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: May 31

Date of reporting period: November 30, 2024

Item 1. Reports to Stockholders.

(a)

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report(s) to Shareholders attached herewith.

Xtrackers Artificial Intelligence and Big Data ETF

XAIX: Nasdaq Stock Market

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
XAIX	$12^{Footnote Reference(a)}	0.35%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Based on the period August 2, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period.
Footnote^(b)	Annualized.

Gross expense ratio as of the latest prospectus: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers Artificial Intelligence and Big Data ETF (the "Fund") for the period August 2, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	15,335,335
Number of Portfolio Holdings	89
Portfolio Turnover Rate (%)	0
Total Net Advisory Fees Paid ($)	8,113

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	44.3% of Net Assets
Bank of America Corp.	4.9%
Salesforce, Inc.	4.8%
Meta Platforms, Inc.	4.7%
Apple, Inc.	4.7%
NVIDIA Corp.	4.6%
Oracle Corp.	4.5%
Amazon.com, Inc.	4.5%
SAP SE	3.9%
Microsoft Corp.	3.9%
Alphabet, Inc.	3.8%

Sector Allocation

Sector	% of Net Assets
Software	37%
Semiconductors & Semiconductor Equipment	12%
Technology Hardware, Storage & Peripherals	10%
IT Services	9%
Interactive Media & Services	9%
Banks	6%
Communications Equipment	6%
Diversified Telecommunication Services	5%
Broadline Retail	5%
Electronic Equipment, Instruments & Components	0%
Other	0%

Holding based data is subject to change.

Additional Information

If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Companies involved in artificial intelligence and big data face intense competition, may have limited product lines, markets, financial resources and personnel. Artificial intelligence and big data companies are also subject to risks of new technologies and are heavily dependent on patents and intellectual property rights and the products of these companies may face obsolescence due to rapid technological developments. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a 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. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in this 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.

This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851‑4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

XAIX-TSRS

R-104097-1 (1/25) DBX006439 (1/26)

Xtrackers Cybersecurity Select Equity ETF

PSWD: Nasdaq Stock Market

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PSWD	$11	0.20%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.20%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers Cybersecurity Select Equity ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	6,837,762
Number of Portfolio Holdings	51
Portfolio Turnover Rate (%)	18
Total Net Advisory Fees Paid ($)	6,253

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	46.5% of Net Assets
Qualys, Inc.	5.3%
Fortinet, Inc.	5.1%
Crowdstrike Holdings, Inc.	5.0%
CyberArk Software Ltd.	4.8%
SentinelOne, Inc.	4.7%
Zscaler, Inc.	4.7%
Palo Alto Networks, Inc.	4.6%
Okta, Inc.	4.3%
Trend Micro, Inc.	4.2%
Check Point Software Technologies Ltd.	3.8%

Sector Allocation

Sector	% of Net Assets
Systems Software	56%
IT Consulting & Other Services	14%
Application Software	12%
Internet Services & Infrastructure	12%
Communications Equipment	4%
Research & Consulting Services	1%
Computer Software	1%
Distribution/Wholesale	0%

Holding based data is subject to change.

Additional Information

Householding

Companies in the cybersecurity field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Companies in the cybersecurity field also face heightened risk caused by obsolescence due to rapid technological developments, by potential loss or impairment of patent and intellectual property rights and by the risk of cyber-attacks. Incorporation of ESG criteria in the fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may under perform 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 the 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. 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. 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. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

PSWD-TSRS

R-104092-1 (1/25) DBX006434 (1/26)

Xtrackers International Real Estate ETF

HAUZ: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HAUZ	$5	0.10%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.10%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers International Real Estate ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	736,371,096
Number of Portfolio Holdings	394
Portfolio Turnover Rate (%)	5
Total Net Advisory Fees Paid ($)	367,783

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	22.2% of Net Assets
Goodman Group (Australia)	5.2%
Mitsui Fudosan Co. Ltd. (Japan)	2.8%
Vonovia SE (Germany)	2.8%
Mitsubishi Estate Co. Ltd. (Japan)	2.3%
Sun Hung Kai Properties Ltd. (Hong Kong)	1.8%
Sumitomo Realty & Development Co. Ltd. (Japan)	1.8%
Scentre Group (Australia)	1.5%
Segro PLC (United Kingdom)	1.5%
Link (Hong Kong)	1.4%
DLF Ltd. (India)	1.1%

Sector Allocation

Sector	% of Net Assets
Real Estate Operations/Development	33%
Diversified	14%
Real Estate Management/Services	13%
Warehouse/Industry	12%
Shopping Centers	9%
Office Property	5%
Apartments	4%
Regional Malls	1%
Health Care	1%
E-Commerce/Services	1%
Storage	1%
Other	5%

Geographical Diversification

Country	% of Net Assets
Japan	21%
Australia	14%
Hong Kong	10%
United Kingdom	8%
Canada	7%
Singapore	6%
Sweden	4%
Germany	4%
France	3%
Switzerland	3%
Israel	2%
Other	17%

Holding based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. 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. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. 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. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the fund may diverge from that of the underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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. See the prospectus for details.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

HAUZ-TSRS

R-104093-1 (1/25) DBX006435 (1/26)

Xtrackers Semiconductor Select Equity ETF

CHPS: Nasdaq Stock Market

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CHPS	$7	0.15%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.15%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers Semiconductor Select Equity ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	6,861,096
Number of Portfolio Holdings	54
Portfolio Turnover Rate (%)	9
Total Net Advisory Fees Paid ($)	5,762

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	46.0% of Net Assets
NVIDIA Corp.	5.1%
Intel Corp.	5.0%
Texas Instruments, Inc.	4.8%
Taiwan Semiconductor Manufacturing Co. Ltd.	4.7%
Micron Technology, Inc.	4.7%
Analog Devices, Inc.	4.5%
QUALCOMM, Inc.	4.5%
Lam Research Corp.	4.3%
Broadcom, Inc.	4.2%
Applied Materials, Inc.	4.2%

Sector Allocation

Sector	% of Net Assets
Semiconductors	67%
Semiconductor Materials & Equipment	28%
Electronic Manufacturing Services	3%
Electronic Components	1%
Industrial Machinery & Supplies	1%

Holding based data is subject to change.

Additional Information

Householding

Companies in the semiconductor field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Cybersecurity companies also face heightened risk due to their dependence on the availability of materials that meet exacting standards, to reliance on a limited number of suppliers and by potential loss or impairment of patent and intellectual property rights. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a 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 the 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. 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. 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. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

CHPS-TSRS

R-104094-1 (1/25) DBX006436 (1/26)

Xtrackers US Green Infrastructure Select Equity ETF

UPGR: Nasdaq Stock Market

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
UPGR	$17	0.35%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers US Green Infrastructure Select Equity ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	4,418,963
Number of Portfolio Holdings	49
Portfolio Turnover Rate (%)	27
Total Net Advisory Fees Paid ($)	7,477

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	29.4% of Net Assets
Bloom Energy Corp.	5.5%
PureCycle Technologies, Inc.	3.1%
Tesla, Inc.	3.0%
Altus Power, Inc.	3.0%
Ryerson Holding Corp.	2.6%
Rivian Automotive, Inc.	2.5%
FuelCell Energy, Inc.	2.5%
AZZ, Inc.	2.4%
Casella Waste Systems, Inc.	2.4%
Reliance, Inc.	2.4%

Sector Allocation

Sector	% of Net Assets
Industrials	62%
Consumer Discretionary	11%
Utilities	11%
Materials	10%
Information Technology	4%
Energy	2%

Holding based data is subject to change.

Additional Information

Householding

The Fund will be sensitive to, and its performance will depend to a great extent on, the overall condition of green or low carbon infrastructure companies. These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties and potential illiquidity. The Fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of green or low carbon energy companies. Such companies face enhanced risks caused by factors including changes in government regulations, the impact of adverse weather conditions and on the demand for renewable energy production. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may under perform 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 the 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. 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. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

UPGR-TSRS

R-104095-1 (1/25) DBX006437 (1/26)

Xtrackers US National Critical Technologies ETF

CRTC: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CRTC	$19	0.35%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers US National Critical Technologies ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	58,373,061
Number of Portfolio Holdings	224
Portfolio Turnover Rate (%)	6
Total Net Advisory Fees Paid ($)	92,473

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	32.3% of Net Assets
Amazon.com, Inc.	5.3%
Microsoft Corp.	4.9%
NVIDIA Corp.	4.9%
Alphabet, Inc.	4.7%
Exxon Mobil Corp.	3.3%
AbbVie, Inc.	2.0%
Salesforce, Inc.	1.9%
Oracle Corp.	1.9%
Chevron Corp.	1.9%
Cisco Systems, Inc.	1.5%

Sector Allocation

Sector	% of Net Assets
Information Technology	36%
Health Care	17%
Industrials	14%
Communication Services	12%
Energy	7%
Consumer Discretionary	6%
Utilities	5%
Materials	2%
Financials	1%
Consumer Staples	0%
Real Estate	0%

Holding based data is subject to change.

Additional Information

Householding

Critical technologies are technologies that are deemed to be vital to maintaining the national security of the U.S. now and in the future. Companies involved in critical technologies may be subject to a significant amount of governmental regulation, and changes in governmental policies and the need for regulatory approvals may have a material adverse effect on the critical technologies and the companies involved with them. Critical technologies companies are heavily dependent on patent and intellectual property rights which may be difficult to protect. Investing involves risk, including the possible loss of principal. Stocks may decline in value. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

CRTC-TSRS

R-104096-1 (1/25) DBX006438 (1/26)

Xtrackers Harvest CSI 300 China A‑Shares ETF

ASHR: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ASHR	$34	0.65%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.65%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers Harvest CSI 300 China A-Shares ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	2,778,736,951
Number of Portfolio Holdings	286
Portfolio Turnover Rate (%)	79
Total Net Advisory Fees Paid ($)	6,588,194

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	22.6% of Net Assets
Kweichow Moutai Co. Ltd.	4.8%
Contemporary Amperex Technology Co. Ltd.	3.4%
Ping An Insurance Group Co. of China Ltd.	2.9%
China Merchants Bank Co. Ltd.	2.2%
Midea Group Co. Ltd.	1.7%
East Money Information Co. Ltd.	1.7%
China Yangtze Power Co. Ltd.	1.7%
CITIC Securities Co. Ltd.	1.5%
Wuliangye Yibin Co. Ltd.	1.4%
Industrial Bank Co. Ltd.	1.3%

Sector Allocation

Sector	% of Net Assets
Financials	25%
Information Technology	17%
Industrials	16%
Consumer Staples	11%
Materials	8%
Consumer Discretionary	7%
Health Care	7%
Utilities	4%
Energy	3%
Communication Services	1%
Real Estate	1%

Holding based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Funds investing in a single country generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security, and the Fund excludes it, the Fund’s tracking error may increase, and the performance of the Fund and Underlying Index may diverge. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the fund which may reduce fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the fund to achieve its investment objective. Performance of the fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. Please read the prospectus for more information.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

ASHR-TSRS

R-104090-1 (1/25) DBX006432 (1/26)

Xtrackers Harvest CSI 500 China A‑Shares Small Cap ETF

ASHS: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ASHS	$34	0.65%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.65%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	37,851,810
Number of Portfolio Holdings	489
Portfolio Turnover Rate (%)	25
Total Net Advisory Fees Paid ($)	83,559

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	6.8% of Net Assets
Eoptolink Technology, Inc. Ltd.	1.1%
Kuang-Chi Technologies Co. Ltd.	0.9%
Anhui Jianghuai Automobile Group Corp. Ltd.	0.9%
Sieyuan Electric Co. Ltd.	0.7%
Sailun Group Co. Ltd.	0.6%
Sichuan Changhong Electric Co. Ltd.	0.5%
Huagong Tech Co. Ltd.	0.5%
Isoftstone Information Technology Group Co. Ltd.	0.5%
Chongqing Rural Commercial Bank Co. Ltd.	0.6%
Sunwoda Electronic Co. Ltd.	0.5%

Sector Allocation

Sector	% of Net Assets
Information Technology	20%
Industrials	19%
Materials	17%
Financials	10%
Health Care	10%
Consumer Discretionary	9%
Consumer Staples	4%
Communication Services	4%
Utilities	3%
Energy	2%
Real Estate	2%

Holding based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Funds investing in a single country generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security, and the Fund excludes it, the Fund’s tracking error may increase, and the performance of the Fund and Underlying Index may diverge. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Fund which may reduce fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the fund to achieve its investment objective. Performance of the Fund may diverge from that of the underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

ASHS-TSRS

R-104091-1 (1/25) DBX006433 (1/26)

Xtrackers MSCI All World ex US Hedged Equity ETF

DBAW: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DBAW	$20	0.40%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.40%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers MSCI All World ex US Hedged Equity ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	147,075,482
Number of Portfolio Holdings	1,914
Portfolio Turnover Rate (%)	7
Total Net Advisory Fees Paid ($)	273,908

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	11.3% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	2.8%
Novo Nordisk A/S (Denmark)	1.3%
Tencent Holdings Ltd. (China)	1.2%
ASML Holding NV (Netherlands)	1.0%
SAP SE (Germany)	0.9%
Nestle SA (Switzerland)	0.9%
Roche Holding AG (Switzerland)	0.8%
Samsung Electronics Co. Ltd. (South Korea)	0.8%
AstraZeneca PLC (United Kingdom)	0.8%
Novartis AG (Switzerland)	0.8%

Sector Allocation

Sector	% of Net Assets
Financials	23%
Industrials	13%
Information Technology	13%
Consumer Discretionary	10%
Health Care	9%
Consumer Staples	7%
Materials	6%
Communication Services	6%
Energy	5%
Utilities	3%
Real Estate	2%

Geographical Diversification

Country	% of Net Assets
Japan	14%
United Kingdom	9%
Canada	8%
China	7%
France	7%
Switzerland	6%
Germany	6%
India	5%
Taiwan	5%
Australia	5%
Netherlands	3%
Other	22%

Holding based data is subject to change.

Additional Information

Householding

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

DBAW-TSRS

R-104098-1 (1/25) DBX006440 (1/26)

Xtrackers MSCI EAFE Hedged Equity ETF

DBEF: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DBEF	$18	0.35%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers MSCI EAFE Hedged Equity ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	6,601,283,021
Number of Portfolio Holdings	725
Portfolio Turnover Rate (%)	5
Total Net Advisory Fees Paid ($)	10,959,769

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	13.8% of Net Assets
Novo Nordisk A/S (Denmark)	2.1%
ASML Holding NV (Netherlands)	1.7%
SAP SE (Germany)	1.5%
Nestle SA (Switzerland)	1.4%
Roche Holding AG (Switzerland)	1.3%
AstraZeneca PLC (United Kingdom)	1.3%
Novartis AG (Switzerland)	1.3%
Shell PLC (United Kingdom)	1.2%
Toyota Motor Corp. (Japan)	1.0%
Commonwealth Bank of Australia (Australia)	1.0%

Sector Allocation

Sector	% of Net Assets
Financials	21%
Industrials	18%
Health Care	13%
Consumer Discretionary	11%
Information Technology	8%
Consumer Staples	8%
Materials	6%
Communication Services	5%
Energy	4%
Utilities	3%
Other	2%

Geographical Diversification

Country	% of Net Assets
Japan	22%
United Kingdom	14%
France	10%
Switzerland	10%
Germany	9%
Australia	8%
Netherlands	5%
Sweden	4%
Denmark	3%
Spain	3%
Italy	2%
Other	9%

Holding based data is subject to change.

Additional Information

Householding

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

DBEF-TSRS

R-104099-1 (1/25) DBX006441 (1/26)

Xtrackers MSCI Emerging Markets Hedged Equity ETF

DBEM: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DBEM	$34	0.66%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.67%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers MSCI Emerging Markets Hedged Equity ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	69,323,057
Number of Portfolio Holdings	1,218
Portfolio Turnover Rate (%)	5
Total Net Advisory Fees Paid ($)	247,433

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	26.1% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	9.7%
Tencent Holdings Ltd. (China)	4.3%
Samsung Electronics Co. Ltd. (South Korea)	2.7%
Alibaba Group Holding Ltd. (China)	2.3%
HDFC Bank Ltd. (India)	1.6%
Meituan (China)	1.4%
Reliance Industries Ltd. (India)	1.2%
ICICI Bank Ltd. (India)	1.0%
Hon Hai Precision Industry Co. Ltd. (Taiwan)	1.0%
China Construction Bank Corp. (China)	0.9%

Sector Allocation

Sector	% of Net Assets
Financials	23%
Information Technology	23%
Consumer Discretionary	13%
Communication Services	9%
Industrials	7%
Materials	6%
Consumer Staples	5%
Energy	5%
Health Care	3%
Utilities	3%
Real Estate	2%

Geographical Diversification

Country	% of Net Assets
China	25%
India	20%
Taiwan	19%
South Korea	10%
Brazil	4%
Saudi Arabia	4%
South Africa	3%
Mexico	2%
Other	12%

Holding based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. 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. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security, and the Fund excludes it, the Fund’s tracking error may increase, and the performance of the Fund and Underlying Index may diverge. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

DBEM-TSRS

R-104100-1 (1/25) DBX006442 (1/26)

Xtrackers MSCI Europe Hedged Equity ETF

DBEU: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DBEU	$22	0.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.45%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers MSCI Europe Hedged Equity ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	547,299,091
Number of Portfolio Holdings	417
Portfolio Turnover Rate (%)	3
Total Net Advisory Fees Paid ($)	1,252,570

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	20.9% of Net Assets
Novo Nordisk A/S (Denmark)	3.2%
ASML Holding NV (Netherlands)	2.5%
SAP SE (Germany)	2.3%
Nestle SA (Switzerland)	2.1%
Roche Holding AG (Switzerland)	2.0%
AstraZeneca PLC (United Kingdom)	1.9%
Novartis AG (Switzerland)	1.9%
Shell PLC (United Kingdom)	1.8%
LVMH Moet Hennessy Louis Vuitton SE (France)	1.6%
HSBC Holdings PLC (United Kingdom)	1.6%

Sector Allocation

Sector	% of Net Assets
Financials	20%
Industrials	17%
Health Care	15%
Consumer Staples	10%
Consumer Discretionary	9%
Information Technology	7%
Materials	6%
Energy	5%
Communication Services	4%
Utilities	4%
Real Estate	1%

Geographical Diversification

Country	% of Net Assets
United Kingdom	22%
France	16%
Switzerland	16%
Germany	14%
Netherlands	7%
Sweden	5%
Denmark	5%
Spain	4%
Italy	4%
Finland	2%
Other	3%

Holding based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. 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. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

DBEU-TSRS

R-1040101-1 (1/25) DBX006443 (1/26)

Xtrackers MSCI Eurozone Hedged Equity ETF

DBEZ: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DBEZ	$22	0.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.45%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers MSCI Eurozone Hedged Equity ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	38,744,178
Number of Portfolio Holdings	612
Portfolio Turnover Rate (%)	5
Total Net Advisory Fees Paid ($)	87,847

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	26.2% of Net Assets
ASML Holding NV (Netherlands)	4.7%
SAP SE (Germany)	4.2%
LVMH Moet Hennessy Louis Vuitton SE (France)	2.9%
Siemens AG (Germany)	2.5%
Schneider Electric SE (France)	2.4%
TotalEnergies SE (France)	2.1%
Allianz SE (Germany)	2.0%
Deutsche Telekom AG (Germany)	1.9%
Sanofi SA (France)	1.9%
Air Liquide SA (France)	1.6%

Sector Allocation

Sector	% of Net Assets
Financials	20%
Industrials	19%
Consumer Discretionary	13%
Information Technology	12%
Health Care	7%
Consumer Staples	6%
Utilities	6%
Materials	5%
Communication Services	5%
Energy	4%
Real Estate	2%

Geographical Diversification

Country	% of Net Assets
France	31%
Germany	27%
Netherlands	14%
Italy	8%
Spain	8%
Finland	3%
Belgium	3%
Other	6%

Holding based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. 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. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. The Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

DBEZ-TSRS

R-1040102-1 (1/25) DBX006444 (1/26)

Xtrackers MSCI Japan Hedged Equity ETF

DBJP: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DBJP	$22	0.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.45%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers MSCI Japan Hedged Equity ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	397,897,115
Number of Portfolio Holdings	194
Portfolio Turnover Rate (%)	10
Total Net Advisory Fees Paid ($)	960,355

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	27.1% of Net Assets
Toyota Motor Corp.	4.6%
Mitsubishi UFJ Financial Group, Inc.	3.5%
Sony Group Corp.	3.3%
Hitachi Ltd.	3.1%
Recruit Holdings Co. Ltd.	2.6%
Sumitomo Mitsui Financial Group, Inc.	2.4%
Keyence Corp.	2.2%
Tokyo Electron Ltd.	1.8%
Tokio Marine Holdings, Inc.	1.8%
Shin-Etsu Chemical Co. Ltd.	1.8%

Sector Allocation

Sector	% of Net Assets
Industrials	23%
Consumer Discretionary	18%
Financials	16%
Information Technology	14%
Health Care	8%
Communication Services	7%
Consumer Staples	5%
Materials	4%
Real Estate	2%
Utilities	1%
Other	1%

Holding based data is subject to change.

Additional Information

Householding

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

DBJP-TSRS

R-1040103-1 (1/25) DBX006445 (1/26)

Xtrackers California Municipal Bond ETF

CA: Nasdaq Stock Market

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CA	$4	0.07%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.07%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers California Municipal Bond ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	22,796,268
Number of Portfolio Holdings	270
Portfolio Turnover Rate (%)	2
Total Net Advisory Fees Paid ($)	7,678
Modified duration to worst	4.8 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Credit Quality

Credit Rating	% of Net Assets
AAA	15%
AA	73%
A	10%

Sector Allocation

Sector	% of Net Assets
General Obligation	41%
Education	24%
Health Care	9%
Water	8%
Power	4%
Airport	4%
Transportation	4%
Other	2%
Tax	1%

Holding based data is subject to change.

The quality ratings represent the highest 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.

Additional Information

Householding

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Although the fund seeks income that is exempt from California and federal income taxes, a portion of the fund’s distributions may be subject to federal, state and local taxes, including the alternative minimum tax. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

ICE Data Indices, LLC, is used with permission. “ICE^®” is a trade mark of ICE Data Indices, LLC or its affiliates and BofA^® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates (“BofA”) and may not be used without BofA’s prior written approval. These trademarks have been licensed, along with the ICE AMT-Free Broad Liquid California Municipal Index (“Index”) for use by DBX Advisors LLC in connection with Xtrackers California Municipal Bond ETF (the “Product”). Neither Advisor, DBX ETF Trust (the “Trust”) nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

CA-TSRS

R-1040104-1 (1/25) DBX006446 (1/26)

Xtrackers Municipal Infrastructure Revenue Bond ETF

RVNU: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
RVNU	$8	0.15%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.15%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers Municipal Infrastructure Revenue Bond ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	141,497,127
Number of Portfolio Holdings	327
Portfolio Turnover Rate (%)	9
Total Net Advisory Fees Paid ($)	102,736
Modified duration to worst	8.1 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Credit Quality

Credit Rating	% of Net Assets
AAA	10%
AA	63%
A	23%
BBB	2%

Sector Allocation

Sector	% of Net Assets
Airport	23%
Water & Sewer	18%
Public Power	15%
Toll Facilities	13%
Cities, Counties, & Authorities	10%
Mass Transit	6%
Seaport	3%
Sales and Special Tax	2%
States & US Territories	2%
Other	1%
Lease	1%

Top Five State Allocations

Holdings	% of Net Assets
New York	25%
California	14%
Florida	10%
Texas	8%
Illinois	7%

Holding based data is subject to change.

Additional Information

Householding

Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

RVNU-TSRS

R-1040105-1 (1/25) DBX006447 (1/26)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

HDEF: NYSE Arca, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HDEF	$5	0.09%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.09%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the "Fund") for the period June 1, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	1,688,030,795
Number of Portfolio Holdings	114
Portfolio Turnover Rate (%)	12
Total Net Advisory Fees Paid ($)	741,409

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	39.3% of Net Assets
Unilever PLC (United Kingdom)	5.0%
Novartis AG (Switzerland)	4.9%
Roche Holding AG (Switzerland)	4.7%
TotalEnergies SE (France)	4.5%
Allianz SE (Germany)	4.4%
Sanofi SA (France)	4.0%
Zurich Insurance Group AG (Switzerland)	3.4%
Iberdrola SA (Spain)	3.1%
British American Tobacco PLC (United Kingdom)	2.7%
Rio Tinto PLC (United Kingdom)	2.6%

Sector Allocation

Sector	% of Net Assets
Financials	24%
Consumer Staples	17%
Health Care	14%
Industrials	9%
Utilities	8%
Energy	8%
Materials	7%
Consumer Discretionary	6%
Communication Services	4%
Real Estate	1%

Geographical Diversification

Country	% of Net Assets
Switzerland	20%
United Kingdom	18%
France	16%
Japan	8%
Germany	7%
Singapore	6%
Australia	5%
Spain	4%
Netherlands	4%
Hong Kong	2%
Sweden	2%
Other	6%

Holding based data is subject to change.

Additional Information

Householding

Investing involves risk, including 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. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of a Fund may diverge from that of an 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

HDEF-TSRS

R-1040107-1 (1/25) DBX006449 (1/26)

Xtrackers US 0-1 Year Treasury ETF

TRSY: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
TRSY	$1^{Footnote Reference(a)}	0.06%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Based on the period October 9, 2024 (commencement of operations) through November 30, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period.
Footnote^(b)	Annualized.

Gross expense ratio as of the latest prospectus: 0.06%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semiannual shareholder report contains important information about the Xtrackers US 0-1 Year Treasury ETF (the "Fund") for the period October 9, 2024 to November 30, 2024. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	3,019,179
Number of Portfolio Holdings	90
Portfolio Turnover Rate (%)	0
Total Net Advisory Fees Paid ($)	240
Modified duration to worst	0.4 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Asset Allocation Table

Asset Type	% of Net Assets
U.S. Treasury Obligations	99%
Other Assets and Liabilities (Net)	1%

Credit Quality

Credit Rating	% of Net Assets
AAA	99%

Holding based data is subject to change.

Additional Information

Householding

The Fund is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund's investments may be more susceptible than a money market fund's investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund's investments. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government. The “full faith and credit” guarantee of the US government applies to the timely repayment of interest, and does not eliminate market risk. Because of the rising US government debt burden, it is possible that the US government may not be able to meet its financial obligations or that securities issued by the US government may experience credit downgrades. An investment in this 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

TRSY-TSRS

R-1040106-1 (1/25) DBX006448 (1/26)

(b)

Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments is included under Item 7.

(b)	Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

LOGO

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

LOGO

Table of Contents



	Page

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF		2

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		8

Statements of Assets and Liabilities		18

Statements of Operations		19

Statements of Changes in Net Assets		20

Financial Highlights		21

Notes to Financial Statements		23

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.

DBX ETF Trust | 1

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.8%

Communication Services — 1.4%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,689,531		3,928,762
China United Network Communications Ltd., Class A		21,503,181		15,273,621
Focus Media Information Technology Co. Ltd., Class A		10,644,179		10,129,623
Kunlun Tech Co. Ltd., Class A		876,618		5,574,906
Mango Excellent Media Co. Ltd., Class A		833,589		3,313,432


(Cost $35,683,293)				38,220,344

Consumer Discretionary — 7.3%
BYD Co. Ltd., Class A		923,372		35,000,389
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		178,239		3,307,396
China Tourism Group Duty Free Corp. Ltd., Class A		927,593		8,897,882
Chongqing Changan Automobile Co. Ltd., Class A		5,165,064		9,837,878
Fuyao Glass Industry Group Co. Ltd., Class A		1,742,471		13,458,158
Great Wall Motor Co. Ltd., Class A		1,311,377		4,735,101
Gree Electric Appliances, Inc. of Zhuhai, Class A		4,623,853		26,835,630
Guangzhou Automobile Group Co. Ltd., Class A		2,456,139		2,994,590
Haier Smart Home Co. Ltd., Class A		3,998,902		15,624,977
Huali Industrial Group Co. Ltd., Class A		187,860		1,955,682
Huayu Automotive Systems Co. Ltd., Class A		1,748,030		4,079,259
Huizhou Desay Sv Automotive Co. Ltd., Class A		312,034		5,373,931
Midea Group Co. Ltd., Class A		4,958,675		47,962,469
Ningbo Tuopu Group Co. Ltd., Class A		692,406		4,994,529
Oppein Home Group, Inc., Class A		198,489		1,971,065
SAIC Motor Corp. Ltd., Class A		4,749,356		11,515,575
Zhejiang China Commodities City Group Co. Ltd., Class A		2,816,766		5,528,250


(Cost $178,146,757)				204,072,761

Consumer Staples — 11.1%
Anhui Gujing Distillery Co. Ltd., Class A		162,309		4,245,039
Chongqing Brewery Co. Ltd., Class A		219,527		1,873,269
Eastroc Beverage Group Co. Ltd., Class A		159,650		4,708,359


	Number of Shares		Value $

Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,773,592		11,041,989
Guangdong Haid Group Co. Ltd., Class A		863,022		5,522,960
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,077,227		3,641,519
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		6,417,239		25,295,454
Jiangsu King’s Luck Brewery JSC Ltd., Class A		620,971		3,850,611
Jiangsu Yanghe Distillery Co. Ltd., Class A		590,180		6,979,924
Kweichow Moutai Co. Ltd., Class A		633,909		133,394,983
Luzhou Laojiao Co. Ltd., Class A		685,424		13,114,802
Muyuan Foods Co. Ltd., Class A *		2,843,592		15,974,002
New Hope Liuhe Co. Ltd., Class A *		2,334,527		3,068,484
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		496,090		13,936,773
Tsingtao Brewery Co. Ltd., Class A		367,924		3,703,343
Wens Foodstuff Group Co. Ltd., Class A		5,497,518		13,147,640
Wuliangye Yibin Co. Ltd., Class A		1,957,504		39,625,248
Yihai Kerry Arawana Holdings Co. Ltd., Class A		615,470		2,903,120
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		174,174		1,183,100


(Cost $261,554,395)				307,210,619

Energy — 2.8%
China Coal Energy Co. Ltd., Class A		1,987,834		3,416,097
China Merchants Energy Shipping Co. Ltd., Class A		3,329,900		2,897,961
China Oilfield Services Ltd., Class A		586,885		1,202,829
China Petroleum & Chemical Corp., Class A		15,262,314		13,387,810
China Shenhua Energy Co. Ltd., Class A		3,513,434		19,363,744
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		1,429,864		2,469,057
PetroChina Co. Ltd., Class A		11,750,582		13,030,092
Shaanxi Coal Industry Co. Ltd., Class A		4,058,769		13,071,133
Shanxi Coking Coal Energy Group Co. Ltd., Class A		3,033,144		3,405,254
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		1,332,400		2,690,344
Yankuang Energy Group Co. Ltd., Class A		1,842,990		3,711,144


(Cost $70,977,229)				78,645,465

Financials — 25.0%

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Agricultural Bank of China Ltd., Class A		33,300,000		22,091,304
Bank of Beijing Co. Ltd., Class A		15,317,043		12,083,786
Bank of Chengdu Co. Ltd., Class A		2,008,956		4,411,086
Bank of China Ltd., Class A		21,619,000		14,938,444
Bank of Communications Co. Ltd., Class A		28,393,239		28,704,565
Bank of Hangzhou Co. Ltd., Class A		3,586,703		6,999,772
Bank of Jiangsu Co. Ltd., Class A		15,229,645		19,009,488
Bank of Nanjing Co. Ltd., Class A		5,429,454		7,915,224
Bank of Ningbo Co. Ltd., Class A		3,340,917		11,367,550
Bank of Shanghai Co. Ltd., Class A		10,418,311		11,782,657
China CITIC Bank Corp. Ltd., Class A		3,100,122		2,903,225
China Construction Bank Corp., Class A		7,429,275		8,176,762
China Everbright Bank Co. Ltd., Class A		19,158,473		9,512,516
China Galaxy Securities Co. Ltd., Class A		2,282,617		4,908,075
China International Capital Corp. Ltd., Class A		822,510		4,033,991
China Life Insurance Co. Ltd., Class A		1,779,230		10,331,092
China Merchants Bank Co. Ltd., Class A		12,376,562		62,032,172
China Merchants Securities Co. Ltd., Class A		3,924,087		10,369,699
China Minsheng Banking Corp. Ltd., Class A		21,983,997		12,006,982
China Pacific Insurance Group Co. Ltd., Class A		3,541,580		16,558,798
China Zheshang Bank Co. Ltd., Class A		15,845,740		6,337,859
Cinda Securities Co. Ltd., Class A		978,100		2,049,147
CITIC Securities Co. Ltd., Class A		9,944,473		42,175,373
CNPC Capital Co. Ltd., Class A		2,735,900		2,814,953
CSC Financial Co. Ltd., Class A		1,447,403		5,443,856
East Money Information Co. Ltd., Class A		12,734,306		47,877,689
Everbright Securities Co. Ltd., Class A		2,112,863		5,737,849
Founder Securities Co. Ltd., Class A		5,070,696		5,993,499
GF Securities Co. Ltd., Class A		3,048,853		6,913,061
Guosen Securities Co. Ltd., Class A		2,996,618		4,748,795
Guotai Junan Securities Co. Ltd., Class A		4,507,554		11,768,567
Haitong Securities Co. Ltd., Class A		9,585,174		15,084,040
Hithink RoyalFlush Information Network Co. Ltd., Class A		227,395		10,527,506


	Number of Shares		Value $

Hongta Securities Co. Ltd., Class A		1,533,310		1,793,320
Huatai Securities Co. Ltd., Class A		5,289,247		13,109,133
Huaxia Bank Co. Ltd., Class A		6,968,493		7,275,566
Industrial & Commercial Bank of China Ltd., Class A		36,260,951		30,757,168
Industrial Bank Co. Ltd., Class A		14,536,270		36,187,804
Industrial Securities Co. Ltd., Class A		7,002,156		6,219,418
New China Life Insurance Co. Ltd., Class A		852,453		5,568,192
Orient Securities Co. Ltd., Class A		5,425,153		8,163,357
People’s Insurance Co. Group of China Ltd., Class A		3,829,198		3,823,653
Ping An Bank Co. Ltd., Class A		10,046,516		15,768,478
Ping An Insurance Group Co. of China Ltd., Class A		10,805,945		79,362,330
Postal Savings Bank of China Co. Ltd., Class A		11,820,300		8,640,451
SDIC Capital Co. Ltd., Class A		2,097,629		2,233,459
Shanghai Pudong Development Bank Co. Ltd., Class A		12,235,649		15,964,311
Shenwan Hongyuan Group Co. Ltd., Class A		9,201,487		6,802,285
Zheshang Securities Co. Ltd., Class A		1,994,250		3,490,384
Zhongtai Securities Co. Ltd., Class A		2,751,285		2,641,051


(Cost $620,679,067)				695,409,742

Health Care — 6.5%
Aier Eye Hospital Group Co. Ltd., Class A		4,812,003		9,742,804
Asymchem Laboratories Tianjin Co. Ltd., Class A		238,881		2,764,239
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,272,014		3,770,165
Beijing Tong Ren Tang Co. Ltd., Class A		766,896		4,311,245
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		401,065		4,034,712
Bloomage Biotechnology Corp. Ltd., Class A		201,322		1,642,674
Changchun High-Tech Industry Group Co. Ltd., Class A		312,678		4,623,865
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		567,370		3,529,972
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,219,884		4,944,816
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		783,906		3,136,489
Hangzhou Tigermed Consulting Co. Ltd., Class A		574,782		5,125,909

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Huadong Medicine Co. Ltd., Class A		949,168		5,102,899
Hualan Biological Engineering, Inc., Class A		1,202,212		2,795,572
Imeik Technology Development Co. Ltd., Class A		142,914		4,176,743
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		4,615,755		32,269,860
Pharmaron Beijing Co. Ltd., Class A		966,985		3,668,955
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,344,022		4,945,660
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,237,583		3,712,493
Shanghai RAAS Blood Products Co. Ltd., Class A		5,572,334		5,779,457
Shanghai United Imaging Healthcare Co. Ltd., Class A		344,985		6,240,229
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		623,956		22,416,978
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		349,904		3,154,710
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		861,180		2,045,310
Walvax Biotechnology Co. Ltd., Class A		1,430,560		2,920,115
WuXi AppTec Co. Ltd., Class A		2,482,828		17,169,712
Yunnan Baiyao Group Co. Ltd., Class A		989,986		7,825,129
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		311,360		10,010,500


(Cost $186,594,488)				181,861,212

Industrials — 15.7%
AECC Aviation Power Co. Ltd., Class A		1,972,036		11,390,782
Air China Ltd., Class A *		4,914,837		5,612,695
Beijing New Building Materials PLC, Class A		1,039,097		4,087,310
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		26,325,889		20,805,095
China CSSC Holdings Ltd., Class A		2,438,826		11,880,468
China Eastern Airlines Corp. Ltd., Class A *		9,064,745		5,100,912
China Energy Engineering Corp. Ltd., Class A		15,908,277		5,134,180
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		2,753,137		4,514,833
China National Chemical Engineering Co. Ltd., Class A		4,093,802		4,601,680
China Railway Group Ltd., Class A		11,081,192		9,796,626


	Number of Shares		Value $

China Southern Airlines Co. Ltd., Class A *		5,864,966		5,468,198
China State Construction Engineering Corp. Ltd., Class A		22,296,307		18,389,341
CNGR Advanced Material Co. Ltd., Class A		404,023		2,227,825
Contemporary Amperex Technology Co. Ltd., Class A		2,620,380		94,413,913
COSCO SHIPPING Holdings Co. Ltd., Class A		6,721,597		12,598,649
CRRC Corp. Ltd., Class A		12,997,216		14,215,285
Daqin Railway Co. Ltd., Class A		9,640,355		9,054,661
Dongfang Electric Corp. Ltd., Class A		1,331,464		2,787,618
Eve Energy Co. Ltd., Class A		1,258,673		8,450,755
FAW Jiefang Group Co. Ltd., Class A		1,765,188		2,057,215
Goneo Group Co. Ltd., Class A		252,094		2,473,827
Gotion High-tech Co. Ltd., Class A		1,245,926		3,988,407
Jiangsu Hengli Hydraulic Co. Ltd., Class A		618,240		4,524,352
Metallurgical Corp. of China Ltd., Class A		8,645,058		3,982,414
NARI Technology Co. Ltd., Class A		4,408,988		15,007,769
Ningbo Deye Technology Co. Ltd., Class A		265,526		3,158,992
Power Construction Corp. of China Ltd., Class A		9,056,928		6,945,248
Sany Heavy Industry Co. Ltd., Class A		6,253,288		15,075,854
SF Holding Co. Ltd., Class A		2,610,142		14,838,984
Shanghai International Airport Co. Ltd., Class A		1,319,873		6,354,978
Shanghai International Port Group Co. Ltd., Class A		4,322,947		3,458,119
Shanghai M&G Stationery, Inc., Class A		433,420		1,989,410
Shenzhen Inovance Technology Co. Ltd., Class A		1,993,711		16,581,032
Sichuan Road & Bridge Group Co. Ltd., Class A		2,800,100		2,877,146
Spring Airlines Co. Ltd., Class A		479,474		3,770,721
Sungrow Power Supply Co. Ltd., Class A		1,512,590		16,956,530
TBEA Co. Ltd., Class A		5,376,297		10,084,496
Weichai Power Co. Ltd., Class A		5,827,470		10,786,103
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		1,228,799		4,003,067
XCMG Construction Machinery Co. Ltd., Class A		7,721,087		8,615,074
YTO Express Group Co. Ltd., Class A		1,821,557		3,630,301
Zhejiang Chint Electrics Co. Ltd., Class A		1,115,292		3,499,468

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Zhejiang Huayou Cobalt Co. Ltd., Class A		1,324,956		5,909,810
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		2,353,035		7,529,192
Zhuzhou CRRC Times Electric Co. Ltd., Class A		299,188		1,913,433
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		5,662,053		5,450,815


(Cost $415,389,899)				435,993,583

Information Technology — 17.1%
360 Security Technology, Inc., Class A		3,863,968		7,141,186
ACM Research Shanghai, Inc., Class A		119,542		1,912,375
Advanced Micro-Fabrication Equipment, Inc., China, Class A		464,040		14,208,245
Avary Holding Shenzhen Co. Ltd., Class A		831,143		3,847,067
Beijing Kingsoft Office Software, Inc., Class A		241,382		9,812,417
BOE Technology Group Co. Ltd., Class A		41,611,935		24,678,480
Cambricon Technologies Corp. Ltd., Class A *		225,547		17,451,468
Chaozhou Three-Circle Group Co. Ltd., Class A		1,757,618		8,860,208
China Railway Signal & Communication Corp. Ltd., Class A		3,239,521		2,841,646
China Resources Microelectronics Ltd., Class A		662,816		4,603,739
China Zhenhua Group Science & Technology Co. Ltd., Class A		440,564		2,810,908
Empyrean Technology Co. Ltd., Class A		297,500		5,167,526
Flat Glass Group Co. Ltd., Class A		779,258		2,740,650
Foxconn Industrial Internet Co. Ltd., Class A		4,076,731		12,476,748
GigaDevice Semiconductor, Inc., Class A *		779,203		9,218,679
Glodon Co. Ltd., Class A		1,340,999		2,376,641
GoerTek, Inc., Class A		2,839,721		9,979,462
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		496,454		2,629,313
Hangzhou First Applied Material Co. Ltd., Class A		1,197,139		2,884,493
Hangzhou Silan Microelectronics Co. Ltd., Class A *		1,220,227		4,658,422
Huaqin Technology Co. Ltd., Class A		228,214		1,968,801
Hundsun Technologies, Inc., Class A		1,704,344		7,211,817
Hygon Information Technology Co. Ltd., Class A		989,563		17,170,805
IEIT Systems Co. Ltd., Class A		1,190,287		7,847,144


	Number of Shares		Value $

Iflytek Co. Ltd., Class A		2,048,120		14,494,040
Ingenic Semiconductor Co. Ltd., Class A		419,609		3,992,087
JA Solar Technology Co. Ltd., Class A		2,134,897		5,123,400
JCET Group Co. Ltd., Class A		1,714,789		9,219,016
Jinko Solar Co. Ltd., Class A		4,398,336		5,307,971
Lens Technology Co. Ltd., Class A		2,814,077		8,014,715
LONGi Green Energy Technology Co. Ltd., Class A		6,501,160		16,588,023
Luxshare Precision Industry Co. Ltd., Class A		5,266,325		28,094,814
Maxscend Microelectronics Co. Ltd., Class A		413,618		5,292,804
Montage Technology Co. Ltd., Class A		991,040		9,209,885
National Silicon Industry Group Co. Ltd., Class A		1,944,255		5,784,095
NAURA Technology Group Co. Ltd., Class A		340,480		19,520,133
Ninestar Corp., Class A *		1,124,764		4,138,846
Range Intelligent Computing Technology Group Co. Ltd., Class A		575,980		2,635,820
Sangfor Technologies, Inc., Class A		250,915		2,256,349
SG Micro Corp., Class A		388,717		4,704,492
Shanghai Aiko Solar Energy Co. Ltd., Class A *		1,273,765		2,802,090
Shanghai Baosight Software Co. Ltd., Class A		1,011,056		3,907,288
Shengyi Technology Co. Ltd., Class A		1,501,798		4,362,163
Shennan Circuits Co. Ltd., Class A		238,220		3,248,112
Shenzhen Transsion Holdings Co. Ltd., Class A		501,961		6,557,581
Suzhou Maxwell Technologies Co. Ltd., Class A		187,000		3,182,649
TCL Technology Group Corp., Class A		20,968,304		13,534,468
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		3,409,648		4,947,176
Thunder Software Technology Co. Ltd., Class A		407,021		3,090,340
Tongwei Co. Ltd., Class A		2,890,889		10,944,749
Trina Solar Co. Ltd., Class A		1,200,242		4,030,880
Unigroup Guoxin Microelectronics Co. Ltd., Class A		798,552		7,266,873
Unisplendour Corp. Ltd., Class A		2,460,084		8,601,217
Will Semiconductor Co. Ltd. Shanghai, Class A		966,373		13,147,098
Wingtech Technology Co. Ltd., Class A		1,105,907		6,206,379

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Xinjiang Daqo New Energy Co. Ltd., Class A		737,270		2,928,539
Yealink Network Technology Corp. Ltd., Class A		604,372		3,160,022
Yonyou Network Technology Co. Ltd., Class A *		2,307,334		4,207,014
Zhejiang Dahua Technology Co. Ltd., Class A		2,608,059		5,874,023
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		755,061		3,627,168
Zhongji Innolight Co. Ltd., Class A		907,326		15,858,965
ZTE Corp., Class A		3,596,757		15,457,548


(Cost $423,237,868)				475,817,072

Materials — 7.9%
Aluminum Corp. of China Ltd., Class A		8,303,618		8,612,262
Anhui Conch Cement Co. Ltd., Class A		2,555,561		9,044,300
Baoshan Iron & Steel Co. Ltd., Class A		9,174,257		8,376,468
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,899,693		3,571,176
China Jushi Co. Ltd., Class A		2,553,813		3,997,763
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,717,822		8,565,235
Citic Pacific Special Steel Group Co. Ltd., Class A		1,028,672		1,675,556
CMOC Group Ltd., Class A		7,666,372		7,697,564
Ganfeng Lithium Group Co. Ltd., Class A		1,177,487		6,828,954
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,135,098		3,865,329
Hengli Petrochemical Co. Ltd., Class A		2,177,395		4,312,446
Hoshine Silicon Industry Co. Ltd., Class A		378,114		3,082,068
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		24,342,627		6,446,154
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,761,400		3,633,371
Jiangxi Copper Co. Ltd., Class A		1,159,401		3,366,028
LB Group Co. Ltd., Class A		1,768,450		4,346,428
Ningxia Baofeng Energy Group Co. Ltd., Class A		2,405,974		5,359,145
Qinghai Salt Lake Industry Co. Ltd., Class A *		5,748,489		14,160,129
Rongsheng Petrochemical Co. Ltd., Class A		3,268,037		4,299,990
Satellite Chemical Co. Ltd., Class A		1,809,112		4,478,803
Shandong Gold Mining Co. Ltd., Class A		1,954,766		6,594,521
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,662,938		5,054,983


	Number of Shares		Value $

Shandong Nanshan Aluminum Co. Ltd., Class A		8,731,980		4,817,312
Shanghai Putailai New Energy Technology Co. Ltd., Class A		906,518		2,491,815
Tianqi Lithium Corp., Class A		1,011,509		5,326,449
Wanhua Chemical Group Co. Ltd., Class A		1,972,354		20,209,114
Yunnan Aluminium Co. Ltd., Class A		2,178,347		4,095,010
Yunnan Energy New Material Co. Ltd., Class A		595,584		3,059,858
Zangge Mining Co. Ltd., Class A		852,101		3,379,963
Zhejiang NHU Co. Ltd., Class A		2,068,222		6,204,238
Zhongjin Gold Corp. Ltd., Class A		3,105,073		5,366,053
Zijin Mining Group Co. Ltd., Class A		16,706,547		36,175,821


(Cost $209,219,575)				218,494,306

Real Estate — 1.0%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		3,753,705		6,098,703
China Vanke Co. Ltd., Class A *		6,593,780		7,821,048
Hainan Airport Infrastructure Co. Ltd., Class A *		7,166,602		3,795,566
Poly Developments and Holdings Group Co. Ltd., Class A		7,309,686		10,323,589


(Cost $29,458,608)				28,038,906

Utilities — 4.0%
CGN Power Co. Ltd., Class A		8,674,884		4,678,132
China Longyuan Power Group Corp. Ltd., Class A		129,474		303,038
China National Nuclear Power Co. Ltd., Class A		9,900,601		12,876,721
China Three Gorges Renewables Group Co. Ltd., Class A		15,067,219		9,476,108
China Yangtze Power Co. Ltd., Class A		12,573,895		47,378,637
ENN Natural Gas Co. Ltd., Class A		983,109		2,479,976
GD Power Development Co. Ltd., Class A		9,582,478		6,039,849
Huadian Power International Corp. Ltd., Class A		3,897,633		2,832,981
Huaneng Lancang River Hydropower, Inc., Class A		2,654,600		3,404,976
Huaneng Power International, Inc., Class A		4,637,243		4,457,842
SDIC Power Holdings Co. Ltd., Class A		3,567,286		7,508,004
Sichuan Chuantou Energy Co. Ltd., Class A		2,565,142		5,830,431
Zhejiang Zheneng Electric Power Co. Ltd., Class A		4,333,108		3,221,219


(Cost $104,325,241)				110,487,914

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares	Value $

TOTAL COMMON STOCKS


(Cost $2,535,266,420)			2,774,251,924


	Number of Shares	Value $

TOTAL INVESTMENTS — 99.8%
(Cost $2,535,266,420)			2,774,251,924
Other assets and liabilities, net — 0.2%			4,485,027


NET ASSETS — 100.0%			2,778,736,951

*	Non-income producing security.

JSC:	Joint Stock Company

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2024 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)	$	2,774,251,924	$	—	$	—	$	2,774,251,924

TOTAL	$	2,774,251,924	$	—	$	—	$	2,774,251,924

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

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.9%

Communication Services — 3.5%
Beijing Enlight Media Co. Ltd., Class A		58,900		71,731
Bluefocus Intelligent Communications Group Co. Ltd., Class A		100,600		152,069
China Film Co. Ltd., Class A		30,300		49,814
China Science Publishing & Media Ltd., Class A		5,900		18,643
China South Publishing & Media Group Co. Ltd., Class A		28,800		50,406
Chinese Universe Publishing and Media Group Co. Ltd., Class A		27,489		47,771
G-bits Network Technology Xiamen Co. Ltd., Class A		1,273		36,384
Giant Network Group Co. Ltd., Class A		56,400		103,613
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		116,000		57,276
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		31,700		45,776
Kingnet Network Co. Ltd., Class A		87,400		164,180
Oriental Pearl Group Co. Ltd., Class A		80,700		92,381
People.cn Co. Ltd., Class A		22,700		78,553
Perfect World Co. Ltd., Class A		55,000		98,007
Shandong Publishing & Media Co. Ltd., Class A		24,400		35,840
Talkweb Information System Co. Ltd., Class A *		34,800		97,337
Wanda Film Holding Co. Ltd., Class A *		61,100		103,400
Wasu Media Holding Co. Ltd., Class A		36,300		38,050


(Cost $1,246,634)				1,341,231

Consumer Discretionary — 8.7%
AIMA Technology Group Co. Ltd., Class A		10,008		51,196
Anhui Jianghuai Automobile Group Corp. Ltd., Class A		66,400		321,537
Anhui Zhongding Sealing Parts Co. Ltd., Class A		33,300		58,007
Beijing Roborock Technology Co. Ltd., Class A		5,081		150,317
Beiqi Foton Motor Co. Ltd., Class A *		199,300		70,644
Bethel Automotive Safety Systems Co. Ltd., Class A		15,980		95,675
BTG Hotels Group Co. Ltd., Class A		26,945		53,514
China Automotive Engineering Research Institute Co. Ltd., Class A		16,200		39,749


	Number of Shares		Value $

Chow Tai Seng Jewellery Co. Ltd., Class A		18,500		33,298
Easyhome New Retail Group Co. Ltd., Class A		87,300		36,482
Ecovacs Robotics Co. Ltd., Class A		9,600		67,924
Hangzhou GreatStar Industrial Co. Ltd.		28,853		111,026
Hangzhou Robam Appliances Co. Ltd., Class A		19,100		59,694
Hisense Home Appliances Group Co. Ltd., Class A		18,200		67,875
Hisense Visual Technology Co. Ltd., Class A		30,000		79,691
HLA Group Corp. Ltd., Class A		96,400		81,635
Jason Furniture Hangzhou Co. Ltd., Class A		20,300		78,787
Jiangsu Xinquan Automotive Trim Co. Ltd., Class A		13,400		85,662
Keboda Technology Co. Ltd., Class A		3,200		25,012
Lao Feng Xiang Co. Ltd., Class A		5,100		36,359
Ninebot Ltd.		20,008		122,799
Ningbo Joyson Electronic Corp., Class A		40,920		88,889
Ningbo Xusheng Group Co. Ltd., Class A		15,600		31,262
Offcn Education Technology Co. Ltd., Class A *		174,300		76,206
Qingdao Sentury Tire Co. Ltd., Class A		25,300		89,643
Sailun Group Co. Ltd., Class A		103,600		210,901
Shandong Linglong Tyre Co. Ltd., Class A		30,391		80,059
Shanghai Jinjiang International Hotels Co. Ltd., Class A		18,100		64,706
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		60,200		52,308
Shenzhen Kedali Industry Co. Ltd., Class A		7,600		111,969
Shenzhen MTC Co. Ltd., Class A		92,600		65,391
Sichuan Changhong Electric Co. Ltd., Class A		139,700		208,283
Songcheng Performance Development Co. Ltd., Class A		63,200		82,285
Suofeiya Home Collection Co. Ltd., Class A		23,418		58,557
Tianneng Battery Group Co. Ltd., Class A		6,055		24,135
Wangfujing Group Co. Ltd., Class A		32,230		66,545
Wanxiang Qianchao Co. Ltd., Class A		57,700		51,568
Wuchan Zhongda Group Co. Ltd., Class A		105,700		78,868
Zhejiang Semir Garment Co. Ltd., Class A		35,300		32,620

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Zhejiang Shuanghuan Driveline Co. Ltd., Class A		27,900		106,897


(Cost $3,224,842)				3,307,975

Consumer Staples — 4.2%
Angel Yeast Co. Ltd., Class A		24,800		117,972
Anhui Kouzi Distillery Co. Ltd., Class A		12,300		68,808
Anjoy Foods Group Co. Ltd., Class A		7,600		92,011
Beijing Dabeinong Technology Group Co. Ltd., Class A *		137,462		86,832
Beijing Yanjing Brewery Co. Ltd., Class A		56,200		80,458
By-health Co. Ltd., Class A		41,300		71,316
Chacha Food Co. Ltd., Class A		12,600		53,230
Chongqing Fuling Zhacai Group Co. Ltd., Class A		33,369		67,562
COFCO Sugar Holding Co. Ltd., Class A		44,000		59,715
DaShenLin Pharmaceutical Group Co. Ltd., Class A		18,312		39,349
Fujian Sunner Development Co. Ltd., Class A		30,600		59,085
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		20,700		61,211
Heilongjiang Agriculture Co. Ltd., Class A		28,900		58,753
Innovation New Material Technology Co. Ltd., Class A		50,600		27,776
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		25,400		82,430
Juewei Food Co. Ltd., Class A		15,700		43,134
Laobaixing Pharmacy Chain JSC, Class A		18,126		46,800
Shanghai Bailian Group Co. Ltd., Class A		32,300		47,711
Shanghai Bairun Investment Holding Group Co. Ltd., Class A *		20,800		73,268
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		2,200		12,895
Shanghai Jahwa United Co. Ltd., Class A		13,364		32,219
Sichuan Teway Food Group Co. Ltd., Class A		13,759		26,225
Yifeng Pharmacy Chain Co. Ltd., Class A		24,676		79,706
Yonghui Superstores Co. Ltd., Class A *		175,100		121,716
Yuan Longping High-tech Agriculture Co. Ltd., Class A		43,154		66,006


(Cost $1,825,462)				1,576,188

Energy — 2.1%
China Petroleum Engineering Corp., Class A		70,700		35,884


	Number of Shares		Value $

China Suntien Green Energy Corp. Ltd., Class A		12,100		12,950
CNOOC Energy Technology & Services Ltd., Class A		84,200		47,265
COFCO Capital Holdings Co. Ltd., Class A		34,400		73,587
Guangzhou Development Group, Inc., Class A		41,700		38,304
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		44,800		124,381
Jiangsu Xukuang Energy Co. Ltd., Class A		53,200		39,769
Jizhong Energy Resources Co. Ltd., Class A		44,300		38,065
Offshore Oil Engineering Co. Ltd., Class A		90,400		66,455
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		57,900		82,811
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		72,405		74,397
Sinopec Oilfield Service Corp., Class A *		169,900		48,506
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		25,529		124,010


(Cost $716,220)				806,384

Financials — 10.1%
Bank of Changsha Co. Ltd., Class A		91,900		108,372
Bank of Guiyang Co. Ltd., Class A		118,500		98,716
Bank of Lanzhou Co. Ltd., Class A		117,400		40,804
Bank of Suzhou Co. Ltd., Class A		117,010		127,814
Bank of Xi’an Co. Ltd., Class A		57,300		29,083
Bank of Zhengzhou Co. Ltd., Class A *		185,596		54,267
Beijing Compass Technology Development Co. Ltd., Class A *		9,800		134,758
BOC International China Co. Ltd., Class A		65,500		104,612
Caida Securities Co. Ltd., Class A		53,800		56,097
Caitong Securities Co. Ltd., Class A		131,425		152,443
Changjiang Securities Co. Ltd., Class A		130,598		125,726
China Great Wall Securities Co. Ltd., Class A		64,700		77,902
Chinalin Securities Co. Ltd., Class A		11,200		23,032
Chongqing Rural Commercial Bank Co. Ltd., Class A		247,700		191,997
Dongxing Securities Co. Ltd., Class A		79,600		124,936
First Capital Securities Co. Ltd., Class A		138,200		170,022

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		59,555		62,261
Guolian Securities Co. Ltd., Class A		49,400		83,395
Guosheng Financial Holding, Inc., Class A *		31,587		55,764
Guoyuan Securities Co. Ltd., Class A		105,300		123,156
Huaan Securities Co. Ltd., Class A		114,315		98,540
Huaxi Securities Co. Ltd., Class A		63,500		77,421
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		123,000		129,098
Jiangsu Financial Leasing Co. Ltd., Class A		69,020		48,644
J-Yuan Trust Co. Ltd., Class A *		157,700		78,736
Minmetals Capital Co. Ltd., Class A		67,800		67,234
Nanjing Securities Co. Ltd., Class A		89,700		111,839
Polaris Bay Group Co. Ltd., Class A *		91,900		98,611
Qilu Bank Co. Ltd., Class A		91,600		64,937
Qingdao Rural Commercial Bank Corp., Class A		178,400		76,522
Sealand Securities Co. Ltd., Class A		128,170		81,846
Shaanxi International Trust Co. Ltd., Class A		125,290		67,220
Shanxi Securities Co. Ltd., Class A		87,840		79,595
Sinolink Securities Co. Ltd., Class A		105,900		133,060
SooChow Securities Co. Ltd., Class A		148,965		168,884
Southwest Securities Co. Ltd., Class A		166,100		110,649
SPIC Industry-Finance Holdings Co. Ltd., Class A		36,300		35,046
Tianfeng Securities Co. Ltd., Class A *		254,400		168,770
Western Securities Co. Ltd., Class A		109,100		135,877
Yongan Futures Co. Ltd., Class A		12,500		24,722


(Cost $3,859,477)				3,802,408

Health Care — 9.6%
Andon Health Co. Ltd., Class A		15,500		92,480
Anhui Anke Biotechnology Group Co. Ltd., Class A		48,208		59,508
Apeloa Pharmaceutical Co. Ltd., Class A		22,900		52,493
APT Medical, Inc., Class A		2,554		127,733
Autobio Diagnostics Co. Ltd., Class A		9,800		62,810


	Number of Shares		Value $

Betta Pharmaceuticals Co. Ltd., Class A		10,300		78,629
BGI Genomics Co. Ltd., Class A		10,100		63,549
Changchun BCHT Biotechnology Co. Ltd., Class A		5,007		18,210
China Meheco Co. Ltd., Class A		30,421		49,467
China National Medicines Corp. Ltd., Class A		15,433		72,817
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		16,549		48,662
Chongqing Taiji Industry Group Co. Ltd., Class A		15,700		55,477
CSPC Innovation Pharmaceutical Co. Ltd., Class A		17,300		68,026
Dong-E-E-Jiao Co. Ltd., Class A		18,200		145,415
Gan & Lee Pharmaceuticals Co. Ltd., Class A		12,400		79,679
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		11,000		48,913
Haisco Pharmaceutical Group Co. Ltd., Class A		13,500		73,286
Huaxia Eye Hospital Group Co. Ltd., Class A		10,100		29,880
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		15,300		62,968
Humanwell Healthcare Group Co. Ltd., Class A		42,700		130,859
Intco Medical Technology Co. Ltd., Class A		17,820		64,590
iRay Technology Co. Ltd., Class A		2,834		45,384
Jafron Biomedical Co. Ltd., Class A		19,600		82,396
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		24,900		92,828
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		23,885		113,652
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		37,300		94,606
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		44,556		70,855
Joinn Laboratories China Co. Ltd., Class A		15,676		38,808
Jointown Pharmaceutical Group Co. Ltd., Class A		102,148		75,655
Lepu Medical Technology Beijing Co. Ltd., Class A		53,000		87,937
Livzon Pharmaceutical Group, Inc., Class A		15,062		79,335
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		126,500		85,840
MGI Tech Co. Ltd., Class A *		8,416		55,600
Micro-Tech Nanjing Co. Ltd., Class A		3,751		37,125

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		20,312		40,957
Ovctek China, Inc., Class A		20,637		53,710
Remegen Co. Ltd., Class A *		7,200		35,630
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		22,700		52,755
Shandong Pharmaceutical Glass Co. Ltd., Class A		26,538		89,747
Shanghai Junshi Biosciences Co. Ltd., Class A *		21,557		92,703
Shenzhen Kangtai Biological Products Co. Ltd., Class A		27,260		69,706
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		22,900		109,913
Sinocelltech Group Ltd., Class A *		5,566		29,939
Tasly Pharmaceutical Group Co. Ltd., Class A		36,600		73,952
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		11,162		49,664
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		57,600		67,050
Topchoice Medical Corp., Class A		12,703		87,110
Winner Medical Co. Ltd., Class A		9,740		46,977
Winning Health Technology Group Co. Ltd., Class A		69,500		76,301
Yifan Pharmaceutical Co. Ltd., Class A		30,200		49,358
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		35,820		89,915
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		19,517		39,704
Zhejiang Wolwo Bio- Pharmaceutical Co. Ltd., Class A		12,900		40,601


(Cost $4,163,207)				3,641,164

Industrials — 18.6%
AECC Aero-Engine Control Co. Ltd., Class A		38,900		118,624
AVIC Chengdu UAS Co. Ltd., Class A		9,997		60,846
AVICOPTER PLC, Class A		16,100		91,219
Beijing Easpring Material Technology Co. Ltd., Class A		16,300		103,121
Beijing Originwater Technology Co. Ltd., Class A		89,200		72,094
Centre Testing International Group Co. Ltd., Class A		59,300		110,495
China Baoan Group Co. Ltd., Class A		86,780		118,013
China First Heavy Industries Co. Ltd., Class A *		108,800		46,819


	Number of Shares		Value $

China International Marine Containers Group Co. Ltd., Class A		76,080		85,308
China Merchants Port Group Co. Ltd., Class A		10,300		28,639
China Railway Construction Heavy Industry Corp. Ltd., Class A		69,163		45,406
China Railway Hi-tech Industry Co. Ltd., Class A		47,500		54,507
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		47,200		29,685
China Southern Power Grid Technology Co. Ltd., Class A		7,012		32,098
China XD Electric Co. Ltd., Class A		82,900		86,438
CITIC Heavy Industries Co. Ltd., Class A		81,800		49,076
COSCO SHIPPING Development Co. Ltd., Class A		155,300		55,904
Dajin Heavy Industry Co. Ltd., Class A		14,500		46,917
Deppon Logistics Co. Ltd., Class A		13,000		26,500
Dongguan Yiheda Automation Co. Ltd., Class A		8,020		27,543
Eastern Air Logistics Co. Ltd., Class A		25,400		54,230
Fangda Carbon New Material Co. Ltd., Class A		117,300		83,642
Farasis Energy Gan Zhou Co. Ltd., Class A *		30,251		49,191
GEM Co. Ltd., Class A		197,900		189,425
Ginlong Technologies Co. Ltd., Class A		9,900		92,658
Goldwind Science & Technology Co. Ltd., Class A		112,500		173,160
GoodWe Technologies Co. Ltd., Class A		6,850		45,311
Guangdong Kinlong Hardware Products Co. Ltd., Class A		5,200		19,679
Guangzhou Baiyun International Airport Co. Ltd., Class A		48,600		65,153
Guangzhou Great Power Energy & Technology Co. Ltd., Class A		14,100		63,552
Guangzhou Port Co. Ltd., Class A		64,300		30,773
Hangcha Group Co. Ltd., Class A		21,300		50,940
Han’s Laser Technology Industry Group Co. Ltd., Class A		35,100		127,513
Hefei Meiya Optoelectronic Technology, Inc., Class A		15,600		31,736
Hongfa Technology Co. Ltd., Class A		33,812		153,706
Hoymiles Power Electronics, Inc., Class A		1,534		26,400

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Hunan Yuneng New Energy Battery Material Co. Ltd., Class A		18,100		129,962
Infore Environment Technology Group Co. Ltd., Class A		60,400		41,903
Jiangsu Expressway Co. Ltd., Class A		19,401		37,943
JL Mag Rare-Earth Co. Ltd., Class A		28,740		78,722
Juneyao Airlines Co. Ltd., Class A		36,240		72,325
Keda Industrial Group Co. Ltd., Class A		52,900		62,454
Kuang-Chi Technologies Co. Ltd., Class A		59,100		327,106
Leader Harmonious Drive Systems Co. Ltd., Class A		4,036		69,192
Liaoning Cheng Da Co. Ltd., Class A		35,758		56,864
Liaoning Port Co. Ltd., Class A		310,620		67,689
Ming Yang Smart Energy Group Ltd., Class A		73,100		143,165
Minmetals New Energy Materials(Hunan) Co. Ltd., Class A *		40,124		33,480
Ningbo Orient Wires & Cables Co. Ltd., Class A		16,400		130,354
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		12,657		63,979
Ningbo Sanxing Medical Electric Co. Ltd., Class A		28,200		120,377
North Industries Group Red Arrow Co. Ltd., Class A		32,547		67,828
Pylon Technologies Co. Ltd., Class A		6,432		41,756
Qingdao Port International Co. Ltd., Class A		30,600		36,042
Qingdao TGOOD Electric Co. Ltd., Class A		30,881		96,044
Riyue Heavy Industry Co. Ltd., Class A		22,300		40,568
Sany Renewable Energy Co. Ltd., Class A		10,078		46,578
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		16,400		99,976
Shandong Hi-speed Co. Ltd., Class A		26,400		33,535
Shanghai Construction Group Co. Ltd., Class A		219,700		79,087
Shanghai Moons’ Electric Co. Ltd., Class A		7,200		53,366
Shanghai Tunnel Engineering Co. Ltd., Class A		91,900		86,570
Shanxi Coal International Energy Group Co. Ltd., Class A		40,400		68,647
Shenzhen Kstar Science And Technology Co. Ltd., Class A		10,200		27,109


	Number of Shares		Value $

Shenzhen SED Industry Co. Ltd., Class A		18,500		47,612
Shuangliang Eco-Energy Systems Co. Ltd., Class A		46,100		44,507
Siasun Robot & Automation Co. Ltd., Class A *		52,900		145,629
Sieyuan Electric Co. Ltd., Class A		24,956		268,095
Sinochem International Corp., Class A *		73,000		43,092
Sinoma International Engineering Co., Class A		43,950		63,223
Sinomach Heavy Equipment Group Co. Ltd., Class A *		129,300		57,958
Sinotrans Ltd., Class A		64,100		46,414
State Grid Yingda Co. Ltd., Class A		73,400		56,894
Sunwoda Electronic Co. Ltd., Class A		60,400		190,435
TangShan Port Group Co. Ltd., Class A		124,974		73,601
Tian Di Science & Technology Co. Ltd., Class A		73,800		60,868
Titan Wind Energy Suzhou Co. Ltd., Class A		36,100		45,707
Wolong Electric Group Co. Ltd., Class A		34,939		70,163
Xiamen C & D, Inc., Class A		60,600		81,909
Xiamen ITG Group Corp. Ltd., Class A		53,648		49,500
Xiangtan Electric Manufacturing Co. Ltd., Class A *		38,164		62,321
XTC New Energy Materials
Xiamen Co. Ltd., Class A		7,072		48,262
Xuji Electric Co. Ltd., Class A		28,800		102,481
YUNDA Holding Group Co. Ltd., Class A		58,400		63,792
Yuneng Technology Co. Ltd., Class A		2,488		19,546
Yutong Bus Co. Ltd., Class A		53,900		162,804
Zhefu Holding Group Co. Ltd., Class A		107,700		49,761
Zhejiang Dingli Machinery Co. Ltd., Class A		10,500		88,107
Zhejiang HangKe Technology, Inc. Co., Class A		10,248		29,554
Zhejiang Weiming Environment Protection Co. Ltd., Class A		19,388		54,925
Zhejiang Weixing New Building Materials Co. Ltd., Class A		25,780		46,223
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		44,600		76,891
Zhuhai CosMX Battery Co. Ltd., Class A		27,537		62,514
Zhuzhou Kibing Group Co. Ltd., Class A		63,500		53,074


(Cost $6,851,147)				7,024,804

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Information Technology — 20.5%
3peak, Inc., Class A *		2,928		43,178
Accelink Technologies Co. Ltd., Class A		19,622		114,070
Aisino Corp., Class A		46,200		63,529
Amlogic Shanghai Co. Ltd., Class A *		13,508		128,159
Anker Innovations Technology Co. Ltd., Class A		8,260		93,428
ASR Microelectronics Co. Ltd., Class A *		8,641		46,575
Beijing E-Hualu Information Technology Co. Ltd., Class A *		17,240		64,105
Beijing Huafeng Test & Control Technology Co. Ltd., Class A		3,209		51,172
Beijing Shiji Information Technology Co. Ltd., Class A		34,209		36,235
Beijing Sinnet Technology Co. Ltd., Class A		58,000		91,354
Beijing Ultrapower Software Co. Ltd., Class A		78,700		131,230
Beijing Yandong Microelectronic Co. Ltd., Class A		10,173		34,235
Biwin Storage Technology Co. Ltd., Class A *		10,456		86,195
CETC Cyberspace Security Technology Co. Ltd., Class A		23,604		58,502
China Greatwall Technology Group Co. Ltd., Class A *		79,400		184,196
China National Software & Service Co. Ltd., Class A *		23,138		176,986
China TransInfo Technology Co. Ltd., Class A		39,100		54,413
CICT Mobile Communication Technology Co. Ltd., Class A *		29,290		25,329
DHC Software Co. Ltd., Class A		93,000		99,022
Eoptolink Technology, Inc. Ltd., Class A		27,300		432,816
Everdisplay Optronics Shanghai Co. Ltd., Class A *		180,056		60,594
Fiberhome Telecommunication Technologies Co. Ltd., Class A		29,600		74,424
GCL System Integration Technology Co. Ltd., Class A *		187,300		71,557
GRG Banking Equipment Co. Ltd., Class A		53,400		96,187
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		40,000		84,684
Guangzhou Haige Communications Group, Inc. Co., Class A		72,200		127,461
Guobo Electronics Co. Ltd., Class A		2,656		19,268
Hainan Drinda New Energy Technology Co. Ltd., Class A		6,100		58,236
Hangzhou Chang Chuan Technology Co. Ltd., Class A		15,400		97,067


	Number of Shares		Value $

Hangzhou EZVIZ Network Co. Ltd., Class A		6,478		28,528
Hangzhou Lion Microelectronics Co. Ltd., Class A		22,100		81,079
Hebei Sinopack Electronic Technology Co. Ltd., Class A		5,480		42,620
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		32,900		61,076
Hoyuan Green Energy Co. Ltd., Class A		11,400		33,380
Huagong Tech Co. Ltd., Class A		41,159		202,716
Hwatsing Technology Co. Ltd., Class A		5,810		151,819
IRICO Display Devices Co. Ltd., Class A *		59,700		57,391
Isoftstone Information Technology Group Co. Ltd., Class A		21,800		192,127
Jiangsu Pacific Quartz Co. Ltd., Class A		10,900		44,213
Leyard Optoelectronic Co. Ltd., Class A		88,600		65,865
Longshine Technology Group Co. Ltd., Class A		25,900		47,545
Newland Digital Technology Co. Ltd., Class A		34,140		100,623
Qi An Xin Technology Group, Inc., Class A *		11,204		47,254
Raytron Technology Co. Ltd., Class A		14,735		97,549
Risen Energy Co. Ltd., Class A		36,900		74,152
Rockchip Electronics Co. Ltd., Class A		6,000		69,752
Ruijie Networks Co. Ltd., Class A		3,000		20,287
Shanghai Anlogic Infotech Co. Ltd., Class A *		4,923		19,806
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		3,206		79,640
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		13,197		75,682
Shanghai Stonehill Technology Co. Ltd., Class A		232,448		117,980
Shenzhen Fastprint Circuit Tech Co. Ltd., Class A		69,400		113,521
Shenzhen Goodix Technology Co. Ltd., Class A (a)		9,900		111,692
Shenzhen Kaifa Technology Co. Ltd., Class A		38,900		108,161
Shenzhen Kinwong Electronic Co. Ltd., Class A		15,420		53,275
Shenzhen SC New Energy Technology Corp., Class A		11,000		107,216
Shenzhen Sunlord Electronics Co. Ltd., Class A		33,900		145,222
Shenzhen Sunway Communication Co. Ltd., Class A		39,500		137,941
SICC Co. Ltd., Class A *		7,100		58,803

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Sinosoft Co. Ltd., Class A		24,088		78,737
Smartsens Technology Shanghai Co. Ltd., Class A		8,384		82,354
StarPower Semiconductor Ltd., Class A		4,200		58,112
State Grid Information & Communication Co. Ltd., Class A		23,900		73,244
SUPCON Technology Co. Ltd., Class A		25,435		169,999
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		52,600		186,010
Suzhou Novosense Microelectronics Co. Ltd., Class A *		3,948		64,694
Suzhou TFC Optical Communication Co. Ltd., Class A		13,060		186,034
Taiji Computer Corp. Ltd., Class A		17,619		65,465
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		18,800		48,539
Tianma Microelectronics Co. Ltd., Class A *		52,300		63,549
Tianshui Huatian Technology Co. Ltd., Class A		105,500		172,281
TongFu Microelectronics Co. Ltd., Class A		43,300		179,100
Universal Scientific Industrial Shanghai Co. Ltd., Class A		27,600		53,978
Vanchip Tianjin Technology Co. Ltd., Class A		2,900		15,987
Venustech Group, Inc., Class A		29,100		68,952
Verisilicon Microelectronics Shanghai Co. Ltd., Class A *		14,198		101,690
Wangsu Science & Technology Co. Ltd., Class A		100,500		132,374
Wuhan DR Laser Technology Corp. Ltd., Class A		5,640		58,986
Wuhan Guide Infrared Co. Ltd., Class A		68,300		74,795
Wuhan Jingce Electronic Group Co. Ltd., Class A		7,800		76,349
Wuhu Token Science Co. Ltd., Class A		103,000		97,310
Wuxi Autowell Technology Co. Ltd., Class A		6,596		43,312
Xiamen Faratronic Co. Ltd., Class A		5,400		96,605
Yangling Metron New Material, Inc., Class A		8,200		29,043
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		13,300		83,060
Zhejiang Crystal-Optech Co. Ltd., Class A		56,862		160,771


(Cost $7,445,822)				7,772,452

Materials — 17.5%


	Number of Shares		Value $

Angang Steel Co. Ltd., Class A *		100,800		33,644
Asia - Potash International Investment Guangzhou Co. Ltd., Class A *		24,500		70,487
Baiyin Nonferrous Group Co. Ltd., Class A		122,300		51,616
BBMG Corp., Class A		170,500		44,209
Beijing Shougang Co. Ltd., Class A		62,300		27,324
Bluestar Adisseo Co., Class A		17,000		25,323
Canmax Technologies Co. Ltd., Class A		23,540		91,069
Cathay Biotech, Inc., Class A		11,685		71,991
Chengxin Lithium Group Co. Ltd., Class A		26,300		57,312
Chifeng Jilong Gold Mining Co. Ltd., Class A		67,600		158,127
China Hainan Rubber Industry Group Co. Ltd., Class A		72,800		57,533
China Rare Earth Resources And Technology Co. Ltd., Class A		25,500		108,675
Dazhong Mining Co. Ltd., Class A		18,900		25,129
Do-Fluoride New Materials Co. Ltd., Class A		48,740		89,070
Fujian Kuncai Material Technology Co. Ltd., Class A		8,040		25,127
Fushun Special Steel Co. Ltd., Class A		64,200		57,732
Guangdong HEC Technology Holding Co. Ltd., Class A		57,605		65,943
Guangdong Hongda Holdings Group Co. Ltd., Class A		18,400		70,499
Hangjin Technology Co. Ltd., Class A		22,200		59,614
Hangzhou Iron & Steel Co., Class A		55,110		31,164
Hangzhou Oxygen Plant Group Co. Ltd., Class A		20,300		66,775
Haohua Chemical Science & Technology Co. Ltd., Class A		12,000		50,198
Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A		61,800		137,655
Hengyi Petrochemical Co. Ltd., Class A		89,400		76,694
Hesteel Co. Ltd., Class A		165,400		50,644
Huafon Chemical Co. Ltd., Class A		81,100		92,839
Huaibei Mining Holdings Co. Ltd., Class A		43,061		86,235
Huaxin Cement Co. Ltd., Class A		27,872		49,897
Hubei Dinglong Co. Ltd., Class A *		30,500		117,364
Hubei Feilihua Quartz Glass Co. Ltd., Class A		21,100		122,459
Hubei Xingfa Chemicals Group Co. Ltd., Class A		31,320		99,958

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Hunan Gold Corp. Ltd., Class A		33,800		82,513
Hunan Valin Steel Co. Ltd., Class A		167,520		101,892
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		136,200		89,228
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		106,100		84,874
JCHX Mining Management Co. Ltd., Class A		15,100		81,389
Jiangsu Yangnong Chemical Co. Ltd., Class A		10,190		76,666
Jiangsu Yoke Technology Co. Ltd., Class A		11,196		99,136
Jinduicheng Molybdenum Co. Ltd., Class A		39,400		57,112
Kingfa Sci & Tech Co. Ltd., Class A		75,200		90,026
Levima Advanced Materials Corp., Class A		16,100		34,885
Luxi Chemical Group Co. Ltd., Class A		47,100		74,900
Maanshan Iron & Steel Co. Ltd., Class A *		102,800		33,319
MeiHua Holdings Group Co. Ltd., Class A		77,500		114,158
Nanjing Iron & Steel Co. Ltd., Class A		98,700		56,630
Ningbo Shanshan Co. Ltd., Class A		46,400		55,805
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A *		183,400		72,849
Red Avenue New Materials Group Co. Ltd., Class A		10,100		49,229
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A		64,390		39,165
Shaanxi Huaqin Technology Industry Co. Ltd., Class A		1,991		27,059
Shandong Iron and Steel Co. Ltd., Class A *		218,530		44,607
Shandong Sinocera Functional Material Co. Ltd., Class A		32,800		83,691
Shandong Sun Paper Industry JSC Ltd., Class A		65,000		131,605
Shanxi Meijin Energy Co. Ltd., Class A *		104,200		70,132
Shanxi Taigang Stainless Steel Co. Ltd., Class A *		88,300		44,086
Shenghe Resources Holding Co. Ltd., Class A		57,590		91,264
Shenzhen Capchem Technology Co. Ltd., Class A		21,080		119,174
Shenzhen Senior Technology Material Co. Ltd., Class A		53,000		85,013
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		15,740		53,100


	Number of Shares		Value $

Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		107,800		72,109
Sichuan Hebang Biotechnology Co. Ltd., Class A		246,580		69,378
Sichuan Yahua Industrial Group Co. Ltd., Class A		46,700		76,582
Sinoma Science & Technology Co. Ltd., Class A		26,500		47,624
Sinomine Resource Group Co. Ltd., Class A		29,420		153,744
Skshu Paint Co. Ltd., Class A		7,980		54,062
Sunresin New Materials Co. Ltd., Class A		10,350		78,897
Tangshan Jidong Cement Co. Ltd., Class A *		44,381		35,012
Tianshan Aluminum Group Co. Ltd., Class A		111,900		124,548
Tongkun Group Co. Ltd., Class A		68,600		109,279
Tongling Nonferrous Metals Group Co. Ltd., Class A		305,500		139,045
Weihai Guangwei Composites Co. Ltd., Class A		23,700		113,164
Western Mining Co. Ltd., Class A		66,700		154,917
Western Superconducting Technologies Co. Ltd., Class A		18,521		113,443
Xiamen Tungsten Co. Ltd., Class A		34,320		98,220
Xinfengming Group Co. Ltd., Class A		24,616		37,549
Xinxing Ductile Iron Pipes Co. Ltd., Class A		98,050		52,605
YongXing Special Materials Technology Co. Ltd., Class A		15,300		92,637
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		145,200		116,552
Yunnan Copper Co. Ltd., Class A		57,500		100,480
Yunnan Tin Co. Ltd., Class A		40,330		81,544
Yunnan Yuntianhua Co. Ltd., Class A		51,800		156,890
Zhejiang Hailiang Co. Ltd., Class A		49,000		65,825
Zhejiang Longsheng Group Co. Ltd., Class A		105,000		146,845
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A		9,860		45,298
Zhongfu Shenying Carbon Fiber Co. Ltd., Class A		3,639		10,570
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		58,221		42,478


(Cost $7,194,994)				6,605,110

Real Estate — 1.9%
China Green Electricity Investment of Tianjin Co. Ltd., Class A		22,300		28,696
Grandjoy Holdings Group Co. Ltd., Class A *		55,200		25,048
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		48,500		63,347

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $

Quzhou Xin’an Development Co. Ltd., Class A *		160,500		65,745
Red Star Macalline Group Corp. Ltd., Class A *		42,100		21,716
Seazen Holdings Co. Ltd., Class A *		34,600		65,234
Shanghai Lingang Holdings Corp. Ltd., Class A		38,000		54,821
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		30,100		43,424
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		31,300		122,904
Xiangcai Co. Ltd., Class A		35,900		37,581
Youngor Fashion Co. Ltd., Class A		110,900		123,740
Zhongtian Financial Group Co. Ltd., Class A * (a)		139,200		0
Zhuhai Huafa Properties Co. Ltd., Class A		66,740		61,857


(Cost $768,844)				714,113

Utilities — 3.2%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		177,590		80,339
Beijing Jingneng Power Co. Ltd., Class A		80,700		40,292
CECEP Solar Energy Co. Ltd., Class A		109,700		75,347
CECEP Wind-Power Corp., Class A		156,450		68,833
Chengdu Xingrong Environment Co. Ltd., Class A		60,400		58,730
China Southern Power Grid Energy Storage Co. Ltd., Class A		39,000		55,672
Chongqing Water Group Co. Ltd., Class A		25,700		17,581


	Number of Shares		Value $

Datang International Power Generation Co. Ltd., Class A		152,700		59,391
Fujian Funeng Co. Ltd., Class A		30,700		40,055
Guangdong Electric Power Development Co. Ltd., Class A		36,800		23,601
Hubei Energy Group Co. Ltd., Class A		80,000		54,065
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		134,000		78,362
Jiangsu Guoxin Corp. Ltd., Class A		32,200		34,241
Shaanxi Energy Investment Co. Ltd., Class A		30,700		40,648
Shanghai Electric Power Co. Ltd., Class A		57,100		74,580
Shenergy Co. Ltd., Class A		77,949		88,156
Shenzhen Energy Group Co. Ltd., Class A		57,460		52,463
Shenzhen Gas Corp. Ltd., Class A		25,000		24,930
Sichuan New Energy Power Co. Ltd., Class A		30,700		46,110
Wintime Energy Group Co. Ltd., Class A		834,400		181,829
Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A		28,800		31,062


(Cost $1,274,071)				1,226,287

TOTAL COMMON STOCKS


(Cost $38,570,720)				37,818,116

TOTAL INVESTMENTS — 99.9%
(Cost $38,570,720)				37,818,116
Other assets and liabilities, net — 0.1%				33,694

NET ASSETS — 100.0%				37,851,810

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

JSC:	Joint Stock Company

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2024 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	37,706,424	$	—	$	111,692	$	37,818,116

TOTAL	$	37,706,424	$	—	$	111,692	$	37,818,116

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

During the period ended November 30, 2024, the amount of transfers from Level 1 to Level 3 was $59,537. The investment was transferred from Level 1 to Level 3 due to 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.

DBX ETF Trust | 17

Statements of Assets and Liabilities

November 30, 2024 (Unaudited)


		Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Assets

Investment in non-affiliated securities at value	$	2,774,251,924		$	37,818,116

Cash		151,941			8,143
Foreign currency at value^†		113,676,009			47,458
Receivables:
Capital shares		772,056			—
Total assets	$	2,888,851,930		$	37,873,717

Liabilities

Payables:
Capital shares	$	108,335,367		$	—
Investment advisory fees		1,779,612			21,907
Total liabilities		110,114,979			21,907
Net Assets, at value	$	2,778,736,951		$	37,851,810

Net Assets Consist of
Paid-in capital	$	3,480,217,667		$	57,526,840
Distributable earnings (loss)		(701,480,716	)		(19,675,030	)
Net Assets, at value	$	2,778,736,951		$	37,851,810
Number of Common Shares outstanding		102,550,001			1,300,001
Net Asset Value	$	27.10		$	29.12

Investment in non-affiliated securities at cost	$	2,535,266,420		$	38,570,720
Foreign currency at cost	$	113,554,577		$	48,322

†	Included in foreign currency at value is $111,947 and $11,159 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

See Notes to Financial Statements.

18 | DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2024 (Unaudited)


		Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Investment Income
Unaffiliated interest income	$	960		$	58
Unaffiliated dividend income*		41,664,997			280,339
Total investment income		41,665,957			280,397

Expenses
Investment advisory fees		6,588,194			83,559
Other expenses		58			58
Total expenses		6,588,252			83,617
Net investment income (loss)		35,077,705			196,780

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(131,699,784	)		(1,555,954	)
Foreign currency transactions		(6,621,589	)		(86,178	)
Net realized gain (loss)		(138,321,373	)		(1,642,132	)
Net change in unrealized appreciation (depreciation) on:
Investments		105,077,902			2,908,986
Foreign currency translations		135,144			309
Net change in unrealized appreciation (depreciation)		105,213,046			2,909,295
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(33,108,327	)		1,267,163
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,969,378		$	1,463,943

* Unaffiliated foreign tax withheld	$	4,627,215		$	31,199

See Notes to Financial Statements.

DBX ETF Trust | 19

Statements of Changes in Net Assets


	Xtrackers Harvest CSI 300 China A-Shares ETF						Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
	For the Six Months Ended November 30, 2024 (Unaudited)			Year Ended May 31, 2024			For the Six Months Ended November 30, 2024 (Unaudited)			Year Ended May 31, 2024

Increase (Decrease) in Net Assets from Operations

Net investment income (loss)	$	35,077,705		$	38,826,152		$	196,780		$	233,711
Net realized gain (loss)		(138,321,373	)		(240,456,368	)		(1,642,132	)		(1,091,827	)
Net change in net unrealized appreciation (depreciation)		105,213,046			39,182,518			2,909,295			(2,480,945	)
Net increase (decrease) in net assets resulting from operations		1,969,378			(162,447,698	)		1,463,943			(3,339,061	)
Distributions to Shareholders		—			(44,647,136	)		—			(141,936	)

Fund Shares Transactions

Proceeds from shares sold		2,290,902,529			792,877,174			19,595,621			—
Value of shares redeemed		(1,564,194,534	)		(868,790,090	)		(4,255,510	)		(1,350,738	)
Net increase (decrease) in net assets resulting from fund share transactions		726,707,995			(75,912,916	)		15,340,111			(1,350,738	)
Total net increase (decrease) in Net Assets		728,677,373			(283,007,750	)		16,804,054			(4,831,735	)

Net Assets
Beginning of period		2,050,059,578			2,333,067,328			21,047,756			25,879,491
End of period	$	2,778,736,951		$	2,050,059,578		$	37,851,810		$	21,047,756

Changes in Shares Outstanding

Shares outstanding, beginning of period		83,800,001			87,250,001			800,001			850,001
Shares sold		80,250,000			31,950,000			650,000			—
Shares redeemed		(61,500,000	)		(35,400,000	)		(150,000	)		(50,000	)
Shares outstanding, end of period		102,550,001			83,800,001			1,300,001			800,001

See Notes to Financial Statements.

20 | DBX ETF Trust

Financial Highlights

Xtrackers Harvest CSI 300 China A-Shares ETF


	For the Six Months Ended 11/30/2024			Years Ended May 31,

	(Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of period	$	24.46		$	26.74		$	30.82		$	41.83		$	27.18		$	26.27
Income (loss) from investment operations:
Net investment income (loss)(a)		0.45			0.51			0.46			0.36			0.30			0.29
Net realized and unrealized gain (loss)		2.19	(b)		(2.20	)		(4.22	)		(11.02	)		14.67			0.91
Total from investment operations		2.64			(1.69	)		(3.76	)		(10.66	)		14.97			1.20
Less distributions from:
Net investment income		–			(0.59	)		(0.32	)		(0.35	)		(0.32	)		(0.29	)
Total from distributions		–			(0.59	)		(0.32	)		(0.35	)		(0.32	)		(0.29	)
Net Asset Value, end of period	$	27.10		$	24.46		$	26.74		$	30.82		$	41.83		$	27.18
Total Return (%)		10.74	**		(6.18	)		(12.28	)		(25.67	)		55.20			4.50

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		2,779			2,050			2,333			1,672			2,715			1,271
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		3.46	*		2.02			1.55			0.97			0.79			1.05
Portfolio turnover rate (%)		79	**		50			69			95			78			115

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

(b)	Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 21

Financial Highlights (Continued)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF


	For the Six Months Ended 11/30/2024 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2024 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of period	$	26.31		$	30.45		$	32.55		$	38.36		$	27.59		$	25.93
Income (loss) from investment operations:
Net investment income (loss)(a)		0.21			0.28			0.36			0.28			0.13			0.17
Net realized and unrealized gain (loss)		2.60			(4.24	)		(1.88	)		(5.77	)		10.79			1.65
Total from investment operations		2.81			(3.96	)		(1.52	)		(5.49	)		10.92			1.82
Less distributions from:
Net investment income		–			(0.18	)		(0.58	)		(0.32	)		(0.15	)		(0.16	)
Total from distributions		–			(0.18	)		(0.58	)		(0.32	)		(0.15	)		(0.16	)
Net Asset Value, end of period	$	29.12		$	26.31		$	30.45		$	32.55		$	38.36		$	27.59
Total Return (%)		10.67	**		(13.03	)		(4.71	)		(14.50	)		39.64			7.02

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		38			21			26			34			40			30
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		1.53	*		1.03			1.13			0.73			0.37			0.63
Portfolio turnover rate (%)		25	**		25			41			62			34			48

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

22 | DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2024, Trust consists of forty 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 Harvest CSI 300 China A-Shares ETF

Xtrackers Harvest CSI 500 China A-Shares Small Cap 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”). Harvest Global Investments Limited serves as investment Sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.

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

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


Fund		Underlying Index
Xtrackers Harvest CSI 300 China A-Shares ETF		CSI 300 Index
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		CSI 500 Index

CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

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

Each Fund is a diversified series of the Trust. 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.

DBX ETF Trust | 23

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

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

24 | DBX ETF Trust

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.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the

Statements of Operations. For the period ended November 30, 2024, the Funds did not incur any interest or penalties.

At May 31, 2024, 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 Harvest CSI 300 China A-Shares ETF	$	447,397,113	$	229,272,483	$	676,669,596
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		14,732,964		2,277,961		17,010,925

As of May 31, 2024, 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 Harvest CSI 300 China A-Shares ETF	$	2,083,834,839	$	(38,203,869)	$	271,700,817	$	(309,904,686)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		25,107,799		(4,202,423)		2,569,666		(6,772,089)

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (“WHT”) on dividends, WHT on bank deposit interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp duty. China imposes WHT at a rate of 10% on dividends

DBX ETF Trust | 25

on shares and interest income derived by non People’s Republic of China (“PRC”) enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.

Since November 17, 2014, QFIIs and RQFIIs have been temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises). With respect to gains derived from equity investments prior to November 17, 2014, QFIIs and RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to QFIIs and RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014 as long as treaty relief is eligible. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the three-year period before the alienation of the PRC companies’ shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small

Cap ETF while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

The PRC rules for taxation of QFIIs and RQFIIs are evolving and the tax regulations to be issued by the PRC State Taxation Administration and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.

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.

Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series, an affiliated money market fund managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. DWS Government Money Market Series 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 and seeks to maintain a stable net asset value. The Funds indirectly bear their proportionate share of the expenses of their investment in DWS Government Money Market Series. 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 DWS Government Money Market Series.

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.

Harvest Global Investments Limited serves as investment sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor, and is paid by the Advisor for its services.

26 | DBX ETF Trust

For its investment advisory services to the Funds below, the Advisor is 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 Harvest CSI 300 China A-Shares ETF		0.65	%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		0.65	%

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

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

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

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

4. Investment Portfolio Transactions

For the period ended November 30, 2024, the cost of investments purchased and proceeds from sale of investments

(excluding short-term investments) were as follows:


	Purchases		Sales
Xtrackers Harvest CSI 300 China A-Shares ETF	$	2,371,718,532	$	1,616,479,369
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		22,046,684		6,487,074

5. Fund Share Transactions

As of November 30, 2024, 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 for Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. 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 China

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

DBX ETF Trust | 27

stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2024.

28 | DBX ETF Trust

LOGO

Xtrackers California Municipal Bond ETF (CA)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

Xtrackers US 0-1 Year Treasury ETF (TRSY)

LOGO

Table of Contents


	Page
Schedule of Investments

Xtrackers California Municipal Bond ETF		2

Xtrackers Municipal Infrastructure Revenue Bond ETF		8

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		16

Xtrackers US 0-1 Year Treasury ETF		20

Statements of Assets and Liabilities		22

Statements of Operations		23

Statements of Changes in Net Assets		24

Financial Highlights		26

Notes to Financial Statements		30

Board Considerations in Approval of Investment Advisory Contracts		38



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.

DBX ETF Trust | 1

Schedule of Investments

Xtrackers California Municipal Bond ETF

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


MUNICIPAL BONDS — 97.6%

California — 97.6%

Allan Hancock Joint Community College District Series 2006-C, 0.00% - 5.60%, 8/1/47 (a)		160,000		120,248

Anaheim Public Financing Authority Series C, Zero Coupon, 9/1/30		50,000		41,776

Series C, Zero Coupon, 9/1/32		150,000		116,469

Series C, Zero Coupon, 9/1/33		160,000		119,588

Bay Area Toll Authority Series S-7, 4.00%, 4/1/34		100,000		101,789

Series F-2, 5.00%, 4/1/42		100,000		111,962

Series F-2, 5.00%, 4/1/43		100,000		111,457

Bay Area Toll Authority, Highway Revenue Tolls, Series S-7, 3.25%, 4/1/36		25,000		24,340

Series F-1, 5.00%, 4/1/56		70,000		74,171

California Community Choice Financing Authority Series B-1, 4.00%, 2/1/52		250,000		254,358

Series A, 5.00%, 7/1/53		300,000		318,018

Series E-1, 5.00%, 2/1/54		100,000		107,609

Series D, 5.50%, 5/1/54		250,000		267,377

Series G-1, 5.25%, 11/1/54		100,000		107,840

Series F, 5.00%, 2/1/55		300,000		327,393

California Educational Facilities Authority Series V-3, 5.00%, 6/1/33		25,000		29,812

Series U-1, 5.25%, 4/1/40		235,000		297,732

Series U-7, 5.00%, 6/1/46		120,000		149,189

Series 2016, 5.00%, 10/1/49		75,000		77,440

California Enterprise Development Authority Series A, 5.50%, 11/1/59		50,000		57,184

California Health Facilities Financing Authority Series A, 5.00%, 11/15/30		50,000		50,845

Series A, 5.00%, 11/15/32		75,000		79,518

Series A, 5.00%, 11/15/33		55,000		58,452

Series A, 4.00%, 4/1/38		100,000		101,618

Series B, 3.25%, 8/15/39		145,000		141,100

Series B, 4.00%, 8/15/39		100,000		100,664

Series A, 5.00%, 10/1/39		25,000		26,047

Series C, 5.00%, 6/1/41		75,000		82,901

Series A, 5.00%, 11/15/41		75,000		76,590

Series A-2, 4.00%, 11/1/44		25,000		25,033

Series A, 5.00%, 11/15/46		100,000		102,120

Series A-2, 5.00%, 11/1/47		100,000		120,400

Series A, 4.00%, 8/15/48		100,000		101,991

Series A, 4.00%, 11/15/48		70,000		69,809

Series A, 5.00%, 11/15/48		60,000		62,082


	Principal Amount $		Value $


Series A, 4.00%, 6/1/50		50,000		49,601

Series A, 4.00%, 8/15/50		100,000		100,629

California Infrastructure & Economic Development Bank Series A, 5.00%, 7/1/29		80,000		85,548

Series A, 5.00%, 7/1/33		125,000		134,905

Series A, 4.00%, 11/1/45		50,000		50,003

Series A, 4.00%, 7/1/50		180,000		179,390

California Municipal Finance Authority Series A, 5.00%, 9/1/49		35,000		38,679

California Public Finance Authority Series A, 4.00%, 8/1/47		50,000		49,635

California School Facilities Financing Authority Series A, Zero Coupon, 8/1/49		300,000		89,006

California State Public Works Board Series F, 5.00%, 5/1/25		100,000		100,900

Series A, 5.00%, 8/1/34		30,000		33,927

Series B, 4.00%, 5/1/46		250,000		253,151

Series A, 4.00%, 11/1/46		225,000		228,030

California State University Series A, 5.00%, 11/1/27		25,000		25,878

Series A, 5.00%, 11/1/29		40,000		42,343

Series A, 5.00%, 11/1/30		50,000		51,624

Series A, 5.00%, 11/1/32		105,000		108,186

Series A, 5.00%, 11/1/32		60,000		63,282

Series A, 5.00%, 11/1/34		30,000		31,579

Series A, 5.00%, 11/1/43		165,000		167,446

California Statewide Communities Development Authority Series 2004-L, 5.00%, 4/1/38		155,000		171,253

Series A, 4.00%, 7/1/48		25,000		24,875

Series A, 3.00%, 4/1/50		50,000		39,967

Series A, 4.00%, 8/15/51		50,000		48,658

Centinela Valley Union High School District Series B, 4.00%, 8/1/50		30,000		30,036

Cerritos Community College District Series A, 4.00%, 8/1/44		50,000		50,104

Chino Valley Unified School District Series 2020-B, 5.00%, 8/1/55		100,000		106,580

City of Irvine CA 4.00%, 9/1/58		75,000		75,413

City of Los Angeles CA Wastewater System Revenue Series C, 5.00%, 6/1/28		100,000		109,099

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


City of Los Angeles Department of Airports Series D, 4.00%, 5/15/48		100,000		100,405

Series A, 5.00%, 5/15/49		300,000		316,191

City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/36		30,000		33,150

Series A, 5.00%, 5/15/37		30,000		33,076

City of San Francisco CA Public Utilities Commission Water Revenue Series C, 5.00%, 11/1/25		210,000		212,012

Series C, 5.00%, 11/1/31		20,000		23,323

Coast Community College District 5.00%, 8/1/31		65,000		65,988

Coronado Community Development Agency Successor Agency

Series A, 5.00%, 9/1/33		55,000		55,796

County of Sacramento CA Airport System Revenue Series A, 5.00%, 7/1/41		60,000		61,580

Desert Community College District Series A-1, 4.00%, 8/1/51		100,000		100,268

East Bay Municipal Utility District Water System Revenue Series B, 5.00%, 6/1/28		25,000		26,574

Series B, 5.00%, 6/1/30		50,000		53,044

Series B, 5.00%, 6/1/31		50,000		52,984

Folsom Cordova Unified School District Series D, 4.00%, 10/1/44		100,000		100,307

Golden State Tobacco Securitization Corp. Series A, 5.00%, 6/1/40		50,000		50,542

Series A, 5.00%, 6/1/45		85,000		85,922

Hartnell Community College District Series 2002-D, 7.00%, 8/1/34		100,000		111,030

Hayward Area Recreation & Park District Series A, 4.00%, 8/1/46		30,000		30,098

Hayward Unified School District 4.00%, 8/1/42		50,000		50,155

4.00%, 8/1/43		300,000		301,790

Long Beach Bond Finance Authority Series A, 5.50%, 11/15/30		100,000		109,846

Los Angeles County Facilities, Inc. Series A, 4.00%, 12/1/48		130,000		130,825


	Principal Amount $		Value $


Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Series A, 5.00%, 6/1/31		50,000		57,813

Series A, 5.00%, 6/1/33		30,000		34,531

Series A, 5.00%, 6/1/34		30,000		33,515

Series B, 5.00%, 7/1/34		25,000		27,006

Series B, 5.00%, 7/1/35		50,000		53,933

Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue Series A, 5.00%, 6/1/33		110,000		116,276

Los Angeles County Public Works Financing Authority Series D, 4.00%, 12/1/40		60,000		60,107

Los Angeles Department of Water & Power Series B, 5.00%, 7/1/26		150,000		155,456

Series D, 5.00%, 7/1/26		100,000		103,637

Series A, 5.00%, 7/1/29		45,000		50,154

Series B, 5.00%, 7/1/33		150,000		163,380

Series A, 5.00%, 7/1/34		110,000		114,818

Series B, 5.00%, 7/1/51		20,000		21,735

Series B, 5.25%, 7/1/53		25,000		28,095

Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series D, 5.00%, 7/1/44		20,000		21,458

Los Angeles Department of Water & Power Water System Revenue Series B, 5.00%, 7/1/47		30,000		32,950

Series A, 5.00%, 7/1/49		200,000		222,291

Series D, 5.00%, 7/1/52		50,000		54,959

Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/45		75,000		81,323

Series B, 5.00%, 7/1/51		45,000		48,638

Los Angeles Unified School District Series A, 5.00%, 7/1/27		60,000		63,982

Series B, 2.00%, 7/1/29		95,000		88,610

Series B-1, 5.00%, 7/1/29		25,000		26,882

Series A, 5.00%, 7/1/30		55,000		60,783

Series B, 5.00%, 7/1/30		100,000		103,529

Series C, 5.00%, 7/1/30		50,000		56,855

Series C, 3.00%, 7/1/35		20,000		19,367

Series B-1, 5.00%, 7/1/36		35,000		37,112

Series QRR, 5.00%, 7/1/37		50,000		59,125

Series B-1, 5.25%, 7/1/42		25,000		26,545

Series M-1, 5.25%, 7/1/42		15,000		15,927

Series RYQ, 4.00%, 7/1/44		75,000		76,039

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


Marin Healthcare District Series 2021, 4.00%, 8/1/45		165,000		165,113

Metropolitan Water District of Southern California Series A, 2.50%, 7/1/25		30,000		29,854

Series A, 5.00%, 7/1/27		40,000		42,727

Series A, 5.00%, 7/1/27		75,000		80,114

Series C, 5.00%, 10/1/27		40,000		42,999

Series A, 5.00%, 7/1/34		95,000		103,707

Series A, 5.00%, 10/1/49		30,000		32,038

Series A, 5.00%, 10/1/51		20,000		21,747

Mount San Antonio Community College District Series A, 0.00% - 6.25%, 8/1/43 (a)		100,000		100,678

M-S-R Energy Authority Series C, 6.50%, 11/1/39		60,000		77,969

Municipal Improvement Corp. of Los Angeles Series B, 5.00%, 11/1/27		25,000		26,124

Series B, 5.00%, 11/1/29		30,000		31,276

Napa Valley Unified School District Series C, 4.00%, 8/1/44		70,000		70,196

Northern California Sanitation Agencies Financing Authority Series 2021, 3.00%, 12/1/34		25,000		24,904

Series A, 5.00%, 12/1/45		55,000		59,733

Ontario International Airport Authority Series A, 4.00%, 5/15/51		190,000		190,204

Palomar Community College District Series 2006-C, 5.00%, 8/1/44		70,000		71,024

Series 2006-D, 4.00%, 8/1/46		15,000		15,072

Perris Union High School District Series A, 4.00%, 9/1/48		50,000		50,412

Rancho Santiago Community College District Series 2002-C, Zero Coupon, 9/1/30		60,000		50,188

Regents of The University of California Medical Center Pooled Revenue Series L, 5.00%, 5/15/35		25,000		25,774

Series L, 5.00%, 5/15/41		75,000		76,832

Series L, 3.00%, 5/15/42		255,000		231,257

Series P, 5.00%, 5/15/47		175,000		192,818

Series P, 4.00%, 5/15/53		25,000		25,234

River Islands Public Financing Authority Series A-1, 5.25%, 9/1/52		50,000		54,270


	Principal Amount $		Value $


Riverside County Transportation Commission Sales Tax Revenue Series B, 5.00%, 6/1/35		120,000		127,568

Sacramento City Financing Authority Series E, 5.25%, 12/1/30		100,000		111,683

Sacramento City Unified School District Series G, 4.00%, 8/1/49		30,000		30,087

Sacramento Municipal Utility District Series G, 5.00%, 8/15/39		50,000		54,395

Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 5.00%, 8/15/50		50,000		53,808

Sacramento Transportation Authority Sales Tax Revenue Series A, 5.00%, 10/1/33		60,000		71,788

San Bernardino Community College District Series A, 4.00%, 8/1/49		45,000		46,828

San Diego Community College District 5.00%, 8/1/31		100,000		103,971

San Diego County Regional Airport Authority Series A, 5.00%, 7/1/44		35,000		37,323

Series A, 5.00%, 7/1/46		75,000		81,580

San Diego County Regional Transportation Commission Series A, 5.00%, 4/1/35		15,000		17,702

San Diego County Water Authority Series S-1, 5.00%, 5/1/28		100,000		108,076

San Diego Public Facilities Financing Authority Series A, 5.00%, 5/15/27		50,000		51,815

Series A, 5.00%, 5/15/28		20,000		20,724

Series B, 5.00%, 8/1/28		35,000		36,421

San Diego Unified School District Series 2012-I, 4.00%, 7/1/47		100,000		100,475

Series C, 0.00% - 6.63%, 7/1/48 (a)		85,000		85,325

Series L, 4.00%, 7/1/49		30,000		30,167

Series 2018 G-3, 4.00%, 7/1/53		200,000		201,747

San Francisco Bay Area Rapid Transit District Series 2004 F-1, 3.00%, 8/1/38		75,000		70,502

Series C-1, 4.00%, 8/1/45		35,000		35,308

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series E, 5.00%, 5/1/48		25,000		26,133

San Francisco City & County Airport Comm-San Francisco International Airport Series D, 5.00%, 5/1/36		40,000		43,443

San Francisco City & County Public Utilities Commission Wastewater Revenue Series A, 5.00%, 10/1/27		50,000		53,649

Series A, 5.00%, 10/1/46		85,000		92,972

San Francisco Community College District Series B, 5.25%, 6/15/49		100,000		113,005

San Francisco Municipal Transportation Agency Series 2017, 4.00%, 3/1/46		130,000		130,531

San Joaquin Hills Transportation Corridor Agency Zero Coupon, 1/1/25		75,000		74,812

Zero Coupon, 1/1/28		55,000		50,670

Series A, 5.00%, 1/15/33		40,000		44,976

San Jose Redevelopment Agency Successor Agency Series A, 5.00%, 8/1/35		45,000		47,285

San Marcos Unified School District Series B, Zero Coupon, 8/1/47		300,000		118,450

San Mateo County Community College District Series A, 5.00%, 9/1/45		65,000		66,089

San Mateo Foster City Public Financing Authority Series B, 5.00%, 8/1/25		100,000		101,503

San Mateo Union High School District Series 2010, 0.00% - 6.70%, 9/1/41 (a)		130,000		140,489

Santa Clara Unified School District Series 2017, 3.50%, 7/1/42		130,000		128,002

Santa Clara Valley Transportation Authority Series A, 5.00%, 4/1/26		50,000		51,707

Santa Clara Valley Water District Series 2023C-1, 4.00%, 6/1/26		50,000		51,017

Southern California Public Power Authority Series 2023-A1, 5.00%, 7/1/48		20,000		22,336

State of California 5.00%, 12/1/24		250,000		250,000

Series B, 5.00%, 8/1/25		125,000		126,843


	Principal Amount $		Value $


5.00%, 10/1/25		100,000		101,877

5.00%, 12/1/25		50,000		51,123

5.00%, 8/1/26		110,000		114,161

5.00%, 8/1/26		100,000		101,368

Series B, 5.00%, 8/1/26		110,000		114,161

4.00%, 9/1/26		50,000		51,158

5.00%, 10/1/26		50,000		52,105

5.00%, 12/1/26		110,000		115,111

5.00%, 8/1/27		100,000		103,732

5.00%, 10/1/27		30,000		31,979

5.00%, 11/1/27		50,000		53,400

5.00%, 11/1/27		50,000		53,400

5.00%, 11/1/27		115,000		122,820

5.00%, 8/1/28		90,000		95,448

5.00%, 9/1/28		110,000		114,128

Series B, 5.00%, 10/1/28		100,000		108,728

5.00%, 12/1/28		45,000		49,087

Series C, 5.00%, 8/1/29		200,000		206,868

5.00%, 11/1/29		25,000		26,590

5.00%, 8/1/30		55,000		58,061

5.00%, 11/1/30		30,000		31,814

5.00%, 11/1/30		35,000		39,515

5.00%, 4/1/31		40,000		45,398

5.00%, 4/1/32		50,000		57,543

5.25%, 8/1/32		100,000		116,408

2.50%, 9/1/32		125,000		116,550

5.00%, 9/1/32		30,000		34,155

5.00%, 11/1/32		30,000		33,669

Series B, 5.00%, 11/1/32		30,000		33,669

Series C, 3.375%, 9/1/33		50,000		49,669

5.00%, 3/1/34		55,000		60,830

5.00%, 12/1/34		50,000		55,903

3.00%, 9/1/35		200,000		193,019

3.00%, 10/1/35		95,000		93,786

4.00%, 10/1/35		50,000		52,744

5.00%, 10/1/35		100,000		102,507

4.00%, 11/1/35		130,000		136,675

5.00%, 12/1/35		70,000		78,003

4.00%, 3/1/36		80,000		83,536

3.00%, 9/1/36		50,000		47,369

4.00%, 9/1/36		100,000		100,931

3.00%, 10/1/36		25,000		24,588

5.00%, 10/1/36		50,000		57,648

Series B, 5.00%, 11/1/36		30,000		33,294

4.00%, 3/1/37		50,000		52,015

5.00%, 4/1/37		40,000		43,200

5.00%, 9/1/41		100,000		110,994

4.00%, 4/1/42		200,000		206,952

Series C, 5.00%, 11/1/42		100,000		112,431

3.00%, 12/1/43		25,000		21,649

5.00%, 10/1/45		350,000		391,622

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


5.25%, 10/1/45		25,000		28,521

4.00%, 11/1/45		85,000		85,140

4.00%, 3/1/46		30,000		30,515

3.00%, 11/1/50		100,000		81,462

State of California Department of Water Resources

Series BB, 5.00%, 12/1/26		130,000		136,637

Series AX, 5.00%, 12/1/27		45,000		48,484

Series BB, 5.00%, 12/1/33		25,000		28,414

Sweetwater Union High School District 4.00%, 8/1/42		100,000		100,233

University of California

Series BN, 5.00%, 5/15/25		45,000		45,465

Series I, 5.00%, 5/15/26		25,000		25,285

Series AY, 5.00%, 5/15/28		70,000		74,193

Series BQ, 5.00%, 5/15/29		25,000		27,824

Series AY, 5.00%, 5/15/30		25,000		26,448

Series BQ, 5.00%, 5/15/31		30,000		34,488

Series BQ, 5.00%, 5/15/33		25,000		29,582

Series BQ, 5.00%, 5/15/35		40,000		46,979

Series M, 5.00%, 5/15/35		75,000		78,594

Series AY, 5.00%, 5/15/36		50,000		52,347

Series BE, 5.00%, 5/15/36		170,000		189,424

Series BE, 5.00%, 5/15/42		25,000		27,328

Series BN, 5.00%, 5/15/42		30,000		34,189

Series BS, 5.00%, 5/15/43		25,000		28,686

Series K, 4.00%, 5/15/46		50,000		50,128

Series Q, 5.00%, 5/15/46		15,000		16,392

Series M, 4.00%, 5/15/47		100,000		100,453


	Principal Amount $		Value $


Series AZ, 5.00%, 5/15/48		100,000		104,846

Series Q, 3.00%, 5/15/51		50,000		41,794

5.00%, 5/15/52		100,000		109,361

Ventura County Community College District 3.125%, 8/1/31		100,000		100,055

Ventura Unified School District

Series A, 4.00%, 8/1/52		50,000		50,364

William S Hart Union High

School District

Series C, 3.50%, 8/1/38		75,000		74,641

Yosemite Community College District

5.00%, 8/1/30		35,000		35,526

5.00%, 8/1/32		65,000		65,977


(Cost $22,183,500)				22,233,021

TOTAL MUNICIPAL BONDS


(Cost $22,183,500)				22,233,021
	Number of Shares


CASH EQUIVALENTS – 1.4%

DWS Government Money Market

Series “Institutional Shares”, 4.59% (b) (Cost $329,587)		329,587		329,587

TOTAL INVESTMENTS – 99.0%

(Cost $22,513,087)				22,562,608

Other assets and liabilities, net – 1.0%				233,660


NET ASSETS – 100.0%				22,796,268

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024		Purchases Cost ($)		Sales Proceeds ($)	Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)	Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024
	CASH EQUIVALENTS – 1.4%

	DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

	419,583		1,518,243	(1,608,239)		—		—	12,211		—		329,587		329,587

(a)	Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date.

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

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

November 30, 2024 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Municipal Bonds (a)	$	—	$	22,233,021	$	—	$	22,233,021

Short-Term Investments (a)		329,587		—		—		329,587

TOTAL	$	329,587	$	22,233,021	$	—	$	22,562,608

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

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


MUNICIPAL BONDS – 98.2%

Arizona – 3.0%

City of Phoenix Civic Improvement Corp., Intergovernmental, Series A, 5.00%, 7/1/45		705,000		764,745

Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/47		500,000		532,965

Series A, 3.00%, 1/1/49		65,000		52,763

Series B, 5.25%, 1/1/53		2,650,000		2,958,163


(Cost $4,320,965)				4,308,636

California – 14.2%

Bay Area Toll Authority, Highway Revenue Tolls, Sub-Series S-8, 3.00%, 4/1/54		535,000		443,242

Series F-1, 5.00%, 4/1/54		500,000		549,222

Series F-2, 2.60%, 4/1/56		160,000		112,346

California Enterprise Development Authority Series A, 5.25%, 11/1/49		500,000		566,263

Series A, 5.25%, 11/1/54		100,000		112,410

Series A, 5.50%, 11/1/59		550,000		629,558

City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/37		45,000		49,638

Series A, 5.00%, 5/15/38		300,000		330,149

5.00%, 5/15/39		40,000		43,869

5.00%, 5/15/40		55,000		60,148

Series F, AMT, 5.00%, 5/15/44		200,000		207,576

Series B, 5.00%, 5/15/45		260,000		284,695

Series C, AMT, 5.00%, 5/15/45		50,000		52,400

Series A, AMT, 5.00%, 5/15/46		600,000		632,573

Series B, 5.00%, 5/15/48		250,000		271,841

Series E, 5.00%, 5/15/48		20,000		21,230

Series F, AMT, 3.00%, 5/15/49		330,000		255,223

Series D, AMT, 5.00%, 5/15/49		100,000		102,866

Series C, AMT, 4.00%, 5/15/50		500,000		490,373

Series A, AMT, 5.00%, 5/15/51		135,000		141,274

City of Riverside CA Electric Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/49		150,000		167,978

City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 3.00%, 11/1/50		340,000		283,439

Series C, 4.00%, 11/1/50		600,000		602,723


	Principal Amount $		Value $


Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/40		260,000		287,314

Series C, 5.00%, 7/1/49		635,000		675,669

Los Angeles Department of Water & Power Water System Revenue, Water Revenue, Series A, 5.00%, 7/1/41		270,000		297,191

Series A, 5.00%, 7/1/50		210,000		226,138

Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/45		45,000		48,819

Series D, 5.00%, 7/1/47		500,000		563,483

Series B, 5.00%, 7/1/48		500,000		541,697

Series A, 5.00%, 7/1/51		1,000,000		1,087,416

Series B, 5.00%, 7/1/51		280,000		302,806

Metropolitan Water District of Southern California, Water Revenue, Series C, 5.00%, 7/1/39		25,000		27,741

Series C, 5.00%, 7/1/40		100,000		110,397

Series A, 5.00%, 10/1/45		225,000		242,121

Riverside County Transportation Commission, Highway Revenue Tolls, Series B-1, 4.00%, 6/1/46		10,000		10,042

Series B-1, 3.00%, 6/1/49		650,000		527,507

Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 5.00%, 8/15/50		40,000		43,070

San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/49		200,000		211,853

Series B, AMT, 4.00%, 7/1/51		700,000		680,896

Series A, 5.00%, 7/1/51		500,000		540,046

Series B, AMT, 5.00%, 7/1/51		500,000		521,002

Series A, 5.00%, 7/1/56		1,300,000		1,396,309

San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 5/1/44		810,000		840,425

Series D, 5.00%, 5/1/48		75,000		76,752

Series A, AMT, 4.00%, 5/1/49		990,000		959,214

Series A, AMT, 5.00%, 5/1/49		400,000		413,167

Series E, AMT, 5.00%, 5/1/50		370,000		381,908

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


San Francisco City & County Public Utilities Commission Wastewater Revenue, Sewer Revenue, Series C, 5.00%, 10/1/49		200,000		224,148

Series C, 5.00%, 10/1/54		300,000		333,715

San Francisco Municipal Transportation Agency, Transit Revenue, Series C, 4.00%, 3/1/51		40,000		40,327

Series C, 5.00%, 3/1/51		500,000		534,187

Southern California Public Power Authority, Intergovernmental, 5.00%, 7/1/53		1,400,000		1,565,032

State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/35		45,000		50,757


(Cost $21,427,318)				20,172,185

Colorado – 2.9%

Arkansas River Power Authority, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/43		215,000		219,413

City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 5.00%, 12/1/36		300,000		331,269

Series A, AMT, 4.00%, 12/1/43		650,000		644,021

Series A, AMT, 5.00%, 12/1/43		325,000		335,321

Series A, 5.00%, 11/15/47		100,000		105,891

Series A, AMT, 5.00%, 12/1/48		700,000		718,944

Sub-Series B, 5.00%, 12/1/48		40,000		41,559

Series D, 5.00%, 11/15/53		600,000		630,988

Series A, 5.50%, 11/15/53		300,000		328,077

City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax, Series A, 4.00%, 8/1/51		700,000		697,146

City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		99,508


(Cost $4,344,666)				4,152,137

Connecticut – 0.2%

State of Connecticut Special

Tax Revenue, Fuel Sales Tax

Revenue, 5.00%, 5/1/37		100,000		108,896

5.00%, 5/1/38		100,000		108,622

5.00%, 5/1/40		120,000		129,453


(Cost $376,461)				346,971


	Principal Amount $		Value $


District of Columbia – 3.6%

District of Columbia, Income Tax Revenue, Series C, 4.00%, 5/1/45		500,000		501,835

Series C, 5.00%, 5/1/45		170,000		182,022

Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/46		850,000		892,254

Series A, AMT, 5.00%, 10/1/48		175,000		179,544

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, Series B, 4.00%, 10/1/44		1,000,000		978,363

Series B, 5.00%, 10/1/47		500,000		518,773

Series B, 4.00%, 10/1/49		300,000		286,122

Series B, 3.00%, 10/1/50		600,000		471,579

Series B, 4.00%, 10/1/53		200,000		195,088

Series B, 4.00%, 10/1/53		900,000		844,520


(Cost $5,553,813)				5,050,100

Florida – 10.4%

Broward County FL Water & Sewer Utility Revenue, Water Revenue, Series A, 4.00%, 10/1/47		240,000		240,291

Central Florida Expressway Authority, Highway Revenue Tolls, Series D, 5.00%, 7/1/35		40,000		44,850

City of Fort Lauderdale Fl Water & Sewer Revenue, Water Revenue, Series B, 5.50%, 9/1/48		400,000		452,834

City of Gainesville Fl Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/44		380,000		404,717

Series A, 5.00%, 10/1/47		215,000		227,569

City of Miami Fl, Miscellaneous Taxes, Series A, 5.00%, 3/1/48		200,000		217,190

City of Tampa FL Water & Wastewater System Revenue, Water Revenue, Series A, 5.00%, 10/1/54		1,000,000		1,060,762

Series A, 5.25%, 10/1/57		300,000		330,706

County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		98,501

Series A, AMT, 4.00%, 10/1/49		150,000		144,615

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		485,924

Series B, 4.00%, 9/1/49		55,000		52,541

County of Lee Fl Airport Revenue, Private Airport & Marina Revenue, 5.25%, 10/1/54		400,000		429,520

County of Manatee FL Public Utilities Revenue, Water Revenue 4.00%, 10/1/48		550,000		552,969

County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		400,000		389,762

Series A, AMT, 5.00%, 10/1/49		380,000		390,055

County of Miami-Dade FL Transit System, Sales Tax Revenue, Series A, 4.00%, 7/1/49		500,000		496,327

Series A, 4.00%, 7/1/50		90,000		89,092

County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, Series B, 4.00%, 10/1/44		475,000		476,720

4.00%, 10/1/46		255,000		255,226

4.00%, 10/1/48		450,000		450,160

4.00%, 10/1/48		400,000		399,104

Series B, 4.00%, 10/1/49		500,000		496,718

4.00%, 10/1/51		275,000		271,518

4.00%, 10/1/51		100,000		97,934

County of Miami-Dade Seaport Department, Private Airport & Marina Revenue, Series A, 5.25%, 10/1/52		1,200,000		1,283,678

County of Osceola Fl Transportation Revenue, Highway Revenue Tolls, Series A-1, 4.00%, 10/1/54		400,000		376,075

Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/44		165,000		171,358

Series A, AMT, 4.00%, 10/1/52		300,000		288,389

Sub-Series A, AMT, 5.00%, 10/1/52		605,000		613,113

Series A, AMT, 3.25%, 10/1/54		250,000		196,688

Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		195,000		202,508

Series A, AMT, 4.00%, 10/1/52		500,000		480,649


	Principal Amount $		Value $


JEA Water & Sewer System Revenue, Water Revenue, Series A, 5.25%, 10/1/49		1,250,000		1,387,321

Orlando Utilities Commission, Water Revenue, Series A, 5.00%, 10/1/48		200,000		218,533

State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls, Series B, 4.00%, 7/1/51		500,000		500,879

Tampa Bay Water, Water Revenue, 5.00%, 10/1/52		400,000		436,327


(Cost $15,239,064)				14,711,123

Georgia – 2.6%

City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		193,459

Development Authority of Burke County, Electric, Power & Light Revenue, Series C, 4.125%, 11/1/45		25,000		23,964

Series D, 4.125%, 11/1/45		355,000		340,292

Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/51		765,000		768,911

4.00%, 7/1/52		320,000		321,910

5.25%, 7/1/52		200,000		219,798

Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		31,162

Municipal Electric Authority of Georgia, Nuclear Revenue, Series A, 5.00%, 1/1/62		500,000		519,042

Series A, 4.50%, 7/1/63		400,000		403,572

Series A, 5.50%, 7/1/63		750,000		812,214


(Cost $3,589,716)				3,634,324

Hawaii – 0.4%

State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/51

(Cost $532,743)		500,000		524,376

Illinois – 6.5%

Chicago O’hare International Airport, Private Airport & Marina Revenue, Series A, 5.25%, 1/1/48		1,000,000		1,081,969

Series B, 5.25%, 1/1/53		110,000		120,396

Series B, 5.25%, 1/1/56		200,000		213,037

Series A, 5.50%, 1/1/59		1,150,000		1,257,330

Series B, 5.50%, 1/1/59		1,000,000		1,114,862

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 1/1/43		115,000		113,974

Series A, 4.50%, 1/1/48		570,000		576,434

Series A, 5.00%, 1/1/48		200,000		204,757

Series B, 4.00%, 1/1/53		130,000		128,736

Series B, 5.00%, 1/1/53		500,000		517,909

Series A, AMT, 5.00%, 1/1/55		500,000		520,537

Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue,

Series A, 5.00%, 12/1/52		160,000		168,902

Series A, 5.00%, 12/1/57		1,200,000		1,255,469

City of Chicago Il Wastewater Transmission Revenue, Sewer Revenue,

Series A, 5.25%, 1/1/48		85,000		92,604

City of Chicago IL Waterworks Revenue, Water Revenue,

Series A, 5.50%, 11/1/62		200,000		221,249

Illinois State Toll Highway Authority, Highway Revenue Tolls,

Series A, 5.00%, 1/1/41		30,000		32,615

Series A, 4.00%, 1/1/44		700,000		697,874

Series A, 5.00%, 1/1/45		775,000		832,208


(Cost $9,202,007)				9,150,862

Kentucky – 0.7%

Kenton County Airport Board, Private Airport & Marina Revenue,

Series A, 5.25%, 1/1/49

(Cost $1,073,869)		1,000,000		1,072,720

Louisiana – 0.9%

East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		243,835

Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		115,000		115,219

Louisiana Stadium & Exposition District, Hotel Occupancy Tax, Series A, 5.00%, 7/1/48		450,000		483,993

Series A, 5.25%, 7/1/53		420,000		456,534


(Cost $1,330,392)				1,299,581

Maryland – 0.5%

Maryland State Transportation Authority, Highway Revenue Tolls, 4.00%, 7/1/50

(Cost $730,808)		650,000		651,507


	Principal Amount $		Value $


Massachusetts – 1.5%

Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series A-1, 4.00%, 7/1/51		605,000		605,307

Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 7/1/44		400,000		415,882

Series E, AMT, 5.00%, 7/1/46		500,000		525,249

Series E, AMT, 5.00%, 7/1/51		505,000		526,801


(Cost $2,191,561)				2,073,239

Michigan – 1.1%

Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/44		600,000		636,985

Series A, 5.00%, 7/1/48		90,000		94,875

State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue, Series B, 4.00%, 11/15/45		800,000		809,293


(Cost $1,634,781)				1,541,153

Minnesota – 0.0%

Minneapolis-St Paul Metropolitan Airports Commission, Private Airport & Marina Revenue, Series A, 5.00%, 1/1/52

(Cost $43,019)		40,000		43,216

Nevada – 0.7%

City of Reno NV, Sales Tax Revenue, Series A, 4.00%, 6/1/58		145,000		139,310

County of Clark NV, Fuel Sales Tax Revenue, 4.00%, 7/1/40		500,000		512,834

Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 4.00%, 7/1/49		290,000		281,271


(Cost $922,294)				933,415

New Jersey – 1.0%

New Jersey Turnpike Authority, Highway Revenue Tolls, Series A, 4.00%, 1/1/48		45,000		45,008

Series A, 5.00%, 1/1/48		740,000		779,652

Series B, 5.25%, 1/1/52		405,000		450,814

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


South Jersey Transportation Authority, Highway Revenue Tolls, Series A, 4.625%, 11/1/47		100,000		102,405


(Cost $1,358,225)				1,377,879

New York — 25.2%

Battery Park City Authority, Miscellaneous Revenue, Series A, 5.00%, 11/1/48		65,000		71,850

Series A, 5.00%, 11/1/53		225,000		247,243

Long Island Power Authority, Electric, Power & Light Revenue, Series E, 5.00%, 9/1/48		350,000		382,394

Series A, 5.00%, 9/1/54		300,000		328,450

Metropolitan Transportation Authority Dedicated Tax Fund, Fuel Sales Tax Revenue, Series B-2, 5.00%, 11/15/46		1,000,000		1,109,542

Series B-2, 5.00%, 11/15/47		400,000		442,493

Metropolitan Transportation Authority, Transit Revenue, Series D, 4.00%, 11/15/42		430,000		424,721

Series E, 4.00%, 11/15/45		1,000,000		988,694

Series C-1, 4.75%, 11/15/45		500,000		517,439

Sub-Series A, 5.00%, 11/15/45		75,000		77,686

Series D, 4.00%, 11/15/46		790,000		772,396

Series D-2, 4.00%, 11/15/48		630,000		617,932

Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		628,327

Series D-3, 4.00%, 11/15/49		140,000		137,078

Series A-1, 4.00%, 11/15/50		85,000		84,553

Series D-3, 4.00%, 11/15/50		250,000		244,353

Series C-1, 5.00%, 11/15/50		700,000		728,313

Series A-1, 4.00%, 11/15/52		550,000		535,719

Series B, 5.00%, 11/15/52		115,000		119,087

Series A-1-GROUP 2, 4.00%, 11/15/54		60,000		59,277

Series C-1, 5.25%, 11/15/55		500,000		526,087

New York City Municipal Water Finance Authority, Water Revenue, Series AA, 5.00%, 6/15/40		95,000		102,462

4.00%, 6/15/42		400,000		404,775

Series AA-2, 4.00%, 6/15/42		100,000		101,320

Series BB2, 4.00%, 6/15/42		40,000		40,528

Series BB-1, 5.00%, 6/15/44		140,000		152,509

Series BB-1, 4.00%, 6/15/45		255,000		256,525

Series GG-1, 5.00%, 6/15/48		210,000		223,371

Series BB-1, 4.00%, 6/15/49		200,000		197,944

Series CC-1, 4.00%, 6/15/49		200,000		197,944

Series FF-1, 4.00%, 6/15/49		15,000		14,846

Series BB-1, 5.00%, 6/15/49		270,000		286,310

Series DD-1, 5.00%, 6/15/49		400,000		417,791


	Principal Amount $		Value $


Series BB-1, 4.00%, 6/15/50		285,000		284,130

Series GG-1, 4.00%, 6/15/50		305,000		304,334

Sub-Series DD-1, 4.00%, 6/15/50		600,000		598,689

Series AA-1, 5.00%, 6/15/50		140,000		149,273

Series AA-1, 3.00%, 6/15/51		300,000		245,720

Series CC-1, 5.00%, 6/15/51		250,000		267,625

Series CC-1, 4.00%, 6/15/52		850,000		844,491

Series CC-1, 5.00%, 6/15/52		400,000		429,640

Series AA-1, 5.25%, 6/15/52		505,000		557,210

Sub-Series AA-1, 5.25%, 6/15/53		200,000		222,678

Series BB, Sub-Series BB-1, 5.25%, 6/15/54		400,000		444,977

Series CC, Sub-Series CC-1, 5.25%, 6/15/54		900,000		1,005,863

New York Power Authority, Electric, Power & Light Revenue, Series A, 4.00%, 11/15/45		35,000		35,017

Series A, 4.00%, 11/15/47		115,000		115,329

Series A, 4.00%, 11/15/50		180,000		179,338

Series A, 4.00%, 11/15/55		1,050,000		1,037,135

Series A, 3.25%, 11/15/60		1,150,000		930,777

Series A, 4.00%, 11/15/60		980,000		961,659

New York State Environmental Facilities Corp., Water Revenue, Series A, 5.00%, 6/15/51		500,000		544,028

New York Transportation Development Corp., Private Airport & Marina Revenue, 5.00%, 6/30/49		450,000		466,958

6.00%, 6/30/54		1,000,000		1,091,685

5.125%, 6/30/60		2,100,000		2,182,434

5.375%, 6/30/60		1,500,000		1,569,622

5.50%, 6/30/60		1,300,000		1,389,720

Port Authority of New York & New Jersey, Private Airport & Marina Revenue, Series 224, 4.00%, 7/15/51		15,000		14,965

Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 5/15/48		360,000		361,430

Series D-2, 5.50%, 5/15/52		650,000		729,110

Series A, 5.00%, 5/15/53		95,000		102,830

Series A, 4.00%, 5/15/57		1,000,000		1,000,667

Series A, 4.25%, 5/15/58		600,000		606,369

Series A, 4.50%, 5/15/63		450,000		464,043

Seies A-3, 5.25%, 5/15/64		150,000		162,770

Series A-2, 5.25%, 5/15/64		1,400,000		1,525,499

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, Series C-1A, 4.00%, 5/15/46		600,000		600,077

Series C-3, 3.00%, 5/15/51		600,000		485,109

Series A-1, 5.00%, 5/15/51		2,000,000		2,141,947

Series C-1A, 5.00%, 5/15/51		225,000		241,485


(Cost $36,907,318)				35,734,592

North Carolina – 0.4%

City of Charlotte Nc Water & Sewer System Revenue, Water Revenue, 5.00%, 7/1/49		10,000		11,130

5.00%, 7/1/54		250,000		276,224

County of Union NC Enterprise System Revenue, Water Revenue, 3.00%, 6/1/51		300,000		236,561


(Cost $531,529)				523,915

Ohio – 0.4%

Franklin County Convention Facilities Authority, Industrial Revenue, 5.00%, 12/1/51		100,000		100,260

Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, Series A, 5.00%, 2/15/46		275,000		295,894

Ohio Water Development Authority, Intergovernmental, 5.00%, 6/1/46		225,000		245,373


(Cost $697,998)				641,527

Oklahoma – 0.6%

Oklahoma City Water Utilities Trust, Water Revenue, 5.25%, 7/1/64		500,000		555,633

Oklahoma Turnpike Authority Highway Revenue Tolls, 5.50%, 1/1/53		320,000		356,642


(Cost $907,625)				912,275

Oregon – 0.6%

Port of Portland Or Airport Revenue, Private Airport & Marina Revenue, Series 28, AMT, 5.00%, 7/1/52		100,000		104,894

Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, Series 25B, AMT, 5.00%, 7/1/44		315,000		325,378

Series 28, AMT, 4.00%, 7/1/47		500,000		489,545


(Cost $916,780)				919,817


	Principal Amount $		Value $


Pennsylvania – 5.0%

Allegheny County Airport Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 1/1/46		700,000		687,679

Series A, AMT, 5.00%, 1/1/51		500,000		516,356

Series A, AMT, 4.00%, 1/1/56		500,000		473,589

Chester County Industrial Development Authority, Recreational Revenue, 4.00%, 12/1/51		245,000		240,211

City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 11/1/45		515,000		551,712

Series A, 5.00%, 10/1/48		35,000		36,506

Series A, 5.00%, 11/1/50		500,000		531,459

Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series A, 5.00%, 12/1/48		480,000		503,048

Pennsylvania Turnpike Commission, Highway Revenue Tolls, Series A, 5.00%, 12/1/44		230,000		246,222

Series A, 4.00%, 12/1/46		20,000		19,954

Series B, 4.00%, 12/1/46		390,000		390,337

Series C, 5.00%, 12/1/46		45,000		48,734

Series A, 5.00%, 12/1/47		55,000		59,117

Sub-Series A, 4.00%, 12/1/49		285,000		285,067

Series A, 5.00%, 12/1/49		15,000		15,914

Series A, 4.00%, 12/1/50		255,000		248,840

Series B, 5.00%, 12/1/50		1,705,000		1,822,021

Series A, 4.00%, 12/1/51		65,000		64,780

Series B, 4.00%, 12/1/51		300,000		293,176

Series B, 5.00%, 12/1/51		15,000		16,036


(Cost $7,525,953)				7,050,758

South Carolina – 0.9%

South Carolina Ports Authority, Private Airport & Marina Revenue, Series B, 4.00%, 7/1/49		200,000		197,380

South Carolina Public Service Authority, Electric, Power & Light Revenue, Series A, 4.00%, 12/1/42		475,000		476,833

Series A, 4.00%, 12/1/52		600,000		581,519


(Cost $1,254,540)				1,255,732

Tennessee – 2.2%

City of Clarksville Tn Water Sewer & Gas Revenue, Water Revenue, Series A, 4.00%, 2/1/51		380,000		379,330

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 5/15/46		245,000		263,339

Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, Series B, AMT, 5.25%, 7/1/47		400,000		429,880

Series B, AMT, 5.00%, 7/1/49		125,000		128,766

Series B, AMT, 4.00%, 7/1/54		550,000		524,295

Series A, 5.00%, 7/1/54		805,000		843,655

Series B, AMT, 5.00%, 7/1/54		500,000		514,687


(Cost $3,247,953)				3,083,952

Texas – 8.1%

Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series E, 5.00%, 1/1/45		100,000		104,784

Series B, 5.00%, 1/1/46		300,000		316,280

Series B, 4.00%, 1/1/51		50,000		48,264

City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 11/15/44		125,000		133,169

Series B, 5.00%, 11/15/49		125,000		131,866

City of Austin TX Water & Wastewater System Revenue, Water Revenue, Series C, 5.00%, 11/15/50		305,000		325,298

City of Corpus Christi TX Utility System Revenue, Water Revenue, 4.25%, 7/15/54		635,000		622,395

City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, Series C, 4.00%, 10/1/49		110,000		108,456

City of Georgetown TX Utility System Revenue, Multiple Utility Revenue, 4.25%, 8/15/47		500,000		503,884

City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 4.00%, 7/1/46		575,000		563,924

City of Houston TX Combined Utility System, Water Revenue, Series C, 4.00%, 11/15/43		165,000		165,361

Series C, 3.00%, 11/15/47		145,000		117,600

Series C, 4.00%, 11/15/49		55,000		54,450


	Principal Amount $		Value $


City of Lubbock TX Electric Light & Power System Revenue, Electric, Power & Light Revenue, 4.00%, 4/15/51		400,000		395,357

City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 2/1/46		260,000		277,454

County of Harris Tx Toll Road Revenue, Highway Revenue Tolls, Series A, 5.25%, 8/15/49		500,000		559,002

Series A, 5.25%, 8/15/54		200,000		221,969

Dallas Fort Worth International Airport Series B, 5.00%, 11/1/47		200,000		218,578

Dallas Fort Worth International Airport, Private Airport & Marina Revenue, Series B, 4.00%, 11/1/45		105,000		105,417

Harris County Toll Road Authority, Highway Revenue Tolls, 4.00%, 8/15/50		670,000		666,414

Harris County-Houston Sports Authority, Hotel Occupancy Tax, Series A, 3.125%, 11/15/56		110,000		84,117

Lower Colorado River Authority, Intergovernmental, 5.00%, 5/15/47		250,000		266,828

North Fort Bend Water Authority, Water Revenue, Series A, 4.00%, 12/15/58		200,000		193,496

North Texas Tollway Authority, Highway Revenue Tolls, 4.25%, 1/1/49		30,000		30,070

Series B, 3.00%, 1/1/51		250,000		189,752

Port Authority of Houston of Harris County Texas, Private Airport & Marina Revenue, 5.00%, 10/1/53		650,000		698,013

San Antonio Water System, Water Revenue, Series A, 5.00%, 5/15/46		325,000		348,443

Series A, 4.00%, 5/15/51		335,000		333,312

Texas Water Development Board, Water Revenue, 4.00%, 10/15/45		320,000		322,056

4.00%, 4/15/51		525,000		521,628

4.80%, 10/15/52		400,000		423,738

Series A, 5.00%, 10/15/53		1,000,000		1,098,106

Series A, 5.00%, 10/15/58		1,100,000		1,194,250

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


West Harris County Regional Water Authority, Water Revenue, 3.00%, 12/15/58		85,000		63,236


(Cost $11,956,212)				11,406,967

Utah – 1.5%

City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/48		750,000		765,315

Series A, AMT, 5.25%, 7/1/48		225,000		232,041

Intermountain Power Agency, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/42		1,000,000		1,092,897


(Cost $2,106,651)				2,090,253

Virginia – 1.1%

Hampton Roads Transportation Accountability Commission, Appropriations, Series A, 4.00%, 7/1/45		275,000		276,599

Series A, 5.00%, 7/1/50		40,000		42,505

Series A, 4.00%, 7/1/55		700,000		693,890

Series A, 5.00%, 7/1/60		500,000		528,874


(Cost $1,721,965)				1,541,868

Washington – 1.6%

Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 4.00%, 11/1/46		700,000		709,544


	Principal Amount $		Value $


County of King WA Sewer Revenue, Sewer Revenue, Series A, 4.00%, 1/1/52		500,000		500,869

Port of Seattle WA, Private Airport & Marina Revenue, AMT, 5.00%, 4/1/44		500,000		517,442

Series B, AMT, 5.00%, 8/1/47		500,000		525,174


(Cost $2,370,483)				2,253,029

West Virginia – 0.2%

West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47

(Cost $303,155)		250,000		268,323

Wisconsin – 0.2%

Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44

(Cost $261,606)		245,000		254,691

TOTAL MUNICIPAL BONDS


(Cost $144,581,470)				138,981,123

TOTAL INVESTMENTS – 98.2%

(Cost $144,581,470)				138,981,123

Other assets and liabilities, net – 1.8%				2,516,004


NET ASSETS – 100.0%				141,497,127

AMT: Alternative Minimum Tax

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Municipal Bonds (a)	$	—	$	138,981,123	$	—	$	138,981,123

TOTAL	$	—	$	138,981,123	$	—	$	138,981,123

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

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 98.0%

Australia – 5.3%

Coles Group Ltd.		816,938		9,893,496

Endeavour Group Ltd.		926,012		2,636,206

Fortescue Ltd.		1,032,137		12,768,609

Medibank Pvt Ltd.		1,679,184		4,178,717

Rio Tinto Ltd.		226,284		17,430,087

Santos Ltd.		1,979,303		8,523,050

Suncorp Group Ltd.		774,261		9,936,534

Telstra Group Ltd.		2,466,943		6,331,938

Woodside Energy Group Ltd.		1,157,244		18,477,769


(Cost $94,399,563)				90,176,406

Austria – 0.4%

OMV AG		89,769		3,595,349

Verbund AG		41,522		3,311,094


(Cost $7,763,426)				6,906,443

Belgium – 0.3%

Ageas SA/NV

(Cost $4,490,360)		97,386		4,912,552

Denmark – 0.3%

Tryg A/S

(Cost $4,468,145)		206,632		4,758,301

Finland – 2.0%

Elisa OYJ		86,676		3,925,545

Kesko OYJ, Class B		166,492		3,308,597

Kone OYJ, Class B		207,204		10,736,730

Metso Corp.		377,754		3,321,940

Orion OYJ, Class B		65,920		3,113,618

UPM-Kymmene OYJ		325,350		8,556,507


(Cost $34,210,606)				32,962,937

France – 15.7%

Amundi SA, 144A		37,430		2,437,245

AXA SA		1,073,271		37,385,775

Bouygues SA		115,585		3,437,799

Cie Generale des Etablissements

Michelin SCA		407,172		13,224,198

Danone SA		393,451		26,870,311

La Francaise des Jeux SAEM, 144A		61,876		2,444,219

Sanofi SA		695,996		67,696,397

Teleperformance SE		33,300		3,130,965

TotalEnergies SE		1,315,086		76,353,022

Vinci SA		304,881		32,156,462


(Cost $257,694,914)				265,136,393

Germany – 6.5%

Allianz SE		238,725		73,675,731

Bayerische Motoren Werke AG		177,034		13,092,577

Deutsche Post AG		621,633		22,828,905


(Cost $94,044,167)				109,597,213


	Number of Shares		Value $


Hong Kong – 2.4%

CK Asset Holdings Ltd.		1,173,226		4,794,493

CK Infrastructure Holdings Ltd.		383,984		2,644,915

CLP Holdings Ltd.		1,000,943		8,399,558

Henderson Land Development Co. Ltd.		885,169		2,775,555

HKT Trust & HKT Ltd. (a)		2,309,601		2,870,102

Hong Kong & China Gas Co. Ltd.		6,818,581		5,169,873

Power Assets Holdings Ltd.		844,283		5,533,401

Sino Land Co. Ltd.		2,372,937		2,323,673

SITC International Holdings Co. Ltd.		818,856		2,130,917

WH Group Ltd., 144A		5,082,232		4,029,708


(Cost $40,464,145)				40,672,195

Israel – 1.4%

Bank Hapoalim BM		770,450		8,830,512

Bank Leumi Le-Israel BM		918,928		10,438,774

Mizrahi Tefahot Bank Ltd.		94,477		4,072,049


(Cost $18,412,728)				23,341,335

Italy – 2.1%

FinecoBank Banca Fineco SpA		372,132		5,970,368

Generali		574,366		16,427,963

Snam SpA		1,228,120		5,722,986

Terna - Rete Elettrica Nazionale		857,241		7,250,590


(Cost $28,510,668)				35,371,907

Japan – 7.8%

AGC, Inc.		119,300		3,725,519

Daiwa House Industry Co. Ltd.		361,871		11,336,705

Honda Motor Co. Ltd.		2,734,400		23,514,183

Isuzu Motors Ltd.		343,600		4,568,826

Japan Tobacco, Inc.		731,300		20,543,694

Komatsu Ltd.		533,800		14,309,544

Mitsui Chemicals, Inc.		104,200		2,406,830

Mitsui OSK Lines Ltd.		209,800		7,164,925

Obayashi Corp.		395,900		5,628,035

Ono Pharmaceutical Co. Ltd.		227,100		2,619,018

Sekisui House Ltd.		364,024		8,580,384

SoftBank Corp.		17,435,900		22,418,166

Yamaha Motor Co. Ltd.		562,900		4,874,331


(Cost $116,203,679)				131,690,160

Netherlands – 3.5%

ASR Nederland NV		96,604		4,622,103

Koninklijke Ahold Delhaize NV		566,348		19,530,479

Koninklijke KPN NV		2,370,091		9,189,582

NN Group NV		164,987		7,662,183

Randstad NV		66,166		2,907,897

Stellantis NV		1,197,812		15,859,664


(Cost $57,048,721)				59,771,908

Norway – 1.1%

Aker BP ASA		192,675		3,945,962

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Equinor ASA		510,447		12,337,813

Gjensidige Forsikring ASA (b)		121,920		2,166,045


(Cost $20,546,488)				18,449,820

Singapore – 5.5%

DBS Group Holdings Ltd.		1,214,330		38,432,120

Genting Singapore Ltd.		3,683,600		2,101,931

Oversea-Chinese Banking Corp. Ltd.		2,063,607		25,059,129

Singapore Technologies

Engineering Ltd.		951,900		3,195,129

United Overseas Bank Ltd.		770,700		20,902,288

Wilmar International Ltd.		1,169,700		2,687,261


(Cost $69,288,713)				92,377,858

Spain – 3.9%

Iberdrola SA		3,682,963		52,475,386

Redeia Corp. SA		247,683		4,421,089

Repsol SA		717,184		8,957,320


(Cost $67,903,802)				65,853,795

Sweden – 2.1%

Boliden AB		166,752		4,969,489

Tele2 AB, Class B		333,146		3,491,994

Volvo AB, Class A		121,760		3,044,321

Volvo AB, Class B		968,365		24,087,512


(Cost $30,993,509)				35,593,316

Switzerland – 19.9%

Adecco Group AG		102,673		2,738,724

Baloise Holding AG		26,520		5,039,101

Helvetia Holding AG		22,620		3,964,277

Holcim AG		317,641		32,355,395

Kuehne + Nagel International AG		29,439		7,037,291

Novartis AG		782,943		82,888,869

Partners Group Holding AG		13,831		20,094,983

Roche Holding AG		273,626		79,354,646

SGS SA		92,405		9,175,470

Swiss Re AG		183,815		27,154,963

Swisscom AG		15,785		9,110,865

Zurich Insurance Group AG		89,187		56,549,215


(Cost $263,304,343)				335,463,799

United Kingdom – 17.8%

Barratt Redrow PLC		840,125		4,567,159

British American Tobacco PLC		1,214,172		46,113,043

Hargreaves Lansdown PLC		218,125		3,031,707

Imperial Brands PLC		488,913		15,964,623

Kingfisher PLC		1,112,097		3,498,492

Mondi PLC		268,793		4,067,338

National Grid PLC		2,977,926		37,570,861

Reckitt Benckiser Group PLC		421,285		26,024,071

Rio Tinto PLC		687,064		43,110,127

Schroders PLC		491,873		1,970,617

Taylor Wimpey PLC		2,157,794		3,592,893


	Number of Shares		Value $


Tesco PLC		4,175,871		19,447,577

Unilever PLC		1,418,434		84,754,420

WPP PLC		657,352		7,178,856


(Cost $264,932,123)				300,891,784

TOTAL COMMON STOCKS


(Cost $1,474,680,100)				1,653,928,122

PREFERRED STOCKS – 0.4%

Germany – 0.4%

Bayerische Motoren Werke AG		33,753		2,299,421

Porsche Automobil Holding SE		93,373		3,414,245


(Cost $8,111,877)				5,713,666

SECURITIES LENDING

COLLATERAL – 0.0%

DWS Government & Agency

Securities Portfolio

“DWS Government Cash

Institutional Shares”, 4.53%

(c)(d)

(Cost $264,685)		264,685		264,685

CASH EQUIVALENTS – 0.7%

DWS Government Money Market

Series “Institutional Shares”, 4.59% (c)

(Cost $12,103,950)		12,103,950		12,103,950

TOTAL INVESTMENTS – 99.1%

(Cost $1,495,160,612)				1,672,010,423

Other assets and liabilities, net – 0.9%				16,020,372


NET ASSETS – 100.0%				1,688,030,795

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024

SECURITIES LENDING COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (c)(d)

29,576,000		—		(29,311,315) (e)		—		—		63,044		—		264,685		264,685

CASH EQUIVALENTS – 0.7%

DWS Government Money Market Series “Institutional Shares”, 4.59% (c)

20,936,447		66,940,855		(75,773,352)		—		—		102,355		—		12,103,950		12,103,950


50,512,447		66,940,855		(105,084,667)		—		—		165,399		—		12,368,635		12,368,635

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $250,129, which is 0.0% of net assets.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.

144A:

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

Securities are listed in country of domicile.

At November 30, 2024, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Appreciation
(Depreciation) ($)

FTSE 100 Index Futures

GBP

4,717,068

4,752,237

12/20/2024

35,169

MSCI EAFE Futures

USD

197

23,134,449

22,967,245

12/20/2024

(167,204)

Total net unrealized depreciation

(132,035)

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



GBP		Pound Sterling

USD		U.S. Dollar

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2024 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)		$ 1,653,928,122		$ —		$ —		$ 1,653,928,122

Preferred Stocks		5,713,666		—		—		5,713,666

Short-Term Investments (a)		12,368,635		—		—		12,368,635

Derivatives (b)

Futures Contracts		35,169		—		—		35,169

TOTAL		$ 1,672,045,592		$ —		$ —		$ 1,672,045,592

Liabilities	Level 1		Level 2		Level 3		Total

Derivatives (b)

Futures Contracts		$ (167,204)		$ —		$ —		$ (167,204)

TOTAL		$ (167,204)		$ —		$ —		$ (167,204)

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

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

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF

November 30, 2024 (Unaudited)


	Principal Amount $		Value $


U.S. TREASURY OBLIGATIONS – 99.4%

U.S. Treasury Bills 4.622%, 1/2/25 (a)		117,000		116,548

4.610%, 1/7/25 (a)		71,000		70,683

4.601%, 1/9/25 (a)		118,300		117,740

4.601%, 1/14/25 (a)		76,800		76,391

4.600%, 1/16/25 (a)		78,600		78,161

4.599%, 1/21/25 (a)		71,000		70,561

4.571%, 1/23/25 (a)		102,600		101,945

4.598%, 1/28/25 (a)		33,000		32,767

4.578%, 1/30/25 (a)		78,600		78,027

4.562%, 2/4/25 (a)		33,300		33,037

4.560%, 2/6/25 (a)		73,000		72,412

4.561%, 2/11/25 (a)		33,300		33,012

4.558%, 2/13/25 (a)		77,300		76,610

4.565%, 2/18/25 (a)		33,300		32,986

4.539%, 2/20/25 (a)		100,900		99,919

4.561%, 2/25/25 (a)		33,300		32,956

4.535%, 2/27/25 (a)		77,300		76,482

4.492%, 3/4/25 (a)		32,800		32,433

4.530%, 3/6/25 (a)		36,000		35,588

4.498%, 3/11/25 (a)		32,800		32,405

4.514%, 3/13/25 (a)		36,000		35,559

4.475%, 3/18/25 (a)		32,800		32,378

4.496%, 3/20/25 (a)		60,000		59,220

4.489%, 3/25/25 (a)		32,800		32,350

4.500%, 3/27/25 (a)		36,000		35,501

4.473%, 4/3/25 (a)		41,000		40,398

4.461%, 4/10/25 (a)		37,500		36,919

4.392%, 4/17/25 (a)		61,400		60,401

4.468%, 4/24/25 (a)		37,500		36,857

4.461%, 5/1/25 (a)		37,500		36,825

4.438%, 5/8/25 (a)		36,900		36,208

4.357%, 5/15/25 (a)		60,400		59,218

4.450%, 5/22/25 (a)		36,900		36,147

4.451%, 5/29/25 (a)		36,900		36,116

4.286%, 6/12/25 (a)		24,000		23,463

4.276%, 7/10/25 (a)		24,000		23,389

4.298%, 8/7/25 (a)		24,000		23,314

4.288%, 9/4/25 (a)		24,000		23,232

4.300%, 10/2/25 (a)		25,000		24,127

4.320%, 10/30/25 (a)		20,000		19,242

4.347%, 11/28/25 (a)		20,000		19,176


(Cost $2,030,549)				2,030,703


U.S. Treasury Notes 4.621%, 1/15/25		27,000		26,889

4.587%, 1/31/25		15,000		14,926

4.632%, 1/31/25		22,000		21,984

4.634%, 1/31/25		14,000		13,952

4.611%, 2/15/25		26,000		25,842


	Principal Amount $		Value $


4.637%, 2/15/25		27,000		26,856

4.518%, 2/28/25		16,000		15,872

4.546%, 2/28/25		14,000		13,942

4.552%, 2/28/25		21,500		21,505

4.490%, 3/15/25		25,000		24,811

4.400%, 3/31/25		8,000		7,954

4.480%, 3/31/25		20,300		20,044

4.509%, 3/31/25		22,000		21,959

4.354%, 4/15/25		24,000		23,847

4.450%, 4/30/25		12,000		11,925

4.451%, 4/30/25		21,000		20,954

4.457%, 4/30/25		21,000		20,656

4.437%, 5/15/25		24,000		23,823

4.441%, 5/15/25		26,000		25,736

4.421%, 5/31/25		11,700		11,611

4.422%, 5/31/25		22,000		21,979

4.422%, 5/31/25		21,000		20,575

4.346%, 6/15/25		22,500		22,324

4.334%, 6/30/25		23,000		22,463

4.352%, 6/30/25		8,900		8,819

4.374%, 6/30/25		22,000		22,026

4.264%, 7/15/25		22,000		21,820

4.292%, 7/31/25		22,200		21,602

4.342%, 7/31/25		21,000		21,040

4.356%, 7/31/25		11,100		10,990

4.324%, 8/15/25		22,000		21,803

4.327%, 8/15/25		26,800		26,352

4.280%, 8/31/25		23,000		22,301

4.345%, 8/31/25		24,000		24,094

4.404%, 8/31/25		11,400		11,259

4.278%, 9/15/25		21,000		20,858

4.298%, 9/30/25		27,000		26,098

4.302%, 9/30/25		25,000		25,116

4.328%, 9/30/25		11,500		11,373

4.292%, 10/15/25		20,600		20,577

4.296%, 10/31/25		26,300		26,440

4.310%, 10/31/25		10,000		9,878

4.314%, 10/31/25		27,100		26,108

4.364%, 11/15/25		20,000		20,024

4.386%, 11/15/25		28,000		27,448

4.355%, 11/30/25		27,000		27,134

4.363%, 11/30/25		11,000		10,842

4.379%, 11/30/25		26,100		25,094


(Cost $971,791)				971,525


TOTAL U.S. TREASURY
OBLIGATIONS


(Cost $3,002,340)				3,002,228

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

(Cost $2,744)		2,744		2,744

TOTAL INVESTMENTS – 99.5%

(Cost $3,005,084)				3,004,972

Other assets and liabilities, net – 0.5%				14,207


NET ASSETS – 100.0%				3,019,179

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 10/9/2024 (Commencement of Operations)	Purchases Cost ($)		Sales Proceeds ($)	Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)	Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024

CASH EQUIVALENTS – 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

—		12,635	(9,891)		—		—	20		—		2,744		2,744

(a)	Annualized yield at time of purchase; not a coupon rate.

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

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

U.S. Treasury Obligations (a)	$	—	$	3,002,228	$	—	$	3,002,228

Short-Term Investments (a)		2,744		—		—		2,744

TOTAL	$	2,744	$	3,002,228	$	—	$	3,004,972

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

See Notes to Financial Statements.

DBX ETF Trust | 21

Statements of Assets and Liabilities

November 30, 2024 (Unaudited)


	Xtrackers California Municipal Bond ETF		Xtrackers Municipal Infrastructure Revenue Bond ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF		Xtrackers US 0-1 Year Treasury ETF

Assets
Investment in non-affiliated securities at value	$	22,233,021	$	138,981,123		$	1,659,641,788	$	3,002,228
Investment in DWS Government Money Market Series		329,587		—			12,103,950		2,744
Investment in DWS Government & Agency Securities Portfolio*		—		—			264,685		—
Cash		—		793,536			2,510		—
Foreign currency at value		—		—			7,072,829		—
Deposit with broker for futures contracts		—		—			1,049,714		—

Receivables:
Investment securities sold		—		—			—		810,063
Variation margin on futures contracts		—		—			178,551		—
Dividends		—		—			2,805,553		—
Interest		234,918		1,739,635			21,250		5,350
Affiliated securities lending income		—		—			7,809		—
Foreign tax reclaim		—		—			5,270,693		—
Total assets	$	22,797,526	$	141,514,294		$	1,688,419,332	$	3,820,385

Liabilities
Payable upon return of securities loaned	$	—	$	—		$	264,685	$	—

Payables:
Investment securities purchased		—		—			—		800,966
Investment advisory fees		1,258		17,167			123,852		240
Total liabilities		1,258		17,167			388,537		801,206
Net Assets, at value	$	22,796,268	$	141,497,127		$	1,688,030,795	$	3,019,179

Net Assets Consist of
Paid-in capital	$	22,674,560	$	152,712,193		$	1,662,337,851	$	3,001,480
Distributable earnings (loss)		121,708		(11,215,066	)		25,692,944		17,699
Net Assets, at value	$	22,796,268	$	141,497,127		$	1,688,030,795	$	3,019,179
Number of Common Shares outstanding		900,001		5,450,001			67,200,001		100,001
Net Asset Value	$	25.33	$	25.96		$	25.12	$	30.19

Investment in non-affiliated securities at cost	$	22,183,500	$	144,581,470		$	1,482,791,977	$	3,002,340
Value of securities loaned	$	—	$	—		$	250,129	$	—
Investment in DWS Government Money Market Series at cost	$	329,587	$	—		$	12,103,950	$	2,744
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	—		$	264,685	$	—
Foreign currency at cost	$	—	$	—		$	7,057,925	$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

22 | DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2024 (Unaudited)


	Xtrackers California Municipal Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF			Xtrackers US 0-1 Year Treasury ETF⁽¹⁾

Investment Income
Unaffiliated interest income	$	340,476		$	2,216,930		$	—		$	18,010
Unaffiliated dividend income*		—			—			23,944,637			—
Income distributions from affiliated funds		12,211			—			102,355			20
Affiliated securities lending income		—			—			63,044			—
Total investment income		352,687			2,216,930			24,110,036			18,030

Expenses
Investment advisory fees		11,529			102,736			1,084,157			240
Other expenses		52			58			3,650			—
Total expenses		11,581			102,794			1,087,807			240
Less fees waived (see note 3):
Waiver		(3,851	)		—			(342,748	)		(0	)
Net expenses		7,730			102,794			745,059			240
Net investment income (loss)		344,957			2,114,136			23,364,977			17,790

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:
Investments		(223	)		(755,937	)		(18,786,826	)		21
In-kind redemptions		—			—			6,653,842			—
Futures contracts		—			—			179,257			—
Foreign currency transactions		—			—			(99,575	)		—
Net realized gain (loss)		(223	)		(755,937	)		(12,053,302	)		21

Net change in unrealized appreciation (depreciation) on:
Investments		594,671			5,619,059			10,969,515			(112	)
Futures contracts		—			—			(667,573	)		—
Foreign currency translations		—			—			(45,139	)		—
Net change in unrealized appreciation (depreciation)		594,671			5,619,059			10,256,803			(112	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		594,448			4,863,122			(1,796,499	)		(91	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	939,405		$	6,977,258		$	21,568,478		$	17,699

* Unaffiliated foreign tax withheld	$	—		$	—		$	1,271,835		$	—

(1)	For the period October 9, 2024 (commencement of operations) through November 30, 2024.

See Notes to Financial Statements.

DBX ETF Trust | 23

Statements of Changes in Net Assets


	Xtrackers California Municipal						Xtrackers Municipal
	Bond ETF						Infrastructure Revenue Bond ETF
	For the Six Months Ended November 30, 2024 (Unaudited)			For the Period December 14, 2023⁽¹⁾to May 31, 2024			For the Six Months Ended November 30, 2024 (Unaudited)
	For the Six Months Ended November 30, 2024 (Unaudited)			For the Period December 14, 2023⁽¹⁾to May 31, 2024			For the Six Months Ended November 30, 2024 (Unaudited)			Year Ended May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	344,957		$	279,045		$	2,114,136		$	3,418,235
Net realized gain (loss)		(223	)		(612	)		(755,937	)		(950,491	)
Net change in net unrealized appreciation (depreciation)		594,671			(545,150	)		5,619,059			922,519
Net increase (decrease) in net assets resulting from operations		939,405			(266,717	)		6,977,258			3,390,263
Distributions to Shareholders		(345,987	)		(204,993	)		(2,065,012	)		(3,363,269	)
Fund Shares Transactions
Proceeds from shares sold		—			22,674,535			8,966,614			15,280,869
Value of shares redeemed		—			—			—			—
Net increase (decrease) in net assets resulting from fund share transactions		—			22,674,535			8,966,614			15,280,869
Total net increase (decrease) in Net Assets		593,418			22,202,825			13,878,860			15,307,863
Net Assets
Beginning of period		22,202,850			25			127,618,267			112,310,404
End of period	$	22,796,268		$	22,202,850		$	141,497,127		$	127,618,267

Changes in Shares Outstanding
Shares outstanding, beginning of period		900,001			1			5,100,001			4,500,001
Shares sold		—			900,000			350,000			600,000
Shares redeemed		—			—			—			—
Shares outstanding, end of period		900,001			900,001			5,450,001			5,100,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

24 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI EAFE High						Xtrackers US 0-1 Year
	Dividend Yield Equity ETF						Treasury ETF
	For the Six Months Ended						For the Period October 9, 2024⁽¹⁾
	November 30, 2024 (Unaudited)			Year Ended May 31, 2024			to November 30, 2024 (Unaudited)

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	23,364,977		$	64,172,857		$	17,790
Net realized gain (loss)		(12,053,302	)		20,448,782			21
Net change in net unrealized appreciation (depreciation)		10,256,803			167,764,812			(112	)
Net increase (decrease) in net assets resulting from operations		21,568,478			252,386,451			17,699
Distributions to Shareholders		(47,796,197	)		(69,088,520	)		—
Fund Shares Transactions
Proceeds from shares sold		165,883,938			257,617,875			3,001,450
Value of shares redeemed		(17,429,428	)		(123,648,832	)		—
Net increase (decrease) in net assets resulting from fund share transactions		148,454,510			133,969,043			3,001,450
Total net increase (decrease) in Net Assets		122,226,791			317,266,974			3,019,149
Net Assets
Beginning of period		1,565,804,004			1,248,537,030			30
End of period	$	1,688,030,795		$	1,565,804,004		$	3,019,179

Changes in Shares Outstanding
Shares outstanding, beginning of period		61,300,001			55,600,001			1
Shares sold		6,600,000			10,700,000			100,000
Shares redeemed		(700,000	)		(5,000,000	)		—
Shares outstanding, end of period		67,200,001			61,300,001			100,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust | 25

Financial Highlights

Xtrackers California Municipal Bond ETF


	For the Six Months Ended 11/30/2024 (Unaudited)				Period Ended 5/31/2024(a)

Selected Per Share Data
Net Asset Value, beginning of period		$	24.67			$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)			0.38				0.35
Net realized and unrealized gain (loss)			0.66				(0.45	)
Total from investment operations			1.04				(0.10	)
Less distributions from:
Net investment income			(0.38	)			(0.23	)
Total from distributions			(0.38	)			(0.23	)
Net Asset Value, end of period		$	25.33			$	24.67
Total Return (%)(c)			4.25	**			(0.40	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)			23				22
Ratio of expenses before fee waiver (%)			0.10	*			0.15	*
Ratio of expenses after fee waiver (%)			0.07	*			0.08	*
Ratio of net investment income (loss) (%)			3.04	*			3.02	*
Portfolio turnover rate (%)(d)			2	**			2	**

(a)	For the period December 14, 2023 (commencement of operations) through May 31, 2024.

(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.

26 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Municipal Infrastructure Revenue Bond ETF


	For the Six			Years Ended May 31,
	Months Ended
	11/30/2024
	(Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	25.02		$	24.96		$	25.88		$	29.35		$	27.75		$	27.70
Income (loss) from investment operations:
Net investment income (loss)(a)		0.40			0.73			0.69			0.63			0.70			0.76
Net realized and unrealized gain (loss)		0.93			0.05	(b)		(0.91	)		(3.48	)		1.63			(0.00	)(c)
Total from investment operations		1.33			0.78			(0.22	)		(2.85	)		2.33			0.76
Less distributions from:
Net investment income		(0.39	)		(0.72	)		(0.70	)		(0.62	)		(0.73	)		(0.71	)
Total from distributions		(0.39	)		(0.72	)		(0.70	)		(0.62	)		(0.73	)		(0.71	)
Net Asset Value, end of period	$	25.96		$	25.02		$	24.96		$	25.88		$	29.35		$	27.75
Total Return (%)		5.34	**		3.25			(0.79	)		(9.87	)		8.50			2.77

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		141			128			112			162			138			97
Ratio of expenses (%)		0.15	*		0.15			0.15			0.15			0.15			0.15
Ratio of net investment income (loss) (%)		3.09	*		2.94			2.79			2.24			2.42			2.72
Portfolio turnover rate (%)(d)		9	**		9			12			27			10			12

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

(b)	Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.

(c)	Less than 0.005.

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 27

Financial Highlights (Continued)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF


	For the Six			Years Ended May 31,
	Months Ended
	11/30/2024
	(Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	25.54		$	22.46		$	23.47		$	25.00		$	19.89		$	22.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.36			1.09			1.15			1.17			1.21			0.85
Net realized and unrealized gain (loss)		(0.02	)		3.20			(1.14	)		(1.60	)		4.94			(2.00	)
Total from investment operations		0.34			4.29			0.01			(0.43	)		6.15			(1.15	)
Less distributions from:
Net investment income		(0.76	)		(1.21	)		(1.02	)		(1.10	)		(1.04	)		(0.96	)
Total from distributions		(0.76	)		(1.21	)		(1.02	)		(1.10	)		(1.04	)		(0.96	)
Net Asset Value, end of period	$	25.12		$	25.54		$	22.46		$	23.47		$	25.00		$	19.89
Total Return (%)(b)		1.37	**		19.79			0.46			(1.72	)		31.74			(5.58	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,688			1,566			1,249			955			739			409
Ratio of expenses before fee waiver (%)		0.13	*		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.09	*		0.12			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		2.83	*		4.62			5.32			4.92			5.38			3.86
Portfolio turnover rate (%)(c)		12	**		26			29			30			57			57

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

28 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers US 0-1 Year Treasury ETF


	Period Ended
	11/30/2024(a)
	(Unaudited)

Selected Per Share Data
Net Asset Value, beginning of period	$	30.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.19
Net realized and unrealized gain (loss)		(0.00	)(c)
Total from investment operations		0.19
Net Asset Value, end of period	$	30.19
Total Return (%)(d)		0.64	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3
Ratio of expenses before fee waiver (%)		0.06	*
Ratio of expenses after fee waiver (%)		0.06	*
Ratio of net investment income (loss) (%)		4.44	*
Portfolio turnover rate (%)(e)		0	**

(a)	For the period October 9, 2024 (commencement of operations) through November 30, 2024.

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

(c)	Less than 0.005.

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 29

Notes to Financial Statements (Unaudited)

1. Organization

As of November 30, 2024, the Trust consists of forty 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 California Municipal Bond ETF

Xtrackers Municipal Infrastructure Revenue Bond ETF

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Xtrackers US 0-1 Year Treasury 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”).

Xtrackers California Municipal Bond ETF offer shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers US 0-1 Year Treasury ETF offer 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 except for Xtrackers US 0-1 Year Treasury ETF which lots consist of 20,000 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 California Municipal Bond ETF		ICE AMT-Free Broad Liquid California Municipal Index

Xtrackers Municipal Infrastructure Revenue Bond ETF		Solactive Municipal Infrastructure Revenue Bond Index

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		MSCI EAFE High Dividend Yield Index

Xtrackers US 0-1 Year Treasury ETF		ICE U.S. Treasury Short Bond Index

The ICE AMT-Free Broad Liquid California Municipal Index is designed to track the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by the state of California and its political subdivisions. The ICE AMT-Free Broad Liquid California Municipal Index is rebalanced monthly on the last business day of each month.

The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the performance of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). Under normal circumstances, the Solactive Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month.

The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. Under normal circumstances, the MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.

30 | DBX ETF Trust

The ICE U.S. Treasury Short Bond Index is designed to track the performance of certain U.S. Treasury securities that have a remaining maturity between one month and one year. The term “U.S. Treasury securities” refers to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. The ICE U.S. Treasury Short Bond Index is rebalanced on the last calendar day of the month.

Xtrackers California Municipal Bond ETF and Xtrackers US 0-1 Year Treasury ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of their 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. The Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks. Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are diversified series of the Trust. In addition, Xtrackers MSCI EAFE High Dividend Yield Equity ETF may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index the Fund tracks.

2. Significant Accounting Policies

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.

Municipal 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 | 31

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.

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.

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. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

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 California Municipal Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers US 0-1 Year Treasury ETF to pay out dividends from its net investment income monthly and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income 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

32 | DBX ETF Trust

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.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2024 (or since the Fund’s inception if the Fund commenced operations less than four years prior to May 31, 2024), remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2024, the Funds did not incur any interest or penalties. At May 31, 2024, 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 California Municipal Bond ETF	$	612	$	—	$	612

Xtrackers Municipal Infrastructure Revenue Bond ETF		2,273,188		2,957,664		5,230,852

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		24,676,116		85,866,320		110,542,436

As of May 31, 2024, 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 California Municipal Bond ETF	$	22,505,333	$	(545,285	)	$	752	$	(546,037	)

Xtrackers Municipal Infrastructure Revenue Bond ETF		136,580,952		(11,219,406	)		124,742		(11,344,148	)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,451,561,486		130,728,626			166,288,076		(35,559,450	)

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

Foreign Taxes. The Xtrackers MSCI EAFE High Dividend Yield Equity ETF may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2024, if any, are disclosed in the Fund’s

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.

DBX ETF Trust | 33

Securities Lending. The Funds, except the Xtrackers California Municipal Bond ETF and the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI EAFE High Dividend Yield 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 or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2024, 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 (0.13% annualized effective rate as of November 30, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of November 30, 2024
Securities Lending Transactions	Overnight and Continuous			<30 Days			Between 30 & 90 Days			>90 Days			Total

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Common Stocks		$	264,685		$	—		$	—		$	—		$	264,685

Gross amount of recognized liabilities and cash collateral for securities lending transactions														$	264,685

For the period ended November 30, 2024, Xtrackers US 0-1 Year Treasury ETF had no securities on loan.

Derivatives

Futures Contracts. Xtrackers MSCI EAFE High Dividend Yield Equity ETF may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2024, Xtrackers MSCI EAFE High Dividend Yield Equity 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 the Fund enters into a futures contract, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

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

34 | DBX ETF Trust

A summary of the open futures contracts as of November 30, 2024 is included in a table following the Fund’s Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


	Asset Derivatives			Liability Derivatives
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	35,169	Unrealized depreciation on futures contracts^*	$	167,204
	Total	$	35,169	Total	$	167,204

Futures contracts are reported in the table above using cumulative appreciation or cumulative depreciation of futures contracts, as reported in the futures contracts table following each Fund’s Schedule of Investments; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) variation margin on futures contracts.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2024 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 MSCI EAFE High Dividend Yield Equity ETF

179,257

Net Change in Unrealized Appreciation (Depreciation) on:

Futures Contracts

– Equity Contracts

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

(667,573

)

For the period ended November 30, 2024 the average monthly volume of derivatives was as follows:

Futures Contracts

(Contract Value)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

18,552,775

Affiliated Cash Management Vehicles. The Funds may invest uninvested cash balances in DWS Government Money Market Series, an affiliated money market fund managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. DWS Government Money Market Series 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 and seeks to maintain a stable net asset value. The Funds indirectly bear their proportionate share of the expenses of their investment in DWS Government Money Market Series. 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 DWS Government Money Market Series.

3. Investment Advisory and Other Agreements

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee based on each Fund’s average daily net assets (through August 12, 2024 for Xtrackers California Municipal Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF), computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory Fee

Xtrackers California Municipal Bond ETF		0.15	%

Xtrackers Municipal Infrastructure Revenue Bond ETF		0.15	%

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		0.20	%

Xtrackers US 0-1 Year Treasury ETF		0.06	%

DBX ETF Trust | 35

Effective August 13, 2024, 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 California Municipal Bond ETF		0.07	%

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		0.09	%

The Advisor for the Xtrackers California Municipal Bond ETF had contractually agreed through August 12, 2024 to waive a portion of 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 0.07% 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 period ended November 30, 2024, the Advisor waived $3,599 of expenses to the Fund.

The Advisor for the Xtrackers MSCI EAFE High Dividend Yield Equity ETF had contractually agreed through August 12, 2024 to waive a portion of 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 0.09% 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 period ended November 30, 2024, the Advisor waived $340,155 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 period ended November 30, 2024, the Advisor waived expenses of the Funds as follows:


	Expenses Waived

Xtrackers California Municipal Bond ETF	$	252

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		2,593

Xtrackers US 0-1 Year Treasury ETF		0

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

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

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 period ended November 30, 2024, 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 California Municipal Bond ETF	$	1,259,032	$	347,626

Xtrackers Municipal Infrastructure Revenue Bond ETF		15,969,026		11,457,634

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		201,745,832		203,997,825

36 | DBX ETF Trust

For the period ended November 30, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales

Xtrackers Municipal Infrastructure Revenue Bond ETF	$	5,070,013	$	—

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		148,878,127		17,610,212

Xtrackers US 0-1 Year Treasury ETF		595,559		—

5. Fund Share Transactions

As of November 30, 2024, 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. 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 November 30, 2024, 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 California Municipal Bond ETF		94%

Xtrackers US 0-1 Year Treasury ETF		80%

7. Investing in Emerging Markets

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

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI EAFE High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. The 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 the Fund’s 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%. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2024.

DBX ETF Trust | 37

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers US 0-1 Year Treasury 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 May 8, 2024, 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 US 0-1 Year Treasury 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 the Fund’s 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 the Fund’s 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 fees to be paid to the Adviser, taking special consideration of the fact that the Fund’s 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).

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.

38 | DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

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 group 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 portfolio 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. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale.

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 Fund’s 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 | 39

LOGO

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

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

LOGO

Table of Contents


	Page

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF		2

Xtrackers MSCI EAFE Hedged Equity ETF		33

Xtrackers MSCI Emerging Markets Hedged Equity ETF		46

Xtrackers MSCI Europe Hedged Equity ETF		69

Xtrackers MSCI Eurozone Hedged Equity ETF		77

Xtrackers MSCI Japan Hedged Equity ETF		86

Statements of Assets and Liabilities		91

Statements of Operations		93

Statements of Changes in Net Assets		95

Financial Highlights		98

Notes to Financial Statements		104

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.

DBX ETF Trust | 1

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 96.5%

Australia – 4.6%

ANZ Group Holdings Ltd.		16,213		329,696

APA Group (a)		6,040		28,450

Aristocrat Leisure Ltd.		3,058		135,164

ASX Ltd.		930		40,081

BHP Group Ltd.		27,655		731,969

BlueScope Steel Ltd.		2,223		32,095

Brambles Ltd.		7,505		93,176

CAR Group Ltd.		2,171		58,779

Cochlear Ltd.		358		71,058

Coles Group Ltd.		7,841		95,097

Commonwealth Bank of Australia		9,070		938,360

Computershare Ltd.		2,948		61,333

CSL Ltd.		2,631		484,421

Endeavour Group Ltd.		7,234		20,624

Fortescue Ltd.		8,996		111,452

Goodman Group REIT		9,053		223,903

GPT Group REIT		10,314		32,029

Insurance Australia Group Ltd.		13,083		72,806

Lottery Corp. Ltd.		12,690		42,885

Macquarie Group Ltd.		1,935		291,752

Medibank Pvt Ltd.		14,557		36,278

Mineral Resources Ltd.		898		19,702

Mirvac Group REIT		19,793		27,892

MMG Ltd. *		18,436		6,255

National Australia Bank Ltd.		16,743		427,094

Northern Star Resources Ltd.		6,518		74,458

Orica Ltd.		2,398		28,332

Origin Energy Ltd.		10,088		71,540

Pro Medicus Ltd.		348		57,188

Qantas Airways Ltd. *		5,036		28,814

QBE Insurance Group Ltd.		8,102		105,715

Ramsay Health Care Ltd.		1,005		25,958

REA Group Ltd.		309		50,706

Reece Ltd.		1,497		25,139

Rio Tinto Ltd.		2,052		158,291

Santos Ltd.		17,279		74,513

Scentre Group REIT		27,024		64,880

SEEK Ltd.		1,815		30,929

Sonic Healthcare Ltd.		2,452		45,703

South32 Ltd.		26,758		64,940

Stockland REIT		14,494		49,360

Suncorp Group Ltd.		6,860		88,167

Telstra Group Ltd.		21,733		55,864

Transurban Group (a)		16,696		139,424

Treasury Wine Estates Ltd.		4,522		33,425

Vicinity Ltd. REIT		17,542		24,720

Washington H Soul Pattinson & Co. Ltd.		1,103		25,042

Wesfarmers Ltd.		6,172		289,232


	Number of Shares		Value $


Westpac Banking Corp.		18,684		406,640

WiseTech Global Ltd.		992		82,904

Woodside Energy Group Ltd.		10,391		166,155

Woolworths Group Ltd.		6,488		127,745


(Cost $5,813,032)				6,808,135

Austria – 0.1%

Erste Group Bank AG		1,913		105,073

OMV AG		752		30,179

Verbund AG		365		29,164


(Cost $140,610)				164,416

Belgium – 0.5%

Ageas SA/NV		773		39,071

Anheuser-Busch InBev SA/NV		4,769		257,096

D’ieteren Group		127		27,123

Elia Group SA/NV		179		16,793

Groupe Bruxelles Lambert NV		454		31,447

KBC Group NV		1,203		86,879

Lotus Bakeries NV		2		24,087

Sofina SA		87		20,219

Syensqo SA		387		28,776

UCB SA		698		136,917

Warehouses De Pauw CVA REIT		1,007		22,294


(Cost $748,264)				690,702

Brazil – 1.0%

Ambev SA		23,977		51,105

B3 SA - Brasil Bolsa Balcao		28,341		43,940

Banco Bradesco SA		9,033		16,833

Banco BTG Pactual S.A		6,431		32,604

Banco do Brasil SA		10,712		44,426

BB Seguridade Participacoes SA		3,712		20,839

BRF SA		3,410		14,165

Caixa Seguridade Participacoes S/A		4,395		10,692

CCR SA		5,360		9,899

Centrais Eletricas Brasileiras SA		6,720		38,671

Cia de Saneamento Basico do Estado de Sao Paulo		2,805		43,668

Cia Siderurgica Nacional SA		3,957		7,394

Cosan SA		5,210		8,889

CPFL Energia SA		1,773		9,683

Embraer SA *		3,656		35,583

Energisa SA		539		3,629

Engie Brasil Energia SA		1,304		8,297

Equatorial Energia SA		5,926		30,371

Hapvida Participacoes e Investimentos SA, 144A *		31,166		14,089

Hypera SA		1,555		5,082

Inter & Co., Inc., Class A		1,218		5,627

JBS SA		4,286		26,781

Klabin SA		4,054		15,075

Localiza Rent a Car SA		4,363		27,452

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Natura & Co. Holding SA		5,456		12,679

NU Holdings Ltd., Class A *		16,226		203,312

Petroleo Brasileiro SA		21,015		149,961

PRIO SA		4,263		28,650

Raia Drogasil SA		6,634		26,702

Rede D’Or Sao Luiz SA, 144A		4,966		22,491

Rumo SA		6,691		21,789

StoneCo Ltd., Class A *		1,210		11,471

Suzano SA		4,136		43,212

Telefonica Brasil SA		2,342		19,418

TIM SA		4,993		13,242

TOTVS SA		3,879		17,834

Ultrapar Participacoes SA		3,444		10,345

Vale SA		18,696		183,999

Vibra Energia SA		5,454		18,839

WEG SA		9,348		84,424

XP, Inc., Class A		1,829		24,765


(Cost $1,393,894)				1,417,927

Canada – 8.1%

Agnico Eagle Mines Ltd.		2,678		225,808

Air Canada *		952		16,971

Alimentation Couche-Tard, Inc.		4,098		239,737

AltaGas Ltd.		1,453		35,532

ARC Resources Ltd.		3,227		59,486

Bank of Montreal		3,956		377,192

Bank of Nova Scotia		6,711		382,726

Barrick Gold Corp.		2,794		49,198

Barrick Gold Corp.		6,961		121,904

BCE, Inc.		504		13,643

Brookfield Asset Management Ltd., Class A		1,903		109,153

Brookfield Corp.		7,410		455,349

CAE, Inc. *		1,686		39,629

Cameco Corp.		2,328		139,416

Canadian Apartment Properties REIT		406		13,295

Canadian Imperial Bank of Commerce		5,109		331,612

Canadian National Railway Co.		2,889		322,584

Canadian Natural Resources Ltd.		11,424		387,722

Canadian Pacific Kansas City Ltd.		5,048		386,167

Canadian Tire Corp. Ltd., Class A		281		30,981

Canadian Utilities Ltd., Class A		741		19,020

CCL Industries, Inc., Class B		775		42,958

Cenovus Energy, Inc.		7,731		122,468

CGI, Inc.		1,108		125,412

Constellation Software, Inc.		109		368,549

Descartes Systems Group, Inc. *		498		58,722

Dollarama, Inc.		1,580		164,573

Element Fleet Management Corp.		2,063		43,760


	Number of Shares		Value $


Emera, Inc.		1,485		56,657

Empire Co. Ltd., Class A		711		21,318

Enbridge, Inc.		11,785		509,815

Fairfax Financial Holdings Ltd.		110		156,050

First Quantum Minerals Ltd. *		3,683		50,320

FirstService Corp.		233		45,450

Fortis, Inc.		2,685		120,026

Franco-Nevada Corp.		1,022		125,138

George Weston Ltd.		314		50,470

GFL Environmental, Inc.		1,290		61,186

Gildan Activewear, Inc.		820		40,761

Great-West Lifeco, Inc.		1,367		49,216

Hydro One Ltd., 144A		1,916		62,660

iA Financial Corp., Inc.		538		51,423

IGM Financial, Inc.		279		9,427

Imperial Oil Ltd.		1,053		77,981

Intact Financial Corp.		984		187,411

Ivanhoe Mines Ltd., Class A *		4,073		54,834

Keyera Corp.		1,210		39,900

Kinross Gold Corp.		6,882		67,387

Loblaw Cos. Ltd.		835		108,359

Lundin Mining Corp.		3,700		36,309

Magna International, Inc.		1,349		61,305

Manulife Financial Corp.		9,558		307,666

MEG Energy Corp.		1,296		23,326

Metro, Inc.		1,196		77,928

National Bank of Canada		1,831		181,393

Nutrien Ltd.		2,695		125,882

Onex Corp.		341		27,737

Open Text Corp.		1,423		43,336

Pan American Silver Corp.		1,939		43,013

Parkland Corp.		811		20,939

Pembina Pipeline Corp.		3,108		128,036

Power Corp. of Canada		3,065		103,236

Quebecor, Inc., Class B		927		21,888

Restaurant Brands International, Inc.		1,616		112,542

Rogers Communications, Inc., Class B		1,960		69,993

Royal Bank of Canada		7,679		966,134

Saputo, Inc.		1,375		25,631

Shopify, Inc., Class A *		6,575		759,989

Stantec, Inc.		625		54,133

Sun Life Financial, Inc.		3,080		189,554

Suncor Energy, Inc.		6,885		273,944

TC Energy Corp.		5,681		276,960

Teck Resources Ltd., Class B		2,405		112,284

TELUS Corp.		2,598		40,450

TFI International, Inc.		411		62,574

Thomson Reuters Corp.		885		144,391

TMX Group Ltd.		1,571		49,672

Toromont Industries Ltd.		479		39,342

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Toronto-Dominion Bank		9,499		537,518

Tourmaline Oil Corp.		1,960		92,502

West Fraser Timber Co. Ltd.		335		32,903

Wheaton Precious Metals Corp.		2,522		156,924

WSP Global, Inc.		721		128,206


(Cost $8,468,705)				11,956,996

Chile – 0.1%

Antofagasta PLC		2,012		43,661

Banco de Chile		293,780		33,546

Banco de Credito e Inversiones SA		482		13,751

Banco Santander Chile		358,448		17,087

Cencosud SA		8,366		17,619

Empresas CMPC SA		7,004		11,045

Empresas Copec SA		2,082		12,942

Enel Americas SA		107,638		10,006

Enel Chile SA		123,794		6,817

Falabella SA *		4,372		14,822

Latam Airlines Group SA		512,540		7,108


(Cost $205,821)				188,404

China – 7.1%

360 Security Technology, Inc., Class A		3,700		6,838

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,900		4,418

AAC Technologies Holdings, Inc.		5,719		25,724

Advanced Micro-Fabrication Equipment, Inc., China, Class A		350		10,716

Agricultural Bank of China Ltd., Class A		29,100		19,305

Agricultural Bank of China Ltd., Class H		144,014		71,809

Aier Eye Hospital Group Co. Ltd., Class A		4,061		8,222

Air China Ltd., Class A *		6,900		7,880

Akeso, Inc., 144A *		3,263		30,653

Alibaba Group Holding Ltd.		88,406		950,364

Aluminum Corp. of China Ltd., Class A		7,300		7,571

Aluminum Corp. of China Ltd., Class H		18,258		10,840

Anhui Conch Cement Co. Ltd., Class A		1,200		4,247

Anhui Conch Cement Co. Ltd., Class H		6,369		16,615

Anhui Gujing Distillery Co. Ltd., Class A		100		2,615

Anhui Gujing Distillery Co. Ltd., Class B		526		7,524

Anhui Jianghuai Automobile Group Corp. Ltd., Class A		1,600		7,748

ANTA Sports Products Ltd.		7,147		70,631


	Number of Shares		Value $


Asymchem Laboratories Tianjin Co. Ltd., Class A		280		3,240

Autohome, Inc., ADR		356		9,794

Avary Holding Shenzhen Co. Ltd., Class A		1,900		8,794

AviChina Industry & Technology Co. Ltd., Class H		21,432		10,411

BAIC BluePark New Energy Technology Co. Ltd., Class A *		7,100		8,950

Baidu, Inc., Class A *		12,465		130,234

Bank of Beijing Co. Ltd., Class A		11,100		8,757

Bank of China Ltd., Class A		7,300		5,044

Bank of China Ltd., Class H		390,983		181,387

Bank of Communications Co. Ltd., Class A		11,800		11,929

Bank of Communications Co. Ltd., Class H		45,346		32,750

Bank of Hangzhou Co. Ltd., Class A		3,100		6,050

Bank of Jiangsu Co. Ltd., Class A		5,500		6,865

Bank of Nanjing Co. Ltd., Class A		3,100		4,519

Bank of Ningbo Co. Ltd., Class A		2,210		7,520

Bank of Shanghai Co. Ltd., Class A		5,590		6,322

Baoshan Iron & Steel Co. Ltd., Class A		10,200		9,313

Beijing Kingsoft Office Software, Inc., Class A		26		1,057

Beijing Tong Ren Tang Co. Ltd., Class A		100		562

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		203		2,042

Beijing-Shanghai High Speed Railway Co. Ltd., Class A		21,700		17,149

Bilibili, Inc., Class Z *		1,097		21,006

BOE Technology Group Co. Ltd., Class A		15,500		9,192

BYD Co. Ltd., Class A		600		22,743

BYD Co. Ltd., Class H		5,467		178,172

BYD Electronic International Co. Ltd.		4,558		20,238

Cambricon Technologies Corp. Ltd., Class A *		200		15,475

Capital Securities Co. Ltd., Class A		2,700		8,982

CGN Power Co. Ltd., Class A		5,389		2,906

CGN Power Co. Ltd., Class H, 144A		56,054		18,585

Changchun High-Tech Industry Group Co. Ltd., Class A		200		2,958

Chaozhou Three-Circle Group Co. Ltd., Class A		1,100		5,545

China CITIC Bank Corp. Ltd., Class H		47,717		30,416

China Coal Energy Co. Ltd., Class H		10,221		12,124

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


China Communications Services Corp. Ltd., Class H		13,924		7,301

China Construction Bank Corp., Class A		4,300		4,733

China Construction Bank Corp., Class H		525,529		395,089

China CSSC Holdings Ltd., Class A		1,300		6,333

China Eastern Airlines Corp. Ltd., Class A *		8,400		4,727

China Energy Engineering Corp. Ltd., Class A		17,700		5,712

China Everbright Bank Co. Ltd., Class A		14,000		6,951

China Everbright Bank Co. Ltd., Class H		13,203		4,581

China Feihe Ltd., 144A		21,191		15,604

China Galaxy Securities Co. Ltd., Class A		1,470		3,161

China Galaxy Securities Co. Ltd., Class H		18,076		16,377

China Hongqiao Group Ltd.		18,989		27,673

China International Capital Corp. Ltd., Class A		1,700		8,338

China International Capital Corp. Ltd., Class H, 144A		8,604		14,971

China Jushi Co. Ltd., Class A		4,400		6,888

China Life Insurance Co. Ltd., Class A		700		4,065

China Life Insurance Co. Ltd., Class H		41,753		78,984

China Literature Ltd., 144A *		2,004		7,288

China Longyuan Power Group Corp. Ltd., Class H		18,205		14,997

China Mengniu Dairy Co. Ltd.		15,510		33,845

China Merchants Bank Co. Ltd., Class A		7,000		35,084

China Merchants Bank Co. Ltd., Class H		19,657		89,047

China Merchants Energy Shipping Co. Ltd., Class A		6,700		5,831

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		5,300		8,691

China Merchants Securities Co. Ltd., Class A		4,100		10,835

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,300		3,737

China Minsheng Banking Corp. Ltd., Class A		13,500		7,373

China Minsheng Banking Corp. Ltd., Class H		28,268		11,007

China National Building Material Co. Ltd., Class H		30,956		13,208

China National Nuclear Power Co. Ltd., Class A		5,600		7,283


	Number of Shares		Value $


China National Software & Service Co. Ltd., Class A *		1,100		8,414

China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,300		4,097

China Oilfield Services Ltd., Class H		10,756		9,303

China Pacific Insurance Group Co. Ltd., Class A		2,100		9,819

China Pacific Insurance Group Co. Ltd., Class H		14,712		46,227

China Petroleum & Chemical Corp., Class A		9,200		8,070

China Petroleum & Chemical Corp., Class H		123,201		65,864

China Railway Group Ltd., Class A		6,200		5,481

China Railway Group Ltd., Class H		18,089		8,694

China Resources Microelectronics Ltd., Class A		622		4,320

China Resources Mixc Lifestyle Services Ltd., 144A		3,457		12,995

China Resources Pharmaceutical Group Ltd., 144A		13,734		9,266

China Shenhua Energy Co. Ltd., Class A		2,516		13,867

China Shenhua Energy Co. Ltd., Class H		18,586		76,910

China State Construction Engineering Corp. Ltd., Class A		13,900		11,464

China Three Gorges Renewables Group Co. Ltd., Class A		12,800		8,050

China Tourism Group Duty Free Corp. Ltd., Class A		800		7,674

China Tower Corp. Ltd., Class H, 144A		267,198		35,025

China United Network Communications Ltd., Class A		10,000		7,103

China Vanke Co. Ltd., Class A *		3,300		3,914

China Vanke Co. Ltd., Class H *		11,424		9,425

China Yangtze Power Co. Ltd., Class A		8,300		31,275

Chongqing Brewery Co. Ltd., Class A		200		1,707

Chongqing Changan Automobile Co. Ltd., Class A		3,040		5,790

Chongqing Rural Commercial Bank Co. Ltd., Class A		7,100		5,503

Chongqing Zhifei Biological Products Co. Ltd., Class A		1,200		4,864

CITIC Ltd.		27,171		30,134

CITIC Securities Co. Ltd., Class A		3,430		14,547

CITIC Securities Co. Ltd., Class H		8,951		25,364

CMOC Group Ltd., Class A		6,163		6,188

CMOC Group Ltd., Class H		21,523		15,987

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


CNPC Capital Co. Ltd., Class A		7,900		8,128

Contemporary Amperex Technology Co. Ltd., Class A		1,386		49,938

COSCO SHIPPING Energy Transportation Co. Ltd., Class A		2,600		4,490

COSCO SHIPPING Energy Transportation Co. Ltd., Class H		6,514		4,964

COSCO SHIPPING Holdings Co. Ltd., Class A		6,330		11,865

COSCO SHIPPING Holdings Co. Ltd., Class H		15,585		21,791

Country Garden Holdings Co. Ltd. * (b)		60,195		3,752

CRRC Corp. Ltd., Class A		8,000		8,750

CRRC Corp. Ltd., Class H		21,769		12,729

CSC Financial Co. Ltd., Class A		1,960		7,372

CSPC Pharmaceutical Group Ltd.		47,429		30,903

Daqin Railway Co. Ltd., Class A		7,700		7,232

Dongfang Electric Corp. Ltd., Class A		100		209

East Money Information Co. Ltd., Class A		5,434		20,430

Ecovacs Robotics Co. Ltd., Class A		200		1,415

ENN Energy Holdings Ltd.		3,792		25,462

Eoptolink Technology, Inc. Ltd., Class A		500		7,927

Eve Energy Co. Ltd., Class A		900		6,043

Everbright Securities Co. Ltd., Class A		1,800		4,888

Focus Media Information Technology Co. Ltd., Class A		3,200		3,045

Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,821		11,337

Fosun International Ltd.		20,586		11,164

Foxconn Industrial Internet Co. Ltd., Class A		4,300		13,160

Fuyao Glass Industry Group Co. Ltd., Class A		1,100		8,496

Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,122		21,004

Ganfeng Lithium Group Co. Ltd., Class A		700		4,060

Genscript Biotech Corp. *		6,742		9,340

GF Securities Co. Ltd., Class A		2,000		4,535

Giant Biogene Holding Co. Ltd., 144A		1,486		9,548

GigaDevice Semiconductor, Inc., Class A *		168		1,988

Ginlong Technologies Co. Ltd., Class A		300		2,808

GoerTek, Inc., Class A		1,500		5,271

Goldwind Science & Technology Co. Ltd., Class A		4,300		6,619


	Number of Shares		Value $


Gotion High-tech Co. Ltd., Class A		1,500		4,802

Great Wall Motor Co. Ltd., Class A		1,200		4,333

Great Wall Motor Co. Ltd., Class H		12,150		19,518

Gree Electric Appliances, Inc. of Zhuhai, Class A		1,000		5,804

Guangdong Haid Group Co. Ltd., Class A		400		2,560

Guanghui Energy Co. Ltd., Class A		2,500		2,483

Guangzhou Automobile Group Co. Ltd., Class A		3,800		4,633

Guangzhou Tinci Materials Technology Co. Ltd., Class A		800		2,724

Guosen Securities Co. Ltd., Class A		5,900		9,350

Guotai Junan Securities Co. Ltd., Class A		2,500		6,527

H World Group Ltd., ADR		1,185		38,121

Haidilao International Holding Ltd., 144A		9,037		18,024

Haier Smart Home Co. Ltd., Class A		2,100		8,205

Haier Smart Home Co. Ltd., Class H		12,911		43,886

Haitian International Holdings Ltd.		4,391		11,184

Haitong Securities Co. Ltd., Class A		5,000		7,868

Haitong Securities Co. Ltd., Class H		13,895		12,357

Hangzhou First Applied Material Co. Ltd., Class A		1,097		2,643

Hangzhou Silan Microelectronics Co. Ltd., Class A *		800		3,054

Hansoh Pharmaceutical Group Co. Ltd., 144A		6,661		16,521

Henan Shuanghui Investment & Development Co. Ltd., Class A		1,100		3,718

Hengan International Group Co. Ltd.		3,735		10,680

Hengli Petrochemical Co. Ltd., Class A		1,800		3,565

Hisense Home Appliances Group Co. Ltd., Class H		2,402		6,776

Hithink RoyalFlush Information Network Co. Ltd., Class A		400		18,518

Hoshine Silicon Industry Co. Ltd., Class A		500		4,076

Hua Hong Semiconductor Ltd., 144A		2,631		6,948

Huadian Power International Corp. Ltd., Class A		8,000		5,815

Huadong Medicine Co. Ltd., Class A		700		3,763

Hualan Biological Engineering, Inc., Class A		670		1,558

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Huaneng Power International, Inc., Class A		3,500		3,365

Huaneng Power International, Inc., Class H		32,655		16,996

Huatai Securities Co. Ltd., Class A		1,700		4,213

Huatai Securities Co. Ltd., Class H, 144A		9,481		16,327

Huaxia Bank Co. Ltd., Class A		2,800		2,923

Huayu Automotive Systems Co. Ltd., Class A		1,700		3,967

Huizhou Desay Sv Automotive Co. Ltd., Class A		300		5,167

Hundsun Technologies, Inc., Class A		1,456		6,161

Hygon Information Technology Co. Ltd., Class A		639		11,088

Iflytek Co. Ltd., Class A		900		6,369

Imeik Technology Development Co. Ltd., Class A		140		4,092

Industrial & Commercial Bank of China Ltd., Class A		18,571		15,752

Industrial & Commercial Bank of China Ltd., Class H		381,183		223,378

Industrial Bank Co. Ltd., Class A		8,200		20,414

Industrial Securities Co. Ltd., Class A		1,950		1,732

Ingenic Semiconductor Co. Ltd., Class A		300		2,854

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		32,600		8,633

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,600		1,703

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,100		8,278

Inner Mongolia Yitai Coal Co. Ltd., Class B		6,200		13,578

Innovent Biologics, Inc., 144A *		6,432		31,865

JA Solar Technology Co. Ltd., Class A		1,764		4,233

JD Health International, Inc., 144A *		5,361		19,532

JD Logistics, Inc., 144A *		10,993		19,637

JD.com, Inc., Class A		13,122		242,494

Jiangsu Eastern Shenghong Co. Ltd., Class A		2,200		2,895

Jiangsu Expressway Co. Ltd., Class H		8,679		8,800

Jiangsu Hengli Hydraulic Co. Ltd., Class A		600		4,391

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		2,100		14,682

Jiangsu King’s Luck Brewery JSC Ltd., Class A		1,100		6,821

Jiangsu Yanghe Distillery Co. Ltd., Class A		700		8,279


	Number of Shares		Value $


Jiangsu Zhongtian Technology Co. Ltd., Class A		1,300		2,847

Jiangxi Copper Co. Ltd., Class A		2,200		6,387

Jiangxi Copper Co. Ltd., Class H		3,888		6,236

Jinko Solar Co. Ltd., Class A		4,383		5,289

Kanzhun Ltd., ADR		1,420		19,170

KE Holdings, Inc., ADR		3,355		63,242

Kingdee International Software Group Co. Ltd. *		14,242		16,033

Kingsoft Corp. Ltd.		5,323		21,480

Kuaishou Technology, 144A *		14,327		88,745

Kuang-Chi Technologies Co. Ltd., Class A		1,500		8,302

Kunlun Tech Co. Ltd., Class A		1,400		8,903

Kweichow Moutai Co. Ltd., Class A		400		84,173

Lenovo Group Ltd.		43,519		50,949

Lens Technology Co. Ltd., Class A		2,610		7,433

Li Auto, Inc., Class A *		6,600		77,269

Li Ning Co. Ltd.		11,441		23,466

Lingyi iTech Guangdong Co., Class A		3,100		3,673

Longfor Group Holdings Ltd., 144A		9,984		14,011

LONGi Green Energy Technology Co. Ltd., Class A		2,240		5,715

Luxshare Precision Industry Co. Ltd., Class A		2,249		11,998

Luzhou Laojiao Co. Ltd., Class A		600		11,480

Mango Excellent Media Co. Ltd., Class A		1,200		4,770

Maxscend Microelectronics Co. Ltd., Class A		160		2,047

Meituan, Class B, 144A *		26,886		582,886

Metallurgical Corp. of China Ltd., Class A		5,900		2,718

Midea Group Co. Ltd. *		1,897		16,907

Midea Group Co. Ltd., Class A		1,200		11,607

MINISO Group Holding Ltd.		2,152		10,703

Montage Technology Co. Ltd., Class A		617		5,734

Muyuan Foods Co. Ltd., Class A *		734		4,123

NARI Technology Co. Ltd., Class A		4,191		14,266

NAURA Technology Group Co. Ltd., Class A		200		11,466

NetEase, Inc.		10,649		183,929

New China Life Insurance Co. Ltd., Class A		1,300		8,492

New China Life Insurance Co. Ltd., Class H		4,165		12,739

New Hope Liuhe Co. Ltd., Class A *		1,400		1,840

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


New Oriental Education & Technology Group, Inc.		7,540		44,961

Ninestar Corp., Class A *		548		2,016

Ningbo Deye Technology Co. Ltd., Class A		252		2,998

Ningbo Tuopu Group Co. Ltd., Class A		725		5,230

Ningxia Baofeng Energy Group Co. Ltd., Class A		4,466		9,948

NIO, Inc., Class A *		8,968		39,415

Nongfu Spring Co. Ltd., Class H, 144A		11,153		47,442

Oppein Home Group, Inc., Class A		500		4,965

Orient Securities Co. Ltd., Class A		2,048		3,082

People’s Insurance Co. Group of China Ltd., Class A		5,600		5,592

People’s Insurance Co. Group of China Ltd., Class H		42,990		20,497

PetroChina Co. Ltd., Class A		7,700		8,538

PetroChina Co. Ltd., Class H		117,266		83,036

Pharmaron Beijing Co. Ltd., Class A		900		3,415

PICC Property & Casualty Co. Ltd., Class H		39,277		59,460

Ping An Bank Co. Ltd., Class A		6,600		10,359

Ping An Insurance Group Co. of China Ltd., Class A		3,600		26,440

Ping An Insurance Group Co. of China Ltd., Class H		36,066		207,643

Poly Developments and Holdings Group Co. Ltd., Class A		3,900		5,508

Pop Mart International Group Ltd., 144A		2,961		34,190

Postal Savings Bank of China Co. Ltd., Class A		14,000		10,234

Postal Savings Bank of China Co. Ltd., Class H, 144A		40,122		22,739

Power Construction Corp. of China Ltd., Class A		5,900		4,524

Qifu Technology, Inc., ADR		479		18,255

Qinghai Salt Lake Industry Co. Ltd., Class A *		2,400		5,912

Rongsheng Petrochemical Co. Ltd., Class A		2,550		3,355

SAIC Motor Corp. Ltd., Class A		2,400		5,819

Sanan Optoelectronics Co. Ltd., Class A		1,700		3,032

Sany Heavy Industry Co. Ltd., Class A		2,300		5,545

Satellite Chemical Co. Ltd., Class A		2,937		7,271

SDIC Power Holdings Co. Ltd., Class A		2,500		5,262

Seres Group Co. Ltd., Class A *		500		8,385

SF Holding Co. Ltd., Class A		1,860		10,574


	Number of Shares		Value $


SG Micro Corp., Class A		195		2,360

Shaanxi Coal Industry Co. Ltd., Class A		4,100		13,204

Shandong Gold Mining Co. Ltd., Class A		2,200		7,422

Shandong Gold Mining Co. Ltd., Class H, 144A		4,676		8,269

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		900		2,736

Shandong Weigao Group

Medical Polymer Co. Ltd., Class H		13,140		7,599

Shanghai Baosight Software Co. Ltd., Class A		1,310		5,063

Shanghai Baosight Software Co. Ltd., Class B		4,867		8,060

Shanghai Electric Group Co. Ltd., Class A *		6,400		7,503

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,100		4,048

Shanghai M&G Stationery, Inc., Class A		800		3,672

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,300		3,900

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,100		8,520

Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		12,134

Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,160		3,189

Shanghai Rural Commercial Bank Co. Ltd., Class A		7,000		8,033

Shanghai United Imaging Healthcare Co. Ltd., Class A		246		4,450

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		2,100		8,246

Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,600		1,796

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		420		11,799

Shenwan Hongyuan Group Co. Ltd., Class A		11,900		8,797

Shenzhen Inovance Technology Co. Ltd., Class A		1,050		8,732

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		390		14,012

Shenzhen Transsion Holdings Co. Ltd., Class A		368		4,808

Shenzhou International Group Holdings Ltd.		4,113		31,450

Sichuan Chuantou Energy Co. Ltd., Class A		1,900		4,319

Sichuan Road & Bridge Group Co. Ltd., Class A		3,920		4,028

Silergy Corp.		1,719		22,306

Sinopharm Group Co. Ltd., Class H		7,391		19,282

Sinotruk Hong Kong Ltd.		3,946		10,928

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Smoore International Holdings Ltd., 144A		9,890		14,616

Sungrow Power Supply Co. Ltd., Class A		700		7,847

Sunny Optical Technology Group Co. Ltd.		3,292		26,632

SUPCON Technology Co. Ltd., Class A		248		1,658

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,100		7,426

Suzhou Maxwell Technologies Co. Ltd., Class A		160		2,723

TAL Education Group, ADR *		1,935		19,215

TBEA Co. Ltd., Class A		1,950		3,658

TCL Technology Group Corp., Class A		1,280		826

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,375		1,995

Tencent Holdings Ltd.		35,180		1,799,373

Tencent Music Entertainment Group, ADR		4,077		46,519

Tianqi Lithium Corp., Class A		800		4,213

Tingyi Cayman Islands Holding Corp.		12,828		16,073

Tongcheng Travel Holdings Ltd.		5,859		14,291

TongFu Microelectronics Co. Ltd., Class A		2,000		8,273

Tongwei Co. Ltd., Class A		1,700		6,436

TravelSky Technology Ltd., Class H		4,252		5,716

Trina Solar Co. Ltd., Class A		1,184		3,976

Trip.com Group Ltd. *		3,322		217,087

Tsingtao Brewery Co. Ltd., Class A		200		2,013

Tsingtao Brewery Co. Ltd., Class H		3,683		23,050

Unigroup Guoxin Microelectronics Co. Ltd., Class A		475		4,323

Unisplendour Corp. Ltd., Class A		1,880		6,573

Vipshop Holdings Ltd., ADR		1,867		25,783

Wanhua Chemical Group Co. Ltd., Class A		1,021		10,461

Weichai Power Co. Ltd., Class A		2,100		3,887

Weichai Power Co. Ltd., Class H		11,894		16,386

Wens Foodstuff Group Co. Ltd., Class A		2,440		5,835

Will Semiconductor Co. Ltd., Class A		540		7,346

Wingtech Technology Co. Ltd., Class A		397		2,228

Wuliangye Yibin Co. Ltd., Class A		1,200		24,291

WUS Printed Circuit Kunshan Co. Ltd., Class A		1,500		7,721

WuXi AppTec Co. Ltd., Class A		920		6,362


	Number of Shares		Value $


WuXi AppTec Co. Ltd., Class H, 144A		1,761		10,648

Wuxi Biologics Cayman, Inc., 144A *		19,627		37,834

Xiaomi Corp., Class B, 144A *		83,012		296,037

Xinjiang Daqo New Energy Co. Ltd., Class A		1,551		6,161

Xinyi Solar Holdings Ltd.		24,035		10,625

XPeng, Inc., Class A *		6,596		39,374

Yadea Group Holdings Ltd., 144A		6,835		10,804

Yangzijiang Shipbuilding Holdings Ltd.		13,900		25,026

Yankuang Energy Group Co. Ltd., Class A		1,365		2,749

Yankuang Energy Group Co. Ltd., Class H		16,877		19,412

Yealink Network Technology Corp. Ltd., Class A		1,600		8,366

Yifeng Pharmacy Chain Co. Ltd., Class A		1,008		3,256

Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		4,717

Yonyou Network Technology Co. Ltd., Class A *		1,700		3,100

YTO Express Group Co. Ltd., Class A		900		1,794

Yum China Holdings, Inc.		2,115		98,453

Yunnan Baiyao Group Co. Ltd., Class A		560		4,426

Yunnan Energy New Material Co. Ltd., Class A		300		1,541

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		6,430

Zhaojin Mining Industry Co. Ltd., Class H		7,703		11,246

Zhejiang Chint Electrics Co. Ltd., Class A		1,200		3,765

Zhejiang Dahua Technology Co. Ltd., Class A		2,500		5,631

Zhejiang Expressway Co. Ltd., Class H		7,852		5,166

Zhejiang Huayou Cobalt Co. Ltd., Class A		650		2,899

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		600		2,882

Zhejiang Leapmotor Technology Co. Ltd., 144A *		2,476		9,005

Zhejiang Zheneng Electric Power Co. Ltd., Class A		10,700		7,954

Zhongji Innolight Co. Ltd., Class A		340		5,943

Zhongsheng Group Holdings Ltd.		3,740		7,363

Zhuzhou CRRC Times Electric Co. Ltd., Class H		3,233		11,446

Zijin Mining Group Co. Ltd., Class A		6,200		13,425

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Zijin Mining Group Co. Ltd., Class H		31,940		61,324

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,400		4,236

ZTE Corp., Class A		1,512		6,498

ZTE Corp., Class H		3,401		8,269

ZTO Express Cayman, Inc.		2,287		43,351


(Cost $10,521,944)				10,396,405

Colombia – 0.0%

Bancolombia SA		1,292		11,233

Interconexion Electrica SA ESP		2,692		10,191


(Cost $24,936)				21,424

Czech Republic – 0.0%

CEZ AS		865		34,844

Komercni Banka AS		384		13,112

Moneta Money Bank AS, 144A		1,726		8,894


(Cost $43,430)				56,850

Denmark – 2.0%

A.P. Moller – Maersk A/S, Class A		15		24,625

A.P. Moller – Maersk A/S, Class B		26		44,178

Carlsberg AS, Class B		535		55,172

Coloplast A/S, Class B		639		80,640

Danske Bank A/S		3,718		106,934

Demant A/S *		555		21,199

DSV A/S		1,119		239,274

Genmab A/S *		324		70,154

Novo Nordisk A/S, Class B		17,470		1,877,213

Novonesis (Novozymes) B, Class B		1,979		116,167

Orsted AS, 144A *		1,028		57,149

Pandora A/S		453		73,050

ROCKWOOL A/S, Class B		58		21,183

Tryg A/S		1,885		43,490

Vestas Wind Systems A/S *		5,212		81,127

Zealand Pharma A/S *		336		34,803


(Cost $1,685,880)				2,946,358

Egypt – 0.0%

Commercial International Bank - Egypt (CIB)		9,494		15,584

Eastern Co. SAE		16,695		9,134

Talaat Moustafa Group		5,332		6,235


(Cost $35,154)				30,953

Finland – 0.6%

Elisa OYJ		861		39,072

Fortum OYJ		2,399		36,217

Kesko OYJ, Class B		1,516		30,187

Kone OYJ, Class B		1,894		98,337

Metso Corp.		3,647		32,135

Neste OYJ		2,169		33,066


	Number of Shares		Value $


Nokia OYJ		28,856		121,527

Nordea Bank Abp		17,426		197,421

Orion OYJ, Class B		592		28,018

Sampo OYJ, Class A		2,657		113,995

Stora Enso OYJ, Class R		3,121		30,361

UPM-Kymmene OYJ		2,836		74,733

Wartsila OYJ Abp		2,711		49,362


(Cost $999,380)				884,431

France – 6.5%

Accor SA		1,089		50,341

Aeroports de Paris SA		162		18,773

Air Liquide SA		3,139		522,485

Airbus SE		3,231		504,562

Alstom SA *		1,850		41,683

Amundi SA, 144A		354		23,096

Arkema SA		254		20,161

AXA SA		9,671		337,545

BioMerieux		220		23,015

BNP Paribas SA		5,539		332,020

Bollore SE		3,354		20,712

Bouygues SA		970		28,908

Bureau Veritas SA		1,638		49,925

Capgemini SE		827		132,945

Carrefour SA		2,949		44,941

Cie de Saint-Gobain SA		2,461		224,871

Cie Generale des Etablissements Michelin SCA		3,586		116,698

Covivio SA REIT		397		21,847

Credit Agricole SA		5,615		75,290

Danone SA		3,491		238,888

Dassault Aviation SA		111		22,132

Dassault Systemes SE		3,757		129,818

Edenred SE		1,333		44,155

Eiffage SA		408		36,875

Engie SA		9,664		154,281

EssilorLuxottica SA		1,612		392,034

Eurazeo SE		230		16,929

Gecina SA REIT		248		25,025

Getlink SE		1,798		29,427

Hermes International SCA		172		375,887

Ipsen SA		194		22,461

Kering SA		391		91,345

Klepierre SA REIT		1,161		35,165

La Francaise des Jeux SAEM, 144A		489		19,355

Legrand SA		1,418		142,384

L’Oreal SA		1,316		457,719

LVMH Moet Hennessy Louis Vuitton SE		1,493		936,175

Orange SA		10,678		113,966

Pernod Ricard SA		1,111		124,514

Publicis Groupe SA		1,239		134,664

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Renault SA		1,084		46,496

Rexel SA		1,290		33,366

Safran SA		1,964		458,310

Sanofi SA		6,213		605,512

Sartorius Stedim Biotech		149		28,439

Schneider Electric SE		2,960		762,781

SEB SA		153		14,540

Societe Generale SA		4,002		106,285

Sodexo SA		476		39,595

Teleperformance SE		307		28,922

Thales SA		507		75,923

TotalEnergies SE		11,691		680,121

Unibail-Rodamco-Westfield REIT *		661		54,256

Veolia Environnement SA		3,618		105,564

Vinci SA		2,731		288,617

Vivendi SE		3,623		33,319


(Cost $7,866,585)				9,495,063

Germany – 5.3%

adidas AG		868		204,941

Allianz SE		2,126		657,435

BASF SE		4,850		217,732

Bayer AG		5,485		112,543

Bayerische Motoren Werke AG		1,696		125,677

Bechtle AG		436		14,350

Beiersdorf AG		538		69,833

Brenntag SE		712		45,964

Carl Zeiss Meditec AG		228		13,645

Commerzbank AG		5,199		79,918

Continental AG		609		39,985

Covestro AG, 144A *		1,056		64,506

CTS Eventim AG & Co. KGaA		348		30,771

Daimler Truck Holding AG		2,753		104,303

Delivery Hero SE, 144A *		1,055		43,254

Deutsche Bank AG (c)		10,166		172,935

Deutsche Boerse AG		1,027		240,743

Deutsche Lufthansa AG		3,344		22,423

Deutsche Post AG		5,586		205,549

Deutsche Telekom AG		18,937		606,843

E.ON SE		12,064		155,570

Evonik Industries AG		1,423		26,151

Fresenius Medical Care AG		1,074		47,283

Fresenius SE & Co. KGaA *		2,230		78,518

GEA Group AG		832		41,666

Hannover Rueck SE		323		84,466

Heidelberg Materials AG		760		96,034

Henkel AG & Co. KGaA		655		49,805

Infineon Technologies AG		7,053		230,009

Knorr-Bremse AG		396		30,237

LEG Immobilien SE		378		35,099

Mercedes-Benz Group AG		3,888		217,913


	Number of Shares		Value $


Merck KGaA		696		104,299

MTU Aero Engines AG		299		101,954

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		726		379,784

Nemetschek SE		316		32,840

Puma SE		568		26,629

Rational AG		34		31,844

Rheinmetall AG		227		149,522

RWE AG		3,248		109,549

SAP SE		5,668		1,349,051

Scout24 SE, 144A		397		35,733

Siemens AG		4,126		799,777

Siemens Energy AG *		3,426		184,985

Siemens Healthineers AG, 144A		1,599		86,845

Symrise AG		738		81,617

Talanx AG		325		27,585

Vonovia SE		3,966		131,793

Zalando SE, 144A *		1,242		38,670


(Cost $6,462,682)				7,838,578

Greece – 0.1%

Alpha Services and Holdings SA		11,231		17,430

Eurobank Ergasias Services and Holdings SA		15,433		32,665

Hellenic Telecommunications Organization SA		1,028		16,254

JUMBO SA		687		17,944

Metlen Energy & Metals SA		532		17,487

National Bank of Greece SA		4,666		32,917

OPAP SA		940		15,429

Piraeus Financial Holdings SA		5,866		21,511

Public Power Corp. SA		1,085		13,148


(Cost $146,474)				184,785

Hong Kong – 1.6%

AIA Group Ltd.		59,499		444,633

Alibaba Health Information Technology Ltd. *		41,897		19,653

Beijing Enterprises Holdings Ltd.		2,247		7,060

Beijing Enterprises Water Group Ltd.		28,956		7,926

BOC Hong Kong Holdings Ltd.		18,922		58,118

Bosideng International Holdings Ltd.		26,864		13,982

C&D International Investment Group Ltd.		4,992		8,250

China Gas Holdings Ltd.		16,974		14,048

China Merchants Port Holdings Co. Ltd.		8,722		13,787

China Overseas Land & Investment Ltd.		19,072		32,696

China Power International Development Ltd.		29,411		11,188

China Resources Beer Holdings Co. Ltd.		7,644		25,737

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


China Resources Gas Group Ltd.		5,043		18,017

China Resources Land Ltd.		17,453		51,587

China Resources Power Holdings Co. Ltd.		10,450		23,878

China Ruyi Holdings Ltd. *		31,722		8,357

China State Construction International Holdings Ltd.		10,027		13,968

China Taiping Insurance Holdings Co. Ltd.		8,233		12,993

Chow Tai Fook Jewellery Group Ltd.		11,518		10,554

CK Asset Holdings Ltd.		9,692		39,608

CK Hutchison Holdings Ltd.		14,617		76,077

CK Infrastructure Holdings Ltd.		3,210		22,111

CLP Holdings Ltd.		8,651		72,597

Far East Horizon Ltd.		11,447		7,723

Futu Holdings Ltd., ADR *		272		23,727

Galaxy Entertainment Group Ltd.		10,760		47,775

GCL Technology Holdings Ltd. *		113,715		21,190

Geely Automobile Holdings Ltd.		34,171		60,864

Guangdong Investment Ltd.		15,885		9,962

Hang Seng Bank Ltd.		4,311		51,219

Henderson Land Development Co. Ltd.		7,305		22,906

HKT Trust & HKT Ltd. (a)		17,819		22,144

Hong Kong & China Gas Co. Ltd.		62,733		47,565

Hong Kong Exchanges & Clearing Ltd.		6,655		247,850

Hongkong Land Holdings Ltd.		6,905		31,418

Jardine Matheson Holdings Ltd.		784		34,229

Kunlun Energy Co. Ltd.		20,591		19,423

Link REIT		14,812		64,434

MTR Corp. Ltd.		7,290		25,529

Orient Overseas International Ltd.		806		10,296

Power Assets Holdings Ltd.		7,274		47,674

Prudential PLC		14,827		121,291

Sino Biopharmaceutical Ltd.		48,940		20,440

Sino Land Co. Ltd.		25,844		25,308

SITC International Holdings Co. Ltd.		6,863		17,860

Sun Hung Kai Properties Ltd.		7,806		77,494

Swire Pacific Ltd., Class A		1,706		14,042

Techtronic Industries Co. Ltd.		7,779		109,566

Want Want China Holdings Ltd.		24,579		13,835

WH Group Ltd., 144A		46,189		36,624

Wharf Holdings Ltd.		4,871		13,365

Wharf Real Estate Investment Co. Ltd.		9,129		24,461


(Cost $2,655,902)				2,277,039

Hungary – 0.1%

MOL Hungarian Oil & Gas PLC		2,114		14,508

OTP Bank Nyrt		1,276		69,224


	Number of Shares		Value $


Richter Gedeon Nyrt		910		24,252


(Cost $94,396)				107,984

India – 5.3%

ABB India Ltd.		258		22,660

Adani Enterprises Ltd.		813		23,700

Adani Green Energy Ltd. *		1,781		27,905

Adani Ports & Special Economic Zone Ltd.		2,794		39,351

Adani Power Ltd. *		4,537		29,790

Alkem Laboratories Ltd.		200		13,355

Ambuja Cements Ltd.		3,510		22,079

APL Apollo Tubes Ltd.		732		13,137

Apollo Hospitals Enterprise Ltd.		535		43,238

Ashok Leyland Ltd.		7,955		21,849

Asian Paints Ltd.		2,028		59,513

Astral Ltd.		705		14,939

AU Small Finance Bank Ltd., 144A		2,033		14,036

Aurobindo Pharma Ltd.		1,299		19,411

Avenue Supermarts Ltd., 144A *		807		35,429

Axis Bank Ltd.		12,040		161,913

Bajaj Auto Ltd.		351		37,526

Bajaj Finance Ltd.		1,453		113,079

Bajaj Finserv Ltd.		2,125		39,734

Bajaj Holdings & Investment Ltd.		165		20,442

Balkrishna Industries Ltd.		396		13,029

Bank of Baroda		4,431		12,921

Bharat Electronics Ltd.		19,613		71,492

Bharat Forge Ltd.		1,373		21,648

Bharat Heavy Electricals Ltd.		6,461		19,200

Bharat Petroleum Corp. Ltd.		7,263		25,108

Bharti Airtel Ltd.		13,005		250,438

Bosch Ltd.		25		10,345

Britannia Industries Ltd.		541		31,636

BSE Ltd.		340		18,794

Canara Bank		10,695		12,912

CG Power & Industrial Solutions Ltd.		3,295		28,555

Cholamandalam Investment and Finance Co. Ltd.		2,248		32,829

Cipla Ltd.		2,736		49,668

Coal India Ltd.		9,388		46,264

Colgate-Palmolive India Ltd.		646		22,093

Container Corp. Of India Ltd.		1,276		12,509

Cummins India Ltd.		841		34,674

Dabur India Ltd.		2,240		13,975

Divi’s Laboratories Ltd.		686		50,114

Dixon Technologies India Ltd.		162		30,307

DLF Ltd.		3,512		34,205

Dr Reddy’s Laboratories Ltd.		2,915		41,478

Eicher Motors Ltd.		713		40,772

GAIL India Ltd.		12,955		30,581

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


GMR Airports Infrastructure Ltd.*		14,481		14,261

Godrej Consumer Products Ltd.		1,970		29,019

Godrej Properties Ltd. *		708		23,262

Grasim Industries Ltd.		1,401		43,213

Havells India Ltd.		1,308		26,595

HCL Technologies Ltd.		4,828		105,595

HDFC Asset Management Co. Ltd., 144A		429		21,346

HDFC Bank Ltd.		28,460		604,945

HDFC Life Insurance Co. Ltd., 144A		4,723		36,766

Hero MotoCorp Ltd.		623		35,109

Hindalco Industries Ltd.		7,110		55,216

Hindustan Aeronautics Ltd.		1,071		56,745

Hindustan Petroleum Corp. Ltd.		5,382		24,402

Hindustan Unilever Ltd.		4,149		122,568

ICICI Bank Ltd.		27,092		416,851

ICICI Lombard General Insurance Co. Ltd., 144A		1,341		29,549

ICICI Prudential Life Insurance Co. Ltd., 144A		2,347		19,434

IDFC First Bank Ltd. *		17,936		13,602

Indian Hotels Co. Ltd.		4,692		44,054

Indian Oil Corp. Ltd.		14,324		23,501

Indian Railway Catering & Tourism Corp. Ltd.		1,366		13,191

Indus Towers Ltd. *		5,918		24,468

IndusInd Bank Ltd.		1,153		13,589

Info Edge India Ltd.		332		32,436

Infosys Ltd.		16,991		373,587

InterGlobe Aviation Ltd., 144A *		940		48,714

ITC Ltd.		15,801		89,153

Jindal Stainless Ltd.		1,660		13,422

Jindal Steel & Power Ltd.		1,718		18,430

Jio Financial Services Ltd. *		14,953		58,107

JSW Energy Ltd.		2,140		16,580

JSW Steel Ltd.		3,029		34,629

Jubilant Foodworks Ltd.		1,341		10,229

Kalyan Jewellers India Ltd.		2,000		17,148

Kotak Mahindra Bank Ltd.		5,791		120,982

Larsen & Toubro Ltd.		3,544		156,228

LTIMindtree Ltd., 144A		340		24,837

Lupin Ltd.		1,200		29,124

Macrotech Developers Ltd., 144A		1,607		23,834

Mahindra & Mahindra Ltd.		4,733		166,144

Mankind Pharma Ltd. *		582		17,641

Marico Ltd.		3,062		23,372

Maruti Suzuki India Ltd.		626		82,044

Max Healthcare Institute Ltd.		4,256		49,349

Mphasis Ltd.		552		19,432

MRF Ltd.		13		19,270


	Number of Shares		Value $


Muthoot Finance Ltd.		753		17,084

Nestle India Ltd.		1,618		42,791

NHPC Ltd.		15,236		14,685

NMDC Ltd.		6,918		18,837

NTPC Ltd.		21,933		94,394

Oberoi Realty Ltd.		600		14,254

Oil & Natural Gas Corp. Ltd.		15,886		48,262

Oil India Ltd.		2,355		13,674

Oracle Financial Services Software Ltd.		101		13,981

Page Industries Ltd.		24		12,681

PB Fintech Ltd. *		1,591		35,661

Persistent Systems Ltd.		453		31,661

Petronet LNG Ltd.		3,652		14,397

Phoenix Mills Ltd.		1,044		20,464

PI Industries Ltd.		474		22,806

Pidilite Industries Ltd.		711		25,801

Polycab India Ltd.		280		24,183

Power Finance Corp. Ltd.		7,531		44,145

Power Grid Corp. of India Ltd.		22,933		89,402

Prestige Estates Projects Ltd.		630		12,306

Punjab National Bank		12,246		15,203

Rail Vikas Nigam Ltd.		2,429		12,529

REC Ltd.		6,357		40,070

Reliance Industries Ltd.		31,195		477,065

Samvardhana Motherson International Ltd.		10,995		21,140

SBI Cards & Payment Services Ltd.		1,384		11,475

SBI Life Insurance Co. Ltd., 144A		2,192		37,298

Shree Cement Ltd.		27		8,332

Shriram Finance Ltd.		1,505		53,784

Siemens Ltd.		501		44,830

Solar Industries India Ltd.		143		18,077

Sona Blw Precision Forgings Ltd., 144A		2,520		20,030

SRF Ltd.		534		14,314

State Bank of India		9,415		93,480

Sun Pharmaceutical Industries Ltd.		4,807		101,316

Sundaram Finance Ltd.		404		18,974

Supreme Industries Ltd.		354		19,486

Suzlon Energy Ltd. *		44,001		32,797

Tata Communications Ltd.		497		10,323

Tata Consultancy Services Ltd.		4,624		233,719

Tata Consumer Products Ltd.		3,189		36,181

Tata Elxsi Ltd.		183		14,447

Tata Motors Ltd.		10,459		97,347

Tata Power Co. Ltd.		7,492		36,721

Tata Steel Ltd.		39,436		67,460

Tech Mahindra Ltd.		2,740		55,526

Thermax Ltd.		230		12,494

Titan Co. Ltd.		1,787		68,713

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Torrent Pharmaceuticals Ltd.		430		16,917

Torrent Power Ltd.		895		16,002

Trent Ltd.		930		74,793

Tube Investments of India Ltd.		571		24,264

TVS Motor Co. Ltd.		1,128		32,499

UltraTech Cement Ltd.		604		80,076

Union Bank of India Ltd.		8,835		12,717

United Spirits Ltd.		1,735		31,398

UPL Ltd.		2,667		17,202

Varun Beverages Ltd.		5,502		40,450

Vedanta Ltd.		6,920		37,140

Vodafone Idea Ltd. *		109,132		10,797

Voltas Ltd.		1,100		21,588

Wipro Ltd.		6,137		41,969

Yes Bank Ltd. *		52,644		12,436

Zomato Ltd. *		33,003		109,270

Zydus Lifesciences Ltd.		1,144		13,078


(Cost $5,179,346)				7,847,802

Indonesia – 0.4%

Alamtri Resources Indonesia Tbk PT		76,684		10,066

Amman Mineral Internasional PT *		35,604		20,223

GoTo Gojek Tokopedia Tbk PT *		4,913,941		22,019

PT Astra International Tbk		120,312		38,725

PT Bank Central Asia Tbk		300,831		189,859

PT Bank Mandiri Persero Tbk		195,241		75,780

PT Bank Negara Indonesia Persero Tbk		77,328		24,304

PT Bank Rakyat Indonesia Persero Tbk		371,243		99,576

PT Barito Pacific Tbk		133,416		7,199

PT Chandra Asri Pacific Tbk		43,854		19,235

PT Charoen Pokphand Indonesia Tbk		43,004		12,675

PT Indah Kiat Pulp & Paper Tbk		19,309		8,835

PT Indofood CBP Sukses Makmur Tbk		14,130		10,612

PT Indofood Sukses Makmur Tbk		12,204		5,815

PT Kalbe Farma Tbk		118,590		11,226

PT Merdeka Copper Gold Tbk *		74,448		8,645

PT Sumber Alfaria Trijaya Tbk		101,957		18,339

PT Telkom Indonesia Persero Tbk		258,395		44,194

PT Unilever Indonesia Tbk		19,911		2,344

PT United Tractors Tbk		10,461		17,677


(Cost $640,826)				647,348

Ireland – 0.7%

AerCap Holdings NV		1,046		103,931

AIB Group PLC		9,780		53,303

Bank of Ireland Group PLC		5,379		47,180

DCC PLC		535		39,039

Experian PLC		4,951		236,709


	Number of Shares		Value $


James Hardie Industries PLC CDI*		2,295		84,161

Kerry Group PLC, Class A		888		85,942

Kingspan Group PLC		825		62,165

PDD Holdings, Inc., ADR *		3,765		363,548


(Cost $845,805)				1,075,978

Israel – 0.6%

Azrieli Group Ltd.		231		18,521

Bank Hapoalim BM		6,642		76,255

Bank Leumi Le-Israel BM		8,105		92,225

Check Point Software Technologies Ltd. *		513		93,366

CyberArk Software Ltd. *		231		74,731

Elbit Systems Ltd.		131		31,834

Global-e Online Ltd. *		529		27,656

ICL Group Ltd.		3,868		17,478

Israel Discount Bank Ltd., Class A		7,386		48,554

Mizrahi Tefahot Bank Ltd.		933		40,281

Monday.com Ltd. *		197		56,216

Nice Ltd. *		365		65,728

Teva Pharmaceutical Industries Ltd., ADR *		5,759		96,636

Wix.com Ltd. *		264		59,067


(Cost $623,565)				798,548

Italy – 1.5%

Amplifon SpA		677		17,217

Banco BPM SpA		6,946		52,956

BPER Banca SPA		5,313		32,488

Davide Campari-Milano NV		3,108		18,676

DiaSorin SpA		138		15,452

Enel SpA		43,975		316,929

Eni SpA		12,104		171,726

Ferrari NV		697		303,685

FinecoBank Banca Fineco SpA		3,292		52,921

Generali		5,303		151,978

Infrastrutture Wireless Italiane SpA, 144A		2,002		20,658

Intesa Sanpaolo SpA		77,155		296,156

Leonardo SpA		2,187		58,950

Mediobanca Banca di Credito Finanziario SpA		2,550		37,255

Moncler SpA		1,215		59,598

Nexi SpA, 144A *		3,019		17,905

Poste Italiane SpA, 144A		2,672		37,567

Prysmian SpA		1,505		99,419

Recordati Industria Chimica e Farmaceutica SpA		582		31,751

Snam SpA		11,029		51,497

Telecom Italia SpA *		55,633		13,383

Terna - Rete Elettrica Nazionale		7,016		59,460

UniCredit SpA		7,998		307,973

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Unipol Gruppo SpA		2,056		24,848


(Cost $1,699,438)				2,250,448

Japan – 13.9%

Advantest Corp.		4,200		231,275

Aeon Co. Ltd.		3,900		93,669

AGC, Inc.		1,000		31,342

Aisin Corp.		3,400		35,854

Ajinomoto Co., Inc.		2,517		105,666

ANA Holdings, Inc.		1,000		19,306

Asahi Group Holdings Ltd.		7,300		79,493

Asahi Kasei Corp.		7,100		50,674

Asics Corp.		4,020		80,674

Astellas Pharma, Inc.		10,100		105,394

Bandai Namco Holdings, Inc.		3,500		73,911

Bridgestone Corp.		3,100		110,812

Brother Industries Ltd.		1,019		17,943

Canon, Inc.		5,100		165,910

Capcom Co. Ltd.		2,100		49,202

Central Japan Railway Co.		4,400		90,770

Chiba Bank Ltd.		3,600		30,084

Chubu Electric Power Co., Inc.		3,800		40,199

Chugai Pharmaceutical Co. Ltd.		3,681		162,304

Concordia Financial Group Ltd.		5,500		32,995

Dai Nippon Printing Co. Ltd.		2,000		30,540

Daifuku Co. Ltd.		1,800		37,494

Dai-ichi Life Holdings, Inc.		5,200		140,773

Daiichi Sankyo Co. Ltd.		9,674		307,016

Daikin Industries Ltd.		1,413		170,865

Daito Trust Construction Co. Ltd.		300		33,530

Daiwa House Industry Co. Ltd.		3,171		99,703

Daiwa Securities Group, Inc.		7,200		48,380

Denso Corp.		9,700		138,007

Dentsu Group, Inc.		990		25,299

Disco Corp.		523		141,899

East Japan Railway Co.		5,010		97,763

Eisai Co. Ltd.		1,200		37,450

ENEOS Holdings, Inc.		15,193		82,118

FANUC Corp.		5,125		133,125

Fast Retailing Co. Ltd.		1,017		347,359

Fuji Electric Co. Ltd.		800		45,031

FUJIFILM Holdings Corp.		6,200		139,794

Fujikura Ltd.		1,400		49,791

Fujitsu Ltd.		8,700		166,628

Hankyu Hanshin Holdings, Inc.		1,200		32,927

Hikari Tsushin, Inc.		100		21,906

Hitachi Construction Machinery Co. Ltd.		600		13,544

Hitachi Ltd.		25,140		630,180

Honda Motor Co. Ltd.		24,148		208,414

Hoshizaki Corp.		656		26,544

Hoya Corp.		1,840		236,824


	Number of Shares		Value $


Hulic Co. Ltd.		1,600		14,424

Idemitsu Kosan Co. Ltd.		5,560		37,145

Inpex Corp.		5,300		69,916

Isuzu Motors Ltd.		3,600		48,043

ITOCHU Corp.		6,500		320,743

Japan Airlines Co. Ltd.		900		15,009

Japan Exchange Group, Inc.		5,300		63,877

Japan Post Bank Co. Ltd.		7,600		71,917

Japan Post Holdings Co. Ltd.		10,799		108,214

Japan Post Insurance Co. Ltd.		1,100		23,075

Japan Real Estate Investment Corp. REIT		7		25,916

Japan Tobacco, Inc.		6,529		184,081

JFE Holdings, Inc.		3,400		38,831

Kajima Corp.		1,800		32,875

Kansai Electric Power Co., Inc.		4,100		52,757

Kao Corp.		2,611		113,660

Kawasaki Kisen Kaisha Ltd.		2,100		27,962

KDDI Corp.		8,000		264,635

Keyence Corp.		1,034		447,210

Kikkoman Corp.		3,900		42,782

Kirin Holdings Co. Ltd.		4,425		61,789

Kobe Bussan Co. Ltd.		800		20,171

Kokusai Electric Corp.		700		11,601

Komatsu Ltd.		5,000		134,523

Konami Group Corp.		500		49,368

Kubota Corp.		5,500		68,842

Kyocera Corp.		6,818		67,137

Kyowa Kirin Co. Ltd.		1,200		19,936

Lasertec Corp.		462		50,757

LY Corp.		14,100		38,812

M3, Inc.		2,442		23,663

Makita Corp.		1,400		43,822

Marubeni Corp.		7,600		114,477

MatsukiyoCocokara & Co.		1,800		25,249

McDonald’s Holdings Co. Japan Ltd.		400		16,546

MEIJI Holdings Co. Ltd.		1,500		32,077

MINEBEA MITSUMI, Inc.		1,600		26,185

Mitsubishi Chemical Group Corp.		6,700		35,143

Mitsubishi Corp.		18,119		305,797

Mitsubishi Electric Corp.		10,100		171,911

Mitsubishi Estate Co. Ltd.		6,300		89,233

Mitsubishi HC Capital, Inc.		4,600		31,048

Mitsubishi Heavy Industries Ltd.		16,900		248,181

Mitsubishi UFJ Financial Group, Inc.		60,300		722,117

Mitsui & Co. Ltd.		13,800		289,206

Mitsui Chemicals, Inc.		800		18,546

Mitsui Fudosan Co. Ltd.		14,213		119,107

Mitsui OSK Lines Ltd.		1,900		65,124

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Mizuho Financial Group, Inc.		13,047		329,924

MonotaRO Co. Ltd.		1,200		21,399

MS&AD Insurance Group Holdings, Inc.		6,827		152,426

Murata Manufacturing Co. Ltd.		9,265		155,407

NEC Corp.		1,345		114,555

Nexon Co. Ltd.		1,460		20,084

Nidec Corp.		4,728		87,046

Nintendo Co. Ltd.		5,786		340,649

Nippon Building Fund, Inc. REIT		42		35,225

Nippon Paint Holdings Co. Ltd.		5,900		40,354

Nippon Sanso Holdings Corp.		1,000		29,183

Nippon Steel Corp.		4,910		100,372

Nippon Telegraph & Telephone Corp.		157,200		161,150

Nippon Yusen KK		2,200		70,511

Nissan Motor Co. Ltd.		10,900		26,143

Nissin Foods Holdings Co. Ltd.		945		25,122

Nitori Holdings Co. Ltd.		401		51,518

Nitto Denko Corp.		4,200		67,025

Nomura Holdings, Inc.		16,100		96,983

Nomura Research Institute Ltd.		2,156		66,003

NTT Data Group Corp.		3,700		71,656

Obayashi Corp.		3,800		54,217

Obic Co. Ltd.		1,500		49,168

Olympus Corp.		6,387		100,731

Omron Corp.		1,100		35,035

Ono Pharmaceutical Co. Ltd.		1,700		19,677

Oracle Corp.		200		20,476

Oriental Land Co. Ltd.		5,925		140,087

ORIX Corp.		6,084		136,894

Osaka Gas Co. Ltd.		1,808		39,678

Otsuka Corp.		1,216		30,327

Otsuka Holdings Co. Ltd.		2,383		138,308

Pan Pacific International Holdings Corp.		1,800		45,794

Panasonic Holdings Corp.		13,181		129,088

Rakuten Group, Inc. *		7,700		44,171

Recruit Holdings Co. Ltd.		7,600		527,439

Renesas Electronics Corp.		9,365		122,883

Resona Holdings, Inc.		10,800		90,216

Ricoh Co. Ltd.		2,761		31,404

SBI Holdings, Inc.		1,517		38,320

SCREEN Holdings Co. Ltd.		400		25,132

SCSK Corp.		900		18,212

Secom Co. Ltd.		2,110		73,647

Seiko Epson Corp.		1,700		30,213

Sekisui Chemical Co. Ltd.		2,200		35,564

Sekisui House Ltd.		3,400		80,433

Seven & i Holdings Co. Ltd.		12,083		210,266

SG Holdings Co. Ltd.		1,900		18,677

Shimadzu Corp.		1,400		39,416


	Number of Shares		Value $


Shimano, Inc.		453		63,421

Shin-Etsu Chemical Co. Ltd.		9,795		363,549

Shionogi & Co. Ltd.		4,327		61,273

Shiseido Co. Ltd.		1,927		36,772

Shizuoka Financial Group, Inc.		2,000		17,803

SMC Corp.		289		122,715

SoftBank Corp.		149,600		193,048

SoftBank Group Corp.		5,200		310,527

Sompo Holdings, Inc.		5,200		137,124

Sony Group Corp.		33,900		681,217

Subaru Corp.		3,500		56,287

Sumitomo Corp.		5,700		122,197

Sumitomo Electric Industries Ltd.		4,200		81,002

Sumitomo Metal Mining Co. Ltd.		1,528		37,740

Sumitomo Mitsui Financial Group, Inc.		20,200		497,575

Sumitomo Mitsui Trust Holdings, Inc.		3,920		98,131

Sumitomo Realty & Development Co. Ltd.		1,656		51,327

Suntory Beverage & Food Ltd.		800		27,228

Suzuki Motor Corp.		8,600		91,178

Sysmex Corp.		2,500		52,860

T&D Holdings, Inc.		2,500		47,330

Taisei Corp.		800		34,809

Takeda Pharmaceutical Co. Ltd.		8,553		233,373

TDK Corp.		10,675		137,611

Terumo Corp.		7,100		144,761

TIS, Inc.		1,000		24,485

Toho Co. Ltd.		700		30,607

Tokio Marine Holdings, Inc.		10,153		377,515

Tokyo Electric Power Co. Holdings, Inc. *		8,233		29,501

Tokyo Electron Ltd.		2,464		383,827

Tokyo Gas Co. Ltd.		1,900		57,264

Tokyu Corp.		3,000		35,084

TOPPAN Holdings, Inc.		1,100		29,455

Toray Industries, Inc.		7,447		47,492

TOTO Ltd.		740		19,934

Toyota Industries Corp.		900		67,061

Toyota Motor Corp.		55,720		950,077

Toyota Tsusho Corp.		3,600		61,371

Trend Micro, Inc.		786		43,224

Unicharm Corp.		2,005		52,135

West Japan Railway Co.		2,441		45,928

Yakult Honsha Co. Ltd.		1,200		24,499

Yamaha Motor Co. Ltd.		4,800		41,716

Yaskawa Electric Corp.		1,300		34,046

Yokogawa Electric Corp.		1,461		32,542

Zensho Holdings Co. Ltd.		600		36,171

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


ZOZO, Inc.		733		23,086


(Cost $15,474,415)				20,489,907

Kazakhstan – 0.0%

Solidcore Resources PLC * (b)

(Cost $24,991)		1,592		0

Kuwait – 0.2%

Boubyan Bank KSCP		7,025		12,497

Gulf Bank KSCP		7,703		7,991

Kuwait Finance House KSCP		54,100		129,840

Mabanee Co KPSC		3,858		10,275

Mobile Telecommunications Co. KSCP		10,296		15,436

National Bank of Kuwait SAKP		41,666		117,884


(Cost $247,797)				293,923

Luxembourg – 0.1%

ArcelorMittal SA		2,512		63,378

CVC Capital Partners PLC, 144A *		1,154		28,297

Eurofins Scientific SE		711		35,207

Reinet Investments SCA		752		19,997

Tenaris SA		2,432		46,740


(Cost $179,344)				193,619

Macau – 0.0%

Sands China Ltd. *

(Cost $49,213)		12,920		32,942

Malaysia – 0.4%

AMMB Holdings Bhd		10,087		12,231

Axiata Group Bhd		11,876		6,252

Celcomdigi Bhd		20,644		16,627

CIMB Group Holdings Bhd		35,718		66,293

Gamuda Bhd		9,599		19,220

Genting Bhd		15,600		13,126

Genting Malaysia Bhd		19,900		9,670

Hong Leong Bank Bhd		3,524		16,395

IHH Healthcare Bhd		9,091		14,848

Inari Amertron Bhd		19,500		12,108

IOI Corp. Bhd		12,200		10,430

Kuala Lumpur Kepong Bhd		2,173		10,198

Malayan Banking Bhd		31,523		72,336

Malaysia Airports Holdings Bhd		4,754		11,337

Maxis Bhd		12,100		9,446

MISC Bhd		5,400		8,808

MR DIY Group M Bhd, 144A		17,400		7,085

Nestle Malaysia Bhd		300		6,526

Petronas Chemicals Group Bhd		20,457		21,446

Petronas Dagangan Bhd		1,500		6,614

Petronas Gas Bhd		4,041		16,219

PPB Group Bhd		2,440		7,202

Press Metal Aluminium Holdings Bhd		19,400		20,251

Public Bank Bhd		80,900		81,355


	Number of Shares		Value $


QL Resources Bhd		12,700		13,914

RHB Bank Bhd		10,331		15,711

SD Guthrie Bhd		12,711		13,755

Sime Darby Bhd		25,100		12,875

Sunway Bhd		11,100		12,111

Telekom Malaysia Bhd		4,400		6,286

Tenaga Nasional Bhd		15,600		47,941

YTL Corp. Bhd		21,000		9,827

YTL Power International Bhd		20,000		15,298


(Cost $599,127)				623,741

Mexico – 0.5%

Alfa SAB de CV, Class A		22,064		16,762

America Movil SAB de CV, Series B		100,501		75,067

Arca Continental SAB de CV		2,825		23,867

Cemex SAB de CV, Series CPO		74,545		40,780

Coca-Cola Femsa SAB de CV		2,756		21,798

Fibra Uno Administracion SA de CV REIT		15,578		16,241

Fomento Economico Mexicano SAB de CV		10,134		89,006

Gruma SAB de CV, Class B		831		14,077

Grupo Aeroportuario del Centro Norte SAB de CV		1,176		9,140

Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,107		38,833

Grupo Aeroportuario del Sureste SAB de CV, Class B		809		20,622

Grupo Bimbo SAB de CV, Series A		6,126		17,981

Grupo Carso SAB de CV, Series A1		3,205		19,157

Grupo Comercial Chedraui SA de CV		2,291		14,924

Grupo Financiero Banorte SAB de CV, Class O		13,675		90,880

Grupo Financiero Inbursa SAB de CV, Class O *		10,148		23,921

Grupo Mexico SAB de CV, Series B		16,824		81,197

Industrias Penoles SAB de CV *		1,227		17,662

Kimberly-Clark de Mexico SAB de CV, Class A		7,397		9,931

Operadora De Sites Mexicanos SAB de CV, Class A-1		8,008		5,321

Prologis Property Mexico SA de CV REIT		4,147		12,288

Promotora y Operadora de Infraestructura SAB de CV		1,013		9,703

Wal-Mart de Mexico SAB de CV		28,744		76,082


(Cost $724,172)				745,240

Netherlands – 2.9%

ABN AMRO Bank NV, 144A		2,804		43,666

Adyen NV, 144A *		121		176,510

Aegon Ltd.		7,344		47,426

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Akzo Nobel NV		942		55,130

Argenx SE *		316		196,106

ASM International NV		249		134,762

ASML Holding NV		2,167		1,509,934

ASR Nederland NV		771		36,963

BE Semiconductor Industries NV		419		50,107

Euronext NV, 144A		466		52,128

EXOR NV		526		52,132

Ferrovial SE		2,814		116,204

Heineken Holding NV		672		42,671

Heineken NV		1,537		113,960

IMCD NV		282		42,408

ING Groep NV		18,232		282,825

JDE Peet’s NV		513		10,245

Koninklijke Ahold Delhaize NV		4,950		171,040

Koninklijke KPN NV		21,238		82,510

Koninklijke Philips NV *		4,464		121,838

Nebius Group N.V., Class A * (b)		1,576		0

NEPI Rockcastle NV *		3,598		27,882

NN Group NV		1,414		65,798

Prosus NV *		7,419		302,677

QIAGEN NV *		1,242		54,397

Randstad NV		680		29,944

Stellantis NV		10,990		145,803

Universal Music Group NV		4,446		107,326

Wolters Kluwer NV		1,314		219,646


(Cost $3,307,520)				4,292,038

New Zealand – 0.2%

Auckland International Airport Ltd.		7,370		33,900

Fisher & Paykel Healthcare Corp. Ltd.		3,057		68,948

Infratil Ltd.		5,075		38,656

Mercury NZ Ltd.		3,302		12,957

Meridian Energy Ltd.		7,205		26,521

Xero Ltd. *		815		92,437


(Cost $209,947)				273,419

Norway – 0.4%

Aker BP ASA		1,654		33,941

DNB Bank ASA		4,697		98,216

Equinor ASA		4,452		107,822

Gjensidige Forsikring ASA		970		17,268

Kongsberg Gruppen ASA		445		52,394

Mowi ASA		2,364		42,940

Norsk Hydro ASA		6,875		42,561

Orkla ASA		4,082		37,702

Salmar ASA		445		23,152

Telenor ASA		3,174		37,400

Yara International ASA		1,058		29,785


(Cost $490,362)				523,181


	Number of Shares		Value $


Peru – 0.1%

Cia de Minas Buenaventura SAA, ADR		1,115		13,491

Credicorp Ltd.		353		65,471


(Cost $71,142)				78,962

Philippines – 0.2%

Ayala Corp.		1,280		13,360

Ayala Land, Inc.		40,600		19,803

Bank of the Philippine Islands		11,415		25,036

BDO Unibank, Inc.		13,760		36,257

International Container Terminal Services, Inc.		4,900		30,920

JG Summit Holdings, Inc.		8,670		3,261

Jollibee Foods Corp.		1,900		8,360

Manila Electric Co.		1,780		14,541

Metropolitan Bank & Trust Co.		10,501		13,656

PLDT, Inc.		445		9,843

SM Investments Corp.		1,045		15,594

SM Prime Holdings, Inc.		62,900		28,320

Universal Robina Corp.		3,920		5,278


(Cost $230,501)				224,229

Poland – 0.3%

Alior Bank SA		353		7,938

Allegro.eu SA, 144A *		3,266		23,144

Bank Polska Kasa Opieki SA		1,008		33,680

Budimex SA		118		13,701

CD Projekt SA		360		14,826

Dino Polska SA, 144A *		283		26,900

InPost SA *		1,069		18,757

KGHM Polska Miedz SA		819		25,670

LPP SA		6		23,144

mBank SA *		96		12,533

ORLEN SA		2,826		35,514

PGE Polska Grupa Energetyczna SA *		4,902		8,124

Powszechna Kasa Oszczednosci Bank Polski SA		4,733		65,169

Powszechny Zaklad Ubezpieczen SA		3,405		37,071

Santander Bank Polska SA		220		23,692


(Cost $350,222)				369,863

Portugal – 0.1%

EDP SA		18,177		65,828

Galp Energia SGPS SA		2,515		41,349

Jeronimo Martins SGPS SA		1,313		25,623


(Cost $133,726)				132,800

Qatar – 0.2%

Barwa Real Estate Co.		7,266		5,530

Commercial Bank PSQC		17,134		19,760

Dukhan Bank		10,103		9,850

Industries Qatar QSC		7,879		28,088

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Masraf Al Rayan QSC		37,307		24,643

Mesaieed Petrochemical Holding Co.		25,772		10,844

Ooredoo QPSC		5,108		16,610

Qatar Electricity & Water Co. QSC		2,691		11,722

Qatar Fuel QSC		2,870		11,674

Qatar Gas Transport Co. Ltd.		15,797		18,101

Qatar International Islamic Bank QSC		7,580		22,088

Qatar Islamic Bank QPSC		9,045		51,970

Qatar National Bank QPSC		24,083		113,106


(Cost $309,360)				343,986

Russia – 0.0%

Alrosa PJSC * (b)		15,266		0

Gazprom PJSC * (b)		63,321		0

GMK Norilskiy Nickel PAO * (b)		35,200		0

Inter RAO UES PJSC * (b)		208,853		0

LUKOIL PJSC * (b)		2,194		0

Magnit PJSC * (b)		443		0

Mobile TeleSystems PJSC, ADR * (b)		3,019		0

Moscow Exchange MICEX-RTS PJSC * (b)		8,105		0

Novatek PJSC * (b)		5,150		0

Novolipetsk Steel PJSC * (b)		7,219		0

Ozon Holdings PLC, ADR * (b)		322		0

PhosAgro PJSC * (b)		217		0

PhosAgro PJSC, GDR * (b)		4		0

Polyus PJSC * (b)		204		0

Rosneft Oil Co. PJSC * (b)		6,103		0

Sberbank of Russia PJSC * (b)		57,586		0

Severstal PAO * (b)		1,243		0

Surgutneftegas PJSC * (b)		29,592		0

Tatneft PJSC * (b)		7,874		0

TKS Holding MKPAO JSC * (b)		70		0

United Co. RUSAL International PJSC * (b)		21,438		0

VK IPJSC * (b)		417		0

VK IPJSC, GDR * (b)		35		0

VTB Bank PJSC * (b)		3,389		0

X5 Retail Group NV, GDR * (b)		635		0


(Cost $1,047,597)				0

Saudi Arabia – 1.1%

ACWA Power Co.		852		82,594

Ades Holding Co.		1,878		8,948

Advanced Petrochemical Co. *		941		8,504

Al Rajhi Bank		10,803		261,959

Al Rajhi Co. For Co.-Operative Insurance *		183		8,115

Alinma Bank		6,648		49,193

Almarai Co. JSC		1,287		19,150

Arab National Bank		3,981		20,239


	Number of Shares		Value $


Arabian Internet & Communications Services Co.		132		9,683

Bank AlBilad		3,176		29,631

Bank Al-Jazira *		3,111		13,249

Banque Saudi Fransi		3,240		26,476

Bupa Arabia for Cooperative Insurance Co.		387		19,057

Co. for Cooperative Insurance		415		14,581

Dallah Healthcare Co.		193		7,798

Dar Al Arkan Real Estate Development Co. *		3,148		13,239

Dr Sulaiman Al Habib Medical Services Group Co.		439		31,340

Elm Co.		142		40,949

Etihad Etisalat Co.		2,045		30,047

Jarir Marketing Co.		3,200		10,817

Mobile Telecommunications Co. Saudi Arabia		2,628		7,233

Mouwasat Medical Services Co.		497		12,052

Nahdi Medical Co.		215		6,730

Power & Water Utility Co. for Jubail & Yanbu		470		7,056

Riyad Bank		7,409		51,768

SABIC Agri-Nutrients Co.		1,167		34,418

Sahara International Petrochemical Co.		1,801		11,639

SAL Saudi Logistics Services		155		10,644

Saudi Arabian Mining Co. *		6,773		93,206

Saudi Arabian Oil Co., 144A		31,832		232,582

Saudi Aramco Base Oil Co.		330		9,680

Saudi Awwal Bank		5,161		42,655

Saudi Basic Industries Corp.		4,643		85,151

Saudi Electricity Co.		3,192		14,121

Saudi Industrial Investment Group		2,082		9,521

Saudi Investment Bank		3,382		12,603

Saudi Kayan Petrochemical Co. *		4,663		8,626

Saudi National Bank		16,276		140,583

Saudi Research & Media Group *		223		15,314

Saudi Tadawul Group Holding Co.		210		12,063

Saudi Telecom Co.		11,288		119,583

Savola Group *		3,244		20,931

Yanbu National Petrochemical Co.		1,411		14,009


(Cost $1,505,747)				1,677,737

Singapore – 1.0%

BOC Aviation Ltd., 144A		1,207		9,330

CapitaLand Ascendas REIT		19,508		38,184

CapitaLand Integrated Commercial Trust REIT		28,340		41,497

CapitaLand Investment Ltd.		12,857		26,222

DBS Group Holdings Ltd.		10,846		343,802

Genting Singapore Ltd.		41,300		23,603

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Grab Holdings Ltd., Class A *		12,050		60,250

Keppel Ltd.		7,900		39,720

Oversea-Chinese Banking Corp. Ltd.		17,966		218,510

Sea Ltd., ADR *		2,029		230,900

Sembcorp Industries Ltd.		5,600		21,839

Singapore Airlines Ltd.		8,850		41,719

Singapore Exchange Ltd.		5,193		49,348

Singapore Technologies Engineering Ltd.		8,830		29,685

Singapore Telecommunications Ltd.		40,200		93,101

United Overseas Bank Ltd.		6,822		185,311

Wilmar International Ltd.		10,637		24,476


(Cost $1,241,761)				1,477,497

South Africa – 0.8%

Absa Group Ltd.		4,580		43,806

Anglo American Platinum Ltd.		451		14,848

Aspen Pharmacare Holdings Ltd.		1,959		17,993

Bid Corp. Ltd.		1,871		45,772

Bidvest Group Ltd.		1,620		24,800

Capitec Bank Holdings Ltd.		468		84,626

Clicks Group Ltd.		1,091		23,768

Discovery Ltd.		2,823		30,162

Exxaro Resources Ltd.		1,487		13,763

FirstRand Ltd.		27,284		116,398

Gold Fields Ltd.		4,732		67,206

Harmony Gold Mining Co. Ltd.		3,048		27,886

Impala Platinum Holdings Ltd. *		5,326		30,119

Kumba Iron Ore Ltd.		382		7,044

MTN Group Ltd.		9,033		40,439

Naspers Ltd., Class N		953		214,960

Nedbank Group Ltd.		2,493		39,918

Old Mutual Ltd.		26,238		18,462

OUTsurance Group Ltd.		5,329		19,103

Pepkor Holdings Ltd., 144A		10,118		14,996

Remgro Ltd.		3,213		26,844

Sanlam Ltd.		9,219		45,034

Sasol Ltd.		3,121		15,206

Shoprite Holdings Ltd.		2,975		48,793

Sibanye Stillwater Ltd. *		14,243		14,121

Standard Bank Group Ltd.		7,688		100,978

Vodacom Group Ltd.		2,637		14,815

Woolworths Holdings Ltd.		5,358		18,669


(Cost $1,111,194)				1,180,529

South Korea – 2.6%

Alteogen, Inc. *		219		43,955

Amorepacific Corp.		157		11,727

Celltrion, Inc.		859		115,145

CJ CheilJedang Corp.		38		7,177

Coway Co. Ltd.		301		14,219


	Number of Shares		Value $


DB Insurance Co. Ltd.		263		20,587

Doosan Bobcat, Inc.		160		4,450

Doosan Enerbility Co. Ltd. *		2,407		36,492

Ecopro BM Co. Ltd. *		246		23,841

Ecopro Co. Ltd. *		519		28,311

Ecopro Materials Co. Ltd. *		106		6,459

Enchem Co. Ltd. *		51		4,650

GS Holdings Corp.		304		9,109

Hana Financial Group, Inc.		1,555		69,554

Hanjin Kal Corp.		155		8,922

Hankook Tire & Technology Co. Ltd.		342		9,230

Hanmi Pharm. Co. Ltd.		22		4,297

Hanmi Semiconductor Co. Ltd.		251		13,422

Hanwha Aerospace Co. Ltd.		173		38,753

Hanwha Ocean Co. Ltd. *		659		16,533

Hanwha Solutions Corp.		1		12

HD Hyundai Co. Ltd.		267		14,890

HD Hyundai Electric Co. Ltd.		140		35,074

HD Hyundai Heavy Industries Co. Ltd. *		122		19,239

HD Korea Shipbuilding & Offshore Engineering Co. Ltd. *		196		28,732

HLB, Inc. *		662		34,072

HMM Co. Ltd.		1,687		21,719

HYBE Co. Ltd.		99		13,852

Hyundai Glovis Co. Ltd.		217		19,133

Hyundai Mobis Co. Ltd.		311		53,392

Hyundai Motor Co.		703		110,107

Hyundai Rotem Co. Ltd.		394		14,291

Industrial Bank of Korea		1,244		13,269

Kakao Corp.		1,622		46,624

KakaoBank Corp.		701		11,231

KB Financial Group, Inc.		2,053		141,571

Kia Corp.		1,288		85,771

Korea Aerospace Industries Ltd.		404		16,912

Korea Electric Power Corp. *		1,465		25,098

Korea Investment Holdings Co. Ltd.		306		16,385

Korea Zinc Co. Ltd.		37		31,296

Korean Air Lines Co. Ltd.		983		18,285

Krafton, Inc. *		151		33,771

KT&G Corp.		630		55,004

Kumho Petrochemical Co. Ltd.		106		7,507

L&F Co. Ltd. *		112		7,892

LG Chem Ltd.		275		55,984

LG Corp.		532		28,563

LG Display Co. Ltd. *		1,760		11,960

LG Electronics, Inc.		571		36,715

LG Energy Solution Ltd. *		244		66,726

LG H&H Co. Ltd.		41		9,125

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


LG Innotek Co. Ltd.		79		9,168

LG Uplus Corp.		922		7,660

Lotte Chemical Corp.		109		5,040

LS Electric Co. Ltd.		64		6,606

Meritz Financial Group, Inc.		529		38,678

Mirae Asset Securities Co. Ltd.		1,783		10,940

NAVER Corp.		779		115,310

NCSoft Corp.		112		19,067

Netmarble Corp., 144A *		128		4,863

NH Investment & Securities Co. Ltd.		155		1,480

Orion Corp.		110		8,090

Posco DX Co. Ltd.		274		4,125

POSCO Future M Co. Ltd.		176		21,737

POSCO Holdings, Inc.		388		78,571

Posco International Corp.		477		16,139

Samsung Biologics Co. Ltd., 144A *		89		62,202

Samsung C&T Corp.		444		37,874

Samsung E&A Co. Ltd. *		1,308		16,830

Samsung Electro-Mechanics Co. Ltd.		323		25,006

Samsung Electronics Co. Ltd.		25,969		1,008,939

Samsung Fire & Marine Insurance Co. Ltd.		160		45,016

Samsung Heavy Industries Co. Ltd. *		3,538		29,470

Samsung Life Insurance Co. Ltd.		413		31,707

Samsung SDI Co. Ltd.		299		54,547

Samsung SDS Co. Ltd.		242		25,448

Shinhan Financial Group Co. Ltd.		2,300		87,380

SK Biopharmaceuticals Co. Ltd. *		140		10,377

SK Bioscience Co. Ltd. *		145		4,896

SK Hynix, Inc.		2,947		337,784

SK Innovation Co. Ltd. *		325		26,698

SK Square Co. Ltd. *		524		27,608

SK Telecom Co. Ltd.		188		8,274

SK, Inc.		186		18,213

SKC Co. Ltd. *		106		7,515

S-Oil Corp.		343		14,088

Woori Financial Group, Inc.		3,437		41,169

Yuhan Corp.		382		31,599


(Cost $3,212,307)				3,871,149

Spain – 1.6%

Acciona SA		140		17,824

ACS Actividades de Construccion y Servicios SA		924		42,987

Aena SME SA, 144A		416		90,164

Amadeus IT Group SA		2,368		166,452

Banco Bilbao Vizcaya Argentaria SA		31,282		295,833

Banco de Sabadell SA		29,413		55,579


	Number of Shares		Value $


Banco Santander SA		125		565

Banco Santander SA		84,022		389,072

CaixaBank SA		21,581		117,530

Cellnex Telecom SA, 144A *		2,685		96,555

EDP Renovaveis SA		1,570		18,410

Endesa SA		1,763		38,696

Grifols SA *		1,657		15,109

Iberdrola SA		32,768		467,812

Industria de Diseno Textil SA		5,915		326,639

Redeia Corp. SA		2,224		39,777

Repsol SA		6,555		82,032

Telefonica SA		22,687		102,905


(Cost $1,993,134)				2,363,941

Sweden – 2.2%

AddTech AB, Class B		1,354		37,297

Alfa Laval AB		1,484		63,265

Assa Abloy AB, Class B		5,403		166,142

Atlas Copco AB, Class A		14,385		230,018

Atlas Copco AB, Class B		8,539		120,820

Beijer Ref AB		1,916		30,259

Boliden AB		1,484		44,338

Epiroc AB, Class A		3,683		67,210

Epiroc AB, Class B		2,188		36,142

EQT AB		1,954		59,296

Essity AB, Class B		3,243		89,389

Evolution AB, 144A		918		80,243

Fastighets AB Balder, Class B *		3,550		27,354

Getinge AB, Class B		1,314		20,565

H & M Hennes & Mauritz AB, Class B		2,872		39,885

Hexagon AB, Class B		11,569		98,725

Holmen AB, Class B		395		14,899

Industrivarden AB, Class A		676		22,233

Industrivarden AB, Class C		966		31,709

Indutrade AB		1,401		35,813

Investment AB Latour, Class B		821		20,881

Investor AB, Class B		9,442		259,434

L E Lundbergforetagen AB, Class B		417		20,254

Lifco AB, Class B		1,174		35,680

Nibe Industrier AB, Class B		7,749		32,885

Saab AB, Class B		1,696		37,195

Sagax AB, Class B		1,008		22,361

Sandvik AB		5,773		106,914

Securitas AB, Class B		2,708		34,300

Skandinaviska Enskilda Banken AB, Class A		8,581		119,365

Skanska AB, Class B		1,751		36,576

SKF AB, Class B		1,719		33,066

Spotify Technology SA *		830		395,877

Svenska Cellulosa AB SCA, Class B		3,335		43,390

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Svenska Handelsbanken AB, Class A		8,431		87,862

Swedbank AB, Class A		4,844		95,091

Swedish Orphan Biovitrum AB *		967		26,850

Tele2 AB, Class B		3,213		33,764

Telefonaktiebolaget LM Ericsson, Class B		14,593		118,822

Telia Co. AB		13,778		40,419

Trelleborg AB, Class B		1,156		38,275

Volvo AB, Class A		1,347		33,764

Volvo AB, Class B		8,260		205,986


(Cost $2,905,872)				3,194,613

Switzerland – 6.3%

ABB Ltd.		8,585		490,181

Adecco Group AG		909		24,258

Alcon, Inc.		2,780		247,441

Avolta AG *		513		18,968

Bachem Holding AG		216		16,704

Baloise Holding AG		260		49,425

Banque Cantonale Vaudoise		164		16,286

Barry Callebaut AG		17		25,946

BKW AG		134		23,038

Chocoladefabriken Lindt & Spruengli AG Participation Certificates		9		104,043

Cie Financiere Richemont SA, Class A		2,906		404,913

Clariant AG *		1,246		15,013

Coca-Cola HBC AG *		1,091		38,992

DSM-Firmenich AG		1,047		115,181

EMS-Chemie Holding AG		40		28,458

Galderma Group AG *		368		37,715

Geberit AG		187		112,633

Givaudan SA		52		229,176

Glencore PLC *		55,314		267,877

Helvetia Holding AG		209		36,645

Holcim AG *		2,834		288,807

Julius Baer Group Ltd.		1,042		68,985

Kuehne + Nagel International AG		282		67,442

Logitech International SA		798		64,793

Lonza Group AG		388		231,936

Nestle SA		14,224		1,235,353

Novartis AG		10,722		1,135,636

Partners Group Holding AG		123		178,787

Roche Holding AG		166		51,048

Roche Holding AG		3,821		1,108,637

Sandoz Group AG		2,327		106,071

Schindler Holding AG		135		38,250

Schindler Holding AG Participation Certificates		194		56,045

SGS SA		798		79,274

SIG Group AG *		1,532		30,306


	Number of Shares		Value $


Sika AG		814		210,849

Sonova Holding AG		281		95,985

STMicroelectronics NV		3,542		90,976

Straumann Holding AG		624		81,242

Swatch Group AG – Bearer		157		28,517

Swiss Life Holding AG		154		126,229

Swiss Prime Site AG		404		44,662

Swiss Re AG		1,652		244,161

Swisscom AG		147		84,885

Temenos AG		282		18,526

UBS Group AG		17,846		577,168

VAT Group AG, 144A		142		56,665

Zurich Insurance Group AG		792		502,397


(Cost $7,554,619)				9,206,525

Taiwan – 5.3%

Accton Technology Corp.		2,499		50,545

Acer, Inc.		18,006		20,981

Advantech Co. Ltd.		2,443		25,232

Airtac International Group		754		18,338

Alchip Technologies Ltd.		404		27,549

ASE Technology Holding Co. Ltd.		17,848		83,243

Asia Cement Corp.		11,867		15,362

Asia Vital Components Co. Ltd.		1,765		34,938

Asustek Computer, Inc.		3,620		65,528

AUO Corp. *		37,980		18,240

Catcher Technology Co. Ltd.		3,236		19,576

Cathay Financial Holding Co. Ltd.		53,365		107,936

Chailease Holding Co. Ltd.		7,941		28,969

Chang Hwa Commercial Bank Ltd.		44,449		24,083

Cheng Shin Rubber Industry Co. Ltd.		9,594		14,945

China Airlines Ltd.		17,656		13,534

China Steel Corp.		58,888		38,433

Chunghwa Telecom Co. Ltd.		20,584		77,943

Compal Electronics, Inc.		24,255		27,516

CTBC Financial Holding Co. Ltd.		90,202		103,856

Delta Electronics, Inc.		10,512		123,297

E Ink Holdings, Inc.		4,327		37,431

E.Sun Financial Holding Co. Ltd.		76,557		63,634

Eclat Textile Co. Ltd.		1,052		17,165

eMemory Technology, Inc.		312		27,999

Eva Airways Corp.		15,674		20,049

Evergreen Marine Corp. Taiwan Ltd.		5,590		37,344

Far Eastern New Century Corp.		19,992		20,556

Far EasTone Telecommunications Co. Ltd.		8,839		24,463

Feng TAY Enterprise Co. Ltd.		2,494		10,058

First Financial Holding Co. Ltd.		67,073		56,164

Formosa Chemicals & Fibre Corp.		18,084		18,845

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Formosa Plastics Corp.		21,207		26,996

Fortune Electric Co. Ltd.		697		11,802

Fubon Financial Holding Co. Ltd.		44,486		120,517

Gigabyte Technology Co. Ltd.		2,797		23,378

Global Unichip Corp.		512		18,757

Globalwafers Co. Ltd.		1,991		25,130

Hon Hai Precision Industry Co. Ltd.		68,556		412,607

Hotai Motor Co. Ltd.		1,988		37,578

Hua Nan Financial Holdings Co. Ltd.		55,128		44,210

Innolux Corp. *		39,143		18,256

International Games System Co. Ltd.		1,000		29,554

Inventec Corp.		18,949		28,584

KGI Financial Holding Co. Ltd.		86,771		45,946

Largan Precision Co. Ltd.		554		41,529

Lite-On Technology Corp.		10,901		34,901

MediaTek, Inc.		8,129		314,069

Mega Financial Holding Co. Ltd.		62,552		76,546

Micro-Star International Co. Ltd.		4,202		22,121

Nan Ya Plastics Corp.		30,685		36,558

Nanya Technology Corp. *		7,561		7,786

Nien Made Enterprise Co. Ltd.		740		9,112

Novatek Microelectronics Corp.		3,343		49,811

Pegatron Corp.		9,481		27,524

PharmaEssentia Corp. *		1,065		19,049

Pou Chen Corp.		11,351		14,257

President Chain Store Corp.		2,846		23,700

Quanta Computer, Inc.		15,039		134,727

Realtek Semiconductor Corp.		2,655		38,906

Ruentex Development Co. Ltd.		9,137		12,602

Shanghai Commercial & Savings Bank Ltd.		22,181		26,802

Shin Kong Financial Holding Co. Ltd. *		90,836		32,299

SinoPac Financial Holdings Co. Ltd.		63,735		45,619

Synnex Technology International Corp.		6,351		14,781

Taishin Financial Holding Co. Ltd.		60,080		31,628

Taiwan Business Bank		36,232		16,508

Taiwan Cooperative Financial Holding Co. Ltd.		65,587		50,276

Taiwan High Speed Rail Corp.		9,687		8,425

Taiwan Mobile Co. Ltd.		8,308		28,901

Taiwan Semiconductor Manufacturing Co. Ltd.		133,491		4,093,127

TCC Group Holdings Co. Ltd.		39,815		41,062

Unimicron Technology Corp.		6,931		31,793

Uni-President Enterprises Corp.		23,940		62,277

United Microelectronics Corp.		60,919		81,674


	Number of Shares		Value $


Vanguard International Semiconductor Corp.		5,210		14,355

Voltronic Power Technology Corp.		330		18,693

Walsin Lihwa Corp.		13,982		11,235

Wan Hai Lines Ltd.		4,590		11,728

Wistron Corp.		14,588		50,972

Wiwynn Corp.		552		32,882

WPG Holdings Ltd.		9,332		20,225

Yageo Corp.		2,188		34,622

Yang Ming Marine Transport Corp.		9,320		21,002

Yuanta Financial Holding Co. Ltd.		54,371		55,655

Zhen Ding Technology Holding Ltd.		3,857		13,596


(Cost $3,834,343)				7,830,402

Thailand – 0.4%

Advanced Info Service PCL, NVDR		5,900		49,027

Airports of Thailand PCL, NVDR		23,430		41,501

Bangkok Dusit Medical Services PCL, NVDR		56,700		41,743

Bangkok Expressway & Metro PCL, NVDR		36,600		7,790

Bumrungrad Hospital PCL, NVDR		4,000		24,258

Central Pattana PCL, NVDR		10,500		18,369

Central Retail Corp. PCL, NVDR		9,200		8,986

Charoen Pokphand Foods PCL, NVDR		21,800		15,191

CP ALL PCL, NVDR		30,100		53,754

CP AXTRA PCL		16,381		16,597

Delta Electronics Thailand PCL, NVDR		16,700		73,281

Gulf Energy Development PCL, NVDR		15,310		27,006

Home Product Center PCL, NVDR		27,200		7,494

Intouch Holdings PCL, NVDR		5,800		16,065

Krung Thai Bank PCL, NVDR		24,400		14,228

Krungthai Card PCL, NVDR (d)		5,200		7,088

Minor International PCL, NVDR		17,994		14,034

PTT Exploration & Production PCL, NVDR		7,693		28,599

PTT Global Chemical PCL, NVDR		15,700		11,558

PTT Oil & Retail Business PCL, NVDR		15,200		6,249

PTT PCL, NVDR		59,100		55,572

SCB X PCL, NVDR		6,600		22,034

Siam Cement PCL		4,900		26,216

Thai Oil PCL, NVDR		6,075		6,687

True Corp. PCL, NVDR *		61,512		19,908


(Cost $623,649)				613,235

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Turkey – 0.2%

Akbank TAS		15,126		26,531

Anadolu Efes Biracilik Ve Malt Sanayii AS		851		4,896

Aselsan Elektronik Sanayi Ve Ticaret AS		9,666		19,350

BIM Birlesik Magazalar AS		2,304		31,446

Coca-Cola Icecek AS		5,665		8,687

Eregli Demir ve Celik Fabrikalari TAS		15,754		11,707

Ford Otomotiv Sanayi AS		268		7,470

Haci Omer Sabanci Holding AS		6,513		16,990

KOC Holding AS		4,670		26,989

Pegasus Hava Tasimaciligi AS *		1,218		7,647

Sasa Polyester Sanayi AS *		51,281		5,986

Turk Hava Yollari AO *		3,055		25,097

Turkcell Iletisim Hizmetleri AS		8,495		22,172

Turkiye Is Bankasi AS, Class C		42,694		16,774

Turkiye Petrol Rafinerileri AS		5,129		21,762

Turkiye Sise ve Cam Fabrikalari AS		8,362		9,776

Yapi ve Kredi Bankasi AS		12,820		10,953


(Cost $218,477)				274,233

United Arab Emirates – 0.4%

Abu Dhabi Commercial Bank PJSC		13,837		37,749

Abu Dhabi Islamic Bank PJSC		9,213		32,759

Abu Dhabi National Oil Co. for Distribution PJSC		15,036		14,124

ADNOC Drilling Co. PJSC		17,733		25,540

Aldar Properties PJSC		21,893		44,884

Americana Restaurants International PLC - Foreign Co.		14,047		8,261

Dubai Islamic Bank PJSC		15,251		28,236

Emaar Properties PJSC		37,473		97,435

Emirates NBD Bank PJSC		9,761		53,151

Emirates Telecommunications Group Co. PJSC		18,849		84,984

First Abu Dhabi Bank PJSC		22,597		78,750

Multiply Group PJSC *		20,274		11,261


(Cost $442,568)				517,134

United Kingdom – 8.7%

3i Group PLC		5,277		249,470

Admiral Group PLC		1,426		46,585

Anglo American PLC		6,689		214,893

Anglogold Ashanti PLC		2,609		65,417

Ashtead Group PLC		2,343		187,844

Associated British Foods PLC		1,882		52,726

AstraZeneca PLC		8,418		1,138,625

Auto Trader Group PLC, 144A		5,130		54,860

Aviva PLC		13,998		86,301

BAE Systems PLC		16,273		254,499

Barclays PLC		79,748		268,144


	Number of Shares		Value $


Barratt Redrow PLC		7,466		40,701

Berkeley Group Holdings PLC		528		27,916

BP PLC		88,148		432,168

British American Tobacco PLC		10,797		411,205

BT Group PLC		34,798		70,655

Bunzl PLC		1,801		81,676

Centrica PLC		27,351		44,414

Coca-Cola Europacific Partners PLC		1,200		93,096

Compass Group PLC		9,085		311,611

Croda International PLC		697		30,650

Diageo PLC		12,086		362,399

Endeavour Mining PLC		941		18,519

Entain PLC		3,486		35,795

GSK PLC		22,537		383,488

Haleon PLC		42,624		203,352

Halma PLC		1,890		65,236

Hargreaves Lansdown PLC		1,484		20,684

Hikma Pharmaceuticals PLC		795		19,496

HSBC Holdings PLC		98,831		922,983

Imperial Brands PLC		4,322		141,522

Informa PLC		7,115		77,683

InterContinental Hotels Group PLC		872		108,922

Intertek Group PLC		962		57,826

J Sainsbury PLC		9,753		32,470

JD Sports Fashion PLC		13,720		17,802

Kingfisher PLC		10,550		33,281

Land Securities Group PLC REIT		3,830		29,437

Legal & General Group PLC		30,537		86,135

Lloyds Banking Group PLC		339,643		229,702

London Stock Exchange Group PLC		2,593		372,478

M&G PLC		10,884		27,496

Marks & Spencer Group PLC		11,145		54,364

Melrose Industries PLC		7,300		53,445

Mondi PLC		2,241		34,005

National Grid PLC		26,418		334,232

NatWest Group PLC		38,147		195,802

Next PLC		627		80,557

Pearson PLC		3,367		52,915

Persimmon PLC		1,876		30,081

Phoenix Group Holdings PLC		3,541		23,199

Reckitt Benckiser Group PLC		3,788		234,650

RELX PLC		10,152		479,418

Rentokil Initial PLC		14,680		73,684

Rio Tinto PLC		6,145		386,648

Rolls-Royce Holdings PLC *		46,737		332,764

Sage Group PLC		5,352		89,500

Schroders PLC		3,906		15,692

Segro PLC REIT		6,727		66,879

Severn Trent PLC		1,553		53,386

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Shell PLC		33,454		1,079,445

Smith & Nephew PLC		5,032		63,945

Smiths Group PLC		1,893		42,731

Spirax Group PLC		365		33,357

SSE PLC		6,115		138,074

Standard Chartered PLC		11,578		143,500

Taylor Wimpey PLC		18,910		31,574

Tesco PLC		38,267		178,712

Unilever PLC		13,464		806,750

United Utilities Group PLC		3,523		50,270

Vodafone Group PLC		118,399		106,966

Whitbread PLC		968		35,164

Wise PLC, Class A *		3,590		40,359

WPP PLC		5,828		63,825


(Cost $11,349,818)				12,816,055

United States – 0.2%

BeiGene Ltd. *		4,071		67,384

Brookfield Renewable Corp., Class A		723		23,041

Legend Biotech Corp., ADR *		429		18,048

RB Global, Inc.		1,035		102,262

Southern Copper Corp.		458		45,960


(Cost $201,495)				256,695

TOTAL COMMON STOCKS


(Cost $115,940,489)				141,984,169

PREFERRED STOCKS – 0.7%

Brazil – 0.3%

Banco Bradesco SA		30,394		64,273

Centrais Eletricas Brasileiras SA, Class B		958		6,257

Cia Energetica de Minas Gerais		9,616		19,158

Companhia Paranaense de Energia, Class B		3,634		5,908

Gerdau SA		7,372		25,056

Itau Unibanco Holding SA		25,511		139,246

Itausa SA		27,426		44,772

Petroleo Brasileiro SA		23,300		151,755


(Cost $392,934)				456,425

Chile – 0.0%

Sociedad Quimica y Minera de Chile SA, Class B

(Cost $24,377)		751		28,701

Colombia – 0.0%

Bancolombia SA

(Cost $22,107)		2,362		19,152

Germany – 0.2%

Bayerische Motoren Werke AG		305		20,819

Dr Ing hc F Porsche AG, 144A		652		40,766

Henkel AG & Co. KGaA		884		75,554

Porsche Automobil Holding SE		763		27,955

Sartorius AG		164		37,802


	Number of Shares		Value $


Volkswagen AG		1,057		90,295


(Cost $456,914)				293,191

Russia – 0.0%

Surgutneftegas PJSC * (b)

(Cost $22,479)		41,062		0

South Korea – 0.2%

Hyundai Motor Co.		104		11,704

Hyundai Motor Co. - 2nd Preferred		210		24,115

LG Chem Ltd.		38		5,175

Samsung Electronics Co. Ltd.		4,377		144,954


(Cost $125,979)				185,948

TOTAL PREFERRED STOCKS


(Cost $1,044,790)				983,417

RIGHTS – 0.0%

India – 0.0%

UPL Ltd.* , expires 12/24/24(b)

(Cost $0)		333		730

WARRANTS – 0.0%

Canada – 0.0%

Constellation Software, Inc.* (b), expires 8/22/28

(Cost $0)		108		0

Thailand – 0.0%

BTS Group Holdings PCL* , expires 11/20/26

(Cost $0)		7,920		21

TOTAL WARRANTS


(Cost $0)				21

SECURITIES LENDING COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (e)(f)

(Cost $5,438)		5,438		5,438

CASH EQUIVALENTS – 1.5%

DWS Government Money Market Series “Institutional Shares”, 4.59% (e)

(Cost $2,222,469)		2,222,469		2,222,469

TOTAL INVESTMENTS – 98.7%

(Cost $119,213,186)				145,196,244

Other assets and liabilities, net – 1.3%				1,879,238


NET ASSETS – 100.0%				147,075,482

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

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

November 30, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024

COMMON STOCKS – 0.1%

Germany – 0.1%

Deutsche Bank AG (c)

179,649		14,109		(24,340)		12,708		(9,191	)		—		—		10,166		172,935

SECURITIES LENDING COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (e)(f)

409,881		—		(404,443) (g)		—		—			971		—		5,438		5,438

CASH EQUIVALENTS – 1.5%

DWS Government Money Market Series “Institutional Shares”, 4.59% (e)

3,344,936		12,502,679		(13,625,146)		—		—			57,648		—		2,222,469		2,222,469


3,934,466		12,516,788		(14,053,929)		12,708		(9,191	)		58,619		—		2,238,073		2,400,842

*	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)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $5,093, which is 0.0% of net assets.

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

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

(g)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.



ADR:		American Depositary Receipt

CDI:		Chess Depositary Interests

CPO:		Ordinary Participation Certificates

CVA:		Credit Valuation Adjustment

GDR:		Global Depositary Receipt

JSC:		Joint Stock 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

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.

26 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)

At November 30, 2024, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation (Depreciation) ($)

MINI S&P/TSX 60 Futures		CAD		6		320,197		329,879		12/19/2024		9,682

MSCI EAFE Futures		USD		22		2,572,774		2,564,870		12/20/2024		(7,904	)

MSCI Emerging Markets Index Future		USD		23		1,269,471		1,254,190		12/20/2024		(15,281	)

MSCI India Index		USD		4		520,950		519,240		12/20/2024		(1,710	)

Total net unrealized depreciation												(15,213	)

At November 30, 2024, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

JP Morgan & Chase Co.		12/2/2024	CAD	3,387,100	USD	2,432,144		13,046		—

JP Morgan & Chase Co.		12/2/2024	CAD	795,000	USD	570,850		3,054		—

JP Morgan & Chase Co.		12/2/2024	CAD	955,500	USD	687,828		5,401		—

RBC Capital Markets		12/2/2024	CAD	11,296,600	USD	8,111,667		43,531		—

RBC Capital Markets		12/3/2024	AUD	619,000	USD	407,677		3,831		—

RBC Capital Markets		12/3/2024	AUD	262,000	USD	171,659		726		—

RBC Capital Markets		12/3/2024	AUD	9,766,300	USD	6,398,850		27,145		—

JP Morgan & Chase Co.		12/3/2024	CHF	7,557,700	USD	8,767,705		182,046		—

JP Morgan & Chase Co.		12/3/2024	CHF	80,000	USD	92,807		1,926		—

JP Morgan & Chase Co.		12/3/2024	CHF	471,500	USD	547,197		11,566		—

JP Morgan & Chase Co.		12/3/2024	CNH	693,500	USD	97,675		2,012		—

JP Morgan & Chase Co.		12/3/2024	CNH	11,234,200	USD	1,579,078		29,393		—

RBC Capital Markets		12/3/2024	CZK	1,736,400	USD	74,516		1,761		—

Citigroup Global Markets		12/3/2024	DKK	20,190,300	USD	2,943,248		77,946		—

RBC Capital Markets		12/3/2024	DKK	1,246,300	USD	181,974		5,105		—

Citigroup Global Markets		12/3/2024	EUR	26,882,400	USD	29,219,287		765,721		—

RBC Capital Markets		12/3/2024	EUR	1,653,100	USD	1,799,761		50,044		—

RBC Capital Markets		12/3/2024	GBP	136,000	USD	174,837		1,492		—

RBC Capital Markets		12/3/2024	GBP	616,400	USD	798,412		12,749		—

RBC Capital Markets		12/3/2024	GBP	9,849,100	USD	12,661,904		108,248		—

JP Morgan & Chase Co.		12/3/2024	HKD	516,000	USD	66,410		96		—

JP Morgan & Chase Co.		12/3/2024	HKD	80,978,500	USD	10,422,212		15,216		—

JP Morgan & Chase Co.		12/3/2024	HKD	5,030,500	USD	647,554		1,057		—

JP Morgan & Chase Co.		12/3/2024	HUF	26,350,800	USD	69,965		2,445		—

JP Morgan & Chase Co.		12/3/2024	ILS	201,000	USD	53,774		—		(1,608	)

JP Morgan & Chase Co.		12/3/2024	ILS	1,109,000	USD	296,712		—		(8,856	)

RBC Capital Markets		12/3/2024	JPY	54,186,000	USD	357,001		—		(5,276	)

RBC Capital Markets		12/3/2024	JPY	185,140,600	USD	1,221,025		—		(16,792	)

RBC Capital Markets		12/3/2024	JPY	2,945,091,500	USD	19,404,095		—		(286,256	)

Goldman Sachs & Co.		12/3/2024	KWD	88,000	USD	287,770		1,506		—

Bank of America		12/3/2024	MXN	15,355,700	USD	762,539		8,853		—

Bank of America		12/3/2024	MXN	947,900	USD	46,898		373		—

Goldman Sachs & Co.		12/3/2024	NOK	325,900	USD	29,617		77		—

Goldman Sachs & Co.		12/3/2024	NOK	5,279,600	USD	478,723		181		—

JP Morgan & Chase Co.		12/3/2024	NZD	258,300	USD	153,788		675		—

RBC Capital Markets		12/3/2024	PHP	13,434,900	USD	231,403		2,298		—

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

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

November 30, 2024 (Unaudited)


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		12/3/2024	PLN	1,470,000	USD	366,423		4,403		—

Goldman Sachs & Co.		12/3/2024	QAR	1,152,600	USD	316,127		—		(445	)

Goldman Sachs & Co.		12/3/2024	SAR	6,004,000	USD	1,598,211		113		—

Morgan Stanley Capital		12/3/2024	SEK	1,862,800	USD	173,896		2,824		—

Morgan Stanley Capital		12/3/2024	SEK	30,176,700	USD	2,824,197		52,893		—

RBC Capital Markets		12/3/2024	SGD	87,600	USD	66,454		1,001		—

RBC Capital Markets		12/3/2024	SGD	109,000	USD	82,500		1,057		—

RBC Capital Markets		12/3/2024	SGD	1,310,300	USD	991,765		12,732		—

JP Morgan & Chase Co.		12/3/2024	THB	1,175,500	USD	34,838		555		—

JP Morgan & Chase Co.		12/3/2024	THB	19,043,500	USD	563,084		7,691		—

Goldman Sachs & Co.		12/3/2024	TRY	9,513,800	USD	268,484		—		(4,905	)

RBC Capital Markets		12/3/2024	USD	6,936,184	AUD	10,647,300		10,301		—

JP Morgan & Chase Co.		12/3/2024	USD	9,204,540	CHF	8,109,200		7,631		—

JP Morgan & Chase Co.		12/3/2024	USD	1,645,064	CNH	11,927,700		285		—

RBC Capital Markets		12/3/2024	USD	72,601	CZK	1,736,400		153		—

RBC Capital Markets		12/3/2024	USD	2,859,411	DKK	20,190,300		5,891		—

RBC Capital Markets		12/3/2024	USD	176,505	DKK	1,246,300		364		—

Citigroup Global Markets		12/3/2024	USD	110,869	EUR	102,000		—		(2,907	)

RBC Capital Markets		12/3/2024	USD	1,746,004	EUR	1,653,100		3,713		—

RBC Capital Markets		12/3/2024	USD	28,285,458	EUR	26,780,400		60,146		—

RBC Capital Markets		12/3/2024	USD	13,475,037	GBP	10,601,500		37,629		—

RBC Capital Markets		12/3/2024	USD	11,119,250	HKD	86,525,000		557		—

JP Morgan & Chase Co.		12/3/2024	USD	67,235	HUF	26,350,800		285		—

JP Morgan & Chase Co.		12/3/2024	USD	360,316	ILS	1,310,000		634		—

Goldman Sachs & Co.		12/3/2024	USD	21,203,303	JPY	3,184,418,100		87,143		—

Goldman Sachs & Co.		12/3/2024	USD	286,179	KWD	88,000		85		—

Bank of America		12/3/2024	USD	804,758	MXN	16,303,600		—		(4,548	)

Goldman Sachs & Co.		12/3/2024	USD	506,657	NOK	5,605,500		1,425		—

JP Morgan & Chase Co.		12/3/2024	USD	152,797	NZD	258,300		316		—

RBC Capital Markets		12/3/2024	USD	229,212	PHP	13,434,900		—		(108	)

RBC Capital Markets		12/3/2024	USD	361,681	PLN	1,470,000		339		—

Goldman Sachs & Co.		12/3/2024	USD	316,127	QAR	1,152,600		445		—

Goldman Sachs & Co.		12/3/2024	USD	1,598,509	SAR	6,004,000		—		(411	)

Bank of America		12/3/2024	USD	2,934,329	SEK	32,039,500		8,047		—

RBC Capital Markets		12/3/2024	USD	1,124,007	SGD	1,506,900		1,922		—

JP Morgan & Chase Co.		12/3/2024	USD	590,198	THB	20,219,000		—		(522	)

Goldman Sachs & Co.		12/3/2024	USD	273,901	TRY	9,513,800		—		(512	)

Goldman Sachs & Co.		12/3/2024	USD	1,378,457	ZAR	24,900,100		1,803		—

Goldman Sachs & Co.		12/3/2024	ZAR	1,447,700	USD	82,488		2,239		—

Goldman Sachs & Co.		12/3/2024	ZAR	1,539,000	USD	86,829		1,520		—

Goldman Sachs & Co.		12/3/2024	ZAR	21,913,400	USD	1,236,369		21,667		—

JP Morgan & Chase Co.		12/4/2024	BRL	1,536,400	USD	264,492		7,374		—

JP Morgan & Chase Co.		12/4/2024	BRL	598,500	USD	102,688		2,528		—

RBC Capital Markets		12/4/2024	BRL	8,159,600	USD	1,404,285		38,767		—

Goldman Sachs & Co.		12/4/2024	CLP	154,508,700	USD	160,670		1,950		—

JP Morgan & Chase Co.		12/4/2024	COP	156,011,000	USD	35,169		32		—

Goldman Sachs & Co.		12/4/2024	EGP	830,000	USD	16,683		—		(15	)

JP Morgan & Chase Co.		12/4/2024	IDR	10,407,972,600	USD	661,580		4,795		—

JP Morgan & Chase Co.		12/4/2024	IDR	642,467,400	USD	40,652		110		—

JP Morgan & Chase Co.		12/4/2024	INR	39,346,000	USD	466,959		1,408		—

JP Morgan & Chase Co.		12/4/2024	INR	200,971,000	USD	2,387,254		9,318		—

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		12/4/2024	INR	490,823,100	USD	5,829,592		22,058		—

RBC Capital Markets		12/4/2024	KRW	352,200,800	USD	256,463		3,957		—

RBC Capital Markets		12/4/2024	KRW	5,951,585,200	USD	4,315,933		49,021		—

RBC Capital Markets		12/4/2024	MYR	152,800	USD	34,979		597		—

RBC Capital Markets		12/4/2024	MYR	2,475,200	USD	567,251		10,297		—

JP Morgan & Chase Co.		12/4/2024	TWD	232,636,500	USD	7,299,087		134,494		—

RBC Capital Markets		12/4/2024	TWD	5,754,000	USD	180,035		2,827		—

RBC Capital Markets		12/4/2024	TWD	9,129,500	USD	286,497		5,332		—

RBC Capital Markets		12/4/2024	TWD	15,279,000	USD	480,767		10,214		—

JP Morgan & Chase Co.		12/4/2024	USD	357,563	BRL	2,134,900		—		(285	)

RBC Capital Markets		12/4/2024	USD	1,360,015	BRL	8,159,600		5,503		—

Goldman Sachs & Co.		12/4/2024	USD	158,259	CLP	154,508,700		461		—

JP Morgan & Chase Co.		12/4/2024	USD	35,141	COP	156,011,000		—		(4	)

Goldman Sachs & Co.		12/4/2024	USD	16,737	EGP	830,000		—		(39	)

JP Morgan & Chase Co.		12/4/2024	USD	697,321	IDR	11,050,440,000		6		—

JP Morgan & Chase Co.		12/4/2024	USD	2,843,315	INR	240,317,000		172		—

RBC Capital Markets		12/4/2024	USD	5,163,422	INR	436,434,100		569		—

RBC Capital Markets		12/4/2024	USD	646,125	INR	54,389,000		—		(2,582	)

RBC Capital Markets		12/4/2024	USD	178,408	KRW	245,932,000		—		(2,090	)

RBC Capital Markets		12/4/2024	USD	4,343,233	KRW	6,057,854,000		—		(133	)

RBC Capital Markets		12/4/2024	USD	590,960	MYR	2,628,000		377		—

JP Morgan & Chase Co.		12/4/2024	USD	7,153,644	TWD	232,636,500		10,949		—

RBC Capital Markets		12/4/2024	USD	927,107	TWD	30,162,500		1,819		—

Goldman Sachs & Co.		12/5/2024	AED	104,700	USD	28,505		—		(2	)

Goldman Sachs & Co.		12/5/2024	AED	1,696,500	USD	461,922		13		—

Goldman Sachs & Co.		12/5/2024	USD	490,383	AED	1,801,200		33		—

JP Morgan & Chase Co.		1/2/2025	CAD	1,107,000	USD	791,562		—		(130	)

JP Morgan & Chase Co.		1/2/2025	CAD	5,137,600	USD	3,673,755		—		(498	)

RBC Capital Markets		1/2/2025	CAD	11,296,600	USD	8,077,932		—		(1,048	)

Goldman Sachs & Co.		1/3/2025	AED	1,801,200	USD	490,429		—		(63	)

Goldman Sachs & Co.		1/3/2025	AED	177,000	USD	48,192		—		(7	)

RBC Capital Markets		1/3/2025	AUD	10,647,300	USD	6,938,100		—		(10,173	)

RBC Capital Markets		1/3/2025	AUD	499,000	USD	325,159		—		(481	)

JP Morgan & Chase Co.		1/3/2025	CNH	1,013,000	USD	139,927		—		(38	)

JP Morgan & Chase Co.		1/3/2025	CNH	11,927,700	USD	1,647,677		—		(359	)

RBC Capital Markets		1/3/2025	CZK	1,736,400	USD	72,648		—		(180	)

RBC Capital Markets		1/3/2025	DKK	1,246,300	USD	176,806		—		(378	)

RBC Capital Markets		1/3/2025	DKK	20,190,300	USD	2,864,289		—		(6,122	)

RBC Capital Markets		1/3/2025	EUR	1,653,100	USD	1,748,371		—		(3,825	)

RBC Capital Markets		1/3/2025	EUR	26,780,400	USD	28,323,808		—		(61,958	)

RBC Capital Markets		1/3/2025	GBP	321,000	USD	407,992		—		(1,140	)

RBC Capital Markets		1/3/2025	GBP	10,601,500	USD	13,474,750		—		(37,427	)

RBC Capital Markets		1/3/2025	HKD	86,525,000	USD	11,123,017		—		(590	)

JP Morgan & Chase Co.		1/3/2025	HUF	17,979,000	USD	45,820		—		(195	)

JP Morgan & Chase Co.		1/3/2025	HUF	26,350,800	USD	67,161		—		(280	)

JP Morgan & Chase Co.		1/3/2025	ILS	1,310,000	USD	360,533		—		(677	)

JP Morgan & Chase Co.		1/3/2025	ILS	170,000	USD	46,786		—		(89	)

Bank of America		1/3/2025	MXN	16,303,600	USD	800,373		4,450		—

Goldman Sachs & Co.		1/3/2025	NOK	395,000	USD	35,733		—		(72	)

Goldman Sachs & Co.		1/3/2025	NOK	5,605,500	USD	506,692		—		(1,428	)

JP Morgan & Chase Co.		1/3/2025	NZD	258,300	USD	152,855		—		(323	)

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

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

November 30, 2024 (Unaudited)


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation ($)		Unrealized Depreciation ($)

JP Morgan & Chase Co.		1/3/2025		NZD	62,000		USD	36,689		—		(78	)

RBC Capital Markets		1/3/2025		PHP	13,434,900		USD	228,959		86		—

RBC Capital Markets		1/3/2025		PLN	1,470,000		USD	361,024		—		(378	)

Bank of America		1/3/2025		SEK	32,039,500		USD	2,939,957		—		(8,246	)

RBC Capital Markets		1/3/2025		SGD	1,506,900		USD	1,125,560		—		(2,004	)

RBC Capital Markets		1/3/2025		SGD	188,000		USD	140,420		—		(254	)

JP Morgan & Chase Co.		1/3/2025		THB	20,219,000		USD	591,406		125		—

JP Morgan & Chase Co.		1/3/2025		THB	1,669,000		USD	48,821		13		—

Goldman Sachs & Co.		1/3/2025		TRY	9,513,800		USD	265,382		703		—

RBC Capital Markets		1/3/2025		USD	408,833		HKD	3,180,000		—		(14	)

Bank of America		1/3/2025		USD	55,975		SEK	610,000		156		—

Goldman Sachs & Co.		1/3/2025		USD	35,718		ZAR	647,000		41		—

Goldman Sachs & Co.		1/3/2025		ZAR	24,900,100		USD	1,374,424		—		(1,777	)

JP Morgan & Chase Co.		1/6/2025		BRL	2,134,900		USD	356,339		507		—

RBC Capital Markets		1/6/2025		BRL	8,159,600		USD	1,355,584		—		(4,408	)

JP Morgan & Chase Co.		1/6/2025		CHF	8,109,200		USD	9,242,012		—		(8,741	)

Goldman Sachs & Co.		1/6/2025		CLP	154,508,700		USD	158,195		—		(446	)

JP Morgan & Chase Co.		1/6/2025		IDR	11,050,440,000		USD	696,178		—		(519	)

JP Morgan & Chase Co.		1/6/2025		INR	240,317,000		USD	2,838,211		—		(105	)

RBC Capital Markets		1/6/2025		INR	436,434,100		USD	5,153,818		—		(780	)

RBC Capital Markets		1/6/2025		KRW	6,057,854,000		USD	4,347,066		—		(2,013	)

Goldman Sachs & Co.		1/6/2025		KWD	88,000		USD	285,251		—		(1,929	)

RBC Capital Markets		1/6/2025		MYR	2,628,000		USD	591,093		—		(1,155	)

RBC Capital Markets		1/6/2025		MYR	236,000		USD	53,108		—		(78	)

Goldman Sachs & Co.		1/6/2025		QAR	1,152,600		USD	315,781		—		(884	)

Goldman Sachs & Co.		1/6/2025		QAR	141,000		USD	38,630		—		(108	)

Goldman Sachs & Co.		1/6/2025		SAR	497,000		USD	132,276		11		—

Goldman Sachs & Co.		1/6/2025		SAR	6,004,000		USD	1,598,084		269		—

JP Morgan & Chase Co.		1/6/2025		TWD	1,361,000		USD	41,952		—		(98	)

JP Morgan & Chase Co.		1/6/2025		TWD	232,636,500		USD	7,169,076		—		(18,498	)

RBC Capital Markets		1/6/2025		TWD	30,162,500		USD	930,913		—		(993	)

JP Morgan & Chase Co.		1/6/2025		USD	38,848		BRL	233,000		—		(13	)

JP Morgan & Chase Co.		1/6/2025		USD	88,902		CHF	78,000		79		—

RBC Capital Markets		1/6/2025		USD	74,253		KRW	103,456,000		21		—

JP Morgan & Chase Co.		1/7/2025		COP	156,011,000		USD	34,981		11		—

Goldman Sachs & Co.		1/7/2025		JPY	3,184,418,100		USD	21,304,303		—		(94,359	)

Goldman Sachs & Co.		1/7/2025		JPY	5,763,000		USD	38,557		—		(169	)

Goldman Sachs & Co.		1/8/2025		EGP	830,000		USD	16,423		54		—

Total unrealized appreciation (depreciation)										2,048,836		(613,824	)

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

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

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

November 30, 2024 (Unaudited)

Currency Abbreviations



AED		Arab Emirates Dirham

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CLP		Chilean Peso

CNH		Chinese Yuan

COP		Colombian Peso

CZK		Czech Koruna

DKK		Danish Krone

EGP		Egyptian Pound

EUR		Euro

GBP		Pound Sterling

HKD		Hong Kong Dollar

HUF		Hungarian Forint

IDR		Indonesian Rupiah

ILS		Israeli Shekel

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

KWD		Kuwaiti Dinar

MXN		Mexican Peso

MYR		Malaysian Ringgit

NOK		Norwegian Krone

NZD		New Zealand Dollar

PHP		Philippine Peso

PLN		Polish Zloty

QAR		Qatari Rial

SAR		Saudi Riyal

SEK		Swedish Krona

SGD		Singapore Dollar

THB		Thai Baht

TRY		Turkish Lira

TWD		New Taiwan Dollar

USD		U.S. Dollar

ZAR		South African Rand

See Notes to Financial Statements.

DBX ETF Trust | 31

Schedule of Investments

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

November 30, 2024 (Unaudited)

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total

Common Stocks (a)	$	141,980,417		$	—		$	3,752	$	141,984,169

Preferred Stocks (a)		983,417			—			0		983,417

Rights		—			—			730		730

Warrants (a)		21			—			0		21

Short-Term Investments (a)		2,227,907			—			—		2,227,907

Derivatives (b)

Forward Foreign Currency Contracts		—			2,048,836			—		2,048,836

Futures Contracts		9,682			—			—		9,682

TOTAL	$	145,201,444		$	2,048,836		$	4,482	$	147,254,762

Liabilities	Level 1			Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—		$	(613,824	)	$	—	$	(613,824	)

Futures Contracts		(24,895	)		—			—		(24,895	)

TOTAL	$	(24,895	)	$	(613,824	)	$	—	$	(638,719	)

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

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

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS – 98.1%

Australia – 7.5%

ANZ Group Holdings Ltd.		1,176,690		23,928,353

APA Group (a)		530,758		2,500,044

Aristocrat Leisure Ltd.		219,941		9,721,414

ASX Ltd.		73,301		3,159,093

BHP Group Ltd.		1,992,556		52,738,708

BlueScope Steel Ltd.		179,855		2,596,677

Brambles Ltd.		546,582		6,785,909

CAR Group Ltd.		152,342		4,124,599

Cochlear Ltd.		25,773		5,115,584

Coles Group Ltd.		540,802		6,558,909

Commonwealth Bank of

Australia		657,764		68,050,678

Computershare Ltd.		211,937		4,409,357

CSL Ltd.		189,683		34,924,495

Endeavour Group Ltd.		631,809		1,801,280

Fortescue Ltd.		679,742		8,421,375

Goodman Group REIT		673,233		16,650,724

GPT Group REIT		747,816		2,322,286

Insurance Australia Group Ltd.		907,645		5,051,019

Lottery Corp. Ltd.		882,527		2,982,440

Macquarie Group Ltd.		142,094		21,424,388

Medibank Pvt Ltd.		1,112,483		2,772,494

Mineral Resources Ltd.		64,991		1,425,916

Mirvac Group REIT		1,504,779		2,120,510

National Australia Bank Ltd.		1,196,715		30,526,811

Northern Star Resources Ltd.		472,108		5,393,137

Orica Ltd.		183,817		2,171,791

Origin Energy Ltd.		681,622		4,833,782

Pro Medicus Ltd.		21,633		3,555,017

Qantas Airways Ltd. *		292,024		1,670,829

QBE Insurance Group Ltd.		608,501		7,939,721

Ramsay Health Care Ltd.		78,218		2,020,255

REA Group Ltd.		19,888		3,263,584

Reece Ltd.		85,823		1,441,206

Rio Tinto Ltd.		144,600		11,154,411

Santos Ltd.		1,284,510		5,539,275

Scentre Group REIT		2,095,527		5,031,008

SEEK Ltd.		136,976		2,334,165

SGH Ltd.		83,728		2,704,442

Sonic Healthcare Ltd.		177,914		3,316,151

South32 Ltd.		1,782,462		4,325,907

Stockland REIT		913,187		3,109,884

Suncorp Group Ltd.		499,271		6,416,771

Telstra Group Ltd.		1,582,101		4,066,721

Transurban Group (a)		1,204,398		10,057,590

Treasury Wine Estates Ltd.		332,190		2,455,446

Vicinity Ltd. REIT		1,455,803		2,051,494

Washington H Soul Pattinson &

Co. Ltd.		98,302		2,231,801

Wesfarmers Ltd.		445,840		20,892,905


	Number of Shares		Value $


Westpac Banking Corp.		1,349,663		29,374,151

WiseTech Global Ltd.		71,047		5,937,571

Woodside Energy Group Ltd.		740,617		11,842,706

Woolworths Group Ltd.		473,636		9,325,624


(Cost $417,197,664)				494,570,408

Austria – 0.2%

Erste Group Bank AG		131,382		7,216,263

OMV AG		55,733		2,236,608

Verbund AG		25,542		2,040,849


(Cost $8,208,130)				11,493,720

Belgium – 0.8%

Ageas SA/NV		60,505		3,058,192

Anheuser-Busch InBev SA/NV		353,023		19,031,413

D’ieteren Group		8,052		1,719,626

Elia Group SA/NV		11,311		1,061,179

Groupe Bruxelles Lambert NV		32,326		2,239,086

KBC Group NV		89,713		6,478,933

Lotus Bakeries NV		172		2,071,475

Sofina SA		6,672		1,550,592

Syensqo SA		27,447		2,040,855

UCB SA		49,016		9,614,784

Warehouses De Pauw CVA REIT		70,938		1,570,543


(Cost $51,778,600)				50,436,678

Chile – 0.1%

Antofagasta PLC

(Cost $2,667,663)		160,091		3,473,989

China – 0.0%

Yangzijiang Shipbuilding Holdings Ltd.

(Cost $1,952,204)		999,300		1,799,195

Denmark – 3.2%

A.P. Moller – Maersk A/S, Class A		1,058		1,736,887

A.P. Moller – Maersk A/S, Class B		1,887		3,206,269

Carlsberg AS, Class B		36,908		3,806,169

Coloplast A/S, Class B		49,660		6,266,953

Danske Bank A/S		266,756		7,672,211

Demant A/S *		33,368		1,274,553

DSV A/S		80,475		17,207,859

Genmab A/S *		24,798		5,369,376

Novo Nordisk A/S, Class B		1,264,391		135,863,233

Novonesis (Novozymes) B, Class B		136,923		8,037,380

Orsted AS, 144A * (b)		70,000		3,891,482

Pandora A/S		32,592		5,255,730

ROCKWOOL A/S, Class B		3,926		1,433,875

Tryg A/S		135,838		3,133,967

Vestas Wind Systems A/S *		394,152		6,135,118

Zealand Pharma A/S *		26,368		2,731,195


(Cost $140,150,567)				213,022,257

See Notes to Financial Statements.

DBX ETF Trust | 33

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Elisa OYJ		53,744		2,438,899

Fortum OYJ		172,840		2,609,307

Kesko OYJ, Class B		105,795		2,106,583

Kone OYJ, Class B		132,979		6,904,301

Metso Corp. (b)		259,870		2,289,822

Neste OYJ		157,846		2,406,334

Nokia OYJ		2,120,085		8,928,754

Nordea Bank Abp		1,244,156		14,095,179

Orion OYJ, Class B		46,379		2,194,989

Sampo OYJ, Class A		193,143		8,286,513

Stora Enso OYJ, Class R		217,240		2,113,289

UPM-Kymmene OYJ		209,468		5,519,835

Wartsila OYJ Abp		204,250		3,718,997


(Cost $66,835,535)				63,612,802

France – 10.4%

Accor SA		71,706		3,314,723

Aeroports de Paris SA		13,401		1,552,961

Air Liquide SA		227,121		37,804,186

Airbus SE		233,515		36,466,369

Alstom SA *		136,831		3,082,970

Amundi SA, 144A		27,637		1,803,155

Arkema SA		24,268		1,926,213

AXA SA		692,276		24,162,342

BioMerieux		15,580		1,629,871

BNP Paribas SA		398,920		23,912,124

Bollore SE		267,221		1,650,139

Bouygues SA		72,124		2,149,421

Bureau Veritas SA		118,829		3,621,796

Capgemini SE		61,246		9,845,655

Carrefour SA		221,779		3,379,808

Cie de Saint-Gobain SA		179,658		16,416,013

Cie Generale des Etablissements Michelin SCA		265,710		8,646,933

Covivio SA REIT		24,760		1,362,583

Credit Agricole SA		428,702		5,748,324

Danone SA		250,068		17,112,085

Dassault Aviation SA		8,214		1,637,739

Dassault Systemes SE		259,819		8,977,661

Edenred SE		94,874		3,142,683

Eiffage SA		27,912		2,522,655

Engie SA		724,640		11,568,491

EssilorLuxottica SA		116,664		28,372,394

Eurazeo SE		16,416		1,208,297

Gecina SA REIT		17,685		1,784,575

Getlink SE		125,711		2,057,464

Hermes International SCA		12,464		27,238,713

Ipsen SA		13,292		1,538,923

Kering SA		28,931		6,758,857

Klepierre SA REIT		81,650		2,473,061


	Number of Shares		Value $


La Francaise des Jeux SAEM, 144A		40,029		1,584,366

Legrand SA		101,986		10,240,575

L’Oreal SA		94,307		32,800,968

LVMH Moet Hennessy Louis Vuitton SE		108,132		67,803,433

Orange SA (b)		727,030		7,759,564

Pernod Ricard SA		78,424		8,789,295

Publicis Groupe SA		89,132		9,687,533

Renault SA		78,604		3,371,556

Rexel SA		92,938		2,403,829

Safran SA		142,357		33,219,762

Sanofi SA		448,679		43,727,768

Sartorius Stedim Biotech		10,942		2,088,440

Schneider Electric SE		214,786		55,349,542

SEB SA		8,938		849,426

Societe Generale SA		286,856		7,618,338

Sodexo SA		33,061		2,750,095

Teleperformance SE		20,290		1,911,519

Thales SA		37,449		5,607,971

TotalEnergies SE		848,190		49,343,276

Unibail-Rodamco-Westfield REIT *		46,532		3,819,431

Veolia Environnement SA		278,298		8,119,998

Vinci SA		196,327		20,748,213

Vivendi SE		301,001		2,768,196


(Cost $565,479,804)				687,232,278

Germany – 8.6%

adidas AG		62,850		14,839,318

Allianz SE		153,693		47,527,327

BASF SE		352,892		15,842,422

Bayer AG		380,491		7,807,042

Bayerische Motoren Werke AG		113,990		8,446,912

Bechtle AG		30,974		1,019,452

Beiersdorf AG		39,321		5,103,889

Brenntag SE		49,903		3,221,555

Carl Zeiss Meditec AG		19,709		1,179,523

Commerzbank AG		382,709		5,882,933

Continental AG		41,351		2,714,982

Covestro AG, 144A *		69,347		4,236,070

CTS Eventim AG & Co. KGaA		23,542		2,081,608

Daimler Truck Holding AG		199,407		7,554,966

Delivery Hero SE, 144A *		69,338		2,842,759

Deutsche Bank AG (c)		752,094		12,793,966

Deutsche Boerse AG		73,627		17,259,171

Deutsche Lufthansa AG		255,681		1,714,442

Deutsche Post AG		402,875		14,824,638

Deutsche Telekom AG		1,374,444		44,044,534

E.ON SE		872,292		11,248,549

Evonik Industries AG		98,330		1,807,049

Fresenius Medical Care AG		81,006		3,566,314

Fresenius SE & Co. KGaA *		171,021		6,021,592

See Notes to Financial Statements.

34 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


GEA Group AG		62,580		3,133,931

Hannover Rueck SE		24,811		6,488,228

Heidelberg Materials AG		53,945		6,816,550

Henkel AG & Co. KGaA		37,947		2,885,448

Infineon Technologies AG		512,677		16,719,185

Knorr-Bremse AG		27,507		2,100,335

LEG Immobilien SE		30,182		2,802,559

Mercedes-Benz Group AG		290,774		16,297,187

Merck KGaA		50,014		7,494,867

MTU Aero Engines AG		21,066		7,183,179

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		52,644		27,539,027

Nemetschek SE		21,825		2,268,166

Puma SE		44,252		2,074,654

Rational AG		2,204		2,064,258

Rheinmetall AG		16,923		11,146,949

RWE AG		245,692		8,286,711

SAP SE		410,064		97,600,085

Scout24 SE, 144A		30,521		2,747,149

Siemens AG		298,283		57,818,688

Siemens Energy AG *		248,101		13,396,090

Siemens Healthineers AG, 144A		111,809		6,072,570

Symrise AG		51,790		5,727,582

Talanx AG		24,850		2,109,161

Vonovia SE		295,624		9,823,775

Zalando SE, 144A *		89,960		2,800,923


(Cost $457,839,940)				566,978,270

Hong Kong – 2.0%

AIA Group Ltd.		4,260,158		31,835,941

BOC Hong Kong Holdings Ltd.		1,407,248		4,322,259

CK Asset Holdings Ltd.		768,867		3,142,104

CK Hutchison Holdings Ltd.		1,031,899		5,370,744

CK Infrastructure Holdings Ltd.		262,101		1,805,410

CLP Holdings Ltd.		635,438		5,332,472

Futu Holdings Ltd., ADR *		23,462		2,046,590

Galaxy Entertainment Group Ltd.		877,331		3,895,415

Hang Seng Bank Ltd.		302,400		3,592,783

Henderson Land Development Co. Ltd.		588,127		1,844,180

HKT Trust & HKT Ltd. (a)		1,649,364		2,049,676

Hong Kong & China Gas Co. Ltd.		4,338,077		3,289,209

Hong Kong Exchanges & Clearing Ltd.		469,973		17,503,043

Hongkong Land Holdings Ltd.		453,055		2,061,400

Jardine Matheson Holdings Ltd.		58,201		2,541,056

Link REIT		986,524		4,291,495

MTR Corp. Ltd.		567,388		1,986,959

Power Assets Holdings Ltd.		547,497		3,588,345

Prudential PLC		1,071,324		8,763,850

Sino Land Co. Ltd.		1,653,285		1,618,993


	Number of Shares		Value $


SITC International Holdings Co. Ltd.		567,025		1,475,603

Sun Hung Kai Properties Ltd.		552,732		5,487,258

Swire Pacific Ltd., Class A		178,585		1,469,963

Techtronic Industries Co. Ltd.		525,708		7,404,528

WH Group Ltd., 144A		3,309,103		2,623,842

Wharf Holdings Ltd.		426,939		1,171,402

Wharf Real Estate Investment Co. Ltd.		612,092		1,640,080


(Cost $144,043,834)				132,154,600

Ireland – 0.8%

AerCap Holdings NV		75,833		7,534,767

AIB Group PLC		726,042		3,957,110

Bank of Ireland Group PLC		410,789		3,603,111

DCC PLC		41,208		3,006,986

Experian PLC		356,255		17,032,658

James Hardie Industries PLC CDI *		170,603		6,256,251

Kerry Group PLC, Class A		61,263		5,929,131

Kingspan Group PLC		61,145		4,607,338


(Cost $37,235,423)				51,927,352

Israel – 0.9%

Azrieli Group Ltd.		16,329		1,309,181

Bank Hapoalim BM		475,600		5,460,250

Bank Leumi Le-Israel BM		593,753		6,756,209

Check Point Software Technologies Ltd. *		34,909		6,353,438

CyberArk Software Ltd. *		17,067		5,521,345

Elbit Systems Ltd.		10,053		2,442,933

Global-e Online Ltd. *		42,245		2,208,569

ICL Group Ltd.		274,326		1,239,533

Israel Discount Bank Ltd., Class A		463,850		3,049,265

Mizrahi Tefahot Bank Ltd.		63,777		2,753,470

Monday.com Ltd. *		15,149		4,322,919

Nice Ltd. *		24,781		4,462,499

Teva Pharmaceutical Industries Ltd., ADR *		451,298		7,572,780

Wix.com Ltd. *		20,799		4,653,568


(Cost $41,469,811)				58,105,959

Italy – 2.5%

Amplifon SpA		46,609		1,185,312

Banco BPM SpA		526,513		4,014,134

BPER Banca SPA		381,190		2,330,924

Davide Campari-Milano NV		255,691		1,536,455

DiaSorin SpA		8,898		996,293

Enel SpA		3,182,416		22,935,761

Eni SpA		894,285		12,687,740

Ferrari NV		49,549		21,588,619

FinecoBank Banca Fineco SpA		248,893		4,001,101

Generali		371,149		10,636,679

See Notes to Financial Statements.

DBX ETF Trust | 35

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Infrastrutture Wireless Italiane SpA, 144A		121,180		1,250,388

Intesa Sanpaolo SpA (b)		5,731,440		21,999,885

Leonardo SpA		161,353		4,349,257

Mediobanca Banca di Credito Finanziario SpA		185,897		2,715,926

Moncler SpA		92,330		4,528,993

Nexi SpA, 144A *		225,316		1,336,285

Poste Italiane SpA, 144A		188,870		2,655,423

Prysmian SpA		108,875		7,192,188

Recordati Industria Chimica e Farmaceutica SpA		39,584		2,159,521

Snam SpA		752,354		3,512,908

Telecom Italia SpA *		3,679,014		884,993

Terna - Rete Elettrica Nazionale		554,126		4,696,147

UniCredit SpA		578,022		22,257,472

Unipol Gruppo SpA		153,993		1,861,128


(Cost $123,294,419)				163,313,532

Japan – 22.4%

Advantest Corp.		301,800		16,618,765

Aeon Co. Ltd.		258,500		6,208,561

AGC, Inc.		72,200		2,262,884

Aisin Corp.		187,162		1,973,681

Ajinomoto Co., Inc.		187,247		7,860,770

ANA Holdings, Inc.		60,100		1,160,311

Asahi Group Holdings Ltd.		564,495		6,147,050

Asahi Kasei Corp.		490,100		3,497,907

Asics Corp.		267,700		5,372,247

Astellas Pharma, Inc.		706,632		7,373,736

Bandai Namco Holdings, Inc.		232,700		4,914,007

Bridgestone Corp.		223,776		7,999,050

Brother Industries Ltd.		87,400		1,539,020

Canon, Inc.		371,186		12,075,203

Capcom Co. Ltd.		136,000		3,186,421

Central Japan Railway Co.		295,570		6,097,465

Chiba Bank Ltd.		206,100		1,722,321

Chubu Electric Power Co., Inc.		271,400		2,871,065

Chugai Pharmaceutical Co. Ltd.		260,100		11,468,456

Concordia Financial Group Ltd.		407,215		2,442,909

Dai Nippon Printing Co. Ltd.		162,200		2,476,791

Daifuku Co. Ltd.		120,963		2,519,658

Dai-ichi Life Holdings, Inc.		356,138		9,641,239

Daiichi Sankyo Co. Ltd.		688,393		21,846,955

Daikin Industries Ltd.		102,088		12,344,843

Daito Trust Construction Co. Ltd.		23,213		2,594,476

Daiwa House Industry Co. Ltd.		230,236		7,239,110

Daiwa Securities Group, Inc.		512,787		3,445,652

Denso Corp.		737,712		10,495,782

Dentsu Group, Inc.		77,000		1,967,709

Disco Corp.		36,700		9,957,364

East Japan Railway Co.		358,159		6,988,935

Eisai Co. Ltd.		96,852		3,022,580


	Number of Shares		Value $


ENEOS Holdings, Inc.		1,071,328		5,790,498

FANUC Corp.		368,785		9,579,439

Fast Retailing Co. Ltd.		74,951		25,599,743

Fuji Electric Co. Ltd.		52,700		2,966,400

FUJIFILM Holdings Corp.		437,062		9,854,632

Fujikura Ltd.		97,100		3,453,396

Fujitsu Ltd.		657,220		12,587,493

Hankyu Hanshin Holdings, Inc.		94,940		2,605,076

Hikari Tsushin, Inc.		7,400		1,621,037

Hitachi Construction Machinery Co. Ltd.		44,900		1,013,581

Hitachi Ltd.		1,820,705		45,639,297

Honda Motor Co. Ltd.		1,755,297		15,149,466

Hoshizaki Corp.		41,000		1,659,015

Hoya Corp.		136,974		17,629,773

Hulic Co. Ltd.		150,300		1,354,950

Idemitsu Kosan Co. Ltd.		369,420		2,467,984

Inpex Corp.		351,317		4,634,454

Isuzu Motors Ltd.		217,300		2,899,947

ITOCHU Corp.		467,454		23,066,562

Japan Airlines Co. Ltd.		57,073		951,789

Japan Exchange Group, Inc.		395,856		4,770,959

Japan Post Bank Co. Ltd.		569,958		5,393,348

Japan Post Holdings Co. Ltd.		752,013		7,535,709

Japan Post Insurance Co. Ltd.		81,800		1,715,920

Japan Real Estate Investment Corp. REIT		556		2,058,434

Japan Tobacco, Inc.		467,541		13,182,007

JFE Holdings, Inc.		229,785		2,624,315

Kajima Corp.		152,400		2,783,408

Kansai Electric Power Co., Inc.		280,667		3,611,496

Kao Corp.		183,604		7,992,492

Kawasaki Kisen Kaisha Ltd.		150,100		1,998,625

KDDI Corp.		603,333		19,957,888

Keyence Corp.		76,470		33,073,633

Kikkoman Corp.		254,610		2,792,985

Kirin Holdings Co. Ltd.		310,523		4,335,992

Kobe Bussan Co. Ltd.		60,300		1,520,395

Kokusai Electric Corp.		53,500		886,661

Komatsu Ltd.		338,373		9,103,780

Konami Group Corp.		40,566		4,005,364

Kubota Corp. (b)		362,581		4,538,320

Kyocera Corp.		507,300		4,995,366

Kyowa Kirin Co. Ltd.		105,000		1,744,387

Lasertec Corp.		31,300		3,438,733

LY Corp.		1,100,500		3,029,243

M3, Inc.		161,742		1,567,267

Makita Corp.		98,000		3,067,576

Marubeni Corp.		555,000		8,359,864

MatsukiyoCocokara & Co.		131,500		1,844,550

McDonald’s Holdings Co. Japan Ltd. (b)		33,622		1,390,806

See Notes to Financial Statements.

36 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


MEIJI Holdings Co. Ltd.		99,180		2,120,930

MINEBEA MITSUMI, Inc.		150,920		2,469,948

Mitsubishi Chemical Group Corp.		495,500		2,599,024

Mitsubishi Corp.		1,314,275		22,181,245

Mitsubishi Electric Corp.		738,979		12,578,051

Mitsubishi Estate Co. Ltd.		436,251		6,179,056

Mitsubishi HC Capital, Inc.		336,700		2,272,567

Mitsubishi Heavy Industries Ltd.		1,260,290		18,507,667

Mitsubishi UFJ Financial Group, Inc.		4,364,652		52,268,487

Mitsui & Co. Ltd. (b)		992,020		20,789,727

Mitsui Chemicals, Inc.		75,900		1,759,537

Mitsui Fudosan Co. Ltd.		1,068,278		8,952,290

Mitsui OSK Lines Ltd.		133,100		4,562,082

Mizuho Financial Group, Inc.		948,558		23,986,524

MonotaRO Co. Ltd.		110,800		1,975,874

MS&AD Insurance Group Holdings, Inc.		510,963		11,408,229

Murata Manufacturing Co. Ltd.		656,831		11,017,414

NEC Corp.		95,659		8,147,380

Nexon Co. Ltd.		125,945		1,732,543

Nidec Corp.		327,692		6,033,089

Nintendo Co. Ltd.		408,110		24,027,326

Nippon Building Fund, Inc. REIT		2,865		2,402,817

Nippon Paint Holdings Co. Ltd.		369,410		2,526,672

Nippon Sanso Holdings Corp.		72,500		2,115,795

Nippon Steel Corp.		363,809		7,437,127

Nippon Telegraph & Telephone Corp.		11,765,150		12,060,773

Nippon Yusen KK		171,400		5,493,414

Nissan Motor Co. Ltd.		912,342		2,188,182

Nissin Foods Holdings Co. Ltd.		79,200		2,105,437

Nitori Holdings Co. Ltd.		31,501		4,047,091

Nitto Denko Corp.		278,220		4,439,918

Nomura Holdings, Inc.		1,180,354		7,110,205

Nomura Research Institute Ltd.		151,643		4,642,319

NTT Data Group Corp.		243,534		4,716,396

Obayashi Corp.		268,200		3,826,564

Obic Co. Ltd.		122,000		3,998,998

Olympus Corp.		474,316		7,480,525

Omron Corp.		68,292		2,175,085

Ono Pharmaceutical Co. Ltd. (b)		144,906		1,677,207

Oracle Corp.		13,700		1,402,593

Oriental Land Co. Ltd.		435,300		10,291,977

ORIX Corp.		450,446		10,135,336

Osaka Gas Co. Ltd.		140,500		3,083,414

Otsuka Corp.		84,900		2,117,394

Otsuka Holdings Co. Ltd.		172,467		10,009,863

Pan Pacific International Holdings Corp.		148,872		3,787,461

Panasonic Holdings Corp.		908,385		8,896,273

Rakuten Group, Inc. *		604,886		3,469,889


	Number of Shares		Value $


Recruit Holdings Co. Ltd.		550,553		38,208,319

Renesas Electronics Corp.		674,000		8,843,885

Resona Holdings, Inc.		814,425		6,803,203

Ricoh Co. Ltd.		211,000		2,399,906

SBI Holdings, Inc.		109,125		2,756,566

SCREEN Holdings Co. Ltd.		33,300		2,092,265

SCSK Corp.		59,000		1,193,879

Secom Co. Ltd.		167,300		5,839,401

Seiko Epson Corp.		120,059		2,133,767

Sekisui Chemical Co. Ltd.		144,600		2,337,526

Sekisui House Ltd.		234,251		5,541,624

Seven & i Holdings Co. Ltd.		859,928		14,964,264

SG Holdings Co. Ltd.		107,600		1,057,736

Shimadzu Corp.		96,400		2,714,068

Shimano, Inc.		29,294		4,101,238

Shin-Etsu Chemical Co. Ltd.		707,620		26,263,843

Shionogi & Co. Ltd.		305,085		4,320,203

Shiseido Co. Ltd.		152,857		2,916,888

Shizuoka Financial Group, Inc.		174,000		1,548,837

SMC Corp.		21,982		9,333,977

SoftBank Corp.		11,156,400		14,396,557

SoftBank Group Corp.		375,328		22,413,332

Sompo Holdings, Inc.		344,005		9,071,396

Sony Group Corp.		2,453,680		49,306,441

Subaru Corp.		233,234		3,750,853

Sumitomo Corp.		433,476		9,292,910

Sumitomo Electric Industries Ltd.		274,900		5,301,800

Sumitomo Metal Mining Co. Ltd.		101,300		2,502,037

Sumitomo Mitsui Financial Group, Inc.		1,465,745		36,104,892

Sumitomo Mitsui Trust Holdings, Inc.		255,162		6,387,576

Sumitomo Realty & Development Co. Ltd.		117,003		3,626,436

Suntory Beverage & Food Ltd.		53,300		1,814,066

Suzuki Motor Corp.		606,804		6,433,404

Sysmex Corp.		197,521		4,176,400

T&D Holdings, Inc.		187,900		3,557,342

Taisei Corp.		65,715		2,859,332

Takeda Pharmaceutical Co. Ltd.		625,211		17,059,185

TDK Corp.		755,160		9,734,721

Terumo Corp.		522,988		10,663,168

TIS, Inc. (b)		91,200		2,233,071

Toho Co. Ltd.		42,000		1,836,447

Tokio Marine Holdings, Inc.		738,750		27,468,625

Tokyo Electric Power Co. Holdings, Inc. *		594,200		2,129,177

Tokyo Electron Ltd.		175,792		27,383,798

Tokyo Gas Co. Ltd.		131,680		3,968,704

Tokyu Corp.		219,910		2,571,789

TOPPAN Holdings, Inc.		97,989		2,623,910

Toray Industries, Inc.		568,043		3,622,584

See Notes to Financial Statements.

DBX ETF Trust | 37

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


TOTO Ltd.		61,915		1,667,865

Toyota Industries Corp.		62,900		4,686,815

Toyota Motor Corp.		4,036,620		68,828,094

Toyota Tsusho Corp.		250,333		4,267,572

Trend Micro, Inc.		52,076		2,863,762

Unicharm Corp.		149,600		3,889,960

West Japan Railway Co.		179,612		3,379,428

Yakult Honsha Co. Ltd.		94,058		1,920,257

Yamaha Motor Co. Ltd.		385,622		3,351,386

Yaskawa Electric Corp.		87,420		2,289,488

Yokogawa Electric Corp.		88,944		1,981,090

Zensho Holdings Co. Ltd.		37,500		2,260,676

ZOZO, Inc.		55,597		1,751,060


(Cost $1,155,667,000)				1,481,183,494

Luxembourg – 0.2%

ArcelorMittal SA		185,156		4,671,465

CVC Capital Partners PLC, 144A *		80,505		1,974,049

Eurofins Scientific SE		54,926		2,719,820

Tenaris SA		156,789		3,013,287


(Cost $11,462,774)				12,378,621

Macau – 0.0%

Sands China Ltd. *

(Cost $3,073,986)		907,979		2,315,046

Netherlands – 4.7%

ABN AMRO Bank NV, 144A		184,991		2,880,845

Adyen NV, 144A *		8,608		12,557,021

Aegon Ltd.		551,672		3,562,560

Akzo Nobel NV		68,446		4,005,736

Argenx SE *		23,472		14,566,431

ASM International NV		18,150		9,823,052

ASML Holding NV		157,022		109,410,606

ASR Nederland NV		60,210		2,886,529

BE Semiconductor Industries NV		31,159		3,726,242

Euronext NV, 144A		32,340		3,617,630

EXOR NV		40,055		3,969,846

Ferrovial SE		184,854		7,633,526

Heineken Holding NV		49,326		3,132,104

Heineken NV		111,518		8,268,452

IMCD NV		21,229		3,192,513

ING Groep NV		1,297,712		20,130,851

JDE Peet’s NV		57,321		1,144,708

Koninklijke Ahold Delhaize NV		363,080		12,545,692

Koninklijke KPN NV		1,547,797		6,013,225

Koninklijke Philips NV *		310,703		8,480,196

NN Group NV		106,206		4,942,135

Prosus NV *		536,033		21,868,803

QIAGEN NV *		87,362		3,826,261

Randstad NV		39,494		1,739,154

Stellantis NV		777,959		10,321,071

Universal Music Group NV		320,090		7,726,921


	Number of Shares		Value $


Wolters Kluwer NV		93,522		15,633,007


(Cost $228,105,970)				307,605,117

New Zealand – 0.3%

Auckland International Airport Ltd.		586,462		2,697,573

Fisher & Paykel Healthcare Corp. Ltd.		234,014		5,277,985

Infratil Ltd.		354,541		2,700,482

Mercury NZ Ltd.		293,005		1,149,754

Meridian Energy Ltd.		494,668		1,820,862

Xero Ltd. *		57,043		6,469,802


(Cost $15,249,718)				20,116,458

Norway – 0.6%

Aker BP ASA		129,888		2,665,396

DNB Bank ASA		346,727		7,250,225

Equinor ASA		326,516		7,907,827

Gjensidige Forsikring ASA (b)		77,502		1,379,655

Kongsberg Gruppen ASA		35,496		4,179,312

Mowi ASA		189,095		3,434,741

Norsk Hydro ASA		561,097		3,473,560

Orkla ASA		268,361		2,478,619

Salmar ASA (b)		24,988		1,300,049

Telenor ASA		249,950		2,945,186

Yara International ASA (b)		63,278		1,781,437


(Cost $37,122,908)				38,796,007

Poland – 0.0%

InPost SA *

(Cost $1,553,188)		86,876		1,524,381

Portugal – 0.1%

EDP SA		1,249,668		4,525,679

Galp Energia SGPS SA		172,911		2,842,778

Jeronimo Martins SGPS SA		121,627		2,373,559


(Cost $9,635,257)				9,742,016

Singapore – 1.6%

CapitaLand Ascendas REIT		1,582,599		3,097,687

CapitaLand Integrated Commercial Trust REIT		2,261,334		3,311,206

CapitaLand Investment Ltd.		832,400		1,697,697

DBS Group Holdings Ltd.		784,545		24,868,884

Genting Singapore Ltd.		2,194,478		1,254,175

Grab Holdings Ltd., Class A *		853,067		4,265,335

Keppel Ltd.		551,500		2,772,847

Oversea-Chinese Banking Corp. Ltd.		1,338,387		16,278,018

Sea Ltd., ADR *		145,874		16,600,461

Sembcorp Industries Ltd.		317,900		1,239,728

Singapore Airlines Ltd. (b)		604,750		2,850,826

Singapore Exchange Ltd.		328,500		3,121,676

Singapore Technologies Engineering Ltd.		580,200		1,950,543

See Notes to Financial Statements.

38 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Singapore Telecommunications Ltd.		2,874,789		6,657,836

United Overseas Bank Ltd.		495,954		13,471,957

Wilmar International Ltd.		847,866		1,950,937


(Cost $81,471,586)				105,389,813

Spain – 2.6%

Acciona SA		10,814		1,376,769

ACS Actividades de Construccion y Servicios SA		68,761		3,198,961

Aena SME SA, 144A		29,081		6,303,016

Amadeus IT Group SA		178,008		12,512,598

Banco Bilbao Vizcaya Argentaria SA		2,258,074		21,354,550

Banco de Sabadell SA		2,169,240		4,098,987

Banco Santander SA		6,065,702		28,087,808

CaixaBank SA		1,540,751		8,390,954

Cellnex Telecom SA, 144A *		206,469		7,424,844

EDP Renovaveis SA		135,618		1,590,253

Endesa SA		129,185		2,835,502

Grifols SA *		110,796		1,010,273

Iberdrola SA		2,362,668		33,730,575

Industria de Diseno Textil SA		426,109		23,530,647

Redeia Corp. SA		166,995		2,986,753

Repsol SA		477,331		5,973,514

Telefonica SA (b)		1,609,196		7,299,115


(Cost $149,547,150)				171,705,119

Sweden – 3.5%

AddTech AB, Class B		105,616		2,909,238

Alfa Laval AB		114,556		4,883,653

Assa Abloy AB, Class B		399,010		12,269,509

Atlas Copco AB, Class A		1,054,864		16,867,402

Atlas Copco AB, Class B		610,120		8,632,690

Beijer Ref AB		150,737		2,380,546

Boliden AB		103,915		3,104,732

Epiroc AB, Class A		257,815		4,704,826

Epiroc AB, Class B		150,416		2,484,583

EQT AB (b)		150,062		4,553,763

Essity AB, Class B		237,485		6,545,987

Evolution AB, 144A		67,775		5,924,268

Fastighets AB Balder, Class B *		243,972		1,879,896

Getinge AB, Class B		96,361		1,508,088

H & M Hennes & Mauritz AB, Class B (b)		227,327		3,157,001

Hexagon AB, Class B		803,576		6,857,375

Holmen AB, Class B		30,107		1,135,602

Industrivarden AB, Class A		48,347		1,590,096

Industrivarden AB, Class C		57,096		1,874,174

Indutrade AB		102,827		2,628,480

Investment AB Latour, Class B		53,767		1,367,489

Investor AB, Class B		680,863		18,707,775

L E Lundbergforetagen AB, Class B		28,316		1,375,358


	Number of Shares		Value $


Lifco AB, Class B		88,065		2,676,453

Nibe Industrier AB, Class B (b)		568,327		2,411,884

Saab AB, Class B		131,237		2,878,126

Sagax AB, Class B		85,604		1,898,975

Sandvik AB		431,257		7,986,754

Securitas AB, Class B (b)		207,183		2,624,243

Skandinaviska Enskilda Banken AB, Class A		614,671		8,550,345

Skanska AB, Class B		141,150		2,948,428

SKF AB, Class B		128,214		2,466,310

Spotify Technology SA *		60,141		28,684,851

Svenska Cellulosa AB SCA, Class B		228,395		2,971,561

Svenska Handelsbanken AB, Class A		570,914		5,949,696

Swedbank AB, Class A		329,053		6,459,543

Swedish Orphan Biovitrum AB *		80,026		2,221,985

Tele2 AB, Class B		200,579		2,107,801

Telefonaktiebolaget LM Ericsson, Class B		1,105,719		9,003,238

Telia Co. AB		985,068		2,889,784

Trelleborg AB, Class B		86,938		2,878,483

Volvo AB, Class A		72,979		1,829,316

Volvo AB, Class B		632,256		15,767,069


(Cost $202,738,542)				232,547,376

Switzerland – 10.1%

ABB Ltd.		621,542		35,488,453

Adecco Group AG		70,396		1,878,612

Alcon, Inc.		195,727		17,421,170

Avolta AG *		39,908		1,475,590

Bachem Holding AG		14,825		1,146,471

Baloise Holding AG		17,582		3,342,297

Banque Cantonale Vaudoise		13,875		1,377,889

Barry Callebaut AG		1,372		2,093,990

BKW AG		7,633		1,312,328

Chocoladefabriken Lindt & Spruengli AG		42		4,769,475

Chocoladefabriken Lindt & Spruengli AG Participation Certificates		404		4,670,361

Cie Financiere Richemont SA, Class A		211,076		29,410,658

Clariant AG *		81,170		977,985

Coca-Cola HBC AG *		90,510		3,234,811

DSM-Firmenich AG		72,189		7,941,538

EMS-Chemie Holding AG		2,566		1,825,572

Galderma Group AG *		32,268		3,307,049

Geberit AG		13,413		8,078,873

Givaudan SA		3,643		16,055,511

Glencore PLC *		4,031,610		19,524,474

Helvetia Holding AG		14,389		2,522,895

Holcim AG *		204,124		20,801,826

Julius Baer Group Ltd.		79,400		5,256,666

See Notes to Financial Statements.

DBX ETF Trust | 39

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Kuehne + Nagel International AG		19,235		4,600,149

Logitech International SA		58,157		4,722,037

Lonza Group AG		27,961		16,714,366

Nestle SA		1,029,882		89,445,123

Novartis AG		776,180		82,210,207

Partners Group Holding AG		8,777		12,757,847

Roche Holding AG		12,416		3,818,139

Roche Holding AG		276,421		80,201,641

Sandoz Group AG		160,558		7,318,644

Schindler Holding AG		9,757		2,764,446

Schindler Holding AG Participation Certificates		15,441		4,460,811

SGS SA		60,522		6,012,338

SIG Group AG *		127,356		2,519,352

Sika AG		60,108		15,569,651

Sonova Holding AG		19,749		6,745,968

STMicroelectronics NV		274,210		7,043,073

Straumann Holding AG		44,313		5,769,345

Swatch Group AG – Bearer		10,754		1,953,330

Swiss Life Holding AG		11,117		9,112,254

Swiss Prime Site AG		29,310		3,240,210

Swiss Re AG		116,526		17,222,188

Swisscom AG		10,145		5,858,202

Temenos AG		22,755		1,494,863

UBS Group AG		1,291,492		41,768,899

VAT Group AG, 144A		10,694		4,267,399

Zurich Insurance Group AG		57,723		36,616,021


(Cost $546,375,357)				668,120,997

United Kingdom – 14.0%

3i Group PLC		377,741		17,857,693

Admiral Group PLC		98,330		3,212,248

Anglo American PLC		493,557		15,856,174

Ashtead Group PLC		173,283		13,892,519

Associated British Foods PLC		127,985		3,585,594

AstraZeneca PLC		609,405		82,428,547

Auto Trader Group PLC, 144A		355,351		3,800,090

Aviva PLC		1,045,549		6,446,068

BAE Systems PLC		1,175,222		18,379,719

Barclays PLC		5,685,656		19,117,441

Barratt Redrow PLC		527,734		2,876,926

Berkeley Group Holdings PLC		43,508		2,300,288

BP PLC		6,352,146		31,143,011

British American Tobacco PLC		782,014		29,783,073

BT Group PLC		2,591,665		5,262,220

Bunzl PLC		132,114		5,991,412

Centrica PLC		2,110,213		3,426,653

Coca-Cola Europacific Partners PLC		81,855		6,350,311

Compass Group PLC		666,234		22,851,509

Croda International PLC		56,353		2,478,053

Diageo PLC		874,588		26,224,519


	Number of Shares		Value $


Endeavour Mining PLC		70,143		1,380,403

Entain PLC		259,124		2,660,734

GSK PLC		1,629,409		27,725,907

Haleon PLC		2,991,368		14,271,317

Halma PLC		152,276		5,255,990

Hargreaves Lansdown PLC		134,335		1,872,330

Hikma Pharmaceuticals PLC		65,811		1,613,905

HSBC Holdings PLC		7,151,049		66,783,678

Imperial Brands PLC		315,542		10,332,268

Informa PLC		514,184		5,613,982

InterContinental Hotels Group PLC		62,991		7,868,265

Intertek Group PLC		59,711		3,589,240

J Sainsbury PLC		674,260		2,244,786

JD Sports Fashion PLC		923,356		1,198,095

Kingfisher PLC		743,010		2,343,928

Land Securities Group PLC REIT		272,971		2,098,013

Legal & General Group PLC		2,339,168		6,598,075

Lloyds Banking Group PLC		23,655,253		15,998,130

London Stock Exchange Group PLC		188,005		27,006,463

M&G PLC		942,289		2,380,467

Marks & Spencer Group PLC		791,047		3,858,648

Melrose Industries PLC		532,902		3,901,541

Mondi PLC		182,031		2,762,162

National Grid PLC		1,914,179		24,217,606

NatWest Group PLC		2,771,552		14,225,877

Next PLC		46,854		6,019,794

Pearson PLC		241,120		3,789,402

Persimmon PLC		120,519		1,932,460

Phoenix Group Holdings PLC		254,686		1,668,563

Reckitt Benckiser Group PLC		271,244		16,802,380

RELX PLC		731,756		34,556,432

Rentokil Initial PLC		988,535		4,961,833

Rio Tinto PLC		443,727		27,919,613

Rolls-Royce Holdings PLC *		3,338,013		23,766,397

Sage Group PLC		394,337		6,594,407

Schroders PLC		310,201		1,246,246

Segro PLC REIT		505,597		5,026,590

Severn Trent PLC		108,635		3,734,437

Shell PLC		2,440,137		78,734,765

Smith & Nephew PLC		350,481		4,453,834

Smiths Group PLC		143,807		3,246,183

Spirax Group PLC		30,592		2,795,770

SSE PLC		425,181		9,600,402

Standard Chartered PLC		830,665		10,295,448

Taylor Wimpey PLC		1,489,938		2,487,791

Tesco PLC		2,686,931		12,548,343

Unilever PLC		975,233		58,434,998

United Utilities Group PLC		273,664		3,904,956

Vodafone Group PLC		8,805,456		7,955,179

Whitbread PLC		70,361		2,555,944

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Wise PLC, Class A *		275,033		3,091,917

WPP PLC		404,555		4,430,434


(Cost $823,224,176)				923,620,396

TOTAL COMMON STOCKS


(Cost $5,323,381,206)				6,473,165,881

PREFERRED STOCKS – 0.3%

Germany – 0.3%

Bayerische Motoren Werke AG		22,796		1,556,064

Dr Ing hc F Porsche AG, 144A (b)		42,418		2,652,160

Henkel AG & Co. KGaA		67,779		5,792,961

Porsche Automobil Holding SE		64,391		2,359,181

Sartorius AG		9,705		2,236,982

Volkswagen AG		81,938		6,999,639


(Cost $30,896,769)				21,596,987


	Number of Shares		Value $


SECURITIES LENDING

COLLATERAL – 0.9%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (d)(e)

(Cost $55,654,058)		55,654,058		55,654,058

CASH EQUIVALENTS – 1.4%

DWS Government Money Market Series “Institutional Shares”, 4.59% (d)

(Cost $94,314,781)		94,314,781		94,314,781

TOTAL INVESTMENTS – 100.7%

(Cost $5,504,246,814)				6,644,731,707

Other assets and liabilities, net – (0.7%)				(43,448,686	)


NET ASSETS – 100.0%				6,601,283,021

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024
COMMON STOCKS – 0.2%

Germany – 0.2%

Deutsche Bank AG (c)

11,115,151		2,057,281			(738,683	)		(741,141	)		1,101,358		—		—		752,094		12,793,966

SECURITIES LENDING COLLATERAL – 0.9%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (d)(e)

49,090,266		6,563,792	(f)		—			—			—		176,376		—		55,654,058		55,654,058

CASH EQUIVALENTS – 1.4%

DWS ESG Liquidity Fund “Capital Shares” (g)

12,467,188		—			(12,467,188	)		(1,247	)		1,247		27,407		—		—		—

DWS Government Money Market Series “Institutional Shares”, 4.59% (d)

131,771,708		217,358,068			(254,814,995	)		—			—		2,571,402		—		94,314,781		94,314,781

204,444,313		225,979,141			(268,020,866	)		(742,388	)		1,102,605		2,775,185		—		150,720,933		162,762,805

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $52,963,297, which is 0.8% of net assets.

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

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

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

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.

(g)	Affiliated fund managed by DWS Investment Management Americas, Inc.

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


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 November 30, 2024, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation (Depreciation) ($)

CAC40 10 EURO Futures		EUR		125		9,704,256		9,581,590		12/20/2024		(122,666)

DAX Index Futures		EUR		7		3,509,157		3,642,751		12/20/2024		133,594

EURO STOXX 50 Futures		EUR		400		20,743,466		20,391,338		12/20/2024		(352,128)

FTSE 100 Index Futures		GBP		165		17,451,297		17,473,543		12/20/2024		22,246

IBEX 35 Index Futures		EUR		18		2,199,125		2,221,524		12/20/2024		22,399

MSCI EAFE Futures		USD		165		20,211,551		19,236,525		12/20/2024		(975,026)

MSCI Singapore Index Futures		SGD		125		3,503,693		3,492,585		12/30/2024		(11,108)

OMXS30 Index Futures		SEK		130		3,034,111		3,008,557		12/20/2024		(25,554)

SPI 200 Futures		AUD		85		11,365,695		11,725,748		12/19/2024		360,053

Swiss Market Index Futures		CHF		25		3,428,998		3,337,213		12/20/2024		(91,785)

TOPIX Index Futures		JPY		180		31,379,369		32,225,341		12/12/2024		845,972

Total net unrealized depreciation												(194,003)

At November 30, 2024, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		12/3/2024	AUD	3,810,300	USD	2,488,955		3,049		—

RBC Capital Markets		12/3/2024	AUD	1,905,200	USD	1,252,378		9,393		—

RBC Capital Markets		12/3/2024	AUD	717,478,342	USD	470,089,657		1,994,229		—

RBC Capital Markets		12/3/2024	AUD	1,905,200	USD	1,238,881		—		(4,105	)

RBC Capital Markets		12/3/2024	AUD	25,534,000	USD	16,729,545		70,716		—

JP Morgan & Chase Co.		12/3/2024	CHF	550,470,200	USD	638,601,706		13,259,426		—

JP Morgan & Chase Co.		12/3/2024	CHF	1,434,500	USD	1,632,179		2,565		—

JP Morgan & Chase Co.		12/3/2024	CHF	8,971,000	USD	10,407,110		215,922		—

JP Morgan & Chase Co.		12/3/2024	CHF	2,868,900	USD	3,255,132		—		(3,981	)

JP Morgan & Chase Co.		12/3/2024	CHF	1,434,500	USD	1,623,388		—		(6,225	)

Citibank N.A.		12/3/2024	DKK	1,469,783,700	USD	214,258,244		5,674,211		—

Citibank N.A.		12/3/2024	DKK	30,737,000	USD	4,480,644		118,609		—

RBC Capital Markets		12/3/2024	DKK	7,695,000	USD	1,093,675		1,641		—

RBC Capital Markets		12/3/2024	DKK	3,847,500	USD	543,862		—		(2,155	)

RBC Capital Markets		12/3/2024	DKK	3,847,500	USD	550,208		4,191		—

Citibank N.A.		12/3/2024	EUR	1,962,237,300	USD	2,132,814,588		55,892,540		—

RBC Capital Markets		12/3/2024	EUR	5,028,700	USD	5,362,766		40,159		—

RBC Capital Markets		12/3/2024	EUR	10,057,400	USD	10,660,255		15,041		—

RBC Capital Markets		12/3/2024	EUR	5,028,700	USD	5,301,997		—		(20,610	)

RBC Capital Markets		12/3/2024	GBP	1,879,800	USD	2,377,217		—		(18,775	)

RBC Capital Markets		12/3/2024	GBP	1,879,800	USD	2,418,607		22,615		—

RBC Capital Markets		12/3/2024	GBP	3,759,700	USD	4,766,587		—		(25,524	)

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		12/3/2024	GBP	718,886,500	USD	924,193,296		7,901,016		—

RBC Capital Markets		12/3/2024	GBP	14,250,000	USD	18,319,344		156,303		—

JP Morgan & Chase Co.		12/3/2024	HKD	2,466,900	USD	317,328		292		—

JP Morgan & Chase Co.		12/3/2024	HKD	4,933,900	USD	633,943		—		(140	)

JP Morgan & Chase Co.		12/3/2024	HKD	962,107,400	USD	123,826,534		180,778		—

JP Morgan & Chase Co.		12/3/2024	ILS	9,885,000	USD	2,644,557		—		(79,101	)

JP Morgan & Chase Co.		12/3/2024	ILS	85,205,800	USD	22,796,746		—		(680,390	)

RBC Capital Markets		12/3/2024	JPY	570,974,100	USD	3,725,821		—		(91,609	)

RBC Capital Markets		12/3/2024	JPY	216,664,777,100	USD	1,427,522,369		—		(21,059,331	)

RBC Capital Markets		12/3/2024	JPY	6,015,125,000	USD	39,630,308		—		(585,735	)

RBC Capital Markets		12/3/2024	JPY	1,141,948,200	USD	7,393,577		—		(241,283	)

RBC Capital Markets		12/3/2024	JPY	570,974,100	USD	3,676,335		—		(141,095	)

Goldman Sachs & Co.		12/3/2024	NOK	36,589,000	USD	3,317,627		1,203		—

Goldman Sachs & Co.		12/3/2024	NOK	170,096,200	USD	15,423,330		5,824		—

RBC Capital Markets		12/3/2024	NOK	211,411,000	USD	19,169,515		7,239		—

JP Morgan & Chase Co.		12/3/2024	NZD	8,366,900	USD	4,981,543		21,856		—

RBC Capital Markets		12/3/2024	NZD	10,000,000	USD	5,952,470		24,722		—

Morgan Stanley Capital		12/3/2024	SEK	2,209,645,200	USD	206,797,726		3,873,017		—

Morgan Stanley Capital		12/3/2024	SEK	20,938,000	USD	1,959,318		36,458		—

Morgan Stanley Capital		12/3/2024	SEK	5,719,400	USD	527,899		2,653		—

Morgan Stanley Capital		12/3/2024	SEK	5,719,400	USD	518,782		—		(6,464	)

Morgan Stanley Capital		12/3/2024	SEK	11,438,900	USD	1,048,143		—		(2,358	)

Goldman Sachs & Co.		12/3/2024	SGD	267,700	USD	200,861		840		—

Goldman Sachs & Co.		12/3/2024	SGD	3,422,000	USD	2,590,044		33,187		—

Goldman Sachs & Co.		12/3/2024	SGD	6,017,400	USD	4,554,565		58,472		—

RBC Capital Markets		12/3/2024	SGD	94,967,800	USD	71,881,046		922,813		—

RBC Capital Markets		12/3/2024	USD	488,999,895	AUD	750,633,042		726,240		—

JP Morgan & Chase Co.		12/3/2024	USD	641,519,977	CHF	565,179,100		531,830		—

RBC Capital Markets		12/3/2024	USD	212,508,242	DKK	1,500,520,700		437,826		—

RBC Capital Markets		12/3/2024	USD	2,179,578	DKK	15,390,000		4,490		—

Citibank N.A.		12/3/2024	USD	1,139,124	EUR	1,048,000		—		(29,873	)

RBC Capital Markets		12/3/2024	USD	21,245,252	EUR	20,114,800		45,176		—

RBC Capital Markets		12/3/2024	USD	2,071,408,139	EUR	1,961,189,300		4,404,659		—

RBC Capital Markets		12/3/2024	USD	941,410,555	GBP	740,655,800		2,628,861		—

RBC Capital Markets		12/3/2024	USD	124,590,628	HKD	969,508,200		6,246		—

JP Morgan & Chase Co.		12/3/2024	USD	26,154,743	ILS	95,090,800		46,051		—

Goldman Sachs & Co.		12/3/2024	USD	1,497,911,233	JPY	224,963,798,500		6,156,230		—

Goldman Sachs & Co.		12/3/2024	USD	18,681,381	NOK	206,685,200		52,549		—

RBC Capital Markets		12/3/2024	USD	19,123,996	NOK	211,411,000		38,280		—

JP Morgan & Chase Co.		12/3/2024	USD	4,949,440	NZD	8,366,900		10,248		—

RBC Capital Markets		12/3/2024	USD	5,915,500	NZD	10,000,000		12,248		—

Bank of America		12/3/2024	USD	206,382,623	SEK	2,253,460,900		565,940		—

Goldman Sachs & Co.		12/3/2024	USD	7,240,592	SGD	9,707,100		12,378		—

RBC Capital Markets		12/3/2024	USD	70,837,131	SGD	94,967,800		121,102		—

RBC Capital Markets		1/3/2025	AUD	5,000,000	USD	3,262,092		—		(835	)

RBC Capital Markets		1/3/2025	AUD	30,262,000	USD	19,719,264		—		(29,276	)

RBC Capital Markets		1/3/2025	AUD	750,633,042	USD	489,135,009		—		(717,174	)

RBC Capital Markets		1/3/2025	DKK	9,500,000	USD	1,348,406		—		(2,188	)

RBC Capital Markets		1/3/2025	DKK	1,500,520,700	USD	212,870,765		—		(454,984	)

RBC Capital Markets		1/3/2025	DKK	15,390,000	USD	2,183,296		—		(4,667	)

RBC Capital Markets		1/3/2025	EUR	1,961,189,300	USD	2,074,216,562		—		(4,537,292	)

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		1/3/2025		EUR	20,114,800		USD	21,274,056		—		(46,536	)

RBC Capital Markets		1/3/2025		EUR	12,600,000		USD	13,333,218		—		(22,096	)

RBC Capital Markets		1/3/2025		GBP	23,824,000		USD	30,280,352		—		(84,608	)

RBC Capital Markets		1/3/2025		GBP	4,900,000		USD	6,234,888		—		(10,424	)

RBC Capital Markets		1/3/2025		GBP	740,655,800		USD	941,390,557		—		(2,614,791	)

RBC Capital Markets		1/3/2025		HKD	969,508,200		USD	124,632,831		—		(6,616	)

RBC Capital Markets		1/3/2025		HKD	5,900,000		USD	758,530		29		—

JP Morgan & Chase Co.		1/3/2025		ILS	95,090,800		USD	26,170,507		—		(49,114	)

JP Morgan & Chase Co.		1/3/2025		ILS	6,071,000		USD	1,670,811		—		(3,161	)

JP Morgan & Chase Co.		1/3/2025		ILS	650,000		USD	179,040		—		(186	)

Goldman Sachs & Co.		1/3/2025		NOK	206,685,200		USD	18,682,665		—		(52,635	)

JP Morgan & Chase Co.		1/3/2025		NOK	2,700,000		USD	244,543		—		(203	)

RBC Capital Markets		1/3/2025		NOK	211,411,000		USD	19,124,953		—		(38,724	)

JP Morgan & Chase Co.		1/3/2025		NZD	4,707,000		USD	2,785,427		—		(5,922	)

JP Morgan & Chase Co.		1/3/2025		NZD	148,000		USD	87,683		—		(84	)

JP Morgan & Chase Co.		1/3/2025		NZD	8,366,900		USD	4,951,295		—		(10,450	)

RBC Capital Markets		1/3/2025		NZD	10,000,000		USD	5,918,040		—		(12,168	)

Bank of America		1/3/2025		SEK	2,253,460,900		USD	206,778,422		—		(579,976	)

Bank of America		1/3/2025		SEK	14,200,000		USD	1,305,426		—		(1,226	)

Goldman Sachs & Co.		1/3/2025		SGD	9,707,100		USD	7,250,598		—		(12,909	)

Goldman Sachs & Co.		1/3/2025		SGD	730,000		USD	545,812		—		(424	)

Goldman Sachs & Co.		1/3/2025		SGD	11,880,000		USD	8,873,399		—		(16,017	)

RBC Capital Markets		1/3/2025		SGD	94,967,800		USD	70,935,016		—		(126,293	)

RBC Capital Markets		1/3/2025		USD	3,164,981		DKK	22,309,000		6,640		—

RBC Capital Markets		1/3/2025		USD	8,311,139		EUR	7,858,000		17,913		—

RBC Capital Markets		1/3/2025		USD	5,504,719		HKD	42,817,000		—		(189	)

Bank of America		1/3/2025		USD	3,481,900		SEK	37,945,000		9,714		—

JP Morgan & Chase Co.		1/6/2025		CHF	3,554,000		USD	4,050,519		—		(3,787	)

JP Morgan & Chase Co.		1/6/2025		CHF	565,179,100		USD	644,131,598		—		(609,247	)

JP Morgan & Chase Co.		1/6/2025		USD	5,785,442		CHF	5,076,000		5,120		—

Goldman Sachs & Co.		1/7/2025		JPY	1,430,000,000		USD	9,603,393		—		(5,925	)

Goldman Sachs & Co.		1/7/2025		JPY	224,963,798,500		USD	1,505,046,386		—		(6,666,022	)

Goldman Sachs & Co.		1/7/2025		USD	17,294,429		JPY	2,584,943,000		75,878		—

Total unrealized appreciation (depreciation)										106,466,628		(39,724,903	)

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


Currency Abbreviations

AUD		Australian Dollar

CHF		Swiss Franc

DKK		Danish Krone

EUR		Euro

GBP		Pound Sterling

HKD		Hong Kong Dollar

ILS		Israeli Shekel

JPY		Japanese Yen

NOK		Norwegian Krone

NZD		New Zealand Dollar

SEK		Swedish Krona

SGD		Singapore Dollar

USD		U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total

Common Stocks (a)	$	6,473,165,881		$	—		$	—	$	6,473,165,881

Preferred Stocks		21,596,987			—			—		21,596,987

Short-Term Investments (a)		149,968,839			—			—		149,968,839

Derivatives (b)

Forward Foreign Currency Contracts		—			106,466,628			—		106,466,628

Futures Contracts		1,384,264			—			—		1,384,264

TOTAL	$	6,646,115,971		$	106,466,628		$	—	$	6,752,582,599

Liabilities	Level 1			Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—		$	(39,724,903	)	$	—	$	(39,724,903	)

Futures Contracts		(1,578,267	)		—			—		(1,578,267	)

TOTAL	$	(1,578,267	)	$	(39,724,903	)	$	—	$	(41,303,170	)

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

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

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 97.0%

Australia – 0.0%

MMG Ltd. *

(Cost $16,110)		32,944		11,177

Brazil – 3.3%

Ambev SA		38,091		81,187

B3 SA – Brasil Bolsa Balcao		50,226		77,871

Banco Bradesco SA		14,990		27,934

Banco BTG Pactual S.A		10,683		54,161

Banco do Brasil SA		15,802		65,535

BB Seguridade Participacoes SA		6,617		37,148

BRF SA		5,481		22,768

Caixa Seguridade Participacoes S/A		5,437		13,227

CCR SA		8,375		15,467

Centrais Eletricas Brasileiras SA		9,804		56,418

Cia de Saneamento Basico do Estado de Sao Paulo		4,026		62,676

Cia Siderurgica Nacional SA		6,341		11,848

Cosan SA		11,581		19,759

CPFL Energia SA		2,098		11,458

Embraer SA *		6,061		58,990

Energisa SA		2,330		15,687

Engie Brasil Energia SA		3,367		21,422

Equatorial Energia SA		10,689		54,782

Hapvida Participacoes e Investimentos SA, 144A *		42,155		19,057

Hypera SA		3,718		12,151

Inter & Co., Inc., Class A		1,958		9,046

JBS SA		6,642		41,503

Klabin SA		6,427		23,900

Localiza Rent a Car SA		8,256		51,947

Natura & Co. Holding SA		8,243		19,156

NU Holdings Ltd., Class A *		26,022		326,056

Petroleo Brasileiro SA		32,857		234,465

PRIO SA		7,365		49,498

Raia Drogasil SA		11,717		47,161

Rede D’Or Sao Luiz SA, 144A		6,670		30,209

Rumo SA		11,885		38,704

StoneCo Ltd., Class A *		2,059		19,519

Suzano SA		6,725		70,261

Telefonica Brasil SA		3,892		32,269

TIM SA		7,957		21,103

TOTVS SA		4,399		20,225

Ultrapar Participacoes SA		6,935		20,831

Vale SA		29,595		291,262

Vibra Energia SA		8,671		29,951

WEG SA		15,314		138,304

XP, Inc., Class A		3,127		42,340


(Cost $1,895,530)				2,297,256


	Number of Shares		Value $


Chile – 0.3%

Banco de Chile		424,981		48,527

Banco de Credito e Inversiones SA		664		18,943

Banco Santander Chile		621,135		29,608

Cencosud SA		10,175		21,429

Empresas CMPC SA		9,695		15,289

Empresas Copec SA		3,581		22,261

Enel Americas SA		183,232		17,034

Enel Chile SA		266,521		14,676

Falabella SA *		6,580		22,307

Latam Airlines Group SA		1,512,761		20,980


(Cost $252,970)				231,054

China – 24.6%

360 Security Technology, Inc., Class A		2,016		3,726

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,600		3,721

AAC Technologies Holdings, Inc.		6,064		27,275

Advanced Micro-Fabrication Equipment, Inc., China, Class A		417		12,768

Agricultural Bank of China Ltd., Class A		45,200		29,986

Agricultural Bank of China Ltd., Class H		249,417		124,366

Aier Eye Hospital Group Co. Ltd., Class A		4,684		9,484

Air China Ltd., Class A *		8,000		9,136

Akeso, Inc., 144A *		5,628		52,871

Alibaba Group Holding Ltd., ADR		1,400		122,318

Alibaba Group Holding Ltd.		133,289		1,432,856

Aluminum Corp. of China Ltd., Class A		1,712		1,776

Aluminum Corp. of China Ltd., Class H		33,234		19,732

Anhui Conch Cement Co. Ltd., Class A		1,500		5,309

Anhui Conch Cement Co. Ltd., Class H		11,237		29,315

Anhui Gujing Distillery Co. Ltd., Class A		272		7,114

Anhui Gujing Distillery Co. Ltd., Class B		745		10,656

Anhui Jianghuai Automobile Group Corp. Ltd., Class A		1,300		6,295

Anhui Yingjia Distillery Co. Ltd., Class A		492		4,183

Anjoy Foods Group Co. Ltd., Class A		200		2,421

Anker Innovations Technology Co. Ltd., Class A		600		6,787

ANTA Sports Products Ltd.		11,560		114,242

Asymchem Laboratories Tianjin Co. Ltd., Class A		364		4,212

See Notes to Financial Statements.

46 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Autobio Diagnostics Co. Ltd., Class A		700		4,486

Autohome, Inc., ADR		705		19,395

Avary Holding Shenzhen Co. Ltd., Class A		730		3,379

AviChina Industry & Technology Co. Ltd., Class H		27,182		13,204

Baidu, Inc., Class A *		19,700		205,825

Bank of Beijing Co. Ltd., Class A		12,500		9,861

Bank of Changsha Co. Ltd., Class A		4,992		5,887

Bank of Chengdu Co. Ltd., Class A		2,451		5,382

Bank of China Ltd., Class A		24,400		16,860

Bank of China Ltd., Class H		625,404		290,142

Bank of Communications Co. Ltd., Class A		20,100		20,320

Bank of Communications Co. Ltd., Class H		78,937		57,011

Bank of Hangzhou Co. Ltd., Class A		3,760		7,338

Bank of Jiangsu Co. Ltd., Class A		10,754		13,423

Bank of Nanjing Co. Ltd., Class A		1,600		2,333

Bank of Ningbo Co. Ltd., Class A		4,070		13,848

Bank of Shanghai Co. Ltd., Class A		8,140		9,206

Baoshan Iron & Steel Co. Ltd., Class A		13,100		11,961

Beijing Kingsoft Office Software, Inc., Class A		252		10,244

Beijing New Building Materials PLC, Class A		1,470		5,782

Beijing Tiantan Biological Products Corp. Ltd., Class A		44		130

Beijing Tong Ren Tang Co. Ltd., Class A		900		5,059

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		609		6,127

Beijing Yanjing Brewery Co. Ltd., Class A		3,600		5,154

Beijing-Shanghai High Speed Railway Co. Ltd., Class A		29,962		23,679

Bilibili, Inc., Class Z *		2,114		40,479

Bloomage Biotechnology Corp. Ltd., Class A		320		2,611

BOC International China Co. Ltd., Class A		2,100		3,354

BOE Technology Group Co. Ltd., Class A		10,300		6,109

BYD Co. Ltd., Class A		1,100		41,695

BYD Co. Ltd., Class H		9,283		302,538

BYD Electronic International Co. Ltd.		6,762		30,024

Caitong Securities Co. Ltd., Class A		3,204		3,716


	Number of Shares		Value $


Cambricon Technologies Corp. Ltd., Class A *		331		25,611

CGN Power Co. Ltd., Class A		5,565		3,001

CGN Power Co. Ltd., Class H, 144A		102,768		34,074

Changchun High-Tech Industry Group Co. Ltd., Class A		360		5,324

Changjiang Securities Co. Ltd., Class A		1,400		1,348

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		328		6,086

Chaozhou Three-Circle Group Co. Ltd., Class A		1,664		8,388

China CITIC Bank Corp. Ltd., Class H		78,880		50,279

China Coal Energy Co. Ltd., Class H		17,401		20,640

China Communications Services Corp. Ltd., Class H		24,943		13,078

China Construction Bank Corp., Class A		7,400		8,145

China Construction Bank Corp., Class H		846,880		636,678

China CSSC Holdings Ltd., Class A		2,412		11,750

China Eastern Airlines Corp. Ltd., Class A *		35		20

China Energy Engineering Corp. Ltd., Class A		140		45

China Everbright Bank Co. Ltd., Class A		24,100		11,966

China Everbright Bank Co. Ltd., Class H		32,823		11,389

China Feihe Ltd., 144A		30,875		22,735

China Galaxy Securities Co. Ltd., Class A		3,700		7,956

China Galaxy Securities Co. Ltd., Class H		32,621		29,555

China Greatwall Technology Group Co. Ltd., Class A *		700		1,624

China Hongqiao Group Ltd.		27,835		40,565

China International Capital Corp. Ltd., Class A		1,549		7,597

China International Capital Corp. Ltd., Class H, 144A		13,893		24,174

China Jushi Co. Ltd., Class A		3,804		5,955

China Life Insurance Co. Ltd., Class A		1,900		11,032

China Life Insurance Co. Ltd., Class H		65,182		123,304

China Literature Ltd., 144A *		3,654		13,289

China Longyuan Power Group Corp. Ltd., Class H		28,667		23,615

China Mengniu Dairy Co. Ltd.		28,731		62,695

China Merchants Bank Co. Ltd., Class A		11,163		55,950

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


China Merchants Bank Co. Ltd., Class H		35,014		158,615

China Merchants Energy Shipping Co. Ltd., Class A		4,324		3,763

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		4,300		7,051

China Merchants Securities Co. Ltd., Class A		3,900		10,306

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		3,800		6,174

China Minsheng Banking Corp. Ltd., Class A		20,200		11,033

China Minsheng Banking Corp. Ltd., Class H		60,453		23,540

China National Building Material Co. Ltd., Class H		33,686		14,372

China National Chemical Engineering Co. Ltd., Class A		4,000		4,496

China National Nuclear Power Co. Ltd., Class A		8,100		10,535

China National Software & Service Co. Ltd., Class A *		10		76

China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,400		4,412

China Oilfield Services Ltd., Class H		17,202		14,878

China Pacific Insurance Group Co. Ltd., Class A		2,800		13,091

China Pacific Insurance Group Co. Ltd., Class H		24,543		77,117

China Petroleum & Chemical Corp., Class A		18,400		16,140

China Petroleum & Chemical Corp., Class H		217,445		116,248

China Railway Group Ltd., Class A		5,200		4,597

China Railway Group Ltd., Class H		43,733		21,020

China Railway Signal & Communication Corp. Ltd., Class A		1,147		1,006

China Rare Earth Resources And Technology Co. Ltd., Class A		1,300		5,540

China Resources Microelectronics Ltd., Class A		893		6,203

China Resources Mixc Lifestyle Services Ltd., 144A		5,993		22,527

China Resources Pharmaceutical Group Ltd., 144A		18,916		12,762

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		330		2,053

China Shenhua Energy Co. Ltd., Class A		3,457		19,053

China Shenhua Energy Co. Ltd., Class H		30,543		126,389


	Number of Shares		Value $


China Southern Airlines Co. Ltd., Class A *		7,800		7,272

China State Construction Engineering Corp. Ltd., Class A		15,800		13,031

China Three Gorges Renewables Group Co. Ltd., Class A		14,675		9,229

China Tourism Group Duty Free Corp. Ltd., Class A		1,200		11,511

China Tower Corp. Ltd., Class H, 144A		409,442		53,670

China United Network Communications Ltd., Class A		19,211		13,645

China Vanke Co. Ltd., Class A *		7,800		9,252

China Vanke Co. Ltd., Class H *		19,720		16,270

China Yangtze Power Co. Ltd., Class A		13,100		49,361

China Zheshang Bank Co. Ltd., Class A		5,070		2,028

Chongqing Brewery Co. Ltd., Class A		500		4,267

Chongqing Changan Automobile Co. Ltd., Class A		4,862		9,261

Chongqing Rural Commercial Bank Co. Ltd., Class A		11,144		8,638

Chongqing Zhifei Biological Products Co. Ltd., Class A		1,435		5,817

CITIC Ltd.		48,613		53,914

CITIC Securities Co. Ltd., Class A		6,410		27,185

CITIC Securities Co. Ltd., Class H		14,165		40,139

CMOC Group Ltd., Class A		10,500		10,543

CMOC Group Ltd., Class H		33,551		24,922

CNGR Advanced Material Co. Ltd., Class A		840		4,632

CNPC Capital Co. Ltd., Class A		900		926

Contemporary Amperex Technology Co. Ltd., Class A		2,405		86,654

COSCO SHIPPING Energy Transportation Co. Ltd., Class A		2,100		3,626

COSCO SHIPPING Energy Transportation Co. Ltd., Class H		10,949		8,344

COSCO SHIPPING Holdings Co. Ltd., Class A		7,330		13,739

COSCO SHIPPING Holdings Co. Ltd., Class H		22,885		31,998

Country Garden Holdings Co. Ltd. * (a)		174,110		10,852

CRRC Corp. Ltd., Class A		12,900		14,109

CRRC Corp. Ltd., Class H		39,308		22,984

CSC Financial Co. Ltd., Class A		2,433		9,151

CSPC Pharmaceutical Group Ltd.		74,061		48,255

Daqin Railway Co. Ltd., Class A		8,400		7,890

Dong-E-E-Jiao Co. Ltd., Class A		200		1,598

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Dongfang Electric Corp. Ltd., Class A		2,280		4,774

Dongxing Securities Co. Ltd., Class A		600		942

East Money Information Co. Ltd., Class A		7,768		29,206

Eastroc Beverage Group Co. Ltd., Class A		263		7,756

Ecovacs Robotics Co. Ltd., Class A		500		3,538

ENN Energy Holdings Ltd.		7,344		49,313

ENN Natural Gas Co. Ltd., Class A		2,300		5,802

Eve Energy Co. Ltd., Class A		428		2,874

Everbright Securities Co. Ltd., Class A		2,200		5,974

FAW Jiefang Group Co. Ltd., Class A		4,576		5,333

Flat Glass Group Co. Ltd., Class A		700		2,462

Focus Media Information Technology Co. Ltd., Class A		1,720		1,637

Foshan Haitian Flavouring & Food Co. Ltd., Class A		2,651		16,505

Fosun International Ltd.		20,744		11,250

Founder Securities Co. Ltd., Class A		1,900		2,246

Foxconn Industrial Internet Co. Ltd., Class A		5,819		17,809

Fuyao Glass Industry Group Co. Ltd., Class A		1,400		10,813

Fuyao Glass Industry Group Co. Ltd., Class H, 144A		5,027		33,820

Ganfeng Lithium Group Co. Ltd., Class A		1,680		9,743

GD Power Development Co. Ltd., Class A		7,854		4,950

Genscript Biotech Corp. *		10,969		15,196

GF Securities Co. Ltd., Class A		1,100		2,494

Giant Biogene Holding Co. Ltd., 144A		2,705		17,381

GigaDevice Semiconductor, Inc., Class A *		533		6,306

Ginlong Technologies Co. Ltd., Class A		450		4,212

GoerTek, Inc., Class A		2,100		7,380

Goldwind Science & Technology Co. Ltd., Class A		1,138		1,752

Goneo Group Co. Ltd., Class A		498		4,887

Gotion High-tech Co. Ltd., Class A		1,200		3,841

Great Wall Motor Co. Ltd., Class A		1,576		5,691

Great Wall Motor Co. Ltd., Class H		20,421		32,804

Gree Electric Appliances, Inc. of Zhuhai, Class A		1,900		11,027


	Number of Shares		Value $


Guangdong Haid Group Co. Ltd., Class A		901		5,766

Guanghui Energy Co. Ltd., Class A		3,641		3,616

Guangzhou Automobile Group Co. Ltd., Class A		2,900		3,536

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		600		2,401

Guangzhou Haige Communications Group, Inc. Co., Class A		3,500		6,179

Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,940		6,606

Guolian Securities Co. Ltd., Class A		1,900		3,207

Guosen Securities Co. Ltd., Class A		4,500		7,131

Guotai Junan Securities Co. Ltd., Class A		3,900		10,182

Guoyuan Securities Co. Ltd., Class A		5,430		6,351

H World Group Ltd., ADR		1,636		52,630

Haidilao International Holding Ltd., 144A		14,760		29,439

Haier Smart Home Co. Ltd., Class A		4,600		17,974

Haier Smart Home Co. Ltd., Class H		22,447		76,300

Hainan Airlines Holding Co. Ltd., Class A *		39,364		9,447

Haitian International Holdings Ltd.		6,481		16,508

Haitong Securities Co. Ltd., Class A		6,600		10,386

Haitong Securities Co. Ltd., Class H		25,120		22,339

Hangzhou First Applied Material Co. Ltd., Class A		1,600		3,855

Hangzhou Silan Microelectronics Co. Ltd., Class A *		1,300		4,963

Hangzhou Tigermed Consulting Co. Ltd., Class A		174		1,552

Hansoh Pharmaceutical Group Co. Ltd., 144A		11,232		27,858

Heilongjiang Agriculture Co. Ltd., Class A		2,824		5,741

Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A		621		1,383

Henan Shuanghui Investment & Development Co. Ltd., Class A		2,008		6,788

Hengan International Group Co. Ltd.		5,791		16,559

Hengli Petrochemical Co. Ltd., Class A		3,502		6,936

Hengtong Optic-electric Co. Ltd., Class A		1,900		4,628

See Notes to Financial Statements.

DBX ETF Trust | 49

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Hisense Home Appliances Group Co. Ltd., Class H		4,110		11,594

Hithink RoyalFlush Information Network Co. Ltd., Class A		195		9,028

Hoshine Silicon Industry Co. Ltd., Class A		500		4,076

Hua Hong Semiconductor Ltd., 144A		6,048		15,972

Huadian Power International Corp. Ltd., Class A		6,600		4,797

Huafon Chemical Co. Ltd., Class A		2,500		2,862

Huaibei Mining Holdings Co. Ltd., Class A		2,156		4,318

Hualan Biological Engineering, Inc., Class A		2,141		4,979

Huaneng Lancang River Hydropower, Inc., Class A		5,200		6,670

Huaneng Power International, Inc., Class A		6,000		5,768

Huaneng Power International, Inc., Class H		36,716		19,110

Huatai Securities Co. Ltd., Class A		3,600		8,922

Huatai Securities Co. Ltd., Class H, 144A		14,272		24,577

Huaxia Bank Co. Ltd., Class A		9,700		10,127

Huayu Automotive Systems Co. Ltd., Class A		1,600		3,734

Huizhou Desay Sv Automotive Co. Ltd., Class A		400		6,889

Humanwell Healthcare Group Co. Ltd., Class A		1,500		4,597

Hunan Valin Steel Co. Ltd., Class A		4,600		2,798

Hundsun Technologies, Inc., Class A		1,689		7,147

Hygon Information Technology Co. Ltd., Class A		1,161		20,146

IEIT Systems Co. Ltd., Class A		221		1,457

Iflytek Co. Ltd., Class A		2,050		14,507

Imeik Technology Development Co. Ltd., Class A		232		6,780

Industrial & Commercial Bank of China Ltd., Class A		31,700		26,888

Industrial & Commercial Bank of China Ltd., Class H		609,041		356,906

Industrial Bank Co. Ltd., Class A		10,159		25,291

Industrial Securities Co. Ltd., Class A		6,700		5,951

Ingenic Semiconductor Co. Ltd., Class A		600		5,708

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		9,100		2,410

Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		8		22


	Number of Shares		Value $


Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		9,600		6,289

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,200		8,672

Inner Mongolia Yitai Coal Co. Ltd., Class B		8,700		19,053

Innovent Biologics, Inc., 144A *		10,590		52,464

Isoftstone Information Technology Group Co. Ltd., Class A		330		2,908

JA Solar Technology Co. Ltd., Class A		2,276		5,462

JCET Group Co. Ltd., Class A		200		1,075

JD Health International, Inc., 144A *		9,935		36,196

JD Logistics, Inc., 144A *		17,408		31,096

JD.com, Inc., Class A		21,940		405,450

Jiangsu Eastern Shenghong Co. Ltd., Class A		7,192		9,463

Jiangsu Expressway Co. Ltd., Class H		13,103		13,286

Jiangsu Hengli Hydraulic Co. Ltd., Class A		204		1,493

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		3,678		25,714

Jiangsu King’s Luck Brewery JSC Ltd., Class A		778		4,824

Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		3,656		5,279

Jiangsu Yanghe Distillery Co. Ltd., Class A		800		9,461

Jiangsu Yoke Technology Co. Ltd., Class A		500		4,427

Jiangsu Zhongtian Technology Co. Ltd., Class A		2,496		5,467

Jiangxi Copper Co. Ltd., Class A		1,400		4,065

Jiangxi Copper Co. Ltd., Class H		10,976		17,604

Jinko Solar Co. Ltd., Class A		5,688		6,864

Jointown Pharmaceutical Group Co. Ltd., Class A		1,345		996

Kanzhun Ltd., ADR		2,409		32,521

KE Holdings, Inc., ADR		5,817		109,650

Kingdee International Software Group Co. Ltd. *		25,700		28,932

Kingsoft Corp. Ltd.		8,288		33,444

Kuaishou Technology, 144A *		23,686		146,717

Kuang-Chi Technologies Co. Ltd., Class A		1,600		8,856

Kunlun Tech Co. Ltd., Class A		1,200		7,631

Kweichow Moutai Co. Ltd., Class A		714		150,249

LB Group Co. Ltd., Class A		1,916		4,709

Lenovo Group Ltd.		71,141		83,288

Lens Technology Co. Ltd., Class A		3,076		8,761

See Notes to Financial Statements.

50 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Li Auto, Inc., Class A *		11,205		131,181

Li Ning Co. Ltd.		21,698		44,504

Lingyi iTech Guangdong Co., Class A		6,890		8,163

Longfor Group Holdings Ltd., 144A		15,906		22,322

LONGi Green Energy Technology Co. Ltd., Class A		3,254		8,303

Luxshare Precision Industry Co. Ltd., Class A		3,470		18,512

Luzhou Laojiao Co. Ltd., Class A		400		7,654

Mango Excellent Media Co. Ltd., Class A		1,803		7,167

Maxscend Microelectronics Co. Ltd., Class A		448		5,733

Meituan, Class B, 144A *		44,065		955,325

Metallurgical Corp. of China Ltd., Class A		16,000		7,371

Midea Group Co. Ltd. *		3,207		28,582

Midea Group Co. Ltd., Class A		2,000		19,345

MINISO Group Holding Ltd.		3,535		17,581

Montage Technology Co. Ltd., Class A		489		4,544

Muyuan Foods Co. Ltd., Class A*		3,164		17,774

NARI Technology Co. Ltd., Class A		4,385		14,926

National Silicon Industry Group Co. Ltd., Class A		907		2,698

NAURA Technology Group Co. Ltd., Class A		245		14,046

NetEase, Inc.		16,764		289,547

New China Life Insurance Co. Ltd., Class A		1,100		7,185

New China Life Insurance Co. Ltd., Class H		7,311		22,361

New Hope Liuhe Co. Ltd., Class A*		2,400		3,155

New Oriental Education & Technology Group, Inc.		13,723		81,829

Ninestar Corp., Class A *		1,200		4,416

Ningbo Deye Technology Co. Ltd., Class A		504		5,996

Ningbo Orient Wires & Cables Co. Ltd., Class A		600		4,769

Ningbo Tuopu Group Co. Ltd., Class A		1,078		7,776

Ningxia Baofeng Energy Group Co. Ltd., Class A		1,256		2,798

NIO, Inc., Class A *		12,157		53,431

Nongfu Spring Co. Ltd., Class H, 144A		18,735		79,694

OFILM Group Co. Ltd., Class A *		3,200		5,910

Oppein Home Group, Inc., Class A		460		4,568

Orient Securities Co. Ltd., Class A		3,238		4,872


	Number of Shares		Value $


Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A *		6,600		2,622

People’s Insurance Co. Group of China Ltd., Class A		6,700		6,690

People’s Insurance Co. Group of China Ltd., Class H		72,391		34,514

PetroChina Co. Ltd., Class A		13,332		14,784

PetroChina Co. Ltd., Class H		181,104		128,240

Pharmaron Beijing Co. Ltd., Class A		1,575		5,976

PICC Property & Casualty Co. Ltd., Class H		64,723		97,982

Ping An Bank Co. Ltd., Class A		7,500		11,772

Ping An Insurance Group Co. of China Ltd., Class A		6,300		46,269

Ping An Insurance Group Co. of China Ltd., Class H		59,058		340,016

Piotech, Inc., Class A		94		2,584

Poly Developments and Holdings Group Co. Ltd., Class A		7,500		10,592

Pop Mart International Group Ltd., 144A		4,664		53,854

Postal Savings Bank of China Co. Ltd., Class A		17,256		12,614

Postal Savings Bank of China Co. Ltd., Class H, 144A		67,219		38,095

Power Construction Corp. of China Ltd., Class A		7,801		5,982

Qifu Technology, Inc., ADR		1,062		40,473

Qinghai Salt Lake Industry Co. Ltd., Class A *		2,100		5,173

Rongsheng Petrochemical Co. Ltd., Class A		6,975		9,177

SAIC Motor Corp. Ltd., Class A		4,700		11,396

Sailun Group Co. Ltd., Class A		2,700		5,496

Sanan Optoelectronics Co. Ltd., Class A		3,400		6,063

Sany Heavy Industry Co. Ltd., Class A		3,400		8,197

Satellite Chemical Co. Ltd., Class A		190		470

SDIC Capital Co. Ltd., Class A		1,400		1,491

SDIC Power Holdings Co. Ltd., Class A		4,300		9,050

Seres Group Co. Ltd., Class A *		862		14,456

SF Holding Co. Ltd., Class A		2,779		15,799

SG Micro Corp., Class A		197		2,384

Shaanxi Coal Industry Co. Ltd., Class A		4,400		14,170

Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		3,750		3,853

Shandong Gold Mining Co. Ltd., Class A		1,736		5,856

Shandong Gold Mining Co. Ltd., Class H, 144A		5,684		10,051

See Notes to Financial Statements.

DBX ETF Trust | 51

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,296		3,940

Shandong Linglong Tyre Co. Ltd., Class A		1,400		3,688

Shandong Nanshan Aluminum Co. Ltd., Class A		6,800		3,751

Shandong Sun Paper Industry JSC Ltd., Class A		3,164		6,406

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		22,920		13,255

Shanghai Baosight Software Co. Ltd., Class A		1,004		3,880

Shanghai Baosight Software Co. Ltd., Class B		7,090		11,741

Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		237		5,887

Shanghai Electric Group Co. Ltd., Class A *		11,800		13,834

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,700		6,256

Shanghai International Airport Co. Ltd., Class A		900		4,333

Shanghai M&G Stationery, Inc., Class A		275		1,262

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,100		6,300

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,081		5,147

Shanghai Pudong Development Bank Co. Ltd., Class A		18,000		23,485

Shanghai Putailai New Energy Technology Co. Ltd., Class A		942		2,589

Shanghai RAAS Blood Products Co. Ltd., Class A		5,600		5,808

Shanghai Rural Commercial Bank Co. Ltd., Class A		7,488		8,593

Shanghai United Imaging Healthcare Co. Ltd., Class A		494		8,936

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		1,700		6,675

Shanjin International Gold Co. Ltd., Class A		1,992		4,473

Shanxi Coal International Energy Group Co. Ltd., Class A		2,500		4,248

Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,740		1,953

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		2,300		4,644

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		580		16,294

Shengyi Technology Co. Ltd., Class A		2,035		5,911

Shennan Circuits Co. Ltd., Class A		50		682

Shenwan Hongyuan Group Co. Ltd., Class A		14,400		10,645


	Number of Shares		Value $


Shenzhen Capchem Technology Co. Ltd., Class A		540		3,053

Shenzhen Energy Group Co. Ltd., Class A		5,060		4,620

Shenzhen Inovance Technology Co. Ltd., Class A		983		8,175

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		509		18,287

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		314		2,831

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		200		960

Shenzhen Transsion Holdings Co. Ltd., Class A		441		5,761

Shenzhou International Group Holdings Ltd.		7,299		55,811

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		1,700		4,037

Sichuan Chuantou Energy Co. Ltd., Class A		1,900		4,319

Sichuan Kelun Pharmaceutical Co. Ltd., Class A		400		1,805

Sichuan Road & Bridge Group Co. Ltd., Class A		5,708		5,865

Sieyuan Electric Co. Ltd., Class A		832		8,938

Silergy Corp.		3,005		38,993

Sinopharm Group Co. Ltd., Class H		12,323		32,148

Sinotruk Hong Kong Ltd.		7,049		19,522

Smoore International Holdings Ltd., 144A		15,447		22,829

SooChow Securities Co. Ltd., Class A		1,352		1,533

Sungrow Power Supply Co. Ltd., Class A		1,153		12,925

Sunny Optical Technology Group Co. Ltd.		6,384		51,645

Sunwoda Electronic Co. Ltd., Class A		1,800		5,675

SUPCON Technology Co. Ltd., Class A		582		3,890

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		898		3,176

Suzhou Maxwell Technologies Co. Ltd., Class A		256		4,357

Suzhou TFC Optical Communication Co. Ltd., Class A		500		7,122

TAL Education Group, ADR *		3,622		35,966

TBEA Co. Ltd., Class A		2,130		3,995

TCL Technology Group Corp., Class A		11,716		7,562

TCL Zhonghuan Renewable

Energy Technology Co. Ltd., Class A		3,361		4,877

See Notes to Financial Statements.

52 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Tencent Holdings Ltd.		57,902		2,961,549

Tencent Music Entertainment Group, ADR		7,070		80,669

Tianqi Lithium Corp., Class A		1,200		6,319

Tianshan Aluminum Group Co. Ltd., Class A		774		861

Tingyi Cayman Islands Holding Corp.		18,086		22,662

Tongcheng Travel Holdings Ltd.		10,734		26,182

TongFu Microelectronics Co. Ltd., Class A		1,740		7,197

Tongkun Group Co. Ltd., Class A		2,000		3,186

Tongling Nonferrous Metals Group Co. Ltd., Class A		2,600		1,183

Tongwei Co. Ltd., Class A		1,400		5,300

TravelSky Technology Ltd., Class H		8,957		12,040

Trina Solar Co. Ltd., Class A		1,708		5,736

Trip.com Group Ltd. *		5,502		359,545

Tsingtao Brewery Co. Ltd., Class A		500		5,033

Tsingtao Brewery Co. Ltd., Class H		5,473		34,253

Unigroup Guoxin Microelectronics Co. Ltd., Class A		773		7,034

Unisplendour Corp. Ltd., Class A		2,154		7,531

Vipshop Holdings Ltd., ADR		3,307		45,670

Wanhua Chemical Group Co. Ltd., Class A		1,826		18,710

Weichai Power Co. Ltd., Class A		3,300		6,108

Weichai Power Co. Ltd., Class H		16,945		23,344

Weihai Guangwei Composites Co. Ltd., Class A		800		3,820

Wens Foodstuff Group Co. Ltd., Class A		3,606		8,624

Western Securities Co. Ltd., Class A		900		1,121

Western Superconducting Technologies Co. Ltd., Class A		789		4,833

Will Semiconductor Co. Ltd., Class A		608		8,272

Wingtech Technology Co. Ltd., Class A		1,014		5,691

Wuliangye Yibin Co. Ltd., Class A		2,007		40,627

WUS Printed Circuit Kunshan Co. Ltd., Class A		1,732		8,915

WuXi AppTec Co. Ltd., Class A		82		567

WuXi AppTec Co. Ltd., Class H, 144A		3,570		21,586

Wuxi Biologics Cayman, Inc., 144A *		33,320		64,230

XCMG Construction Machinery Co. Ltd., Class A		7,200		8,034

Xiamen C & D, Inc., Class A		1,600		2,163

Xiamen Tungsten Co. Ltd., Class A		1,800		5,151


	Number of Shares		Value $


Xiaomi Corp., Class B, 144A *		136,160		485,573

Xinjiang Daqo New Energy Co. Ltd., Class A		1,567		6,224

Xinyi Solar Holdings Ltd.		49,352		21,818

XPeng, Inc., Class A *		11,477		68,510

Yadea Group Holdings Ltd., 144A		11,458		18,112

Yankuang Energy Group Co. Ltd., Class A		3,273		6,591

Yankuang Energy Group Co. Ltd., Class H		28,574		32,865

Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		5,343

Yealink Network Technology Corp. Ltd., Class A		1,044		5,459

Yifeng Pharmacy Chain Co. Ltd., Class A		1,024		3,308

Yihai Kerry Arawana Holdings Co. Ltd., Class A		900		4,245

Yonyou Network Technology Co. Ltd., Class A *		2,697		4,917

Youngor Fashion Co. Ltd., Class A		6,300		7,029

YTO Express Group Co. Ltd., Class A		2,500		4,982

Yum China Holdings, Inc.		3,498		162,832

Yunnan Aluminium Co. Ltd., Class A		3,164		5,948

Yunnan Baiyao Group Co. Ltd., Class A		500		3,952

Yunnan Energy New Material Co. Ltd., Class A		760		3,905

Yunnan Yuntianhua Co. Ltd., Class A		1,500		4,543

Zangge Mining Co. Ltd., Class A		1,300		5,157

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		300		9,645

Zhaojin Mining Industry Co. Ltd., Class H		13,182		19,244

Zhejiang China Commodities City Group Co. Ltd., Class A		3,500		6,869

Zhejiang Chint Electrics Co. Ltd., Class A		2,000		6,275

Zhejiang Dahua Technology Co. Ltd., Class A		1,632		3,676

Zhejiang Expressway Co. Ltd., Class H		20,063		13,201

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		2,000		5,020

Zhejiang Huayou Cobalt Co. Ltd., Class A		127		566

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,100		5,284

Zhejiang Juhua Co. Ltd., Class A		1,740		5,368

Zhejiang Leapmotor Technology Co. Ltd., 144A *		4,349		15,817

Zhejiang NHU Co. Ltd., Class A		1,483		4,449

See Notes to Financial Statements.

DBX ETF Trust | 53

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,800		5,760

Zhejiang Supor Co. Ltd., Class A		68		490

Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,500		4,249

Zhejiang Zheneng Electric Power Co. Ltd., Class A		9,300		6,914

Zheshang Securities Co. Ltd., Class A		2,100		3,675

Zhongji Innolight Co. Ltd., Class A		711		12,427

Zhongjin Gold Corp. Ltd., Class A		1,800		3,111

Zhongsheng Group Holdings Ltd.		8,492		16,719

Zhongtai Securities Co. Ltd., Class A		4,000		3,840

Zhuzhou CRRC Times Electric Co. Ltd., Class A		771		4,931

Zhuzhou CRRC Times Electric Co. Ltd., Class H		4,712		16,683

Zijin Mining Group Co. Ltd., Class A		11,200		24,252

Zijin Mining Group Co. Ltd., Class H		48,954		93,990

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		5,076		4,887

ZTE Corp., Class A		1,900		8,165

ZTE Corp., Class H		7,498		18,231

ZTO Express Cayman, Inc.		3,821		72,429


(Cost $14,469,144)				17,035,763

Colombia – 0.1%

Bancolombia SA		2,564		22,292

Interconexion Electrica SA ESP		4,027		15,246


(Cost $42,163)				37,538

Czech Republic – 0.1%

CEZ AS		1,437		57,886

Komercni Banka AS		912		31,140

Moneta Money Bank AS, 144A		1,941		10,002


(Cost $76,476)				99,028

Egypt – 0.1%

Commercial International Bank - Egypt (CIB)		22,162		36,378

Eastern Co. SAE		18,553		10,150

Talaat Moustafa Group		8,338		9,750


(Cost $64,075)				56,278

Greece – 0.4%

Alpha Services and Holdings SA		20,785		32,258

Eurobank Ergasias Services and Holdings SA		23,203		49,111

Hellenic Telecommunications Organization SA		1,874		29,630

JUMBO SA		999		26,093

Metlen Energy & Metals SA		925		30,406

National Bank of Greece SA		7,102		50,102


	Number of Shares		Value $


OPAP SA		1,796		29,480

Piraeus Financial Holdings SA		8,322		30,517

Public Power Corp. SA		1,755		21,266


(Cost $231,777)				298,863

Hong Kong – 1.1%

Alibaba Health Information Technology Ltd. *		49,880		23,397

Beijing Enterprises Holdings Ltd.		5,803		18,234

Beijing Enterprises Water Group Ltd.		35,586		9,741

Bosideng International Holdings Ltd.		36,588		19,043

C&D International Investment Group Ltd.		7,355		12,155

China Gas Holdings Ltd.		21,985		18,195

China Merchants Port Holdings Co. Ltd.		12,589		19,899

China Overseas Land & Investment Ltd.		35,861		61,478

China Power International Development Ltd.		46,854		17,823

China Resources Beer Holdings Co. Ltd.		14,923		50,246

China Resources Gas Group Ltd.		7,805		27,884

China Resources Land Ltd.		26,772		79,132

China Resources Power Holdings Co. Ltd.		17,603		40,222

China Ruyi Holdings Ltd. *		56,205		14,807

China State Construction International Holdings Ltd.		16,725		23,299

China Taiping Insurance Holdings Co. Ltd.		13,978		22,059

Chow Tai Fook Jewellery Group Ltd.		17,428		15,969

Far East Horizon Ltd.		15,268		10,301

GCL Technology Holdings Ltd. *		212,019		39,508

Geely Automobile Holdings Ltd.		48,804		86,928

Guangdong Investment Ltd.		27,032		16,953

Kunlun Energy Co. Ltd.		33,441		31,544

Orient Overseas International Ltd.		1,179		15,061

Sino Biopharmaceutical Ltd.		89,994		37,587

Want Want China Holdings Ltd.		38,932		21,914


(Cost $799,226)				733,379

Hungary – 0.2%

MOL Hungarian Oil & Gas PLC		3,800		26,078

OTP Bank Nyrt		1,874		101,666

Richter Gedeon Nyrt		1,326		35,340


(Cost $109,257)				163,084

India – 19.7%

ABB India Ltd.		513		45,056

Adani Enterprises Ltd.		1,259		36,701

Adani Green Energy Ltd. *		1,819		28,500

See Notes to Financial Statements.

54 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Adani Ports & Special Economic Zone Ltd.		4,578		64,477

Adani Power Ltd. *		5,096		33,460

Alkem Laboratories Ltd.		341		22,771

Ambuja Cements Ltd.		5,805		36,515

APL Apollo Tubes Ltd.		1,740		31,227

Apollo Hospitals Enterprise Ltd.		911		73,626

Ashok Leyland Ltd.		14,114		38,766

Asian Paints Ltd.		3,226		94,669

Astral Ltd.		1,152		24,411

AU Small Finance Bank Ltd., 144A		3,166		21,858

Aurobindo Pharma Ltd.		2,322		34,697

Avenue Supermarts Ltd., 144A *		1,437		63,088

Axis Bank Ltd.		19,992		268,851

Bajaj Auto Ltd.		569		60,833

Bajaj Finance Ltd.		2,425		188,725

Bajaj Finserv Ltd.		3,478		65,033

Bajaj Holdings & Investment Ltd.		245		30,353

Balkrishna Industries Ltd.		788		25,927

Bank of Baroda		9,222		26,892

Bharat Electronics Ltd.		32,402		118,110

Bharat Forge Ltd.		2,420		38,156

Bharat Heavy Electricals Ltd.		9,662		28,712

Bharat Petroleum Corp. Ltd.		14,178		49,013

Bharti Airtel Ltd.		22,955		442,046

Bosch Ltd.		72		29,795

Britannia Industries Ltd.		970		56,723

BSE Ltd.		597		33,001

Canara Bank		15,916		19,215

CG Power & Industrial Solutions Ltd.		5,621		48,712

Cholamandalam Investment and Finance Co. Ltd.		3,882		56,691

Cipla Ltd.		4,804		87,209

Coal India Ltd.		15,852		78,119

Colgate-Palmolive India Ltd.		1,177		40,253

Container Corp. Of India Ltd.		2,560		25,097

Cummins India Ltd.		1,230		50,712

Dabur India Ltd.		4,124		25,729

Divi’s Laboratories Ltd.		1,058		77,290

Dixon Technologies India Ltd.		276		51,634

DLF Ltd.		6,541		63,706

Dr Reddy’s Laboratories Ltd.		5,182		73,735

Eicher Motors Ltd.		1,119		63,989

GAIL India Ltd.		20,532		48,467

GMR Airports Infrastructure Ltd.*		23,095		22,743

Godrej Consumer Products Ltd.		3,800		55,975

Godrej Properties Ltd. *		1,064		34,958

Grasim Industries Ltd.		2,316		71,436

Havells India Ltd.		2,199		44,711

HCL Technologies Ltd.		8,317		181,904


	Number of Shares		Value $


HDFC Asset Management Co. Ltd., 144A		942		46,871

HDFC Bank Ltd.		50,311		1,069,409

HDFC Life Insurance Co. Ltd., 144A		8,855		68,931

Hero MotoCorp Ltd.		1,059		59,679

Hindalco Industries Ltd.		12,011		93,278

Hindustan Aeronautics Ltd.		1,724		91,342

Hindustan Petroleum Corp. Ltd.		8,196		37,160

Hindustan Unilever Ltd.		7,581		223,954

ICICI Bank Ltd.		46,620		717,318

ICICI Lombard General Insurance Co. Ltd., 144A		2,213		48,763

ICICI Prudential Life Insurance Co. Ltd., 144A		3,178		26,315

IDFC First Bank Ltd. *		32,746		24,834

Indian Hotels Co. Ltd.		7,225		67,837

Indian Oil Corp. Ltd.		24,425		40,073

Indian Railway Catering & Tourism Corp. Ltd.		2,275		21,969

Indus Towers Ltd. *		10,984		45,413

IndusInd Bank Ltd.		2,867		33,790

Info Edge India Ltd.		600		58,620

Infosys Ltd.		29,165		641,262

InterGlobe Aviation Ltd., 144A *		1,554		80,534

ITC Ltd.		26,169		147,652

Jindal Stainless Ltd.		3,268		26,424

Jindal Steel & Power Ltd.		2,914		31,260

Jio Financial Services Ltd. *		25,160		97,771

JSW Energy Ltd.		3,496		27,086

JSW Steel Ltd.		5,241		59,918

Jubilant Foodworks Ltd.		3,704		28,255

Kalyan Jewellers India Ltd.		3,753		32,177

Kotak Mahindra Bank Ltd.		9,516		198,803

Larsen & Toubro Ltd.		5,988		263,966

LTIMindtree Ltd., 144A		629		45,948

Lupin Ltd.		1,989		48,274

Macrotech Developers Ltd., 144A		2,789		41,365

Mahindra & Mahindra Ltd.		8,363		293,569

Mankind Pharma Ltd. *		910		27,583

Marico Ltd.		4,650		35,493

Maruti Suzuki India Ltd.		1,086		142,333

Max Healthcare Institute Ltd.		7,089		82,198

Mphasis Ltd.		839		29,536

MRF Ltd.		20		29,647

Muthoot Finance Ltd.		1,157		26,250

Nestle India Ltd.		3,178		84,048

NHPC Ltd.		29,985		28,900

NMDC Ltd.		9,487		25,832

NTPC Ltd.		39,007		167,876

Oberoi Realty Ltd.		1,113		26,441

Oil & Natural Gas Corp. Ltd.		28,324		86,048

See Notes to Financial Statements.

DBX ETF Trust | 55

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Oil India Ltd.		4,419		25,657

Oracle Financial Services Software Ltd.		193		26,716

Page Industries Ltd.		63		33,287

PB Fintech Ltd. *		2,680		60,070

Persistent Systems Ltd.		1,002		70,032

Petronet LNG Ltd.		7,665		30,217

Phoenix Mills Ltd.		1,814		35,557

PI Industries Ltd.		741		35,653

Pidilite Industries Ltd.		1,427		51,783

Polycab India Ltd.		473		40,853

Power Finance Corp. Ltd.		13,816		80,987

Power Grid Corp. of India Ltd.		41,624		162,267

Prestige Estates Projects Ltd.		1,574		30,747

Punjab National Bank		20,359		25,275

Rail Vikas Nigam Ltd.		4,699		24,238

REC Ltd.		12,072		76,093

Reliance Industries Ltd.		54,503		833,514

Samvardhana Motherson International Ltd.		25,222		48,494

SBI Cards & Payment Services Ltd.		2,768		22,951

SBI Life Insurance Co. Ltd., 144A		3,816		64,931

Shree Cement Ltd.		81		24,997

Shriram Finance Ltd.		2,423		86,591

Siemens Ltd.		798		71,406

Solar Industries India Ltd.		262		33,119

Sona Blw Precision Forgings Ltd., 144A		3,844		30,553

SRF Ltd.		1,320		35,384

State Bank of India		15,430		153,202

Sun Pharmaceutical Industries Ltd.		8,315		175,253

Sundaram Finance Ltd.		599		28,132

Supreme Industries Ltd.		620		34,128

Suzlon Energy Ltd. *		82,730		61,663

Tata Communications Ltd.		978		20,314

Tata Consultancy Services Ltd.		8,051		406,937

Tata Consumer Products Ltd.		5,200		58,996

Tata Elxsi Ltd.		335		26,447

Tata Motors Ltd.		17,236		160,424

Tata Power Co. Ltd.		14,344		70,306

Tata Steel Ltd.		66,959		114,541

Tech Mahindra Ltd.		4,854		98,365

Thermax Ltd.		395		21,458

Titan Co. Ltd.		3,213		123,544

Torrent Pharmaceuticals Ltd.		979		38,515

Torrent Power Ltd.		1,679		30,019

Trent Ltd.		1,573		126,505

Tube Investments of India Ltd.		948		40,284

TVS Motor Co. Ltd.		2,019		58,170

UltraTech Cement Ltd.		1,045		138,542

Union Bank of India Ltd.		14,180		20,410


	Number of Shares		Value $


United Spirits Ltd.		2,725		49,313

UPL Ltd.		3,559		22,956

Varun Beverages Ltd.		10,125		74,437

Vedanta Ltd.		12,390		66,498

Vodafone Idea Ltd. *		217,815		21,550

Voltas Ltd.		1,936		37,994

Wipro Ltd.		12,101		82,756

Yes Bank Ltd. *		127,643		30,152

Zomato Ltd. *		57,764		191,252

Zydus Lifesciences Ltd.		2,161		24,704


(Cost $7,901,329)				13,635,421

Indonesia – 1.5%

Alamtri Resources Indonesia Tbk PT		135,750		17,820

Amman Mineral Internasional PT*		63,473		36,053

GoTo Gojek Tokopedia Tbk PT *		7,731,170		34,643

PT Astra International Tbk		183,382		59,025

PT Bank Central Asia Tbk		485,381		306,331

PT Bank Mandiri Persero Tbk		334,720		129,917

PT Bank Negara Indonesia Persero Tbk		125,628		39,484

PT Bank Rakyat Indonesia Persero Tbk		583,301		156,455

PT Barito Pacific Tbk		291,653		15,738

PT Chandra Asri Pacific Tbk		73,840		32,388

PT Charoen Pokphand Indonesia Tbk		70,774		20,859

PT Indah Kiat Pulp & Paper Tbk		24,692		11,298

PT Indofood CBP Sukses Makmur Tbk		22,492		16,892

PT Indofood Sukses Makmur Tbk		36,637		17,457

PT Kalbe Farma Tbk		205,547		19,459

PT Merdeka Copper Gold Tbk *		108,911		12,647

PT Sumber Alfaria Trijaya Tbk		151,698		27,285

PT Telkom Indonesia Persero Tbk		401,171		68,613

PT Unilever Indonesia Tbk		71,727		8,442

PT United Tractors Tbk		12,375		20,911


(Cost $1,049,098)				1,051,717

Ireland – 0.8%

PDD Holdings, Inc., ADR *

(Cost $585,528)		6,094		588,437

Kazakhstan – 0.0%

Solidcore Resources PLC * (a)

(Cost $66,377)		4,065		0

Kuwait – 0.7%

Boubyan Bank KSCP		13,351		23,750

Gulf Bank KSCP		13,935		14,456

Kuwait Finance House KSCP		89,350		214,440

Mabanee Co KPSC		5,873		15,642

See Notes to Financial Statements.

56 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Mobile Telecommunications Co. KSCP		22,119		33,161

National Bank of Kuwait SAKP		70,274		198,824


(Cost $379,472)				500,273

Luxembourg – 0.0%

Reinet Investments SCA

(Cost $25,335)		1,308		34,782

Malaysia – 1.5%

AMMB Holdings Bhd		23,846		28,916

Axiata Group Bhd		25,099		13,213

Celcomdigi Bhd		25,660		20,666

CIMB Group Holdings Bhd		67,435		125,161

Gamuda Bhd		18,567		37,176

Genting Bhd		19,267		16,211

Genting Malaysia Bhd		23,945		11,636

Hong Leong Bank Bhd		6,741		31,362

IHH Healthcare Bhd		19,935		32,560

Inari Amertron Bhd		23,900		14,840

IOI Corp. Bhd		23,994		20,512

Kuala Lumpur Kepong Bhd		4,742		22,254

Malayan Banking Bhd		50,018		114,777

Malaysia Airports Holdings Bhd		8,963		21,374

Maxis Bhd		16,096		12,565

MISC Bhd		9,100		14,842

MR DIY Group M Bhd, 144A		21,900		8,918

Nestle Malaysia Bhd		483		10,508

Petronas Chemicals Group Bhd		24,024		25,186

Petronas Dagangan Bhd		1,904		8,396

Petronas Gas Bhd		7,590		30,462

PPB Group Bhd		6,962		20,549

Press Metal Aluminium Holdings Bhd		28,450		29,698

Public Bank Bhd		132,510		133,255

QL Resources Bhd		16,650		18,242

RHB Bank Bhd		13,681		20,806

SD Guthrie Bhd		18,323		19,828

Sime Darby Bhd		24,923		12,784

Sunway Bhd		21,200		23,132

Telekom Malaysia Bhd		10,645		15,207

Tenaga Nasional Bhd		27,205		83,604

YTL Corp. Bhd		29,500		13,804

YTL Power International Bhd		22,000		16,828


(Cost $947,591)				1,029,272

Mexico – 1.8%

Alfa SAB de CV, Class A		33,005		25,074

America Movil SAB de CV, Series B		163,956		122,463

Arca Continental SAB de CV		4,968		41,972

Cemex SAB de CV, Series CPO		125,165		68,472

Coca-Cola Femsa SAB de CV		4,694		37,126


	Number of Shares		Value $


Fibra Uno Administracion SA de CV REIT		27,946		29,135

Fomento Economico Mexicano SAB de CV		15,236		133,816

Gruma SAB de CV, Class B		1,817		30,780

Grupo Aeroportuario del Centro Norte SAB de CV		2,897		22,515

Grupo Aeroportuario del Pacifico SAB de CV, Class B		3,400		62,664

Grupo Aeroportuario del Sureste SAB de CV, Class B		1,537		39,180

Grupo Bimbo SAB de CV, Series A		12,308		36,126

Grupo Carso SAB de CV, Series A1		5,105		30,514

Grupo Comercial Chedraui SA de CV		2,093		13,634

Grupo Financiero Banorte SAB de CV, Class O		22,838		151,775

Grupo Financiero Inbursa SAB de CV, Class O *		17,268		40,703

Grupo Mexico SAB de CV, Series B		27,742		133,891

Industrias Penoles SAB de CV *		1,807		26,011

Kimberly-Clark de Mexico SAB de CV, Class A		12,783		17,162

Operadora De Sites Mexicanos SAB de CV, Class A-1		12,714		8,447

Prologis Property Mexico SA de CV REIT		7,954		23,569

Promotora y Operadora de Infraestructura SAB de CV		1,541		14,761

Wal-Mart de Mexico SAB de CV		45,649		120,828


(Cost $1,273,747)				1,230,618

Netherlands – 0.1%

Nebius Group N.V., Class A * (a)		4,277		0

NEPI Rockcastle NV *		4,718		36,562


(Cost $362,252)				36,562

Peru – 0.2%

Cia de Minas Buenaventura SAA, ADR		1,495		18,090

Credicorp Ltd.		571		105,903


(Cost $113,543)				123,993

Philippines – 0.5%

Ayala Corp.		2,324		24,257

Ayala Land, Inc.		61,224		29,863

Bank of the Philippine Islands		17,846		39,140

BDO Unibank, Inc.		21,750		57,310

International Container Terminal Services, Inc.		9,011		56,861

JG Summit Holdings, Inc.		25,134		9,452

Jollibee Foods Corp.		4,453		19,594

Manila Electric Co.		2,360		19,279

Metropolitan Bank & Trust Co.		15,952		20,744

PLDT, Inc.		756		16,723

See Notes to Financial Statements.

DBX ETF Trust | 57

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


SM Investments Corp.		1,573		23,474

SM Prime Holdings, Inc.		93,091		41,913

Universal Robina Corp.		8,074		10,871


(Cost $407,350)				369,481

Poland – 0.8%

Alior Bank SA		657		14,775

Allegro.eu SA, 144A *		5,186		36,750

Bank Polska Kasa Opieki SA		1,715		57,303

Budimex SA		131		15,211

CD Projekt SA		641		26,399

Dino Polska SA, 144A *		457		43,439

KGHM Polska Miedz SA		1,278		40,057

LPP SA		10		38,573

mBank SA *		127		16,579

ORLEN SA		5,024		63,136

PGE Polska Grupa Energetyczna SA*		7,922		13,128

Powszechna Kasa Oszczednosci Bank Polski SA		7,924		109,105

Powszechny Zaklad Ubezpieczen SA		5,133		55,884

Santander Bank Polska SA		358		38,553


(Cost $617,463)				568,892

Qatar – 0.8%

Barwa Real Estate Co.		19,846		15,104

Commercial Bank PSQC		29,647		34,191

Dukhan Bank		17,349		16,915

Industries Qatar QSC		13,991		49,877

Masraf Al Rayan QSC		49,921		32,974

Mesaieed Petrochemical Holding Co.		39,417		16,585

Ooredoo QPSC		7,304		23,752

Qatar Electricity & Water Co. QSC		3,702		16,126

Qatar Fuel QSC		5,395		21,944

Qatar Gas Transport Co. Ltd.		22,227		25,469

Qatar International Islamic Bank QSC		9,175		26,736

Qatar Islamic Bank QPSC		14,899		85,605

Qatar National Bank QPSC		40,271		189,133


(Cost $458,068)				554,411

Russia – 0.0%

Alrosa PJSC * (a)		34,709		0

Gazprom PJSC * (a)		164,723		0

GMK Norilskiy Nickel PAO * (a)		88,300		0

Inter RAO UES PJSC * (a)		490,959		0

LUKOIL PJSC * (a)		5,651		0

Magnit PJSC * (a)		933		0

Mobile TeleSystems PJSC, ADR * (a)		6,594		0

Moscow Exchange MICEX-RTS PJSC * (a)		20,735		0

Novatek PJSC * (a)		12,810		0


	Number of Shares		Value $


Novolipetsk Steel PJSC * (a)		21,183		0

Ozon Holdings PLC, ADR * (a)		700		0

PhosAgro PJSC * (a)		713		0

PhosAgro PJSC, GDR * (a)		13		0

Polyus PJSC * (a)		476		0

Rosneft Oil Co. PJSC * (a)		14,582		0

Sberbank of Russia PJSC * (a)		146,997		0

Severstal PAO * (a)		707		0

Severstal PAO, GDR * (a)		2,248		0

Surgutneftegas PJSC * (a)		68,300		0

Surgutneftegas PJSC, ADR * (a)		2,000		0

Tatneft PJSC * (a)		17,973		0

TKS Holding MKPAO JSC * (a)		58		0

United Co. RUSAL International PJSC * (a)		39,327		0

VK IPJSC, GDR * (a)		1,643		0

VK IPJSC * (a)		48		0

VTB Bank PJSC * (a)		9,756		0

X5 Retail Group NV, GDR * (a)		1,749		0


(Cost $2,514,228)				0

Saudi Arabia – 4.0%

ACWA Power Co.		1,277		123,794

Ades Holding Co.		3,069		14,622

Advanced Petrochemical Co. *		1,005		9,082

Al Rajhi Bank		17,545		425,444

Al Rajhi Co. For Co.-Operative Insurance*		355		15,743

Alinma Bank		10,782		79,784

Almarai Co. JSC		1,951		29,030

Arab National Bank		7,018		35,679

Arabian Internet & Communications Services Co.		212		15,552

Bank AlBilad		5,578		52,040

Bank Al-Jazira *		5,104		21,737

Banque Saudi Fransi		4,837		39,526

Bupa Arabia for Cooperative Insurance Co.		736		36,243

Co. for Cooperative Insurance		695		24,419

Dallah Healthcare Co.		315		12,728

Dar Al Arkan Real Estate Development Co. *		5,173		21,756

Dr Sulaiman Al Habib Medical Services Group Co.		790		56,397

Elm Co.		220		63,443

Etihad Etisalat Co.		3,482		51,161

Jarir Marketing Co.		5,755		19,455

Mobile Telecommunications Co. Saudi Arabia		4,435		12,206

Mouwasat Medical Services Co.		925		22,430

Nahdi Medical Co.		371		11,613

Power & Water Utility Co. for Jubail & Yanbu		330		4,954

Riyad Bank		13,386		93,530

See Notes to Financial Statements.

58 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


SABIC Agri-Nutrients Co.		2,051		60,489

Sahara International Petrochemical Co.		3,209		20,739

SAL Saudi Logistics Services		227		15,589

Saudi Arabian Mining Co. *		11,557		159,040

Saudi Arabian Oil Co., 144A		52,496		383,565

Saudi Aramco Base Oil Co.		589		17,277

Saudi Awwal Bank		9,011		74,474

Saudi Basic Industries Corp.		7,991		146,552

Saudi Electricity Co.		6,319		27,954

Saudi Industrial Investment Group		3,532		16,152

Saudi Investment Bank		5,435		20,253

Saudi Kayan Petrochemical Co. *		6,781		12,544

Saudi National Bank		25,449		219,814

Saudi Research & Media Group *		302		20,739

Saudi Tadawul Group Holding Co.		441		25,331

Saudi Telecom Co.		17,123		181,398

Savola Group *		4,943		31,893

Yanbu National Petrochemical Co.		2,602		25,834


(Cost $2,210,702)				2,752,005

Singapore – 0.0%

BOC Aviation Ltd., 144A

(Cost $11,748)		1,890		14,610

South Africa – 2.8%

Absa Group Ltd.		7,857		75,150

Anglo American Platinum Ltd.		510		16,791

Aspen Pharmacare Holdings Ltd.		3,555		32,652

Bid Corp. Ltd.		3,013		73,710

Bidvest Group Ltd.		3,209		49,125

Capitec Bank Holdings Ltd.		807		145,926

Clicks Group Ltd.		1,765		38,451

Discovery Ltd.		4,670		49,895

Exxaro Resources Ltd.		2,198		20,343

FirstRand Ltd.		45,799		195,385

Gold Fields Ltd.		8,221		116,758

Harmony Gold Mining Co. Ltd.		5,632		51,527

Impala Platinum Holdings Ltd. *		7,763		43,901

Kumba Iron Ore Ltd.		616		11,359

MTN Group Ltd.		14,592		65,326

Naspers Ltd., Class N		1,514		341,500

Nedbank Group Ltd.		3,979		63,713

Old Mutual Ltd.		44,900		31,593

OUTsurance Group Ltd.		8,175		29,305

Pepkor Holdings Ltd., 144A		16,343		24,222

Remgro Ltd.		4,749		39,677

Sanlam Ltd.		16,430		80,260

Sasol Ltd.		5,205		25,360

Shoprite Holdings Ltd.		4,592		75,313

Sibanye Stillwater Ltd. *		25,437		25,218


	Number of Shares		Value $


Standard Bank Group Ltd.		11,569		151,953

Vodacom Group Ltd.		6,069		34,096

Woolworths Holdings Ltd.		7,960		27,735


(Cost $2,362,957)				1,936,244

South Korea – 9.2%

Alteogen, Inc. *		346		69,446

Amorepacific Corp.		296		22,109

Celltrion, Inc.		1,370		183,642

CJ CheilJedang Corp.		72		13,600

Coway Co. Ltd.		515		24,328

DB Insurance Co. Ltd.		416		32,563

Doosan Bobcat, Inc.		506		14,073

Doosan Enerbility Co. Ltd. *		3,938		59,703

Ecopro BM Co. Ltd. *		454		43,999

Ecopro Co. Ltd. *		889		48,495

Ecopro Materials Co. Ltd. *		133		8,104

Enchem Co. Ltd. *		113		10,303

GS Holdings Corp.		417		12,495

Hana Financial Group, Inc.		2,660		118,981

Hanjin Kal Corp.		268		15,426

Hankook Tire & Technology Co. Ltd.		745		20,106

Hanmi Pharm. Co. Ltd.		69		13,478

Hanmi Semiconductor Co. Ltd.		395		21,123

Hanwha Aerospace Co. Ltd.		275		61,602

Hanwha Ocean Co. Ltd. *		748		18,766

HD Hyundai Co. Ltd.		414		23,088

HD Hyundai Electric Co. Ltd.		209		52,360

HD Hyundai Heavy Industries Co. Ltd. *		221		34,852

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		403		59,076

HLB, Inc. *		1,083		55,739

HMM Co. Ltd.		2,264		29,147

HYBE Co. Ltd.		179		25,046

Hyundai Glovis Co. Ltd.		357		31,476

Hyundai Mobis Co. Ltd.		536		92,020

Hyundai Motor Co.		1,198		187,637

Hyundai Rotem Co. Ltd.		688		24,955

Industrial Bank of Korea		2,571		27,423

Kakao Corp.		2,592		74,506

KakaoBank Corp.		1,538		24,640

KB Financial Group, Inc.		3,446		237,630

Kia Corp.		2,076		138,246

Korea Aerospace Industries Ltd.		687		28,759

Korea Electric Power Corp. *		2,297		39,352

Korea Investment Holdings Co. Ltd.		393		21,044

Korea Zinc Co. Ltd.		46		38,909

Korean Air Lines Co. Ltd.		1,584		29,465

Krafton, Inc. *		254		56,807

See Notes to Financial Statements.

DBX ETF Trust | 59

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


KT&G Corp.		899		78,491

Kumho Petrochemical Co. Ltd.		177		12,535

L&F Co. Ltd. *		232		16,347

LG Chem Ltd.		437		88,963

LG Corp.		832		44,670

LG Display Co. Ltd. *		2,523		17,145

LG Electronics, Inc.		950		61,084

LG Energy Solution Ltd. *		408		111,574

LG H&H Co. Ltd.		93		20,699

LG Innotek Co. Ltd.		128		14,855

LG Uplus Corp.		1,105		9,180

Lotte Chemical Corp.		195		9,016

LS Electric Co. Ltd.		128		13,212

Meritz Financial Group, Inc.		797		58,273

Mirae Asset Securities Co. Ltd.		2,335		14,328

NAVER Corp.		1,286		190,358

NCSoft Corp.		131		22,302

Netmarble Corp., 144A *		241		9,156

NH Investment & Securities Co. Ltd.		1,085		10,360

Orion Corp.		238		17,504

Posco DX Co. Ltd.		497		7,481

POSCO Future M Co. Ltd.		291		35,941

POSCO Holdings, Inc.		621		125,754

Posco International Corp.		431		14,582

Samsung Biologics Co. Ltd., 144A *		159		111,125

Samsung C&T Corp.		733		62,526

Samsung E&A Co. Ltd. *		1,338		17,216

Samsung Electro-Mechanics Co. Ltd.		489		37,857

Samsung Electronics Co. Ltd.		42,626		1,656,091

Samsung Fire & Marine Insurance Co. Ltd.		286		80,467

Samsung Heavy Industries Co. Ltd.*		5,810		48,394

Samsung Life Insurance Co. Ltd.		736		56,504

Samsung SDI Co. Ltd.		467		85,195

Samsung SDS Co. Ltd.		351		36,910

Shinhan Financial Group Co. Ltd.		3,848		146,191

SK Biopharmaceuticals Co. Ltd.*		295		21,865

SK Bioscience Co. Ltd. *		261		8,812

SK Hynix, Inc.		4,857		556,707

SK Innovation Co. Ltd. *		509		41,813

SK Square Co. Ltd. *		896		47,207

SK Telecom Co. Ltd.		470		20,686

SK, Inc.		304		29,767

SKC Co. Ltd. *		185		13,115

S-Oil Corp.		343		14,088

Woori Financial Group, Inc.		5,551		66,490

Yuhan Corp.		526		43,511


(Cost $4,248,252)				6,350,866


	Number of Shares		Value $


Taiwan – 18.6%

Accton Technology Corp.		4,599		93,019

Acer, Inc.		27,359		31,879

Advantech Co. Ltd.		4,406		45,507

Airtac International Group		1,270		30,887

Alchip Technologies Ltd.		721		49,165

ASE Technology Holding Co. Ltd.		29,598		138,044

Asia Cement Corp.		20,914		27,074

Asia Vital Components Co. Ltd.		3,048		60,335

Asustek Computer, Inc.		5,908		106,945

AUO Corp. *		64,118		30,793

Catcher Technology Co. Ltd.		5,187		31,378

Cathay Financial Holding Co. Ltd.		84,210		170,323

Chailease Holding Co. Ltd.		13,024		47,512

Chang Hwa Commercial Bank Ltd.		63,430		34,368

Cheng Shin Rubber Industry Co. Ltd.		17,228		26,837

China Airlines Ltd.		27,002		20,699

China Steel Corp.		106,744		69,666

Chunghwa Telecom Co. Ltd.		33,608		127,260

Compal Electronics, Inc.		38,722		43,928

CTBC Financial Holding Co. Ltd.		143,115		164,779

Delta Electronics, Inc.		16,993		199,315

E Ink Holdings, Inc.		7,350		63,583

E.Sun Financial Holding Co. Ltd.		125,413		104,244

Eclat Textile Co. Ltd.		1,653		26,971

eMemory Technology, Inc.		563		50,523

Eva Airways Corp.		21,137		27,037

Evergreen Marine Corp. Taiwan Ltd.		9,189		61,386

Far Eastern New Century Corp.		26,684		27,437

Far EasTone Telecommunications Co. Ltd.		13,210		36,560

Feng TAY Enterprise Co. Ltd.		4,388		17,696

First Financial Holding Co. Ltd.		103,679		86,817

Formosa Chemicals & Fibre Corp.		26,057		27,154

Formosa Plastics Corp.		34,093		43,400

Fortune Electric Co. Ltd.		867		14,680

Fubon Financial Holding Co. Ltd.		74,357		201,441

Gigabyte Technology Co. Ltd.		4,748		39,685

Global Unichip Corp.		804		29,454

Globalwafers Co. Ltd.		2,704		34,130

Hon Hai Precision Industry Co. Ltd.		111,579		671,542

Hotai Motor Co. Ltd.		2,662		50,318

Hua Nan Financial Holdings Co. Ltd.		84,143		67,479

Innolux Corp. *		68,684		32,034

International Games System Co. Ltd.		2,000		59,108

Inventec Corp.		24,483		36,932

See Notes to Financial Statements.

60 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Jentech Precision Industrial Co. Ltd.		770		32,831

KGI Financial Holding Co. Ltd.		145,625		77,110

Largan Precision Co. Ltd.		941		70,540

Lite-On Technology Corp.		18,680		59,807

MediaTek, Inc.		13,502		521,658

Mega Financial Holding Co. Ltd.		108,112		132,299

Micro-Star International Co. Ltd.		6,347		33,412

Nan Ya Plastics Corp.		43,164		51,425

Nanya Technology Corp. *		11,838		12,190

Nien Made Enterprise Co. Ltd.		1,519		18,705

Novatek Microelectronics Corp.		5,253		78,270

Pegatron Corp.		18,428		53,498

PharmaEssentia Corp. *		2,366		42,319

Pou Chen Corp.		21,336		26,799

President Chain Store Corp.		5,294		44,085

Quanta Computer, Inc.		24,659		220,908

Realtek Semiconductor Corp.		4,530		66,382

Ruentex Development Co. Ltd.		14,601		20,137

Shanghai Commercial & Savings Bank Ltd.		36,275		43,832

Shin Kong Financial Holding Co. Ltd.*		127,550		45,353

SinoPac Financial Holdings Co. Ltd.		90,003		64,420

Synnex Technology International Corp.		11,557		26,897

Taishin Financial Holding Co. Ltd.		97,407		51,278

Taiwan Business Bank		59,875		27,280

Taiwan Cooperative Financial Holding Co. Ltd.		94,794		72,665

Taiwan High Speed Rail Corp.		11,015		9,580

Taiwan Mobile Co. Ltd.		17,593		61,202

Taiwan Semiconductor Manufacturing Co. Ltd.		219,319		6,724,801

TCC Group Holdings Co. Ltd.		56,385		58,150

Unimicron Technology Corp.		12,476		57,228

Uni-President Enterprises Corp.		42,993		111,840

United Microelectronics Corp.		98,081		131,497

Vanguard International Semiconductor Corp.		8,994		24,781

Voltronic Power Technology Corp.		563		31,891

Walsin Lihwa Corp.		26,589		21,364

Wan Hai Lines Ltd.		6,683		17,076

Wistron Corp.		24,936		87,130

Wiwynn Corp.		890		53,017

WPG Holdings Ltd.		13,606		29,488

Yageo Corp.		3,595		56,886

Yang Ming Marine Transport Corp.		15,086		33,996

Yuanta Financial Holding Co. Ltd.		88,434		90,522


	Number of Shares		Value $


Zhen Ding Technology Holding Ltd.		6,188		21,812


(Cost $4,472,746)				12,875,685

Thailand – 1.4%

Advanced Info Service PCL, NVDR		9,873		82,041

Airports of Thailand PCL, NVDR		36,900		65,360

Bangkok Dusit Medical Services PCL, NVDR		96,300		70,897

Bangkok Expressway & Metro PCL, NVDR		70,100		14,920

Bumrungrad Hospital PCL, NVDR		5,500		33,355

Central Pattana PCL, NVDR		18,200		31,839

Central Retail Corp. PCL, NVDR		17,900		17,484

Charoen Pokphand Foods PCL, NVDR		36,369		25,344

CP ALL PCL, NVDR		50,649		90,451

CP AXTRA PCL		17,916		18,152

Delta Electronics Thailand PCL, NVDR		27,080		118,829

Gulf Energy Development PCL, NVDR		26,850		47,363

Home Product Center PCL, NVDR		62,100		17,110

Intouch Holdings PCL, NVDR		8,000		22,159

Kasikornbank PCL, NVDR		4,303		18,882

Krung Thai Bank PCL, NVDR		34,506		20,122

Krungthai Card PCL, NVDR (b)		9,700		13,222

Minor International PCL, NVDR		28,947		22,577

PTT Exploration & Production PCL, NVDR		13,183		49,007

PTT Global Chemical PCL, NVDR		19,000		13,988

PTT Oil & Retail Business PCL, NVDR		27,700		11,388

PTT PCL		500		470

PTT PCL, NVDR		84,580		79,531

SCB X PCL, NVDR		6,998		23,362

Siam Cement PCL		3,178		17,003

Siam Cement PCL		2,558		13,686

Thai Oil PCL, NVDR		12,449		13,702

TMBThanachart Bank PCL, NVDR		218,800		11,228

True Corp. PCL, NVDR *		96,672		31,287


(Cost $1,014,716)				994,759

Turkey – 0.7%

Akbank TAS		25,427		44,598

Anadolu Efes Biracilik Ve Malt Sanayii AS		2,061		11,858

Aselsan Elektronik Sanayi Ve Ticaret AS		13,119		26,262

BIM Birlesik Magazalar AS		3,922		53,529

Coca-Cola Icecek AS		7,432		11,397

Eregli Demir ve Celik Fabrikalari TAS		25,472		18,928

See Notes to Financial Statements.

DBX ETF Trust | 61

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Ford Otomotiv Sanayi AS		607		16,919

Haci Omer Sabanci Holding AS		9,811		25,593

KOC Holding AS		7,730		44,674

Pegasus Hava Tasimaciligi AS *		1,931		12,125

Sasa Polyester Sanayi AS *		76,563		8,938

Turk Hava Yollari AO *		4,762		39,120

Turkcell Iletisim Hizmetleri AS		10,644		27,781

Turkiye Is Bankasi AS, Class C		84,663		33,262

Turkiye Petrol Rafinerileri AS		7,538		31,984

Turkiye Sise ve Cam Fabrikalari AS		13,655		15,964

Yapi ve Kredi Bankasi AS		34,703		29,649


(Cost $411,735)				452,581

United Arab Emirates – 1.2%

Abu Dhabi Commercial Bank PJSC		27,093		73,912

Abu Dhabi Islamic Bank PJSC		13,113		46,627

Abu Dhabi National Oil Co. for Distribution PJSC		28,556		26,823

ADNOC Drilling Co. PJSC		27,028		38,928

Aldar Properties PJSC		34,144		70,000

Americana Restaurants International PLC - Foreign Co.		29,918		17,595

Dubai Islamic Bank PJSC		25,381		46,990

Emaar Properties PJSC		59,216		153,969

Emirates NBD Bank PJSC		17,191		93,610

Emirates Telecommunications Group Co. PJSC		29,706		133,935

First Abu Dhabi Bank PJSC		40,650		141,665

Multiply Group PJSC *		36,160		20,084


(Cost $627,772)				864,138

United Kingdom – 0.2%

Anglogold Ashanti PLC

(Cost $66,904)		4,391		110,098

United States – 0.3%

BeiGene Ltd. *		6,313		104,494

Legend Biotech Corp., ADR *		609		25,621

Southern Copper Corp.		768		77,069


(Cost $162,382)				207,184

TOTAL COMMON STOCKS


(Cost $50,248,023)				67,245,449

PREFERRED STOCKS – 1.7%

Brazil – 1.1%

Banco Bradesco SA		45,958		97,185

Centrais Eletricas Brasileiras SA, Class B		2,365		15,447

Cia Energetica de Minas Gerais		17,695		35,257

Companhia Paranaense de Energia, Class B		10,199		16,581

Gerdau SA		12,597		42,815

Itau Unibanco Holding SA		42,366		231,245

Itausa SA		48,953		79,914


	Number of Shares		Value $


Klabin SA		2		2

Petroleo Brasileiro SA		39,138		254,909


(Cost $630,734)				773,355

Chile – 0.1%

Sociedad Quimica y Minera de Chile SA, Class B

(Cost $24,114)		1,315		50,255

Colombia – 0.1%

Bancolombia SA

(Cost $37,020)		3,969		32,181

Russia – 0.0%

Surgutneftegas PJSC * (a)

(Cost $55,823)		101,715		0

South Korea – 0.4%

Hyundai Motor Co.		202		22,733

Hyundai Motor Co. - 2nd Preferred		333		38,240

LG Chem Ltd.		76		10,351

Samsung Electronics Co. Ltd.		7,157		237,019


(Cost $158,831)				308,343

TOTAL PREFERRED STOCKS


(Cost $906,522)				1,164,134

RIGHTS – 0.0%

India – 0.0%

UPL Ltd.* , expires 12/24/24(a)

(Cost $0)		444		974

WARRANTS – 0.0%

Thailand – 0.0%

BTS Group Holdings PCL* , expires 11/20/26		23,669		62

Srisawad Corp. PCL* , expires 8/29/25		432		5


(Cost $0)				67

TOTAL WARRANTS


(Cost $0)				67

SECURITIES LENDING

COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (c)(d)

(Cost $11,832)		11,832		11,832

CASH EQUIVALENTS – 1.3%

DWS Government Money Market Series “Institutional Shares”, 4.59% (c)

(Cost $934,933)		934,933		934,933

See Notes to Financial Statements.

62 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares	Value $


TOTAL INVESTMENTS – 100.0%

(Cost $52,101,310)			69,357,389


	Number of Shares	Value $


Other assets and liabilities, net – (0.0)%			(34,332	)


NET ASSETS – 100.0%			69,323,057

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024


SECURITIES LENDING COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (c)(d)

13,930		—		(2,098	) (e)		—		—		250		—		11,832		11,832

CASH EQUIVALENTS – 1.3%

DWS Government Money Market Series “Institutional Shares”, 4.59% (c)

1,063,663		9,330,267		(9,458,997	)		—		—		27,754		—		934,933		934,933


1,077,593		9,330,267		(9,461,095	)		—		—		28,004		—		946,765		946,765

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $11,082, which is 0.0% of net assets.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.


ADR:		American Depositary Receipt

CPO:		Ordinary Participation Certificates

GDR:		Global Depositary Receipt

JSC:		Joint Stock 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

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

Securities are listed in country of domicile.

At November 30, 2024, 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

1,603,402

1,581,370

12/20/2024

(22,032

)

At November 30, 2024, the Fund had the following forward foreign currency contracts outstanding:

See Notes to Financial Statements.

DBX ETF Trust | 63

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

JP Morgan & Chase Co.		12/3/2024	CNH	21,713,800	USD	3,052,089		56,811		—

JP Morgan & Chase Co.		12/3/2024	CNH	1,471,000	USD	206,758		3,844		—

RBC Capital Markets		12/3/2024	CZK	2,276,610	USD	97,698		2,309		—

Citibank N.A.		12/3/2024	EUR	351,900	USD	382,491		10,024		—

JP Morgan & Chase Co.		12/3/2024	HKD	130,988,800	USD	16,858,709		24,612		—

RBC Capital Markets		12/3/2024	HUF	68,210,600	USD	181,100		6,321		—

Goldman Sachs & Co.		12/3/2024	KWD	166,000	USD	542,838		2,840		—

Bank of America		12/3/2024	MXN	30,347,600	USD	1,507,012		17,497		—

JP Morgan & Chase Co.		12/3/2024	PHP	10,481,000	USD	180,312		1,580		—

RBC Capital Markets		12/3/2024	PHP	15,542,200	USD	267,699		2,659		—

JP Morgan & Chase Co.		12/3/2024	PLN	74,000	USD	18,447		223		—

RBC Capital Markets		12/3/2024	PLN	2,785,200	USD	694,260		8,343		—

Goldman Sachs & Co.		12/3/2024	QAR	61,000	USD	16,755		1		—

Goldman Sachs & Co.		12/3/2024	QAR	2,251,600	USD	617,553		—		(869	)

Goldman Sachs & Co.		12/3/2024	SAR	11,601,000	USD	3,088,083		218		—

JP Morgan & Chase Co.		12/3/2024	THB	489,000	USD	14,449		188		—

JP Morgan & Chase Co.		12/3/2024	THB	35,377,200	USD	1,046,044		14,287		—

RBC Capital Markets		12/3/2024	THB	3,559,100	USD	105,193		1,394		—

Goldman Sachs & Co.		12/3/2024	TRY	18,166,400	USD	512,665		—		(9,365	)

JP Morgan & Chase Co.		12/3/2024	USD	2,931,178	CNH	21,252,800		508		—

JP Morgan & Chase Co.		12/3/2024	USD	159,879	CNH	1,159,200		25		—

JP Morgan & Chase Co.		12/3/2024	USD	106,890	CNH	772,800		—		(287	)

RBC Capital Markets		12/3/2024	USD	95,188	CZK	2,276,610		201		—

Citibank N.A.		12/3/2024	USD	25,000	EUR	23,000		—		(656	)

RBC Capital Markets		12/3/2024	USD	17,924	EUR	17,000		69		—

RBC Capital Markets		12/3/2024	USD	329,429	EUR	311,900		700		—

JP Morgan & Chase Co.		12/3/2024	USD	559,412	HKD	4,352,800		—		(10	)

JP Morgan & Chase Co.		12/3/2024	USD	51,995	HKD	404,000		—		(75	)

JP Morgan & Chase Co.		12/3/2024	USD	839,046	HKD	6,529,200		57		—

RBC Capital Markets		12/3/2024	USD	15,382,899	HKD	119,702,800		771		—

RBC Capital Markets		12/3/2024	USD	174,040	HUF	68,210,600		739		—

Goldman Sachs & Co.		12/3/2024	USD	539,837	KWD	166,000		161		—

Bank of America		12/3/2024	USD	48,914	MXN	991,900		—		(230	)

Bank of America		12/3/2024	USD	29,299	MXN	590,000		—		(341	)

Bank of America		12/3/2024	USD	73,108	MXN	1,487,900		—		(79	)

Bank of America		12/3/2024	USD	1,346,453	MXN	27,277,800		—		(7,610	)

JP Morgan & Chase Co.		12/3/2024	USD	178,674	PHP	10,481,000		58		—

RBC Capital Markets		12/3/2024	USD	228,167	PHP	13,373,600		—		(107	)

RBC Capital Markets		12/3/2024	USD	22,053	PHP	1,301,200		136		—

RBC Capital Markets		12/3/2024	USD	14,783	PHP	867,400		9		—

JP Morgan & Chase Co.		12/3/2024	USD	40,888	PLN	164,000		—		(500	)

RBC Capital Markets		12/3/2024	USD	607,871	PLN	2,470,600		570		—

RBC Capital Markets		12/3/2024	USD	22,053	PLN	89,800		62		—

RBC Capital Markets		12/3/2024	USD	32,754	PLN	134,800		444		—

Goldman Sachs & Co.		12/3/2024	USD	581,432	QAR	2,119,900		818		—

Goldman Sachs & Co.		12/3/2024	USD	21,178	QAR	77,100		—		(2	)

Goldman Sachs & Co.		12/3/2024	USD	31,755	QAR	115,600		—		(4	)

Goldman Sachs & Co.		12/3/2024	USD	3,059,105	SAR	11,490,000		—		(786	)

Goldman Sachs & Co.		12/3/2024	USD	29,548	SAR	111,000		—		(3	)

JP Morgan & Chase Co.		12/3/2024	USD	951,039	THB	32,580,700		—		(841	)

JP Morgan & Chase Co.		12/3/2024	USD	56,931	THB	1,971,300		561		—

See Notes to Financial Statements.

64 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

JP Morgan & Chase Co.		12/3/2024	USD	38,036	THB	1,314,200		292		—

RBC Capital Markets		12/3/2024	USD	103,703	THB	3,559,100		96		—

Goldman Sachs & Co.		12/3/2024	USD	23,841	TRY	829,500		—		(5	)

Goldman Sachs & Co.		12/3/2024	USD	15,777	TRY	553,000		114		—

Goldman Sachs & Co.		12/3/2024	USD	44,524	TRY	1,577,000		793		—

Goldman Sachs & Co.		12/3/2024	USD	437,804	TRY	15,206,900		—		(818	)

Goldman Sachs & Co.		12/3/2024	USD	2,289,619	ZAR	41,359,100		2,995		—

Goldman Sachs & Co.		12/3/2024	USD	83,688	ZAR	1,504,000		—		(319	)

Goldman Sachs & Co.		12/3/2024	USD	124,425	ZAR	2,256,000		630		—

Goldman Sachs & Co.		12/3/2024	ZAR	786,000	USD	44,346		776		—

Goldman Sachs & Co.		12/3/2024	ZAR	44,333,100	USD	2,501,303		43,835		—

JP Morgan & Chase Co.		12/4/2024	BRL	9,762,900	USD	1,680,688		46,855		—

RBC Capital Markets		12/4/2024	BRL	9,115,800	USD	1,568,850		43,309		—

Goldman Sachs & Co.		12/4/2024	CLP	119,236,000	USD	123,991		1,505		—

RBC Capital Markets		12/4/2024	CLP	176,141,400	USD	183,164		2,221		—

Goldman Sachs & Co.		12/4/2024	COP	327,722,400	USD	73,953		143		—

Goldman Sachs & Co.		12/4/2024	EGP	2,764,000	USD	55,558		—		(49	)

JP Morgan & Chase Co.		12/4/2024	IDR	12,379,714,000	USD	786,913		5,703		—

RBC Capital Markets		12/4/2024	IDR	8,334,765,100	USD	529,815		3,858		—

JP Morgan & Chase Co.		12/4/2024	INR	634,817,800	USD	7,540,747		29,434		—

RBC Capital Markets		12/4/2024	INR	701,360,600	USD	8,330,183		31,520		—

JP Morgan & Chase Co.		12/4/2024	KRW	4,898,716,700	USD	3,553,503		41,431		—

RBC Capital Markets		12/4/2024	KRW	6,422,812,100	USD	4,657,654		52,903		—

RBC Capital Markets		12/4/2024	MYR	5,155,500	USD	1,181,506		21,447		—

JP Morgan & Chase Co.		12/4/2024	TWD	14,867,000	USD	466,547		8,683		—

JP Morgan & Chase Co.		12/4/2024	TWD	307,621,000	USD	9,651,763		177,844		—

RBC Capital Markets		12/4/2024	TWD	155,108,600	USD	4,867,527		90,589		—

JP Morgan & Chase Co.		12/4/2024	USD	1,371,648	BRL	8,189,700		—		(1,092	)

JP Morgan & Chase Co.		12/4/2024	USD	162,012	BRL	943,900		—		(4,049	)

JP Morgan & Chase Co.		12/4/2024	USD	109,309	BRL	629,300		—		(3,995	)

RBC Capital Markets		12/4/2024	USD	1,519,392	BRL	9,115,800		6,148		—

Goldman Sachs & Co.		12/4/2024	USD	122,130	CLP	119,236,000		356		—

RBC Capital Markets		12/4/2024	USD	15,840	CLP	15,278,100		—		(146	)

RBC Capital Markets		12/4/2024	USD	165,189	CLP	160,863,300		59		—

Goldman Sachs & Co.		12/4/2024	USD	74,322	COP	327,722,400		—		(512	)

Goldman Sachs & Co.		12/4/2024	USD	55,737	EGP	2,764,000		—		(130	)

JP Morgan & Chase Co.		12/4/2024	USD	42,829	IDR	678,198,400		—		(32	)

JP Morgan & Chase Co.		12/4/2024	USD	23,422	IDR	368,527,000		—		(167	)

JP Morgan & Chase Co.		12/4/2024	USD	650,955	IDR	10,315,691,000		6		—

JP Morgan & Chase Co.		12/4/2024	USD	63,961	IDR	1,017,297,600		235		—

RBC Capital Markets		12/4/2024	USD	526,028	IDR	8,334,765,100		—		(71	)

JP Morgan & Chase Co.		12/4/2024	USD	6,481,966	INR	547,855,800		392		—

JP Morgan & Chase Co.		12/4/2024	USD	1,033,061	INR	86,962,000		—		(4,106	)

RBC Capital Markets		12/4/2024	USD	7,066,134	INR	597,259,300		779		—

RBC Capital Markets		12/4/2024	USD	740,144	INR	62,460,800		—		(1,093	)

RBC Capital Markets		12/4/2024	USD	493,090	INR	41,640,500		—		(390	)

JP Morgan & Chase Co.		12/4/2024	USD	3,372,831	KRW	4,705,166,700		477		—

JP Morgan & Chase Co.		12/4/2024	USD	140,780	KRW	193,550,000		—		(2,017	)

RBC Capital Markets		12/4/2024	USD	3,940,034	KRW	5,495,480,600		—		(121	)

RBC Capital Markets		12/4/2024	USD	266,536	KRW	370,932,600		—		(600	)

RBC Capital Markets		12/4/2024	USD	397,693	KRW	556,398,900		1,210		—

See Notes to Financial Statements.

DBX ETF Trust | 65

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		12/4/2024	USD	1,039,621	MYR	4,623,200		662		—

RBC Capital Markets		12/4/2024	USD	25,624	MYR	112,000		—		(422	)

RBC Capital Markets		12/4/2024	USD	37,544	MYR	168,100		281		—

RBC Capital Markets		12/4/2024	USD	56,461	MYR	252,200		288		—

JP Morgan & Chase Co.		12/4/2024	USD	734,492	TWD	23,879,800		943		—

JP Morgan & Chase Co.		12/4/2024	USD	8,692,752	TWD	282,688,300		13,305		—

JP Morgan & Chase Co.		12/4/2024	USD	490,462	TWD	15,919,900		—		(171	)

RBC Capital Markets		12/4/2024	USD	4,767,585	TWD	155,108,600		9,353		—

Goldman Sachs & Co.		12/5/2024	AED	3,491,000	USD	950,527		26		—

Goldman Sachs & Co.		12/5/2024	USD	871,238	AED	3,200,100		59		—

Goldman Sachs & Co.		12/5/2024	USD	47,510	AED	174,500		1		—

Goldman Sachs & Co.		12/5/2024	USD	31,692	AED	116,400		1		—

Goldman Sachs & Co.		1/3/2025	AED	69,000	USD	18,787		—		(3	)

Goldman Sachs & Co.		1/3/2025	AED	3,200,100	USD	871,321		—		(112	)

JP Morgan & Chase Co.		1/3/2025	CNH	21,252,800	USD	2,935,835		—		(640	)

RBC Capital Markets		1/3/2025	CZK	353,000	USD	14,768		—		(37	)

RBC Capital Markets		1/3/2025	CZK	2,276,610	USD	95,250		—		(236	)

RBC Capital Markets		1/3/2025	EUR	311,900	USD	329,875		—		(722	)

RBC Capital Markets		1/3/2025	HKD	119,702,800	USD	15,388,110		—		(817	)

RBC Capital Markets		1/3/2025	HUF	68,210,600	USD	173,850		—		(727	)

Bank of America		1/3/2025	MXN	27,277,800	USD	1,339,116		7,445		—

JP Morgan & Chase Co.		1/3/2025	PHP	10,481,000	USD	178,499		—		(52	)

RBC Capital Markets		1/3/2025	PHP	13,373,600	USD	227,914		86		—

RBC Capital Markets		1/3/2025	PLN	2,470,600	USD	606,766		—		(635	)

JP Morgan & Chase Co.		1/3/2025	THB	32,580,700	USD	952,986		202		—

RBC Capital Markets		1/3/2025	THB	3,559,100	USD	103,915		—		(166	)

Goldman Sachs & Co.		1/3/2025	TRY	15,206,900	USD	424,187		1,124		—

Goldman Sachs & Co.		1/3/2025	TRY	979,000	USD	27,308		72		—

JP Morgan & Chase Co.		1/3/2025	USD	62,159	CNH	450,000		17		—

RBC Capital Markets		1/3/2025	USD	12,692	EUR	12,000		27		—

RBC Capital Markets		1/3/2025	USD	675,346	HKD	5,253,000		—		(23	)

Bank of America		1/3/2025	USD	72,566	MXN	1,478,000		—		(412	)

JP Morgan & Chase Co.		1/3/2025	USD	26,332	PHP	1,545,000		—		(12	)

JP Morgan & Chase Co.		1/3/2025	USD	13,019	PLN	53,000		11		—

JP Morgan & Chase Co.		1/3/2025	USD	31,709	THB	1,084,000		—		(9	)

Goldman Sachs & Co.		1/3/2025	USD	108,919	ZAR	1,973,000		126		—

Goldman Sachs & Co.		1/3/2025	ZAR	41,359,100	USD	2,282,921		—		(2,951	)

JP Morgan & Chase Co.		1/6/2025	BRL	8,189,700	USD	1,366,955		1,946		—

RBC Capital Markets		1/6/2025	BRL	9,115,800	USD	1,514,441		—		(4,925	)

Goldman Sachs & Co.		1/6/2025	CLP	119,236,000	USD	122,080		—		(344	)

RBC Capital Markets		1/6/2025	CLP	160,863,300	USD	165,121		—		(44	)

JP Morgan & Chase Co.		1/6/2025	IDR	10,315,691,000	USD	649,889		—		(484	)

RBC Capital Markets		1/6/2025	IDR	8,334,765,100	USD	525,166		—		(316	)

JP Morgan & Chase Co.		1/6/2025	INR	547,855,800	USD	6,470,330		—		(238	)

JP Morgan & Chase Co.		1/6/2025	INR	25,571,000	USD	301,751		—		(261	)

RBC Capital Markets		1/6/2025	INR	597,259,300	USD	7,052,991		—		(1,068	)

JP Morgan & Chase Co.		1/6/2025	KRW	4,705,166,700	USD	3,376,098		—		(1,854	)

RBC Capital Markets		1/6/2025	KRW	5,495,480,600	USD	3,943,512		—		(1,826	)

Goldman Sachs & Co.		1/6/2025	KWD	166,000	USD	538,088		—		(3,640	)

RBC Capital Markets		1/6/2025	MYR	69,000	USD	15,527		—		(23	)

RBC Capital Markets		1/6/2025	MYR	4,623,200	USD	1,039,856		—		(2,032	)

See Notes to Financial Statements.

66 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

Goldman Sachs & Co.		1/6/2025	QAR	2,119,900	USD	580,795		—		(1,626	)

Goldman Sachs & Co.		1/6/2025	SAR	11,490,000	USD	3,058,291		514		—

JP Morgan & Chase Co.		1/6/2025	TWD	282,688,300	USD	8,711,504		—		(22,478	)

RBC Capital Markets		1/6/2025	TWD	155,108,600	USD	4,787,155		—		(5,105	)

JP Morgan & Chase Co.		1/6/2025	USD	147,722	BRL	886,000		—		(49	)

JP Morgan & Chase Co.		1/6/2025	USD	68,880	IDR	1,093,471,000		60		—

JP Morgan & Chase Co.		1/6/2025	USD	354,454	KRW	495,119,000		1,004		—

Goldman Sachs & Co.		1/6/2025	USD	29,547	KWD	9,000		—		(176	)

Goldman Sachs & Co.		1/6/2025	USD	237,670	SAR	893,000		—		(20	)

JP Morgan & Chase Co.		1/6/2025	USD	202,115	TWD	6,557,000		472		—

Goldman Sachs & Co.		1/7/2025	COP	327,722,400	USD	73,981		522		—

Goldman Sachs & Co.		1/8/2025	EGP	2,764,000	USD	54,689		178		—

Total unrealized appreciation (depreciation)								814,403		(96,133	)


Currency Abbreviations

AED		Arab Emirates Dirham

BRL		Brazilian Real

CLP		Chilean Peso

CNH		Chinese Yuan

COP		Colombian Peso

CZK		Czech Koruna

EGP		Egyptian Pound

EUR		Euro

HKD		Hong Kong Dollar

HUF		Hungarian Forint

IDR		Indonesian Rupiah

INR		Indian Rupee

KRW		South Korean Won

KWD		Kuwaiti Dinar

MXN		Mexican Peso

MYR		Malaysian Ringgit

PHP		Philippine Peso

PLN		Polish Zloty

QAR		Qatari Rial

SAR		Saudi Riyal

THB		Thai Baht

TRY		Turkish Lira

TWD		New Taiwan Dollar

USD		U.S. Dollar

ZAR		South African Rand

See Notes to Financial Statements.

DBX ETF Trust | 67

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total

Common Stocks (a)	$	67,234,597		$	—		$	10,852	$	67,245,449

Preferred Stocks (a)		1,164,134			—			0		1,164,134

Rights		—			—			974		974

Warrants		67			—			—		67

Short-Term Investments (a)		946,765			—			—		946,765

Derivatives (b)

Forward Foreign Currency Contracts		—			814,403			—		814,403

TOTAL	$	69,345,563		$	814,403		$	11,826	$	70,171,792

Liabilities	Level 1			Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—		$	(96,133	)	$	—	$	(96,133	)

Futures Contracts		(22,032	)		—			—		(22,032	)

TOTAL	$	(22,032	)	$	(96,133	)	$	—	$	(118,165	)

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

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

See Notes to Financial Statements.

68 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 97.4%

Austria – 0.3%

Erste Group Bank AG		16,526		907,704

OMV AG		7,578		304,111

Verbund AG		3,277		261,838


(Cost $1,361,961)				1,473,653

Belgium – 1.2%

Ageas SA/NV		7,763		392,376

Anheuser-Busch InBev SA/NV		45,307		2,442,493

D’ieteren Group		965		206,090

Elia Group SA/NV		1,573		147,576

Groupe Bruxelles Lambert NV		4,391		304,146

KBC Group NV		11,375		821,485

Lotus Bakeries NV		21		252,913

Sofina SA		685		159,196

Syensqo SA		3,542		263,370

UCB SA		6,255		1,226,956

Warehouses De Pauw CVA REIT		9,156		202,711


(Cost $7,633,583)				6,419,312

Chile – 0.1%

Antofagasta PLC

(Cost $427,409)		19,872		431,224

Denmark – 5.0%

A.P. Moller - Maersk A/S, Class A		156		256,101

A.P. Moller - Maersk A/S, Class B		216		367,013

Carlsberg AS, Class B		4,783		493,251

Coloplast A/S, Class B		6,460		815,234

Danske Bank A/S		33,734		970,229

Demant A/S *		4,598		175,629

DSV A/S		10,331		2,209,064

Genmab A/S *		3,265		706,953

Novo Nordisk A/S, Class B		161,102		17,310,973

Novonesis (Novozymes) B, Class B		17,412		1,022,084

Orsted AS, 144A *		9,343		519,402

Pandora A/S		4,055		653,902

ROCKWOOL A/S, Class B		527		192,474

Tryg A/S		16,393		378,209

Vestas Wind Systems A/S *		49,829		775,606

Zealand Pharma A/S *		3,084		319,440


(Cost $23,770,978)				27,165,564

Finland – 1.5%

Elisa OYJ		7,878		357,503

Fortum OYJ		22,125		334,014

Kesko OYJ, Class B		14,466		288,046

Kone OYJ, Class B		17,805		924,440

Metso Corp.		31,434		276,978

Neste OYJ		19,685		300,094

Nokia OYJ		262,481		1,105,441

Nordea Bank Abp		155,244		1,758,776


	Number of Shares		Value $


Orion OYJ, Class B		5,111		241,889

Sampo OYJ, Class A		24,195		1,038,050

Stora Enso OYJ, Class R		29,923		291,088

UPM-Kymmene OYJ		26,463		697,345

Wartsila OYJ Abp		25,212		459,062


(Cost $10,265,718)				8,072,726

France – 16.0%

Accor SA		9,589		443,267

Aeroports de Paris SA		1,623		188,080

Air Liquide SA		28,924		4,814,386

Airbus SE		29,791		4,652,248

Alstom SA *		16,975		382,467

Amundi SA, 144A		2,936		191,557

Arkema SA		2,739		217,401

AXA SA		88,151		3,076,713

BioMerieux		2,179		227,952

BNP Paribas SA		51,187		3,068,259

Bollore SE		34,719		214,396

Bouygues SA		9,318		277,693

Bureau Veritas SA		15,799		481,539

Capgemini SE		7,928		1,274,473

Carrefour SA		28,465		433,793

Cie de Saint-Gobain SA		22,403		2,047,045

Cie Generale des Etablissements Michelin SCA		33,359		1,085,593

Covivio SA REIT		3,094		170,268

Credit Agricole SA		52,196		699,879

Danone SA		32,521		2,225,403

Dassault Aviation SA		1,030		205,365

Dassault Systemes SE		32,920		1,137,502

Edenred SE		12,759		422,639

Eiffage SA		3,484		314,880

Engie SA		90,034		1,437,345

EssilorLuxottica SA		14,900		3,623,643

Eurazeo SE		2,348		172,824

Gecina SA REIT		2,478		250,052

Getlink SE		14,996		245,434

Hermes International SCA		1,586		3,466,030

Ipsen SA		1,743		201,801

Kering SA		3,681		859,955

Klepierre SA REIT		12,083		365,977

La Francaise des Jeux SAEM, 144A		4,497		177,993

Legrand SA		13,382		1,343,708

L’Oreal SA		12,031		4,184,509

LVMH Moet Hennessy Louis Vuitton SE		13,771		8,635,012

Orange SA		96,478		1,029,706

Pernod Ricard SA		10,063		1,127,801

Publicis Groupe SA		11,690		1,270,557

Renault SA		9,702		416,147

Rexel SA		11,033		285,367

See Notes to Financial Statements.

DBX ETF Trust | 69

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Safran SA		18,194		4,245,667

Sanofi SA		57,338		5,588,099

Sartorius Stedim Biotech		1,377		262,820

Schneider Electric SE		27,383		7,056,496

SEB SA		1,182		112,332

Societe Generale SA		35,665		947,193

Sodexo SA		4,347		361,594

Teleperformance SE		2,758		259,831

Thales SA		4,704		704,422

TotalEnergies SE		107,754		6,268,566

Unibail-Rodamco-Westfield REIT *		5,841		479,440

Veolia Environnement SA		34,470		1,005,743

Vinci SA		25,138		2,656,632

Vivendi SE		38,941		358,126


(Cost $91,154,498)				87,653,620

Germany – 13.2%

adidas AG		8,213		1,939,146

Allianz SE		19,670		6,082,662

BASF SE		45,152		2,027,014

Bayer AG		48,546		996,083

Bayerische Motoren Werke AG		14,888		1,103,234

Bechtle AG		4,481		147,484

Beiersdorf AG		4,874		632,648

Brenntag SE		6,447		416,195

Carl Zeiss Meditec AG		1,922		115,026

Commerzbank AG		50,047		769,313

Continental AG		5,459		358,421

Covestro AG, 144A *		9,277		566,687

CTS Eventim AG & Co. KGaA		3,111		275,078

Daimler Truck Holding AG		25,206		954,984

Delivery Hero SE, 144A *		9,120		373,907

Deutsche Bank AG (a)		93,443		1,589,570

Deutsche Boerse AG		9,366		2,195,518

Deutsche Lufthansa AG		25,967		174,119

Deutsche Post AG		51,741		1,903,920

Deutsche Telekom AG		174,411		5,589,061

E.ON SE		114,894		1,481,603

Evonik Industries AG		12,546		230,563

Fresenius Medical Care AG		10,650		468,870

Fresenius SE & Co. KGaA *		20,749		730,565

GEA Group AG		7,768		389,012

Hannover Rueck SE		2,984		780,334

Heidelberg Materials AG		6,708		847,630

Henkel AG & Co. KGaA		5,614		426,882

Infineon Technologies AG		65,933		2,150,177

Knorr-Bremse AG		3,514		268,316

LEG Immobilien SE		3,634		337,436

Mercedes-Benz Group AG		36,891		2,067,652

Merck KGaA		6,452		966,867

MTU Aero Engines AG		2,651		903,950


	Number of Shares		Value $


Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		6,709		3,509,599

Nemetschek SE		2,735		284,235

Puma SE		5,735		268,872

Rational AG		253		236,959

Rheinmetall AG		2,146		1,413,541

RWE AG		31,613		1,066,245

SAP SE		52,296		12,447,067

Scout24 SE, 144A		3,653		328,801

Siemens AG		38,073		7,380,008

Siemens Energy AG *		32,310		1,744,562

Siemens Healthineers AG, 144A		14,129		767,374

Symrise AG		6,653		735,771

Talanx AG		3,339		283,400

Vonovia SE		36,765		1,221,725

Zalando SE, 144A *		10,717		333,676


(Cost $72,563,099)				72,281,762

Hong Kong – 0.2%

Prudential PLC

(Cost $2,460,137)		135,910		1,111,797

Ireland – 1.0%

AerCap Holdings NV		9,532		947,100

AIB Group PLC		100,573		548,148

Bank of Ireland Group PLC		49,058		430,297

DCC PLC		4,635		338,220

Experian PLC		46,432		2,219,928

Kerry Group PLC, Class A		7,686		743,863

Kingspan Group PLC		7,649		576,360


(Cost $5,206,332)				5,803,916

Italy – 3.8%

Amplifon SpA		5,901		150,068

Banco BPM SpA		63,994		487,890

BPER Banca SPA		48,750		298,100

Davide Campari-Milano NV		28,310		170,116

DiaSorin SpA		1,136		127,196

Enel SpA		409,131		2,948,619

Eni SpA		113,400		1,608,872

Ferrari NV		6,330		2,757,996

FinecoBank Banca Fineco SpA		30,047		483,023

Generali		48,254		1,382,901

Infrastrutture Wireless Italiane SpA, 144A		18,106		186,826

Intesa Sanpaolo SpA		740,450		2,842,185

Leonardo SpA		18,882		508,963

Mediobanca Banca di Credito Finanziario SpA		25,471		372,127

Moncler SpA		11,208		549,777

Nexi SpA, 144A *		32,655		193,668

Poste Italiane SpA, 144A		22,278		313,218

Prysmian SpA		13,611		899,131

See Notes to Financial Statements.

70 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Recordati Industria Chimica e Farmaceutica SpA		5,014		273,541

Snam SpA		96,605		451,070

Telecom Italia SpA *		460,642		110,808

Terna - Rete Elettrica Nazionale		69,922		592,580

UniCredit SpA		74,129		2,854,431

Unipol Gruppo SpA		19,331		233,630


(Cost $18,687,839)				20,796,736

Luxembourg – 0.3%

ArcelorMittal SA		24,013		605,845

CVC Capital Partners PLC, 144A *		10,415		255,385

Eurofins Scientific SE		7,251		359,054

Tenaris SA		24,213		465,343


(Cost $1,756,272)				1,685,627

Netherlands – 7.2%

ABN AMRO Bank NV, 144A		22,062		343,569

Adyen NV, 144A *		1,071		1,562,334

Aegon Ltd.		66,136		427,090

Akzo Nobel NV		8,554		500,615

Argenx SE *		3,022		1,875,416

ASM International NV		2,307		1,248,583

ASML Holding NV		20,021		13,950,336

ASR Nederland NV		7,391		354,332

BE Semiconductor Industries NV		4,033		482,298

Euronext NV, 144A		4,174		466,914

EXOR NV		5,067		502,190

Ferrovial SE		25,374		1,047,817

Heineken Holding NV		6,326		401,689

Heineken NV		14,160		1,049,887

IMCD NV		2,848		428,295

ING Groep NV		166,877		2,588,691

JDE Peet’s NV		6,886		137,514

Koninklijke Ahold Delhaize NV		45,954		1,587,872

Koninklijke KPN NV		189,529		736,324

Koninklijke Philips NV *		39,375		1,074,684

NN Group NV		13,796		641,976

Prosus NV *		69,888		2,851,255

QIAGEN NV *		11,150		488,345

Randstad NV		4,874		214,631

Stellantis NV		100,247		1,329,963

Universal Music Group NV		40,980		989,251

Wolters Kluwer NV		12,230		2,044,350


(Cost $39,280,766)				39,326,221

Norway – 0.9%

Aker BP ASA		14,285		293,138

DNB Bank ASA		44,939		939,696

Equinor ASA		41,396		1,002,562

Gjensidige Forsikring ASA (b)		8,874		157,971

Kongsberg Gruppen ASA		4,528		533,128

Mowi ASA		24,145		438,572


	Number of Shares		Value $


Norsk Hydro ASA		67,857		420,080

Orkla ASA		38,556		356,109

Salmar ASA		3,504		182,302

Telenor ASA		31,912		376,022

Yara International ASA (b)		7,863		221,363


(Cost $5,296,278)				4,920,943

Poland – 0.0%

InPost SA *

(Cost $224,063)		12,547		220,158

Portugal – 0.2%

EDP SA		153,556		556,104

Galp Energia SGPS SA		24,819		408,042

Jeronimo Martins SGPS SA		14,074		274,655


(Cost $1,453,228)				1,238,801

Spain – 4.0%

Acciona SA		1,388		176,711

ACS Actividades de Construccion y Servicios SA		9,367		435,780

Aena SME SA, 144A		3,681		797,820

Amadeus IT Group SA		22,299		1,567,449

Banco Bilbao Vizcaya Argentaria SA		289,966		2,742,201

Banco de Sabadell SA		266,110		502,840

Banco Santander SA		781,757		3,620,000

CaixaBank SA		197,701		1,076,683

Cellnex Telecom SA, 144A *		26,536		954,263

EDP Renovaveis SA		14,784		173,357

Endesa SA		14,916		327,394

Grifols SA *		12,726		116,040

Iberdrola SA		301,008		4,297,334

Industria de Diseno Textil SA		54,607		3,015,515

Redeia Corp. SA		19,932		356,489

Repsol SA		61,058		764,104

Telefonica SA		197,318		895,010


(Cost $22,604,216)				21,818,990

Sweden – 5.4%

AddTech AB, Class B		12,499		344,290

Alfa Laval AB		14,530		619,430

Assa Abloy AB, Class B		49,238		1,514,062

Atlas Copco AB, Class A		136,094		2,176,159

Atlas Copco AB, Class B		76,750		1,085,949

Beijer Ref AB		17,818		281,395

Boliden AB		13,050		389,903

Epiroc AB, Class A		32,820		598,927

Epiroc AB, Class B		18,734		309,450

EQT AB		19,307		585,888

Essity AB, Class B		31,158		858,833

Evolution AB, 144A		8,942		781,628

Fastighets AB Balder, Class B *		29,636		228,356

Getinge AB, Class B		10,704		167,522

See Notes to Financial Statements.

DBX ETF Trust | 71

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


H & M Hennes & Mauritz AB, Class B		28,808		400,071

Hexagon AB, Class B		106,731		910,797

Holmen AB, Class B		3,968		149,668

Industrivarden AB, Class A		7,220		237,460

Industrivarden AB, Class C		7,736		253,934

Indutrade AB		13,346		341,153

Investment AB Latour, Class B		7,019		178,519

Investor AB, Class B		87,045		2,391,697

L E Lundbergforetagen AB, Class B		3,717		180,541

Lifco AB, Class B		11,465		348,442

Nibe Industrier AB, Class B		82,754		351,194

Saab AB, Class B		15,686		344,006

Sagax AB, Class B		11,157		247,499

Sandvik AB		53,286		986,841

Securitas AB, Class B		23,837		301,927

Skandinaviska Enskilda Banken AB, Class A		79,239		1,102,249

Skanska AB, Class B		17,654		368,768

SKF AB, Class B		17,762		341,668

Spotify Technology SA *		7,678		3,662,099

Svenska Cellulosa AB SCA, Class B		31,189		405,788

Svenska Handelsbanken AB, Class A		71,718		747,399

Swedbank AB, Class A		41,767		819,916

Swedish Orphan Biovitrum AB *		10,174		282,489

Tele2 AB, Class B		25,584		268,851

Telefonaktiebolaget LM Ericsson, Class B		136,447		1,111,010

Telia Co. AB		115,264		338,137

Trelleborg AB, Class B		11,206		371,026

Volvo AB, Class A		10,493		263,021

Volvo AB, Class B		79,633		1,985,871


(Cost $31,354,933)				29,633,833

Switzerland – 15.6%

ABB Ltd.		79,055		4,513,838

Adecco Group AG		8,619		230,010

Alcon, Inc.		25,246		2,247,083

Avolta AG *		4,740		175,260

Bachem Holding AG		1,629		125,976

Baloise Holding AG		2,329		442,737

Banque Cantonale Vaudoise		1,443		143,300

Barry Callebaut AG		171		260,986

BKW AG		1,089		187,230

Chocoladefabriken Lindt & Spruengli AG		5		567,795

Chocoladefabriken Lindt & Spruengli AG Participation Certificates		50		578,015

Cie Financiere Richemont SA, Class A		26,900		3,748,160


	Number of Shares		Value $


Clariant AG *		10,527		126,836

Coca-Cola HBC AG *		10,623		379,664

DSM-Firmenich AG		9,164		1,008,135

EMS-Chemie Holding AG		333		236,912

Galderma Group AG *		4,116		421,836

Geberit AG		1,745		1,051,042

Givaudan SA		467		2,058,173

Glencore PLC *		521,978		2,527,860

Helvetia Holding AG		1,908		334,539

Holcim AG *		26,073		2,657,042

Julius Baer Group Ltd.		10,152		672,112

Kuehne + Nagel International AG		2,465		589,517

Logitech International SA		7,823		635,186

Lonza Group AG		3,655		2,184,865

Nestle SA		131,132		11,388,798

Novartis AG		98,913		10,476,511

Partners Group Holding AG		1,118		1,625,074

Roche Holding AG		1,515		465,889

Roche Holding AG		35,322		10,248,434

Sandoz Group AG		20,168		919,309

Schindler Holding AG		1,169		331,212

Schindler Holding AG Participation Certificates		2,031		586,744

SGS SA		7,584		753,405

SIG Group AG *		14,977		296,275

Sika AG		7,719		1,999,437

Sonova Holding AG		2,562		875,141

STMicroelectronics NV		33,348		856,542

Straumann Holding AG		5,450		709,565

Swatch Group AG – Bearer		1,475		267,915

Swiss Life Holding AG		1,412		1,157,372

Swiss Prime Site AG		3,591		396,984

Swiss Re AG		15,257		2,254,938

Swisscom AG		1,289		744,329

Temenos AG		2,997		196,884

UBS Group AG		164,847		5,331,413

VAT Group AG, 144A		1,336		533,126

Zurich Insurance Group AG		7,337		4,654,154


(Cost $81,595,133)				85,173,560

United Kingdom – 21.5%

3i Group PLC		49,010		2,316,946

Admiral Group PLC		13,756		449,381

Anglo American PLC		64,410		2,069,257

Ashtead Group PLC		22,202		1,779,988

Associated British Foods PLC		16,138		452,118

AstraZeneca PLC		77,723		10,512,867

Auto Trader Group PLC, 144A		43,970		470,211

Aviva PLC		133,036		820,200

BAE Systems PLC		152,396		2,383,376

Barclays PLC		727,985		2,447,776

Barratt Redrow PLC		67,529		368,132

See Notes to Financial Statements.

72 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Berkeley Group Holdings PLC		4,848		256,316

BP PLC		816,030		4,000,795

British American Tobacco PLC		99,853		3,802,910

BT Group PLC		319,762		649,258

Bunzl PLC		16,614		753,450

Centrica PLC		256,163		415,968

Coca-Cola Europacific Partners PLC		10,496		814,280

Compass Group PLC		85,302		2,925,818

Croda International PLC		7,026		308,960

Diageo PLC		111,530		3,344,227

Endeavour Mining PLC		9,071		178,516

Entain PLC		31,540		323,859

GSK PLC		207,982		3,539,007

Haleon PLC		383,234		1,828,345

Halma PLC		18,685		644,935

Hargreaves Lansdown PLC		20,243		282,142

Hikma Pharmaceuticals PLC		8,343		204,598

HSBC Holdings PLC		913,120		8,527,632

Imperial Brands PLC		40,010		1,310,108

Informa PLC		66,819		729,546

InterContinental Hotels Group PLC		7,943		992,168

Intertek Group PLC		8,135		488,996

J Sainsbury PLC		91,010		302,996

JD Sports Fashion PLC		125,617		162,994

Kingfisher PLC		93,226		294,094

Land Securities Group PLC REIT		37,488		288,127

Legal & General Group PLC		296,126		835,280

Lloyds Banking Group PLC		3,075,829		2,080,194

London Stock Exchange Group PLC		23,954		3,440,934

M&G PLC		112,781		284,914

Marks & Spencer Group PLC		100,476		490,112

Melrose Industries PLC		66,239		484,956

Mondi PLC		21,211		321,858

National Grid PLC		245,452		3,105,383

NatWest Group PLC		349,063		1,791,677

Next PLC		5,841		750,451

Pearson PLC		30,966		486,657

Persimmon PLC		15,256		244,622

Phoenix Group Holdings PLC		33,091		216,794

Reckitt Benckiser Group PLC		34,420		2,132,169

RELX PLC		93,158		4,399,292

Rentokil Initial PLC		122,155		613,142

Rio Tinto PLC		56,414		3,549,608

Rolls-Royce Holdings PLC *		427,060		3,040,634

Sage Group PLC		51,312		858,079

Schroders PLC		34,872		140,100

Segro PLC REIT		62,756		623,913

Severn Trent PLC		13,373		459,710

Shell PLC		310,114		10,006,304


	Number of Shares		Value $


Smith & Nephew PLC		43,437		551,988

Smiths Group PLC		16,088		363,157

Spirax Group PLC		3,643		332,930

SSE PLC		56,366		1,272,720

Standard Chartered PLC		104,819		1,299,150

Taylor Wimpey PLC		195,216		325,958

Tesco PLC		342,161		1,597,940

Unilever PLC		124,141		7,438,406

United Utilities Group PLC		33,697		480,828

Vodafone Group PLC		1,114,339		1,006,736

Whitbread PLC		9,597		348,622

Wise PLC, Class A *		31,750		356,933

WPP PLC		54,219		593,773


(Cost $120,457,920)				117,766,221

TOTAL COMMON STOCKS


(Cost $537,554,363)				532,994,664

PREFERRED STOCKS – 0.5%

Germany – 0.5%

Bayerische Motoren Werke AG		3,026		206,556

Dr Ing hc F Porsche AG, 144A (b)		5,700		356,389

Henkel AG & Co. KGaA		8,484		725,114

Porsche Automobil Holding SE		7,427		272,113

Sartorius AG		1,332		307,023

Volkswagen AG		10,178		869,466


(Cost $4,877,866)				2,736,661

SECURITIES LENDING

COLLATERAL – 0.1%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (c)(d)

(Cost $627,019)		627,019		627,019

CASH EQUIVALENTS – 0.6%

DWS Government Money Market Series “Institutional Shares”, 4.59% (c)

(Cost $3,531,072)		3,531,072		3,531,072

TOTAL INVESTMENTS – 98.6%

(Cost $546,590,320)				539,889,416

Other assets and liabilities, net – 1.4%				7,409,675


NET ASSETS – 100.0%				547,299,091

See Notes to Financial Statements.

DBX ETF Trust | 73

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024
COMMON STOCKS – 0.3%

Germany – 0.3%

Deutsche Bank AG (a)

1,534,518		185,431		(166,372	)		(21,883)		57,876		—		—		93,443		1,589,570

SECURITIES LENDING COLLATERAL – 0.1%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (c)(d)

2,725,326		—		(2,098,307	) (e)		—		—		10,364		—		627,019		627,019

CASH EQUIVALENTS – 0.6%

DWS ESG Liquidity Fund “Capital Shares” (f)

701,999		—		(701,999	)		(70)		70		1,543		—		—		—

DWS Government Money Market Series “Institutional Shares”, 4.59% (c)

7,222,795		16,952,722		(20,644,445	)		—		—		186,176		—		3,531,072		3,531,072

12,184,638		17,138,153		(23,611,123	)		(21,953)		57,946		198,083		—		4,251,534		5,747,661

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $596,356, which is 0.1% of net assets.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.

(f)	Affiliated fund managed by DWS Investment Management Americas, Inc.



CVA:		Credit Valuation Adjustment

REIT:		Real Estate Investment Trust

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

Securities are listed in country of domicile.

See Notes to Financial Statements.

74 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)

At November 30, 2024, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation (Depreciation) ($)

CAC40 10 EURO Futures	EUR	30		2,319,625		2,299,581		12/20/2024		(20,044	)

DAX Index Futures	EUR	3		1,540,046		1,561,179		12/20/2024		21,133

EURO STOXX 50 Futures	EUR	43		2,203,139		2,192,069		12/20/2024		(11,070	)

FTSE 100 Index Futures	GBP	28		2,951,651		2,965,207		12/20/2024		13,556

FTSE/MIB Index Futures	EUR	4		719,310		708,638		12/20/2024		(10,672	)

IBEX 35 Index Futures	EUR	5		615,933		617,090		12/20/2024		1,157

OMXS30 Index Futures	SEK	29		674,164		671,140		12/20/2024		(3,024	)

Swiss Market Index Futures	CHF	11		1,479,555		1,468,374		12/20/2024		(11,181	)

SWISS MID CAP Futures	CHF	11		329,924		327,527		12/20/2024		(2,397	)

Total net unrealized depreciation										(22,542	)

At November 30, 2024, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation ($)		Unrealized Depreciation ($)

JP Morgan & Chase Co.		12/3/2024		CHF	395,000		USD	458,233		9,507		—

JP Morgan & Chase Co.		12/3/2024		CHF	72,383,439		USD	83,972,189		1,743,533		—

Citigroup Global Markets		12/3/2024		DKK	193,335,642		USD	28,183,572		746,387		—

Citigroup Global Markets		12/3/2024		EUR	256,491,496		USD	278,788,302		7,305,926		—

RBC Capital Markets		12/3/2024		GBP	93,813,524		USD	120,605,728		1,031,070		—

RBC Capital Markets		12/3/2024		GBP	865,000		USD	1,112,016		9,488		—

Goldman Sachs & Co.		12/3/2024		NOK	3,181,000		USD	288,430		105		—

Goldman Sachs & Co.		12/3/2024		NOK	50,620,091		USD	4,589,934		1,733		—

Morgan Stanley Capital		12/3/2024		SEK	291,212,486		USD	27,254,185		510,431		—

JP Morgan & Chase Co.		12/3/2024		USD	82,608,898		CHF	72,778,439		68,484		—

RBC Capital Markets		12/3/2024		USD	27,380,774		DKK	193,335,642		56,412		—

Citigroup Global Markets		12/3/2024		USD	2,948,897		EUR	2,713,000		—		(77,333)

RBC Capital Markets		12/3/2024		USD	268,040,847		EUR	253,778,496		569,964		—

RBC Capital Markets		12/3/2024		USD	120,341,138		GBP	94,678,524		336,049		—

Goldman Sachs & Co.		12/3/2024		USD	4,862,848		NOK	53,801,091		13,679		—

Bank of America		12/3/2024		USD	26,670,619		SEK	291,212,486		73,136		—

RBC Capital Markets		1/3/2025		DKK	193,335,642		USD	27,427,483		—		(58,623)

RBC Capital Markets		1/3/2025		EUR	253,778,496		USD	268,404,258		—		(587,127)

RBC Capital Markets		1/3/2025		GBP	3,178,000		USD	4,039,244		—		(11,286)

RBC Capital Markets		1/3/2025		GBP	94,678,524		USD	120,338,582		—		(334,250)

Goldman Sachs & Co.		1/3/2025		NOK	53,801,091		USD	4,863,182		—		(13,702)

Bank of America		1/3/2025		SEK	291,212,486		USD	26,721,767		—		(74,950)

RBC Capital Markets		1/3/2025		USD	171,237		DKK	1,207,000		359		—

RBC Capital Markets		1/3/2025		USD	779,500		EUR	737,000		1,680		—

Bank of America		1/3/2025		USD	600,397		SEK	6,543,000		1,675		—

JP Morgan & Chase Co.		1/6/2025		CHF	72,778,439		USD	82,945,198		—		(78,453)

JP Morgan & Chase Co.		1/6/2025		USD	531,130		CHF	466,000		470		—

Total unrealized appreciation (depreciation)										12,480,088		(1,235,724)

See Notes to Financial Statements.

DBX ETF Trust | 75

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


Currency Abbreviations


CHF		Swiss Franc

DKK		Danish Krone

EUR		Euro

GBP		Pound Sterling

NOK		Norwegian Krone

SEK		Swedish Krona

USD		U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total

Common Stocks (a)	$	532,994,664		$	—		$	—	$	532,994,664

Preferred Stocks		2,736,661			—			—		2,736,661

Short-Term Investments (a)		4,158,091			—			—		4,158,091

Derivatives (b)

Forward Foreign Currency Contracts		—			12,480,088			—		12,480,088

Futures Contracts		35,846			—			—		35,846

TOTAL	$	539,925,262		$	12,480,088		$	—	$	552,405,350

Liabilities	Level 1			Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—		$	(1,235,724	)	$	—	$	(1,235,724	)

Futures Contracts		(58,388	)		—			—		(58,388	)

TOTAL	$	(58,388	)	$	(1,235,724	)	$	—	$	(1,294,112	)

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

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

See Notes to Financial Statements.

76 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 97.4%

Austria – 1.0%

ANDRITZ AG		445		24,913

AT&S Austria Technologie & Systemtechnik AG * (a)		133		1,858

BAWAG Group AG, 144A *		526		41,750

CA Immobilien Anlagen AG (a)		239		6,040

DO & CO AG *		50		8,466

Erste Group Bank AG		2,206		121,166

EVN AG		201		5,212

IMMOFINANZ AG *		201		3,361

Kontron AG		223		4,045

Lenzing AG *		109		3,386

Oesterreichische Post AG		218		6,644

OMV AG		998		40,051

Palfinger AG		82		1,684

Porr AG		48		819

Raiffeisen Bank International AG		971		18,970

Schoeller-Bleckmann Oilfield Equipment AG		82		2,538

UNIQA Insurance Group AG		615		4,686

Verbund AG		449		35,876

Vienna Insurance Group AG Wiener Versicherung Gruppe		201		6,179

voestalpine AG		724		14,037

Wienerberger AG		775		21,833


(Cost $349,243)				373,514

Belgium – 2.8%

Ackermans & van Haaren NV		136		27,044

Aedifica SA REIT		349		21,441

Ageas SA/NV		1,071		54,133

Anheuser-Busch InBev SA/NV		5,898		317,960

Azelis Group NV		1,132		22,067

Barco NV		361		3,863

Bekaert SA		216		7,493

bpost SA		495		993

Cofinimmo SA REIT		263		15,809

Colruyt Group NV		222		10,079

Deme Group NV		48		7,386

D’ieteren Group		144		30,753

Elia Group SA/NV		198		18,576

Fagron		393		7,769

Galapagos NV *		304		8,449

Groupe Bruxelles Lambert NV		566		39,204

KBC Ancora		255		12,738

KBC Group NV		1,475		106,522

Kinepolis Group NV		82		3,194

Lotus Bakeries NV		3		36,130

Melexis NV		122		7,321

Montea NV REIT		100		7,059

Ontex Group NV *		393		3,315

Proximus SADP		986		6,397


	Number of Shares		Value $


Recticel SA		240		2,774

Retail Estates NV REIT		72		4,480

Sofina SA		102		23,705

Solvay SA		443		15,335

Syensqo SA		476		35,394

Tessenderlo Group SA		127		2,984

UCB SA		830		162,810

Umicore SA		1,256		13,558

VGP NV		70		5,852

Warehouses De Pauw CVA REIT		1,176		26,036

X-Fab Silicon Foundries SE, 144A *		257		1,224

Xior Student Housing NV REIT		184		5,988


(Cost $1,149,220)				1,075,835

Finland – 3.3%

Cargotec OYJ, Class B		235		13,087

Citycon OYJ *		716		2,622

Elisa OYJ		933		42,339

Finnair OYJ *		403		915

Fortum OYJ		2,936		44,324

Harvia OYJ		100		4,635

Huhtamaki OYJ		655		23,679

Kalmar OYJ, Class B *		235		7,943

Kemira OYJ		913		17,972

Kempower OYJ *		410		4,090

Kesko OYJ, Class B		1,774		35,324

Kojamo OYJ *		781		7,988

Kone OYJ, Class B		2,251		116,872

Konecranes OYJ		428		29,012

Mandatum OYJ		3,043		13,719

Marimekko OYJ		155		1,998

Metsa Board OYJ, Class B		1,033		4,596

Metso Corp.		4,026		35,475

Neste OYJ		2,876		43,844

Nokia OYJ		35,050		147,613

Nokian Renkaat OYJ		710		5,535

Nordea Bank Abp		20,636		233,787

Orion OYJ, Class B		716		33,886

Outokumpu OYJ		2,607		8,768

Puuilo OYJ		568		5,419

QT Group OYJ *		113		8,186

Revenio Group OYJ		133		3,829

Sampo OYJ, Class A		3,213		137,849

Stora Enso OYJ, Class R		3,729		36,275

TietoEVRY OYJ		631		11,286

Tokmanni Group Corp.		291		3,640

UPM-Kymmene OYJ		3,575		94,207

Valmet OYJ		936		21,981

Wartsila OYJ Abp		3,181		57,920

YIT OYJ *		693		1,741


(Cost $1,449,932)				1,262,356

See Notes to Financial Statements.

DBX ETF Trust | 77

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


France – 30.9%

Abivax SA *		174		1,464

Accor SA		1,262		58,338

Aeroports de Paris SA		224		25,958

Air France-KLM *		660		5,165

Air Liquide SA		3,772		627,848

Airbus SE		3,881		606,068

Alstom SA *		2,338		52,678

Altarea SCA REIT		36		3,673

Alten SA		205		16,369

Amundi SA, 144A		399		26,032

Antin Infrastructure Partners SA		204		2,228

Arkema SA		348		27,622

Assystem SA		96		3,861

Aubay		20		958

AXA SA		11,496		401,242

Beneteau SACA		336		2,823

BioMerieux		292		30,547

BNP Paribas SA		6,642		398,136

Bollore SE		5,029		31,055

Bouygues SA		1,226		36,537

Bureau Veritas SA		2,111		64,341

Capgemini SE		1,020		163,971

Carmila SA REIT		400		6,985

Carrefour SA		3,531		53,811

Casino Guichard Perrachon SA *		701		990

Cie de Saint-Gobain SA		2,958		270,283

Cie des Alpes		208		3,297

Cie Generale des Etablissements Michelin SCA		4,365		142,049

Coface SA		680		10,536

Covivio SA REIT		365		20,087

Credit Agricole SA		6,810		91,313

Danone SA		4,186		286,447

Dassault Aviation SA		128		25,521

Dassault Systemes SE		4,404		152,174

Derichebourg SA		594		2,873

Edenred SE		1,687		55,882

Eiffage SA		481		43,472

Elior Group SA, 144A *		529		1,482

Elis SA		1,161		23,664

Emeis SA *		502		3,105

Engie SA		11,941		190,632

Equasens		36		1,575

Eramet SA		51		2,734

Esker SA		32		8,825

EssilorLuxottica SA		1,942		472,290

Esso SA Francaise		16		1,692

Etablissements Maurel et Prom SA		265		1,404

Eurazeo SE		297		21,861


	Number of Shares		Value $


Eutelsat Communications SACA *		1,015		3,128

Exclusive Networks SA *		125		3,175

Exosens SAS *		221		4,257

Fnac Darty SA		82		2,304

Forvia SE		912		7,756

Gaztransport Et Technigaz SA		235		34,246

Gecina SA REIT		303		30,575

Getlink SE		2,107		34,484

Hermes International SCA		206		450,191

ICADE REIT		218		5,136

ID Logistics Group SACA *		27		11,087

Imerys SA		184		5,511

Interparfums SA		138		5,776

Ipsen SA		254		29,408

IPSOS SA		236		11,039

JCDecaux SE *		353		5,264

Kaufman & Broad SA		67		2,230

Kering SA		495		115,642

Klepierre SA REIT		1,355		41,041

La Francaise des Jeux SAEM, 144A		654		25,886

Legrand SA		1,722		172,909

LISI SA		85		1,876

L’Oreal SA		1,567		545,019

LVMH Moet Hennessy Louis Vuitton SE		1,795		1,125,542

Manitou BF SA		48		797

Mercialys SA REIT		733		8,130

Mersen SA		114		2,386

Metropole Television SA		133		1,531

Neoen SA, 144A		413		17,282

Nexans SA		221		25,119

Nexity SA *		218		2,690

Opmobility		305		2,810

Orange SA		12,244		130,680

OVH Groupe SAS *		310		2,789

Pernod Ricard SA		1,335		149,619

Peugeot Invest SA		20		1,488

Pierre Et Vacances SA *		421		576

Planisware SA *		108		2,761

Pluxee NV *		529		11,384

Publicis Groupe SA		1,502		163,249

Quadient SA		184		3,341

Remy Cointreau SA		136		8,398

Renault SA		1,237		53,059

Rexel SA		1,459		37,737

Rubis SCA		477		11,469

Safran SA		2,371		553,285

Sanofi SA		7,459		726,946

Sartorius Stedim Biotech		188		35,882

Schneider Electric SE		3,560		917,399

See Notes to Financial Statements.

78 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


SCOR SE		978		24,385

SEB SA		188		17,867

Seche Environnement SACA		12		1,020

Societe BIC SA		133		8,882

Societe Generale SA		4,736		125,779

Sodexo SA		565		46,998

SOITEC *		210		17,368

Sopra Steria Group		103		19,490

SPIE SA		883		27,847

Technip Energies NV		979		24,099

Teleperformance SE		375		35,329

Television Francaise 1 SA		206		1,577

Thales SA		606		90,748

TotalEnergies SE		14,098		820,148

Trigano SA		47		5,924

Ubisoft Entertainment SA *		694		9,148

Unibail-Rodamco-Westfield REIT *		759		62,300

Valeo SE		1,548		12,860

Vallourec SACA *		1,075		18,885

Valneva SE *		594		1,160

Veolia Environnement SA		4,592		133,982

Verallia SA, 144A		430		11,449

Vicat SACA		104		3,940

Vinci SA		3,267		345,263

Virbac SACA		24		8,229

Vivendi SE		4,678		43,022

Voltalia SA *		167		1,357

VusionGroup		53		8,010

Wavestone		36		1,756

Wendel SE		171		17,002

Worldline SA, 144A *		1,450		10,208


(Cost $12,106,142)				11,982,219

Germany – 25.7%

1&1 AG		221		2,783

About You Holding SE *		201		705

Adesso SE		16		1,468

adidas AG		1,059		250,037

Adtran Networks SE		170		3,573

AIXTRON SE		661		9,563

Allianz SE		2,556		790,406

Amadeus Fire AG		47		3,855

Atoss Software SE		77		10,137

Aurubis AG (a)		189		14,901

Auto1 Group SE, 144A *		771		10,697

BASF SE		5,840		262,176

Bayer AG		6,489		133,143

Bayerische Motoren Werke AG		1,892		140,201

BayWa AG *		68		652

Bechtle AG		607		19,978

Beiersdorf AG		635		82,423


	Number of Shares		Value $


Bilfinger SE		154		7,106

Brenntag SE		876		56,551

CANCOM SE		204		5,086

Carl Zeiss Meditec AG		238		14,244

CECONOMY AG *		918		3,119

Cewe Stiftung & Co. KGaA		20		2,049

Commerzbank AG		6,209		95,444

CompuGroup Medical SE & Co. KGaA		141		2,374

Continental AG		697		45,763

Covestro AG, 144A *		1,208		73,791

CTS Eventim AG & Co. KGaA		404		35,722

CureVac NV *		695		2,042

Daimler Truck Holding AG		3,267		123,777

Delivery Hero SE, 144A *		1,186		48,624

Dermapharm Holding SE		99		3,767

Deutsche Bank AG (b)		12,388		210,734

Deutsche Boerse AG		1,234		289,266

Deutsche Lufthansa AG		3,991		26,761

Deutsche Pfandbriefbank AG, 144A *		727		3,882

Deutsche Post AG		6,655		244,885

Deutsche Telekom AG		22,785		730,153

Deutz AG		952		4,046

Douglas AG *		200		3,852

Duerr AG		299		6,917

E.ON SE		14,387		185,526

Eckert & Ziegler SE		82		3,997

Elmos Semiconductor SE		49		3,220

Encavis AG *		746		13,816

Energiekontor AG		34		1,526

Evonik Industries AG		1,607		29,532

Evotec SE *		863		8,065

Fielmann Group AG		183		7,563

flatexDEGIRO AG		522		7,502

Formycon AG *		55		2,907

Fraport AG Frankfurt Airport Services Worldwide *		218		11,985

Freenet AG		798		24,711

Fresenius Medical Care AG		1,375		60,535

Fresenius SE & Co. KGaA *		2,732		96,193

GEA Group AG		985		49,328

Gerresheimer AG		212		16,760

GFT Technologies SE		99		2,253

GRENKE AG		151		2,480

Hamborner REIT AG REIT		440		3,013

Hannover Rueck SE		385		100,680

Heidelberg Materials AG		881		111,324

HelloFresh SE *		951		11,634

Henkel AG & Co. KGaA		700		53,227

Hensoldt AG		388		15,111

See Notes to Financial Statements.

DBX ETF Trust | 79

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Hornbach Holding AG & Co. KGaA		95		8,124

HUGO BOSS AG		327		11,098

Hypoport SE *		25		5,138

Infineon Technologies AG		8,502		277,263

IONOS Group SE *		169		4,087

Jenoptik AG		356		7,889

JOST Werke SE, 144A		67		2,946

K+S AG (a)		1,120		13,293

KION Group AG		439		15,689

Kloeckner & Co. SE		359		1,786

Knorr-Bremse AG		467		35,658

Krones AG		82		10,240

LANXESS AG		674		16,877

LEG Immobilien SE		506		46,985

MBB SE		3		325

Mercedes-Benz Group AG		4,875		273,232

Merck KGaA		854		127,976

METRO AG		728		3,382

MTU Aero Engines AG		358		122,072

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		874		457,205

Mutares SE & Co. KGaA (a)		89		2,322

Nagarro SE *		48		4,983

Nemetschek SE		372		38,660

Nordex SE *		763		9,649

Norma Group SE		135		1,932

Northern Data AG * (a)		83		3,303

PATRIZIA SE		223		1,956

Pfeiffer Vacuum Technology AG		20		3,281

PNE AG		187		2,205

ProSiebenSat.1 Media SE		951		4,644

Puma SE		697		32,677

Rational AG		34		31,844

RENK Group AG *		371		7,809

Rheinmetall AG		285		187,726

RWE AG		4,175		140,815

SAF-Holland SE		293		4,205

Salzgitter AG		172		2,985

SAP SE		6,819		1,623,003

Schaeffler AG *		1,247		5,890

Schott Pharma AG & Co. KGaA		238		6,952

Scout24 SE, 144A		489		44,014

Secunet Security Networks AG		16		1,802

SGL Carbon SE *		519		2,241

Siemens AG		4,959		961,244

Siemens Energy AG *		4,173		225,319

Siemens Healthineers AG, 144A		1,875		101,835

Siltronic AG		100		5,021

Sixt SE		82		6,049

SMA Solar Technology AG		95		1,373


	Number of Shares		Value $


Stabilus SE		138		4,768

STRATEC SE		36		1,200

Stroeer SE & Co. KGaA		220		11,362

Suedzucker AG		355		4,106

SUSS MircoTec SE		124		6,424

Symrise AG		857		94,778

TAG Immobilien AG *		1,195		19,881

Takkt AG		167		1,435

Talanx AG		422		35,818

TeamViewer SE, 144A *		987		12,064

thyssenkrupp AG		2,957		12,117

Thyssenkrupp Nucera AG & Co. KGaA, 144A *		168		1,505

TUI AG *		3,083		24,503

United Internet AG		580		9,631

Verbio SE		133		1,619

Vonovia SE		4,863		161,601

Vossloh AG		53		2,373

Wacker Chemie AG		114		8,537

Wacker Neuson SE		150		2,159

Wuestenrot & Wuerttembergische AG		99		1,249

Zalando SE, 144A *		1,439		44,804


(Cost $8,871,320)				9,968,479

Ireland – 1.2%

AerCap Holdings NV		1,244		123,604

AIB Group PLC		12,468		67,954

Bank of Ireland Group PLC		6,806		59,697

Cairn Homes PLC		3,905		8,492

Dalata Hotel Group PLC		1,991		9,282

Glanbia PLC		1,204		18,629

Glenveagh Properties PLC, 144A *		3,718		6,036

Irish Residential Properties REIT PLC REIT		2,785		2,682

Kerry Group PLC, Class A		978		94,652

Kingspan Group PLC		995		74,974

Uniphar PLC		1,390		3,251


(Cost $416,640)				469,253

Italy – 8.4%

A2A SpA		9,649		21,822

ACEA SpA		269		5,150

AMCO - Asset Management Co SpA, Class B * (c)		13		0

Amplifon SpA		831		21,133

Anima Holding SpA, 144A		1,393		9,199

Ariston Holding NV		277		1,082

Arnoldo Mondadori Editore SpA		475		1,041

Ascopiave SpA		252		739

Azimut Holding SpA		734		18,558

Banca Generali SpA		428		20,084

Banca IFIS SpA		137		2,894

See Notes to Financial Statements.

80 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Banca Monte dei Paschi di Siena SpA		7,185		47,296

Banca Popolare di Sondrio SpA		2,493		18,996

Banco BPM SpA		8,550		65,185

BFF Bank SpA, 144A		1,087		10,330

BPER Banca SPA		6,791		41,526

Brembo NV		833		7,724

Brunello Cucinelli SpA		224		22,224

Buzzi SpA		561		23,808

Carel Industries SpA, 144A		399		7,930

Cembre SpA		96		4,135

Cementir Holding NV		265		3,096

CIR SpA-Compagnie Industriali *		3,837		2,428

Credito Emiliano SpA		459		4,887

Danieli & C Officine Meccaniche SpA		65		1,730

Danieli & C Officine Meccaniche SpA-RSP		207		4,228

Davide Campari-Milano NV		3,987		23,958

De’ Longhi SpA		475		14,266

DiaSorin SpA		141		15,788

El.En. SpA		238		3,060

Enav SpA, 144A		1,494		6,451

Enel SpA		53,191		383,349

Eni SpA		14,944		212,019

ERG SpA		392		8,621

Ferrari NV		823		358,583

Ferretti SpA		884		2,610

Fila SpA		116		1,230

Fincantieri SpA *		754		4,741

FinecoBank Banca Fineco SpA		3,986		64,077

Generali		6,126		175,564

GVS SpA, 144A *		342		1,857

Hera SpA		5,908		21,946

Industrie De Nora SpA		184		1,558

Infrastrutture Wireless Italiane SpA, 144A		2,213		22,835

Intercos SpA		306		4,430

Interpump Group SpA		517		24,107

Intesa Sanpaolo SpA		95,268		365,682

Iren SpA		3,213		6,722

Italgas SpA		2,714		16,300

Iveco Group NV		1,069		10,714

Juventus Football Club SpA * (a)		712		2,449

Leonardo SpA		2,579		69,517

Lottomatica Group SpA		766		10,198

LU-VE SpA		105		3,006

Maire SpA		795		6,096

MARR SpA		184		1,906

Mediobanca Banca di Credito Finanziario SpA		3,130		45,729

MFE-MediaForEurope NV, Class A		829		2,476


	Number of Shares		Value $


MFE-MediaForEurope NV, Class B		257		1,057

Moncler SpA		1,541		75,589

Nexi SpA, 144A *		3,114		18,468

OVS SpA, 144A		1,156		3,452

Pharmanutra SpA		19		1,112

Piaggio & C SpA		849		1,828

Pirelli & C SpA, 144A		2,854		15,507

Poste Italiane SpA, 144A		3,058		42,994

Prysmian SpA		1,836		121,285

RAI Way SpA, 144A		528		2,894

Recordati Industria Chimica e Farmaceutica SpA		673		36,716

Reply SpA		143		22,928

Safilo Group SpA*		1,934		1,758

Saipem SpA*		8,470		21,881

Salvatore Ferragamo SpA		488		2,861

Sanlorenzo SpA		67		2,212

Sesa SpA		48		3,924

Snam SpA		13,520		63,128

SOL SpA		309		11,854

Tamburi Investment Partners SpA		569		5,058

Technogym SpA, 144A		823		9,145

Technoprobe SpA *		1,145		7,089

Telecom Italia SpA *		60,222		14,486

Terna - Rete Elettrica Nazionale		9,453		80,113

Tinexta SpA		150		1,251

UniCredit SpA		9,617		370,315

Unipol Gruppo SpA		2,723		32,910

Webuild SpA		3,567		9,989

Wiit SpA		32		716

Zignago Vetro SpA		184		1,856


(Cost $2,610,298)				3,243,446

Luxembourg – 0.7%

APERAM SA		274		7,876

ArcelorMittal SA		3,108		78,415

Aroundtown SA *		4,947		16,481

Befesa SA, 144A		198		4,216

CVC Capital Partners PLC, 144A *		1,437		35,236

d’Amico International Shipping SA		284		1,232

Eurofins Scientific SE		884		43,774

Grand City Properties SA *		405		5,358

SES SA		2,288		7,894

Shurgard Self Storage Ltd. REIT		224		9,150

Tenaris SA		2,655		51,026


(Cost $301,774)				260,658

Netherlands – 13.8%

Aalberts NV		711		27,374

ABN AMRO Bank NV, 144A		2,955		46,018

See Notes to Financial Statements.

DBX ETF Trust | 81

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Adyen NV, 144A *		142		207,144

Aegon Ltd.		9,157		59,134

Akzo Nobel NV		1,097		64,201

AMG Critical Materials NV		167		2,526

Arcadis NV		479		31,658

Argenx SE *		388		240,788

ASM International NV		309		167,235

ASML Holding NV		2,608		1,817,216

ASR Nederland NV		1,032		49,475

Basic-Fit NV, 144A *		291		6,547

BE Semiconductor Industries NV		499		59,674

Brunel International NV		133		1,239

Corbion NV		320		7,444

Eurocommercial Properties NV REIT		234		5,857

Euronext NV, 144A		517		57,833

EXOR NV		674		66,800

Ferrovial SE		3,111		128,468

Flow Traders Ltd.		167		3,729

Fugro NV		758		13,798

Heineken Holding NV		840		53,338

Heineken NV		1,895		140,504

IMCD NV		389		58,500

ING Groep NV		21,560		334,451

JDE Peet’s NV		764		15,257

Just Eat Takeaway.com NV, 144A *		1,120		17,910

Koninklijke Ahold Delhaize NV		6,091		210,465

Koninklijke BAM Group NV		1,742		7,492

Koninklijke Heijmans N.V.		161		4,941

Koninklijke KPN NV		25,050		97,320

Koninklijke Philips NV *		5,260		143,564

Koninklijke Vopak NV		422		19,784

NN Group NV		1,802		83,853

OCI NV *		612		7,170

Pharming Group NV * (a)		4,744		3,670

Pharvaris NV * (a)		110		2,409

PostNL NV		2,632		2,883

Prosus NV *		8,935		364,526

QIAGEN NV *		1,480		64,821

Randstad NV		728		32,058

Redcare Pharmacy NV, 144A *		96		15,128

SBM Offshore NV		847		15,346

Signify NV, 144A		932		20,891

Sligro Food Group NV		133		1,506

Stellantis NV		12,792		169,710

TKH Group NV		239		7,785

TomTom NV *		359		2,004

Universal Music Group NV		5,306		128,086

Van Lanschot Kempen NV		185		8,311

Vastned Retail NV REIT		82		2,135

Wereldhave NV REIT		201		2,957


	Number of Shares		Value $


Wolters Kluwer NV		1,560		260,767


(Cost $4,965,752)				5,363,700

Poland – 0.1%

InPost SA *

(Cost $17,650)		1,521		26,688

Portugal – 0.5%

Altri SGPS SA		325		1,713

Banco Comercial Portugues SA, Class R		42,446		20,115

Corticeira Amorim SGPS SA		254		2,236

CTT-Correios de Portugal SA		648		3,062

EDP SA		20,739		75,106

Galp Energia SGPS SA		2,996		49,256

Jeronimo Martins SGPS SA		1,814		35,400

Mota-Engil SGPS SA		477		1,318

Navigator Co. SA		1,273		4,621

NOS SGPS SA		1,308		4,790

REN - Redes Energeticas Nacionais SGPS SA		2,385		6,209

Semapa-Sociedade de Investimento e Gestao		121		1,765

Sonae SGPS SA		7,140		7,126


(Cost $226,430)				212,717

Spain – 8.1%

Acciona SA		174		22,153

Acerinox SA		1,405		14,141

ACS Actividades de Construccion y Servicios SA		1,133		52,710

Aedas Homes SA, 144A		135		3,550

Aena SME SA, 144A		494		107,070

Almirall SA		586		5,488

Amadeus IT Group SA		2,942		206,800

Atresmedia Corp. de Medios de Comunicacion SA		427		2,054

Audax Renovables SA *		1,486		2,614

Banco Bilbao Vizcaya Argentaria SA		37,598		355,563

Banco de Sabadell SA		34,927		65,998

Banco Santander SA		100,943		467,426

Bankinter SA		4,464		35,394

CaixaBank SA		26,050		141,869

Cellnex Telecom SA, 144A *		3,505		126,043

CIE Automotive SA		287		7,624

Construcciones y Auxiliar de Ferrocarriles SA		99		3,447

Distribuidora Internacional de Alimentacion SA *		66,953		928

EDP Renovaveis SA		1,910		22,397

eDreams ODIGEO SA *		389		2,865

Enagas SA		1,467		20,152

Ence Energia y Celulosa SA		546		1,596

Endesa SA		2,068		45,391

Faes Farma SA		1,817		6,836

See Notes to Financial Statements.

82 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Fluidra SA		593		15,514

Gestamp Automocion SA, 144A		1,555		4,246

Global Dominion Access SA, 144A		512		1,449

Grenergy Renovables SA *		112		3,414

Grifols SA *		2,007		18,300

Iberdrola SA		39,506		564,006

Indra Sistemas SA		573		10,103

Industria de Diseno Textil SA		7,118		393,071

Inmobiliaria Colonial Socimi SA REIT		1,656		9,569

Laboratorios Farmaceuticos Rovi SA		143		9,754

Lar Espana Real Estate Socimi SA REIT		461		4,025

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		3,394		3,858

Logista Integral SA		405		12,978

Mapfre SA		6,189		16,113

Melia Hotels International SA		546		3,909

Merlin Properties Socimi SA REIT		2,529		27,835

Neinor Homes SA, 144A *		86		1,380

Pharma Mar SA *		83		6,860

Prosegur Cash SA, 144A		2,598		1,443

Prosegur Cia de Seguridad SA		1,325		2,740

Redeia Corp. SA		2,642		47,253

Repsol SA		7,841		98,125

Sacyr SA		3,414		11,171

Solaria Energia y Medio Ambiente SA *		461		4,420

Talgo SA, 144A *		542		2,031

Tecnicas Reunidas SA *		183		2,152

Telefonica SA		26,167		118,690

Unicaja Banco SA, 144A		6,704		8,641

Vidrala SA		162		16,099

Vidrala SA		6		616

Viscofan SA		243		15,713


(Cost $2,779,096)				3,155,587

Switzerland – 0.6%

DSM-Firmenich AG		1,214		133,553

STMicroelectronics NV		4,507		115,762


(Cost $338,976)				249,315

United Kingdom – 0.3%

Allfunds Group PLC		2,054		12,141

Coca-Cola Europacific Partners PLC		1,373		106,517


(Cost $95,906)				118,658

TOTAL COMMON STOCKS


(Cost $35,678,379)				37,762,425


	Number of Shares		Value $


PREFERRED STOCKS – 1.1%

Germany – 1.1%

Bayerische Motoren Werke AG		385		26,280

Dr Ing hc F Porsche AG, 144A (a)		776		48,519

Draegerwerk AG & Co. KGaA		70		3,226

Einhell Germany AG		48		3,246

FUCHS SE		422		18,972

Henkel AG & Co. KGaA		1,122		95,895

Jungheinrich AG		359		9,483

Porsche Automobil Holding SE		976		35,759

Sartorius AG		166		38,263

Sixt SE		132		7,502

STO SE & Co. KGaA		16		1,862

Volkswagen AG		1,373		117,290


(Cost $585,744)				406,297

RIGHTS – 0.0%

Italy – 0.0%

Cofide SpA* , expires 11/22/25(c)		3,837		0

Sesa SpA* , expires 12/6/24(c)		48		0


(Cost $0)				0

Spain – 0.0%

Viscofan SA* , expires 12/20/24

(Cost $364)		243		373

TOTAL RIGHTS


(Cost $364)				373

WARRANTS – 0.0%

Italy – 0.0%

Webuild SpA* (c), expires 8/2/30

(Cost $0)		38		85

Spain – 0.0%

Abengoa SA* (c), expires 3/31/25

(Cost $43)		7,125		0

TOTAL WARRANTS


(Cost $43)				85

EXCHANGE-TRADED FUNDS – 0.8%

iShares Currency Hedged MSCI Eurozone ETF		8,600		307,020

iShares MSCI Eurozone ETF		50		2,393


(Cost $307,970)				309,413

SECURITIES LENDING

COLLATERAL – 0.3%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (d)(e)

(Cost $95,790)		95,790		95,790

See Notes to Financial Statements.

DBX ETF Trust | 83

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


CASH EQUIVALENTS – 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.59% (d)

(Cost $40,645)		40,645		40,645


	Number of Shares	Value $


TOTAL INVESTMENTS – 99.7%

(Cost $36,708,935)			38,615,028

Other assets and liabilities, net – 0.3%			129,150


NET ASSETS – 100.0%			38,744,178

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024

COMMON STOCKS – 0.5%

Germany – 0.5%

Deutsche Bank AG (b)

196,005		8,911			—			—		5,818		—		—		12,388		210,734

SECURITIES LENDING COLLATERAL – 0.3%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (d)(e)

27,401		68,389	(f)		—			—		—		896		—		95,790		95,790

CASH EQUIVALENTS – 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.59% (d)

9,347		788,877			(757,579	)		—		—		2,998		—		40,645		40,645


232,753		866,177			(757,579	)		—		5,818		3,894		—		148,823		347,169

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $91,259, which is 0.2% of net assets.

(b)	Affiliated issuer. This security is owned in proportion with its representation in the index. (c) Investment was valued using significant unobservable inputs.

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

(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. (f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.



CVA:		Credit Valuation Adjustment

REIT:		Real Estate Investment Trust

RSP:		Risparmio (Convertible Savings Shares)

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

Securities are listed in country of domicile.

At November 30, 2024, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Depreciation ($)

EURO STOXX 50 Futures

EUR

358,570

356,848

12/20/2024

(1,722

)

See Notes to Financial Statements.

84 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)

At November 30, 2024, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date			Currency To Deliver			Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

Citigroup Global Markets		12/3/2024	EUR		35,881,330	USD		39,000,494		1,022,047		—

Citigroup Global Markets		12/3/2024	USD		259,781	EUR		239,000		—		(6,813	)

RBC Capital Markets		12/3/2024	USD		37,645,429	EUR		35,642,330		80,050		—

RBC Capital Markets		1/3/2025	EUR		35,642,330	USD		37,696,469		—		(82,460	)

RBC Capital Markets		1/3/2025	EUR		104,000	USD		109,997		—		(237	)

Total unrealized appreciation (depreciation)										1,102,097		(89,510	)

Currency Abbreviations



EUR		Euro

USD		U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total

Common Stocks (a)	$	37,762,425		$	—		$	0	$	37,762,425

Preferred Stocks		406,297			—			—		406,297

Rights (a)		373			—			0		373

Warrants (a)		—			—			85		85

Exchange-Traded Funds		309,413			—			—		309,413

Short-Term Investments (a)		136,435			—			—		136,435

Derivatives (b)

Forward Foreign Currency Contracts		—			1,102,097			—		1,102,097

TOTAL	$	38,614,943		$	1,102,097		$	85	$	39,717,125

Liabilities	Level 1			Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—		$	(89,510	)	$	—	$	(89,510	)

Futures Contracts		(1,722	)		—			—		(1,722	)

TOTAL	$	(1,722	)	$	(89,510	)	$	—	$	(91,232	)

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

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

See Notes to Financial Statements.

DBX ETF Trust | 85

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 99.2%

Communication Services – 7.3%

Capcom Co. Ltd.		36,200		848,150

Dentsu Group, Inc.		21,036		537,568

KDDI Corp.		161,015		5,326,278

Konami Group Corp.		10,477		1,034,467

LY Corp.		293,628		808,242

Nexon Co. Ltd.		35,164		483,728

Nintendo Co. Ltd.		109,569		6,450,835

Nippon Telegraph & Telephone Corp.		3,113,200		3,191,425

SoftBank Corp.		3,004,300		3,876,840

SoftBank Group Corp.		100,371		5,993,820

Toho Co. Ltd.		12,098		528,985


(Cost $25,368,877)				29,080,338

Consumer Discretionary – 17.5%

Aisin Corp.		55,441		584,642

Asics Corp.		71,200		1,428,853

Bandai Namco Holdings, Inc.		61,821		1,305,496

Bridgestone Corp.		59,707		2,134,274

Denso Corp.		197,340		2,807,651

Fast Retailing Co. Ltd.		20,143		6,879,903

Honda Motor Co. Ltd.		470,935		4,064,505

Isuzu Motors Ltd.		59,698		796,691

McDonald’s Holdings Co. Japan Ltd. (a)		8,919		368,943

Nissan Motor Co. Ltd.		232,047		556,547

Nitori Holdings Co. Ltd.		8,347		1,072,381

Oriental Land Co. Ltd.		114,125		2,698,304

Pan Pacific International Holdings Corp.		39,600		1,007,466

Panasonic Holdings Corp.		244,244		2,392,005

Rakuten Group, Inc. *		156,839		899,696

Sekisui Chemical Co. Ltd.		39,052		631,294

Sekisui House Ltd.		62,387		1,475,875

Shimano, Inc.		7,884		1,103,781

Sony Group Corp.		653,965		13,141,358

Subaru Corp.		60,608		974,694

Sumitomo Electric Industries Ltd.		74,513		1,437,079

Suzuki Motor Corp.		163,956		1,738,280

Toyota Motor Corp.		1,076,565		18,356,426

Yamaha Motor Co. Ltd.		95,080		826,327

Zensho Holdings Co. Ltd.		10,000		602,847

ZOZO, Inc.		13,934		438,859


(Cost $66,398,641)				69,724,177

Consumer Staples – 5.5%

Aeon Co. Ltd.		68,102		1,635,649

Ajinomoto Co., Inc.		48,501		2,036,109

Asahi Group Holdings Ltd.		150,342		1,637,144


	Number of Shares		Value $


Japan Tobacco, Inc.		125,689		3,543,717

Kao Corp.		48,584		2,114,917

Kikkoman Corp.		70,762		776,235

Kirin Holdings Co. Ltd.		80,889		1,129,495

Kobe Bussan Co. Ltd.		16,400		413,507

MatsukiyoCocokara & Co.		35,600		499,361

MEIJI Holdings Co. Ltd.		24,286		519,348

Nissin Foods Holdings Co. Ltd.		20,810		553,209

Seven & i Holdings Co. Ltd.		231,006		4,019,912

Shiseido Co. Ltd.		41,607		793,964

Suntory Beverage & Food Ltd.		14,834		504,875

Unicharm Corp.		38,474		1,000,417

Yakult Honsha Co. Ltd.		27,293		557,205


(Cost $22,156,313)				21,735,064

Energy – 0.8%

ENEOS Holdings, Inc.		283,437		1,531,969

Idemitsu Kosan Co. Ltd.		96,700		646,024

Inpex Corp.		91,044		1,201,021


(Cost $2,995,814)				3,379,014

Financials – 15.9%

Chiba Bank Ltd.		58,860		491,877

Concordia Financial Group Ltd.		110,838		664,924

Dai-ichi Life Holdings, Inc.		94,219		2,550,663

Daiwa Securities Group, Inc.		138,844		932,957

Japan Exchange Group, Inc.		103,430		1,246,565

Japan Post Bank Co. Ltd.		150,425		1,423,428

Japan Post Holdings Co. Ltd.		200,370		2,007,851

Japan Post Insurance Co. Ltd.		20,400		427,931

Mitsubishi HC Capital, Inc.		92,716		625,790

Mitsubishi UFJ Financial Group, Inc.		1,163,442		13,932,692

Mizuho Financial Group, Inc.		253,212		6,403,062

MS&AD Insurance Group Holdings, Inc.		134,367		3,000,001

Nomura Holdings, Inc.		313,077		1,885,910

ORIX Corp.		120,183		2,704,198

Resona Holdings, Inc.		217,776		1,819,166

SBI Holdings, Inc.		28,799		727,481

Shizuoka Financial Group, Inc.		47,182		419,984

Sompo Holdings, Inc.		93,025		2,453,065

Sumitomo Mitsui Financial Group, Inc.		391,516		9,643,999

Sumitomo Mitsui Trust Holdings, Inc.		67,624		1,692,859

T&D Holdings, Inc.		51,049		966,465

Tokio Marine Holdings, Inc.		197,313		7,336,605


(Cost $45,058,540)				63,357,473

Health Care – 8.1%

Astellas Pharma, Inc.		188,535		1,967,371

Chugai Pharmaceutical Co. Ltd.		70,335		3,101,245

Daiichi Sankyo Co. Ltd.		183,571		5,825,840

See Notes to Financial Statements.

86 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Eisai Co. Ltd.		26,512		827,393

Hoya Corp.		36,701		4,723,745

Kyowa Kirin Co. Ltd.		26,560		441,247

M3, Inc.		46,184		447,519

Olympus Corp.		122,776		1,936,323

Ono Pharmaceutical Co. Ltd.		39,783		460,466

Otsuka Holdings Co. Ltd.		47,300		2,745,259

Shionogi & Co. Ltd.		78,724		1,114,783

Sysmex Corp.		52,332		1,106,512

Takeda Pharmaceutical Co. Ltd.		167,023		4,557,304

Terumo Corp.		140,104		2,856,571


(Cost $31,968,407)				32,111,578

Industrials – 23.0%

AGC, Inc.		20,762		650,720

ANA Holdings, Inc.		17,418		336,278

Central Japan Railway Co.		80,460		1,659,850

Dai Nippon Printing Co. Ltd.		40,258		614,739

Daifuku Co. Ltd.		33,600		699,888

Daikin Industries Ltd.		27,648		3,343,294

East Japan Railway Co.		94,455		1,843,148

FANUC Corp.		98,545		2,559,773

Fuji Electric Co. Ltd.		14,294		804,587

Fujikura Ltd.		26,000		924,699

Hankyu Hanshin Holdings, Inc.		23,640		648,662

Hikari Tsushin, Inc.		1,852		405,697

Hitachi Construction Machinery Co. Ltd.		11,420		257,797

Hitachi Ltd.		485,610		12,172,702

Hoshizaki Corp.		11,508		465,657

ITOCHU Corp.		124,879		6,162,166

Japan Airlines Co. Ltd.		16,354		272,731

Kajima Corp.		41,076		750,205

Kawasaki Kisen Kaisha Ltd.		38,100		507,313

Komatsu Ltd.		91,437		2,460,073

Kubota Corp. (a)		97,463		1,219,916

Makita Corp.		24,903		779,509

Marubeni Corp.		148,387		2,235,126

MINEBEA MITSUMI, Inc.		38,031		622,413

Mitsubishi Corp.		350,973		5,923,432

Mitsubishi Electric Corp.		198,326		3,375,677

Mitsubishi Heavy Industries Ltd.		336,820		4,946,284

Mitsui & Co. Ltd.		264,442		5,541,901

Mitsui OSK Lines Ltd.		36,000		1,233,921

MonotaRO Co. Ltd.		27,300		486,835

Nidec Corp.		87,080		1,603,217

Nippon Yusen KK		46,636		1,494,696

Obayashi Corp.		67,708		966,029

Recruit Holdings Co. Ltd.		146,991		10,201,160

Secom Co. Ltd.		43,744		1,526,831

SG Holdings Co. Ltd.		35,400		347,991

SMC Corp.		6,015		2,554,084


	Number of Shares		Value $


Sumitomo Corp.		113,673		2,436,935

Taisei Corp.		17,152		746,302

Tokyu Corp.		55,022		643,468

TOPPAN Holdings, Inc.		24,939		667,807

TOTO Ltd.		15,238		410,481

Toyota Industries Corp.		17,399		1,296,437

Toyota Tsusho Corp.		66,493		1,133,545

West Japan Railway Co.		45,658		859,062

Yaskawa Electric Corp.		23,582		617,601


(Cost $74,395,611)				91,410,639

Information Technology – 13.9%

Advantest Corp.		80,900		4,454,798

Brother Industries Ltd.		23,622		415,958

Canon, Inc.		97,497		3,171,715

Disco Corp.		9,600		2,604,651

FUJIFILM Holdings Corp.		116,871		2,635,143

Fujitsu Ltd.		172,754		3,308,694

Keyence Corp.		20,510		8,870,671

Kokusai Electric Corp.		16,600		275,114

Kyocera Corp.		134,132		1,320,793

Lasertec Corp.		8,304		912,308

Murata Manufacturing Co. Ltd.		176,635		2,962,803

NEC Corp.		25,693		2,188,300

Nomura Research Institute Ltd.		39,222		1,200,722

NTT Data Group Corp.		65,840		1,275,089

Obic Co. Ltd.		33,735		1,105,788

Omron Corp.		18,217		580,207

Oracle Corp.		3,972		406,650

Otsuka Corp.		24,120		601,549

Renesas Electronics Corp.		176,024		2,309,697

Ricoh Co. Ltd.		53,934		613,443

SCREEN Holdings Co. Ltd.		8,500		534,062

SCSK Corp.		15,800		319,717

Seiko Epson Corp.		30,824		547,824

Shimadzu Corp.		25,136		707,685

TDK Corp.		202,820		2,614,540

TIS, Inc.		22,800		558,268

Tokyo Electron Ltd.		47,242		7,359,069

Trend Micro, Inc.		13,359		734,638

Yokogawa Electric Corp.		24,379		543,005


(Cost $49,620,819)				55,132,901

Materials – 3.9%

Asahi Kasei Corp.		130,284		929,854

JFE Holdings, Inc.		59,819		683,177

Mitsubishi Chemical Group Corp.		141,096		740,085

Mitsui Chemicals, Inc.		17,681		409,886

Nippon Paint Holdings Co. Ltd.		99,215		678,606

Nippon Sanso Holdings Corp.		17,880		521,799

Nippon Steel Corp.		94,437		1,930,518

See Notes to Financial Statements.

DBX ETF Trust | 87

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Nitto Denko Corp.		73,555		1,173,813

Shin-Etsu Chemical Co. Ltd.		189,060		7,017,103

Sumitomo Metal Mining Co. Ltd.		26,459		653,518

Toray Industries, Inc.		144,396		920,857


(Cost $15,315,220)				15,659,216

Real Estate – 2.3%

Daito Trust Construction Co. Ltd.		5,951		665,133

Daiwa House Industry Co. Ltd.		61,717		1,940,514

Hulic Co. Ltd.		42,010		378,719

Japan Real Estate Investment Corp. REIT		137		507,204

Mitsubishi Estate Co. Ltd.		112,324		1,590,956

Mitsui Fudosan Co. Ltd.		278,246		2,331,733

Nippon Building Fund, Inc. REIT		807		676,814

Sumitomo Realty & Development Co. Ltd.		33,150		1,027,464


(Cost $9,218,789)				9,118,537

Utilities – 1.0%

Chubu Electric Power Co., Inc.		66,949		708,235

Kansai Electric Power Co., Inc.		73,338		943,680

Osaka Gas Co. Ltd.		38,389		842,485

Tokyo Electric Power Co. Holdings, Inc. *		158,951		569,564

Tokyo Gas Co. Ltd.		36,165		1,089,977


(Cost $4,195,414)				4,153,941

TOTAL COMMON STOCKS


(Cost $346,692,445)				394,862,878

EXCHANGE-TRADED FUNDS – 0.1%

iShares Currency Hedged MSCI Japan ETF (a)

(Cost $245,898)		6,000		251,640

SECURITIES LENDING

COLLATERAL – 0.4%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (b)(c)

(Cost $1,648,335)		1,648,335		1,648,335

CASH EQUIVALENTS – 0.7%

DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

(Cost $2,752,457)		2,752,457		2,752,457

TOTAL INVESTMENTS – 100.4%

(Cost $351,339,135)				399,515,310

Other assets and liabilities, net –(0.4%)				(1,618,195	)


NET ASSETS – 100.0%				397,897,115

See Notes to Financial Statements.

88 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024
SECURITIES LENDING COLLATERAL – 0.4%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (b)(c)

849,800		798,535	(d)		—			—			—		18,687		—		1,648,335		1,648,335

CASH EQUIVALENTS – 0.7%

DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

4,531,945		22,751,846			(24,531,334	)		—			—		143,617		—		2,752,457		2,752,457

DWS ESG Liquidity Fund “Capital Shares” (e)

129,095		—			(129,095	)		(11	)		11		284		—		—		—

5,510,840		23,550,381			(24,660,429	)		(11	)		11		162,588		—		4,400,792		4,400,792

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $1,573,617, which is 0.4% of net assets.

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.

(e)	Affiliated fund managed by DWS Investment Management Americas, Inc.


REIT:		Real Estate Investment Trust

At November 30, 2024, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation (Depreciation) ($)

MSCI Japan Index Futures		USD		5		444,300		435,000		12/20/2024		(9,300	)

Nikkei 225 Futures		JPY		4		973,476		1,020,315		12/12/2024		46,839

TOPIX Index Futures		JPY		25		4,534,462		4,475,742		12/12/2024		(58,720	)

Total net unrealized depreciation												(21,181	)

At November 30, 2024, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		12/3/2024		JPY	3,628,178,000		USD	23,904,044		—		(353,301	)

RBC Capital Markets		12/3/2024		JPY	58,939,518,200		USD	388,330,220		—		(5,728,789	)

Goldman Sachs & Co.		12/3/2024		USD	405,445,123		JPY	60,891,775,750		1,666,330		—

RBC Capital Markets		12/3/2024		USD	3,626,852		JPY	558,640,150		108,115		—

RBC Capital Markets		12/3/2024		USD	7,290,903		JPY	1,117,280,300		179,032		—

Goldman Sachs & Co.		1/7/2025		JPY	60,891,775,750		USD	407,376,421		—		(1,804,317	)

Goldman Sachs & Co.		1/7/2025		USD	9,084,867		JPY	1,357,886,000		39,860		—

Total unrealized appreciation (depreciation)										1,993,337		(7,886,407	)

See Notes to Financial Statements.

DBX ETF Trust | 89

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2024 (Unaudited)

Currency Abbreviations


JPY		Japanese Yen

USD		U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total

Common Stocks (a)	$	394,862,878		$	—		$	—	$	394,862,878

Exchange-Traded Funds		251,640			—			—		251,640

Short-Term Investments (a)		4,400,792			—			—		4,400,792

Derivatives (b)

Forward Foreign Currency Contracts		—			1,993,337			—		1,993,337

Futures Contracts		46,839			—			—		46,839

TOTAL	$	399,562,149		$	1,993,337		$	—	$	401,555,486

Liabilities	Level 1			Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—		$	(7,886,407	)	$	—	$	(7,886,407	)

Futures Contracts		(68,020	)		—			—		(68,020	)

TOTAL	$	(68,020	)	$	(7,886,407	)	$	—	$	(7,954,427	)

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

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

See Notes to Financial Statements.

90 | DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2024 (Unaudited)


	Xtrackers MSCI All World ex US Hedged Equity ETF		Xtrackers MSCI EAFE Hedged Equity ETF		Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF

Assets
Investment in non-affiliated securities at value	$	142,795,402	$	6,481,968,902	$	68,410,624		$	534,141,755
Investment in affiliated securities at value		172,935		12,793,966		—			1,589,570
Investment in DWS Government Money Market Series*		2,222,469		94,314,781		934,933			3,531,072
Investment in DWS Government & Agency Securities Portfolio**		5,438		55,654,058		11,832			627,019
Cash		11		—		—			—
Foreign currency at value		245,363		10,610,996		185,310			1,205,181
Receivable for return of collateral pledged for forward foreign currency contracts		10,000		—		—			—
Unrealized appreciation on forward foreign currency contracts		2,048,836		106,466,628		814,403			12,480,088
Deposit with broker for futures contracts		190,538		7,567,569		54,271			894,303
Receivables:
Investment securities sold		—		179,527		66			11,262
Capital shares		—		41,652,892		9,773			—
Variation margin on futures contracts		—		1,186,039		—			—
Dividends		275,206		16,665,895		61,794			573,359
Interest		19,171		339,423		7,131			26,532
Affiliated securities lending income		208		26,017		51			1,653
Foreign tax reclaim		173,072		10,838,985		224			1,928,336
Total assets	$	148,158,649	$	6,840,265,678	$	70,490,412		$	557,010,130

Liabilities
Payable upon return of securities loaned	$	5,438	$	55,654,058	$	11,832		$	627,019
Payable upon return of deposit for forward foreign currency contracts		10,000		—		330,000			—
Unrealized depreciation on forward foreign currency contracts		613,824		39,724,903		96,133			1,235,724
Payables:
Investment securities purchased		8,671		141,743,623		17,382			7,106,507
Investment advisory fees		47,547		1,860,073		40,030			200,496
Variation margin on futures contracts		30,448		—		11,449			341,293
Deferred foreign tax		367,239		—		660,529			—
IRS closing agreement fee		—		—		—			180,000
Accrued expenses and other liabilities		—		—		—			20,000
Total liabilities		1,083,167		238,982,657		1,167,355			9,711,039
Net Assets, at value	$	147,075,482	$	6,601,283,021	$	69,323,057		$	547,299,091

Net Assets Consist of
Paid-in capital	$	125,801,832	$	5,831,314,427	$	71,558,860		$	616,866,021
Distributable earnings (loss)		21,273,650		769,968,594		(2,235,803	)		(69,566,930	)
Net Assets, at value	$	147,075,482	$	6,601,283,021	$	69,323,057		$	547,299,091
Number of Common Shares outstanding		4,300,001		158,550,001		2,750,001			13,200,001
Net Asset Value	$	34.20	$	41.64	$	25.21		$	41.46

Investment in non-affiliated securities at cost	$	116,856,191	$	5,340,557,043	$	51,154,545		$	540,269,967
Investment in affiliated securities at cost	$	129,088	$	13,720,932	$	—		$	2,162,262
Value of securities loaned	$	5,093	$	52,963,297	$	11,082		$	596,356
Investment in DWS Government Money Market Series at cost*	$	2,222,469	$	94,314,781	$	934,933		$	3,531,072
Investment in DWS Government & Agency Securities Portfolio at cost**	$	5,438	$	55,654,058	$	11,832		$	627,019
Foreign currency at cost	$	247,834	$	10,568,726	$	188,755		$	1,212,920

* Includes collateral held for forward foreign currency contracts	$	10,000	$	—	$	330,000		$	—

** Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 91

Statements of Assets and Liabilities (Continued)

November 30, 2024 (Unaudited)


	Xtrackers MSCI Eurozone Hedged Equity ETF		Xtrackers MSCI Japan Hedged Equity ETF

Assets
Investment in non-affiliated securities at value	$	38,267,859	$	395,114,518
Investment in affiliated securities at value		210,734		—
Investment in DWS Government Money Market Series		40,645		2,752,457
Investment in DWS Government & Agency Securities Portfolio*		95,790		1,648,335
Foreign currency at value		19,550		1,281,126
Unrealized appreciation on forward foreign currency contracts		1,102,097		1,993,337
Deposit with broker for futures contracts		24,919		332,943
Receivables:
Investment securities sold		1,105		1,676,149
Variation margin on futures contracts		—		35,698
Dividends		6,218		2,749,780
Interest		516		11,977
Affiliated securities lending income		98		134
Foreign tax reclaim		48,995		—
Total assets	$	39,818,526	$	407,596,454

Liabilities
Payable upon return of securities loaned	$	95,790	$	1,648,335
Unrealized depreciation on forward foreign currency contracts		89,510		7,886,407
Payables:
Investment securities purchased		858,099		14,612
Investment advisory fees		14,271		149,985
Variation margin on futures contracts		16,678		—
Total liabilities		1,074,348		9,699,339
Net Assets, at value	$	38,744,178	$	397,897,115

Net Assets Consist of
Paid-in capital	$	36,114,830	$	445,441,217
Distributable earnings (loss)		2,629,348		(47,544,102	)
Net Assets, at value	$	38,744,178	$	397,897,115
Number of Common Shares outstanding		850,001		5,450,001
Net Asset Value	$	45.58	$	73.01

Investment in non-affiliated securities at cost	$	36,386,843	$	346,938,343
Investment in affiliated securities at cost	$	185,657	$	—
Value of securities loaned	$	91,259	$	1,573,617
Investment in DWS Government Money Market Series at cost	$	40,645	$	2,752,457
Investment in DWS Government & Agency Securities Portfolio at cost*	$	95,790	$	1,648,335
Foreign currency at cost	$	19,647	$	1,270,489

* Represents collateral on securities loaned.

See Notes to Financial Statements.

92 | DBX ETF Trust

Statements of Operations

For the Six Month Ended November 30, 2024 (Unaudited)


	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI EAFE Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF

Investment Income
Unaffiliated dividend income*	$	1,542,581		$	61,488,518		$	1,092,273		$	4,468,251
Income distributions from affiliated funds		57,648			2,598,809			27,754			187,719
Affiliated securities lending income		971			176,376			250			10,364
Total investment income		1,601,200			64,263,703			1,120,277			4,666,334

Expenses
Investment advisory fees		275,092			11,016,397			247,984			1,256,717
Interest expense (see note 2):		670			—			3,971			—
Other expenses		1,150			7,150			58			1,650
Total expenses		276,912			11,023,547			252,013			1,258,367
Less fees waived (see note 3):
Waiver		(1,184	)		(56,628	)		(551	)		(4,147	)
Net expenses		275,728			10,966,919			251,462			1,254,220
Net investment income (loss)		1,325,472			53,296,784			868,815			3,412,114

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(1,085,940	)		(56,812,996	)		617,493			(4,167,037	)
Investments in affiliates		—			(742,388	)		—			(41,714	)
In-kind redemptions		6,105,647			—			71,308			8,767,559
In-kind redemptions in affiliates		12,708			—			—			19,761
Futures contracts		(2,552	)		1,610,540			71,109			(83,392	)
Foreign currency transactions		2,710			886,043			(9,503	)		81,190
Forward foreign currency contracts		(1,021,452	)		(70,075,082	)		(105,027	)		(9,190,027	)
Net realized gain (loss)		4,011,121			(125,133,883	)		645,380			(4,613,660	)
Net change in unrealized appreciation (depreciation) on:
Investments***		(4,119,798	)		(27,346,317	)		1,128,868			(26,849,482	)
Investments in affiliates		(9,191	)		1,102,605			—			57,946
Futures contracts		(52,934	)		(3,167,318	)		(22,246	)		(123,889	)
Foreign currency translations		(13,893	)		(223,510	)		(10,360	)		(37,019	)
Forward foreign currency contracts		2,784,063			132,603,014			982,142			19,838,285
Net change in unrealized appreciation (depreciation)		(1,411,753	)		102,968,474			2,078,404			(7,114,159	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		2,599,368			(22,165,409	)		2,723,784			(11,727,819	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,924,840		$	31,131,375		$	3,592,599		$	(8,315,705	)

* Unaffiliated foreign tax withheld	$	160,944		$	5,019,029		$	141,250		$	364,029
** Including foreign taxes	$	77,191		$	—		$	280,159		$	—
*** Including (Net of) change in deferred foreign taxes	$	(61,830	)	$	—		$	28,954		$	—

See Notes to Financial Statements.

DBX ETF Trust | 93

Statements of Operations (Continued)

For the Six Month Ended November 30, 2024 (Unaudited)


	Xtrackers MSCI Eurozone Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF

Investment Income
Unaffiliated dividend income*	$	254,959		$	4,287,686
Income distributions from affiliated funds		2,998			143,901
Affiliated securities lending income		896			18,687
Unaffiliated non-cash dividend income		24,786			—
Total investment income		283,639			4,450,274

Expenses
Investment advisory fees		87,907			963,505
Other expenses		173			2,150
Total expenses		88,080			965,655
Less fees waived (see note 3):
Waiver		(60	)		(3,150	)
Net expenses		88,020			962,505
Net investment income (loss)		195,619			3,487,769

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(200,313	)		(8,649,131	)
Investments in affiliates		—			(11	)
In-kind redemptions		—			20,180,294
Futures contracts		(11,290	)		(457,153	)
Foreign currency transactions		3,764			(144,079	)
Forward foreign currency contracts		(248,429	)		(7,470,525	)
Payments by Affiliates (see note 6)		—			3,631
Net realized gain (loss)		(456,268	)		3,463,026
Net change in unrealized appreciation (depreciation) on:
Investments		(2,207,863	)		(4,955,254	)
Investments in affiliates		5,818			11
Futures contracts		550			(32,988	)
Foreign currency translations		(2,919	)		(33,677	)
Forward foreign currency contracts		1,539,363			(7,348,404	)
Net change in unrealized appreciation (depreciation)		(665,051	)		(12,370,312	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1,121,319	)		(8,907,286	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(925,700	)	$	(5,419,517	)

* Unaffiliated foreign tax withheld	$	43,432		$	476,115

See Notes to Financial Statements.

94 | DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI All World ex US						Xtrackers MSCI EAFE Hedged
	Hedged Equity ETF						Equity ETF
	For the Six						For the Six
	Months Ended						Months Ended
	November 30,						November 30,
	2024			Year Ended			2024			Year Ended
	(Unaudited)			May 31, 2024			(Unaudited)			May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,325,472		$	3,664,416		$	53,296,784		$	136,625,119
Net realized gain (loss)		4,011,121			5,822,194			(125,133,883	)		281,609,450
Net change in net unrealized appreciation (depreciation)		(1,411,753	)		16,332,214			102,968,474			595,776,833
Net increase (decrease) in net assets resulting from operations		3,924,840			25,818,824			31,131,375			1,014,011,402
Distributions to Shareholders		(956,848	)		(4,798,675	)		(34,305,507	)		(191,362,884	)
Fund Shares Transactions
Proceeds from shares sold		12,018,956			—			620,756,866			1,111,866,112
Value of shares redeemed		(21,830,648	)		—			—			—
Net increase (decrease) in net assets resulting from fund share transactions		(9,811,692	)		—			620,756,866			1,111,866,112
Total net increase (decrease) in Net Assets		(6,843,700	)		21,020,149			617,582,734			1,934,514,630
Net Assets
Beginning of period		153,919,182			132,899,033			5,983,700,287			4,049,185,657
End of period	$	147,075,482		$	153,919,182		$	6,601,283,021		$	5,983,700,287

Changes in Shares Outstanding
Shares outstanding, beginning of period		4,600,001			4,600,001			143,550,001			114,150,001
Shares sold		350,000			—			15,000,000			29,400,000
Shares redeemed		(650,000	)		—			—			—
Shares outstanding, end of period		4,300,001			4,600,001			158,550,001			143,550,001

See Notes to Financial Statements.

DBX ETF Trust | 95

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Emerging						Xtrackers MSCI Europe Hedged
	Markets Hedged Equity ETF						Equity ETF
	For the Six						For the Six
	Months Ended						Months Ended
	November 30,						November 30,
	2024			Year Ended			2024			Year Ended
	(Unaudited)			May 31, 2024			(Unaudited)			May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	868,815		$	2,185,338		$	3,412,114		$	14,450,769
Net realized gain (loss)		645,380			4,372,699			(4,613,660	)		46,104,664
Net change in net unrealized appreciation (depreciation)		2,078,404			5,394,102			(7,114,159	)		40,667,873
Net increase (decrease) in net assets resulting from operations		3,592,599			11,952,139			(8,315,705	)		101,223,306
Distributions to Shareholders		(548,250	)		(2,456,982	)		(390,610	)		(17,261,146	)
Fund Shares Transactions
Proceeds from shares sold		—			6,775,025			41,767,485			157,074,836
Value of shares redeemed		(6,363,565	)		(32,417,391	)		(43,003,378	)		(142,479,345	)
Net increase (decrease) in net assets resulting from fund share transactions		(6,363,565	)		(25,642,366	)		(1,235,893	)		14,595,491
Total net increase (decrease) in Net Assets		(3,319,216	)		(16,147,209	)		(9,942,208	)		98,557,651
Net Assets
Beginning of period		72,642,273			88,789,482			557,241,299			458,683,648
End of period	$	69,323,057		$	72,642,273		$	547,299,091		$	557,241,299

Changes in Shares Outstanding
Shares outstanding, beginning of period		3,000,001			4,050,001			13,250,001			12,550,001
Shares sold		—			300,000			1,000,000			4,250,000
Shares redeemed		(250,000	)		(1,350,000	)		(1,050,000	)		(3,550,000	)
Shares outstanding, end of period		2,750,001			3,000,001			13,200,001			13,250,001

See Notes to Financial Statements.

96 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Eurozone Hedged						Xtrackers MSCI Japan Hedged
	Equity ETF						Equity ETF
	For the Six						For the Six
	Months Ended						Months Ended
	November 30,						November 30,
	2024			Year Ended			2024			Year Ended
	(Unaudited)			May 31, 2024			(Unaudited)			May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	195,619		$	934,958		$	3,487,769		$	5,397,629
Net realized gain (loss)		(456,268	)		3,459,457			3,463,026			68,488,599
Net change in net unrealized appreciation (depreciation)		(665,051	)		2,671,579			(12,370,312	)		35,899,155
Net increase (decrease) in net assets resulting from operations		(925,700	)		7,065,994			(5,419,517	)		109,785,383
Distributions to Shareholders		(26,979	)		(693,739	)		(12,059,378	)		(16,910,387	)
Fund Shares Transactions
Proceeds from shares sold		—			13,945,201			44,902,643			94,852,083
Value of shares redeemed		—			(8,185,401	)		(60,748,325	)		(47,515,291	)
Net increase (decrease) in net assets resulting from fund share transactions		—			5,759,800			(15,845,682	)		47,336,792
Total net increase (decrease) in Net Assets		(952,679	)		12,132,055			(33,324,577	)		140,211,788
Net Assets
Beginning of period		39,696,857			27,564,802			431,221,692			291,009,904
End of period	$	38,744,178		$	39,696,857		$	397,897,115		$	431,221,692

Changes in Shares Outstanding
Shares outstanding, beginning of period		850,001			700,001			5,700,001			5,100,001
Shares sold		—			350,000			600,000			1,400,000
Shares redeemed		—			(200,000	)		(850,000	)		(800,000	)
Shares outstanding, end of period		850,001			850,001			5,450,001			5,700,001

See Notes to Financial Statements.

DBX ETF Trust | 97

Financial Highlights

Xtrackers MSCI All World ex US Hedged Equity ETF


	For the Six			Years Ended May 31,

	Months

	Ended

	11/30/2024
	(Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	33.46		$	28.89		$	31.45		$	33.37		$	25.63		$	26.61
Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			0.80			0.81			0.88			0.64			0.62
Net realized and unrealized gain (loss)		0.65			4.81			0.25			(2.11	)		7.73			(0.76	)
Total from investment operations		0.98			5.61			1.06			(1.23	)		8.37			(0.14	)
Less distributions from:
Net investment income		(0.24	)		(1.04	)		(0.62	)		(0.69	)		(0.63	)		(0.84	)
Net realized gains		–			–			(3.00	)		–			–			–
Total from distributions		(0.24	)		(1.04	)		(3.62	)		(0.69	)		(0.63	)		(0.84	)
Net Asset Value, end of period	$	34.20		$	33.46		$	28.89		$	31.45		$	33.37		$	25.63
Total Return (%)(b)		2.96	**		20.06			4.02			(3.79	)		33.10			(0.78	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		147			154			133			156			125			99
Ratio of expenses before fee waiver (%)		0.40	*		0.40			0.41			0.40			0.40			0.41
Ratio of expenses after fee waiver (%)		0.40	*		0.40			0.41			0.40			0.40			0.41
Ratio of net investment income (loss) (%)		1.93	*		2.63			2.77			2.69			2.15			2.29
Portfolio turnover rate (%)(c)		7	**		9			14			6			14			10

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

98 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI EAFE Hedged Equity ETF


	For the Six			Years Ended May 31,
	Months
	Ended
	11/30/2024
	(Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	41.68		$	35.47		$	37.41		$	37.54		$	29.75		$	30.87
Income (loss) from investment operations:
Net investment income (loss)(a)		0.35			1.08			1.05	(b)		1.13			0.78			0.66
Net realized and unrealized gain (loss)		(0.15	)		6.78			2.12			(0.37	)		7.82			(0.76	)
Total from investment operations		0.20			7.86			3.17			0.76			8.60			(0.10	)
Less distributions from:
Net investment income		(0.24	)		(1.65	)		(0.64	)		(0.89	)		(0.81	)		(1.02	)
Net realized gains		–			–			(4.47	)		–			–			–
Total from distributions		(0.24	)		(1.65	)		(5.11	)		(0.89	)		(0.81	)		(1.02	)
Net Asset Value, end of period	$	41.64		$	41.68		$	35.47		$	37.41		$	37.54		$	29.75
Total Return (%)(c)		0.45	**		23.12			9.62			2.01			29.41			(0.56	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6,601			5,984			4,049			4,241			3,955			3,831
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.36			0.35			0.35			0.36
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.36			0.35			0.35			0.36
Ratio of net investment income (loss) (%)		1.69	*		2.91			2.99	(b)		2.97			2.35			2.10
Portfolio turnover rate (%)(d)		5	**		11			19			4			8			9

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

(b)

Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.05 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 2.85%.

(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.

DBX ETF Trust | 99

Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets Hedged Equity ETF


	For the Six			Years Ended May 31,
	Months
	Ended
	11/30/2024
	(Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	24.21		$	21.92		$	23.77		$	29.36		$	21.03		$	21.81
Income (loss) from investment operations:
Net investment income (loss)(a)		0.29			0.52			0.52			0.53			0.39			0.58
Net realized and unrealized gain (loss)		0.89			2.36			(1.80	)		(5.65	)		8.42			(0.74	)
Total from investment operations		1.18			2.88			(1.28	)		(5.12	)		8.81			(0.16	)
Less distributions from:
Net investment income		(0.18	)		(0.59	)		(0.57	)		(0.47	)		(0.48	)		(0.62	)
Total from distributions		(0.18	)		(0.59	)		(0.57	)		(0.47	)		(0.48	)		(0.62	)
Net Asset Value, end of period	$	25.21		$	24.21		$	21.92		$	23.77		$	29.36		$	21.03
Total Return (%)(b)		4.84	**		13.39			(5.40	)		(17.67	)		42.20			(1.01	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		69			73			89			97			117			89
Ratio of expenses before fee waiver (%)		0.66	*		0.67			0.66			0.65			0.65			0.66
Ratio of expenses after fee waiver (%)		0.66	*		0.67			0.66			0.65			0.65			0.66
Ratio of net investment income (loss) (%)		2.28	*		2.30			2.33			2.00			1.48			2.62
Portfolio turnover rate (%)(c)		5	**		17			16			14			13			20

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

100 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Europe Hedged Equity ETF


	For the Six			Years Ended May 31,
	Months
	Ended
	11/30/2024
	(Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	42.06		$	36.55		$	34.31		$	34.02		$	26.91		$	28.31
Income (loss) from investment operations:
Net investment income (loss)(a)		0.26			1.04			1.04	(b)		0.97			0.77			0.52
Net realized and unrealized gain (loss)		(0.83	)		5.85			1.85			(0.00	)(c)		7.07			(1.06	)
Total from investment operations		(0.57	)		6.89			2.89			0.97			7.84			(0.54	)
Less distributions from:
Net investment income		(0.03	)		(1.38	)		(0.65	)		(0.68	)		(0.73	)		(0.86	)
Total from distributions		(0.03	)		(1.38	)		(0.65	)		(0.68	)		(0.73	)		(0.86	)
Net Asset Value, end of period	$	41.46		$	42.06		$	36.55		$	34.31		$	34.02		$	26.91
Total Return (%)(d)		(1.34	)**		19.47			8.77			2.85			29.68			(2.16	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		547			557			459			527			563			487
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.48			0.45			0.45			0.46
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.48			0.45			0.45			0.46
Ratio of net investment income (loss) (%)		1.22	*		2.77			3.06	(b)		2.77			2.58			1.79
Portfolio turnover rate (%)(e)		3	**		12			13			5			9			13

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

(b)

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

(c)	Less than 0.005.

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 101

Financial Highlights (Continued)

Xtrackers MSCI Eurozone Hedged Equity ETF


	For the Six			Years Ended May 31,
	Months
	Ended
	11/30/2024
	(Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	46.70		$	39.38		$	36.25		$	37.92		$	28.10		$	29.80
Income (loss) from investment operations:
Net investment income (loss)(a)		0.23			1.02			1.35			0.88			0.76			0.40
Net realized and unrealized gain (loss)		(1.32	)		7.07			2.37			(1.90	)		9.71			(1.15	)
Total from investment operations		(1.09	)		8.09			3.72			(1.02	)		10.47			(0.75	)
Less distributions from:
Net investment income		(0.03	)		(0.77	)		(0.59	)		(0.65	)		(0.65	)		(0.95	)
Total from distributions		(0.03	)		(0.77	)		(0.59	)		(0.65	)		(0.65	)		(0.95	)
Net Asset Value, end of period	$	45.58		$	46.70		$	39.38		$	36.25		$	37.92		$	28.10
Total Return (%)(b)		(2.34	)**		20.95			10.57			(2.77	)		37.79			(2.80	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		39			40			28			13			15			21
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.45			0.45			0.45			0.47
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.45			0.45			0.45			0.46
Ratio of net investment income (loss) (%)		1.00	*		2.46			3.65			2.32			2.37			1.31
Portfolio turnover rate (%)(c)		5	**		14			14			7			10			11

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

102 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Japan Hedged Equity ETF


	For the Six			Years Ended May 31,
	Months
	Ended
	11/30/2024
	(Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	75.65		$	57.06		$	48.84		$	49.08		$	39.80		$	37.95
Income (loss) from investment operations:
Net investment income (loss)(a)		0.59			1.08			1.00			0.79			0.62			0.67
Net realized and unrealized gain (loss)		(1.11	)		20.74			7.61			0.13			9.82			2.27
Total from investment operations		(0.52	)		21.82			8.61			0.92			10.44			2.94
Less distributions from:
Net investment income		(2.12	)		(3.23	)		(0.39	)		(1.16	)		(1.16	)		(1.09	)
Total from distributions		(2.12	)		(3.23	)		(0.39	)		(1.16	)		(1.16	)		(1.09	)
Net Asset Value, end of period	$	73.01		$	75.65		$	57.06		$	48.84		$	49.08		$	39.80
Total Return (%)(b)		(0.70	)**		40.04			17.78			1.87			26.96			7.88

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		398			431			291			191			199			221
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.47			0.45			0.45			0.46
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.46			0.45			0.45			0.46
Ratio of net investment income (loss) (%)		1.63	*		1.66			1.98			1.61			1.41			1.69
Portfolio turnover rate (%)(c)		10	**		15			18			6			12			12

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 103

Notes to Financial Statements (Unaudited)

1. Organization

Xtrackers MSCI All World ex US Hedged Equity ETF

Xtrackers MSCI EAFE Hedged Equity ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

Xtrackers MSCI Japan Hedged Equity ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA

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 EAFE Hedged Equity ETF which lots consist of 200,000 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 MSCI All World ex US Hedged Equity ETF		MSCI ACWI ex USA US Dollar Hedged Index

Xtrackers MSCI EAFE Hedged Equity ETF		MSCI EAFE US Dollar Hedged Index

Xtrackers MSCI Emerging Markets Hedged Equity ETF		MSCI EM US Dollar Hedged Index

Xtrackers MSCI Europe Hedged Equity ETF		MSCI Europe US Dollar Hedged Index

Xtrackers MSCI Eurozone Hedged Equity ETF		MSCI EMU IMI US Dollar Hedged Index

Xtrackers MSCI Japan Hedged Equity ETF		MSCI Japan US Dollar Hedged Index

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

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

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

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

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

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

104 | DBX ETF Trust

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

Each Fund is a diversified series of the Trust. In addition, each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

2.Significant AccountingPolicies

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

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

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

DBX ETF Trust | 105

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.

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.

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

106 | DBX ETF Trust


			Short-Term		Long-Term		Total Amount

Xtrackers MSCI All World ex US Hedged Equity ETF			$	773,898	$	8,817,292	$	9,591,190

Xtrackers MSCI EAFE Hedged Equity ETF				16,491,571		253,137,587		269,629,158

Xtrackers MSCI Emerging Markets Hedged Equity ETF				6,772,502		10,480,310		17,252,812

Xtrackers MSCI Europe Hedged Equity ETF				—		65,218,460		65,218,460

Xtrackers MSCI Eurozone Hedged Equity ETF				—		75,739		75,739

Xtrackers MSCI Japan Hedged Equity ETF				29,393,958		48,924,081		78,318,039

As of May 31, 2024, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)

Xtrackers MSCI All World ex US Hedged Equity ETF	$	127,184,074	$	27,124,497	$	38,791,926		$ (11,667,429)

Xtrackers MSCI EAFE Hedged Equity ETF		4,969,484,573		1,011,683,946		1,326,417,568		(314,733,622)

Xtrackers MSCI Emerging Markets Hedged Equity ETF		61,902,366		11,812,428		23,836,323		(12,023,895)

Xtrackers MSCI Europe Hedged Equity ETF		546,690,123		10,410,471		66,917,650		(56,507,179)

Xtrackers MSCI Eurozone Hedged Equity ETF		35,879,444		3,655,669		5,982,292		(2,326,623)

Xtrackers MSCI Japan Hedged Equity ETF		391,335,676		36,224,539		59,033,655		(22,809,116)

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

Foreign Taxes. The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

In consideration of recent decisions rendered by European courts, Xtrackers MSCI Europe Hedged Equity ETF has filed for additional reclaims (“EU reclaims”) related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Statement of Assets and Liabilities. For the year ended May 31, 2023, the Fund received reclaims and interest related to EU reclaims. For U.S. income tax purposes, EU tax reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that EU tax reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid, and a fund previously passed foreign tax credits on to its shareholders, a fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service (“IRS”) in order to pay the associated tax liability on behalf of the fund’s shareholders. During the fiscal year ended May 31, 2023, the EU reclaims received exceeded the foreign withholding taxes of the Fund. As a result, the Fund entered into a closing agreement with the IRS and recognized a closing agreement fee of $180,000.

DBX ETF Trust | 107

Securities Lending. National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Deutsche Bank AG, serves as securities lending agent for Xtrackers MSCI All World ex US Hedged Equity ETF and Xtrackers MSCI Emerging Markets Hedged Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2024, 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 (0.13% annualized effective rate as of November 30, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.


Remaining Contractual Maturity of the Agreements, as of November 30, 2024
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total

Xtrackers MSCI All World ex US Hedged Equity ETF

Common Stocks	$	5,438	$	—	$	—	$	—	$	5,438

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	5,438

Xtrackers MSCI EAFE Hedged Equity ETF

Common Stocks	$	55,654,058	$	—	$	—	$	—	$	55,654,058

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	55,654,058

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Common Stocks	$	11,832	$	—	$	—	$	—	$	11,832

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	11,832

Xtrackers MSCI Europe Hedged Equity ETF

Common Stocks	$	627,019	$	—	$	—	$	—	$	627,019

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	627,019

Xtrackers MSCI Eurozone Hedged Equity ETF

Common Stocks	$	95,790	$	—	$	—	$	—	$	95,790

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	95,790

Xtrackers MSCI Japan Hedged Equity ETF

Common Stocks	$	1,648,335	$	—	$	—	$	—	$	1,648,335

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	1,648,335

Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2024, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and

108 | DBX ETF Trust

Xtrackers MSCI Eurozone Hedged Equity ETF, invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Japan Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the Japanese yen, respectively.

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

The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.

A summary of the open forward currency contracts as of November 30, 2024 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2024.

Futures Contracts. Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2024 4, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of

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

A summary of the open futures contracts as of November 30, 2024 is included in a table following the Funds’ Schedule of Investments.

DBX ETF Trust | 109


	Asset Derivatives			Liability Derivatives

Xtrackers MSCI All World ex US Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	9,682	Unrealized depreciation on futures contracts^*	$	24,895

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,048,836	Unrealized depreciation on forward foreign currency contracts		613,824

	Total	$	2,058,518	Total	$	638,719


XtrackersMSCIEAFEHedgedEquity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	1,384,264	Unrealized depreciation on futures contracts^*	$	1,578,267

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		106,466,628	Unrealized depreciation on forward foreign currency contracts		39,724,903

	Total	$	107,850,892	Total	$	41,303,170


Xtrackers MSCI Emerging Markets Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	—	Unrealized depreciation on futures contracts^*	$	22,032

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		814,403	Unrealized depreciation on forward foreign currency contracts		96,133

	Total	$	814,403	Total	$	118,165


Xtrackers MSCI Europe Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	35,846	Unrealized depreciation on futures contracts^*	$	58,388

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		12,480,088	Unrealized depreciation on forward foreign currency contracts		1,235,724

	Total	$	12,515,934	Total	$	1,294,112


Xtrackers MSCI Eurozone Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	—	Unrealized depreciation on futures contracts^*	$	1,722

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,102,097	Unrealized depreciation on forward foreign currency contracts		89,510

	Total	$	1,102,097	Total	$	91,232


Xtrackers MSCI Japan Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	46,839	Unrealized depreciation on futures contracts^*	$	68,020

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,993,337	Unrealized depreciation on forward foreign currency contracts		7,886,407

	Total	$	2,040,176	Total	$	7,954,427


Net Realized Gain (Loss) from:	Futures Contracts – Equity Contracts		Forward Foreign Currency Contracts – Foreign Exchange Contracts		Total

Xtrackers MSCI All World ex US Hedged Equity ETF	$	(2,552)	$	(1,021,452)	$	(1,024,004)

Xtrackers MSCI EAFE Hedged Equity ETF		1,610,540		(70,075,082)		(68,464,542)

Xtrackers MSCI Emerging Markets Hedged Equity ETF		71,109		(105,027)		(33,918)

Xtrackers MSCI Europe Hedged Equity ETF		(83,392)		(9,190,027)		(9,273,419)

Xtrackers MSCI Eurozone Hedged Equity ETF		(11,290)		(248,429)		(259,719)

Xtrackers MSCI Japan Hedged Equity ETF		(457,153)		(7,470,525)		(7,927,678)

110 | DBX ETF Trust


Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts – Equity Contracts		Forward Foreign Currency Contracts – Foreign Exchange Contracts		Total

Xtrackers MSCI All World ex US Hedged Equity ETF	$	(52,934)	$	2,784,063	$	2,731,129

Xtrackers MSCI EAFE Hedged Equity ETF		(3,167,318)		132,603,014		129,435,696

Xtrackers MSCI Emerging Markets Hedged Equity ETF		(22,246)		982,142		959,896

Xtrackers MSCI Europe Hedged Equity ETF		(123,889)		19,838,285		19,714,396

Xtrackers MSCI Eurozone Hedged Equity ETF		550		1,539,363		1,539,913

Xtrackers MSCI Japan Hedged Equity ETF		(32,988)		(7,348,404)		(7,381,392)

For the period ended November 30, 2024 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)

Xtrackers MSCI All World ex US Hedged Equity ETF	$	2,941,273	$	(137,783,052)

Xtrackers MSCI EAFE Hedged Equity ETF		145,432,104		(6,172,438,958)

Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,415,155		(76,966,784)

Xtrackers MSCI Europe Hedged Equity ETF		11,340,275		(553,455,020)

Xtrackers MSCI Eurozone Hedged Equity ETF		259,706		(38,922,643)

Xtrackers MSCI Japan Hedged Equity ETF		7,485,645		(425,916,647)

DBX ETF Trust | 111

As of November 30, 2024, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Interest expense on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:


Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities ($)		Financial Instruments and Derivatives Available for Offset ($)			Collateral Received ($)(a)		Net Amount of Derivative Assets ($)		Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities ($)		Financial Instruments and Derivatives Available for Offset ($)			Collateral Pledged ($)(a)		Net Amount of Derivatives Liabilities ($)

Xtrackers MSCI All World ex US Hedged Equity ETF

Bank of America		21,879		(12,794	)		—		9,085		12,794		(12,794	)		—		—

Citigroup Global Markets		843,667		(2,907	)		—		840,760		2,907		(2,907	)		—		—

Goldman Sachs & Co.		121,739		(107,571	)		—		14,168		107,571		(107,571	)		—		—

JP Morgan & Chase Co.		457,251		(41,916	)		—		415,335		41,916		(41,916	)		—		—

Morgan Stanley Capital		55,717		—			—		55,717		—		—			—		—

RBC Capital Markets		548,583		(448,636	)		10,000		89,947		448,636		(448,636	)		—		—

		2,048,836		(613,824	)		10,000		1,425,012		613,824		(613,824	)		—		—

Xtrackers MSCI EAFE Hedged Equity ETF

Bank of America		575,654		(575,654	)		—		—		581,202		(575,654	)		—		5,548

Citibank N.A.		61,685,360		(29,873	)		—		61,655,487		29,873		(29,873	)		—		—

Goldman Sachs & Co.		6,396,561		(6,396,561	)		—		—		6,753,932		(6,396,561	)		—		357,371

JP Morgan & Chase Co.		14,274,088		(1,451,991	)		—		12,822,097		1,451,991		(1,451,991	)		—		—

Morgan Stanley Capital		3,912,128		(8,822	)		—		3,903,306		8,822		(8,822	)		—		—

RBC Capital Markets		19,622,837		(19,622,837	)		—		—		30,899,083		(19,622,837	)		—		11,276,246

		106,466,628		(28,085,738	)		—		78,380,890		39,724,903		(28,085,738	)		—		11,639,165

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Bank of America		24,942		(8,672	)		—		16,270		8,672		(8,672	)		—		—

Citibank N.A.		10,024		(656	)		—		9,368		656		(656	)		—		—

Goldman Sachs & Co.		57,808		(21,734	)		—		36,074		21,734		(21,734	)		—		—

JP Morgan & Chase Co.		432,066		(43,419	)		300,000		88,647		43,419		(43,419	)		—		—

RBC Capital Markets		289,563		(21,652	)		30,000		237,911		21,652		(21,652	)		—		—

		814,403		(96,133	)		330,000		388,270		96,133		(96,133	)		—		—

Xtrackers MSCI Europe Hedged Equity ETF

Bank of America		74,811		(74,811	)		—		—		74,950		(74,811	)		—		139

Citigroup Global Markets		8,052,313		(77,333	)		—		7,974,980		77,333		(77,333	)		—		—

Goldman Sachs & Co.		15,517		(13,702	)		—		1,815		13,702		(13,702	)		—		—

JP Morgan & Chase Co.		1,821,994		(78,453	)		—		1,743,541		78,453		(78,453	)		—		—

Morgan Stanley Capital		510,431		—			—		510,431		—		—			—		—

RBC Capital Markets		2,005,022		(991,286	)		—		1,013,736		991,286		(991,286	)		—		—

		12,480,088		(1,235,585	)		—		11,244,503		1,235,724		(1,235,585	)		—		139

Xtrackers MSCI Eurozone Hedged Equity ETF

Citigroup Global Markets		1,022,047		(6,813	)		—		1,015,234		6,813		(6,813	)		—		—

RBC Capital Markets		80,050		(80,050	)		—		—		82,697		(80,050	)		—		2,647

		1,102,097		(86,863	)		—		1,015,234		89,510		(86,863	)		—		2,647

Xtrackers MSCI Japan Hedged Equity ETF

Goldman Sachs & Co.		1,706,190		(1,706,190	)		—		—		1,804,317		(1,706,190	)		—		98,127

RBC Capital Markets		287,147		(287,147	)		—		—		6,082,090		(287,147	)		—		5,794,943

		1,993,337		(1,993,337	)		—		—		7,886,407		(1,993,337	)		—		5,893,070

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

112 | DBX ETF Trust

Affiliated Cash Management Vehicles. The Funds may invest uninvested cash balances in DWS Government Money Market Series and, prior to August 14, 2024, 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 net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. 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. DWS ESG Liquidity Fund liquidated on August 14, 2024.

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 MSCI All World ex US Hedged Equity ETF		0.40	%

Xtrackers MSCI EAFE Hedged Equity ETF		0.35	%

Xtrackers MSCI Emerging Markets Hedged Equity ETF		0.65	%

Xtrackers MSCI Europe Hedged Equity ETF		0.45	%

Xtrackers MSCI Eurozone Hedged Equity ETF		0.45	%

Xtrackers MSCI Japan Hedged Equity ETF		0.45	%

The Advisor for the funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period ended November 30, 2024, the Advisor waived expenses of the Funds as follows:


	Expenses Waived

Xtrackers MSCI All World ex US Hedged Equity ETF	$	1,184

Xtrackers MSCI EAFE Hedged Equity ETF		56,628

Xtrackers MSCI Emerging Markets Hedged Equity ETF		551

Xtrackers MSCI Europe Hedged Equity ETF		4,147

Xtrackers MSCI Eurozone Hedged Equity ETF		60

Xtrackers MSCI Japan Hedged Equity ETF		3,150

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

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

Affiliated Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended November 30, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

DBX ETF Trust | 113


	Securities Lending Agent Fees

Xtrackers MSCI All World ex US Hedged Equity ETF	$	79

Xtrackers MSCI Emerging Markets Hedged Equity ETF		19

4. Investment Portfolio Transactions

For the period ended November 30, 2024, the cost of investments purchased and proceeds from sale of investments

(excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales

Xtrackers MSCI All World ex US Hedged Equity ETF	$	9,870,871	$	11,075,640

Xtrackers MSCI EAFE Hedged Equity ETF		508,099,414		316,049,705

Xtrackers MSCI Emerging Markets Hedged Equity ETF		3,413,644		9,900,062

Xtrackers MSCI Europe Hedged Equity ETF		31,647,322		18,824,944

Xtrackers MSCI Eurozone Hedged Equity ETF		3,242,813		1,886,713

Xtrackers MSCI Japan Hedged Equity ETF		41,172,638		58,882,890

For the period ended November 30, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales

Xtrackers MSCI All World ex US Hedged Equity ETF	$	8,389,590	$	15,915,496

Xtrackers MSCI EAFE Hedged Equity ETF		597,960,357		—

Xtrackers MSCI Europe Hedged Equity ETF		40,467,770		41,963,853

Xtrackers MSCI Japan Hedged Equity ETF		43,533,698		59,285,980

5. Fund Share Transactions

As of November 30, 2024, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the period ended November 30, 2024, the Advisor agreed to reimburse Xtrackers MSCI Japan Hedged Equity ETF $3,631 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

7. Investing in Emerging Markets

114 | DBX ETF Trust

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

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2024.

DBX ETF Trust | 115

LOGO

Xtrackers Artificial Intelligence and Big Data ETF (XAIX)

Xtrackers Cybersecurity Select Equity ETF (PSWD)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Semiconductor Select Equity ETF (CHPS)

Xtrackers US Green Infrastructure Select Equity ETF (UPGR)

Xtrackers US National Critical Technologies ETF (CRTC)

LOGO

Table of Contents


	Page
Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF		2

Xtrackers Cybersecurity Select Equity ETF		5

Xtrackers International Real Estate ETF		7

Xtrackers Semiconductor Select Equity ETF		16

Xtrackers US Green Infrastructure Select Equity ETF		18

Xtrackers US National Critical Technologies ETF		20

Statements of Assets and Liabilities		25

Statements of Operations		27

Statements of Changes in Net Assets		29

Financial Highlights		32

Notes to Financial Statements		38

Board Considerations in Approval of Investment Advisory Contracts		47



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.

DBX ETF Trust | 1

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 99.8%

Communication Services – 14.2%

Diversified Telecommunication Services – 5.4%

AT&T, Inc.		16,606		384,595

BT Group PLC		14,386		29,129

Verizon Communications, Inc.		9,264		410,766


(Cost $767,055)				824,490

Entertainment – 0.0%

Kingsoft Corp. Ltd.

(Cost $3,620)		1,119		4,515

Interactive Media & Services – 8.8%

Alphabet, Inc., Class A		3,469		586,087

Kakao Corp.		622		17,879

Meitu, Inc., 144A *		3,380		1,260

Meta Platforms, Inc., Class A		1,257		721,920

Snap, Inc., Class A *		2,563		30,269


(Cost $1,313,498)				1,357,415

Consumer Discretionary – 4.9%

Broadline Retail – 4.9%

Amazon.com, Inc. *		3,283		682,503

eBay, Inc.		1,120		70,885


(Cost $697,888)				753,388

Financials – 6.4%

Banks – 6.4%

Bank of America Corp.		15,713		746,525

Toronto-Dominion Bank		4,051		229,233


(Cost $904,379)				975,758

Industrials – 0.1%

Ground Transportation – 0.1%

Lyft, Inc., Class A *

(Cost $10,229)		716		12,430

Information Technology – 74.2%

Communications Equipment – 5.8%

Arista Networks, Inc. *		625		253,637

Ciena Corp. *		266		18,546

Cisco Systems, Inc.		8,785		520,160

Extreme Networks, Inc. *		260		4,316

F5, Inc. *		121		30,292

NetScout Systems, Inc. *		130		2,844

Nokia OYJ, ADR		13,291		55,822


(Cost $803,746)				885,617

Electronic Equipment, Instruments & Components – 0.4%

Keysight Technologies, Inc. *


	Number of Shares		Value $


(Cost $54,578)		368		62,869

IT Services – 9.3%

Accenture PLC, Class A		1,555		563,485

Cloudflare, Inc., Class A *		616		61,495

Fujitsu Ltd.		4,500		85,874

International Business Machines Corp.		1,988		452,091

Kingsoft Cloud Holdings Ltd., ADR *		530		3,546

Kyndryl Holdings, Inc. *		489		16,973

NEC Corp.		560		47,523

Samsung SDS Co. Ltd.		55		5,784

Snowflake, Inc., Class A *		767		134,072

Twilio, Inc., Class A *		398		41,607


(Cost $1,279,260)				1,412,450

Semiconductors & Semiconductor Equipment – 11.9%

Advanced Micro Devices, Inc. *		3,556		487,794

Ambarella, Inc. *		89		6,368

Intel Corp.		9,393		225,902

Micron Technology, Inc.		2,434		238,410

NVIDIA Corp.		5,130		709,222

Realtek Semiconductor Corp.		1,117		16,368

Silicon Laboratories, Inc. *		48		5,311

SK Hynix, Inc.		1,212		138,919

Synaptics, Inc. *		86		6,901


(Cost $1,830,323)				1,835,195

Software – 36.7%

Adobe, Inc. *		974		502,516

Alarm.com Holdings, Inc. *		87		5,667

Asana, Inc., Class A *		336		5,144

Atlassian Corp., Class A *		494		130,209

C3.ai, Inc., Class A *		263		9,778

Crowdstrike Holdings, Inc., Class A *		571		197,549

CyberArk Software Ltd. *		92		29,763

Dassault Systemes SE		1,622		55,935

Dolby Laboratories, Inc., Class A		173		13,549

Dropbox, Inc., Class A *		670		18,532

Fortinet, Inc. *		1,478		140,484

Intuit, Inc.		616		395,306

Jamf Holding Corp. *		133		1,942

JFrog Ltd. *		226		7,040

Microsoft Corp.		1,403		594,114

MicroStrategy, Inc., Class A *		334		129,415

Nice Ltd., ADR *		136		24,812

Nutanix, Inc., Class A *		487		31,791

Open Text Corp.		538		16,384

Oracle Corp.		3,694		682,799

Palantir Technologies, Inc., Class A *		4,976		333,790

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Palo Alto Networks, Inc. *		754		292,416

Qualys, Inc. *		84		12,902

Radware Ltd. *		82		1,948

Rapid7, Inc. *		130		5,538

RingCentral, Inc., Class A *		152		5,720

Salesforce, Inc.		2,248		741,818

SAP SE		2,511		596,462

SenseTime Group, Inc., Class B, 144A *		44,617		8,543

SentinelOne, Inc., Class A *		715		19,984

ServiceNow, Inc. *		450		472,248

Tenable Holdings, Inc. *		225		9,446

UiPath, Inc., Class A *		1,146		16,285

Zoom Communications, Inc. *		720		59,537

Zscaler, Inc. *		222		45,863


(Cost $5,079,488)				5,615,229

Technology Hardware, Storage & Peripherals – 10.1%

Apple, Inc.		3,008		713,889

Dell Technologies, Inc., Class C		1,485		189,471

Getac Holdings Corp.		340		1,094

Hewlett Packard Enterprise Co.		2,836		60,180

HTC Corp. *		652		905

Lenovo Group Ltd.		19,327		22,626


	Number of Shares		Value $


NetApp, Inc.		405		49,669

Pure Storage, Inc., Class A *		634		33,596

Samsung Electronics Co. Ltd.		10,632		413,071

Seagate Technology Holdings PLC		354		35,871

Western Digital Corp. *		675		49,268


(Cost $1,617,475)				1,569,640

TOTAL COMMON STOCKS


(Cost $14,361,539)				15,308,996

EXCHANGE-TRADED FUNDS – 0.1%

Xtrackers MSCI USA ESG Leaders Equity ETF (a)

(Cost $13,628)		250		13,990

CASH EQUIVALENTS – 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

(Cost $9,380)		9,380		9,380

TOTAL INVESTMENTS – 100.0%

(Cost $14,384,547)				15,332,366

Other assets and liabilities, net – 0.0%				2,969


NET ASSETS – 100.0%				15,335,335

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 8/2/2024 (Commencement of Operations)	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024

EXCHANGE-TRADED FUNDS – 0.1%

Xtrackers MSCI USA ESG Leaders Equity ETF (a)

—		13,628		—		—		362		—		—		250		13,990

CASH EQUIVALENTS – 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

—		646,890		(637,510)		—		—		156		—		9,380		9,380


—		660,518		(637,510)		—		362		156		—		9,630		23,370

*	Non-income producing security.

(a)	Affiliated fund advised by DBX Advisors LLC.

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

ADR:	American Depositary Receipt

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.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

November 30, 2024 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)		$ 15,308,996		$ —		$ —		$ 15,308,996

Exchange-Traded Funds		13,990		—		—		13,990

Short-Term Investments (a)		9,380		—		—		9,380

TOTAL		$ 15,332,366		$ —		$ —		$ 15,332,366

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

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 99.9%

Application Software – 12.3%

Alarm.com Holdings, Inc. *		2,435		158,616

Clear Secure, Inc., Class A		3,898		100,880

Datadog, Inc., Class A *		1,045		159,624

Dynatrace, Inc. *		2,403		135,025

InterDigital, Inc.		885		173,425

Systena Corp.		17,659		41,506

TeamViewer SE, 144A *		6,003		73,231


(Cost $669,654)				842,307

Communications Equipment – 3.5%

F5, Inc. *		584		146,204

NetScout Systems, Inc. *		4,246		92,903


(Cost $198,237)				239,107

Computer Software – 0.4%

MIA Teknoloji AS *

(Cost $32,546)		20,708		26,306

Distribution/Wholesale – 0.2%

SKY ICT PCL, NVDR *

(Cost $16,030)		23,800		16,862

Internet Services & Infrastructure – 12.2%

Akamai Technologies, Inc. *		1,257		118,183

Fastly, Inc., Class A *		9,440		80,051

GDS Holdings Ltd., Class A *		27,841		68,265

Hennge KK		1,200		10,739

NEXTDC Ltd. *		24,500		259,678

Okta, Inc. *		3,825		296,667


(Cost $800,958)				833,583

IT Consulting & Other Services – 14.2%

Change Holdings, Inc.		2,440		21,819

Computacenter PLC		4,089		115,796

DXC Technology Co. *		6,411		144,248

Future Corp.		2,194		27,537

NCC Group PLC		12,570		25,372

NEC Corp.		1,337		113,461

NET One Systems Co. Ltd.		5,259		157,155

Netcompany Group A/S, 144A *		1,450		72,202

Otsuka Corp.		5,514		137,019

Systex Corp.		12,200		48,262

TechMatrix Corp.		2,125		34,807

TietoEVRY OYJ		4,205		75,058


(Cost $836,627)				972,736

Research & Consulting Services – 1.1%

My EG Services Bhd

(Cost $59,486)		377,447		73,452


	Number of Shares		Value $


Systems Software – 56.0%

A10 Networks, Inc.		3,965		67,603

Ahnlab, Inc.		441		18,872

BlackBerry Ltd. *		37,822		99,407

Check Point Software Technologies Ltd. *		1,435		261,170

Crowdstrike Holdings, Inc., Class A *		980		339,051

CyberArk Software Ltd. *		1,015		328,363

Digital Arts, Inc.		786		31,558

Fortinet, Inc. *		3,645		346,457

OneSpan, Inc. *		2,492		45,155

Palo Alto Networks, Inc. *		807		312,971

Qualys, Inc. *		2,358		362,189

Radware Ltd. *		923		21,931

Rapid7, Inc. *		3,736		159,154

SentinelOne, Inc., Class A *		11,625		324,919

SolarWinds Corp.		3,039		40,571

Tenable Holdings, Inc. *		4,980		209,060

Trend Micro, Inc.		5,211		285,523

Varonis Systems, Inc. *		4,988		249,201

Zscaler, Inc. *		1,570		324,346


(Cost $2,966,466)				3,827,501

TOTAL COMMON STOCKS


(Cost $5,580,004)				6,831,854

EXCHANGE-TRADED FUNDS – 0.0%

Global X Cybersecurity ETF

(Cost $760)		25		838

CASH EQUIVALENTS – 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.59% (a)

(Cost $1,080)		1,080		1,080

TOTAL INVESTMENTS – 99.9%

(Cost $5,581,844)				6,833,772

Other assets and liabilities, net – 0.1%				3,990


NET ASSETS – 100.0%				6,837,762

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF (Continued)

November 30, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024

SECURITIES LENDING COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (a)(b)

116,100		—		(116,100) (c)		—		—		492		—		—		—

CASH EQUIVALENTS – 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.59% (a)

1,845		162,648		(163,413)		—		—		60		—		1,080		1,080


117,945		162,648		(279,513)		—		—		552		—		1,080		1,080

*	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 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 November 30, 2024.



NVDR:		Non Voting Depositary Receipt

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

Common Stocks (a)	$	6,831,854	$	—	$	—	$	6,831,854

Exchange-Traded Funds		838		—		—		838

Short-Term Investments (a)		1,080		—		—		1,080

TOTAL	$	6,833,772	$	—	$	—	$	6,833,772

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

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 98.9%

Australia – 14.4%

Abacus Group REIT		392,947		309,742

Arena REIT		345,593		932,066

BWP Trust REIT		502,528		1,109,791

Centuria Industrial REIT		478,017		915,529

Centuria Office REIT		353,665		277,626

Charter Hall Group REIT		420,897		4,310,322

Charter Hall Long Wale REIT		572,873		1,507,721

Charter Hall Retail REIT		474,226		1,059,646

Charter Hall Social Infrastructure REIT		302,115		525,491

Cromwell Property Group REIT		1,359,123		336,453

Dexus REIT		954,640		4,527,436

Goodman Group REIT		1,555,874		38,424,613

GPT Group REIT		1,707,408		5,294,507

Growthpoint Properties Australia Ltd. REIT		238,392		400,675

Healthco REIT		385,772		285,238

HMC Capital Ltd. REIT		249,511		2,004,168

HomeCo Daily Needs REIT		1,600,569		1,303,364

Ingenia Communities Group REIT		342,943		1,128,222

Lifestyle Communities Ltd.		106,432		626,790

Mirvac Group REIT		3,482,825		4,900,797

National Storage REIT		1,227,708		1,999,477

REA Group Ltd.		45,256		7,415,616

Region RE Ltd. REIT		1,021,916		1,457,943

Scentre Group REIT		4,600,610		11,029,213

Stockland REIT		2,118,810		7,205,163

Vicinity Ltd. REIT		4,020,236		5,657,005

Waypoint REIT Ltd. REIT		599,573		980,386


(Cost $86,308,403)				105,925,000

Austria – 0.2%

CA Immobilien Anlagen AG (a)		37,138		936,697

IMMOFINANZ AG * (a)		30,626		511,086


(Cost $1,812,084)				1,447,783

Belgium – 1.6%

Aedifica SA REIT		41,974		2,573,528

Cofinimmo SA REIT		33,585		2,014,838

Montea NV REIT		18,320		1,290,618

Retail Estates NV REIT		11,516		715,196

VGP NV		11,674		974,077

Warehouses De Pauw CVA REIT		157,841		3,487,609

Xior Student Housing NV REIT		30,362		986,102


(Cost $16,929,160)				12,041,968

Brazil – 0.5%

Allos SA		391,248		1,290,257

Cyrela Brazil Realty SA Empreendimentos e Participacoes		269,992		832,046


	Number of Shares		Value $


Ez Tec Empreendimentos e Participacoes SA		139,012		294,757

Multiplan Empreendimentos Imobiliarios SA		315,366		1,256,573


(Cost $4,738,036)				3,673,633

Canada – 6.7%

Allied Properties Real Estate Investment Trust REIT (a)		114,093		1,480,605

Altus Group Ltd.		41,755		1,774,994

Artis Real Estate Investment Trust REIT (a)		56,820		315,723

Boardwalk Real Estate Investment Trust REIT		36,303		1,851,255

Canadian Apartment Properties REIT		148,605		4,866,292

Chartwell Retirement Residences (a)		241,817		2,789,233

Choice Properties Real Estate Investment Trust REIT (a)		222,129		2,217,879

Colliers International Group, Inc.		38,395		5,886,146

Crombie Real Estate Investment Trust REIT (a)		96,931		995,513

CT Real Estate Investment Trust REIT (a)		67,150		738,091

Dream Industrial Real Estate Investment Trust REIT (a)		246,091		2,233,915

First Capital Real Estate Investment Trust REIT (a)		173,714		2,225,782

FirstService Corp.		33,504		6,535,452

Granite Real Estate Investment Trust REIT (a)		55,844		3,031,207

H&R Real Estate Investment Trust REIT (a)		230,382		1,633,892

InterRent Real Estate Investment Trust REIT (a)		128,515		999,556

Killam Apartment Real Estate Investment Trust REIT (a)		106,269		1,407,913

Minto Apartment Real Estate Investment Trust REIT, 144A (a)		34,510		363,795

Nexus Industrial REIT		37,496		212,633

NorthWest Healthcare Properties Real Estate Investment Trust REIT (a)		195,634		704,207

Primaris Real Estate Investment Trust REIT (a)		62,324		717,539

RioCan Real Estate Investment Trust REIT (a)		269,368		3,657,241

Slate Grocery, Class U REIT (a)		50,881		543,642

SmartCentres Real Estate Investment Trust REIT (a)		114,291		2,098,648


(Cost $50,353,332)				49,281,153

Chile – 0.3%

Cencosud Shopping SA		425,135		672,769

Parque Arauco SA		630,613		1,015,440

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Plaza SA		265,354		447,127


(Cost $2,064,879)				2,135,336

China – 0.8%

A-Living Smart City Services Co. Ltd., 144A (a)		751,769		286,929

China Resources Mixc Lifestyle Services Ltd., 144A		566,895		2,130,897

China Vanke Co. Ltd., Class H * (a)		1,915,359		1,580,226

Guangzhou R&F Properties Co. Ltd., Class H * (a)		1,751,027		371,288

Onewo, Inc., Class H		212,228		594,556

Poly Property Services Co. Ltd., Class H		132,476		535,416

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		941,840		519,896

Sino-Ocean Group Holding Ltd. * (a)		2,258,898		85,635


(Cost $11,818,502)				6,104,843

Egypt – 0.1%

Palm Hills Developments SAE *		957,417		105,221

Talaat Moustafa Group		787,857		921,312


(Cost $519,500)				1,026,533

Finland – 0.3%

Citycon OYJ *		81,651		298,390

Kojamo OYJ *		160,749		1,640,954


(Cost $3,102,295)				1,939,344

France – 3.2%

ARGAN SA REIT		10,798		756,142

Carmila SA REIT		50,214		875,095

Covivio SA REIT		48,859		2,683,454

Gecina SA REIT		42,181		4,247,994

ICADE REIT		29,525		694,163

Klepierre SA REIT		199,188		6,021,146

Mercialys SA REIT		82,079		908,531

Unibail-Rodamco-Westfield REIT *		89,361		7,320,355


(Cost $23,237,848)				23,506,880

Germany – 4.2%

Deutsche Wohnen SE		46,448		1,214,195

LEG Immobilien SE		66,264		6,140,753

TAG Immobilien AG *		157,024		2,607,143

Vonovia SE		623,520		20,678,850


(Cost $34,380,546)				30,640,941

Greece – 0.1%

LAMDA Development SA *

(Cost $519,138)		71,947		546,371

Hong Kong – 10.0%

C&D International Investment Group Ltd. (a)		630,583		1,042,119


	Number of Shares		Value $


China Jinmao Holdings Group Ltd.		7,373,062		1,023,306

China Overseas Grand Oceans Group Ltd.		1,452,825		343,530

China Overseas Land & Investment Ltd.		3,314,113		5,681,422

China Overseas Property Holdings Ltd.		1,110,509		742,095

China Resources Land Ltd.		2,578,255		7,620,572

CK Asset Holdings Ltd.		1,824,141		7,454,515

ESR Group Ltd., 144A (b)		1,927,373		2,833,516

Fortune Real Estate Investment Trust REIT		1,343,682		690,701

Hang Lung Group Ltd.		742,562		954,260

Hang Lung Properties Ltd.		1,513,215		1,227,055

Henderson Land Development Co. Ltd.		1,172,488		3,676,479

Hongkong Land Holdings Ltd.		908,378		4,133,120

Hysan Development Co. Ltd.		507,521		816,568

Kerry Properties Ltd.		498,081		998,524

Link REIT		2,290,159		9,962,267

New World Development Co. Ltd. (a) (b)		1,259,201		1,040,495

Poly Property Group Co. Ltd.		1,881,518		389,285

Shanghai Industrial Holdings Ltd.		355,768		527,602

Sun Hung Kai Properties Ltd.		1,340,718		13,309,748

Swire Properties Ltd.		947,814		1,887,942

Wharf Holdings Ltd.		862,160		2,365,482

Wharf Real Estate Investment Co. Ltd.		1,385,361		3,711,957

Yuexiu Property Co. Ltd.		1,280,514		931,397


(Cost $105,726,716)				73,363,957

India – 1.3%

DLF Ltd.		839,717		8,178,411

Equinox India Developments Ltd.*		472,557		765,912

Sobha Ltd.		39,397		778,207


(Cost $5,306,151)				9,722,530

Indonesia – 0.2%

PT Bumi Serpong Damai Tbk *		6,194,401		390,937

PT Ciputra Development Tbk		7,546,642		509,619

PT Kawasan Industri Jababeka Tbk *		14,703,055		180,946

PT Pakuwon Jati Tbk		12,587,107		332,055

PT Summarecon Agung Tbk		8,833,013		298,243


(Cost $1,844,264)				1,711,800

Ireland – 0.1%

Irish Residential Properties REIT PLC REIT

(Cost $454,627)		462,329		444,364

Israel – 2.1%

Africa Israel Residences Ltd.		5,531		406,498

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Airport City Ltd. *		50,537		839,584

Alony Hetz Properties & Investments Ltd.		145,996		1,239,640

Amot Investments Ltd.		203,267		1,118,747

Aura Investments Ltd.		128,461		650,847

Azrieli Group Ltd.		32,204		2,577,631

Big Shopping Centers Ltd. *		14,256		1,885,690

Electra Real Estate Ltd.		18,802		235,410

G City Ltd.		79,851		343,287

Israel Canada T.R Ltd.		142,288		567,485

Isras Investment Co. Ltd.		1,103		255,692

Melisron Ltd.		21,805		1,931,212

Menivim- The New REIT Ltd. REIT		681,155		373,210

Mivne Real Estate KD Ltd.		526,707		1,573,319

Prashkovsky Investments and Construction Ltd.		7,442		217,386

Property & Building Corp. Ltd.		2,218		155,751

Reit 1 Ltd. REIT		174,836		899,752

Sella Capital Real Estate Ltd. REIT		184,092		455,717


(Cost $13,738,773)				15,726,858

Japan – 20.7%

Activia Properties, Inc. REIT (a)		436		931,891

Advance Residence Investment

Corp. REIT		966		1,897,460

Aeon Mall Co. Ltd.		83,300		1,114,290

AEON REIT Investment Corp. REIT		1,571		1,319,060

Comforia Residential REIT, Inc. REIT		629		1,207,449

CRE Logistics REIT, Inc. REIT		551		522,438

Daito Trust Construction Co. Ltd.		54,900		6,113,810

Daiwa House REIT Investment Corp. REIT		2,061		3,197,476

Daiwa Office Investment Corp. REIT (a)		496		990,778

Daiwa Securities Living

Investments Corp. REIT		1,791		1,084,009

ES-Con Japan Ltd.		44,500		293,338

Frontier Real Estate Investment Corp. REIT		457		1,201,951

Fukuoka REIT Corp. REIT		455		431,718

Global One Real Estate Investment Corp. REIT		659		433,088

GLP J REIT		4,386		3,717,667

Goldcrest Co. Ltd.		13,200		278,616

Hankyu Hanshin REIT, Inc. REIT (a)		593		465,919

Health Care & Medical Investment Corp. REIT		322		226,194

Heiwa Real Estate Co. Ltd.		18,800		535,766

Heiwa Real Estate REIT, Inc. REIT (a)		621		484,610

Hoshino Resorts REIT, Inc. REIT		515		757,489


	Number of Shares		Value $


Hulic Co. Ltd.		609,500		5,474,685

Hulic Reit, Inc. REIT		724		640,192

Ichigo Hotel REIT Investment Corp. REIT		262		253,652

Ichigo Office REIT Investment Corp. REIT		880		463,482

Ichigo, Inc.		175,100		427,884

Industrial & Infrastructure Fund Investment Corp. REIT		2,212		1,687,886

Invincible Investment Corp. REIT		6,853		2,902,093

JALCO Holdings, Inc.		59,700		164,966

Japan Excellent, Inc. REIT		681		531,886

Japan Hotel REIT Investment Corp. REIT		4,500		2,043,480

Japan Logistics Fund, Inc. REIT		599		1,052,144

Japan Metropolitan Fund Invest REIT		6,211		3,775,772

Japan Prime Realty Investment Corp. REIT		615		1,353,381

Japan Real Estate Investment Corp. REIT (a)		939		3,463,768

JINUSHI Co. Ltd. (a)		16,400		233,467

Kasumigaseki Capital Co. Ltd. (a)		5,800		482,738

KDX Realty Investment Corp. REIT		3,639		3,569,096

Keihanshin Building Co. Ltd.		39,700		430,082

Ki-Star Real Estate Co. Ltd.		7,600		211,020

LaSalle Logiport REIT		1,631		1,562,745

Leopalace21 Corp.		175,600		639,566

Loadstar Capital KK		10,400		175,336

Mirai Corp. REIT		1,678		451,385

Mirarth Holdings, Inc.		100,631		337,704

Mitsubishi Estate Co. Ltd.		1,176,200		16,599,234

Mitsubishi Estate Logistics REIT Investment Corp. REIT		451		1,045,031

Mitsui Fudosan Co. Ltd.		2,497,100		20,850,041

Mitsui Fudosan Logistics Park, Inc. REIT		2,907		1,958,840

Mori Hills REIT Investment Corp. REIT		994		826,651

Mori Trust Sogo Reit, Inc. REIT		2,234		905,887

Nippon Accommodations Fund, Inc. REIT		320		1,237,940

Nippon Building Fund, Inc. REIT		5,599		4,678,726

Nippon Kanzai Holdings Co. Ltd.		19,800		338,558

Nippon Prologis REIT, Inc. REIT (a)		2,144		3,370,499

NIPPON REIT Investment Corp. REIT		290		610,181

Nomura Real Estate Holdings, Inc.		95,900		2,374,113

Nomura Real Estate Master Fund, Inc. REIT		2,759		2,603,125

NTT UD REIT Investment Corp. REIT		939		710,260

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


One REIT, Inc. REIT		205		310,670

Open House Group Co. Ltd.		73,800		2,720,357

Orix JREIT, Inc. REIT		1,773		1,967,967

Pressance Corp.		23,700		291,466

Relo Group, Inc.		96,800		1,138,899

SAMTY HOLDINGS Co. Ltd.		28,400		620,248

Samty Residential Investment Corp. REIT		381		235,422

Sankei Real Estate, Inc. REIT		421		212,203

Sekisui House Reit, Inc. REIT		2,844		1,384,269

SOSiLA Logistics REIT, Inc. REIT		656		468,244

SRE Holdings Corp. * (a)		9,000		194,161

Star Asia Investment Corp. REIT		2,113		710,500

Starts Corp., Inc.		29,300		717,941

Starts Proceed Investment Corp. REIT		200		228,252

Sumitomo Realty & Development Co. Ltd.		423,800		13,087,754

Sun Frontier Fudousan Co. Ltd.		24,100		301,039

Takara Leben Real Estate Investment Corp. REIT		680		386,217

Tokyo Tatemono Co. Ltd.		187,200		3,223,976

Tokyu Fudosan Holdings Corp.		539,200		3,524,896

Tokyu REIT, Inc. REIT		551		576,737

Tosei Corp.		32,800		532,671

Tosei Reit Investment Corp. REIT		256		211,366

United Urban Investment Corp. REIT (a)		1,894		1,721,417


(Cost $172,841,556)				152,409,185

Luxembourg – 0.5%

Aroundtown SA *		632,122		2,101,754

Grand City Properties SA *		60,210		794,923

Shurgard Self Storage Ltd. REIT		27,128		1,105,991


(Cost $4,967,551)				4,002,668

Malaysia – 0.8%

Eastern & Oriental Bhd *		1,032,100		227,550

Eco World Development Group Bhd		1,093,100		464,783

IOI Properties Group Bhd		1,055,787		479,795

Mah Sing Group Bhd		1,222,100		461,896

Matrix Concepts Holdings Bhd		747,594		386,831

Sime Darby Property Bhd		2,420,446		778,681

SP Setia Bhd Group		1,704,117		509,893

Sunway Bhd		1,919,261		2,094,132

Tanco Holdings Bhd *		923,300		353,118

UEM Sunrise Bhd		1,330,530		290,352


(Cost $3,046,487)				6,047,031

Mexico – 1.3%

Concentradora Fibra Danhos SA de CV REIT (a)		855,727		920,395

Corp. Inmobiliaria Vesta SAB de CV		791,601		1,890,402


	Number of Shares		Value $


FIBRA Macquarie Mexico REIT, 144A		723,147		1,139,745

Fibra MTY SAPI de CV REIT (a)		2,160,462		1,083,484

Fibra Uno Administracion SA de CV REIT		2,530,608		2,651,898

Prologis Property Mexico SA de CV REIT		710,254		2,115,441


(Cost $10,109,193)				9,801,365

Netherlands – 0.7%

CTP NV, 144A		100,665		1,616,101

Eurocommercial Properties NV REIT		38,750		967,941

NEPI Rockcastle NV *		377,426		2,920,161


(Cost $4,864,422)				5,504,203

New Zealand – 0.4%

Goodman Property Trust REIT		919,847		1,131,802

Kiwi Property Group Ltd.		1,422,702		791,104

Precinct Properties Group (a) (c)		1,399,905		997,877


(Cost $3,620,574)				2,920,783

Norway – 0.1%

Entra ASA, 144A *

(Cost $890,398)		62,995		691,793

Philippines – 1.9%

AREIT, Inc. REIT		1,026,461		697,612

Ayala Corp.		293,134		3,059,572

Ayala Land, Inc.		6,806,828		3,320,121

SM Prime Holdings, Inc.		14,827,687		6,676,062


(Cost $18,171,545)				13,753,367

Russia – 0.0%

LSR Group PJSC * (b)		30,984		0

PIK-Spetsializirovannyy Zastroyshchik PAO * (b)		192,287		0


(Cost $2,472,023)				0

Singapore – 6.1%

AIMS APAC REIT		636,500		602,958

CapitaLand Ascendas REIT		3,135,769		6,128,158

CapitaLand Ascott Trust (c)		2,236,510		1,484,723

CapitaLand China Trust REIT (a)		1,000,747		533,722

Capitaland India Trust		909,017		745,846

CapitaLand Integrated

Commercial Trust REIT		4,833,392		7,066,310

CapitaLand Investment Ltd.		2,225,563		4,531,971

CDL Hospitality Trusts (c)		722,744		460,930

City Developments Ltd.		428,050		1,663,477

Digital Core REIT Management

Pte Ltd. REIT		788,100		484,681

ESR REIT		6,028,412		1,169,125

Far East Hospitality Trust (c)		888,300		407,492

Frasers Centrepoint Trust REIT		970,018		1,541,147

Frasers Logistics & Commercial Trust REIT		2,575,578		1,748,239

Keppel REIT		2,103,908		1,341,768

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Keppel DC REIT (a)		1,298,555		2,150,294

Lendlease Global Commercial REIT		1,574,451		657,660

Mapletree Industrial Trust REIT		1,844,922		3,192,645

Mapletree Logistics Trust REIT		2,964,217		2,830,118

Mapletree Pan Asia Commercial Trust REIT		2,018,518		1,851,920

Parkway Life Real Estate Investment Trust REIT		343,362		973,241

Suntec Real Estate Investment Trust REIT (a)		1,668,600		1,418,867

UOL Group Ltd.		411,017		1,624,876


(Cost $51,203,883)				44,610,168

South Africa – 0.9%

Equites Property Fund Ltd. REIT		555,334		445,159

Fortress Real Estate Investments Ltd., Class B		892,533		978,321

Growthpoint Properties Ltd. REIT		2,432,913		1,749,556

Hyprop Investments Ltd. REIT		280,434		693,798

Redefine Properties Ltd. REIT (a)		4,853,703		1,219,891

Resilient REIT Ltd. REIT		248,496		812,328

Vukile Property Fund Ltd. REIT		808,717		819,294


(Cost $6,173,036)				6,718,347

South Korea – 0.2%

ESR Kendall Square REIT Co. Ltd. REIT		135,696		466,895

Seobu T&D		34,640		146,749

SK Eternix Co. Ltd. *		13,829		129,958

SK REITs Co. Ltd. REIT		159,942		535,414


(Cost $1,526,612)				1,279,016

Spain – 0.8%

Inmobiliaria Colonial Socimi SA REIT		260,799		1,503,990

Merlin Properties Socimi SA REIT (a)		336,185		3,692,819

Neinor Homes SA, 144A *		31,275		500,775


(Cost $5,888,171)				5,697,584

Sweden – 4.3%

Atrium Ljungberg AB, Class B		40,115		740,295

Castellum AB *		381,288		4,504,701

Catena AB		34,241		1,533,481

Cibus Nordic Real Estate AB		50,450		806,731

Corem Property Group AB, Class B		453,406		292,959

Dios Fastigheter AB		92,479		681,384

Fabege AB		217,233		1,689,105

Fastighets AB Balder, Class B *		605,689		4,655,199

Hemnet Group AB		76,354		2,286,666

Hufvudstaden AB, Class A		102,280		1,177,468

Nyfosa AB		144,168		1,439,191

Pandox AB		63,115		1,112,143


	Number of Shares		Value $


Platzer Fastigheter Holding AB, Class B		66,043		532,271

Sagax AB, Class B		197,400		4,367,845

Sagax AB, Class D		102,849		299,537

Samhallsbyggnadsbolaget i Norden AB (a)		1,133,633		400,810

Swedish Logistic Property AB, Class B *		131,168		460,097

Wallenstam AB, Class B		434,588		2,045,804

Wihlborgs Fastigheter AB		244,340		2,474,986


(Cost $33,970,274)				31,500,673

Switzerland – 2.6%

Allreal Holding AG		14,028		2,576,311

Intershop Holding AG		5,157		721,160

Mobimo Holding AG		6,412		2,085,174

PSP Swiss Property AG		40,812		5,948,083

Swiss Prime Site AG		68,659		7,586,781


(Cost $16,561,279)				18,917,509

Taiwan – 1.7%

Advancetek Enterprise Co. Ltd.		243,886		611,160

Cathay Real Estate Development Co. Ltd.		595,017		468,020

Chong Hong Construction Co. Ltd.		200,184		551,565

Da-Li Development Co. Ltd.		301,455		412,050

Delpha Construction Co. Ltd.		453,079		575,363

Farglory Land Development Co. Ltd.		239,330		482,594

Highwealth Construction Corp.		1,598,896		2,360,221

Hong Pu Real Estate Development Co. Ltd.		209,467		199,259

Huaku Development Co. Ltd.		235,299		883,739

Huang Hsiang Construction Corp.		134,006		313,119

Hung Sheng Construction Ltd.		352,210		292,216

JSL Construction & Development Co Ltd. *		150,253		422,779

KEE TAI Properties Co. Ltd.		372,825		185,362

Kindom Development Co. Ltd.		331,353		603,888

Kuo Yang Construction Co. Ltd.		207,523		144,703

Prince Housing & Development Corp.		1,128,728		375,281

Radium Life Tech Co. Ltd. *		617,026		201,351

Ruentex Development Co. Ltd.		1,713,364		2,363,042

Sakura Development Co. Ltd.		339,794		560,692

Shining Building Business Co. Ltd.*		430,661		150,479

Taiwan Land Development Corp. * (b)		243,531		0


(Cost $10,456,668)				12,156,883

Thailand – 1.6%

Amata Corp. PCL		772,900		659,154

Amata Corp. PCL, NVDR		84		72

AP Thailand PCL, NVDR		2,200,800		555,053

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Asset World Corp. PCL, NVDR		7,119,600		738,998

Central Pattana PCL, NVDR		2,909,100		5,089,175

Land & Houses PCL, NVDR		7,388,300		1,163,257

MBK PCL		858,100		472,865

Origin Property PCL, NVDR		717,900		86,238

Quality Houses PCL		549,300		28,828

Quality Houses PCL, NVDR		6,600,600		346,412

Sansiri PCL		742,700		38,978

Sansiri PCL, NVDR		13,173,800		691,387

SC Asset Corp. PCL, NVDR		1,522,400		127,838

Supalai PCL, NVDR		1,090,865		604,313

WHA Corp. PCL, NVDR		8,926,596		1,483,537


(Cost $12,317,234)				12,086,105

Turkey – 0.4%

AKIS Gayrimenkul Yatirimi AS REIT		1,072,491		218,828

Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT *		1,685,173		614,830

Is Gayrimenkul Yatirim Ortakligi AS REIT *		402,725		230,265

Kiler Holding AS *		212,719		181,703

Kuyumcukent Gayrimenkul Yatirimlari AS REIT *		305,336		151,350

LYDIA HOLDING AS *		54,047		183,794

Ozak Gayrimenkul Yatirim Ortakligi REIT *		328,182		121,628

Reysas Gayrimenkul Yatirim Ortakligi AS REIT *		493,392		212,147

Roenesans Gayrimenkul Yatirim AS *		40,502		145,786

Servet Gayrimenkul Yatirim Ortakligi AS *		11,862		95,974

Sinpas Gayrimenkul Yatirim Ortakligi AS REIT *		683,875		183,289

Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		124,025		206,771

Ziraat Gayrimenkul Yatirim Ortakligi AS		874,233		331,810


(Cost $1,965,975)				2,878,175

United Kingdom – 7.8%

Assura PLC REIT		2,417,247		1,215,459

Big Yellow Group PLC REIT		173,015		2,357,445

British Land Co. PLC REIT		837,257		4,137,595

Derwent London PLC REIT		90,325		2,427,034

Empiric Student Property PLC REIT		542,024		606,267

Grainger PLC		595,075		1,769,907

Great Portland Estates PLC REIT		328,935		1,262,641

Hammerson PLC REIT		441,777		1,643,011

Land Securities Group PLC REIT		667,236		5,113,989

LondonMetric Property PLC REIT		1,823,932		4,497,523

Picton Property Income Ltd. REIT		488,805		426,831


	Number of Shares		Value $


Primary Health Properties PLC REIT		1,190,224		1,440,976

Rightmove PLC		718,341		5,889,160

Safestore Holdings PLC REIT		195,223		1,847,390

Savills PLC		120,764		1,648,560

Segro PLC REIT		1,103,943		10,944,709

Shaftesbury Capital PLC REIT		1,318,867		2,289,890

Tritax Big Box REIT PLC REIT		1,966,649		3,477,098

UNITE Group PLC REIT, Series 6		332,240		3,724,633

Workspace Group PLC REIT		124,339		889,772


(Cost $64,430,255)				57,609,890

TOTAL COMMON STOCKS


(Cost $788,331,390)				727,824,039

RIGHTS – 0.0%

Singapore – 0.0%

Keppel DC* , expires 12/24/24

(Cost $0)		104,253		14,775

WARRANTS – 0.0%

Israel – 0.0%

REIT Azorim HF Living Ltd.* , expires 12/31/24

(Cost $0)		8,890		130

Malaysia – 0.0%

Eco World Development Group Bhd* , expires 4/12/29

(Cost $0)		106,640		16,434

Thailand – 0.0%

Nusasiri PCL* , expires 4/7/25

(Cost $0)		1,291,580		753

TOTAL WARRANTS


(Cost $0)				17,317

EXCHANGE-TRADED FUNDS – 0.2%

Vanguard Global ex-U.S. Real Estate ETF

(Cost $1,356,783)		32,500		1,410,825

SECURITIES LENDING COLLATERAL – 6.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (d)(e)

(Cost $44,313,363)		44,313,363		44,313,363

CASH EQUIVALENTS – 0.2%

DWS Government Money Market Series “Institutional Shares”, 4.59% (d)

(Cost $1,670,408)		1,670,408		1,670,408

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares	Value $


TOTAL INVESTMENTS – 105.3%

(Cost $835,671,944)			775,250,727


	Number of Shares	Value $


Other assets and liabilities, net – (5.3%)			(38,879,631	)


NET ASSETS – 100.0%			736,371,096

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024

SECURITIES LENDING COLLATERAL – 6.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (d)(e)

31,483,119		12,830,244 (f)		—		—		—		234,143		—		44,313,363		44,313,363

CASH EQUIVALENTS – 0.2%

DWS Government Money Market Series “Institutional Shares”, 4.59% (d)

1,564,194		22,681,822		(22,575,608)		—		—		40,307		—		1,670,408		1,670,408


33,047,313		35,512,066		(22,575,608)		—		—		274,450		—		45,983,771		45,983,771

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $41,769,988, which is 5.7% of net assets.

(b)	Investment was valued using significant unobservable inputs.

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

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

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

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.



CVA:		Credit Valuation Adjustment

NVDR:		Non Voting Depositary Receipt

PJSC:		Public Joint Stock 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.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2024 (Unaudited)

At November 30, 2024, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation (Depreciation) ($)

CAC40 10 EURO Futures		EUR		5		387,798		382,503		12/20/2024		(5,295)

EURO STOXX 50 Futures		EUR		26		1,357,522		1,322,806		12/20/2024		(34,716)

MINI S&P/TSX 60 Futures		CAD		2		101,502		109,960		12/19/2024		8,458

S&P 500 E-Mini Futures		USD		6		1,726,500		1,815,450		12/20/2024		88,950

SPI 200 Futures		AUD		10		1,343,265		1,377,492		12/19/2024		34,227

TOPIX Index Futures		JPY		12		2,034,052		2,140,560		12/12/2024		106,508

Total net unrealized appreciation												198,132

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



AUD		Australian Dollar

CAD		Canadian Dollar

EUR		Euro

JPY		Japanese Yen

USD		U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total

Common Stocks (a)	$	723,950,028		$	—	$	3,874,011	$	727,824,039

Rights		—			14,775		—		14,775

Warrants (a)		17,317			—		—		17,317

Exchange-Traded Funds		1,410,825			—		—		1,410,825

Short-Term Investments (a)		45,983,771			—		—		45,983,771

Derivatives (b)

Futures Contracts		238,143			—		—		238,143

TOTAL	$	771,600,084		$	14,775	$	3,874,011	$	775,488,870

Liabilities	Level 1			Level 2		Level 3		Total

Derivatives (b)

Futures Contracts	$	(40,011	)	$	—	$	—	$	(40,011)

TOTAL	$	(40,011	)	$	—	$	—	$	(40,011)

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

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

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2024 (Unaudited)

During the period ended November 30, 2024, the amount of transfers from Level 1 to Level 3 was $4,294,856. The investment was transferred from Level 1 to Level 3 due to 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.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 99.6%

Electronic Components – 0.6%

Kyocera Corp.

(Cost $58,064)		4,384		43,012

Electronic Manufacturing Services – 2.6%

Fabrinet *		115		26,977

TE Connectivity PLC		1,000		151,120


(Cost $163,430)				178,097

Industrial Machinery & Supplies – 0.5%

VAT Group AG, 144A

(Cost $38,229)		88		35,100

Semiconductor Materials & Equipment – 28.3%

Advantest Corp.		2,500		137,164

Applied Materials, Inc.		1,630		284,777

ASM International NV		153		82,642

ASML Holding NV		398		276,770

BE Semiconductor Industries NV		250		29,838

Disco Corp.		291		78,667

Enphase Energy, Inc. *		431		30,752

Entegris, Inc.		490		51,759

KLA Corp.		415		268,517

Lam Research Corp.		4,035		298,106

Lasertec Corp.		256		28,023

MKS Instruments, Inc.		200		22,728

Nova Ltd. *		90		16,128

Onto Innovation, Inc. *		160		26,269

SCREEN Holdings Co. Ltd.		316		19,782

Teradyne, Inc.		535		58,850

Tokyo Electron Ltd.		1,498		232,502


(Cost $1,847,463)				1,943,274

Semiconductors – 67.6%

Advanced Micro Devices, Inc. *		1,953		267,903

Analog Devices, Inc.		1,429		311,593

ASE Technology Holding Co. Ltd.		12,357		57,633

Broadcom, Inc.		1,796		291,096

Cirrus Logic, Inc. *		165		17,234

eMemory Technology, Inc.		225		20,191

First Solar, Inc. *		330		65,759

Infineon Technologies AG		4,326		140,798

Intel Corp.		14,184		341,125

Lattice Semiconductor Corp. *		435		24,686

Marvell Technology, Inc.		2,865		265,557

MediaTek, Inc.		4,995		192,985

Microchip Technology, Inc.		1,755		119,638

Micron Technology, Inc.		3,290		322,255

Monolithic Power Systems, Inc.		155		87,984

Novatek Microelectronics Corp.		1,991		29,666

NVIDIA Corp.		2,525		349,081


	Number of Shares		Value $


NXP Semiconductors NV		840		192,671

ON Semiconductor Corp. *		1,415		100,635

Qorvo, Inc. *		300		20,715

QUALCOMM, Inc.		1,960		310,719

Realtek Semiconductor Corp.		1,491		21,849

Renesas Electronics Corp.		5,300		69,292

SK Hynix, Inc.		1,803		206,659

Skyworks Solutions, Inc.		532		46,598

STMicroelectronics NV		61		1,564

STMicroelectronics NV, Class Y		2,075		52,913

Taiwan Semiconductor Manufacturing Co. Ltd.		10,542		323,241

Texas Instruments, Inc.		1,625		326,674

United Microelectronics Corp.		39,352		52,759


(Cost $4,058,980)				4,631,473

TOTAL COMMON STOCKS


(Cost $6,166,166)				6,830,956

EXCHANGE-TRADED FUNDS – 0.3%

Invesco PHLX Semiconductor ETF (a)

(Cost $22,504)		570		22,110

SECURITIES LENDING COLLATERAL – 0.3%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (b)(c)

(Cost $19,625)		19,625		19,625

CASH EQUIVALENTS – 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

(Cost $765)		765		765

TOTAL INVESTMENTS – 100.2%

(Cost $6,209,060)				6,873,456

Other assets and liabilities, net – (0.2%)				(12,360	)


NET ASSETS – 100.0%				6,861,096

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF (Continued)

November 30, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024		Purchases Cost ($)	Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024

SECURITIES LENDING COLLATERAL – 0.3%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (b)(c)

	—	19,625 (d)		—		—		—		7		—		19,625		19,625

CASH EQUIVALENTS – 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

	1,039	186,839		(187,113)		—		—		110		—		765		765

	1,039	206,464		(187,113)		—		—		117		—		20,390		20,390

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $19,395, which is 0.3% of net assets.

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.

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

Common Stocks (a)	$	6,830,956	$		—	$		—	$	6,830,956

Exchange-Traded Funds		22,110			—			—		22,110

Short-Term Investments (a)		20,390			—			—		20,390

TOTAL	$	6,873,456	$		—	$		—	$	6,873,456

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

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 99.5%

Consumer Discretionary – 10.9%

EVgo, Inc. * (a)		13,255		86,290

Lucid Group, Inc. * (a)		27,577		60,118

QuantumScape Corp. * (a)		17,100		89,433

Rivian Automotive, Inc., Class A * (a)		9,010		110,192

Tesla, Inc. *		390		134,613


(Cost $458,486)				480,646

Energy – 1.7%

Green Plains, Inc. *

(Cost $172,716)		7,175		77,490

Industrials – 62.0%

A O Smith Corp.		1,055		78,587

Array Technologies, Inc. *		13,603		91,276

AZZ, Inc.		1,150		107,111

Blink Charging Co. * (a)		48,079		76,446

Bloom Energy Corp., Class A * (a)		8,864		243,317

Carrier Global Corp.		1,135		87,815

Casella Waste Systems, Inc., Class A *		945		106,983

ChargePoint Holdings, Inc. * (a)		68,366		83,407

Clean Harbors, Inc. *		365		94,933

EnerSys		914		88,347

Enviri Corp. *		9,065		67,081

Eos Energy Enterprises, Inc. * (a)		31,472		92,842

Fluence Energy, Inc. *		4,347		81,767

FuelCell Energy, Inc. * (a)		9,222		109,465

Graco, Inc.		1,085		98,822

IDEX Corp.		450		103,783

Ingersoll Rand, Inc.		935		97,399

Lennox International, Inc.		152		101,404

Montrose Environmental Group, Inc. *		4,575		86,101

NEXTracker, Inc., Class A *		2,655		101,315

Parker-Hannifin Corp.		148		104,029

Plug Power, Inc. * (a)		45,682		102,328

Republic Services, Inc.		455		99,327

Shoals Technologies Group, Inc., Class A *		17,802		92,926

Sunrun, Inc. *		5,600		64,568

Veralto Corp.		830		89,798

Waste Management, Inc.		442		100,873

Xylem, Inc.		680		86,190


	Number of Shares		Value $


(Cost $2,886,843)				2,738,240

Information Technology – 4.1%

First Solar, Inc. *		415		82,697

Itron, Inc. *		855		101,343


(Cost $141,829)				184,040

Materials – 10.1%

Ecolab, Inc.		365		90,801

PureCycle Technologies, Inc. * (a)		10,221		135,888

Reliance, Inc.		325		104,403

Ryerson Holding Corp.		4,450		114,365


(Cost $344,339)				445,457

Utilities – 10.7%

Altus Power, Inc. *		30,980		133,834

Brookfield Renewable Corp., Class A		3,085		98,473

NextEra Energy Partners LP		3,725		65,076

Ormat Technologies, Inc.		1,225		99,984

Sunnova Energy International, Inc. * (a)		13,525		74,929


(Cost $551,142)				472,296

TOTAL COMMON STOCKS


(Cost $4,555,355)				4,398,169

EXCHANGE-TRADED FUNDS – 0.4%

Global X US Infrastructure Development ETF		90		4,116

Vaneck Green Infrastructure ETF		450		11,867


(Cost $14,855)				15,983

SECURITIES LENDING COLLATERAL – 27.9%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (b)(c)

(Cost $1,230,341)		1,230,341		1,230,341

CASH EQUIVALENTS – 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

(Cost $1,189)		1,189		1,189

TOTAL INVESTMENTS – 127.8%

(Cost $5,801,740)				5,645,682

Other assets and liabilities, net – (27.8%)				(1,226,719	)


NET ASSETS – 100.0%				4,418,963

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF (Continued)

November 30, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024		Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024

SECURITIES LENDING COLLATERAL – 27.9%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (b)(c)

	603,600	626,741 (d)	—		—		—		19,089		—		1,230,341		1,230,341

CASH EQUIVALENTS – 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.59% (b)

	—	44,902	(43,713)		—		—		57		—		1,189		1,189

	603,600	671,643	(43,713)		—		—		19,146		—		1,231,530		1,231,530

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $1,204,964, which is 27.3% of net assets.

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total

Common Stocks (a)	$	4,398,169	$		—	$		—	$	4,398,169

Exchange-Traded Funds		15,983			—			—		15,983

Short-Term Investments (a)		1,231,530			—			—		1,231,530

TOTAL	$	5,645,682	$		—	$		—	$	5,645,682

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

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers US National Critical Technologies ETF

November 30, 2024 (Unaudited)


	Number of Shares		Value $


COMMON STOCKS – 99.6%

Communication Services – 11.4%

Alphabet, Inc., Class A		16,218		2,740,031

AT&T, Inc.		26,269		608,390

Auto Trader Group PLC, 144A		3,628		38,689

BCE, Inc.		3,347		90,598

BT Group PLC		22,592		45,744

CAR Group Ltd.		1,529		41,337

Charter Communications, Inc., Class A *		353		140,129

Comcast Corp., Class A		13,911		600,816

Electronic Arts, Inc.		870		142,393

Pinterest, Inc., Class A *		2,243		68,008

Quebecor, Inc., Class B		1,591		37,566

Rightmove PLC		5,087		41,705

ROBLOX Corp., Class A *		1,897		95,097

Rogers Communications, Inc., Class B		1,415		50,530

Snap, Inc., Class A *		4,003		47,275

Spark New Zealand Ltd.		22,236		38,540

Take-Two Interactive Software, Inc. *		593		111,709

Telstra Group Ltd.		42,421		108,883

TELUS Corp.		5,440		84,699

T-Mobile US, Inc.		1,767		436,343

TPG Telecom Ltd.		13,036		38,215

Trade Desk, Inc., Class A *		1,650		212,108

Verizon Communications, Inc.		15,449		685,009

Vodafone Group PLC		73,300		66,038

Warner Bros Discovery, Inc. *		8,146		85,370


(Cost $5,871,470)				6,655,222

Consumer Discretionary – 6.2%

Amazon.com, Inc. *		14,888		3,095,066

DoorDash, Inc., Class A *		1,156		208,635

Expedia Group, Inc. *		451		83,263

General Motors Co.		4,030		224,028


(Cost $2,929,924)				3,610,992

Consumer Staples – 0.2%

Haleon PLC

(Cost $112,594)		26,649		126,784

Energy – 7.0%

Ampol Ltd.		2,217		42,014

BP PLC		56,671		277,070

Chevron Corp.		6,712		1,086,874

Exxon Mobil Corp.		16,286		1,921,097

Imperial Oil Ltd.		662		49,025

Marathon Petroleum Corp.		1,226		191,440

Phillips 66		1,512		202,578

Suncor Energy, Inc.		4,662		185,494

Valero Energy Corp.		1,156		160,776


	Number of Shares		Value $


(Cost $3,971,334)				4,116,368

Financials – 0.9%

Block, Inc. *		2,001		177,189

Fidelity National Information Services, Inc.		2,001		170,685

Global Payments, Inc.		939		111,703

Wise PLC, Class A *		4,267		47,836


(Cost $425,201)				507,413

Health Care – 17.3%

Abbott Laboratories		6,325		751,220

AbbVie, Inc.		6,479		1,185,203

Agilent Technologies, Inc.		1,050		144,869

Alnylam Pharmaceuticals, Inc. *		469		118,690

Amgen, Inc.		1,969		556,971

Argenx SE, ADR *		218		134,408

Astellas Pharma, Inc.		6,300		65,502

Avantor, Inc. *		2,439		51,365

Biogen, Inc. *		531		85,295

BioMarin Pharmaceutical, Inc. *		714		47,145

Boston Scientific Corp. *		5,388		488,476

Bristol-Myers Squibb Co.		7,440		440,597

CSL Ltd.		1,777		326,706

Danaher Corp.		2,413		578,372

Dexcom, Inc. *		1,417		110,512

GE HealthCare Technologies, Inc.		1,626		135,316

Gilead Sciences, Inc.		4,561		422,257

GSK PLC		13,913		236,083

Hikma Pharmaceuticals PLC		1,554		38,003

ICON PLC *		311		65,388

IDEXX Laboratories, Inc. *		297		125,260

Illumina, Inc. *		582		83,895

Incyte Corp. *		700		52,213

IQVIA Holdings, Inc. *		660		132,554

Labcorp Holdings, Inc.		308		74,277

Medtronic PLC		4,705		407,171

Mettler-Toledo International, Inc. *		77		96,342

Moderna, Inc. *		1,290		55,547

Ono Pharmaceutical Co. Ltd.		3,100		35,751

Pfizer, Inc.		20,797		545,089

Pro Medicus Ltd.		310		50,869

Quest Diagnostics, Inc.		407		66,203

Regeneron Pharmaceuticals, Inc. *		389		291,836

ResMed, Inc.		535		133,226

Royalty Pharma PLC, Class A		1,395		37,191

Takeda Pharmaceutical Co. Ltd.		5,700		154,963

Teva Pharmaceutical Industries Ltd. *		4,135		67,979

Thermo Fisher Scientific, Inc.		1,402		742,541

Veeva Systems, Inc., Class A *		541		123,267

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


Vertex Pharmaceuticals, Inc. *		945		442,383

Waters Corp. *		218		83,869

Zoetis, Inc.		1,661		291,090


(Cost $9,924,947)				10,075,894

Industrials – 13.7%

AMETEK, Inc.		846		164,445

Atlas Arteria Ltd. (a)		11,411		35,682

Auckland International Airport Ltd.		9,016		41,387

Automatic Data Processing, Inc.		1,494		458,553

BAE Systems PLC		10,971		171,101

Boeing Co. *		2,740		425,906

Broadridge Financial Solutions, Inc.		426		100,545

CAE, Inc. *		2,244		52,744

Carrier Global Corp.		3,075		237,913

Dover Corp.		501		103,156

Eaton Corp. PLC		1,447		543,233

Emerson Electric Co.		2,095		277,797

Expeditors International of Washington, Inc.		527		64,104

Experian PLC		3,371		160,720

Ferrovial SE		1,709		70,433

Fortive Corp.		1,268		100,590

GE Vernova, Inc. *		1,011		337,795

General Dynamics Corp.		1,003		284,862

Honeywell International, Inc.		2,385		555,538

Illinois Tool Works, Inc.		1,080		299,722

Ingersoll Rand, Inc.		1,477		153,859

Johnson Controls International PLC		2,443		204,870

L3Harris Technologies, Inc.		694		170,898

Leidos Holdings, Inc.		483		79,888

Lockheed Martin Corp.		869		460,057

Mainfreight Ltd.		894		38,738

Melrose Industries PLC		6,306		46,040

Northrop Grumman Corp.		534		261,473

PACCAR, Inc.		1,891		221,247

Parker-Hannifin Corp.		470		330,363

Rockwell Automation, Inc.		416		122,778

Rolls-Royce Holdings PLC *		30,620		217,405

RTX Corp.		4,882		594,774

Smiths Group PLC		1,959		44,098

SS&C Technologies Holdings, Inc.		788		60,944

Textron, Inc.		692		59,256

Thomson Reuters Corp.		498		81,251

TransDigm Group, Inc.		201		251,847

Transurban Group (a)		11,523		96,085


(Cost $7,026,398)				7,982,097

Information Technology – 35.6%


	Number of Shares		Value $


Adobe, Inc. *		1,610		830,647

Akamai Technologies, Inc. *		546		51,335

Amdocs Ltd.		452		39,197

Analog Devices, Inc.		1,818		396,415

ANSYS, Inc. *		319		112,001

Applied Materials, Inc.		3,017		527,100

Arista Networks, Inc. *		944		383,094

Atlassian Corp., Class A *		576		151,822

Autodesk, Inc. *		786		229,433

Cadence Design Systems, Inc. *		997		305,890

Capgemini SE		628		100,754

Cellebrite DI Ltd. *		2,183		44,053

CGI, Inc.		733		82,967

Check Point Software Technologies Ltd. *		322		58,604

Cisco Systems, Inc.		14,598		864,348

Cloudflare, Inc., Class A *		1,096		109,414

Cognizant Technology Solutions Corp., Class A		1,817		146,250

Constellation Software, Inc.		72		243,445

Crowdstrike Holdings, Inc., Class A *		839		290,269

CyberArk Software Ltd. *		151		48,850

Datadog, Inc., Class A *		1,078		164,665

Dell Technologies, Inc., Class C		1,133		144,560

Enphase Energy, Inc. *		506		36,103

Fair Isaac Corp. *		87		206,628

Fortinet, Inc. *		2,317		220,231

Gen Digital, Inc.		2,049		63,212

Halma PLC		1,378		47,431

Hewlett Packard Enterprise Co.		4,748		100,753

HubSpot, Inc. *		181		130,510

Intel Corp.		15,825		380,591

International Business Machines Corp.		3,392		771,375

Intuit, Inc.		1,003		643,655

Keysight Technologies, Inc. *		632		107,971

Lam Research Corp.		4,703		347,458

Microsoft Corp.		6,825		2,890,115

Monday.com Ltd. *		142		40,521

MongoDB, Inc. *		256		82,557

Motorola Solutions, Inc.		610		304,817

Nice Ltd. *		232		41,708

NVIDIA Corp.		20,904		2,889,978

Okta, Inc. *		600		46,536

Open Text Corp.		1,217		37,062

Oracle Corp.		5,942		1,098,319

Palantir Technologies, Inc., Class A *		7,393		495,922

Palo Alto Networks, Inc. *		1,190		461,506

Roper Technologies, Inc.		392		222,045

Sage Group PLC		3,794		63,270

Salesforce, Inc.		3,417		1,127,576

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2024 (Unaudited)


	Number of Shares		Value $


ServiceNow, Inc. *		753		790,228

Shopify, Inc., Class A *		4,437		512,862

Snowflake, Inc., Class A *		1,149		200,845

Synopsys, Inc. *		561		313,313

Teradyne, Inc.		586		64,460

Trimble, Inc. *		920		67,132

VeriSign, Inc. *		350		65,513

WiseTech Global Ltd.		642		53,575

Wix.com Ltd. *		230		51,460

Workday, Inc., Class A *		770		192,492

Xero Ltd. *		516		58,439

Zebra Technologies Corp., Class A *		188		76,516

Zoom Communications, Inc. *		955		78,969

Zscaler, Inc. *		353		72,926


(Cost $17,294,467)				20,781,693

Materials – 2.2%

BHP Group Ltd.		17,436		460,822

Croda International PLC		724		31,748

Dow, Inc.		2,642		116,803

DuPont de Nemours, Inc.		1,530		127,893

First Quantum Minerals Ltd. *		2,983		40,756

Freeport-McMoRan, Inc.		5,100		225,420

Fresnillo PLC		4,168		34,223

IGO Ltd.		10,464		33,061

Lundin Mining Corp.		3,716		36,466

Lynas Rare Earths Ltd. *		7,960		35,677

Northern Star Resources Ltd.		4,281		48,833

Orica Ltd.		3,141		37,057

Pilbara Minerals Ltd. *		20,218		31,479

South32 Ltd.		16,555		40,119


(Cost $1,353,964)				1,300,357

Real Estate – 0.2%

CoStar Group, Inc. *

(Cost $120,759)		1,488		121,034

Utilities – 4.9%

Algonquin Power & Utilities Corp.		7,977		39,596

American Electric Power Co., Inc.		1,952		194,927

Avangrid, Inc.		1,090		39,349

Constellation Energy Corp.		1,146		294,018


	Number of Shares		Value $


Dominion Energy, Inc.		3,080		180,950

Edison International		1,419		124,517

Emera, Inc.		1,090		41,587

Entergy Corp.		786		122,750

Exelon Corp.		3,680		145,581

FirstEnergy Corp.		2,089		88,887

Fortis, Inc.		1,816		81,179

Hydro One Ltd., 144A		1,181		38,623

Mercury NZ Ltd.		9,824		38,471

Meridian Energy Ltd.		10,833		39,795

National Grid PLC		17,658		222,781

NextEra Energy, Inc.		7,543		593,408

Northland Power, Inc.		2,386		34,610

PPL Corp.		2,701		94,346

Southern Co.		4,015		357,857

SSE PLC		3,898		87,770


(Cost $2,315,421)				2,861,002

TOTAL COMMON STOCKS


(Cost $51,346,479)				58,138,856

EXCHANGE-TRADED FUNDS – 0.1%

Xtrackers Artificial Intelligence and Big Data ETF * (b)(c)

(Cost $36,061)		1,200		41,076

SECURITIES LENDING COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (d)(e)

(Cost $3,475)		3,475		3,475

CASH EQUIVALENTS – 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.59% (d)

(Cost $69,965)		69,965		69,965

TOTAL INVESTMENTS – 99.8%

(Cost $51,455,980)				58,253,372

Other assets and liabilities, net – 0.2%				119,689


NET ASSETS – 100.0%				58,373,061

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2024 is as follows:


Value ($) at 5/31/2024		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2024		Value ($) at 11/30/2024

EXCHANGE-TRADED FUNDS – 0.1%

Xtrackers Artificial Intelligence and Big Data ETF * (b)(c)

	—		75,757		(41,419	)		1,723		5,015		—		—		1,200		41,076

SECURITIES LENDING COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.53% (d)(e)

	18,550		—		(15,075	) (f)		—		—		603		—		3,475		3,475

CASH EQUIVALENTS – 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.59% (d)

	68,548		594,461		(593,044	)		—		—		1,193		—		69,965		69,965

	87,098		670,218		(649,538	)		1,723		5,015		1,796		—		74,640		114,516

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2024 amounted to $3,423, which is 0.0% of net assets.

(c)	Affiliated fund advised by DBX Advisors LLC.

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

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

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2024.


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

At November 30, 2024, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized

Appreciation ($)

MicroE-mini NASDAQ 100 futures

USD

122,870

125,961

12/20/2024

3,091

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.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2024 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	58,138,856	$	—	$	—	$	58,138,856

Exchange-Traded Funds		41,076		—		—		41,076

Short-Term Investments (a)		73,440		—		—		73,440

Derivatives (b)

Futures Contracts		3,091		—		—		3,091

TOTAL	$	58,256,463	$	—	$	—	$	58,256,463

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

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

See Notes to Financial Statements.

24 | DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2024 (Unaudited)


	Xtrackers Artificial Intelligence and Big Data ETF		Xtrackers Cybersecurity Select Equity ETF		Xtrackers International Real Estate ETF			Xtrackers Semiconductor Select Equity ETF

Assets
Investment in non-affiliated securities at value	$	15,308,996	$	6,832,692	$	729,266,956		$	6,853,066
Investment in affiliated securities at value		13,990		—		—			—
Investment in DWS Government Money Market Series		9,380		1,080		1,670,408			765
Investment in DWS Government & Agency Securities Portfolio*		—		—		44,313,363			19,625
Foreign currency at value		2,418		1,583		3,099,860			1,092
Deposit with broker for futures contracts		—		—		456,670			—

Receivables:
Investment securities sold		—		—		1,084,566			—
Capital shares		—		—		1,718			—
Variation margin on futures contracts		—		—		18,693			—
Dividends		3,727		2,941		2,333,890			7,032
Interest		67		3		6,772			7
Affiliated securities lending income		—		5		50,403			2
Foreign tax reclaim		—		559		368,892			—
Total assets	$	15,338,578	$	6,838,863	$	782,672,191		$	6,881,589

Liabilities
Payable upon return of securities loaned	$	—	$	—	$	44,313,363		$	19,625

Payables:
Investment securities purchased		—		—		1,306,481			—
Capital shares		291		—		—			—
Investment advisory fees		2,952		1,101		60,245			868
Deferred foreign tax		—		—		621,006			—
Total liabilities		3,243		1,101		46,301,095			20,493
Net Assets, at value	$	15,335,335	$	6,837,762	$	736,371,096		$	6,861,096

Net Assets Consist of
Paid-in capital	$	14,376,289	$	5,322,752	$	858,548,671		$	5,708,806
Distributable earnings (loss)		959,046		1,515,010		(122,177,575	)		1,152,290
Net Assets, at value	$	15,335,335	$	6,837,762	$	736,371,096		$	6,861,096
Number of Common Shares outstanding		450,001		200,001		34,400,001			225,001
Net Asset Value	$	34.08	$	34.19	$	21.41		$	30.49

Investment in non-affiliated securities at cost	$	14,361,539	$	5,580,764	$	789,688,173		$	6,188,670
Investment in affiliated securities at cost	$	13,628	$	—	$	—		$	—
Value of securities loaned	$	—	$	—	$	41,769,988		$	19,395
Investment in DWS Government Money Market Series at cost	$	9,380	$	1,080	$	1,670,408		$	765
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	—	$	44,313,363		$	19,625
Foreign currency at cost	$	2,403	$	1,600	$	3,090,995		$	1,083

* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 25

Statements of Assets and Liabilities (Continued)

November 30, 2024 (Unaudited)


	Xtrackers US Green Infrastructure Select Equity ETF			Xtrackers US National Critical Technologies ETF

Assets
Investment in non-affiliated securities at value	$	4,414,152		$	58,138,856
Investment in affiliated securities at value		—			41,076
Investment in DWS Government Money Market Series		1,189			69,965
Investment in DWS Government & Agency Securities Portfolio*		1,230,341			3,475
Foreign currency at value		—			22,031
Deposit with broker for futures contracts		—			7,342

Receivables:
Variation margin on futures contracts		—			1,067
Dividends		1,940			108,421
Interest		6			312
Affiliated securities lending income		2,885			238
Total assets	$	5,650,513		$	58,392,783

Liabilities
Payable upon return of securities loaned	$	1,230,341		$	3,475

Payables:
Investment advisory fees		1,209			16,247
Total liabilities		1,231,550			19,722
Net Assets, at value	$	4,418,963		$	58,373,061

Net Assets Consist of
Paid-in capital	$	5,685,375		$	51,409,916
Distributable earnings (loss)		(1,266,412	)		6,963,145
Net Assets, at value	$	4,418,963		$	58,373,061
Number of Common Shares outstanding		225,001			1,800,001
Net Asset Value	$	19.64		$	32.43

Investment in non-affiliated securities at cost	$	4,570,210		$	51,346,479
Investment in affiliated securities at cost	$	—		$	36,061
Value of securities loaned	$	1,204,964		$	3,423
Investment in DWS Government Money Market Series at cost	$	1,189		$	69,965
Investment in DWS Government & Agency Securities Portfolio at cost*	$	1,230,341		$	3,475
Foreign currency at cost	$	—		$	21,793

* Represents collateral on securities loaned.

See Notes to Financial Statements.

26 | DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2024 (Unaudited)


	Xtrackers Artificial Intelligence and Big Data ETF⁽¹⁾			Xtrackers Cybersecurity Select Equity ETF			Xtrackers International Real Estate ETF			Xtrackers Semiconductor Select Equity ETF

Investment Income
Unaffiliated dividend income*	$	20,699		$	12,006		$	12,151,133		$	43,155
Income distributions from affiliated funds		156			60			40,307			110
Affiliated securities lending income		—			492			234,143			7
Total investment income		20,855			12,558			12,425,583			43,272

Expenses
Investment advisory fees		8,117			6,255			396,686			5,765
Other expenses		—			58			403			58
Total expenses		8,117			6,313			397,089			5,823
Less fees waived (see note 3):
Waiver		(4	)		(2	)		(28,903	)		(3	)
Net expenses		8,113			6,311			368,186			5,820
Net investment income (loss)		12,742			6,247			12,057,397			37,452

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(1,695	)		12,769			(11,866,671	)		31,754
In-kind redemptions		—			266,135			1,626,694			406,817
Futures contracts		—			—			24,853			—
Foreign currency transactions		177			(764	)		(39,690	)		(1,442	)
Net realized gain (loss)		(1,518	)		278,140			(10,254,814	)		437,129
Net change in unrealized appreciation (depreciation) on:
Investments***		947,457			941,750			21,361,795			(1,125,212	)
Investments in affiliates		362			—			—			—
Futures contracts		—			—			124,075			—
Foreign currency translations		3			(47	)		6,383			(145	)
Net change in unrealized appreciation (depreciation)		947,822			941,703			21,492,253			(1,125,357	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		946,304			1,219,843			11,237,439			(688,228	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	959,046		$	1,226,090		$	23,294,836		$	(650,776	)

* Unaffiliated foreign tax withheld	$	669		$	1,137		$	1,211,092		$	4,407
** Including foreign taxes	$	—		$	—		$	40,056		$	—
*** Net of change in deferred foreign taxes	$	—		$	—		$	(64,511	)	$	—

(1) For the period August 2, 2024 (commencement of operations) through November 30, 2024.

See Notes to Financial Statements.

DBX ETF Trust | 27

Statements of Operations (Continued)

For the Six Months Ended November 30, 2024 (Unaudited)


	Xtrackers US Green Infrastructure Select Equity ETF			Xtrackers US National Critical Technologies ETF

Investment Income
Unaffiliated dividend income*	$	17,074		$	447,196
Income distributions from affiliated funds		57			1,193
Affiliated securities lending income		19,089			603
Total investment income		36,220			448,992

Expenses
Investment advisory fees		7,478			92,547
Other expenses		58			44
Total expenses		7,536			92,591
Less fees waived (see note 3):
Waiver		(1	)		(74	)
Net expenses		7,535			92,517
Net investment income (loss)		28,685			356,475

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(499,881	)		(246,286	)
Investments in affiliates		—			1,723
In-kind redemptions		129,354			257,408
Futures contracts		—			12,068
Foreign currency transactions		—			121
Net realized gain (loss)		(370,527	)		25,034
Net change in unrealized appreciation (depreciation) on:

Investments		246,782			5,113,552
Investments in affiliates		—			5,015
Futures contracts		—			2,688
Foreign currency translations		—			(348	)
Net change in unrealized appreciation (depreciation)		246,782			5,120,907
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(123,745	)		5,145,941
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(95,060	)	$	5,502,416

* Unaffiliated foreign tax withheld	$	321		$	5,106

See Notes to Financial Statements.

28 | DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Artificial Intelligence and Big Data ETF			Xtrackers Cybersecurity Select Equity ETF
	For the Period August 2, 2024⁽¹⁾to November 30, 2024 (Unaudited)			For the Six Months Ended November 30, 2024 (Unaudited)			For the Period July 13, 2023⁽¹⁾to May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	12,742		$	6,247		$	38,751
Net realized gain (loss)		(1,518	)		278,140			344,941
Net change in net unrealized appreciation (depreciation)		947,822			941,703			310,047
Net increase (decrease) in net assets resulting from operations		959,046			1,226,090			693,739
Distributions to Shareholders		—			(3,598	)		(40,336	)

Fund Shares Transactions
Proceeds from shares sold		14,376,259			789,866			6,436,453
Value of shares redeemed		—			(829,983	)		(1,434,494	)
Net increase (decrease) in net assets resulting from fund share transactions		14,376,259			(40,117	)		5,001,959
Total net increase (decrease) in Net Assets		15,335,305			1,182,375			5,655,362

Net Assets
Beginning of period		30			5,655,387			25
End of period	$	15,335,335		$	6,837,762		$	5,655,387

Changes in Shares Outstanding
Shares outstanding, beginning of period		1			200,001			1
Shares sold		450,000			25,000			250,000
Shares redeemed		—			(25,000	)		(50,000	)
Shares outstanding, end of period		450,001			200,001			200,001

(1) Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust | 29

Statements of Changes in Net Assets (Continued)


	Xtrackers International Real Estate ETF						Xtrackers Semiconductor Select Equity ETF
	For the Six Months Ended November 30, 2024 (Unaudited)			Year Ended May 31, 2024			For the Six Months Ended November 30, 2024 (Unaudited)			For the Period July 13, 2023⁽¹⁾to May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	12,057,397		$	24,747,681		$	37,452		$	49,403
Net realized gain (loss)		(10,254,814	)		(21,539,092	)		437,129			36,654
Net change in net unrealized appreciation (depreciation)		21,492,253			51,903,689			(1,125,357	)		1,789,576
Net increase (decrease) in net assets resulting from operations		23,294,836			55,112,278			(650,776	)		1,875,633
Distributions to Shareholders		(14,229,852	)		(22,772,407	)		(41,263	)		(31,304	)
Fund Shares Transactions
Proceeds from shares sold		33,005,355			116,414,059			1,513,492			5,818,749
Value of shares redeemed		(7,414,318	)		(6,807,337	)		(1,623,460	)		—
Net increase (decrease) in net assets resulting from fund share transactions		25,591,037			109,606,722			(109,968	)		5,818,749
Total net increase (decrease) in Net Assets		34,656,021			141,946,593			(802,007	)		7,663,078
Net Assets
Beginning of period		701,715,075			559,768,482			7,663,103			25
End of period	$	736,371,096		$	701,715,075		$	6,861,096		$	7,663,103

Changes in Shares Outstanding
Shares outstanding, beginning of period		33,200,001			27,800,001			225,001			1
Shares sold		1,550,000			5,750,000			50,000			225,000
Shares redeemed		(350,000	)		(350,000	)		(50,000	)		–
Shares outstanding, end of period		34,400,001			33,200,001			225,001			225,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

30 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers US Green Infrastructure Select Equity ETF						Xtrackers US National Critical Technologies ETF
	For the Six Months Ended November 30, 2024 (Unaudited)			For the Period July 13, 2023⁽¹⁾to May 31, 2024			For the Six Months Ended November 30, 2024 (Unaudited)			For the Period November 16, 2023⁽¹⁾to May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	28,685		$	29,598		$	356,475		$	186,903
Net realized gain (loss)		(370,527	)		(717,287	)		25,034			344,955
Net change in net unrealized appreciation (depreciation)		246,782			(402,840	)		5,120,907			1,679,399
Net increase (decrease) in net assets resulting from operations		(95,060	)		(1,090,529	)		5,502,416			2,211,257
Distributions to Shareholders		(19,492	)		(24,484	)		(301,513	)		(80,354	)
Fund Shares Transactions
Proceeds from shares sold		470,566			6,246,667			10,805,695			43,302,231
Value of shares redeemed		(460,728	)		(608,002	)		(1,610,044	)		(1,456,652	)
Net increase (decrease) in net assets resulting from fund share transactions		9,838			5,638,665			9,195,651			41,845,579
Total net increase (decrease) in Net Assets		(104,714	)		4,523,652			14,396,554			43,976,482
Net Assets
Beginning of period		4,523,677			25			43,976,507			25
End of period	$	4,418,963		$	4,523,677		$	58,373,061		$	43,976,507

Changes in Shares Outstanding
Shares outstanding, beginning of period		225,001			1			1,500,001			1
Shares sold		25,000			250,000			350,000			1,550,000
Shares redeemed		(25,000	)		(25,000	)		(50,000	)		(50,000	)
Shares outstanding, end of period		225,001			225,001			1,800,001			1,500,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust | 31

Financial Highlights

Xtrackers Artificial Intelligence and Big Data ETF


	Period Ended 11/30/2024(a) (Unaudited)

Selected Per Share Data
Net Asset Value, beginning of period		$	30.00
Income (loss) from investment operations:
Net investment income (loss)(b)			0.06
Net realized and unrealized gain (loss)			4.02
Total from investment operations			4.08
Net Asset Value, end of period		$	34.08
Total Return (%)(c)			13.59	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)			15
Ratio of expenses before fee waiver (%)			0.35	*
Ratio of expenses after fee waiver (%)			0.35	*
Ratio of net investment income (loss) (%)			0.55	*
Portfolio turnover rate (%)(d)			0	**(e)

(a)	For the period August 2, 2024 (commencement of operations) through November 30, 2024.

(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)	Amount is less than 0.5%.

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

32 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Cybersecurity Select Equity ETF


	For the Six Months Ended 11/30/2024 (Unaudited)			Period Ended 5/31/2024(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	28.28		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.03			0.19
Net realized and unrealized gain (loss)		5.90			3.29
Total from investment operations		5.93			3.48
Less distributions from:
Net investment income		(0.02	)		(0.17	)
Net realized gains		–			(0.03	)
Total from distributions		(0.02	)		(0.20	)
Net Asset Value, end of period	$	34.19		$	28.28
Total Return (%)(c)		20.98	**		13.87	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			6
Ratio of expenses before fee waiver (%)		0.20	*		0.20	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20	*
Ratio of net investment income (loss) (%)		0.20	*		0.78	*
Portfolio turnover rate (%)(d)		18	**		41	**

(a)	For the period July 13, 2023 (commencement of operations) through May 31, 2024.

(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.

DBX ETF Trust | 33

Financial Highlights (Continued)

Xtrackers International Real Estate ETF


	For the Six			Years Ended May 31,
	Months Ended 11/30/2024 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	21.14		$	20.14		$	24.67		$	29.15		$	22.85		$	27.84
Income (loss) from investment operations:
Net investment income (loss)(a)		0.35			0.80			0.80			0.92			0.92			0.84
Net realized and unrealized gain (loss)		0.35			0.97			(4.91	)		(4.05	)		6.28			(4.74	)
Total from investment operations		0.70			1.77			(4.11	)		(3.13	)		7.20			(3.90	)
Less distributions from:
Net investment income		(0.43	)		(0.77	)		(0.42	)		(1.35	)		(0.90	)		(1.09	)
Total from distributions		(0.43	)		(0.77	)		(0.42	)		(1.35	)		(0.90	)		(1.09	)
Net Asset Value, end of period	$	21.41		$	21.14		$	20.14		$	24.67		$	29.15		$	22.85
Total Return (%)(b)		3.44	**		8.91			(16.76	)		(11.26	)		32.15			(14.80	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		736			702			560			559			458			231
Ratio of expenses before fee waiver (%)		0.11	*		0.12			0.12			0.12			0.12			0.12
Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.10			0.10			0.10			0.10
Ratio of net investment income (loss) (%)		3.27	*		3.86			3.70			3.38			3.55			3.21
Portfolio turnover rate (%)(c)		5	**		15			8			17			9			12

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

34 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Semiconductor Select Equity ETF


	For the Six Months Ended 11/30/2024 (Unaudited)			Period Ended 5/31/2024(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	34.06		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.16			0.24
Net realized and unrealized gain (loss)		(3.56	)		8.98
Total from investment operations		(3.40	)		9.22
Less distributions from:
Net investment income		(0.17	)		(0.16	)
Total from distributions		(0.17	)		(0.16	)
Net Asset Value, end of period	$	30.49		$	34.06
Total Return (%)(c)		(10.00	)**		36.98	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			8
Ratio of expenses before fee waiver (%)		0.15	*		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15	*
Ratio of net investment income (loss) (%)		0.97	*		0.99	*
Portfolio turnover rate (%)(d)		9	**		18	**

(a)	For the period July 13, 2023 (commencement of operations) through May 31, 2024.

(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.

DBX ETF Trust | 35

Financial Highlights (Continued)

Xtrackers US Green Infrastructure Select Equity ETF


	For the Six Months Ended 11/30/2024 (Unaudited)			Period Ended 5/31/2024(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	20.11		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.13			0.13
Net realized and unrealized gain (loss)		(0.51	)		(4.91	)
Total from investment operations		(0.38	)		(4.78	)
Less distributions from:
Net investment income		(0.09	)		(0.11	)
Total from distributions		(0.09	)		(0.11	)
Net Asset Value, end of period	$	19.64		$	20.11
Total Return (%)		(1.87	)**(c)		(19.15	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4			5
Ratio of expenses before fee waiver (%)		0.35	*		0.35	*
Ratio of expenses after fee waiver (%)		0.35	*		0.35	*
Ratio of net investment income (loss) (%)		1.34	*		0.74	*
Portfolio turnover rate (%)(d)		27	**		55	**

(a)	For the period July 13, 2023 (commencement of operations) through May 31, 2024.

(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.

36 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers US National Critical Technologies ETF


	For the Six Months Ended 11/30/2024 (Unaudited)			Period Ended 5/31/2024(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	29.32		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.21			0.23
Net realized and unrealized gain (loss)		3.08			4.19
Total from investment operations		3.29			4.42
Less distributions from:
Net investment income		(0.18	)		(0.10	)
Total from distributions		(0.18	)		(0.10	)
Net Asset Value, end of period	$	32.43		$	29.32
Total Return (%)(c)		11.26	**		17.70	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		58			44
Ratio of expenses before fee waiver (%)		0.35	*		0.35	*
Ratio of expenses after fee waiver (%)		0.35	*		0.35	*
Ratio of net investment income (loss) (%)		1.35	*		1.50	*
Portfolio turnover rate (%)(d)		6	**		6	**

(a)	For the period November 16, 2023 (commencement of operations) through May 31, 2024.

(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.

DBX ETF Trust | 37

Notes to Financial Statements (Unaudited)

1. Organization

Xtrackers Artificial Intelligence and Big Data ETF

Xtrackers Cybersecurity Select Equity ETF

Xtrackers International Real Estate ETF

Xtrackers Semiconductor Select Equity ETF

Xtrackers US Green Infrastructure Select Equity ETF

Xtrackers US National Critical Technologies ETF

Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US Green Infrastructure Select Equity ETF offer shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF offer 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 25,000 shares, except for Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF which lots consist of 50,000 shares, Xtrackers Artificial Intelligence and Big Data ETF which lots consist of 10,000 shares each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of the shares may acquire those shares from the Fund, or tender such shares for redemption to the Fund, in Creation Units only.


Fund		Underlying Index

Xtrackers Artificial Intelligence and Big Data ETF		Nasdaq Global Artificial Intelligence and Big Data Index

Xtrackers Cybersecurity Select Equity ETF		Solactive Cyber Security ESG Screened Index

Xtrackers International Real Estate ETF		iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index

Xtrackers Semiconductor Select Equity ETF		Solactive Semiconductor ESG Screened Index

Xtrackers US Green Infrastructure Select Equity ETF		Solactive United States Green Infrastructure ESG Screened Index

Xtrackers US National Critical Technologies ETF		Solactive Whitney U.S. Critical Technologies Index

Nasdaq Global Artificial Intelligence and Big Data Index is comprised of a selection of companies engaged in the sub-themes of deep learning, image recognition, natural language processing (NLP), speech recognition & chatbots, big data, cloud computing and cybersecurity. The Underlying Index is rebalanced semi-annually.

The Solactive Cyber Security ESG Screened Index is comprised of companies that have business operations in the field of cybersecurity and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. The Underlying Index is rebalanced quarterly.

The Solactive Semiconductor ESG Screened Index is comprised of companies that have business operations in the semiconductor industry and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

The Solactive United States Green Infrastructure ESG Screened Index which is comprised of companies that have business exposure in the production, generation, or distribution of green energy or are engaged in the establishment of a sustainable infrastructure to enable the use of renewable energy and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

38 | DBX ETF Trust

Solactive Whitney U.S. Critical Technologies Index is a market-capitalization weighted index, subject to caps on the weighting of individual companies, that is designed to track companies that support critical emerging technologies across the U.S. and its allies by selecting companies from a defined investment universe that satisfy key criteria related to their association with critical technology sectors and their geopolitical risk rating. The Underlying Index is rebalanced on the last Thursday of the months of January, April, July and October.

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 International Real Estate ETF is a diversified series of the Trust. Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies 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. The Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.

Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange and the Nasdaq, 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.

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.

DBX ETF Trust | 39

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.

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

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2024 (or since the Fund’s inception if the Fund commenced operations less than four years prior to May 31, 2024), remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

40 | DBX ETF Trust


	Short-Term		Long-Term		Total Amount

Xtrackers International Real Estate ETF	$	5,043,173	$	22,243,338	$	27,286,511

Xtrackers US Green Infrastructure Select Equity ETF		735,026		—		735,026


	Aggregate Tax Cost			Net Unrealized Appreciation (Depreciation)				Aggregate Gross Unrealized Appreciation			Aggregate Gross Unrealized (Depreciation)

Xtrackers Cybersecurity Select Equity ETF		$	5,479,200		$	288,904			$	713,770		$	(424,866	)

Xtrackers International Real Estate ETF			844,050,308			(117,061,081	)			40,505,463			(157,566,544	)

Xtrackers Semiconductor Select Equity ETF			5,864,812			1,788,597				1,911,723			(123,126	)

Xtrackers US Green Infrastructure Select Equity ETF			5,543,698			(421,948	)			464,738			(886,686	)

Xtrackers US National Critical Technologies ETF			42,225,151			1,640,614				3,259,093			(1,618,479	)

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

Securities Lending National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, for Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF, lends securities of the Funds to certain financial institutions under the terms of its 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 either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2024, 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 (0.13% annualized effective rate as of November 30, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice,

DBX ETF Trust | 41

is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of November 30, 2024
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total

Xtrackers International Real Estate ETF

Common Stocks	$	44,313,363	$	—	$	—	$	—	$	44,313,363

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	44,313,363

Xtrackers Semiconductor Select Equity ETF

Exchange-Traded Funds	$	19,625	$	—	$	—	$	—	$	19,625

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	19,625

Xtrackers US Green Infrastructure Select Equity ETF

Common Stocks	$	1,230,341	$	—	$	—	$	—	$	1,230,341

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,230,341

Xtrackers US National Critical Technologies ETF

Exchange-Traded Funds	$	3,475	$	—	$	—	$	—	$	3,475

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	3,475

As of November 30, 2024, Xtrackers Artificial Intelligence and Big Data ETF and Xtrackers Cybersecurity Select Equity 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 period ended November 30, 2024, the Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies 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 November 30, 2024 is included in a table following the Funds’ Schedule of Investments.

42 | DBX ETF Trust

The following table summarizes the value of the Funds’ derivative instruments held as of November 30, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


	Asset Derivatives			Liability Derivatives

Xtrackers International Real Estate ETF

Equity contracts	Unrealized appreciation on futures contracts*	$	238,143	Unrealized depreciation on futures contracts*	$	40,011

	Total	$	238,143	Total	$	40,011


Xtrackers US National Critical Technologies ETF

Equity contracts	Unrealized appreciation on futures contracts*	$	3,091	Unrealized depreciation on futures contracts*	$	—

	Total	$	3,091	Total	$	—


Net Realized Gain (Loss) from:	Futures Contracts – Equity Contracts

Xtrackers International Real Estate ETF	$	24,853

Xtrackers US National Critical Technologies ETF		12,068


Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts – Equity Contracts

Xtrackers International Real Estate ETF	$	124,075

Xtrackers US National Critical Technologies ETF		2,688

For the period ended November 30, 2024 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)

Xtrackers International Real Estate ETF	$	6,796,387

Xtrackers US National Critical Technologies ETF		72,867

3. Investment Advisory and Other Agreements

DBX ETF Trust | 43

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, (through August 12, 2024 for the Xtrackers International Real Estate ETF) computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory Fee

Xtrackers Artificial Intelligence and Big Data ETF		0.35%

Xtrackers Cybersecurity Select Equity ETF		0.20%

Xtrackers International Real Estate ETF		0.12%

Xtrackers Semiconductor Select Equity ETF		0.15%

Xtrackers US Green Infrastructure Select Equity ETF		0.35%

Xtrackers US National Critical Technologies ETF		0.35%

Effective August 13, 2024, for its investment advisory services to the Fund below, the Advisor was entitled to receive a unitary advisory fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory Fee

Xtrackers International Real Estate ETF		0.10%

The Advisor for the Xtrackers International Real Estate ETF had contractually agreed, until August 12, 2024, 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 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 period ended November 30, 2024, the Advisor waived $27,976 of the expenses of 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 period ended November 30, 2024, the Advisor waived expenses of the Funds as follows:


	Expenses Waived

Xtrackers Artificial Intelligence and Big Data ETF	$	4

Xtrackers Cybersecurity Select Equity ETF		2

Xtrackers International Real Estate ETF		927

Xtrackers Semiconductor Select Equity ETF		3

Xtrackers US Green Infrastructure Select Equity ETF		1

Xtrackers US National Critical Technologies ETF		74

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

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

44 | DBX ETF Trust

4. Investment Portfolio Transactions

For the period ended November 30, 2024, 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 Artificial Intelligence and Big Data ETF	$	5,275,802	$	34,119

Xtrackers Cybersecurity Select Equity ETF		1,105,978		1,107,552

Xtrackers International Real Estate ETF		36,048,813		32,875,295

Xtrackers Semiconductor Select Equity ETF		698,254		649,368

Xtrackers US Green Infrastructure Select Equity ETF		1,179,158		1,217,355

Xtrackers US National Critical Technologies ETF		3,261,416		3,302,189

For the period ended November 30, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales

Xtrackers Artificial Intelligence and Big Data ETF	$	9,135,179	$	—

Xtrackers Cybersecurity Select Equity ETF		771,400		807,947

Xtrackers International Real Estate ETF		27,257,024		6,140,791

Xtrackers Semiconductor Select Equity ETF		1,300,119		1,461,668

Xtrackers US Green Infrastructure Select Equity ETF		470,580		412,634

Xtrackers US National Critical Technologies ETF		10,804,932		1,495,511

5. Fund Share Transactions

As of November 30, 2024, 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. Concentration of Ownership


	Approximate Percent of Outstanding Shares Held

Xtrackers Artificial Intelligence and Big Data ETF		27	%

Xtrackers Cybersecurity Select Equity ETF		78	%

Xtrackers Semiconductor Select Equity ETF		58	%

Xtrackers US Green Infrastructure Select Equity ETF		89	%

Xtrackers US National Critical Technologies ETF		59	%

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF, and certain other funds managed by the Advisor to borrow up to $105 million. The 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

DBX ETF Trust | 45

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 November 30, 2024.

46 | DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers Artificial Intelligence and Big Data 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 May 8, 2024, 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 Artificial Intelligence and Big Data ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

DBX ETF Trust | 47

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

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.

48 | DBX ETF Trust

LOGO

(b)

The Financial Highlights are included with the Financial Statements under Item 7(a).

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not Applicable. The Independent Trustees are paid by the Advisor out of the unitary advisory fee. See Note 3 to the Financial Statements under Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16. Controls and Procedures.

(a)	The registrant’s principal executive officer and principal financial officer have 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 were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.


(a)(1)		Not Applicable.

(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/ Arne Noack
		Arne Noack
		Principal Executive Officer

Date January 31, 2025

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/ Arne Noack
		Arne Noack
		Principal Executive Officer

Date January 31, 2025

By (Signature and Title)		/s/ Diane Kenneally
		Diane Kenneally
		Principal Financial Officer

Date January 31, 2025