424,882
Johnson Controls International PLC		62,280		3,678,257
Norfolk Southern Corp.		20,631		4,229,561
Old Dominion Freight Line, Inc.		8,971		3,833,936
Owens Corning		8,232		1,184,667
PACCAR, Inc.		47,358		3,897,090
Paychex, Inc.		29,734		3,634,387
Quanta Services, Inc.		13,155		2,760,840
Republic Services, Inc.		20,061		2,891,392
Robert Half, Inc.		9,773		722,811
Rockwell Automation, Inc.		10,464		3,265,605
Stanley Black & Decker, Inc.		13,873		1,309,334
Trane Technologies PLC		20,933		4,296,708
TransUnion		17,445		1,416,883


See Notes to Financial Statements.		52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Industrials (Continued)
Uber Technologies, Inc.*		165,763	$	7,828,986
Union Pacific Corp.		55,306		12,198,844
United Parcel Service, Inc., Class B		65,955		11,172,777
Verisk Analytics, Inc.		13,092		3,171,144
Waste Connections, Inc.		23,339		3,197,210
Waste Management, Inc.		36,867		5,780,008
Westinghouse Air Brake Technologies Corp.		16,312		1,835,426
Xylem, Inc.		21,690		2,245,783

(Cost $153,434,793)				172,502,967

Information Technology — 27.3%
Accenture PLC, Class A		57,234		18,530,652
Adobe, Inc.*		41,574		23,254,001
Advanced Micro Devices, Inc.*		145,947		15,429,517
Akamai Technologies, Inc.*		13,957		1,466,741
Amphenol Corp., Class A		53,946		4,767,748
Analog Devices, Inc.		45,844		8,333,522
ANSYS, Inc.*		7,868		2,508,869
Apple, Inc.		592,326		111,280,286
Aspen Technology, Inc.*		2,673		518,562
Autodesk, Inc.*		19,466		4,320,284
BILL Holdings, Inc.*		8,720		1,005,416
Broadcom, Inc.		37,596		34,696,972
Cadence Design Systems, Inc.*		24,759		5,953,054
Cisco Systems, Inc.		371,203		21,288,492
Cloudflare, Inc., Class A*		24,421		1,588,098
Cognizant Technology Solutions Corp., Class A		46,160		3,305,518
Datadog, Inc., Class A*		22,677		2,187,877
Dell Technologies, Inc., Class C		23,445		1,318,547
Dropbox, Inc., Class A*		23,755		660,151
Enphase Energy, Inc.*		12,414		1,570,743
EPAM Systems, Inc.*		5,232		1,355,036
Fortinet, Inc.*		60,400		3,636,684
Gartner, Inc.*		7,163		2,504,758
Gen Digital, Inc.		52,131		1,055,653
Hewlett Packard Enterprise Co.		118,739		2,017,376
HubSpot, Inc.*		4,254		2,324,896
International Business Machines Corp.		82,212		12,071,188
Intuit, Inc.		25,427		13,776,603
Marvell Technology, Inc.		77,763		4,529,695
Microsoft Corp.		327,122		107,217,507
NVIDIA Corp.		224,675		110,888,346
Okta, Inc.*		13,957		1,165,549
Oracle Corp.		148,019		17,820,007
Palo Alto Networks, Inc.*		28,265		6,876,875
PTC, Inc.*		10,181		1,498,338
Roper Technologies, Inc.		9,629		4,805,449
Salesforce, Inc.*		89,064		19,724,113
ServiceNow, Inc.*		18,463		10,871,568
Snowflake, Inc., Class A*		23,566		3,696,327
Splunk, Inc.*		14,250		1,727,955
Texas Instruments, Inc.		82,234		13,820,246
Trimble, Inc.*		22,677		1,242,473
Tyler Technologies, Inc.*		3,777		1,504,870
VeriSign, Inc.*		8,509		1,768,085


	Number of Shares		Value
Information Technology (Continued)
VMware, Inc., Class A*		21,357	$	3,604,634
Wolfspeed, Inc.* (a)		11,276		539,218
Workday, Inc., Class A*		18,491		4,521,050
Zscaler, Inc.*		7,988		1,246,527

(Cost $508,176,977)				621,796,076

Materials — 2.3%
Avery Dennison Corp.		7,353		1,385,158
Ball Corp.		28,496		1,551,607
Crown Holdings, Inc.		10,887		1,008,789
DuPont de Nemours, Inc.		41,602		3,198,778
Ecolab, Inc.		23,218		4,267,701
FMC Corp.		11,342		978,021
International Paper Co.		30,082		1,050,463
Linde PLC		44,437		17,198,896
Newmont Corp.		72,009		2,838,595
Nucor Corp.		22,833		3,929,559
Packaging Corp. of America		8,146		1,214,569
PPG Industries, Inc.		21,330		3,023,741
Reliance Steel & Aluminum Co.		5,331		1,519,122
RPM International, Inc.		11,682		1,165,163
Sealed Air Corp.		13,085		484,930
Sherwin-Williams Co.		22,253		6,046,585
Steel Dynamics, Inc.		14,772		1,574,547
Westrock Co.		22,677		741,765

(Cost $49,570,027)				53,177,989

Real Estate — 2.5%
Alexandria Real Estate Equities, Inc. REIT		14,895		1,732,884
American Tower Corp. REIT		42,236		7,658,231
AvalonBay Communities, Inc. REIT		12,863		2,364,477
Boston Properties, Inc. REIT		13,957		931,909
CBRE Group, Inc., Class A*		28,165		2,395,433
Digital Realty Trust, Inc. REIT		26,165		3,446,454
Equinix, Inc. REIT		8,474		6,621,414
Equity Residential REIT		33,141		2,148,531
Essex Property Trust, Inc. REIT		5,898		1,406,024
Healthpeak Properties, Inc. REIT		50,586		1,041,060
Kimco Realty Corp. REIT		56,166		1,063,784
Prologis, Inc. REIT		83,694		10,394,795
Realty Income Corp. REIT		63,171		3,540,103
Regency Centers Corp. REIT		13,957		868,125
Simon Property Group, Inc. REIT		29,653		3,365,319
UDR, Inc. REIT		28,344		1,130,926
VICI Properties, Inc. REIT		91,009		2,806,718
Welltower, Inc. REIT		44,980		3,727,942

(Cost $54,657,206)				56,644,129

Utilities — 2.6%
AES Corp.		61,055		1,094,716
Alliant Energy Corp.		22,677		1,137,705
American Electric Power Co., Inc.		46,622		3,655,165
American Water Works Co., Inc.		17,445		2,420,319
Consolidated Edison, Inc.		31,396		2,792,988
Dominion Energy, Inc.		75,700		3,674,478
Duke Energy Corp.		69,843		6,202,058


See Notes to Financial Statements.		53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Utilities (Continued)
Edison International		34,890	$	2,402,177
Eversource Energy		31,397		2,003,757
Exelon Corp.		90,115		3,615,414
FirstEnergy Corp.		49,318		1,778,900
NextEra Energy, Inc.		183,378		12,249,650
Public Service Enterprise Group, Inc.		45,354		2,770,222
Sempra		57,038		4,005,208
Southern Co.		98,924		6,700,123
Xcel Energy, Inc.		49,868		2,848,959

(Cost $65,360,676)				59,351,839

TOTAL COMMON STOCKS (Cost $2,042,908,288)				2,266,263,680


	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $565,175)		565,175	$	565,175

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $6,190,253)		6,190,253		6,190,253


TOTAL INVESTMENTS — 99.9% (Cost $2,049,663,716)			$	2,273,019,108
Other assets and liabilities, net — 0.1%				2,105,345

NET ASSETS — 100.0%			$	2,275,124,453

A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2023 is as follows:


	Value ($) at 4/5/2023 (Commencement of Operations)		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		—		565,175	(d)		—			—		—		41,859		—		565,175		565,175

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		—		14,261,951			(8,071,698	)		—		—		40,591		—		6,190,253		6,190,253

		—		14,827,126			(8,071,698	)		—		—		82,450		—		6,755,428		6,755,428

*	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 August 31, 2023 amounted to $546,550, which is 0.0% of net assets.

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended August 31, 2023.

REIT:

Real Estate Investment Trust

At August 31, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
E-Mini S&P 500 ESG Futures	USD	34	$	6,700,039	$	6,818,700	9/15/2023	$	118,661
S&P 500 E-Mini Futures	USD	8		1,781,873		1,806,400	9/15/2023		24,527

Total unrealized appreciation								$	143,188

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

Currency Abbreviations

USD

U.S. Dollar


See Notes to Financial Statements.		54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2023

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	2,266,263,680	$	—	$	—	$	2,266,263,680
Short-Term Investments (a)		6,755,428		—		—		6,755,428
Derivatives (b)
Futures Contracts		143,188		—		—		143,188

TOTAL	$	2,273,162,296	$	—	$	—	$	2,273,162,296

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

(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.


See Notes to Financial Statements.		55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 10.5%
Alphabet, Inc., Class A*		372,385	$	50,707,665
Alphabet, Inc., Class C*		332,006		45,601,024
Comcast Corp., Class A		261,200		12,213,712
Electronic Arts, Inc.		16,370		1,964,073
Fox Corp., Class A		18,363		607,081
Fox Corp., Class B		8,897		271,536
Interpublic Group of Cos., Inc.		24,907		812,217
Liberty Global PLC, Class C*		16,109		319,603
Omnicom Group, Inc.		12,580		1,019,106
Sirius XM Holdings, Inc.		48,744		214,474
Snap, Inc., Class A*		61,548		637,022
Take-Two Interactive Software, Inc.*		10,728		1,525,522
Verizon Communications, Inc.		262,580		9,185,048
Walt Disney Co.*		114,235		9,559,185
ZoomInfo Technologies, Inc.*		16,176		291,491

(Cost $128,881,914)				134,928,759

Consumer Discretionary — 11.2%
Aptiv PLC*		17,935		1,819,506
Aramark		14,492		538,813
AutoZone, Inc.*		1,146		2,900,904
Best Buy Co., Inc.		12,293		939,800
Booking Holdings, Inc.*		2,321		7,206,775
BorgWarner, Inc.		15,148		617,281
Burlington Stores, Inc.*		4,266		692,201
CarMax, Inc.*		9,906		809,122
Deckers Outdoor Corp.*		1,621		857,655
eBay, Inc.		33,361		1,493,906
Genuine Parts Co.		8,818		1,355,591
Hasbro, Inc.		7,500		540,000
Hilton Worldwide Holdings, Inc.		16,706		2,483,347
Home Depot, Inc.		63,107		20,844,242
Lear Corp.		3,827		551,432
LKQ Corp.		16,328		857,710
Lowe’s Cos., Inc.		36,817		8,485,582
Lululemon Athletica, Inc.*		7,255		2,766,041
McDonald’s Corp.		45,630		12,828,875
MercadoLibre, Inc.*		2,815		3,863,193
NIKE, Inc., Class B		77,026		7,834,314
NVR, Inc.*		212		1,351,994
Pool Corp.		2,447		894,623
PulteGroup, Inc.		13,863		1,137,598
Rivian Automotive, Inc., Class A*		40,327		916,633
Tesla, Inc.*		178,952		46,183,932
TJX Cos., Inc.		72,051		6,663,276
Tractor Supply Co.		6,889		1,505,247
Ulta Beauty, Inc.*		3,143		1,304,439
Vail Resorts, Inc.		2,616		592,053
VF Corp.		21,245		419,801
Whirlpool Corp.		3,352		469,146
Yum! Brands, Inc.		17,491		2,262,986

(Cost $145,065,727)				143,988,018

Consumer Staples — 6.3%
Bunge Ltd.		9,442		1,079,409
Campbell Soup Co.		12,189		508,281


	Number of Shares		Value
Consumer Staples (Continued)
Church & Dwight Co., Inc.		15,260	$	1,476,710
Clorox Co.		7,805		1,221,092
Coca-Cola Co.		256,955		15,373,618
Colgate-Palmolive Co.		49,725		3,653,296
Conagra Brands, Inc.		29,816		890,902
Darling Ingredients, Inc.*		9,894		611,053
General Mills, Inc.		36,951		2,500,105
Hormel Foods Corp.		18,476		712,989
J M Smucker Co.		6,703		971,600
Kellogg Co.		16,412		1,001,460
Keurig Dr Pepper, Inc.		57,134		1,922,559
Kimberly-Clark Corp.		21,191		2,730,036
Kroger Co.		42,681		1,979,972
Lamb Weston Holdings, Inc.		9,221		898,218
McCormick & Co., Inc.		15,701		1,288,738
PepsiCo, Inc.		86,101		15,319,090
Procter & Gamble Co.		148,047		22,849,574
Target Corp.		28,783		3,642,489

(Cost $80,813,574)				80,631,191

Energy — 2.4%
Baker Hughes Co.		63,285		2,290,284
Cheniere Energy, Inc.		15,226		2,484,883
Halliburton Co.		55,339		2,137,192
HF Sinclair Corp.		10,456		576,021
Kinder Morgan, Inc.		126,716		2,182,050
Marathon Petroleum Corp.		26,630		3,801,965
ONEOK, Inc.		28,368		1,849,594
Phillips 66		28,999		3,310,526
Schlumberger NV		88,753		5,232,877
Targa Resources Corp.		13,463		1,161,184
Valero Energy Corp.		23,128		3,004,327
Williams Cos., Inc.		76,210		2,631,531

(Cost $25,270,820)				30,662,434

Financials — 11.9%
Aflac, Inc.		36,500		2,721,805
Allstate Corp.		16,534		1,782,531
Ally Financial, Inc.		16,579		459,073
American Express Co.		39,530		6,245,345
Ameriprise Financial, Inc.		6,600		2,228,028
Annaly Capital Management, Inc. REIT		30,895		626,242
Arch Capital Group Ltd.*		23,334		1,793,451
Assurant, Inc.		3,064		426,907
Bank of New York Mellon Corp.		48,822		2,190,643
BlackRock, Inc.		9,380		6,571,065
Cboe Global Markets, Inc.		6,867		1,028,059
Charles Schwab Corp.		93,990		5,559,508
Citizens Financial Group, Inc.		28,800		810,144
Discover Financial Services		16,063		1,446,794
Equitable Holdings, Inc.		22,481		647,453
FactSet Research Systems, Inc.		2,398		1,046,511
Fidelity National Information Services, Inc.		37,038		2,068,943
Fiserv, Inc.*		39,050		4,740,279
Franklin Resources, Inc.		19,673		526,056
Hartford Financial Services Group, Inc.		19,538		1,403,219


See Notes to Financial Statements.		56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Financials (Continued)
Huntington Bancshares, Inc.		92,588	$	1,026,801
Intercontinental Exchange, Inc.		35,181		4,151,006
Invesco Ltd.		22,060		351,195
LPL Financial Holdings, Inc.		4,926		1,135,886
MarketAxess Holdings, Inc.		2,310		556,548
Marsh & McLennan Cos., Inc.		30,849		6,015,247
Mastercard, Inc., Class A		53,125		21,921,500
Moody’s Corp.		10,341		3,482,849
Morgan Stanley		78,422		6,677,633
Nasdaq, Inc.		21,905		1,149,574
Northern Trust Corp.		13,006		989,366
PNC Financial Services Group, Inc.		25,093		3,029,478
Principal Financial Group, Inc.		15,206		1,181,658
Progressive Corp.		36,616		4,887,138
Prudential Financial, Inc.		22,976		2,175,138
Raymond James Financial, Inc.		12,568		1,314,487
Regions Financial Corp.		60,116		1,102,527
S&P Global, Inc.		20,471		8,001,295
State Street Corp.		21,126		1,452,201
Synchrony Financial		26,559		857,325
T. Rowe Price Group, Inc.		14,042		1,575,934
Travelers Cos., Inc.		14,503		2,338,319
Truist Financial Corp.		82,732		2,527,463
US Bancorp		95,783		3,498,953
Visa, Inc., Class A		101,593		24,959,368
Webster Financial Corp.		11,838		502,050
Willis Towers Watson PLC		6,583		1,361,101

(Cost $149,816,408)				152,544,096

Health Care — 12.8%
Agilent Technologies, Inc.		18,502		2,240,037
Align Technology, Inc.*		4,584		1,696,722
Amgen, Inc.		33,387		8,558,424
Avantor, Inc.*		41,756		904,017
Biogen, Inc.*		9,073		2,425,757
Bio-Techne Corp.		9,828		770,515
Bristol-Myers Squibb Co.		131,495		8,106,667
Cencora, Inc.		10,772		1,895,657
Cigna Group		18,580		5,132,911
Cooper Cos., Inc.		3,093		1,144,379
Danaher Corp.		44,025		11,666,625
DaVita, Inc.*		3,396		347,818
DENTSPLY SIRONA, Inc.		14,167		525,454
Dexcom, Inc.*		24,259		2,449,674
Edwards Lifesciences Corp.*		38,128		2,915,648
Elevance Health, Inc.		14,840		6,559,428
Eli Lilly & Co.		50,522		27,999,292
Gilead Sciences, Inc.		78,112		5,974,006
HCA Healthcare, Inc.		13,026		3,612,110
Hologic, Inc.*		15,448		1,154,584
Humana, Inc.		7,862		3,629,335
IDEXX Laboratories, Inc.*		5,153		2,635,296
Illumina, Inc.*		9,887		1,633,530
Insulet Corp.*		4,489		860,586
Jazz Pharmaceuticals PLC*		3,981		570,716
Johnson & Johnson		151,322		24,465,741
Laboratory Corp. of America Holdings		5,542		1,153,290


	Number of Shares		Value
Health Care (Continued)
Merck & Co., Inc.		158,664	$	17,291,203
Mettler-Toledo International, Inc.*		1,394		1,691,591
Molina Healthcare, Inc.*		3,666		1,136,900
Quest Diagnostics, Inc.		7,007		921,420
Repligen Corp.*		3,278		570,077
STERIS PLC		6,246		1,434,019
Teleflex, Inc.		2,936		624,605
Waters Corp.*		3,697		1,038,118
West Pharmaceutical Services, Inc.		4,641		1,888,423
Zimmer Biomet Holdings, Inc.		13,133		1,564,403
Zoetis, Inc.		28,926		5,510,692

(Cost $151,657,982)				164,699,670

Industrials — 9.4%
3M Co.		34,636		3,694,622
AECOM		8,173		717,181
Allegion PLC		5,315		604,900
Automatic Data Processing, Inc.		25,917		6,598,727
Axon Enterprise, Inc.*		4,281		911,468
Broadridge Financial Solutions, Inc.		7,411		1,380,002
Builders FirstSource, Inc.*		7,967		1,155,534
C.H. Robinson Worldwide, Inc.		7,317		661,676
Carrier Global Corp.		52,309		3,005,152
Caterpillar, Inc.		32,275		9,073,471
Ceridian HCM Holding, Inc.*		9,048		656,161
Cintas Corp.		5,729		2,888,390
Clarivate PLC*		23,216		172,495
CSX Corp.		130,200		3,932,040
Cummins, Inc.		8,880		2,042,755
Delta Air Lines, Inc.		9,384		402,386
Dover Corp.		8,762		1,299,405
Eaton Corp. PLC		25,000		5,759,250
Emerson Electric Co.		35,715		3,508,999
Expeditors International of Washington, Inc.		9,700		1,132,087
Fastenal Co.		35,729		2,057,276
Ferguson PLC		12,821		2,071,361
Fortive Corp.		21,680		1,709,468
Fortune Brands Innovations, Inc.		8,076		557,405
Generac Holdings, Inc.*		3,775		448,508
Graco, Inc.		10,389		820,108
IDEX Corp.		4,719		1,068,382
Illinois Tool Works, Inc.		19,069		4,716,717
Ingersoll Rand, Inc.		25,836		1,798,444
JB Hunt Transport Services, Inc.		5,500		1,033,340
Johnson Controls International PLC		43,160		2,549,030
Knight-Swift Transportation Holdings, Inc.		10,131		555,381
L3Harris Technologies, Inc.		11,880		2,115,709
Lennox International, Inc.		2,076		782,258
Masco Corp.		14,118		833,103
Norfolk Southern Corp.		14,326		2,936,973
Old Dominion Freight Line, Inc.		6,078		2,597,555
Otis Worldwide Corp.		25,854		2,211,810
Owens Corning		5,800		834,678
Paychex, Inc.		20,277		2,478,458
Paylocity Holding Corp.*		2,593		519,896


See Notes to Financial Statements.		57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Industrials (Continued)
Pentair PLC		10,710	$	752,485
Quanta Services, Inc.		9,015		1,891,978
Robert Half, Inc.		6,743		498,712
Rockwell Automation, Inc.		7,182		2,241,359
Toro Co.		6,437		658,634
Trane Technologies PLC		14,355		2,946,507
TransUnion		11,932		969,117
Union Pacific Corp.		38,164		8,417,833
United Parcel Service, Inc., Class B		45,217		7,659,760
United Rentals, Inc.		4,347		2,071,519
W.W. Grainger, Inc.		2,832		2,022,444
Waste Management, Inc.		25,484		3,995,381
Xylem, Inc.		15,011		1,554,239

(Cost $109,847,151)				119,972,529

Information Technology — 28.6%
Accenture PLC, Class A		39,505		12,790,534
Adobe, Inc.*		28,674		16,038,515
Akamai Technologies, Inc.*		9,661		1,015,274
ANSYS, Inc.*		5,425		1,729,870
Applied Materials, Inc.		52,847		8,072,908
Autodesk, Inc.*		13,433		2,981,320
Black Knight, Inc.*		9,692		734,266
Cadence Design Systems, Inc.*		17,166		4,127,393
DocuSign, Inc.*		12,499		628,700
Fair Isaac Corp.*		1,561		1,412,065
Gartner, Inc.*		4,945		1,729,168
Gen Digital, Inc.		37,123		751,741
Hewlett Packard Enterprise Co.		83,629		1,420,857
HP, Inc.		55,418		1,646,469
HubSpot, Inc.*		2,933		1,602,943
Intel Corp.		260,806		9,164,723
International Business Machines Corp.		56,703		8,325,701
Intuit, Inc.		17,577		9,523,394
Keysight Technologies, Inc.*		11,199		1,492,827
Lam Research Corp.		8,430		5,921,232
Marvell Technology, Inc.		53,698		3,127,908
Microsoft Corp.		443,148		145,246,188
NetApp, Inc.		13,218		1,013,821
NVIDIA Corp.		154,959		76,480,014
NXP Semiconductors NV		16,250		3,342,950
PTC, Inc.*		6,958		1,024,009
Salesforce, Inc.*		61,191		13,551,359
Seagate Technology Holdings PLC		11,487		813,165
ServiceNow, Inc.*		12,740		7,501,694
Splunk, Inc.*		9,849		1,194,290
Synopsys, Inc.*		9,534		4,375,057
Texas Instruments, Inc.		56,718		9,532,027
Trimble, Inc.*		16,176		886,283
Twilio, Inc., Class A*		10,986		699,918
VMware, Inc., Class A*		14,725		2,485,285
Western Digital Corp.*		19,755		888,975
Workday, Inc., Class A*		12,742		3,115,419
Zscaler, Inc.*		5,379		839,393

(Cost $286,112,684)				367,227,655


	Number of Shares		Value
Materials — 2.8%
Amcor PLC		96,835	$	943,173
Avery Dennison Corp.		5,021		945,856
Ball Corp.		19,695		1,072,393
Ecolab, Inc.		16,052		2,950,518
International Flavors & Fragrances, Inc.		15,282		1,076,617
International Paper Co.		20,823		727,139
Linde PLC		30,638		11,858,132
LyondellBasell Industries NV, Class A		16,272		1,607,185
Martin Marietta Materials, Inc.		3,885		1,734,303
Newmont Corp.		49,770		1,961,933
Nucor Corp.		15,824		2,723,310
PPG Industries, Inc.		14,743		2,089,968
Sherwin-Williams Co.		15,430		4,192,640
Steel Dynamics, Inc.		10,570		1,126,656
Westrock Co.		16,822		550,248

(Cost $35,259,574)				35,560,071

Real Estate — 2.5%
American Tower Corp. REIT		29,126		5,281,126
Boston Properties, Inc. REIT		9,322		622,430
CBRE Group, Inc., Class A*		19,891		1,691,729
Crown Castle, Inc. REIT		27,230		2,736,615
Digital Realty Trust, Inc. REIT		18,205		2,397,963
Equinix, Inc. REIT		5,864		4,582,012
Healthpeak Properties, Inc. REIT		34,750		715,155
Iron Mountain, Inc. REIT		18,222		1,157,826
Prologis, Inc. REIT		57,744		7,171,805
SBA Communications Corp. REIT		6,786		1,523,661
Welltower, Inc. REIT		31,279		2,592,403
Weyerhaeuser Co. REIT		45,901		1,503,258

(Cost $36,844,001)				31,975,983

Utilities — 1.2%
American Water Works Co., Inc.		12,188		1,690,963
Atmos Energy Corp.		9,264		1,074,161
CMS Energy Corp.		18,408		1,034,345
Consolidated Edison, Inc.		21,753		1,935,147
Edison International		23,936		1,647,994
Essential Utilities, Inc.		16,726		617,189
Eversource Energy		21,794		1,390,893
Exelon Corp.		62,472		2,506,377
Sempra		39,552		2,777,341

(Cost $15,698,634)				14,674,410

TOTAL COMMON STOCKS (Cost $1,165,268,469)				1,276,864,816

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $4,273,305)		4,273,305		4,273,305


TOTAL INVESTMENTS — 99.9% (Cost $1,169,541,774)			$	1,281,138,121
Other assets and liabilities, net — 0.1%				1,753,970

NET ASSETS — 100.0%			$	1,282,892,091


See Notes to Financial Statements.		58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

August 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


Value ($) at 8/31/2022	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (a)(b)
804,200		—		(804,200	) (c)		—		—		17,836		—		—		—

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
8,312,422		51,245,673		(55,284,790	)		—		—		229,238		—		4,273,305		4,273,305

9,116,622		51,245,673		(56,088,990	)		—		—		247,074		—		4,273,305		4,273,305

*	Non-income producing security.

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

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

(c)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

REIT:

Real Estate Investment Trust

At August 31, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
E-Mini S&P 500 ESG Futures	USD	26	$	5,119,064	$	5,214,300	9/15/2023	$	95,236
MSCI USA ESG Leaders GTR Index Futures	USD	2		97,400		101,320	9/15/2023		3,920
S&P 500 E-Mini Futures	USD	1		219,414		225,800	9/15/2023		6,386
S&P Mid 400 E-Mini Futures	USD	1		258,145		264,870	9/15/2023		6,725

Total unrealized appreciation								$	112,267

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

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,276,864,816	$	—	$	—	$	1,276,864,816
Short-Term Investments (a)		4,273,305		—		—		4,273,305
Derivatives (b)
Futures Contracts		112,267		—		—		112,267

TOTAL	$	1,281,250,388	$	—	$	—	$	1,281,250,388

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

(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.


See Notes to Financial Statements.		59

DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 9.1%
Activision Blizzard, Inc.		2,954	$	271,738
Alphabet, Inc., Class A*		23,324		3,176,029
Alphabet, Inc., Class C*		20,062		2,755,516
AT&T, Inc.		28,778		425,627
Charter Communications, Inc., Class A*		410		179,629
Comcast Corp., Class A		16,189		756,998
Electronic Arts, Inc.		1,153		138,337
Fox Corp., Class A		1,163		38,449
Fox Corp., Class B		504		15,382
Liberty Broadband Corp., Class A*		193		18,072
Liberty Broadband Corp., Class C*		609		56,978
Live Nation Entertainment, Inc.*		660		55,790
Match Group, Inc.*		1,339		62,759
Meta Platforms, Inc., Class A*		8,645		2,557,969
Netflix, Inc.*		1,719		745,496
Omnicom Group, Inc.		802		64,970
Paramount Global, Class B (a)		2,380		35,914
Pinterest, Inc., Class A*		2,442		67,130
ROBLOX Corp., Class A*		1,686		47,697
Sirius XM Holdings, Inc. (a)		4,094		18,014
Snap, Inc., Class A*		4,663		48,262
Spotify Technology SA*		598		92,074
Take-Two Interactive Software, Inc.*		717		101,957
T-Mobile US, Inc.*		2,229		303,701
Trade Desk, Inc., Class A*		1,851		148,135
Verizon Communications, Inc.		16,617		581,263
Walt Disney Co.*		7,200		602,496
Warner Bros Discovery, Inc.*		9,347		122,820
Warner Music Group Corp., Class A		696		23,177

(Cost $11,295,539)				13,512,379

Consumer Discretionary — 6.5%
Airbnb, Inc., Class A*		1,637		215,347
Aptiv PLC*		2,404		243,886
AutoZone, Inc.*		129		326,542
Best Buy Co., Inc.		2,122		162,227
Booking Holdings, Inc.*		149		462,649
Chipotle Mexican Grill, Inc.*		109		210,004
D.R. Horton, Inc.		2,305		274,341
Domino’s Pizza, Inc.		155		60,047
DoorDash, Inc., Class A*		1,138		95,740
eBay, Inc.		5,282		236,528
Etsy, Inc.*		2,235		164,429
Expedia Group, Inc.*		628		68,069
Ford Motor Co.		21,078		255,676
Garmin Ltd.		2,007		212,782
General Motors Co.		7,888		264,327
Genuine Parts Co.		1,408		216,452
Hasbro, Inc.		2,731		196,632
Home Depot, Inc.		4,344		1,434,823
Lennar Corp., Class A		2,037		242,586
Lennar Corp., Class B		1,014		108,153
LKQ Corp.		3,463		181,911
Lowe’s Cos., Inc.		2,902		668,853
Lululemon Athletica, Inc.*		839		319,877
McDonald’s Corp.		2,851		801,559
MercadoLibre, Inc.*		296		406,219
NIKE, Inc., Class B		6,143		624,805


	Number of Shares		Value
Consumer Discretionary (Continued)
NVR, Inc.*		35	$	223,207
PulteGroup, Inc.		2,484		203,837
Tractor Supply Co.		1,032		225,492
Ulta Beauty, Inc.*		504		209,175
Whirlpool Corp.		201		28,132
Yum China Holdings, Inc.		1,767		94,870
Yum! Brands, Inc.		961		124,334

(Cost $8,492,453)				9,563,511

Consumer Staples — 5.9%
Archer-Daniels-Midland Co.		2,087		165,499
Campbell Soup Co.		3,740		155,958
Church & Dwight Co., Inc.		2,447		236,796
Clorox Co.		1,412		220,907
Coca-Cola Co.		17,623		1,054,384
Colgate-Palmolive Co.		4,936		362,648
Conagra Brands, Inc.		5,729		171,183
Estee Lauder Cos., Inc., Class A		1,605		257,651
General Mills, Inc.		4,186		283,225
Hershey Co.		1,175		252,460
Hormel Foods Corp.		4,450		171,725
J M Smucker Co.		1,302		188,725
Kellogg Co.		3,088		188,430
Keurig Dr Pepper, Inc.		8,206		276,132
Kimberly-Clark Corp.		2,342		301,720
Kraft Heinz Co.		6,839		226,302
McCormick & Co., Inc.		2,803		230,070
Mondelez International, Inc., Class A		7,269		517,989
PepsiCo, Inc.		6,142		1,092,785
Procter & Gamble Co.		10,158		1,567,786
Sysco Corp.		3,989		277,834
Target Corp.		2,757		348,898
Tyson Foods, Inc., Class A		2,637		140,473

(Cost $9,007,925)				8,689,580

Financials — 11.2%
Aflac, Inc.		2,329		173,674
Allstate Corp.		1,061		114,386
Ally Financial, Inc.		1,242		34,391
American Express Co.		2,350		371,276
American International Group, Inc.		2,936		171,815
Ameriprise Financial, Inc.		440		148,535
Aon PLC, Class A		815		271,713
Apollo Global Management, Inc.		1,752		153,020
Arch Capital Group Ltd.*		1,540		118,364
Arthur J Gallagher & Co.		870		200,518
Bank of America Corp.		27,359		784,383
Bank of New York Mellon Corp.		3,139		140,847
BlackRock, Inc.		588		411,917
Block, Inc.*		2,287		131,846
Capital One Financial Corp.		1,559		159,626
Cboe Global Markets, Inc.		440		65,872
Charles Schwab Corp.		5,575		329,761
Chubb Ltd.		1,641		329,628
Cincinnati Financial Corp.		645		68,235
Citigroup, Inc.		7,518		310,418
Citizens Financial Group, Inc.		2,188		61,548
CME Group, Inc.		1,462		296,318
Discover Financial Services		1,049		94,483


See Notes to Financial Statements.		60

DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Financials (Continued)
Everest Group Ltd.		182	$	65,644
Fidelity National Financial, Inc.		1,067		44,174
Fidelity National Information Services, Inc.		2,432		135,852
Fifth Third Bancorp		2,956		78,482
Fiserv, Inc.*		2,462		298,862
FleetCor Technologies, Inc.*		319		86,682
Franklin Resources, Inc.		1,437		38,425
Global Payments, Inc.		1,147		145,313
Globe Life, Inc.		417		46,525
Goldman Sachs Group, Inc.		1,321		432,905
Hartford Financial Services Group, Inc.		1,272		91,355
Huntington Bancshares, Inc.		6,263		69,457
Interactive Brokers Group, Inc., Class A		465		42,352
Intercontinental Exchange, Inc.		2,241		264,416
JPMorgan Chase & Co.		11,386		1,666,113
KeyCorp		4,553		51,585
KKR & Co., Inc.		2,705		169,901
M&T Bank Corp.		709		88,660
Markel Group, Inc.*		59		87,256
Marsh & McLennan Cos., Inc.		1,970		384,130
Mastercard, Inc., Class A		3,304		1,363,363
MetLife, Inc.		2,558		162,024
Moody’s Corp.		640		215,552
Morgan Stanley		5,137		437,416
MSCI, Inc.		324		176,133
Nasdaq, Inc.		1,534		80,504
Northern Trust Corp.		912		69,376
PayPal Holdings, Inc.*		4,481		280,107
PNC Financial Services Group, Inc.		1,618		195,341
Principal Financial Group, Inc.		1,018		79,109
Progressive Corp.		2,331		311,119
Prudential Financial, Inc.		1,481		140,206
Raymond James Financial, Inc.		852		89,111
Regions Financial Corp.		3,998		73,323
Rocket Cos., Inc., Class A*(a)		1,273		13,596
S&P Global, Inc.		1,280		500,301
State Street Corp.		1,417		97,405
Synchrony Financial		2,017		65,109
T. Rowe Price Group, Inc.		944		105,945
Travelers Cos., Inc.		923		148,815
Truist Financial Corp.		5,468		167,047
US Bancorp		5,985		218,632
Visa, Inc., Class A		6,371		1,565,227
W.R. Berkley Corp.		925		57,220
Wells Fargo & Co.		14,758		609,358
Willis Towers Watson PLC		452		93,456

(Cost $15,532,856)				16,545,458

Health Care — 18.3%
Abbott Laboratories		8,145		838,120
AbbVie, Inc.		8,029		1,179,942
Agilent Technologies, Inc.		2,406		291,294
Align Technology, Inc.*		725		268,352
Alnylam Pharmaceuticals, Inc.*		1,270		251,231
Amgen, Inc.		2,744		703,397
Avantor, Inc.*		9,525		206,216
Baxter International, Inc.		5,209		211,485
Becton Dickinson and Co.		1,703		475,903


	Number of Shares		Value
Health Care (Continued)
Biogen, Inc.*		1,089	$	291,155
BioMarin Pharmaceutical, Inc.*		2,442		223,150
Boston Scientific Corp.*		8,512		459,137
Bristol-Myers Squibb Co.		10,501		647,387
Cardinal Health, Inc.		1,661		145,055
Catalent, Inc.*		4,031		201,429
Cencora, Inc.		1,309		230,358
Centene Corp.*		2,007		123,732
Cigna Group		1,173		324,053
Cooper Cos., Inc.		586		216,814
CVS Health Corp.		7,134		464,923
Danaher Corp.		3,298		873,970
Dexcom, Inc.*		2,697		272,343
Edwards Lifesciences Corp.*		4,016		307,104
Elevance Health, Inc.		937		414,163
Eli Lilly & Co.		3,636		2,015,071
Gilead Sciences, Inc.		6,831		522,435
HCA Healthcare, Inc.		819		227,109
Henry Schein, Inc.*		2,294		175,583
Hologic, Inc.*		2,826		211,215
Horizon Therapeutics PLC*		2,399		270,463
Humana, Inc.		514		237,278
IDEXX Laboratories, Inc.*		627		320,654
Illumina, Inc.*		1,427		235,769
Incyte Corp.*		3,091		199,462
Intuitive Surgical, Inc.*		1,816		567,827
IQVIA Holdings, Inc.*		738		164,301
Johnson & Johnson		11,111		1,796,426
Laboratory Corp. of America Holdings		343		71,378
McKesson Corp.		701		289,036
Medtronic PLC		7,019		572,049
Merck & Co., Inc.		11,242		1,225,153
Mettler-Toledo International, Inc.*		201		243,909
Moderna, Inc.*		2,487		281,205
Pfizer, Inc.		26,172		925,965
Quest Diagnostics, Inc.		441		57,992
Regeneron Pharmaceuticals, Inc.*		619		511,597
ResMed, Inc.		1,252		199,807
Royalty Pharma PLC, Class A		6,432		191,802
Seagen, Inc.*		1,332		274,485
STERIS PLC		1,067		244,973
Stryker Corp.		1,748		495,645
Teleflex, Inc.		805		171,256
Thermo Fisher Scientific, Inc.		1,795		999,995
UnitedHealth Group, Inc.		3,636		1,732,845
Veeva Systems, Inc., Class A*		621		129,603
Vertex Pharmaceuticals, Inc.*		1,447		504,048
Viatris, Inc.		19,156		205,927
Waters Corp.*		782		219,586
West Pharmaceutical Services, Inc.		684		278,320
Zimmer Biomet Holdings, Inc.		1,874		223,231
Zoetis, Inc.		2,705		515,330

(Cost $26,361,486)				27,129,443

Industrials — 5.5%
A O Smith Corp.		929		67,353
Automatic Data Processing, Inc.		1,658		422,143
Broadridge Financial Solutions, Inc.		441		82,119
C.H. Robinson Worldwide, Inc.		1,753		158,524


See Notes to Financial Statements.		61

DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Industrials (Continued)
Carrier Global Corp.		6,060	$	348,147
Cintas Corp.		358		180,493
Copart, Inc.*		6,744		302,334
Deere & Co.		1,364		560,522
Delta Air Lines, Inc.		5,030		215,686
Dover Corp.		1,397		207,175
Equifax, Inc.		509		105,210
Expeditors International of Washington, Inc.		1,721		200,858
Fastenal Co.		4,842		278,802
FedEx Corp.		1,447		377,696
JB Hunt Transport Services, Inc.		1,121		210,614
Johnson Controls International PLC		3,282		193,835
Masco Corp.		3,059		180,512
Old Dominion Freight Line, Inc.		785		335,485
Otis Worldwide Corp.		3,200		273,760
PACCAR, Inc.		3,040		250,162
Paychex, Inc.		1,345		164,399
Paycom Software, Inc.		223		65,749
Rollins, Inc.		1,150		45,506
Snap-on, Inc.		689		185,065
Southwest Airlines Co.		5,486		173,358
SS&C Technologies Holdings, Inc.		942		54,090
Stanley Black & Decker, Inc.		1,995		188,288
Trane Technologies PLC		5		1,026
TransUnion		864		70,174
Uber Technologies, Inc.*		10,980		518,585
United Airlines Holdings, Inc.*		3,506		174,634
United Parcel Service, Inc., Class B		3,661		620,173
Verisk Analytics, Inc.		606		146,785
W.W. Grainger, Inc.		322		229,953
Waste Management, Inc.		2,424		380,035
Westinghouse Air Brake Technologies Corp.		1,642		184,758

(Cost $7,165,522)				8,154,008

Information Technology — 35.3%
Accenture PLC, Class A		2,622		848,925
Adobe, Inc.*		1,801		1,007,371
Advanced Micro Devices, Inc.*		7,575		800,829
Akamai Technologies, Inc.*		725		76,190
Amdocs Ltd.		561		50,041
Analog Devices, Inc.		2,670		485,353
Apple, Inc.		73,220		13,755,841
Applied Materials, Inc.		4,327		660,993
Arista Networks, Inc.*		1,881		367,228
Atlassian Corp., Class A*		647		132,027
Autodesk, Inc.*		927		205,738
Broadcom, Inc.		1,755		1,619,672
Cadence Design Systems, Inc.*		1,101		264,724
CDW Corp.		545		115,077
Cisco Systems, Inc.		18,765		1,076,173
Cloudflare, Inc., Class A*		1,267		82,393
Cognizant Technology Solutions Corp., Class A		2,070		148,233
Corning, Inc.		6,815		223,668
Crowdstrike Holdings, Inc., Class A*		908		148,031
Datadog, Inc., Class A*		1,215		117,223
DocuSign, Inc.*		943		47,433


	Number of Shares		Value
Information Technology (Continued)
Enphase Energy, Inc.*		1,424	$	180,179
EPAM Systems, Inc.*		257		66,560
Fair Isaac Corp.*		103		93,173
Fortinet, Inc.*		2,768		166,661
Gartner, Inc.*		312		109,100
Gen Digital, Inc.		2,959		59,920
GLOBALFOUNDRIES, Inc.*		2,445		135,086
HP, Inc.		7,726		229,539
HubSpot, Inc.*		203		110,944
Intel Corp.		20,859		732,985
Intuit, Inc.		1,091		591,115
Keysight Technologies, Inc.*		1,595		212,613
KLA Corp.		855		429,099
Lam Research Corp.		762		535,229
Marvell Technology, Inc.		5,913		344,432
Microchip Technology, Inc.		3,775		308,946
Micron Technology, Inc.		6,608		462,164
Microsoft Corp.		37,306		12,227,415
MongoDB, Inc.*		291		110,958
Motorola Solutions, Inc.		1,173		332,628
NetApp, Inc.		2,811		215,604
NVIDIA Corp.		11,756		5,802,174
Okta, Inc.*		736		61,463
ON Semiconductor Corp.*		3,131		308,278
Oracle Corp.		6,161		741,723
Palo Alto Networks, Inc.*		1,216		295,853
QUALCOMM, Inc.		5,630		644,804
Salesforce, Inc.*		3,727		825,381
Seagate Technology Holdings PLC		2,895		204,937
ServiceNow, Inc.*		812		478,130
Skyworks Solutions, Inc.		1,963		213,457
Snowflake, Inc., Class A*		1,151		180,534
Splunk, Inc.*		685		83,063
Synopsys, Inc.*		612		280,841
TE Connectivity Ltd.		2,358		312,176
Teradyne, Inc.		1,973		212,828
Texas Instruments, Inc.		4,381		736,271
Twilio, Inc., Class A*		778		49,566
Unity Software, Inc.*		1,190		44,113
VeriSign, Inc.*		401		83,324
VMware, Inc., Class A*		925		156,121
Western Digital Corp.*		4,107		184,815
Workday, Inc., Class A*		837		204,646
Zoom Video Communications, Inc., Class A*		1,106		78,559
Zscaler, Inc.*		419		65,385

(Cost $41,046,841)				52,135,955

Materials — 2.1%
Ball Corp.		3,676		200,158
Corteva, Inc.		5,336		269,521
Ecolab, Inc.		1,786		328,285
FMC Corp.		1,907		164,441
International Flavors & Fragrances, Inc.		2,767		194,935
International Paper Co.		4,205		146,839
Martin Marietta Materials, Inc.		549		245,079
Mosaic Co.		4,732		183,838
Nucor Corp.		1,480		254,708
Packaging Corp. of America		1,385		206,504


See Notes to Financial Statements.		62

DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2023


	Number of Shares		Value
Materials (Continued)
PPG Industries, Inc.		1,840	$	260,838
Sherwin-Williams Co.		1,470		399,428
Southern Copper Corp.		2,348		189,390

(Cost $3,000,660)				3,043,964

Real Estate — 4.7%
Alexandria Real Estate Equities, Inc. REIT		1,948		226,630
American Tower Corp. REIT		2,574		466,718
AvalonBay Communities, Inc. REIT		1,352		248,525
CBRE Group, Inc., Class A*		1,578		134,209
CoStar Group, Inc.*		1,697		139,137
Crown Castle, Inc. REIT		2,962		297,681
Digital Realty Trust, Inc. REIT		2,490		327,983
Equinix, Inc. REIT		557		435,229
Equity Residential REIT		3,726		241,557
Essex Property Trust, Inc. REIT		894		213,121
Extra Space Storage, Inc. REIT		1,542		198,424
Healthpeak Properties, Inc. REIT		9,224		189,830
Invitation Homes, Inc. REIT		6,606		225,198
Iron Mountain, Inc. REIT		3,722		236,496
Mid-America Apartment Communities, Inc. REIT		1,426		207,098
Prologis, Inc. REIT		4,815		598,023
Public Storage REIT		1,137		314,244
Realty Income Corp. REIT		5,088		285,131
SBA Communications Corp. REIT		1,071		240,472
Simon Property Group, Inc. REIT		2,531		287,243
UDR, Inc. REIT		5,006		199,739
Ventas, Inc. REIT		4,625		202,020
VICI Properties, Inc. REIT		8,734		269,357


	Number of Shares		Value
Real Estate (Continued)
Welltower, Inc. REIT		3,888	$	322,237
Weyerhaeuser Co. REIT		7,156		234,359
WP Carey, Inc. REIT		3,005		195,475

(Cost $7,384,305)				6,936,136

Utilities — 1.1%
American Water Works Co., Inc.		6,150		853,251
Edison International		11,721		806,991

(Cost $1,672,220)				1,660,242

TOTAL COMMON STOCKS (Cost $130,959,807)				147,370,676

EXCHANGE-TRADED FUNDS — 0.0%
Vanguard Russell 1000 ETF (Cost $61,500)		300		61,467

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $67,850)		67,850		67,850

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $334,935)		334,935		334,935


TOTAL INVESTMENTS — 100.0% (Cost $131,424,092)			$	147,834,928
Other assets and liabilities, net — 0.0%				61,036

NET ASSETS — 100.0%			$	147,895,964

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


Value ($) at 8/31/2022	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
—		67,850 (d	)		—			—		—		2,972		—		67,850		67,850

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
349,061		2,600,936			(2,615,062	)		—		—		6,721		—		334,935		334,935

349,061		2,668,786			(2,615,062	)		—		—		9,693		—		402,785		402,785

*	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 August 31, 2023 amounted to $65,123, which is 0.0% of net assets.

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

REIT:

Real Estate Investment Trust


See Notes to Financial Statements.		63

DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2023

At August 31, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
E-Mini S&P 500 ESG Futures	USD	2	$	399,870	$	401,100	9/15/2023	$	1,230

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

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	147,370,676	$	—	$	—	$	147,370,676
Exchange-Traded Funds		61,467		—		—		61,467
Short-Term Investments (a)		402,785		—		—		402,785
Derivatives (b)
Futures Contracts		1,230		—		—		1,230

TOTAL	$	147,836,158	$	—	$	—	$	147,836,158

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

(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.


See Notes to Financial Statements.		64

DBX ETF Trust

Statements of Assets and Liabilities

August 31, 2023


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			Xtrackers MSCI EAFE ESG Leaders Equity ETF			Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			Xtrackers MSCI USA Climate Action Equity ETF
Assets
Investment in non-affiliated securities at value	$	489,586,200		$	42,978,379		$	24,955,030		$	2,266,263,680
Investment in affiliated securities at value		—			—			2,689			—
Investment in DWS Government Money Market Series		1,488,084			11,252			191,969			6,190,253
Investment in DWS Government & Agency Securities Portfolio*		—			—			—			565,175
Foreign currency at value		1,057,353			89,291			50,681			—
Deposit with broker for futures contracts		90,788			12,466			1,721			472,560
Receivables:
Investment securities sold		—			199,459			236,027			2,643,112
Variation margin on futures contracts		—			97			3,594			—
Dividends		498,456			84,199			22,332			3,210,150
Interest		4,394			58			311			13,722
Securities lending income		—			4			—			1,805
Foreign tax reclaim		4,151			65,664			—			—

Total assets	$	492,729,426		$	43,440,869		$	25,464,354		$	2,279,360,457


Liabilities
Payable upon return of securities loaned	$	—		$	—		$	—		$	565,175
Payables:
Investment securities purchased		1,498			252,178			448,271			3,518,661
Investment advisory fees		63,356			5,136			4,373			132,888
Variation margin on futures contracts		36,777			—			—			19,280
Deferred foreign tax payable		382,959			—			24,706			—

Total liabilities		484,590			257,314			477,350			4,236,004

Net Assets, at value	$	492,244,836		$	43,183,555		$	24,987,004		$	2,275,124,453


Net Assets Consist of
Paid-in capital	$	636,268,497		$	43,609,663		$	29,794,589		$	2,043,278,750
Distributable earnings (loss)		(144,023,661	)		(426,108	)		(4,807,585	)		231,845,703

Net Assets, at value	$	492,244,836		$	43,183,555		$	24,987,004		$	2,275,124,453


Number of Common Shares outstanding		18,400,001			1,550,001			1,050,001			81,100,001

Net Asset Value	$	26.75		$	27.86		$	23.80		$	28.05


Investment in non-affiliated securities at cost	$	578,197,532		$	41,016,076		$	26,518,926		$	2,042,908,288

Investment in affiliated securities at cost	$	—		$	—		$	2,658		$	—

Value of securities loaned	$	—		$	—		$	—		$	546,550

Investment in DWS Government Money Market Series at cost	$	1,488,084		$	11,252		$	191,969		$	6,190,253

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	—		$	565,175

Foreign currency at cost	$	1,100,104		$	89,464		$	79,956		$	—

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		65

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

August 31, 2023


	Xtrackers MSCI USA ESG Leaders Equity ETF		Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Assets
Investment in non-affiliated securities at value	$	1,276,864,816	$	147,432,143
Investment in DWS Government Money Market Series		4,273,305		334,935
Investment in DWS Government & Agency Securities Portfolio*		—		67,850
Deposit with broker for futures contracts		317,791		22,000
Receivables:
Investment securities sold		2,138,700		—
Dividends		1,875,851		179,977
Interest		10,801		1,414
Securities lending income		—		181

Total assets	$	1,285,481,264	$	148,038,500

Liabilities
Payable upon return of securities loaned	$	—	$	67,850
Payables:
Investment securities purchased		2,480,641		61,500
Investment advisory fees		95,770		12,246
Variation margin on futures contracts		12,762		940

Total liabilities		2,589,173		142,536

Net Assets, at value	$	1,282,892,091	$	147,895,964


Net Assets Consist of
Paid-in capital	$	1,253,246,682	$	131,756,547
Distributable earnings (loss)		29,645,409		16,139,417

Net Assets, at value	$	1,282,892,091	$	147,895,964


Number of Common Shares outstanding		30,650,001		5,100,001

Net Asset Value	$	41.86	$	29.00

Investment in non-affiliated securities at cost	$	1,165,268,469	$	131,021,307

Value of securities loaned	$	—	$	65,123

Investment in DWS Government Money Market Series at cost	$	4,273,305	$	334,935

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	67,850

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		66

DBX ETF Trust

Statements of Operations

For the Year Ended August 31, 2023


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			Xtrackers MSCI EAFE ESG Leaders Equity ETF			Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			Xtrackers MSCI USA Climate Action Equity ETF⁽¹⁾
Investment Income
Unaffiliated dividend income*	$	9,985,196		$	1,088,972		$	405,444		$	14,255,030
Affiliated dividend income		—			—			1,011			—
Income distributions from affiliated funds		56,357			1,183			1,946			40,591
Affiliated securities lending income		64,464			5,064			1,748			41,859
Unaffiliated non-cash dividend income		1,727,969			—			178,573			—
Unaffiliated securities lending income, net of borrower rebates		4,670			—			—			7,424

Total investment income		11,838,656			1,095,219			588,722			14,344,904


Expenses
Investment advisory fees		724,132			50,145			48,872			612,669
Other expenses		153			115			58			—

Total expenses		724,285			50,260			48,930			612,669

Less fees waived (see note 3):
Waiver		(1,110	)		(27	)		(77	)		(761	)

Net expenses		723,175			50,233			48,853			611,908

Net investment income (loss)		11,115,481			1,044,986			539,869			13,732,996


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(18,489,716	)		(1,480,961	)		(1,942,509	)		1,549,476
Investments in affiliates		—			—			(2,777	)		—
In-kind redemptions		—			718,241			4,986			22,960,654
Futures contracts		50,975			35,580			(5,919	)		213,403
Foreign currency transactions		(48,314	)		(8,166	)		6,876			—

Net realized gain (loss)		(18,487,055	)		(735,306	)		(1,939,343	)		24,723,533

Net change in unrealized appreciation (depreciation) on:
Investments***		17,295,655			5,015,024			1,436,858			223,355,392
Investments in affiliates		—			—			31			—
Futures contracts		(843	)		4,243			2,970			143,188
Foreign currency translations		14,491			7,427			(28,038	)		—

Net change in unrealized appreciation (depreciation)		17,309,303			5,026,694			1,411,821			223,498,580

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1,177,752	)		4,291,388			(527,522	)		248,222,113


Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,937,729		$	5,336,374		$	12,347		$	261,955,109

* Unaffiliated foreign tax withheld	$	1,821,352		$	131,598		$	91,241		$	893
** Including foreign taxes	$	20,453		$	—		$	16,648		$	—
*** Including (Net of) change in deferred foreign taxes	$	382,667		$	—		$	(24,239	)	$	—

(1)	For the period April 4, 2023 (commencement of operations) through August 31, 2023.


See Notes to Financial Statements.		67

DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended August 31, 2023


	Xtrackers MSCI USA ESG Leaders Equity ETF			Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Investment Income
Unaffiliated dividend income*	$	37,947,336		$	1,563,899
Income distributions from affiliated funds		229,238			6,721
Affiliated securities lending income		17,836			2,972
Unaffiliated securities lending income, net of borrower rebates		56,199			1,778

Total investment income		38,250,609			1,575,370


Expenses
Investment advisory fees		2,318,895			99,299
Other expenses		58			30

Total expenses		2,318,953			99,329

Less fees waived (see note 3):
Waiver		(235,968	)		(120	)

Net expenses		2,082,985			99,209

Net investment income (loss)		36,167,624			1,476,161


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(38,742,237	)		(655,983	)
In-kind redemptions		541,836,218			2,086,391
Futures contracts		(358,699	)		(13,869	)

Net realized gain (loss)		502,735,282			1,416,539

Net change in unrealized appreciation (depreciation) on:
Investments		(225,781,091	)		14,846,153
Futures contracts		167,736			13,960

Net change in unrealized appreciation (depreciation)		(225,613,355	)		14,860,113

Net realized and unrealized gain (loss) on investments and futures		277,121,927			16,276,652


Net Increase (Decrease) in Net Assets Resulting from Operations	$	313,289,551		$	17,752,813

* Unaffiliated foreign tax withheld	$	21,304		$	33


See Notes to Financial Statements.		68

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF						Xtrackers MSCI EAFE ESG Leaders Equity ETF
	Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	11,115,481		$	12,906,765		$	1,044,986		$	775,286
Net realized gain (loss)		(18,487,055	)		(47,552,026	)		(735,306	)		(828,340	)
Net change in net unrealized appreciation (depreciation)		17,309,303			(122,838,645	)		5,026,694			(6,754,362	)

Net increase (decrease) in net assets resulting from operations		9,937,729			(157,483,906	)		5,336,374			(6,807,416	)

Distributions to Shareholders		(12,833,632	)		(9,660,140	)		(957,399	)		(738,856	)


Fund Shares Transactions
Proceeds from shares sold		2,359,527			304,205,924			13,833,465			17,576,378
Value of shares redeemed		—			(140,382,770	)		(4,135,077	)		—

Net increase (decrease) in net assets resulting from fund share transactions		2,359,527			163,823,154			9,698,388			17,576,378

Total net increase (decrease) in Net Assets		(536,376	)		(3,320,892	)		14,077,363			10,030,106

Net Assets
Beginning of year		492,781,212			496,102,104			29,106,192			19,076,086

End of year	$	492,244,836		$	492,781,212		$	43,183,555		$	29,106,192


Changes in Shares Outstanding
Shares outstanding, beginning of year		18,300,001			14,300,001			1,200,001			600,001
Shares sold		100,000			9,050,000			500,000			600,000
Shares redeemed		—			(5,050,000	)		(150,000	)		—

Shares outstanding, end of year		18,400,001			18,300,001			1,550,001			1,200,001


See Notes to Financial Statements.		69

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF						Xtrackers MSCI USA Climate Action Equity ETF			Xtrackers MSCI USA ESG Leaders Equity ETF
	Year Ended August 31, 2023			Year Ended August 31, 2022			For the Period April 4, 2023⁽¹⁾ to August 31, 2023			Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	539,869		$	494,259		$	13,732,996		$	36,167,624		$	45,489,454
Net realized gain (loss)		(1,939,343	)		(879,835	)		24,723,533			502,735,282			502,947,305
Net change in net unrealized appreciation (depreciation)		1,411,821			(6,114,670	)		223,498,580			(225,613,355	)		(947,734,755	)

Net increase (decrease) in net assets resulting from operations		12,347			(6,500,246	)		261,955,109			313,289,551			(399,297,996	)

Distributions to Shareholders		(495,191	)		(519,666	)		(6,700,040	)		(41,345,101	)		(45,094,920	)


Fund Shares Transactions
Proceeds from shares sold		4,573,005			9,159,408			2,206,770,268			240,179,457			858,929,738
Value of shares redeemed		(2,277,610	)		(4,168,383	)		(186,900,909	)		(2,288,923,620	)		(1,244,247,484	)

Net increase (decrease) in net assets resulting from fund share transactions		2,295,395			4,991,025			2,019,869,359			(2,048,744,163	)		(385,317,746	)

Total net increase (decrease) in Net Assets		1,812,551			(2,028,887	)		2,275,124,428			(1,776,799,713	)		(829,710,662	)

Net Assets
Beginning of year		23,174,453			25,203,340			25			3,059,691,804			3,889,402,466

End of year	$	24,987,004		$	23,174,453		$	2,275,124,453		$	1,282,892,091		$	3,059,691,804


Changes in Shares Outstanding
Shares outstanding, beginning of year		950,001			750,001			1			85,300,001			92,850,001
Shares sold		200,000			350,000			88,350,000			6,650,000			21,800,000
Shares redeemed		(100,000	)		(150,000	)		(7,250,000	)		(61,300,000	)		(29,350,000	)

Shares outstanding, end of year		1,050,001			950,001			81,100,001			30,650,001			85,300,001

(1)	Commencement of Operations.


See Notes to Financial Statements.		70

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
	Year Ended August 31, 2023			For the Period June 28, 2022⁽¹⁾ to August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,476,161		$	196,738
Net realized gain (loss)		1,416,539			830,386
Net change in net unrealized appreciation (depreciation)		14,860,113			1,551,953

Net increase (decrease) in net assets resulting from operations		17,752,813			2,579,077

Distributions to Shareholders		(1,268,208	)		—


Fund Shares Transactions
Proceeds from shares sold		64,054,316			77,058,253
Value of shares redeemed		(8,280,393	)		(3,999,919	)

Net increase (decrease) in net assets resulting from fund share transactions		55,773,923			73,058,334

Total net increase (decrease) in Net Assets		72,258,528			75,637,411

Net Assets
Beginning of period		75,637,436			25

End of period	$	147,895,964		$	75,637,436


Changes in Shares Outstanding
Shares outstanding, beginning of period		3,000,001			1
Shares sold		2,400,000			3,150,000
Shares redeemed		(300,000	)		(150,000	)

Shares outstanding, end of period		5,100,001			3,000,001

(1)	Commencement of Operations.


See Notes to Financial Statements.		71

DBX ETF Trust

Financial Highlights


Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF Selected Per Share Data	Years Ended August 31,												Period Ended 8/31/2019(a)
	2023			2022			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	26.93		$	34.69		$	27.90		$	25.42		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.60			0.70			0.57			0.68			0.60
Net realized and unrealized gain (loss)		(0.08	)		(7.88	)		6.86			2.53			0.27

Total from investment operations		0.52			(7.18	)		7.43			3.21			0.87

Less distributions from:
Net investment income		(0.70	)		(0.58	)		(0.64	)		(0.73	)		(0.45	)

Total distributions		(0.70	)		(0.58	)		(0.64	)		(0.73	)		(0.45	)

Net Asset Value, end of period	$	26.75		$	26.93		$	34.69		$	27.90		$	25.42

Total Return (%)(c)		2.01			(20.81	)		26.80			12.74			3.44	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		492			493			496			8			8
Ratio of expenses before fee waiver (%)		0.15			0.15			0.16			0.16			0.16	*
Ratio of expenses after fee waiver (%)		0.15			0.15			0.16			0.16			0.16	*
Ratio of net investment income (loss) (%)		2.30			2.30			1.97			2.61			3.17	*
Portfolio turnover rate (%)(d)		16			33			17			13			10	**

Xtrackers MSCI EAFE ESG Leaders Equity ETF Selected Per Share Data	Years Ended August 31,												Period Ended 8/31/2019(e)
	2023			2022			2021			2020			Period Ended 8/31/2019(e)
Net Asset Value, beginning of period	$	24.26		$	31.79		$	25.96		$	24.10		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.78			0.85			0.72			0.59			0.78
Net realized and unrealized gain (loss)		3.51			(7.57	)		5.80			1.83			(1.01	)

Total from investment operations		4.29			(6.72	)		6.52			2.42			(0.23	)

Less distributions from:
Net investment income		(0.69	)		(0.81	)		(0.69	)		(0.56	)		(0.66	)
Net realized gains		—			—			—			—			(0.01	)

Total distributions		(0.69	)		(0.81	)		(0.69	)		(0.56	)		(0.67	)

Net Asset Value, end of period	$	27.86		$	24.26		$	31.79		$	25.96		$	24.10

Total Return (%)(c)		17.79			(21.40	)		25.28			10.12			(0.91	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		43			29			19			12			7
Ratio of expenses before fee waiver (%)		0.14			0.14			0.14			0.14			0.14	*
Ratio of expenses after fee waiver (%)		0.14			0.14			0.14			0.14			0.14	*
Ratio of net investment income (loss) (%)		2.92			3.04			2.45			2.39			3.25	*
Portfolio turnover rate (%)(d)		25			22			22			16			10	**

(a)	For the period December 6, 2018 (commencement of operations) through August 31, 2019.

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

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

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

(e)	For the period September 6, 2018 (commencement of operations) through August 31, 2019.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		72

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF Selected Per Share Data	Years Ended August 31,												Period Ended 8/31/2019(a)
	2023			2022			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	24.39		$	33.60		$	28.57		$	24.70		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.53			0.64			0.49			0.86			0.50
Net realized and unrealized gain (loss)		(0.65	)		(9.14	)		4.77			4.07			(0.53	)

Total from investment operations		(0.12	)		(8.50	)		5.26			4.93			(0.03	)

Less distributions from:
Net investment income		(0.47	)		(0.71	)		(0.23	)		(1.06	)		(0.27	)
Net realized gains		—			—			—			(0.00	)(c)		—

Total distributions		(0.47	)		(0.71	)		(0.23	)		(1.06	)		(0.27	)

Net Asset Value, end of period	$	23.80		$	24.39		$	33.60		$	28.57		$	24.70

Total Return (%)(d)		(0.51	)		(25.55	)		18.43			20.32			(0.17	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		25			23			25			9			7
Ratio of expenses before fee waiver (%)		0.20			0.20			0.20			0.20			0.20	*
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.20	*
Ratio of net investment income (loss) (%)		2.21			2.22			1.48			3.38			2.68	*
Portfolio turnover rate (%)(e)		23			24			26			17			16	**

Xtrackers MSCI USA Climate Action Equity ETF Selected Per Share Data	Period Ended 8/31/2023(f)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.17
Net realized and unrealized gain (loss)		2.96

Total from investment operations		3.13

Less distributions from:
Net investment income		(0.08	)

Total distributions		(0.08	)

Net Asset Value, end of period	$	28.05

Total Return (%)(d)		12.55	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2,275
Ratio of expenses before fee waiver (%)		0.07	*
Ratio of expenses after fee waiver (%)		0.07	*
Ratio of net investment income (loss) (%)		1.57	*
Portfolio turnover rate (%)(e)		7	**

(a)	For the period December 6, 2018 (commencement of operations) through August 31, 2019.

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

(c)	Amount represents 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.

(f)	For the period April 4, 2023 (commencement of operations) through August 31, 2023.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		73

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI USA ESG Leaders Equity ETF Selected Per Share Data	Years Ended August 31,												Period Ended 8/31/2019(a)
	2023			2022			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	35.87		$	41.89		$	31.84		$	26.69		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.57			0.53			0.50			0.51			0.24
Net realized and unrealized gain (loss)		6.04			(6.04	)		10.05			5.10			1.57

Total from investment operations		6.61			(5.51	)		10.55			5.61			1.81

Less distributions from:
Net investment income		(0.62	)		(0.51	)		(0.50	)		(0.46	)		(0.12	)

Total distributions		(0.62	)		(0.51	)		(0.50	)		(0.46	)		(0.12	)

Net Asset Value, end of period	$	41.86		$	35.87		$	41.89		$	31.84		$	26.69

Total Return (%)(c)		18.68			(13.29	)		33.48			21.42			7.23	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,283			3,060			3,889			2,666			1,341
Ratio of expenses before fee waiver (%)		0.10			0.10			0.10			0.10			0.10	*
Ratio of expenses after fee waiver (%)		0.09			0.09			0.09			0.09			0.10	*
Ratio of net investment income (loss) (%)		1.56			1.32			1.39			1.83			1.89	*
Portfolio turnover rate (%)(d)		6			6			12			9			5	**

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF Selected Per Share Data	Year Ended 8/31/2023			Period Ended 8/31/2022(e)
Net Asset Value, beginning of period	$	25.21		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.39			0.07
Net realized and unrealized gain (loss)		3.74			0.14

Total from investment operations		4.13			0.21

Less distributions from:
Net investment income		(0.34	)		—
Net realized gains		(0.00	)(f)		—

Total distributions		(0.34	)		—

Net Asset Value, end of period	$	29.00		$	25.21

Total Return (%)(c)		16.60			0.84	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		148			76
Ratio of expenses before fee waiver (%)		0.10			0.10	*
Ratio of expenses after fee waiver (%)		0.10			0.10	*
Ratio of net investment income (loss) (%)		1.49			1.50	*
Portfolio turnover rate (%)(d)		8			11	**

(a)	For the period March 7, 2019 (commencement of operations) through August 31, 2019.

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

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

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

(e)	For the period June 28, 2022 (commencement of operations) through August 31, 2022.

(f)	Amount represents less than $0.005.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		74

DBX ETF Trust

Notes to Financial Statements

1. Organization

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

Xtrackers MSCI EAFE ESG Leaders Equity ETF

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

Xtrackers MSCI USA Climate Action Equity ETF

Xtrackers MSCI USA ESG Leaders Equity ETF

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

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.


Fund		Underlying Index
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR
Xtrackers MSCI EAFE ESG Leaders Equity ETF		MSCI EAFE ESG Leaders Index
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		MSCI Emerging Markets ESG Leaders Index
Xtrackers MSCI USA Climate Action Equity ETF		MSCI USA Climate Action Index
Xtrackers MSCI USA ESG Leaders Equity ETF		MSCI USA ESG Leaders Index
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		Solactive ISS ESG United States Net Zero Pathway Enhanced Index

The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. The EMCR Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituents companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI EAFE ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI Emerging Markets ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. The annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

DBX ETF Trust

Notes to Financial Statements (Continued)

The MSCI USA Climate Action Index is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. Under normal circumstances, the Underlying Index is rebalanced on a semi-annual basis, and reviewed and reweighted on an ongoing basis. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

The MSCI USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies in the U.S. market. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The Solactive ISS ESG United States Net Zero Pathway Enhanced Index is comprised of large and mid-capitalization companies in the United States that meet certain ESG criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

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

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. 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.

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 Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

DBX ETF Trust

Notes to Financial Statements (Continued)

under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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

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

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. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

DBX ETF Trust

Notes to Financial Statements (Continued)

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 Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF to pay out dividends from its net investment income, if any, to investors semi-annually. It is the policy of Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF to pay out dividends from its net investment income, if any, to investors quarterly. 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.

As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income*		Undistributed Long-Term Capital Gains*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	5,257,480	$	—	$	(54,601,369	)	$	(94,679,772	)	$	(144,023,661	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		190,744		—		(1,639,615	)		1,022,763			(426,108	)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		361,011		—		(2,573,902	)		(2,594,694	)		(4,807,585	)
Xtrackers MSCI USA Climate Action Equity ETF		9,593,277		218,687		—			222,033,739			231,845,703
Xtrackers MSCI USA ESG Leaders Equity ETF		3,535,199		—		(65,280,983	)		91,391,193			29,645,409
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		416,084		—		(473,338	)		16,196,671			16,139,417

The tax character of dividends and distributions declared for the period ended August 31, 2023 and year ended August 31, 2022 were as follows:


	Period Ended August 31, 2023
	Ordinary Income*
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	12,833,632
Xtrackers MSCI EAFE ESG Leaders Equity ETF		957,399
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		495,191
Xtrackers MSCI USA Climate Action Equity ETF		6,700,040
Xtrackers MSCI USA ESG Leaders Equity ETF		41,345,101
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		1,268,208

DBX ETF Trust

Notes to Financial Statements (Continued)


	Year Ended August 31, 2022
	Ordinary Income*
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	9,660,140
Xtrackers MSCI EAFE ESG Leaders Equity ETF		738,856
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		519,666
Xtrackers MSCI USA ESG Leaders Equity ETF		45,094,920

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.


	Short-Term		Long-Term		Total Amount
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	36,954,462	$	17,646,907	$	54,601,369
Xtrackers MSCI EAFE ESG Leaders Equity ETF		564,063		1,075,552		1,639,615
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		883,141		1,690,761		2,573,902
Xtrackers MSCI USA ESG Leaders Equity ETF		16,442,851		48,838,132		65,280,983
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		327,541		145,797		473,338

For the period ended August 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind and equalization.


	Distributable earnings (loss)			Paid-In Capital
Xtrackers MSCI EAFE ESG Leaders Equity ETF	$	(637,860	)	$	637,860
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		17,456			(17,456	)
Xtrackers MSCI USA Climate Action Equity ETF		(23,409,366	)		23,409,366
Xtrackers MSCI USA ESG Leaders Equity ETF		(528,529,100	)		528,529,100
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		(2,071,106	)		2,071,106


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	585,327,607	$	(94,253,323	)	$	30,786,427	$	(125,039,750	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		41,969,941		1,022,418			3,464,406		(2,441,988	)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		27,678,329		(2,528,641	)		1,978,563		(4,507,204	)
Xtrackers MSCI USA Climate Action Equity ETF		2,050,985,369		222,033,739			273,621,602		(51,587,863	)
Xtrackers MSCI USA ESG Leaders Equity ETF		1,189,746,928		91,391,193			172,814,725		(81,423,532	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		131,638,257		16,196,671			20,425,088		(4,228,417	)

DBX ETF Trust

Notes to Financial Statements (Continued)

Securities Lending The Bank of New York Mellon, as securities lending agent, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF. 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 securities 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 year ended August 31, 2023, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds 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 August 31, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of August 31, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI USA Climate Action Equity ETF
Common Stocks	$	565,175	$	—	$	—	$	—	$	565,175

Gross amount of recognized liabilities for securities lending transactions									$	565,175
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Common Stocks	$	67,850	$	—	$	—	$	—	$	67,850

Gross amount of recognized liabilities for securities lending transactions									$	67,850

As of August 31, 2023, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF had no securities on loan.

DBX ETF Trust

Notes to Financial Statements (Continued)

Derivatives

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 year ended August 31, 2023, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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 August 31, 2023 is included in a table following the Funds’ Schedule of Investments.


		Asset Derivatives			Liability Derivatives
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	42,988
Xtrackers MSCI EAFE ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	2,728	Unrealized depreciation on futures contracts*	$	1,073
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	535	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI USA Climate Action Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	143,188	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI USA ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	112,267	Unrealized depreciation on futures contracts*	$	—
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	1,230	Unrealized depreciation on futures contracts*	$	—

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

DBX ETF Trust

Notes to Financial Statements (Continued)

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended August 31, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	50,975
Xtrackers MSCI EAFE ESG Leaders Equity ETF		35,580
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		(5,919	)
Xtrackers MSCI USA Climate Action Equity ETF		213,403
Xtrackers MSCI USA ESG Leaders Equity ETF		(358,699	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		(13,869	)



Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	(843	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		4,243
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		2,970
Xtrackers MSCI USA Climate Action Equity ETF		143,188
Xtrackers MSCI USA ESG Leaders Equity ETF		167,736
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		13,960

For the period ended August 31, 2023 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	2,967,514
Xtrackers MSCI EAFE ESG Leaders Equity ETF		197,638
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		75,794
Xtrackers MSCI USA Climate Action Equity ETF		3,800,193
Xtrackers MSCI USA ESG Leaders Equity ETF		7,275,575
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		194,595

DBX ETF Trust

Notes to Financial Statements (Continued)

3. Investment Advisory and Other Agreements


	Unitary Advisory Fee
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		0.15	%
Xtrackers MSCI EAFE ESG Leaders Equity ETF		0.14	%
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		0.20	%
Xtrackers MSCI USA Climate Action Equity ETF		0.07	%
Xtrackers MSCI USA ESG Leaders Equity ETF		0.10	%
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		0.10	%

The Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF has voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at nine basis points of the Fund’s average daily net assets. Any voluntary waiver or reimbursement implemented by the Advisor may be eliminated by the Advisor at any time. For the year ended August 31, 2023, the Advisor waived $231,889 of expenses to the Fund.


	Expenses Waived
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	1,110
Xtrackers MSCI EAFE ESG Leaders Equity ETF		27
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		77
Xtrackers MSCI USA Climate Action Equity ETF		761
Xtrackers MSCI USA ESG Leaders Equity ETF		4,079
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		120

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

DBX ETF Trust

Notes to Financial Statements (Continued)

4. Investment Portfolio Transactions

For the year ended August 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	79,480,104	$	77,487,878
Xtrackers MSCI EAFE ESG Leaders Equity ETF		10,006,375		8,788,223
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		8,652,849		5,639,674
Xtrackers MSCI USA Climate Action Equity ETF		131,406,711		133,156,870
Xtrackers MSCI USA ESG Leaders Equity ETF		148,079,325		146,477,543
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		7,777,306		7,509,280

For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	470,446	$	—
Xtrackers MSCI EAFE ESG Leaders Equity ETF		12,796,391		4,128,186
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		851,332		982,966
Xtrackers MSCI USA Climate Action Equity ETF		2,206,791,352		186,614,716
Xtrackers MSCI USA ESG Leaders Equity ETF		240,080,910		2,288,122,639
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		64,054,339		8,294,124

5. Fund Share Transactions

6. Investing in Emerging Markets

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

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform

DBX ETF Trust

Notes to Financial Statements (Continued)

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 which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers. In addition, in June 2021, the President of the United States 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.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at August 31, 2023.

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action Equity ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF, and Xtrackers MSCI USA Climate Action Equity ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2023, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at August 31, 2023, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	For the year ended August 31, 2023	For each of the two years in the period ended August 31, 2023	For each of the four years in the period ended August 31, 2023 and the period from December 6, 2018 (commencement of operations) through August 31, 2019
Xtrackers MSCI EAFE ESG Leaders Equity ETF	For the year ended August 31, 2023	For each of the two years in the period ended August 31, 2023	For each of the four years in the period ended August 31, 2023 and the period from September 6, 2018 (commencement of operations) through August 31, 2019
Xtrackers MSCI USA ESG Leaders Equity ETF	For the year ended August 31, 2023	For each of the two years in the period ended August 31, 2023	For each of the four years in the period ended August 31, 2023 and the period from March 7, 2019 (commencement of operations) through August 31, 2019
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	For the year ended August 31, 2023	For the year ended August 31, 2023 and the period from June 28, 2022 (commencement of operations) through August 31, 2022
Xtrackers MSCI USA Climate Action Equity ETF	For the period from April 4, 2023 (commencement of operations) through August 31, 2023

DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

Basis for Opinion

LOGO

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2023

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)

Xtrackers MSCI USA Climate Action Equity ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”) of DBX ETF Trust (the “Trust”) or its service providers, unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Adviser”) and the Trust, with respect to Xtrackers MSCI USA Climate Action Equity ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) the financial resources of the Adviser and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Adviser from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.

The Board reached a determination, with the assistance of Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.

The Board considered that the Adviser will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the Adviser will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fee to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Adviser’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Adviser, which supports the compliance program of the Adviser’s currently managed funds (which would also cover the Fund).

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer groups and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolios will be managed on a day-to-day basis by the Adviser and that the Adviser will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

Costs of Services and Profitability. The Board considered the anticipated expenses of the Adviser in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Adviser at this time. The Board considered whether the Adviser would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund.

Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

DBX ETF Trust

Board Members and Officers (Unaudited)

Identification and Background


Independent Board Members
Name, Year of Birth, Position with the Trust and Length of Time Served⁽¹⁾	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	42	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017- 2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	42	—

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)


Name, Year of Birth, Position with the Trust and Length of Time Served⁽¹⁾	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
J. David Officer (1948) Board Member since 2011, Chairperson of the Nominating Committee since 2015	Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	42	(Chairman of) Ilex Management Ltd; Old Westbury Funds


Officers⁽²⁾
Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Freddi Klassen⁽⁴⁾(1975) President and Chief Executive Officer, 2016- present		Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014- 2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Diane Kenneally⁽⁴⁾(1966) Treasurer, Chief Financial Officer and Controller, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018- present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi⁽⁴⁾(1967) Chief Compliance Officer, 2010-present		AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016- present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards⁽⁴⁾(1978) Vice President, 2016-present		Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)


Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
John Millette⁽⁵⁾(1962) Secretary, 2020-present		Legal (Associate General Counsel), DWS US Retail Legal (2003- present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015- present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011- present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020).
Caroline Pearson⁽⁵⁾(1962) Assistant Secretary, 2020-present		Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020- present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021).
Jeffrey Berry⁽⁵⁾(1959) Assistant Treasurer, 2019-present		Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan⁽⁵⁾(1966) Assistant Treasurer, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018- present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018- present).
Christina A. Morse⁽⁶⁾(1964) Assistant Secretary, 2017-present		Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Christian Rijs⁽⁴⁾(1980) Anti-Money Laundering Compliance Officer, since October 21, 2021		Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

(1)	The length of time served is represented by the year in which the Board Member joined the Board.

(2)	As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

(3)	The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

(4)	Address: 875 Third Avenue, New York, New York 10022.

(5)	Address: 100 Summer Street, Boston, MA 02110.

(6)	Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

Portfolio Holdings Information

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 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.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2023.


	Qualified Dividend Income*		Dividends Received Deduction*
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		76%		0%
Xtrackers MSCI EAFE ESG Leaders Equity ETF		90%		0%
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		69%		0%
Xtrackers MSCI USA Climate Action Equity ETF		82%		79%
Xtrackers MSCI USA ESG Leaders Equity ETF		100%		98%
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		100%		94%

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:


	Gross Foreign Income		Foreign Taxes Income
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		$15,111,149		$1,776,209
Xtrackers MSCI EAFE ESG Leaders Equity ETF		1,215,294		103,805
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		851,328		87,210

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on a fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the fund. The Underlying Index’s methodology for identifying companies attempting to reduce their carbon footprint limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not follow a carbon reduction strategy. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US 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. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. EMSG, USCA and USNZ are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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.

Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).

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 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.

EMCR and USNZ (the “Funds”) are not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding advisability of investing in funds generally or in these Funds particularly or the ability of the Underlying Indexes to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Indexes or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


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

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

R-070013-5 (10/23) DBX005647 (10/24)

LOGO

August 31, 2023

Annual Report

DBX ETF Trust

Xtrackers S&P 500 ESG ETF (SNPE)

Xtrackers S&P 500 Growth ESG ETF (SNPG)

Xtrackers S&P 500 Value ESG ETF (SNPV)

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)

Xtrackers S&P MidCap 400 ESG ETF (MIDE)

Xtrackers S&P SmallCap 600 ESG ETF (SMLE)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		2
Performance Summary
Xtrackers S&P 500 ESG ETF		4
Xtrackers S&P 500 Growth ESG ETF		6
Xtrackers S&P 500 Value ESG ETF		8
Xtrackers S&P ESG Dividend Aristocrats ETF		10
Xtrackers S&P MidCap 400 ESG ETF		12
Xtrackers S&P SmallCap 600 ESG ETF		14
Fees and Expenses		16
Schedule of Investments
Xtrackers S&P 500 ESG ETF		17
Xtrackers S&P 500 Growth ESG ETF		22
Xtrackers S&P 500 Value ESG ETF		25
Xtrackers S&P ESG Dividend Aristocrats ETF		29
Xtrackers S&P MidCap 400 ESG ETF		31
Xtrackers S&P SmallCap 600 ESG ETF		35
Statements of Assets and Liabilities		40
Statements of Operations		42
Statements of Changes in Net Assets		44
Financial Highlights		46
Notes to Financial Statements		49
Report of Independent Registered Public Accounting Firm		58
Other Information		60
Board Members and Officers		61
Additional Information		64

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report on six of our equity ETFs tracking the environmental, social and governance (ESG) market for the period ended August 31, 2023.

The U.S. economy maintained its growth trajectory as inflation moderated and productivity increased. Markets saw little instability despite the banking crisis in Europe and the U.S. as the Fed assured depositors their money would be safe at Silicon Valley Bank and Signature Bank. U.S. equity markets recovered on encouraging economic data that pointed to the country’s economic growth, while investor optimism strengthened as industrial activity improved and jobless claims decreased. Equity markets exhibited resilience, supported by factors such as stronger-than-expected U.S. economic data, a resolution of the U.S. debt ceiling issue, and policy support in China and Japan. During the latter half of the reporting period, stocks rallied, driven by gains in the information technology sector, as the hype around artificial intelligence (AI) and large language models (LLMs) and their prospects became a hot topic.

In the U.S., the transition of ESG disclosure from voluntary reporting to a regulatory-driven program is currently underway, reflecting the Securities and Exchange Commission’s delayed disclosure requirements for public companies. Contrast that with the European Union, which has enacted explicit directives on ESG, and the U.K., where the Financial Conduct Authority has made it mandatory for listed firms to disclose information about the environment. The Biden administration and new state legislation have all spearheaded a flurry of ESG efforts and ideas that have transformed the U.S. regulatory environment. ESG-focused investments outperformed the broader market amid a volatile macroeconomic backdrop. The COP27 summit in November 2022 resulted in a global climate agreement. To reduce carbon emissions in the U.S. by around 40% by 2030, the Biden administration passed the Inflation Reduction Act, providing billions of dollars of federal funding delivered through a mix of tax incentives, grants and loan guarantees.

Our analysts believe that investor preference will generally continue to shift toward net zero, along with increased demand for disclosures, and global sustainability standards are expected to broaden in scope during 2023 and beyond. Even if concerns surrounding high inflation, Fed rate hikes, and tougher lending rules exist, we maintain a positive outlook on global stocks, as they have returned to a more favorable environment. We anticipate the equity markets to exhibit resilience despite the possibility of volatility in the upcoming months. While mega-cap, technology, and AI- related equities saw large returns in H1 2023, a more upbeat narrative of a global economic recovery with inflation more under control may surface in H2 2023. Given deteriorating climate conditions and large tax incentives, we expect green investment capital flows to continue growing despite the market’s shift toward growth equities.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers S&P 500 ESG ETF

Xtrackers S&P 500 ESG ETF (SNPE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 ESG Index (the SNPE Index). The SNPE Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (“ESG”) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. For the period ended August 31, 2023, SNPE shares returned 17.99%, compared to the SNPE Index return of 18.12%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Consumer Discretionary and Industrials. The Utilities and Real Estate sectors were the only negative contributors to performance.

Xtrackers S&P 500 Growth ESG ETF

Xtrackers S&P 500 Growth ESG ETF (SNPG) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Growth ESG Index (the SNPG Index). The SNPG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. For the period November 9, 2022 (commencement of operations), to August 31, 2023, SNPG shares returned 32.23%, compared to the SNPG Index return of 32.41%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Consumer Discretionary and Communication Services. The Energy and Utilities sectors were the only negative contributors to performance.

Xtrackers S&P 500 Value ESG ETF

Xtrackers S&P 500 Value ESG ETF (SNPV) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Value ESG Index (the SNPV Index). The SNPV Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. For the period November 9, 2022 (commencement of operations), to August 31, 2023, SNPV shares returned 7.91%, compared to the SNPV Index return of 8.05%.

Information Technology, Industrials and Consumer Discretionary were the major positive contributors, while Financials, Energy and Health Care sectors detracted most from the performance.

Xtrackers S&P ESG Dividend Aristocrats ETF

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P ESG High Yield Dividend Aristocrats Index (the SNPD Index). The SNPD Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. The S&P High Yield Dividend Aristocrats Index measures the performance of companies within the S&P Composite 1500 Index that have followed a policy of consistently increasing dividends every year for at least 20 years. For the period November 9, 2022 (commencement of operations), to August 31, 2023, SNPD shares returned 1.99%, compared to the SNPD Index return of 2.10%.

Industrials, Information Technology and Health Care were the major positive contributors, while Consumer Staples, Consumer Discretionary and Utilities sectors detracted most from the performance.

Xtrackers S&P MidCap 400 ESG ETF

Xtrackers S&P MidCap 400 ESG ETF (MIDE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P MidCap 400 ESG Index (the MIDE Index). The MIDE Index is a broad-based, market capitalization weighted index that is designed to measure the performance of securities meeting environmental, social and governance (“ESG”) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. For the period ending August 31, 2023, MIDE shares returned 10.18%, compared to the MIDE Index return of 10.39%.

DBX ETF Trust

Management’s Discussion of Fund Performance (Continued)

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Industrials, Consumer Discretionary and Information Technology. The Utilities, Real Estate and Communication Services sectors detracted from performance.

Xtrackers S&P SmallCap 600 ESG ETF

Xtrackers S&P SmallCap 600 ESG ETF (SMLE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P SmallCap 600 ESG Index (the SMLE Index). The SMLE Index is a broad-based, market capitalization weighted index that is designed to measure the performance of securities meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. For the period ending August 31, 2023, SMLE shares returned 5.95%, compared to the SMLE Index return of 6.09%.

Information Technology, Industrials and Consumer Discretionary were the major positive contributors, while Financials, Health Care and Real Estate sectors detracted most from the performance.

*************************

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 4-15 of this report for additional performance information, including performance data based on market value.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P 500 ESG ETF (SNPE)

Xtrackers S&P 500 ESG 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 S&P 500 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Return

	Net Asset Value	Market Value	S&P 500 ESG Index	S&P 500 Index
One Year	17.99%	18.02%	18.12%	15.94%
Since Inception¹	14.57%	14.57%	14.68%	12.83%

Cumulative Total Returns

	Net Asset Value	Market Value	S&P 500 ESG Index	S&P 500 Index
One Year	17.99%	18.02%	18.12%	15.94%
Since Inception¹	76.65%	76.69%	77.46%	65.75%

¹ Total returns are calculated based on the commencement of operations, June 26, 2019 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.11%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P 500 ESG ETF (SNPE) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, June 26, 2019.

Sector Diversification* as of August 31, 2023


Information Technology			30.8%
Health Care			13.2%
Financials			12.1%
Consumer Discretionary			12.1%
Communication Services			8.7%
Industrials			6.8%
Consumer Staples			6.3%
Energy			3.9%
Real Estate			2.4%
Materials			2.3%
Utilities			1.4%

Total			100.0%

Ten Largest Equity Holdings
as of August 31, 2023 (40.5% of Net Assets)


Description	% of Net Assets
Apple, Inc.		9.7%
Microsoft Corp.		8.5%
Alphabet, Inc.		5.3%
Amazon.com, Inc.		4.3%
NVIDIA Corp.		4.3%
Tesla, Inc.		2.4%
UnitedHealth Group, Inc.		1.6%
Eli Lilly & Co.		1.5%
JPMorgan Chase & Co.		1.5%
Visa, Inc.		1.4%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P Growth ESG ETF (SNPG)

Xtrackers S&P 500 Growth ESG 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 S&P 500 Growth ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Cumulative Total Returns

	Net Asset Value	Market Value	S&P 500 Growth ESG Index	S&P 500 Index
Since Inception¹	32.23%	32.23%	32.41%	19.45%

¹ Total returns are calculated based on the commencement of operations, November 9, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 11, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P Growth ESG ETF (SNPG) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, November 9, 2022.

Sector Diversification* as of August 31, 2023


Information Technology			31.3%
Health Care			17.0%
Consumer Discretionary			12.1%
Communication Services			10.2%
Energy			8.3%
Financials			7.3%
Consumer Staples			6.8%
Industrials			4.2%
Materials			2.0%
Real Estate			0.6%
Utilities			0.2%

Total			100.0%

Ten Largest Equity Holdings
as of August 31, 2023 (54.1% of Net Assets)


Description	% of Net Assets
Alphabet, Inc.		9.8%
Apple, Inc.		8.6%
Microsoft Corp.		8.3%
NVIDIA Corp.		8.0%
Tesla, Inc.		4.5%
Amazon.com, Inc.		3.7%
Exxon Mobil Corp.		2.9%
UnitedHealth Group, Inc.		2.9%
Eli Lilly & Co.		2.8%
Visa, Inc.		2.6%

* 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 22.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P Value ESG ETF (SNPV)

Xtrackers S&P 500 Value ESG 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 S&P 500 Value ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Cumulative Total Returns

	Net Asset Value	Market Value	S&P 500 Value ESG Index	S&P 500 Index
Since Inception¹	7.91%	7.91%	8.05%	19.45%

¹ Total returns are calculated based on the commencement of operations, November 9, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 11, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P Value ESG ETF (SNPV) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, November 9, 2022.

Sector Diversification* as of August 31, 2023


Information Technology			19.8%
Financials			19.1%
Consumer Discretionary			12.9%
Industrials			10.9%
Health Care			8.5%
Communication Services			8.2%
Consumer Staples			7.5%
Real Estate			4.9%
Materials			3.2%
Utilities			3.1%
Energy			1.9%

Total			100.0%

Ten Largest Equity Holdings
as of August 31, 2023 (29.9% of Net Assets)


Description	% of Net Assets
Microsoft Corp.		8.6%
Amazon.com, Inc.		5.6%
JPMorgan Chase & Co.		3.6%
Cisco Systems, Inc.		2.0%
Walmart, Inc.		1.9%
Salesforce, Inc.		1.8%
Bank of America Corp.		1.7%
Comcast Corp.		1.7%
Netflix, Inc.		1.6%
Procter & Gamble Co.		1.4%

* 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 25.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)

Xtrackers S&P ESG Dividend Aristocrats 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 S&P ESG High Yield Dividend Aristocrats Index (the “Underlying Index”). The Underlying Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. The S&P High Yield Dividend Aristocrats Index measures the performance of companies within the S&P Composite 1500 Index that have followed a policy of consistently increasing dividends every year for at least 20 years. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Cumulative Total Returns

	Net Asset Value	Market Value	S&P ESG High Yield Dividend Aristocrats Index	S&P Composite 1500 Index
Since Inception¹	1.99%	2.03%	2.10%	18.55%

¹ Total returns are calculated based on the commencement of operations, November 9, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 24, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, November 9, 2022.

Sector Diversification* as of August 31, 2023


Consumer Staples			21.1%
Industrials			21.1%
Materials			12.6%
Financials			11.3%
Health Care			7.5%
Consumer Discretionary			7.1%
Utilities			5.6%
Information Technology			5.2%
Real Estate			4.6%
Energy			3.4%
Communication Services			0.5%

Total			100.0%

Ten Largest Equity Holdings
as of August 31, 2023 (22.1% of Net Assets)


Description	% of Net Assets
International Business Machines Corp.		2.8%
Stanley Black & Decker, Inc.		2.6%
Essex Property Trust, Inc.		2.5%
T. Rowe Price Group, Inc.		2.2%
Federal Realty Investment Trust		2.1%
Franklin Resources, Inc.		2.1%
Amcor PLC		2.0%
Walgreens Boots Alliance, Inc.		2.0%
AbbVie, Inc.		1.9%
Medtronic PLC		1.9%

* 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 29.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P MidCap 400 ESG ETF (MIDE)

Xtrackers S&P MidCap 400 ESG 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 S&P MidCap 400 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. It is not possible to invest directly into an index.



Average Annual Total Return

	Net Asset Value	Market Value	S&P MidCap 400 ESG Index	S&P MidCap 400 Index
One Year	10.18%	10.18%	10.39%	10.71%
Since Inception¹	3.64%	3.64%	3.81%	3.35%

Cumulative Total Returns

	Net Asset Value	Market Value	S&P MidCap 400 ESG Index	S&P MidCap 400 Index
One Year	10.18%	10.18%	10.39%	10.71%
Since Inception¹	9.43%	9.43%	9.88%	8.64%

¹ Total returns are calculated based on the commencement of operations, February 24, 2021 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P MidCap 400 ESG ETF (MIDE) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, February 24, 2021.

Sector Diversification* as of August 31, 2023


Industrials			22.8%
Consumer Discretionary			16.1%
Financials			15.2%
Health Care			10.4%
Information Technology			10.1%
Real Estate			7.0%
Materials			6.6%
Energy			4.4%
Consumer Staples			3.8%
Communication Services			1.9%
Utilities			1.7%

Total			100.0%

Ten Largest Equity Holdings
as of August 31, 2023 (8.6 of Net Assets)


Description	% of Net Assets
Hubbell, Inc.		1.1%
Jabil, Inc.		1.0%
Deckers Outdoor Corp.		0.9%
Carlisle Cos., Inc.		0.9%
Owens Corning		0.8%
RPM International, Inc.		0.8%
Manhattan Associates, Inc.		0.8%
AECOM		0.8%
Lennox International, Inc.		0.8%
Saia, Inc.		0.7%

* 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 31.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P SmallCap 600 ESG ETF (SMLE)

Xtrackers S&P SmallCap 600 ESG 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 S&P SmallCap 600 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. It is not possible to invest directly into an index.

Performance as of August 31, 2023



Average Annual Total Return

	Net Asset Value	Market Value	S&P SmallCap 600 ESG Index	S&P SmallCap 600 Index
One Year	5.95%	5.82%	6.09%	5.53%
Since Inception¹	0.61%	0.58%	0.76%	-0.41%

Cumulative Total Returns

	Net Asset Value	Market Value	S&P SmallCap 600 ESG Index	S&P SmallCap 600 Index
One Year	5.95%	5.82%	6.09%	5.53%
Since Inception¹	1.55%	1.47%	1.94%	-1.02%

¹ Total returns are calculated based on the commencement of operations, February 24, 2021 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers S&P SmallCap 600 ESG ETF (SMLE) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, February 24, 2021.

Sector Diversification* as of August 31, 2023


Industrials			17.7%
Financials			16.8%
Information Technology			14.6%
Consumer Discretionary			14.1%
Health Care			9.9%
Real Estate			7.7%
Materials			5.5%
Energy			5.4%
Consumer Staples			4.7%
Utilities			2.0%
Communication Services			1.6%

Total			100.0%

Ten Largest Equity Holdings
as of August 31, 2023 (9.0% of Net Assets)


Description	% of Net Assets
elf Beauty, Inc.		1.0%
Onto Innovation, Inc.		1.0%
SPS Commerce, Inc.		1.0%
Comfort Systems USA, Inc.		1.0%
Axcelis Technologies, Inc.		0.9%
Rambus, Inc.		0.9%
Applied Industrial Technologies, Inc.		0.9%
Fabrinet		0.8%
Ensign Group, Inc.		0.8%
SM Energy Co.		0.7%

* 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 35.

DBX ETF Trust

Fees and Expenses (Unaudited)

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value March 1, 2023		Ending Account Value August 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers S&P 500 ESG ETF
Actual	$	1,000.00	$	1,165.10		0.10	%	$	0.55
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.70		0.10	%	$	0.51
Xtrackers S&P 500 Growth ESG ETF
Actual	$	1,000.00	$	1,245.50		0.15	%	$	0.85
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.77
Xtrackers S&P 500 Value ESG ETF
Actual	$	1,000.00	$	1,049.00		0.15	%	$	0.77
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.77
Xtrackers S&P ESG Dividend Aristocrats ETF
Actual	$	1,000.00	$	1,010.40		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.77
Xtrackers S&P MidCap 400 ESG ETF
Actual	$	1,000.00	$	1,008.30		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.77
Xtrackers S&P SmallCap 600 ESG ETF
Actual	$	1,000.00	$	996.20		0.15	%	$	0.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.77

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 8.7%
Alphabet, Inc., Class A*		184,347	$	25,102,531
Alphabet, Inc., Class C*		158,617		21,786,045
AT&T, Inc.		220,369		3,259,257
Charter Communications, Inc., Class*		3,278		1,436,157
Comcast Corp., Class A		130,088		6,082,915
Electronic Arts, Inc.		8,073		968,599
Fox Corp., Class A		8,867		293,143
Fox Corp., Class B		4,129		126,017
Interpublic Group of Cos., Inc.		12,787		416,984
Match Group, Inc.*		8,225		385,506
Netflix, Inc.*		13,751		5,963,534
News Corp., Class A		11,838		254,399
News Corp., Class B		3,641		80,102
Omnicom Group, Inc.		6,286		509,229
Paramount Global, Class B		14,894		224,750
Verizon Communications, Inc.		129,755		4,538,830
Walt Disney Co.*		56,484		4,726,581
Warner Bros Discovery, Inc.*		68,307		897,554

(Cost $80,617,985)				77,052,133

Consumer Discretionary — 12.0%
Amazon.com, Inc.*		276,983		38,226,424
Aptiv PLC*		8,363		848,426
Best Buy Co., Inc.		6,013		459,694
BorgWarner, Inc.		7,083		288,632
Caesars Entertainment, Inc.*		6,949		384,002
Darden Restaurants, Inc.		3,780		587,828
eBay, Inc.		16,781		751,453
Etsy, Inc.*		3,807		280,081
Ford Motor Co.		120,740		1,464,576
General Motors Co.		42,878		1,436,842
Hasbro, Inc.		4,242		305,424
Hilton Worldwide Holdings, Inc.		8,236		1,224,281
Home Depot, Inc.		31,519		10,410,726
Las Vegas Sands Corp.		10,195		559,298
Lowe’s Cos., Inc.		18,705		4,311,128
Marriott International, Inc., Class A		8,005		1,629,098
McDonald’s Corp.		22,679		6,376,201
MGM Resorts International		9,357		411,521
Mohawk Industries, Inc.*		1,803		182,806
Newell Brands, Inc.		12,363		130,800
NIKE, Inc., Class B		38,536		3,919,497
Norwegian Cruise Line Holdings Ltd.*		12,361		204,822
PulteGroup, Inc.		6,902		566,378
Ralph Lauren Corp.		1,224		142,755
Royal Caribbean Cruises Ltd.*		6,533		646,375
Starbucks Corp.		35,594		3,468,279
Tapestry, Inc.		7,297		243,136
Tesla, Inc.*		83,621		21,580,908
TJX Cos., Inc.		35,785		3,309,397
Tractor Supply Co.		3,417		746,614
VF Corp.		10,430		206,097
Whirlpool Corp.		1,688		236,252
Yum! Brands, Inc.		8,687		1,123,924

(Cost $104,338,695)				106,663,675


	Number of Shares		Value
Consumer Staples — 6.3%
Archer-Daniels-Midland Co.		16,941	$	1,343,421
Brown-Forman Corp., Class B		6,002		396,912
Campbell Soup Co.		6,557		273,427
Coca-Cola Co.		120,324		7,198,985
Colgate-Palmolive Co.		25,708		1,888,767
Conagra Brands, Inc.		14,486		432,842
Constellation Brands, Inc., Class A		5,099		1,328,595
Dollar General Corp.		6,899		955,511
Dollar Tree, Inc.*		6,421		785,674
Estee Lauder Cos., Inc., Class A		7,174		1,151,642
General Mills, Inc.		18,245		1,234,457
Hershey Co.		4,561		979,976
Hormel Foods Corp.		9,479		365,795
J M Smucker Co.		3,295		477,610
Kellogg Co.		7,781		474,797
Keurig Dr Pepper, Inc.		26,287		884,557
Kraft Heinz Co.		24,408		807,661
Kroger Co.		20,080		931,511
McCormick & Co., Inc.		7,709		632,755
Molson Coors Beverage Co., Class B		6,152		390,590
Mondelez International, Inc., Class A		42,135		3,002,540
PepsiCo, Inc.		42,592		7,577,969
Procter & Gamble Co.		73,003		11,267,283
Sysco Corp.		15,648		1,089,883
Target Corp.		14,212		1,798,529
Tyson Foods, Inc., Class A		8,665		461,585
Walgreens Boots Alliance, Inc.		21,877		553,707
Walmart, Inc.		43,413		7,059,388

(Cost $57,505,640)				55,746,369

Energy — 3.9%
APA Corp.		9,838		431,298
Baker Hughes Co.		31,016		1,122,469
Chevron Corp.		55,216		8,895,298
ConocoPhillips		37,835		4,503,500
Devon Energy Corp.		19,939		1,018,684
EOG Resources, Inc.		18,076		2,324,935
EQT Corp.		10,882		470,320
Halliburton Co.		27,836		1,075,026
Hess Corp.		8,544		1,320,048
Kinder Morgan, Inc.		61,178		1,053,485
Marathon Oil Corp.		19,310		508,818
Marathon Petroleum Corp.		13,174		1,880,852
ONEOK, Inc.		13,723		894,740
Phillips 66		14,437		1,648,128
Pioneer Natural Resources Co.		7,315		1,740,458
Schlumberger NV		43,893		2,587,931
Valero Energy Corp.		11,229		1,458,647
Williams Cos., Inc.		37,471		1,293,874

(Cost $29,648,707)				34,228,511

Financials — 12.1%
Aflac, Inc.		17,318		1,291,403
Allstate Corp.		8,076		870,674
American Express Co.		18,360		2,900,697
American International Group, Inc.		22,729		1,330,101
Ameriprise Financial, Inc.		3,273		1,104,899


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Financials (Continued)
Arch Capital Group Ltd.*		11,453	$	880,278
Arthur J Gallagher & Co.		6,534		1,505,956
Assurant, Inc.		1,843		256,785
Bank of America Corp.		215,353		6,174,171
Bank of New York Mellon Corp.		22,308		1,000,960
BlackRock, Inc.		4,621		3,237,195
Capital One Financial Corp.		11,824		1,210,659
Cboe Global Markets, Inc.		3,423		512,457
Charles Schwab Corp.		46,123		2,728,176
Chubb Ltd.		12,830		2,577,162
Citigroup, Inc.		59,892		2,472,941
CME Group, Inc.		11,121		2,254,004
Discover Financial Services		8,230		741,276
Everest Group Ltd.		1,321		476,458
FactSet Research Systems, Inc.		1,237		539,839
Fidelity National Information Services, Inc.		18,353		1,025,199
Fifth Third Bancorp		20,525		544,939
Franklin Resources, Inc.		9,034		241,569
Globe Life, Inc.		2,928		326,677
Goldman Sachs Group, Inc.		10,440		3,421,292
Hartford Financial Services Group, Inc.		9,768		701,538
Intercontinental Exchange, Inc.		17,264		2,036,979
Invesco Ltd.		14,921		237,542
JPMorgan Chase & Co.		90,725		13,275,789
Lincoln National Corp.		5,418		139,026
M&T Bank Corp.		5,220		652,761
MarketAxess Holdings, Inc.		1,226		295,380
Mastercard, Inc., Class A		25,972		10,717,086
MetLife, Inc.		20,393		1,291,693
Moody’s Corp.		4,809		1,619,671
Morgan Stanley		40,223		3,424,989
MSCI, Inc.		2,480		1,348,178
Nasdaq, Inc.		10,196		535,086
Northern Trust Corp.		6,427		488,902
PayPal Holdings, Inc.*		34,949		2,184,662
PNC Financial Services Group, Inc.		12,396		1,496,569
Principal Financial Group, Inc.		7,359		571,868
Progressive Corp.		18,043		2,408,199
Prudential Financial, Inc.		11,336		1,073,179
Raymond James Financial, Inc.		5,895		616,558
Regions Financial Corp.		31,352		574,996
S&P Global, Inc.		10,157		3,969,965
State Street Corp.		10,660		732,768
Synchrony Financial		13,110		423,191
T. Rowe Price Group, Inc.		6,974		782,692
Travelers Cos., Inc.		7,085		1,142,315
Truist Financial Corp.		40,562		1,239,169
Visa, Inc., Class A		50,297		12,356,967
W R Berkley Corp.		6,812		421,390
Willis Towers Watson PLC		3,281		678,380

(Cost $111,428,134)				107,063,255

Health Care — 13.1%
Abbott Laboratories		53,955		5,551,969
AbbVie, Inc.		54,730		8,043,121
Agilent Technologies, Inc.		9,110		1,102,948


	Number of Shares		Value
Health Care (Continued)
Amgen, Inc.		16,525	$	4,236,018
Baxter International, Inc.		15,502		629,381
Becton Dickinson and Co.		8,816		2,463,631
Biogen, Inc.*		4,430		1,184,405
Bio-Rad Laboratories, Inc., Class A*		614		245,723
Boston Scientific Corp.*		44,461		2,398,226
Bristol-Myers Squibb Co.		65,736		4,052,624
Cardinal Health, Inc.		7,975		696,457
Cencora, Inc.		5,015		882,540
Centene Corp.*		16,977		1,046,632
Cigna Group		9,263		2,558,996
CVS Health Corp.		39,675		2,585,620
DaVita, Inc.*		2,011		205,967
Edwards Lifesciences Corp.*		19,145		1,464,018
Elevance Health, Inc.		7,364		3,254,962
Eli Lilly & Co.		24,401		13,523,034
Gilead Sciences, Inc.		38,641		2,955,264
Henry Schein, Inc.*		4,363		333,944
Hologic, Inc.*		7,661		572,583
Humana, Inc.		3,867		1,785,123
IDEXX Laboratories, Inc.*		2,564		1,311,255
Illumina, Inc.*		4,839		799,500
Laboratory Corp. of America Holdings		2,699		561,662
Medtronic PLC		41,108		3,350,302
Merck & Co., Inc.		78,498		8,554,712
Mettler-Toledo International, Inc.*		715		867,638
Moderna, Inc.*		10,237		1,157,498
Organon & Co.		8,413		184,749
Pfizer, Inc.		175,324		6,202,963
Quest Diagnostics, Inc.		3,419		449,598
Regeneron Pharmaceuticals, Inc.*		3,341		2,761,303
Teleflex, Inc.		1,370		291,454
Thermo Fisher Scientific, Inc.		11,983		6,675,729
UnitedHealth Group, Inc.		28,923		13,784,123
Vertex Pharmaceuticals, Inc.*		7,981		2,780,102
Viatris, Inc.		39,386		423,400
Waters Corp.*		1,817		510,214
Zimmer Biomet Holdings, Inc.		6,477		771,540
Zoetis, Inc.		14,433		2,749,631

(Cost $114,093,076)				115,960,559

Industrials — 6.8%
Alaska Air Group, Inc.*		3,702		155,373
American Airlines Group, Inc.*		21,294		313,661
Automatic Data Processing, Inc.		12,798		3,258,499
Broadridge Financial Solutions, Inc.		3,655		680,598
C.H. Robinson Worldwide, Inc.		3,461		312,978
Carrier Global Corp.		25,784		1,481,291
Caterpillar, Inc.		16,084		4,521,695
Cintas Corp.		2,643		1,332,521
CSX Corp.		63,164		1,907,553
Cummins, Inc.		4,395		1,011,026
Deere & Co.		8,381		3,444,088
Dover Corp.		4,317		640,211
Eaton Corp. PLC		12,311		2,836,085
Emerson Electric Co.		17,660		1,735,095
Expeditors International of Washington, Inc.		4,724		551,338


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Industrials (Continued)
Fortive Corp.		10,918	$	860,884
Generac Holdings, Inc.*		2,052		243,798
General Electric Co.		33,707		3,858,103
IDEX Corp.		2,462		557,397
Illinois Tool Works, Inc.		8,579		2,122,016
Ingersoll Rand, Inc.		12,315		857,247
JB Hunt Transport Services, Inc.		2,543		477,779
Johnson Controls International PLC		21,022		1,241,559
Nordson Corp.		1,669		407,470
Norfolk Southern Corp.		7,010		1,437,120
Otis Worldwide Corp.		12,667		1,083,662
PACCAR, Inc.		16,153		1,329,230
Parker-Hannifin Corp.		3,906		1,628,411
Paychex, Inc.		9,907		1,210,933
Pentair PLC		5,300		372,378
Quanta Services, Inc.		4,398		923,008
Republic Services, Inc.		6,315		910,181
Robert Half, Inc.		3,543		262,040
Rockwell Automation, Inc.		3,488		1,088,535
Stanley Black & Decker, Inc.		5,215		492,192
Trane Technologies PLC		6,993		1,435,383
Union Pacific Corp.		18,897		4,168,111
United Parcel Service, Inc., Class B		22,596		3,827,762
United Rentals, Inc.		2,135		1,017,413
Verisk Analytics, Inc.		4,495		1,088,779
Waste Management, Inc.		11,474		1,798,894
Westinghouse Air Brake Technologies Corp.		5,614		631,687
Xylem, Inc.		7,374		763,504

(Cost $54,383,278)				60,277,488

Information Technology — 30.7%
Adobe, Inc.*		14,168		7,924,729
Advanced Micro Devices, Inc.*		49,912		5,276,697
Apple, Inc.		458,786		86,192,126
Applied Materials, Inc.		26,101		3,987,189
Arista Networks, Inc.*		7,653		1,494,095
Autodesk, Inc.*		6,704		1,487,886
Cisco Systems, Inc.		126,774		7,270,489
Corning, Inc.		23,108		758,405
F5, Inc.*		1,778		290,987
Fortinet, Inc.*		20,048		1,207,090
Gen Digital, Inc.		18,677		378,209
Hewlett Packard Enterprise Co.		42,607		723,893
HP, Inc.		26,454		785,948
Intel Corp.		129,543		4,552,141
Intuit, Inc.		8,677		4,701,285
Juniper Networks, Inc.		10,555		307,362
Keysight Technologies, Inc.*		5,503		733,550
KLA Corp.		4,279		2,147,502
Lam Research Corp.		4,190		2,943,056
Micron Technology, Inc.		33,744		2,360,055
Microsoft Corp.		230,711		75,617,837
Motorola Solutions, Inc.		5,169		1,465,773
NVIDIA Corp.		76,741		37,875,520
NXP Semiconductors NV		8,026		1,651,109
ON Semiconductor Corp.*		13,343		1,313,752


	Number of Shares		Value
Information Technology (Continued)
QUALCOMM, Inc.		34,507	$	3,952,087
Salesforce, Inc.*		30,393		6,730,834
Seagate Technology Holdings PLC		5,882		416,387
SolarEdge Technologies, Inc.*		1,672		271,817
TE Connectivity Ltd.		9,695		1,283,521
Texas Instruments, Inc.		28,063		4,716,268
Tyler Technologies, Inc.*		1,332		530,709
Zebra Technologies Corp., Class A*		1,601		440,291

(Cost $227,490,906)				271,788,599

Materials — 2.3%
Air Products and Chemicals, Inc.		6,863		2,027,948
Albemarle Corp.		3,547		704,824
Amcor PLC		45,668		444,806
Ball Corp.		9,685		527,348
CF Industries Holdings, Inc.		6,029		464,655
Corteva, Inc.		21,922		1,107,280
Dow, Inc.		21,568		1,176,750
Ecolab, Inc.		7,659		1,407,801
FMC Corp.		4,150		357,855
Freeport-McMoRan, Inc.		44,151		1,762,066
International Flavors & Fragrances, Inc.		7,792		548,946
International Paper Co.		10,751		375,425
Linde PLC		15,240		5,898,490
LyondellBasell Industries NV, Class A		7,706		761,122
Mosaic Co.		10,240		397,824
Newmont Corp.		24,673		972,610
PPG Industries, Inc.		7,248		1,027,476
Westrock Co.		7,336		239,961

(Cost $21,216,942)				20,203,187

Real Estate — 2.4%
Alexandria Real Estate Equities, Inc. REIT		4,818		560,526
American Tower Corp. REIT		14,427		2,615,904
AvalonBay Communities, Inc. REIT		4,273		785,463
Boston Properties, Inc. REIT		4,589		306,408
CBRE Group, Inc., Class A*		9,746		828,897
Digital Realty Trust, Inc. REIT		8,908		1,173,362
Equinix, Inc. REIT		2,888		2,256,625
Equity Residential REIT		11,234		728,300
Essex Property Trust, Inc. REIT		2,107		502,288
Extra Space Storage, Inc. REIT		6,548		842,597
Federal Realty Investment Trust REIT		2,299		225,164
Healthpeak Properties, Inc. REIT		17,363		357,331
Host Hotels & Resorts, Inc. REIT		23,181		366,028
Iron Mountain, Inc. REIT		8,815		560,105
Kimco Realty Corp. REIT		19,607		371,357
Prologis, Inc. REIT		28,586		3,550,381
Regency Centers Corp. REIT		4,585		285,187
SBA Communications Corp. REIT		3,351		752,400
Simon Property Group, Inc. REIT		10,086		1,144,660
UDR, Inc. REIT		9,808		391,339
Ventas, Inc. REIT		12,857		561,594
Welltower, Inc. REIT		15,432		1,279,004
Weyerhaeuser Co. REIT		22,554		738,643

(Cost $23,935,728)				21,183,563


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Utilities — 1.4%
American Water Works Co., Inc.		5,972	$	828,555
CenterPoint Energy, Inc.		19,498		543,799
Constellation Energy Corp.		10,077		1,049,620
Edison International		11,801		812,499
Entergy Corp.		6,564		625,221
Eversource Energy		10,708		683,385
Exelon Corp.		30,653		1,229,798
NextEra Energy, Inc.		62,857		4,198,848
Public Service Enterprise Group, Inc.		15,321		935,807
Sempra		19,407		1,362,759

(Cost $13,336,155)				12,270,291

TOTAL COMMON STOCKS (Cost $837,995,246)				882,437,630

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $1,432,502)		1,432,502		1,432,502


TOTAL INVESTMENTS — 99.9% (Cost $839,427,748)			$	883,870,132
Other assets and liabilities, net — 0.1%				1,283,550

NET ASSETS — 100.0%			$	885,153,682

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(b)
		—		–		0 (c	)		—		—		2		—		—		—

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		1,156,171		15,672,483		(15,396,152	)		—		—		64,810		—		1,432,502		1,432,502

		1,156,171		15,672,483		(15,396,152	)		—		—		64,812		—		1,432,502		1,432,502

*	Non-income producing security.

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

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

(c)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

REIT:

Real Estate Investment Trust

At August 31, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
E-Mini S&P 500 ESG Futures	USD	13	$	2,584,627	$	2,607,150	9/15/2023	$	22,523

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

Currency Abbreviations

USD

U.S. Dollar


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2023

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	882,437,630	$	—	$	—	$	882,437,630
Short-Term Investments (a)		1,432,502		—		—		1,432,502
Derivatives (b)
Futures Contracts		22,523		—		—		22,523

TOTAL	$	883,892,655	$	—	$	—	$	883,892,655

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

(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth ESG ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.8%
Communication Services — 10.2%
Alphabet, Inc., Class A*		2,542	$	346,144
Alphabet, Inc., Class C*		2,184		299,973
T-Mobile US, Inc.*		169		23,026

(Cost $461,784)				669,143

Consumer Discretionary — 12.1%
Amazon.com, Inc.*		1,757		242,484
Etsy, Inc.*		31		2,281
Hilton Worldwide Holdings, Inc.		54		8,027
Home Depot, Inc.		229		75,639
Lowe’s Cos., Inc.		176		40,564
McDonald’s Corp.		195		54,824
Starbucks Corp.		247		24,068
Tesla, Inc.*		1,152		297,308
TJX Cos., Inc.		322		29,779
Tractor Supply Co.		46		10,051
Yum! Brands, Inc.		75		9,703

(Cost $617,718)				794,728

Consumer Staples — 6.8%
Archer-Daniels-Midland Co.		113		8,961
Bunge Ltd.		26		2,972
Campbell Soup Co.		50		2,085
Coca-Cola Co.		1,088		65,095
Colgate-Palmolive Co.		193		14,180
Constellation Brands, Inc., Class A		38		9,901
Costco Wholesale Corp.		125		68,660
Dollar General Corp.		94		13,019
Dollar Tree, Inc.*		87		10,645
General Mills, Inc.		169		11,435
Hershey Co.		62		13,321
Kellogg Co.		59		3,600
Keurig Dr Pepper, Inc.		179		6,024
McCormick & Co., Inc.		54		4,432
Mondelez International, Inc., Class A		323		23,017
PepsiCo, Inc.		591		105,151
Procter & Gamble Co.		555		85,659

(Cost $461,220)				448,157

Energy — 8.3%
APA Corp.		135		5,918
Chevron Corp.		761		122,597
ConocoPhillips		516		61,420
Devon Energy Corp.		275		14,050
EOG Resources, Inc.		255		32,798
EQT Corp.		154		6,656
Exxon Mobil Corp.		1,728		192,136
Hess Corp.		117		18,077
Marathon Oil Corp.		267		7,035
Marathon Petroleum Corp.		92		13,135
ONEOK, Inc.		188		12,258
Pioneer Natural Resources Co.		100		23,793
Schlumberger NV		317		18,690
Williams Cos., Inc.		512		17,679

(Cost $542,571)				546,242


	Number of Shares		Value
Financials — 7.3%
American Express Co.		123	$	19,433
Arch Capital Group Ltd.*		156		11,990
Arthur J Gallagher & Co.		60		13,829
Cboe Global Markets, Inc.		30		4,491
Chubb Ltd.		100		20,087
Everest Group Ltd.		10		3,607
FactSet Research Systems, Inc.		10		4,364
Globe Life, Inc.		27		3,012
MarketAxess Holdings, Inc.		8		1,927
Mastercard, Inc., Class A		358		147,725
Moody’s Corp.		31		10,441
MSCI, Inc.		19		10,329
Nasdaq, Inc.		91		4,776
Principal Financial Group, Inc.		58		4,507
Progressive Corp.		250		33,368
Travelers Cos., Inc.		58		9,351
Visa, Inc., Class A		693		170,256
W.R. Berkley Corp.		86		5,320

(Cost $441,383)				478,813

Health Care — 16.9%
Abbott Laboratories		390		40,131
AbbVie, Inc.		755		110,955
Agilent Technologies, Inc.		75		9,080
Amgen, Inc.		229		58,702
Biogen, Inc.*		30		8,021
Bristol-Myers Squibb Co.		894		55,115
Cigna Group		62		17,128
Elevance Health, Inc.		102		45,085
Eli Lilly & Co.		337		186,765
Gilead Sciences, Inc.		538		41,146
Hologic, Inc.*		104		7,773
IDEXX Laboratories, Inc.*		17		8,694
IQVIA Holdings, Inc.*		37		8,237
Merck & Co., Inc.		1,086		118,352
Mettler-Toledo International, Inc.*		6		7,281
Moderna, Inc.*		139		15,717
Quest Diagnostics, Inc.		31		4,076
Regeneron Pharmaceuticals, Inc.*		46		38,019
ResMed, Inc.		33		5,266
Thermo Fisher Scientific, Inc.		165		91,922
UnitedHealth Group, Inc.		398		189,679
Vertex Pharmaceuticals, Inc.*		111		38,666
Waters Corp.*		25		7,020

(Cost $1,060,964)				1,112,830

Industrials — 4.2%
Automatic Data Processing, Inc.		177		45,066
Broadridge Financial Solutions, Inc.		24		4,469
C.H. Robinson Worldwide, Inc.		27		2,442
Caterpillar, Inc.		131		36,828
Cintas Corp.		23		11,596
CSX Corp.		424		12,805
Cummins, Inc.		30		6,901
Deere & Co.		116		47,669
IDEX Corp.		18		4,075
Illinois Tool Works, Inc.		60		14,841


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Industrials (Continued)
JB Hunt Transport Services, Inc.		35	$	6,576
Paychex, Inc.		77		9,412
Quanta Services, Inc.		65		13,641
Republic Services, Inc.		48		6,918
Union Pacific Corp.		129		28,453
Verisk Analytics, Inc.		30		7,267
Waste Management, Inc.		92		14,424

(Cost $243,733)				273,383

Information Technology — 31.2%
Adobe, Inc.*		93		52,019
Advanced Micro Devices, Inc.*		375		39,645
Apple, Inc.		2,998		563,234
Applied Materials, Inc.		362		55,299
Arista Networks, Inc.*		107		20,890
Autodesk, Inc.*		50		11,097
Fortinet, Inc.*		279		16,798
Keysight Technologies, Inc.*		41		5,465
Lam Research Corp.		57		40,037
Microsoft Corp.		1,669		547,031
Motorola Solutions, Inc.		39		11,059
NVIDIA Corp.		1,058		522,176
ON Semiconductor Corp.*		182		17,920
QUALCOMM, Inc.		477		54,631
ServiceNow, Inc.*		87		51,228
Texas Instruments, Inc.		245		41,175

(Cost $1,440,951)				2,049,704

Materials — 2.0%
Air Products and Chemicals, Inc.		96		28,367
Albemarle Corp.		49		9,737
CF Industries Holdings, Inc.		83		6,397
Corteva, Inc.		207		10,455


	Number of Shares		Value
Materials (Continued)
Freeport-McMoRan, Inc.		623	$	24,864
Linde PLC		128		49,541

(Cost $125,217)				129,361

Real Estate — 0.6%
American Tower Corp. REIT		109		19,764
Extra Space Storage, Inc. REIT		45		5,791
Iron Mountain, Inc. REIT		77		4,892
SBA Communications Corp. REIT		25		5,613
Weyerhaeuser Co. REIT		176		5,764

(Cost $44,506)				41,824

Utilities — 0.2%
Sempra
(Cost $12,284)		158		11,095

TOTAL COMMON STOCKS (Cost $5,452,331)				6,555,280

EXCHANGE-TRADED FUNDS — 0.1%
SPDR Portfolio S&P 500 Growth ETF		18		1,125
Vanguard S&P 500 Growth ETF				1,561

(Cost $2,397)		6		2,686

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $1,630)		1,630		1,630


TOTAL INVESTMENTS — 99.9% (Cost $5,456,358)			$	6,559,596
Other assets and liabilities, net — 0.1%				7,533

NET ASSETS — 100.0%			$	6,567,129

A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2023 is as follows:


	Value ($) at 11/9/2022 (Commencement of Operations)		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (a)(b)
		—		—		0	(c)		—		—		1		—		—		—
CASH EQUIVALENTS —0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		—		81,207		(79,577	)		—		—		109		—		1,630		1,630

		—		81,207		(79,577	)		—		—		110		—		1,630		1,630

*	Non-income producing security.

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

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

(c)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended August 31, 2023.

REIT: Real Estate Investment Trust


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth ESG ETF (Continued)

August 31, 2023

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	6,555,280	$	—	$	—	$	6,555,280
Exchange-Traded Funds		2,686		—		—		2,686
Short-Term Investments (a)		1,630		—		—		1,630

TOTAL	$	6,559,596	$	—	$	—	$	6,559,596

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


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 8.1%
AT&T, Inc.		3,185	$	47,106
Charter Communications, Inc., Class A*		47		20,592
Comcast Corp., Class A		1,880		87,909
Electronic Arts, Inc.		37		4,439
Fox Corp., Class A		133		4,397
Fox Corp., Class B		62		1,892
Interpublic Group of Cos., Inc.		174		5,674
Live Nation Entertainment, Inc.*		64		5,410
Match Group, Inc.*		125		5,859
Netflix, Inc.*		199		86,302
News Corp., Class A		171		3,675
News Corp., Class B		53		1,166
Omnicom Group, Inc.		91		7,372
Paramount Global, Class B		226		3,410
Verizon Communications, Inc.		1,877		65,658
Walt Disney Co.*		816		68,283
Warner Bros Discovery, Inc.*		987		12,969

(Cost $401,435)				432,113

Consumer Discretionary — 12.8%
Amazon.com, Inc.*		2,162		298,378
Aptiv PLC*		121		12,275
Best Buy Co., Inc.		88		6,728
BorgWarner, Inc.		105		4,279
Caesars Entertainment, Inc.*		96		5,305
Carnival Corp.*		448		7,087
Darden Restaurants, Inc.		54		8,398
eBay, Inc.		242		10,837
Etsy, Inc.*		24		1,766
General Motors Co.		623		20,877
Hasbro, Inc.		58		4,176
Hilton Worldwide Holdings, Inc.		62		9,216
Home Depot, Inc.		214		70,684
Las Vegas Sands Corp.		147		8,064
Lowe’s Cos., Inc.		84		19,360
Marriott International, Inc., Class A		56		11,397
McDonald’s Corp.		124		34,863
MGM Resorts International		141		6,201
Mohawk Industries, Inc.*		24		2,433
Newell Brands, Inc.		168		1,777
NIKE, Inc., Class B		552		56,144
Norwegian Cruise Line Holdings Ltd.*		188		3,115
PulteGroup, Inc.		101		8,288
Ralph Lauren Corp.		19		2,216
Royal Caribbean Cruises Ltd.*		98		9,696
Starbucks Corp.		252		24,555
Tapestry, Inc.		105		3,499
TJX Cos., Inc.		186		17,201
VF Corp.		148		2,924
Whirlpool Corp.		24		3,359
Yum! Brands, Inc.		45		5,822

(Cost $585,041)				680,920

Consumer Staples — 7.4%
Archer-Daniels-Midland Co.		125		9,913
Brown-Forman Corp., Class B		37		2,447


	Number of Shares		Value
Consumer Staples (Continued)
Bunge Ltd.		39	$	4,458
Campbell Soup Co.		37		1,543
Coca-Cola Co.		609		36,436
Colgate-Palmolive Co.		168		12,343
Conagra Brands, Inc.		213		6,364
Constellation Brands, Inc., Class A		32		8,338
Estee Lauder Cos., Inc., Class A		104		16,695
General Mills, Inc.		84		5,683
Hormel Foods Corp.		42		1,621
J M Smucker Co.		48		6,958
Kellogg Co.		51		3,112
Keurig Dr Pepper, Inc.		190		6,394
Kraft Heinz Co.		356		11,780
Kroger Co.		291		13,500
McCormick & Co., Inc.		55		4,514
Molson Coors Beverage Co., Class B		84		5,333
Mondelez International, Inc., Class A		280		19,953
Procter & Gamble Co.		474		73,157
Target Corp.		206		26,069
Tyson Foods, Inc., Class A		128		6,819
Walgreens Boots Alliance, Inc.		320		8,099
Walmart, Inc.		632		102,770

(Cost $398,265)				394,299

Energy — 1.9%
Baker Hughes Co.		450		16,286
Halliburton Co.		404		15,603
Kinder Morgan, Inc.		884		15,222
Marathon Petroleum Corp.		99		14,134
Phillips 66		208		23,745
Schlumberger NV		298		17,570

(Cost $93,186)				102,560

Financials — 19.0%
Aflac, Inc.		250		18,642
Allstate Corp.		118		12,722
American Express Co.		136		21,487
American International Group, Inc.		323		18,902
Arthur J Gallagher & Co.		34		7,836
Assurant, Inc.		24		3,344
Bank of America Corp.		3,104		88,992
Bank of New York Mellon Corp.		329		14,762
BlackRock, Inc.		67		46,936
Capital One Financial Corp.		170		17,406
Cboe Global Markets, Inc.		16		2,395
Charles Schwab Corp.		279		16,503
Chubb Ltd.		80		16,070
Citigroup, Inc.		866		35,757
CME Group, Inc.		161		32,631
Discover Financial Services		50		4,503
FactSet Research Systems, Inc.		7		3,055
Fidelity National Information Services, Inc.		265		14,803
Fifth Third Bancorp		305		8,098
Fiserv, Inc.*		88		10,682
Franklin Resources, Inc.		127		3,396
Global Payments, Inc.		118		14,949


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Financials (Continued)
Globe Life, Inc.		14	$	1,562
Goldman Sachs Group, Inc.		149		48,829
Hartford Financial Services Group, Inc.		141		10,127
Intercontinental Exchange, Inc.		250		29,498
Invesco Ltd.		203		3,232
JPMorgan Chase & Co.		1,311		191,839
Lincoln National Corp.		60		1,540
M&T Bank Corp.		76		9,504
MarketAxess Holdings, Inc.		9		2,168
MetLife, Inc.		285		18,052
Moody’s Corp.		37		12,462
Morgan Stanley		584		49,728
MSCI, Inc.		15		8,154
Nasdaq, Inc.		55		2,886
Northern Trust Corp.		93		7,075
PayPal Holdings, Inc.*		500		31,255
PNC Financial Services Group, Inc.		179		21,611
Principal Financial Group, Inc.		40		3,108
Prudential Financial, Inc.		160		15,147
Regions Financial Corp.		417		7,648
S&P Global, Inc.		147		57,456
State Street Corp.		149		10,242
Synchrony Financial		195		6,295
T. Rowe Price Group, Inc.		100		11,223
Travelers Cos., Inc.		48		7,739
Truist Financial Corp.		593		18,116
Willis Towers Watson PLC		48		9,924

(Cost $1,049,084)				1,010,291

Health Care — 8.5%
Abbott Laboratories		374		38,485
Agilent Technologies, Inc.		53		6,417
Baxter International, Inc.		226		9,176
Becton Dickinson and Co.		127		35,490
Biogen, Inc.*		34		9,090
Bio-Rad Laboratories, Inc., Class A*		10		4,002
Bio-Techne Corp.		37		2,901
Boston Scientific Corp.*		301		16,236
Cardinal Health, Inc.		115		10,043
Catalent, Inc.*		80		3,998
Cencora, Inc.		72		12,671
Centene Corp.*		246		15,166
Cigna Group		68		18,786
CVS Health Corp.		574		37,408
DaVita, Inc.*		24		2,458
Edwards Lifesciences Corp.*		276		21,106
Henry Schein, Inc.*		61		4,669
Humana, Inc.		20		9,233
IDEXX Laboratories, Inc.*		19		9,717
Illumina, Inc.*		70		11,565
IQVIA Holdings, Inc.*		43		9,573
Medtronic PLC		594		48,411
Mettler-Toledo International, Inc.*		3		3,640
Organon & Co.		114		2,503
Quest Diagnostics, Inc.		17		2,235
Stryker Corp.		151		42,816
Teleflex, Inc.		21		4,467


	Number of Shares		Value
Health Care (Continued)
Viatris, Inc.		542	$	5,826
Zimmer Biomet Holdings, Inc.		94		11,197
Zoetis, Inc.		208		39,626

(Cost $467,764)				448,911

Industrials — 10.9%
Alaska Air Group, Inc.*		57		2,392
American Airlines Group, Inc.*		291		4,286
Broadridge Financial Solutions, Inc.		27		5,028
C.H. Robinson Worldwide, Inc.		24		2,170
Carrier Global Corp.		373		21,429
Caterpillar, Inc.		93		26,145
Cintas Corp.		16		8,067
CSX Corp.		489		14,768
Cummins, Inc.		31		7,131
Dover Corp.		62		9,195
Eaton Corp. PLC		178		41,006
Emerson Electric Co.		255		25,054
Fortive Corp.		158		12,458
Generac Holdings, Inc.*		28		3,327
General Electric Co.		487		55,742
IDEX Corp.		14		3,170
Illinois Tool Works, Inc.		61		15,088
Ingersoll Rand, Inc.		190		13,226
Johnson Controls International PLC		307		18,131
Nordson Corp.		24		5,859
Norfolk Southern Corp.		102		20,911
Otis Worldwide Corp.		185		15,827
PACCAR, Inc.		233		19,174
Parker-Hannifin Corp.		57		23,763
Paychex, Inc.		62		7,578
Pentair PLC		74		5,199
Republic Services, Inc.		41		5,909
Robert Half, Inc.		48		3,550
Rockwell Automation, Inc.		51		15,916
Stanley Black & Decker, Inc.		66		6,229
Trane Technologies PLC		102		20,937
Union Pacific Corp.		137		30,218
United Parcel Service, Inc., Class B		326		55,224
United Rentals, Inc.		31		14,773
Verisk Analytics, Inc.		35		8,478
Waste Management, Inc.		68		10,661
Westinghouse Air Brake Technologies Corp.		81		9,114
Xylem, Inc.		105		10,872

(Cost $491,841)				578,005

Information Technology — 19.7%
Adobe, Inc.*		108		60,409
Advanced Micro Devices, Inc.*		331		34,993
Akamai Technologies, Inc.*		70		7,356
Analog Devices, Inc.		120		21,814
Autodesk, Inc.*		43		9,543
Cisco Systems, Inc.		1,836		105,295
Corning, Inc.		340		11,159
Gen Digital, Inc.		119		2,410
Hewlett Packard Enterprise Co.		573		9,735


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Information Technology (Continued)
HP, Inc.		386	$	11,468
Intel Corp.		1,875		65,888
Intuit, Inc.		59		31,967
Keysight Technologies, Inc.*		37		4,932
Microchip Technology, Inc.		125		10,230
Micron Technology, Inc.		488		34,131
Microsoft Corp.		1,401		459,192
Motorola Solutions, Inc.		34		9,641
NXP Semiconductors NV		47		9,669
Salesforce, Inc.*		439		97,221
TE Connectivity Ltd.		141		18,667
Teradyne, Inc.		35		3,775
Texas Instruments, Inc.		150		25,209
Tyler Technologies, Inc.*		10		3,984

(Cost $905,371)				1,048,688

Materials — 3.2%
Amcor PLC		664		6,467
Ball Corp.		140		7,623
Corteva, Inc.		99		5,001
Dow, Inc.		315		17,186
Ecolab, Inc.		111		20,403
International Flavors & Fragrances, Inc.		114		8,031
Linde PLC		86		33,285
LyondellBasell Industries NV, Class A		113		11,161
Newmont Corp.		355		13,994
PPG Industries, Inc.		105		14,885
Sherwin-Williams Co.		105		28,531
Westrock Co.		114		3,729

(Cost $155,673)				170,296

Real Estate — 4.9%
Alexandria Real Estate Equities, Inc. REIT		70		8,144
American Tower Corp. REIT		98		17,769
AvalonBay Communities, Inc. REIT		63		11,581
Boston Properties, Inc. REIT		64		4,273
CBRE Group, Inc., Class A*		141		11,992
Digital Realty Trust, Inc. REIT		128		16,860
Equinix, Inc. REIT		42		32,818
Equity Residential REIT		152		9,854
Essex Property Trust, Inc. REIT		29		6,913
Extra Space Storage, Inc. REIT		47		6,048
Federal Realty Investment Trust REIT		33		3,232


	Number of Shares		Value
Real Estate (Continued)
Healthpeak Properties, Inc. REIT		244	$	5,022
Host Hotels & Resorts, Inc. REIT		320		5,053
Iron Mountain, Inc. REIT		52		3,304
Kimco Realty Corp. REIT		276		5,227
Prologis, Inc. REIT		412		51,170
Regency Centers Corp. REIT		69		4,292
SBA Communications Corp. REIT		21		4,715
Simon Property Group, Inc. REIT		146		16,570
UDR, Inc. REIT		138		5,506
Ventas, Inc. REIT		179		7,819
Welltower, Inc. REIT		223		18,482
Weyerhaeuser Co. REIT		141		4,618

(Cost $251,078)				261,262

Utilities — 3.1%
American Water Works Co., Inc.		86		11,932
CenterPoint Energy, Inc.		281		7,837
Constellation Energy Corp.		146		15,207
Edison International		171		11,773
Entergy Corp.		95		9,049
Eversource Energy		156		9,956
Exelon Corp.		444		17,813
NextEra Energy, Inc.		910		60,788
Public Service Enterprise Group, Inc.		223		13,621
Sempra		112		7,865

(Cost $174,030)				165,841

TOTAL COMMON STOCKS (Cost $4,972,768)				5,293,186

EXCHANGE-TRADED FUNDS — 0.3%
SPDR Portfolio S&P 500 Value ETF (Cost $15,203)		350		15,215

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $493)		493		493


TOTAL INVESTMENTS — 99.8% (Cost $4,988,464)			$	5,308,894
Other assets and liabilities, net — 0.2%				8,665

NET ASSETS — 100.0%			$	5,317,559

A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2023 is as follows:


	Value ($) at 11/9/2022 (Commencement of Operations)		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (a)(b)
		—		—		0	(c)		—		—		3		—		—		—
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		—		145,924		(145,431	)		—		—		107		—		493		493


		—		145,924		(145,430	)		—		—		110		—		493		493


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

August 31, 2023

*	Non-income producing security.

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

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

(c)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended August 31, 2023.

REIT: Real Estate Investment Trust

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	5,293,186	$	—	$	—	$	5,293,186
Exchange-Traded Funds		15,215				—		15,215
Short-Term Investments (a)		493		—		—		493

TOTAL	$	5,308,894	$	—	$	—	$	5,308,894

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


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers S&P ESG Dividend Aristocrats ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 0.5%
John Wiley & Sons, Inc., Class A (Cost $27,105)		639	$	23,745

Consumer Discretionary — 7.1%
Genuine Parts Co.		403		61,953
Leggett & Platt, Inc.		2,269		63,986
Lowe’s Cos., Inc.		277		63,843
McDonald’s Corp.		239		67,195
NIKE, Inc., Class B		267		27,156
Polaris, Inc.		644		72,186

(Cost $368,485)				356,319

Consumer Staples — 21.0%
Archer-Daniels-Midland Co.		521		41,315
Brown-Forman Corp., Class B		530		35,049
Church & Dwight Co., Inc.		460		44,514
Coca-Cola Co.		1,250		74,787
Colgate-Palmolive Co.		907		66,637
Flowers Foods, Inc.		3,376		79,539
Hormel Foods Corp.		1,565		60,393
J M Smucker Co.		502		72,765
Kimberly-Clark Corp.		724		93,273
McCormick & Co., Inc.		681		55,896
PepsiCo, Inc.		417		74,193
Procter & Gamble Co.		482		74,392
Sysco Corp.		966		67,282
Target Corp.		512		64,794
Walgreens Boots Alliance, Inc.		3,863		97,773
Walmart, Inc.		318		51,710

(Cost $1,141,276)				1,054,312

Energy — 3.4%
Chevron Corp.		485		78,133
Exxon Mobil Corp.		819		91,065

(Cost $181,445)				169,198

Financials — 11.3%
Aflac, Inc.		882		65,771
Chubb Ltd.		182		36,558
Cincinnati Financial Corp.		743		78,602
Commerce Bancshares, Inc.		648		31,810
FactSet Research Systems, Inc.		56		24,439
Franklin Resources, Inc.		3,911		104,580
S&P Global, Inc.		74		28,924
SEI Investments Co.		620		38,477
T. Rowe Price Group, Inc.		1,005		112,791
UMB Financial Corp.		454		28,698
W R Berkley Corp.		213		13,176

(Cost $568,616)				563,826

Health Care — 7.5%
Abbott Laboratories		417		42,909
AbbVie, Inc.		661		97,141
Becton Dickinson and Co.		156		43,594
Cardinal Health, Inc.		942		82,265
Medtronic PLC		1,169		95,273


	Number of Shares		Value
Health Care (Continued)
West Pharmaceutical Services, Inc.		33	$	13,428

(Cost $352,367)				374,610

Industrials — 21.0%
ABM Industries, Inc.		856		38,880
Automatic Data Processing, Inc.		242		61,616
Brady Corp., Class A		488		24,615
C.H. Robinson Worldwide, Inc.		814		73,610
Carlisle Cos., Inc.		152		39,979
Caterpillar, Inc.		222		62,411
Cintas Corp.		67		33,779
Dover Corp.		310		45,973
Emerson Electric Co.		709		69,659
Expeditors International of Washington, Inc.		333		38,864
Fastenal Co.		1,571		90,458
Franklin Electric Co., Inc.		342		33,075
Illinois Tool Works, Inc.		310		76,678
Lincoln Electric Holdings, Inc.		325		62,550
MSA Safety, Inc.		293		53,525
Nordson Corp.		141		34,424
Pentair PLC		1,169		82,134
Stanley Black & Decker, Inc.		1,379		130,150

(Cost $924,592)				1,052,380

Information Technology — 5.1%
Badger Meter, Inc.		197		32,718
International Business Machines Corp.		960		140,957
Microchip Technology, Inc.		785		64,245
Roper Technologies, Inc.		40		19,962

(Cost $231,761)				257,882

Materials — 12.5%
Air Products and Chemicals, Inc.		196		57,916
Albemarle Corp.		92		18,281
Amcor PLC		10,282		100,147
AptarGroup, Inc.		341		45,203
Ecolab, Inc.		275		50,548
HB Fuller Co.		442		32,058
International Flavors & Fragrances, Inc.		721		50,794
Linde PLC		122		47,219
Nucor Corp.		301		51,802
PPG Industries, Inc.		409		57,980
Sherwin-Williams Co.		114		30,976
Sonoco Products Co.		1,142		65,608
Stepan Co.		200		17,454

(Cost $647,692)				625,986

Real Estate — 4.6%
Essex Property Trust, Inc. REIT		516		123,009
Federal Realty Investment Trust REIT		1,086		106,363

(Cost $231,510)				229,372

Utilities — 5.5%
California Water Service Group		563		28,291
Consolidated Edison, Inc.		936		83,266
Essential Utilities, Inc.		1,414		52,177
Eversource Energy		1,051		67,075


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers S&P ESG Dividend Aristocrats ETF (Continued)

August 31, 2023


	Number of Shares		Value
Utilities (Continued)
NextEra Energy, Inc.		701	$	46,827

(Cost $320,337)				277,636

TOTAL COMMON STOCKS (Cost $4,995,186)				4,985,266

EXCHANGE-TRADED FUNDS — 0.3%
ProShares S&P 500 Dividend Aristocrats ETF (Cost $14,244)		150		14,169


	Number of Shares		Value
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $1,971)		1,971	$	1,971


TOTAL INVESTMENTS — 99.8%
(Cost $5,011,401)			$	5,001,406
Other assets and liabilities, net — 0.2%				9,544

NET ASSETS — 100.0%			$	5,010,950

A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2023 is as follows:


	Value ($) at 11/9/2022 (Commencement of Operations)		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
EXCHANGE-TRADED FUNDS — 0.0% Xtrackers S&P 500 ESG ETF (b)
EXCHANGE-TRADED FUNDS — 0.0% Xtrackers S&P 500 ESG ETF (b)
		—		24,714		(25,559	)		845		—		45		—		—		—
Xtrackers S&P 500 Value ESG ETF (b)
		—		10,114		(10,276	)		162		—		73		—		—		—
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(c)
		—		—		0	(d)		—		—		5		—		—		—
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		—		162,132		(160,161	)		—		—		163		—		1,971		1,971

		—		196,960		(195,996)			1,007		—		286		—		1,971		1,971

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

(b)	Affiliated fund advised by DBX Advisors LLC.

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended August 31, 2023.

REIT:

Real Estate Investment Trust

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	4,985,266	$	—	$	—	$	4,985,266
Exchange-Traded Funds		14,169		—		—		14,169
Short-Term Investments (a)		1,971		—		—		1,971

TOTAL	$	5,001,406	$	—	$	—	$	5,001,406

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


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.3%
Communication Services — 1.9%
Cable One, Inc.		36	$	23,420
Iridium Communications, Inc.		958		46,894
New York Times Co., Class A		1,247		55,205
Nexstar Media Group, Inc.		277		45,096
TEGNA, Inc.		1,713		28,316
Ziff Davis, Inc.*		363		24,194

(Cost $282,804)				223,125

Consumer Discretionary — 16.0%
Adient PLC*		729		28,555
Aramark		2,002		74,434
Autoliv, Inc.		585		57,096
AutoNation, Inc.*		241		37,859
Boyd Gaming Corp.		587		39,253
Brunswick Corp.		537		42,488
Capri Holdings Ltd.*		959		50,338
Carter’s, Inc.		283		20,254
Choice Hotels International, Inc.		205		26,015
Columbia Sportswear Co.		275		20,169
Deckers Outdoor Corp.*		202		106,876
Dick’s Sporting Goods, Inc.		467		54,331
Five Below, Inc.*		428		73,599
Foot Locker, Inc.		587		11,517
Gap, Inc.		1,660		19,223
Goodyear Tire & Rubber Co.*		2,158		27,860
Grand Canyon Education, Inc.*		237		27,788
H&R Block, Inc.		1,157		46,257
Harley-Davidson, Inc.		985		33,244
Helen of Troy Ltd.*		186		22,863
KB Home		604		30,683
Kohl’s Corp.		853		22,724
Lear Corp.		450		64,841
Leggett & Platt, Inc.		1,017		28,679
Lithia Motors, Inc.		210		64,684
Macy’s, Inc.		2,075		25,377
Marriott Vacations Worldwide Corp.		280		30,433
Nordstrom, Inc.		873		14,160
Papa John’s International, Inc.		227		17,184
Polaris, Inc.		411		46,069
PVH Corp.		482		40,295
RH*		136		49,666
Service Corp. International		1,162		73,334
Taylor Morrison Home Corp.*		838		39,721
Tempur Sealy International, Inc.		1,311		61,250
Texas Roadhouse, Inc.		511		53,195
Thor Industries, Inc.		408		42,767
Toll Brothers, Inc.		784		64,233
Topgolf Callaway Brands Corp.*		1,076		18,765
Travel + Leisure Co.		585		23,517
Valvoline, Inc.		1,046		36,024
Visteon Corp.*		216		30,082
Wendy’s Co.		1,308		25,885
Williams-Sonoma, Inc.		505		71,306
Wingstop, Inc.		230		36,947
Wyndham Hotels & Resorts, Inc.		654		49,305


	Number of Shares		Value
Consumer Discretionary (Continued)
YETI Holdings, Inc.*		661	$	33,017

(Cost $1,793,724)				1,914,162

Consumer Staples — 3.8%
BJ’s Wholesale Club Holdings, Inc.*		1,023		68,940
Coca-Cola Consolidated, Inc.		36		25,160
Coty, Inc., Class A*		2,794		32,299
Darling Ingredients, Inc.*		1,214		74,977
Energizer Holdings, Inc.		508		17,450
Flowers Foods, Inc.		1,462		34,445
Ingredion, Inc.		503		51,764
Pilgrim’s Pride Corp.*		333		8,378
Post Holdings, Inc.*		409		36,691
Sprouts Farmers Market, Inc.*		784		31,979
US Foods Holding Corp.*		1,721		69,580

(Cost $398,208)				451,663

Energy — 4.4%
Antero Midstream Corp.		2,569		31,136
Antero Resources Corp.*		2,100		58,107
ChampionX Corp.		1,502		54,207
CNX Resources Corp.*		1,260		28,161
Equitrans Midstream Corp.		3,315		31,824
HF Sinclair Corp.		980		53,988
Murphy Oil Corp.		1,127		51,166
NOV, Inc.		3,020		63,813
Range Resources Corp.		1,857		60,130
Southwestern Energy Co.*		8,349		56,606
Valaris Ltd.*		459		34,572

(Cost $398,566)				523,710

Financials — 15.0%
Affiliated Managers Group, Inc.		274		36,719
Annaly Capital Management, Inc. REIT		3,748		75,972
Associated Banc-Corp.		1,167		20,224
Bank OZK		815		32,738
Brighthouse Financial, Inc.*		505		25,078
Cadence Bank		1,399		32,009
Cathay General Bancorp		565		20,131
CNO Financial Group, Inc.		888		20,779
Columbia Banking System, Inc.		1,595		32,666
Commerce Bancshares, Inc.		865		42,463
East West Bancorp, Inc.		1,087		60,155
Evercore, Inc., Class A		273		38,234
Federated Hermes, Inc.		656		22,803
First American Financial Corp.		785		48,419
First Horizon Corp.		4,100		51,455
FNB Corp.		2,770		32,215
Glacier Bancorp, Inc.		851		25,709
Hanover Insurance Group, Inc.		275		29,348
Janus Henderson Group PLC		1,021		28,047
Jefferies Financial Group, Inc.		1,425		50,858
Kinsale Capital Group, Inc.		166		66,173
MGIC Investment Corp.		2,173		38,201
New York Community Bancorp, Inc.		5,548		68,129
Old National Bancorp.		2,239		34,167
Pinnacle Financial Partners, Inc.		595		39,603
Primerica, Inc.		278		55,867


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Financials (Continued)
Reinsurance Group of America, Inc.		506	$	70,142
RenaissanceRe Holdings Ltd.		387		72,713
SEI Investments Co.		771		47,848
Selective Insurance Group, Inc.		464		46,033
SLM Corp.		1,844		26,259
Stifel Financial Corp.		809		52,601
Synovus Financial Corp.		1,130		34,985
Texas Capital Bancshares, Inc.*		373		23,290
UMB Financial Corp.		337		21,302
United Bankshares, Inc.		1,015		30,531
Unum Group		1,408		69,259
Valley National Bancorp		3,230		29,651
Voya Financial, Inc.		748		52,121
Webster Financial Corp.		1,325		56,193
Western Union Co.		2,848		35,173
WEX, Inc.*		329		64,543
Wintrust Financial Corp.		470		36,477

(Cost $1,785,670)				1,797,283

Health Care — 10.3%
Acadia Healthcare Co., Inc.*		701		54,047
Amedisys, Inc.*		252		23,625
Azenta, Inc.*		505		28,497
Encompass Health Corp.		766		54,417
Enovis Corp.*		368		20,623
Envista Holdings Corp.*		1,243		39,801
Exelixis, Inc.*		2,480		55,527
Haemonetics Corp.*		385		34,546
Halozyme Therapeutics, Inc.*		1,001		42,602
HealthEquity, Inc.*		654		44,178
Inari Medical, Inc.*		397		26,448
Integra LifeSciences Holdings Corp.*		538		22,886
Jazz Pharmaceuticals PLC*		487		69,816
Lantheus Holdings, Inc.*		524		35,862
LivaNova PLC*		415		23,053
Neurocrine Biosciences, Inc.*		749		81,559
Omnicell, Inc.*		344		19,560
Option Care Health, Inc.*		1,272		44,304
Patterson Cos., Inc.		670		20,127
Penumbra, Inc.*		294		77,763
Perrigo Co. PLC		1,028		35,980
Progyny, Inc.*		582		21,732
QuidelOrtho Corp.*		416		34,262
R1 RCM, Inc.*		1,074		18,516
Repligen Corp.*		394		68,520
Shockwave Medical, Inc.*		281		61,930
Syneos Health, Inc.*		789		33,714
Tenet Healthcare Corp.*		776		60,186
United Therapeutics Corp.*		360		80,770

(Cost $1,251,009)				1,234,851

Industrials — 22.7%
Acuity Brands, Inc.		244		39,352
Advanced Drainage Systems, Inc.		475		60,876
AECOM		1,068		93,717
AGCO Corp.		473		61,268
ASGN, Inc.*		382		31,385


	Number of Shares		Value
Industrials (Continued)
Avis Budget Group, Inc.*		181	$	38,624
Carlisle Cos., Inc.		391		102,841
Chart Industries, Inc.*		322		58,147
Clean Harbors, Inc.*		383		64,857
Concentrix Corp.		328		26,184
Donaldson Co., Inc.		921		58,824
EMCOR Group, Inc.		363		81,403
EnerSys		311		32,649
ExlService Holdings, Inc.*		1,280		37,414
Flowserve Corp.		999		39,530
Fortune Brands Innovations, Inc.		972		67,087
FTI Consulting, Inc.*		261		48,499
Genpact Ltd.		1,291		48,193
GXO Logistics, Inc.*		906		57,957
Hubbell, Inc.		411		134,007
Insperity, Inc.		277		28,068
JetBlue Airways Corp.*		2,516		14,895
Kirby Corp.*		456		37,770
Knight-Swift Transportation Holdings, Inc.		1,231		67,483
Lennox International, Inc.		248		93,449
Lincoln Electric Holdings, Inc.		442		85,067
ManpowerGroup, Inc.		386		30,444
MasTec, Inc.*		455		45,268
Maximus, Inc.		462		37,339
Middleby Corp.*		407		59,255
MSA Safety, Inc.		280		51,150
MSC Industrial Direct Co., Inc., Class A		360		36,742
nVent Electric PLC		1,259		71,184
Owens Corning		691		99,442
Paylocity Holding Corp.*		315		63,158
Regal Rexnord Corp.		509		82,555
Ryder System, Inc.		351		35,346
Saia, Inc.*		204		86,945
Simpson Manufacturing Co., Inc.		324		51,762
Stericycle, Inc.*		704		31,124
Terex Corp.		516		31,275
Tetra Tech, Inc.		405		63,727
Timken Co.		501		38,286
Toro Co.		793		81,140
Trex Co., Inc.*		829		59,166
Valmont Industries, Inc.		162		41,067
Watts Water Technologies, Inc., Class A		208		39,264
XPO, Inc.*		880		65,674

(Cost $2,089,483)				2,710,859

Information Technology — 10.0%
ACI Worldwide, Inc.*		832		20,201
Amkor Technology, Inc.		778		21,753
Arrow Electronics, Inc.*		431		57,508
Avnet, Inc.		697		35,373
Belden, Inc.		328		30,799
Blackbaud, Inc.*		343		26,106
Calix, Inc.*		441		20,511
Ciena Corp.*		1,140		56,977
Cirrus Logic, Inc.*		425		34,867
Coherent Corp.*		1,055		39,700
CommVault Systems, Inc.*		330		22,542


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Information Technology (Continued)
Crane NXT Co.		371	$	22,022
Envestnet, Inc.*		410		22,398
IPG Photonics Corp.*		238		25,790
Jabil, Inc.		1,018		116,480
Littelfuse, Inc.		189		50,478
Lumentum Holdings, Inc.*		526		28,472
Manhattan Associates, Inc.*		477		96,650
MKS Instruments, Inc.		440		44,101
National Instruments Corp.		1,008		60,077
NCR Corp.*		1,089		33,498
Novanta, Inc.*		274		45,752
Power Integrations, Inc.		438		36,801
Qualys, Inc.*		256		39,846
Silicon Laboratories, Inc.*		243		32,771
Synaptics, Inc.*		304		26,612
Teradata Corp.*		777		35,952
Universal Display Corp.		334		54,295
Wolfspeed, Inc. *(a)		952		45,525
Xerox Holdings Corp.		830		13,189

(Cost $1,081,135)				1,197,046

Materials — 6.5%
Alcoa Corp.		1,360		40,909
AptarGroup, Inc.		499		66,147
Ashland, Inc.		370		32,053
Avient Corp.		659		26,432
Axalta Coating Systems Ltd.*		1,687		47,742
Cabot Corp.		431		31,230
Chemours Co.		1,135		38,613
Cleveland-Cliffs, Inc.*		3,922		59,967
Commercial Metals Co.		890		50,098
Greif, Inc., Class A		198		14,373
Louisiana-Pacific Corp.		547		34,177
Royal Gold, Inc.		500		56,045
RPM International, Inc.		988		98,543
Scotts Miracle-Gro Co.		316		17,905
Sensient Technologies Corp.		326		20,085
Sonoco Products Co.		750		43,088
United States Steel Corp.		1,721		53,506
Westlake Corp.		263		34,448
Worthington Industries, Inc.		224		16,860

(Cost $794,034)				782,221

Real Estate — 7.0%
Agree Realty Corp. REIT		719		44,449
Apartment Income REIT Corp. REIT		1,134		38,624
Brixmor Property Group, Inc. REIT		2,285		50,224
Corporate Office Properties Trust REIT		872		22,567
Cousins Properties, Inc. REIT		1,167		27,424


	Number of Shares		Value
Real Estate (Continued)
CubeSmart REIT		1,705	$	71,116
EastGroup Properties, Inc. REIT		342		61,433
Healthcare Realty Trust, Inc. REIT		2,904		50,878
Highwoods Properties, Inc. REIT		820		19,541
Jones Lang LaSalle, Inc.*		364		62,899
Kilroy Realty Corp. REIT		810		29,929
Medical Properties Trust, Inc. REIT (a)		4,551		32,858
NNN REIT, Inc. REIT		1,402		55,225
Park Hotels & Resorts, Inc. REIT		1,665		21,362
Physicians Realty Trust REIT		1,836		25,539
PotlatchDeltic Corp. REIT		617		29,159
Rayonier, Inc. REIT		1,129		33,757
Rexford Industrial Realty, Inc. REIT		1,544		82,558
Spirit Realty Capital, Inc. REIT		1,075		41,506
Vornado Realty Trust REIT		1,236		29,689

(Cost $957,993)				830,737

Utilities — 1.7%
Hawaiian Electric Industries, Inc.		837		11,735
National Fuel Gas Co.		699		37,564
ONE Gas, Inc.		424		30,727
Ormat Technologies, Inc.		405		30,756
Southwest Gas Holdings, Inc.		508		31,461
Spire, Inc.		408		23,831
UGI Corp.		1,591		40,061

(Cost $249,906)				206,135

TOTAL COMMON STOCKS (Cost $11,082,532)				11,871,792

EXCHANGE-TRADED FUNDS — 0.5%
iShares ESG Screened S&P Mid-Cap ETF		1,400		50,336
SPDR S&P MidCap 400 ETF Trust		24		11,606

(Cost $59,078)				61,942

SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $77,625)		77,625		77,625

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $9,093)		9,093		9,093


TOTAL INVESTMENTS — 100.6% (Cost $11,228,328)			$	12,020,452
Other assets and liabilities, net — (0.6%)				(67,527	)

NET ASSETS — 100.0%			$	11,952,925


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

August 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		—		77,625	(d)		—			—		—		374		—		77,625		77,625

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		5,679		525,116			(521,702	)		—		—		317		—		9,093		9,093

		5,679		602,741			(521,702	)		—		—		691		—		86,718		86,718

*	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 August 31, 2023 amounted to $75,528, which is 0.6% of net assets.

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

REIT:

Real Estate Investment Trust

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	11,871,792	$	—	$	—	$	11,871,792
Exchange-Traded Funds		61,942		—		—		61,942
Short-Term Investments (a)		86,718		—		—		86,718

TOTAL	$	12,020,452	$	—	$	—	$	12,020,452

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


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF

August 31, 2023


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 1.6%
Cars.com, Inc.*		1,087	$	20,316
Cinemark Holdings, Inc.*		1,933		31,469
Consolidated Communications Holdings, Inc.*		1,254		4,953
EW Scripps Co., Class A*		1,018		7,778
Lumen Technologies, Inc.*		16,694		26,543
QuinStreet, Inc.*		887		8,781
Scholastic Corp.		519		22,551
TechTarget, Inc.*		469		13,484
Thryv Holdings, Inc.*		538		10,970
Yelp, Inc.*		1,224		52,448

(Cost $218,590)				199,293

Consumer Discretionary — 14.1%
Aaron’s Co., Inc.		529		6,385
Abercrombie & Fitch Co., Class A*		899		48,321
Academy Sports & Outdoors, Inc.		1,372		74,870
Adtalem Global Education, Inc.*		798		34,992
American Axle & Manufacturing Holdings, Inc.*		2,138		16,142
American Eagle Outfitters, Inc.		3,288		55,764
America’s Car-Mart, Inc.*		101		11,242
BJ’s Restaurants, Inc.*		410		12,058
Bloomin’ Brands, Inc.		1,541		43,240
Boot Barn Holdings, Inc.*		534		48,995
Brinker International, Inc.*		801		26,217
Caleres, Inc.		625		17,919
Cavco Industries, Inc.*		142		39,692
Century Communities, Inc.		511		37,942
Cheesecake Factory, Inc.		839		26,722
Chico’s FAS, Inc.*		2,194		11,255
Chuy’s Holdings, Inc.*		316		12,040
Cracker Barrel Old Country Store, Inc.		390		32,148
Dine Brands Global, Inc.		275		15,065
Dorman Products, Inc.*		508		41,915
Ethan Allen Interiors, Inc.		399		12,521
Frontdoor, Inc.*		1,459		47,884
Gentherm, Inc.*		582		35,042
Green Brick Partners, Inc.*		476		23,543
Group 1 Automotive, Inc.		256		67,692
Guess?, Inc. (a)		535		12,872
Hanesbrands, Inc.		6,297		33,059
Haverty Furniture Cos., Inc.		231		7,230
Hibbett, Inc.		223		10,327
iRobot Corp.*		478		18,589
Jack in the Box, Inc.		361		29,014
La-Z-Boy, Inc.		756		23,323
LCI Industries		447		56,000
Leslie’s, Inc.*		2,611		16,345
LGI Homes, Inc.*		370		45,547
MDC Holdings, Inc.		1,046		49,633
Meritage Homes Corp.		653		90,793
Mister Car Wash, Inc.*		1,389		10,056
Monro, Inc.		550		18,007
Movado Group, Inc.		275		7,521
ODP Corp.*		613		30,233


	Number of Shares		Value
Consumer Discretionary (Continued)
Oxford Industries, Inc.		260	$	26,257
Sally Beauty Holdings, Inc.*		1,883		19,131
Shake Shack, Inc., Class A*		668		46,760
Signet Jewelers Ltd.		798		59,850
Sleep Number Corp.*		386		9,874
Sonos, Inc.*		2,303		31,735
Standard Motor Products, Inc.		329		12,183
Steven Madden Ltd.		1,285		44,333
Strategic Education, Inc.		403		31,233
Stride, Inc.*		719		30,550
Tri Pointe Homes, Inc.*		1,771		55,078
Upbound Group, Inc.		879		26,915
Urban Outfitters, Inc.*		1,052		34,937
Winnebago Industries, Inc.		536		34,760
Wolverine World Wide, Inc.		1,383		11,175

(Cost $1,744,354)				1,732,926

Consumer Staples — 4.8%
Andersons, Inc.		568		29,172
B&G Foods, Inc. (a)		1,258		16,090
Calavo Growers, Inc.		312		10,284
Cal-Maine Foods, Inc.		685		32,736
Edgewell Personal Care Co.		903		34,820
elf Beauty, Inc.*		905		125,533
Fresh Del Monte Produce, Inc.		537		13,720
Hain Celestial Group, Inc.*		1,571		16,637
Hostess Brands, Inc.*		2,351		66,956
John B Sanfilippo & Son, Inc.		157		15,755
MGP Ingredients, Inc.		270		32,373
National Beverage Corp.*		410		21,037
PriceSmart, Inc.		441		35,051
Simply Good Foods Co.*		1,510		54,481
SpartanNash Co.		620		13,491
TreeHouse Foods, Inc.*		916		42,612
United Natural Foods, Inc.*		1,050		21,137

(Cost $473,824)				581,885

Energy — 5.4%
Archrock, Inc.		2,348		30,031
Bristow Group, Inc.*		414		11,468
Callon Petroleum Co.*		898		35,229
Civitas Resources, Inc.		874		71,860
Comstock Resources, Inc. (a)		1,607		19,702
Core Laboratories, Inc.		819		19,689
Dril-Quip, Inc.*		596		16,438
Green Plains, Inc.*		1,071		33,244
Helix Energy Solutions Group, Inc.*		2,506		25,411
Helmerich & Payne, Inc.		1,822		72,862
Nabors Industries Ltd.*		158		17,489
Oil States International, Inc.*		1,122		8,796
Par Pacific Holdings, Inc.*		1,001		34,384
Patterson-UTI Energy, Inc.		5,677		80,273
SM Energy Co.		2,156		91,220
Talos Energy, Inc.*		1,947		33,527
US Silica Holdings, Inc.*		1,401		17,274
Vital Energy, Inc.*		342		20,619
World Kinect Corp.		1,087		23,805

(Cost $549,896)				663,321


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Financials — 16.7%
Ambac Financial Group, Inc.*		788	$	10,149
American Equity Investment Life Holding Co.		1,128		60,551
Ameris Bancorp		1,167		47,555
AMERISAFE, Inc.		336		17,405
Assured Guaranty Ltd.		1,054		62,017
Atlantic Union Bankshares Corp.		1,342		39,844
Avantax, Inc.*		699		14,623
Axos Financial, Inc.*		938		40,418
Banc of California, Inc.		965		12,091
BancFirst Corp.		306		29,247
Bancorp, Inc.*		977		35,866
BankUnited, Inc.		1,329		34,886
Banner Corp.		620		27,001
Berkshire Hills Bancorp, Inc.		777		16,239
Bread Financial Holdings, Inc.		899		33,784
Brightsphere Investment Group, Inc.		567		11,743
Central Pacific Financial Corp.		472		8,010
City Holding Co.		272		24,850
Community Bank System, Inc.		962		45,743
Customers Bancorp, Inc.*		535		18,800
Donnelley Financial Solutions, Inc.*		439		21,630
Encore Capital Group, Inc.*		411		19,259
Enova International, Inc.*		548		27,647
EVERTEC, Inc.		1,144		45,268
FB Financial Corp.		617		18,744
First BanCorp		3,209		44,477
First Commonwealth Financial Corp.		1,805		23,591
First Financial Bancorp		1,665		34,599
First Hawaiian, Inc.		2,285		43,209
Franklin BSP Realty Trust, Inc. REIT		1,438		20,333
Genworth Financial, Inc., Class A*		8,473		49,059
Green Dot Corp., Class A*		821		12,184
Hanmi Financial Corp.		535		9,266
Heritage Financial Corp.		616		10,608
Hilltop Holdings, Inc.		807		24,525
Hope Bancorp, Inc.		2,098		20,288
Horace Mann Educators Corp.		718		20,578
Independent Bank Group, Inc.		643		27,135
Mr Cooper Group, Inc.*		1,216		68,899
National Bank Holdings Corp., Class A		660		20,816
NBT Bancorp, Inc.		834		28,706
Northfield Bancorp, Inc.		731		7,705
Northwest Bancshares, Inc.		2,228		24,508
OFG Bancorp		836		25,214
Pacific Premier Bancorp, Inc.		1,723		39,663
Park National Corp.		253		25,745
Pathward Financial, Inc.		484		23,847
PennyMac Mortgage Investment Trust REIT		1,556		20,866
Piper Sandler Cos.		265		39,480
PRA Group, Inc.*		684		13,324
ProAssurance Corp.		947		16,743
PROG Holdings, Inc.*		842		28,881
Provident Financial Services, Inc.		1,375		22,660
Radian Group, Inc.		2,758		74,687
Redwood Trust, Inc. REIT		1,981		15,868
Renasant Corp.		983		27,377


	Number of Shares		Value
Financials (Continued)
S&T Bancorp, Inc.		684	$	19,378
Safety Insurance Group, Inc.		271		18,664
Seacoast Banking Corp. of Florida		1,506		35,557
Simmons First National Corp., Class A		2,281		40,647
Southside Bancshares, Inc.		526		15,833
Stewart Information Services Corp.		476		22,048
StoneX Group, Inc.*		308		28,915
Tompkins Financial Corp.		220		11,425
Triumph Financial, Inc.*		397		25,499
Trupanion, Inc.*(a)		617		18,343
TrustCo Bank Corp. NY		333		9,480
Trustmark Corp.		1,070		24,653
Two Harbors Investment Corp. REIT		1,760		24,235
United Fire Group, Inc.		380		7,513
Universal Insurance Holdings, Inc.		481		6,089
Veritex Holdings, Inc.		949		17,851
Virtus Investment Partners, Inc.		124		25,680
Walker & Dunlop, Inc.		554		47,278
WisdomTree, Inc.		1,960		14,308
World Acceptance Corp.*		59		7,954
WSFS Financial Corp.		1,082		42,523

(Cost $2,182,962)				2,052,084

Health Care — 9.9%
Addus HomeCare Corp.*		292		25,608
AMN Healthcare Services, Inc.*		705		62,308
Amphastar Pharmaceuticals, Inc.*		663		35,345
AngioDynamics, Inc.*		685		5,501
Anika Therapeutics, Inc.*		256		4,570
Arcus Biosciences, Inc.*		916		18,778
Avid Bioservices, Inc.*		1,094		12,909
Catalyst Pharmaceuticals, Inc.*		1,731		24,303
Certara, Inc.*		1,850		29,896
Coherus Biosciences, Inc.*		1,134		6,044
Community Health Systems, Inc.*		2,199		7,433
Computer Programs and Systems, Inc.*		248		4,035
CONMED Corp.		544		60,634
Cross Country Healthcare, Inc.*		621		15,997
Cytokinetics, Inc.*		1,704		59,538
Dynavax Technologies Corp.*		2,146		30,817
Embecta Corp.		1,004		18,403
Enanta Pharmaceuticals, Inc.*		345		5,123
Ensign Group, Inc.		994		99,619
Fulgent Genetics, Inc.*		346		11,335
Glaukos Corp.*		859		64,545
HealthStream, Inc.		424		8,917
Innoviva, Inc.*		1,103		14,063
Integer Holdings Corp.*		595		50,759
Ironwood Pharmaceuticals, Inc.*		2,493		21,938
iTeos Therapeutics, Inc.*		430		5,188
Ligand Pharmaceuticals, Inc.*		297		19,534
Merit Medical Systems, Inc.*		1,021		66,651
ModivCare, Inc.*		243		7,800
Myriad Genetics, Inc.*		1,476		26,347
NextGen Healthcare, Inc.*		940		17,117
OraSure Technologies, Inc.*		1,273		8,224
Orthofix Medical, Inc.*		600		12,696
Owens & Minor, Inc.*		1,338		22,612


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Health Care (Continued)
Pediatrix Medical Group, Inc.*		1,498	$	21,167
Phibro Animal Health Corp., Class A		341		4,757
Prestige Consumer Healthcare, Inc.*		873		50,922
RadNet, Inc.*		1,012		33,811
REGENXBIO, Inc.*		661		11,700
Select Medical Holdings Corp.		1,859		54,301
uniQure NV*		723		6,297
US Physical Therapy, Inc.		258		26,014
Vanda Pharmaceuticals, Inc.*		996		5,169
Varex Imaging Corp.*		701		13,789
Veradigm, Inc.*		1,918		25,663
Vericel Corp.*		857		28,135
Vir Biotechnology, Inc.*		1,332		16,863
Xencor, Inc.*		1,092		24,002

(Cost $1,303,736)				1,207,177

Industrials — 17.6%
AAON, Inc.		1,143		72,078
ABM Industries, Inc.		1,181		53,641
Alamo Group, Inc.		180		30,897
Allegiant Travel Co.		275		24,431
American Woodmark Corp.*		291		22,602
Applied Industrial Technologies, Inc.		687		106,052
ArcBest Corp.		426		44,981
Arcosa, Inc.		862		67,426
Astec Industries, Inc.		399		21,873
AZZ, Inc.		437		21,457
Barnes Group, Inc.		912		35,842
Boise Cascade Co.		703		76,887
Brady Corp., Class A		810		40,856
Comfort Systems USA, Inc.		633		116,833
CSG Systems International, Inc.		545		29,599
Deluxe Corp.		756		15,286
Dycom Industries, Inc.*		519		51,864
Encore Wire Corp.		316		52,080
Enerpac Tool Group Corp.		999		26,174
EnPro Industries, Inc.		373		50,873
Enviri Corp.*		1,395		10,393
Federal Signal Corp.		1,084		66,070
Forward Air Corp.		456		32,294
GEO Group, Inc.*		2,179		15,776
Gibraltar Industries, Inc.*		544		40,816
Granite Construction, Inc.		767		31,669
Greenbrier Cos., Inc.		576		24,515
Griffon Corp.		833		34,878
Heartland Express, Inc.		817		12,329
Heidrick & Struggles International, Inc.		348		9,219
Hillenbrand, Inc.		1,241		60,114
HNI Corp.		836		27,387
Hub Group, Inc., Class A*		586		45,731
Interface, Inc.		1,020		10,537
John Bean Technologies Corp.		568		62,429
Kelly Services, Inc., Class A		607		11,223
Kennametal, Inc.		1,415		37,455
Korn Ferry		925		47,156
Lindsay Corp.		193		23,951
Liquidity Services, Inc.*		421		7,683
Matson, Inc.		640		56,243


	Number of Shares		Value
Industrials (Continued)
Matthews International Corp., Class A		534	$	22,524
MillerKnoll, Inc.		1,326		25,327
MYR Group, Inc.*		300		42,621
NOW, Inc.*		1,941		21,681
OPENLANE, Inc.*		1,973		30,799
Pitney Bowes, Inc.		2,841		9,347
Powell Industries, Inc.		160		13,435
Proto Labs, Inc.*		476		14,042
Quanex Building Products Corp.		584		15,756
Resideo Technologies, Inc.*		2,629		44,325
Resources Connection, Inc.		557		8,639
SkyWest, Inc.*		800		36,080
SPX Technologies, Inc.*		810		64,006
Standex International Corp.		210		32,262
Tennant Co.		327		26,955
Trinity Industries, Inc.		1,430		35,850
TrueBlue, Inc.*		575		8,700
TTEC Holdings, Inc.		331		9,851
Veritiv Corp.		243		40,904
Viad Corp.*		362		10,277
Wabash National Corp.		837		18,874

(Cost $1,829,640)				2,161,855

Information Technology — 14.6%
8x8, Inc.*		1,984		6,448
A10 Networks, Inc.		1,126		16,766
Adeia, Inc.		1,932		19,436
ADTRAN Holdings, Inc.		1,341		11,466
Agilysys, Inc.*		349		24,620
Alarm.com Holdings, Inc.*		892		52,245
Arlo Technologies, Inc.*		1,682		16,433
Axcelis Technologies, Inc.*		582		111,831
Badger Meter, Inc.		518		86,030
Benchmark Electronics, Inc.		617		15,882
Cohu, Inc.*		836		31,258
Consensus Cloud Solutions, Inc.*		310		9,898
CTS Corp.		559		24,959
Digi International, Inc.*		627		20,929
Digital Turbine, Inc.*		1,585		14,122
Diodes, Inc.*		813		66,544
Ebix, Inc.		412		6,881
ePlus, Inc.*		472		31,331
Extreme Networks, Inc.*		2,301		63,163
Fabrinet*		643		103,375
FormFactor, Inc.*		1,382		48,812
Harmonic, Inc.*		1,997		21,328
Insight Enterprises, Inc.*		514		82,286
InterDigital, Inc.		472		40,927
Itron, Inc.*		810		55,412
Kulicke & Soffa Industries, Inc.		1,014		52,454
LiveRamp Holdings, Inc.*		1,136		36,738
Methode Electronics, Inc.		634		20,447
NETGEAR, Inc.*		508		6,696
NetScout Systems, Inc.*		1,184		33,898
OneSpan, Inc.*		620		7,595
Onto Innovation, Inc.*		869		120,774
OSI Systems, Inc.*		275		37,496
Plexus Corp.*		486		49,353


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

August 31, 2023


	Number of Shares		Value
Information Technology (Continued)
Progress Software Corp.		776	$	47,212
Rambus, Inc.*		1,929		108,931
Rogers Corp.*		330		47,688
ScanSource, Inc.*		445		14,587
Semtech Corp.*		1,156		30,229
SPS Commerce, Inc.*		648		120,612
Veeco Instruments, Inc.*		903		26,359
Viavi Solutions, Inc.*		3,947		41,246

(Cost $1,384,650)				1,784,697

Materials — 5.5%
AdvanSix, Inc.		485		16,044
American Vanguard Corp.		488		6,744
Balchem Corp.		577		81,069
Carpenter Technology Corp.		853		53,423
Century Aluminum Co.*		898		6,681
Clearwater Paper Corp.*		295		11,296
Compass Minerals International, Inc.		599		18,060
Hawkins, Inc.		332		20,647
Haynes International, Inc.		221		10,787
HB Fuller Co.		968		70,209
Innospec, Inc.		444		47,694
Kaiser Aluminum Corp.		280		21,258
Koppers Holdings, Inc.		367		14,052
Livent Corp.*(a)		3,194		68,575
Materion Corp.		369		40,144
Minerals Technologies, Inc.		570		34,827
Quaker Chemical Corp.		247		43,838
Stepan Co.		371		32,377
SunCoke Energy, Inc.		1,461		13,587
TimkenSteel Corp.*		695		15,227
Trinseo PLC		614		6,465
Warrior Met Coal, Inc.		930		36,791

(Cost $648,923)				669,795

Real Estate — 7.7%
Acadia Realty Trust REIT		1,709		25,447
Alexander & Baldwin, Inc. REIT		1,278		23,017
American Assets Trust, Inc. REIT		919		19,676
Anywhere Real Estate, Inc.*		1,955		12,825
Armada Hoffler Properties, Inc. REIT		1,186		13,508
Brandywine Realty Trust REIT		3,022		15,110
CareTrust REIT, Inc. REIT		1,740		35,061
Centerspace REIT		261		16,897
Chatham Lodging Trust REIT		865		8,460
Cushman & Wakefield PLC*		2,851		26,201
DiamondRock Hospitality Co. REIT		3,666		29,548
Easterly Government Properties, Inc. REIT		1,688		22,569
Elme Communities REIT		1,583		24,347
Four Corners Property Trust, Inc. REIT		1,557		39,174
Getty Realty Corp. REIT		811		24,346
Hudson Pacific Properties, Inc. REIT		2,251		15,329
Innovative Industrial Properties, Inc. REIT		502		43,815
JBG SMITH Properties REIT		1,734		27,189
Kennedy-Wilson Holdings, Inc.		2,126		33,952
LTC Properties, Inc. REIT		748		24,579
LXP Industrial Trust REIT		5,218		51,241
Office Properties Income Trust REIT		856		6,334
Pebblebrook Hotel Trust REIT		2,215		32,051


	Number of Shares		Value
Real Estate (Continued)
Retail Opportunity Investments Corp. REIT		2,203	$	29,652
RPT Realty REIT		1,577		17,883
SITE Centers Corp. REIT		3,198		42,693
SL Green Realty Corp. REIT (a)		1,156		45,385
St Joe Co.		600		37,044
Summit Hotel Properties, Inc. REIT		1,869		10,859
Sunstone Hotel Investors, Inc. REIT		3,690		33,136
Tanger Factory Outlet Centers, Inc. REIT		1,883		43,780
Uniti Group, Inc. REIT		4,149		22,280
Urban Edge Properties REIT		2,083		34,078
Veris Residential, Inc. REIT*		1,402		26,091
Whitestone REIT		834		8,340
Xenia Hotels & Resorts, Inc. REIT		1,905		22,479

(Cost $1,035,863)				944,376

Utilities — 2.0%
American States Water Co.		648		54,568
Avista Corp.		1,351		44,975
California Water Service Group		999		50,200
Middlesex Water Co.		309		23,255
Northwest Natural Holding Co.		648		25,453
SJW Group		496		32,617
Unitil Corp.		280		13,670

(Cost $270,114)				244,738

TOTAL COMMON STOCKS (Cost $11,642,552)				12,242,147

OTHER INVESTMENTS — 0.0%
Health Care — 0.0%
Omniab, Inc. $12.50 Earnout*(b)(c)		105		0
Omniab, Inc. $15.00 Earnout*(b)(c)		105		0

(Cost $0)				0

TOTAL OTHER INVESTMENTS (Cost $0)				0

EXCHANGE-TRADED FUNDS — 0.1%
iShares ESG Screened S&P Small-Cap ETF		20		707
SPDR Portfolio S&P 600 Small Cap ETF		63		2,475

(Cost $2,877)				3,182

SECURITIES LENDING COLLATERAL — 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e) (Cost $145,100)		145,100		145,100

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) (Cost $4,613)		4,613		4,613


TOTAL INVESTMENTS — 101.2% (Cost $11,795,142)			$	12,395,042
Other assets and liabilities, net — (1.2%)				(141,560	)

NET ASSETS — 100.0%			$	12,253,482


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

August 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Value ($) at 8/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
		22,525		122,575	(f)		—			—		—		508		—		145,100		145,100

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (d)
		33,982		398,587			(427,956	)		—		—		248		—		4,613		4,613

		56,507		521,162			(427,956	)		—		—		756		—		149,713		149,713

*	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 August 31, 2023 amounted to $140,371, which is 1.1% of net assets.

(b)	Investment was valued using significant unobservable inputs.

(c)	Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb, Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved.

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

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

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

REIT:

Real Estate Investment Trust

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	12,242,147	$	—	$	—	$	12,242,147
Other Investments		—		—		0		0
Exchange-Traded Funds		3,182		—		—		3,182
Short-Term Investments (a)		149,713		—		—		149,713

TOTAL	$	12,395,042	$	—	$	0	$	12,395,042

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


See Notes to Financial Statements.		39

DBX ETF Trust

Statements of Assets and Liabilities

August 31, 2023


	Xtrackers S&P 500 ESG ETF		Xtrackers S&P 500 Growth ESG ETF		Xtrackers S&P 500 Value ESG ETF		Xtrackers S&P ESG Dividend Aristocrats ETF
Assets
Investment in non-affiliated securities at value	$	882,437,630	$	6,557,966	$	5,308,401	$	4,999,435
Investment in DWS Government Money Market Series		1,432,502		1,630		493		1,971
Deposit with broker for futures contracts		143,000		—		—		—
Receivables:
Dividends		1,235,921		8,344		9,324		13,747
Interest		4,918		6		16		12

Total assets	$	885,253,971	$	6,567,946	$	5,318,234	$	5,015,165


Liabilities
Payables:
Investment securities purchased	$	—	$	—	$	—	$	3,574
Investment advisory fees		72,993		817		675		641
Variation margin on futures contracts		27,296		—		—		—

Total liabilities		100,289		817		675		4,215

Net Assets, at value	$	885,153,682	$	6,567,129	$	5,317,559	$	5,010,950


Net Assets Consist of
Paid-in capital	$	856,250,174	$	5,513,707	$	5,000,025	$	5,074,580
Distributable earnings (loss)		28,903,508		1,053,422		317,534		(63,630	)

Net Assets, at value	$	885,153,682	$	6,567,129	$	5,317,559	$	5,010,950


Number of Common Shares outstanding		21,400,001		200,001		200,001		200,001

Net Asset Value	$	41.36	$	32.84	$	26.59	$	25.05


Investment in non-affiliated securities at cost	$	837,995,246	$	5,454,728	$	4,987,971	$	5,009,430

Investment in DWS Government Money Market Series at cost	$	1,432,502	$	1,630	$	493	$	1,971


See Notes to Financial Statements.		40

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

August 31, 2023


	Xtrackers S&P MidCap 400 ESG ETF		Xtrackers S&P SmallCap 600 ESG ETF
Assets
Investment in non-affiliated securities at value	$	11,933,734	$	12,245,329
Investment in DWS Government Money Market Series		9,093		4,613
Investment in DWS Government & Agency Securities Portfolio*		77,625		145,100
Receivables:
Investment securities sold		—		20,712
Dividends		11,557		12,291
Interest		50		19
Securities lending income		7		32

Total assets	$	12,032,066	$	12,428,096


Liabilities
Payable upon return of securities loaned	$	77,625	$	145,100
Payables:
Investment securities purchased		—		27,955
Investment advisory fees		1,516		1,559

Total liabilities		79,141		174,614

Net Assets, at value	$	11,952,925	$	12,253,482


Net Assets Consist of
Paid-in capital	$	11,668,515	$	12,731,023
Distributable earnings (loss)		284,410		(477,541	)

Net Assets, at value	$	11,952,925	$	12,253,482


Number of Common Shares outstanding		450,001		500,001

Net Asset Value	$	26.56	$	24.51


Investment in non-affiliated securities at cost	$	11,141,610	$	11,645,429

Value of securities loaned	$	75,528	$	140,371

Investment in DWS Government Money Market Series at cost	$	9,093	$	4,613

Investment in DWS Government & Agency Securities Portfolio at cost*	$	77,625	$	145,100

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		41

DBX ETF Trust

Statements of Operations

For the Year Ended August 31, 2023


	Xtrackers S&P 500 ESG ETF			Xtrackers S&P 500 Growth ESG ETF⁽¹⁾			Xtrackers S&P 500 Value ESG ETF⁽¹⁾			Xtrackers S&P ESG Dividend Aristocrats ETF⁽¹⁾
Investment Income
Unaffiliated dividend income*	$	12,503,674		$	58,511		$	99,482		$	117,717
Affiliated dividend income		—			—			—			118
Income distributions from affiliated funds		64,810			109			107			163
Affiliated securities lending income		2			1			3			5
Unaffiliated securities lending income, net of borrower rebates		8,867			103			—			1

Total investment income		12,577,353			58,724			99,592			118,004


Expenses
Investment advisory fees		801,959			6,976			6,271			6,133
Other expenses		58			—			—			—

Total expenses		802,017			6,976			6,271			6,133

Less fees waived (see note 3):
Waiver		(74,020	)		(1	)		(1	)		(3	)

Net expenses		727,997			6,975			6,270			6,130

Net investment income (loss)		11,849,356			51,749			93,322			111,874


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(13,583,521	)		(67,505	)		(23,756	)		(79,500	)
Investments in affiliates		—			—			—			1,007
In-kind redemptions		38,801,871			524,991			—			87,740
Futures contracts		6,841			—			—			—

Net realized gain (loss)		25,225,191			457,486			(23,756	)		9,247

Net change in unrealized appreciation (depreciation) on:
Investments		83,739,141			1,103,238			320,430			(9,995	)
Futures contracts		60,342			—			—			—

Net change in unrealized appreciation (depreciation)		83,799,483			1,103,238			320,430			(9,995	)

Net realized and unrealized gain (loss) on investments and futures		109,024,674			1,560,724			296,674			(748	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	120,874,030		$	1,612,473		$	389,996		$	111,126

* Unaffiliated foreign tax withheld	$	1,154		$	—		$	7		$	—

(1)	For the period November 9, 2022 (commencement of operations) through August 31, 2023.


See Notes to Financial Statements.		42

DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended August 31, 2023


	Xtrackers S&P MidCap 400 ESG ETF			Xtrackers S&P SmallCap 600 ESG ETF
Investment Income
Unaffiliated dividend income*	$	180,432		$	180,231
Income distributions from affiliated funds		317			248
Affiliated securities lending income		374			508
Unaffiliated securities lending income, net of borrower rebates		287			890

Total investment income		181,410			181,877


Expenses
Investment advisory fees		17,036			16,088
Other expenses		58			58

Total expenses		17,094			16,146

Less fees waived (see note 3):
Waiver		(5	)		(4	)

Net expenses		17,089			16,142

Net investment income (loss)		164,321			165,735


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(229,076	)		(666,285	)

Net realized gain (loss)		(229,076	)		(666,285	)

Net change in unrealized appreciation (depreciation) on:
Investments		1,170,609			1,194,348

Net change in unrealized appreciation (depreciation)		1,170,609			1,194,348

Net realized and unrealized gain (loss) on investments		941,533			528,063


Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,105,854		$	693,798

* Unaffiliated foreign tax withheld	$	—		$	196


See Notes to Financial Statements.		43

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers S&P 500 ESG ETF						Xtrackers S&P 500 Growth ESG ETF			Xtrackers S&P 500 Value ESG ETF
	Year Ended August 31, 2023			Year Ended August 31, 2022			For the Period November 9, 2022⁽¹⁾ to August 31, 2023			For the Period November 9, 2022⁽¹⁾ to August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	11,849,356		$	11,009,626		$	51,749		$	93,322
Net realized gain (loss)		25,225,191			82,828,583			457,486			(23,756	)
Net change in net unrealized appreciation (depreciation)		83,799,483			(185,980,755	)		1,103,238			320,430

Net increase (decrease) in net assets resulting from operations		120,874,030			(92,142,546	)		1,612,473			389,996

Distributions to Shareholders		(11,480,600	)		(10,676,805	)		(37,566	)		(72,462	)


Fund Shares Transactions
Proceeds from shares sold		315,559,828			454,290,442			7,802,232			5,000,000
Value of shares redeemed		(287,664,724	)		(348,358,077	)		(2,810,035	)		—

Net increase (decrease) in net assets resulting from fund share transactions		27,895,104			105,932,365			4,992,197			5,000,000

Total net increase (decrease) in Net Assets		137,288,534			3,113,014			6,567,104			5,317,534

Net Assets
Beginning of period		747,865,148			744,752,134			25			25

End of period	$	885,153,682		$	747,865,148		$	6,567,129		$	5,317,559


Changes in Shares Outstanding
Shares outstanding, beginning of period		21,000,001			18,650,001			1			1
Shares sold		8,450,000			11,650,000			300,000			200,000
Shares redeemed		(8,050,000	)		(9,300,000	)		(100,000	)		—

Shares outstanding, end of period		21,400,001			21,000,001			200,001			200,001

(1)	Commencement of Operations.


See Notes to Financial Statements.		44

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers S&P ESG Dividend Aristocrats ETF			Xtrackers S&P MidCap 400 ESG ETF						Xtrackers S&P SmallCap 600 ESG ETF
	For the Period November 9, 2022⁽¹⁾ to August 31, 2023			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	111,874		$	164,321		$	134,537		$	165,735		$	125,129
Net realized gain (loss)		9,247			(229,076	)		(119,108	)		(666,285	)		(145,350	)
Net change in net unrealized appreciation (depreciation)		(9,995	)		1,170,609			(1,161,848	)		1,194,348			(1,080,165	)

Net increase (decrease) in net assets resulting from operations		111,126			1,105,854			(1,146,419	)		693,798			(1,100,386	)

Distributions to Shareholders		(87,024	)		(160,493	)		(125,672	)		(153,399	)		(182,588	)


Fund Shares Transactions
Proceeds from shares sold		6,282,907			—			2,580,181			2,320,499			1,210,311
Value of shares redeemed		(1,296,084	)		—			(1,257,281	)		—			(1,205,460	)

Net increase (decrease) in net assets resulting from fund share transactions		4,986,823			—			1,322,900			2,320,499			4,851

Total net increase (decrease) in Net Assets		5,010,925			945,361			50,809			2,860,898			(1,278,123	)

Net Assets
Beginning of period		25			11,007,564			10,956,755			9,392,584			10,670,707

End of period	$	5,010,950		$	11,952,925		$	11,007,564		$	12,253,482		$	9,392,584


Changes in Shares Outstanding
Shares outstanding, beginning of period		1			450,001			400,001			400,001			400,001
Shares sold		250,000			—			100,000			100,000			50,000
Shares redeemed		(50,000	)		—			(50,000	)		—			(50,000	)

Shares outstanding, end of period		200,001			450,001			450,001			500,001			400,001

(1)	Commencement of Operations.


See Notes to Financial Statements.		45

DBX ETF Trust

Financial Highlights


Xtrackers S&P 500 ESG ETF Selected Per Share Data	Years Ended August 31,												Period Ended 8/31/2019(a)
Xtrackers S&P 500 ESG ETF Selected Per Share Data	2023			2022			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	35.61		$	39.93		$	31.08		$	25.30		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.60			0.53			0.49			0.50			0.10
Net realized and unrealized gain (loss)		5.72			(4.32	)		8.79			5.85			0.20

Total from investment operations		6.32			(3.79	)		9.28			6.35			0.30

Less distributions from:
Net investment income		(0.57	)		(0.53	)		(0.43	)		(0.57	)		—

Total distributions		(0.57	)		(0.53	)		(0.43	)		(0.57	)		—

Net Asset Value, end of period	$	41.36		$	35.61		$	39.93		$	31.08		$	25.30

Total Return (%)(c)		17.99			(9.59	)		30.16			25.71			1.20	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		885			748			745			270			11
Ratio of expenses before fee waiver (%)		0.11			0.11			0.11			0.11			0.11	*
Ratio of expenses after fee waiver (%)		0.10			0.10			0.10			0.11			0.11	*
Ratio of net investment income (loss) (%)		1.63			1.37			1.41			1.86			2.08	*
Portfolio turnover rate (%)(d)		9			6			13			11			0	**


Xtrackers S&P 500 Growth ESG ETF Selected Per Share Data	Period Ended 8/31/2023(e)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.26
Net realized and unrealized gain (loss)		7.77

Total from investment operations		8.03

Less distributions from:
Net investment income		(0.19	)

Total distributions		(0.19	)

Net Asset Value, end of period	$	32.84

Total Return (%)(c)		32.23	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7
Ratio of expenses before fee waiver (%)		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*
Ratio of net investment income (loss) (%)		1.11	*
Portfolio turnover rate (%)(d)		57	**

(a)	For the period June 26, 2019 (commencement of operations) through August 31, 2019.

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

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

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

(e)	For the period November 9, 2022 (commencement of operations) through August 31, 2023.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		46

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers S&P 500 Value ESG ETF Selected Per Share Data	Period Ended 8/31/2023(a)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.47
Net realized and unrealized gain (loss)		1.48

Total from investment operations		1.95

Less distributions from:
Net investment income		(0.36	)

Total distributions		(0.36	)

Net Asset Value, end of period	$	26.59

Total Return (%)(c)		7.91	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5
Ratio of expenses before fee waiver (%)		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*
Ratio of net investment income (loss) (%)		2.23	*
Portfolio turnover rate (%)(d)		66	**


Xtrackers S&P ESG Dividend Aristocrats ETF Selected Per Share Data	Period Ended 8/31/2023(a)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.56
Net realized and unrealized gain (loss)		(0.07	)

Total from investment operations		0.49

Less distributions from:
Net investment income		(0.44	)

Total distributions		(0.44	)

Net Asset Value, end of period	$	25.05

Total Return (%)(c)		1.99	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5
Ratio of expenses before fee waiver (%)		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*
Ratio of net investment income (loss) (%)		2.74	*
Portfolio turnover rate (%)(d)		29	**

(a)	For the period November 9, 2022 (commencement of operations) through August 31, 2023.

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		47

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers S&P MidCap 400 ESG ETF Selected Per Share Data	Years Ended August 31,						Period Ended 8/31/2021(a)
Xtrackers S&P MidCap 400 ESG ETF Selected Per Share Data	2023			2022			Period Ended 8/31/2021(a)
Net Asset Value, beginning of period	$	24.46		$	27.39		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.37			0.32			0.14
Net realized and unrealized gain (loss)		2.09			(2.94	)		2.33

Total from investment operations		2.46			(2.62	)		2.47

Less distributions from:
Net investment income		(0.36	)		(0.31	)		(0.08	)

Total distributions		(0.36	)		(0.31	)		(0.08	)

Net Asset Value, end of period	$	26.56		$	24.46		$	27.39

Total Return (%)(c)		10.18			(9.64	)		9.92	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		12			11			11
Ratio of expenses before fee waiver (%)		0.15			0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15	*
Ratio of net investment income (loss) (%)		1.45			1.24			1.00	*
Portfolio turnover rate (%)(d)		39			41			27	**


Xtrackers S&P SmallCap 600 ESG ETF Selected Per Share Data	Years Ended August 31,						Period Ended 8/31/2021(a)
Xtrackers S&P SmallCap 600 ESG ETF Selected Per Share Data	2023			2022			Period Ended 8/31/2021(a)
Net Asset Value, beginning of period	$	23.48		$	26.68		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.36			0.31			0.16
Net realized and unrealized gain (loss)		1.01			(3.05	)		1.59

Total from investment operations		1.37			(2.74	)		1.75

Less distributions from:
Net investment income		(0.34	)		(0.34	)		(0.07	)
Net realized gains		—			(0.12	)		—

Total distributions		(0.34	)		(0.46	)		(0.07	)

Net Asset Value, end of period	$	24.51		$	23.48		$	26.68

Total Return (%)(c)		5.95			(10.43	)		7.01	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		12			9			11
Ratio of expenses before fee waiver (%)		0.15			0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15	*
Ratio of net investment income (loss) (%)		1.55			1.22			1.19	*
Portfolio turnover rate (%)(d)		31			43			25	**

(a)	For the period February 24, 2021 (commencement of operations) through August 31, 2021.

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		48

DBX ETF Trust

Notes to Financial Statements

1. Organization

Xtrackers S&P 500 ESG ETF

Xtrackers S&P 500 Growth ESG ETF

Xtrackers S&P 500 Value ESG ETF

Xtrackers S&P ESG Dividend Aristocrats ETF

Xtrackers S&P MidCap 400 ESG ETF

Xtrackers S&P SmallCap 600 ESG ETF

Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF offers shares that are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). 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.


Fund		Underlying Index
Xtrackers S&P 500 ESG ETF		S&P 500 ESG Index
Xtrackers S&P 500 Growth ESG ETF		S&P 500 Growth ESG Index
Xtrackers S&P 500 Value ESG ETF		S&P 500 Value ESG Index
Xtrackers S&P ESG Dividend Aristocrats ETF		S&P ESG High Yield Dividend Aristocrats Index
Xtrackers S&P MidCap 400 ESG ETF		S&P MidCap 400 ESG Index
Xtrackers S&P SmallCap 600 ESG ETF		S&P SmallCap 600 ESG Index

S&P 500 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P 500 Growth ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.

DBX ETF Trust

Notes to Financial Statements (Continued)

S&P 500 Value ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.

S&P ESG High Yield Dividend Aristocrats Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of January. Constituent weights are updated quarterly after the close of the last business day in April, July and October. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P MidCap 400 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P SmallCap 600 ESG is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

Each Fund is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. 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.

2. Significant Accounting Policies

DBX ETF Trust

Notes to Financial Statements (Continued)

qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

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

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

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.

DBX ETF Trust

Notes to Financial Statements (Continued)

As of August 31, 2023 the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers S&P 500 ESG ETF	$	2,593,173	$	(5,501,586	)	$	31,811,921		$	28,903,508
Xtrackers S&P 500 Growth ESG ETF		14,183		(25,585	)		1,064,824			1,053,422
Xtrackers S&P 500 Value ESG ETF		20,860		(23,434	)		320,108			317,534
Xtrackers S&P ESG Dividend Aristocrats ETF		24,850		(60,249	)		(28,231	)		(63,630	)
Xtrackers S&P MidCap 400 ESG ETF		34,272		(310,016	)		560,154			284,410
Xtrackers S&P SmallCap 600 ESG ETF		40,178		(931,058	)		413,339			(477,541	)

The tax character of dividends and distributions declared for the period ended August 31, 2023 and year ended August 31, 2022 were as follows:


	Period Ended August 31, 2023
	Ordinary Income*
Xtrackers S&P 500 ESG ETF	$	11,480,600
Xtrackers S&P 500 Growth ESG ETF		37,566
Xtrackers S&P 500 Value ESG ETF		72,462
Xtrackers S&P ESG Dividend Aristocrats ETF		87,024
Xtrackers S&P MidCap 400 ESG ETF		160,493
Xtrackers S&P SmallCap 600 ESG ETF		153,399

	Year Ended August 31, 2022
	Ordinary Income*
Xtrackers S&P 500 ESG ETF	$	10,676,805
Xtrackers S&P MidCap 400 ESG ETF		125,672
Xtrackers S&P SmallCap 600 ESG ETF		182,588

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.

DBX ETF Trust

Notes to Financial Statements (Continued)


	Short-Term		Long-Term		Total Amount
Xtrackers S&P 500 ESG ETF	$	4,198,330	$	1,301,855	$	5,500,185
Xtrackers S&P 500 Growth ESG ETF		25,585		—		25,585
Xtrackers S&P 500 Value ESG ETF		23,406		—		23,406
Xtrackers S&P ESG Dividend Aristocrats ETF		60,249		—		60,249
Xtrackers S&P MidCap 400 ESG ETF		101,872		208,144		310,016
Xtrackers S&P SmallCap 600 ESG ETF		204,598		726,460		931,058


	Distributable earnings (loss)			Paid-In Capital
Xtrackers S&P 500 ESG ETF	$	(35,888,734	)	$	35,888,734
Xtrackers S&P 500 Growth ESG ETF		(521,485	)		521,485
Xtrackers S&P ESG Dividend Aristocrats ETF		(87,732	)		87,732


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers S&P 500 ESG ETF	$	852,058,211	$	31,811,921		$	91,642,695	$	(59,830,774	)
Xtrackers S&P 500 Growth ESG ETF		5,494,772	$	1,064,824			1,195,207		(130,383	)
Xtrackers S&P 500 Value ESG ETF		4,988,786	$	320,108			553,331		(233,223	)
Xtrackers S&P ESG Dividend Aristocrats ETF		5,029,637	$	(28,231	)		288,332		(316,563	)
Xtrackers S&P MidCap 400 ESG ETF		11,460,298	$	560,154			1,615,342		(1,055,188	)
Xtrackers S&P SmallCap 600 ESG ETF		11,981,703	$	413,339			1,874,526		(1,461,187	)

Securities Lending The Bank of New York Mellon, as securities lending agent, lends securities of the Funds to certain financial institutions under the terms of its security lending agreement. Effective August 1, 2023, National Financial

DBX ETF Trust

Notes to Financial Statements (Continued)

Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF. 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 securities 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 year ended August 31, 2023, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds 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 August 31, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of August 31, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers S&P MidCap 400 ESG ETF
Common Stocks	$	77,625	$	—	$	—	$	—	$	77,625

Gross amount of recognized liabilities for securities lending transactions									$	77,625

Xtrackers S&P SmallCap 600 ESG ETF
Common Stocks	$	145,100	$	—	$	—	$	—	$	145,100

Gross amount of recognized liabilities for securities lending transactions									$	145,100

As of August 31, 2023, Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF had no securities on loan.

Derivatives

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 year ended August 31, 2023, Xtrackers S&P 500 ESG ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

DBX ETF Trust

Notes to Financial Statements (Continued)

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 August 31, 2023 is included in a table following the Funds’ Schedule of Investments.


		Asset Derivatives			Liability Derivatives
Xtrackers S&P 500 ESG ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	22,523	Unrealized depreciation on futures contracts*	$	—

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


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers S&P 500 ESG ETF	$	6,841

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers S&P 500 ESG ETF	$	60,342

For the period ended August 31, 2023 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers S&P 500 ESG ETF	$	1,870,683

3. Investment Advisory and Other Agreements

DBX ETF Trust

Notes to Financial Statements (Continued)


	Unitary Advisory Fee
Xtrackers S&P 500 ESG ETF		0.11	%
Xtrackers S&P 500 Growth ESG ETF		0.15	%
Xtrackers S&P 500 Value ESG ETF		0.15	%
Xtrackers S&P ESG Dividend Aristocrats ETF		0.15	%
Xtrackers S&P MidCap 400 ESG ETF		0.15	%
Xtrackers S&P SmallCap 600 ESG ETF		0.15	%

The Advisor for the Xtrackers S&P 500 ESG ETF has contractually agreed through December 21, 2023 to waive its fees and/or reimburse fund expenses to the extent necessary to prevent the operating expenses of the fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the year ended August 31, 2023, the Advisor waived $72,905 of expenses to the Fund.


	Expenses Waived
Xtrackers S&P 500 ESG ETF	$	1,115
Xtrackers S&P 500 Growth ESG ETF		1
Xtrackers S&P 500 Value ESG ETF		1
Xtrackers S&P ESG Dividend Aristocrats ETF		3
Xtrackers S&P MidCap 400 ESG ETF		5
Xtrackers S&P SmallCap 600 ESG ETF		4

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

4. Investment Portfolio Transactions

For the year ended August 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers S&P 500 ESG ETF	$	67,565,274	$	67,564,792
Xtrackers S&P 500 Growth ESG ETF		3,399,858		3,407,448
Xtrackers S&P 500 Value ESG ETF		3,413,677		3,430,048
Xtrackers S&P ESG Dividend Aristocrats ETF		1,500,505		1,523,664
Xtrackers S&P MidCap 400 ESG ETF		4,472,022		4,467,723
Xtrackers S&P SmallCap 600 ESG ETF		3,325,327		3,306,903

DBX ETF Trust

Notes to Financial Statements (Continued)

For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers S&P 500 ESG ETF	$	315,413,013	$	287,351,345
Xtrackers S&P 500 Growth ESG ETF		7,833,088		2,827,866
Xtrackers S&P 500 Value ESG ETF		5,029,282		—
Xtrackers S&P ESG Dividend Aristocrats ETF		6,303,911		1,279,430
Xtrackers S&P MidCap 400 ESG ETF		—		—
Xtrackers S&P SmallCap 600 ESG ETF		2,316,147		—

5. Fund Share Transactions

6. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At August 31, 2023, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:


	Approximate Percent of Outstanding Shares Held
Xtrackers S&P 500 Growth ESG ETF		95	%
Xtrackers S&P 500 Value ESG ETF		95	%
Xtrackers S&P ESG Dividend Aristocrats ETF		93	%
Xtrackers S&P MidCap 400 ESG ETF		49	%
Xtrackers S&P SmallCap 600 ESG ETF		71	%

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, Xtrackers S&P SmallCap 600 ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P 500 Growth ESG ETF and Xtrackers S&P 500 Value ESG ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, Xtrackers S&P SmallCap 600 ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P 500 Growth ESG ETF, and Xtrackers S&P 500 Value ESG ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2023, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at August 31, 2023, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers S&P 500 ESG ETF	For the year ended August 31, 2023	For each of the two years in the period ended August 31, 2023	For each of the four years in the period ended August 31, 2023 and the period from June 26, 2019 (commencement of operations) through August 31, 2019
Xtrackers S&P MidCap 400 ESG ETF Xtrackers S&P SmallCap 600 ESG ETF	For the year ended August 31, 2023	For each of the two years in the period ended August 31, 2023	For each of the two years in the period ended August 31, 2023 and the period from February 24, 2021 (commencement of operations) through August 31, 2021
Xtrackers S&P ESG Dividend Aristocrats ETF Xtrackers S&P 500 Growth ESG ETF Xtrackers S&P 500 Value ESG ETF	For the period from November 9, 2022 (commencement of operations) through August 31, 2023

Basis for Opinion

DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

LOGO

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2023

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

DBX ETF Trust

Board Members and Officers (Unaudited)

Identification and Background


Independent Board Members
Name, Year of Birth, Position with the Trust and Length of Time Served⁽¹⁾	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011-present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	42	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017- 2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	42	—
J. David Officer (1948) Board Member since 2011, Chairperson of the Nominating Committee since 2015	Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	42	(Chairman of) Ilex Management Ltd; Old Westbury Funds

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)


Officers⁽²⁾
Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Freddi Klassen⁽⁴⁾(1975) President and Chief Executive Officer, 2016-present		Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014- 2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Diane Kenneally⁽⁴⁾(1966) Treasurer, Chief Financial Officer and Controller, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018- present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi⁽⁴⁾(1967) Chief Compliance Officer, 2010-present		AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016- present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards⁽⁴⁾(1978) Vice President, 2016-present		Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette⁽⁵⁾(1962) Secretary, 2020-present		Legal (Associate General Counsel), DWS US Retail Legal (2003- present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011- present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020).

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)


Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Caroline Pearson⁽⁵⁾(1962) Assistant Secretary, 2020-present		Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020- present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021).
Jeffrey Berry⁽⁵⁾(1959) Assistant Treasurer, 2019-present		Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan⁽⁵⁾(1966) Assistant Treasurer, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018- present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present).
Christina A. Morse⁽⁶⁾(1964) Assistant Secretary, 2017-present		Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Christian Rijs⁽⁴⁾(1980) Anti-Money Laundering Compliance Officer, since October 21, 2021		Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

(1)	The length of time served is represented by the year in which the Board Member joined the Board.

(2)	As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

(3)	The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

(4)	Address: 875 Third Avenue, New York, New York 10022.

(5)	Address: 100 Summer Street, Boston, MA 02110.

(6)	Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

Portfolio Holdings Information

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 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.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2023.


	Qualified Dividend Income*		Dividends Received Deduction*
Xtrackers S&P 500 ESG ETF		100%		98%
Xtrackers S&P 500 Growth ESG ETF		100%		100%
Xtrackers S&P 500 Value ESG ETF		100%		90%
Xtrackers S&P ESG Dividend Aristocrats ETF		100%		95%
Xtrackers S&P MidCap 400 ESG ETF		93%		90%
Xtrackers S&P SmallCap 600 ESG ETF		92%		89%

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or CBOE BZX Exchange, 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 S&P 400 ESG Index, S&P 500 ESG Index and S&P 600 ESG Index are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and have been licensed for use by DBX Advisors LLC. S&P^®, S&P 400^®, S&P 500^® and S&P 600^®, are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by DBX Advisors. The ESG Scores used in the Indexes are calculated by SAM. DBX Advisors LLC Xtrackers ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates or SAM, and none of such parties make any representation regarding the advisability of investing in such ETFs, nor do they have any liability for any errors, omissions, or interruptions of the S&P 400 ESG Index, S&P 500 ESG Index and S&P 600 ESG Index.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


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

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

R-097578-1 (10/23) DBX005648 (10/24)

(b)

Not applicable

Item 2. Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(c)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $476,661 for 2023 and $376,343 for 2022.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2023 and $0 for 2022.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $118,250 for 2023 and $160,644 for 2022.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2023 and $0 for 2022.

(e)(1)

Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

In accordance with Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the audit and permissible non-audit services of the Registrant.

(e)(2)

All of the services described in paragraphs (b) through (d) above were approved by the Audit Committee in accordance with paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X.

(f)

Not Applicable.

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2023 and $0 for 2022.

(h)

The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i)

Not applicable.

(j)

Not applicable.

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Funds’ Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the Xtrackers ETFs, or persons in financial reporting oversight roles at DWS that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Funds and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Funds.

•

EY advised the Funds’ Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the Xtrackers ETFs “investment company complex” (as defined in Regulation S-X). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Funds ETFs or in the position to influence the audit engagement team for the Funds.

Item 5. Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this Form.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)

The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b)

There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits.

(a)(1)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes- Oxley Act of 2002 are attached hereto.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		DBX ETF Trust

By (Signature and Title)		/s/ Freddi Klassen
		Freddi Klassen
		President and Chief Executive Officer

Date November 2, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Freddi Klassen
		Freddi Klassen
		President and Chief Executive Officer

Date November 2, 2023

By (Signature and Title)		/s/ Diane Kenneally
		Diane Kenneally
		Treasurer and Chief Financial Officer

Date November 2, 2023