DBX ETF TRUST (Form: N-CSRS, Received: 02/04/2020 12:06:02)

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

One International Place

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, 2019

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

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

Item 1.

Reports to Stockholders.

The Report to Shareholders is attached herewith.

November 30, 2019

Semi-Annual Report

DBX ETF Trust

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

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		2
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3
Xtrackers MSCI Europe Hedged Equity ETF		4
Xtrackers MSCI Eurozone Hedged Equity ETF		5
Xtrackers MSCI Germany Hedged Equity ETF		6
Xtrackers MSCI Japan Hedged Equity ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		9
Xtrackers MSCI Emerging Markets Hedged Equity ETF		36
Xtrackers MSCI Europe Hedged Equity ETF		57
Xtrackers MSCI Eurozone Hedged Equity ETF		65
Xtrackers MSCI Germany Hedged Equity ETF		74
Xtrackers MSCI Japan Hedged Equity ETF		77
Statements of Assets and Liabilities		82
Statements of Operations		84
Statements of Changes in Net Assets		86
Financial Highlights		89
Notes to Financial Statements		92
Additional Information		103
Privacy Policy Notice		104

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for 6 of our currency-hedged equity ETFs for the period ended November 30, 2019.

Global economic majors together curved towards a slowdown owing to restricted cross border trade and political instability. Lower unemployment and government investments in all these regions, on the other hand, spurred domestic demand. The U.S. GDP¹ avoided a steep fall, as proportionate interest rate cuts were made by the U.S. Federal Reserve (FRB) when they sensed a sizeable risk. Elsewhere, the Euro area more than halved its already low growth levels as its biggest member nation, Germany, lost steam amid sliding external supply. Trade tensions hovered around developed and emerging economies alike, and Brexit² uncertainties continued to be a major risk for the U.K.

The double booster of lower unemployment levels and a cumulative 0.75% rate cut provided by the FRB during the review period were the drivers for increased consumer spending, which, in turn, was the main reason behind a resolute GDP. Inflation in the U.S. floated just short of target, nevertheless maintaining a stable level despite lingering risks. The U.S. equity markets added to the sentiment by racing ahead to reach all-time highs on the prospects of future cash flows. While the trade sanctions may have caused a set of instabilities in external demand, it in turn led to the reduction of the U.S. trade deficit substantially.

The Eurozone region fell prey to all the headwinds that were faced globally — trade tensions, political banter and most importantly, Brexit. The export reliant region, saw a blanket reduction in external demand, which was thankfully countered by upticks in domestic spending. Germany avoided a technical recession as GDP numbers rebounded mid-cycle to the positive territory, benefiting from an increase in construction, as well as private and public consumption. Elsewhere, meagre fixed investment in the country held back growth potential in France, while hazardous debt levels in Italy were a widely discussed concern. Meanwhile, in the U.K., inflation was pulled down to a multi-year low with a slowdown in housing and utility prices, mainly due to a cap introduced by regulators on electricity and gas costs.

China’s expansion was at a multi-decade low surrounded by targeted sanctions and shrinking wages. Despite the slowing economy and weaker currency, Chinese stock markets were steadily anchored by continuing international flows and a comeback of retail investors who identified value in certain stocks. However, the possibility of a trade agreement between China and the U.S. was sufficient to resurge business confidence. Despite Japanese policy makers having tried all known approaches to revive growth, an increase in natural calamities contracted manufacturing PMIs³ in Japan, hurting economic expansion.

Drivers of growth are estimated to be in short supply, and the risks still remain; policy makers and administrators have taken note and have agreed to unanimously counter slowing global growth. With the European Central Bank’s promise of a continuation of asset purchases, the Bank of Japan considering steeper negative rates, success of a Brexit friendly conservative party recent elections and a possible agreement between the U.S. and China should restore confidence among investors. Given the economic backdrop of an uncertain environment, hedging currency exposure would play a significant role in managing investments.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹GDP provides an economic snapshot of a country, used to estimate the size of an economy by summing the monetary value of all finished goods and services made within a country during a specific period.

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

³ Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.

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

DBX ETF Trust

Portfolio Summary (Unaudited)

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

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

Ten Largest Equity Holdings
as of November 30, 2019 (10.4% of Net Assets)



Description	% of Net Assets
Alibaba Group Holding Ltd. (China)		1.5%
Nestle SA (Switzerland)		1.4%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.1%
Tencent Holdings Ltd. (China)		1.1%
Royal Dutch Shell PLC (Netherlands)		1.0%
Samsung Electronics Co. Ltd. (South Korea)		1.0%
Roche Holding AG (Switzerland)		1.0%
Novartis AG (Switzerland)		0.9%
Toyota Motor Corp. (Japan)		0.7%
HSBC Holdings PLC (United Kingdom)		0.7%

Country Diversification* as of November 30, 2019


Japan			16.6%
United Kingdom			9.7%
China			8.0%
France			7.4%
Canada			6.8%
Switzerland			6.4%
Germany			5.8%
Australia			4.7%
Netherlands			3.3%
Hong Kong			3.2%
Taiwan			3.2%
South Korea			3.1%
India			2.4%
Other			19.4%

Total			100.0%

Sector Diversification* as of November 30, 2019


Financials			21.3%
Industrials			12.2%
Consumer Discretionary			11.9%
Consumer Staples			9.7%
Information Technology			9.1%
Health Care			8.9%
Materials			7.3%
Communication Services			6.6%
Energy			6.5%
Utilities			3.3%
Real Estate			3.2%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

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

Ten Largest Equity Holdings
as of November 30, 2019 (24.0% of Net Assets)



Description	% of Net Assets
Alibaba Group Holding Ltd. (China)		5.7%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		4.1%
Tencent Holdings Ltd. (China)		4.1%
Samsung Electronics Co. Ltd. (South Korea)		3.9%
China Construction Bank Corp. (China)		1.3%
Ping An Insurance Group Co. of China Ltd. (China)		1.1%
Naspers Ltd. (South Africa)		1.0%
Reliance Industries Ltd. (India)		1.0%
Housing Development Finance Corp. Ltd. (India)		0.9%
Petroleo Brasileiro SA (Brazil)		0.9%

Country Diversification* as of November 30, 2019


China			30.2%
Taiwan			11.7%
South Korea			11.6%
India			9.1%
Brazil			7.2%
South Africa			4.6%
Russia			3.9%
Hong Kong			3.8%
Thailand			2.7%
Saudi Arabia			2.5%
Mexico			2.3%
Other			10.4%

Total			100.0%

Sector Diversification* as of November 30, 2019


Financials			24.5%
Information Technology			15.3%
Consumer Discretionary			14.3%
Communication Services			10.9%
Energy			7.4%
Materials			7.2%
Consumer Staples			6.6%
Industrials			5.4%
Real Estate			2.9%
Health Care			2.8%
Utilities			2.7%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 36.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

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

Ten Largest Equity Holdings
as of November 30, 2019 (18.9% of Net Assets)



Description	% of Net Assets
Nestle SA (Switzerland)		3.3%
Royal Dutch Shell PLC (Netherlands)		2.5%
Roche Holding AG (Switzerland)		2.3%
Novartis AG (Switzerland)		2.1%
HSBC Holdings PLC (United Kingdom)		1.6%
SAP SE (Germany)		1.5%
AstraZeneca PLC (United Kingdom)		1.4%
BP PLC (United Kingdom)		1.4%
TOTAL SA (France)		1.4%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.4%

Country Diversification* as of November 30, 2019


United Kingdom			23.0%
France			17.9%
Switzerland			15.3%
Germany			13.9%
Netherlands			7.9%
Spain			4.5%
Sweden			3.9%
Italy			3.3%
Denmark			2.9%
Other			7.4%

Total			100.0%

Sector Diversification* as of November 30, 2019


Financials			17.8%
Consumer Staples			14.0%
Industrials			14.0%
Health Care			13.8%
Consumer Discretionary			10.1%
Materials			7.2%
Energy			6.7%
Information Technology			6.1%
Communication Services			4.6%
Utilities			4.3%
Real Estate			1.4%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 57.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

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

Ten Largest Equity Holdings
as of November 30, 2019 (19.9% of Net Assets)



Description	% of Net Assets
SAP SE (Germany)		2.5%
TOTAL SA (France)		2.4%
LVMH Moet Hennessy Louis Vuitton SE (France)		2.4%
ASML Holding NV (Netherlands)		2.2%
Sanofi (France)		2.0%
Allianz SE (Germany)		1.9%
Siemens AG (Germany)		1.9%
Unilever NV (United Kingdom)		1.6%
Airbus SE (France)		1.6%
L’Oreal SA (France)		1.4%

Country Diversification* as of November 30, 2019


France			32.5%
Germany			26.7%
Netherlands			10.6%
Spain			8.8%
Italy			7.4%
Belgium			3.7%
Finland			3.1%
United Kingdom			2.5%
Other			4.7%

Total			100.0%

Sector Diversification* as of November 30, 2019


Financials			16.4%
Industrials			15.8%
Consumer Discretionary			13.8%
Information Technology			10.2%
Consumer Staples			9.7%
Health Care			7.7%
Materials			7.2%
Utilities			6.3%
Communication Services			5.3%
Energy			4.6%
Real Estate			3.0%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 65.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

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

Ten Largest Equity Holdings
as of November 30, 2019 (55.5% of Net Assets)



Description	% of Net Assets
SAP SE		10.3%
Allianz SE		7.9%
Siemens AG		7.6%
Bayer AG		5.4%
BASF SE		5.3%
adidas AG		4.3%
Deutsche Telekom AG		4.3%
Daimler AG		4.0%
Volkswagen AG		3.2%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3.2%

Sector Diversification* as of November 30, 2019


Consumer Discretionary			17.7%
Financials			16.1%
Industrials			14.5%
Information Technology			13.9%
Health Care			12.1%
Materials			9.4%
Communication Services			5.2%
Real Estate			3.9%
Utilities			3.7%
Consumer Staples			3.5%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 74.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

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

Ten Largest Equity Holdings
as of November 30, 2019 (18.4% of Net Assets)



Description	% of Net Assets
Toyota Motor Corp.		4.3%
Sony Corp.		2.2%
Mitsubishi UFJ Financial Group, Inc.		1.8%
Keyence Corp.		1.7%
SoftBank Group Corp.		1.6%
Takeda Pharmaceutical Co. Ltd.		1.6%
KDDI Corp.		1.4%
Recruit Holdings Co. Ltd.		1.3%
Sumitomo Mitsui Financial Group, Inc.		1.3%
Honda Motor Co. Ltd.		1.2%

Sector Diversification* as of November 30, 2019


Industrials			21.0%
Consumer Discretionary			18.6%
Information Technology			11.8%
Financials			10.7%
Health Care			10.0%
Communication Services			8.3%
Consumer Staples			7.9%
Materials			5.1%
Real Estate			4.2%
Utilities			1.6%
Energy			0.8%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 77.

DBX ETF Trust

Fees and Expenses (Unaudited)

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual expenses

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

Hypothetical example for comparison purposes

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

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


	Beginning Account Value June 1, 2019		Ending Account Value November 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	1,094.50		0.41	%	$	2.15
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.95		0.41	%	$	2.07
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	1,054.70		0.66	%	$	3.39
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.70		0.66	%	$	3.34
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,109.00		0.46	%	$	2.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.70		0.46	%	$	2.33
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	1,134.80		0.47	%	$	2.51
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.65		0.47	%	$	2.38
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	1,136.50		0.45	%	$	2.40
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,147.40		0.46	%	$	2.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.70		0.46	%	$	2.33

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 95.8%
Argentina — 0.0%
Banco Macro SA, ADR		238	$	6,152
Globant SA*		172		18,404
Grupo Financiero Galicia SA, ADR		536		7,161
Telecom Argentina SA, ADR		657		6,820
YPF SA, ADR		928		8,918

				47,455

Australia — 4.5%
AGL Energy Ltd.		2,975		41,071
Alumina Ltd.		12,919		20,186
AMP Ltd.		15,025		19,868
APA Group (a)		5,460		40,625
Aristocrat Leisure Ltd.		2,583		59,263
ASX Ltd.		957		52,892
Aurizon Holdings Ltd.		10,233		40,007
AusNet Services		8,484		9,985
Australia & New Zealand Banking Group Ltd.		13,600		228,504
Bendigo & Adelaide Bank Ltd.		1,943		13,182
BHP Group Ltd.		14,069		363,807
BHP Group PLC		10,109		223,574
BlueScope Steel Ltd.		2,738		26,946
Boral Ltd.		5,217		18,138
Brambles Ltd.		7,702		65,381
Caltex Australia Ltd.		1,424		33,288
Challenger Ltd.		2,819		15,521
CIMIC Group Ltd.		457		10,399
Coca-Cola Amatil Ltd.		2,831		21,791
Cochlear Ltd.		286		45,265
Coles Group Ltd.		5,587		61,447
Commonwealth Bank of Australia		8,356		456,795
Computershare Ltd.		2,151		25,796
Crown Resorts Ltd.		1,926		16,818
CSL Ltd.		2,164		414,938
Dexus REIT		4,785		39,583
Flight Centre Travel Group Ltd.		308		9,173
Fortescue Metals Group Ltd. (b)		6,722		44,240
Goodman Group REIT		8,614		86,349
GPT Group REIT		8,876		36,923
Harvey Norman Holdings Ltd. (b)		2,924		8,504
Incitec Pivot Ltd.		8,492		18,553
Insurance Australia Group Ltd.		11,545		61,613
Lendlease Group (a)		2,803		36,611
Macquarie Group Ltd.		1,559		145,575
Magellan Financial Group Ltd.		587		20,841
Medibank Pvt Ltd.		12,528		27,625
Mirvac Group REIT		18,275		41,657
National Australia Bank Ltd.		13,135		230,020
Newcrest Mining Ltd.		3,679		76,546
Oil Search Ltd.		6,857		34,507
Orica Ltd.		1,775		28,550
Origin Energy Ltd.		8,660		50,961
QBE Insurance Group Ltd.		6,692		57,396
Ramsay Health Care Ltd.		715		35,295
REA Group Ltd.		254		17,930
Santos Ltd.		8,611		47,470


	Number of Shares		Value
Australia (Continued)
Scentre Group REIT		25,626	$	68,294
SEEK Ltd.		1,563		24,517
Sonic Healthcare Ltd.		1,955		39,830
South32 Ltd.		23,746		43,367
Stockland REIT		11,470		39,179
Suncorp Group Ltd.		5,958		53,921
Sydney Airport (a)		5,247		32,580
Tabcorp Holdings Ltd.		9,890		32,043
Telstra Corp. Ltd.		19,585		51,135
TPG Telecom Ltd.		1,742		8,236
Transurban Group (a)		12,653		131,373
Treasury Wine Estates Ltd.		3,625		45,851
Vicinity Centres REIT		15,311		27,755
Washington H Soul Pattinson & Co. Ltd.		520		7,851
Wesfarmers Ltd.		5,374		154,014
Westpac Banking Corp.		16,143		267,737
Woodside Petroleum Ltd.		4,430		103,408
Woolworths Group Ltd.		6,002		161,416
Worley Ltd.		1,182		11,993

				4,785,909

Austria — 0.1%
ANDRITZ AG		387		15,093
Erste Group Bank AG*		1,430		51,202
OMV AG		714		40,699
Raiffeisen Bank International AG		717		16,833
Verbund AG		329		17,101
voestalpine AG		440		11,658

				152,586

Belgium — 0.7%
Ageas		1,004		60,261
Anheuser-Busch InBev SA/NV		3,636		287,896
Colruyt SA		278		14,395
Galapagos NV*		204		40,196
Groupe Bruxelles Lambert SA		391		39,673
KBC Group NV		1,109		80,809
Proximus SADP		735		22,171
Solvay SA		355		40,675
Telenet Group Holding NV*		295		13,312
Titan Cement International SA*		224		4,471
UCB SA		631		51,137
Umicore SA		899		38,607

				693,603

Brazil — 1.2%
Ambev SA		22,196		94,523
Atacadao SA		1,728		7,669
B2W Cia Digital*		954		12,681
B3 SA — Brasil Bolsa Balcao		10,041		113,049
Banco Bradesco SA		5,740		42,320
Banco BTG Pactual SA		1,039		17,221
Banco do Brasil SA		3,917		44,183
Banco Santander Brasil SA		1,763		18,343
BB Seguridade Participacoes SA		3,675		29,870
BR Malls Participacoes SA		3,900		14,326
BRF SA*		2,728		23,557


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Brazil (Continued)
CCR SA		5,921	$	24,014
Centrais Eletricas Brasileiras SA		773		6,352
Cia de Saneamento Basico do Estado de Sao Paulo		1,860		25,189
Cia Siderurgica Nacional SA		2,953		8,751
Cielo SA		5,536		10,188
Cogna Educacao		6,692		16,183
Cosan SA		605		8,864
Embraer SA		3,550		15,076
Energisa SA		1,284		13,929
Engie Brasil Energia SA		1,304		14,389
Equatorial Energia SA		5,120		24,933
Hypera SA		1,860		14,613
IRB Brasil Resseguros S/A		3,456		30,275
JBS SA		5,477		36,802
Klabin SA		2,672		11,171
Localiza Rent a Car SA		2,452		26,056
Lojas Renner SA		3,908		47,761
Magazine Luiza SA		2,624		27,877
Multiplan Empreendimentos Imobiliarios SA		1,318		8,993
Natura Cosmeticos SA		2,098		16,394
Notre Dame Intermedica Participacoes SA		1,607		21,494
Petrobras Distribuidora SA		3,362		22,559
Petroleo Brasileiro SA		14,094		103,747
Porto Seguro SA		327		4,629
Raia Drogasil SA		1,266		33,749
Rumo SA*		6,310		36,370
Sul America SA		1,129		14,168
Suzano SA		2,344		21,325
TIM Participacoes SA		3,349		10,698
Ultrapar Participacoes SA		3,444		17,722
Vale SA*		14,556		171,643
WEG SA		3,417		24,524

				1,288,180

Canada — 6.6%
Agnico Eagle Mines Ltd.		1,137		67,554
Air Canada, Class B*		623		23,474
Algonquin Power & Utilities Corp.		2,439		34,208
Alimentation Couche-Tard, Inc., Class B		4,150		135,782
AltaGas Ltd. (b)		1,493		22,143
Atco Ltd., Class I		362		13,733
Aurora Cannabis, Inc.*(b)		2,950		7,373
Bank of Montreal		3,064		235,792
Bank of Nova Scotia		5,888		332,189
Barrick Gold Corp.		8,369		139,746
BCE, Inc.		699		33,648
BlackBerry Ltd.*		3,206		17,692
Bombardier, Inc., Class B*		12,392		18,379
Brookfield Asset Management, Inc., Class A		4,023		232,754
CAE, Inc.		1,343		36,085
Cameco Corp.		1,632		14,866
Canadian Imperial Bank of Commerce		2,072		180,105


	Number of Shares		Value
Canada (Continued)
Canadian National Railway Co.		3,442	$	312,535
Canadian Natural Resources Ltd.		5,740		160,364
Canadian Pacific Railway Ltd.		664		157,249
Canadian Tire Corp. Ltd., Class A		232		27,030
Canadian Utilities Ltd., Class A		633		18,614
Canopy Growth Corp.*		942		17,382
CCL Industries, Inc., Class B		726		31,050
Cenovus Energy, Inc.		4,740		41,894
CGI, Inc.*		1,157		95,875
CI Financial Corp.		1,290		20,317
Constellation Software, Inc.		93		99,421
Cronos Group, Inc.*		1,217		8,273
Dollarama, Inc.		1,503		54,981
Emera, Inc.		1,130		46,466
Empire Co. Ltd., Class A		823		22,039
Enbridge, Inc.		9,666		366,032
Encana Corp.		7,173		28,135
Fairfax Financial Holdings Ltd.		124		56,012
First Capital Realty, Inc.		1,296		21,055
First Quantum Minerals Ltd.		3,180		29,088
Fortis, Inc.		2,116		82,900
Franco-Nevada Corp.		910		89,520
George Weston Ltd.		359		29,200
Gildan Activewear, Inc.		1,083		31,798
Great-West Lifeco, Inc.		1,440		36,263
H&R Real Estate Investment Trust REIT		676		10,983
Husky Energy, Inc. (b)		1,650		12,012
Hydro One Ltd., 144A		1,732		32,624
iA Financial Corp., Inc.		512		26,211
IGM Financial, Inc.		528		15,185
Imperial Oil Ltd.		1,332		33,353
Intact Financial Corp.		672		69,294
Inter Pipeline Ltd.		1,709		28,305
Keyera Corp.		1,042		25,424
Kinross Gold Corp.*		6,638		28,685
Kirkland Lake Gold Ltd.		928		38,977
Loblaw Cos. Ltd.		933		50,292
Lundin Mining Corp.		3,188		17,256
Magna International, Inc.		1,523		83,907
Manulife Financial Corp.		9,179		180,567
Methanex Corp.		264		9,824
Metro, Inc.		1,258		55,101
National Bank of Canada		1,523		81,579
Nutrien Ltd.		2,946		139,061
Onex Corp.		372		22,153
Open Text Corp.		1,191		51,852
Parkland Fuel Corp.		691		24,564
Pembina Pipeline Corp.		2,487		86,838
Power Corp. of Canada		1,510		36,650
Power Financial Corp.		1,127		27,558
PrairieSky Royalty Ltd.		869		8,963
Quebecor, Inc., Class B		807		20,012
Restaurant Brands International, Inc.		1,150		75,556
RioCan Real Estate Investment Trust REIT		726		14,834
Rogers Communications, Inc., Class B		1,785		86,569
Royal Bank of Canada		6,862		561,699


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Canada (Continued)
Saputo, Inc.		1,027	$	31,043
Shaw Communications, Inc., Class B		2,419		49,990
Shopify, Inc., Class A*		473		158,622
SmartCentres Real Estate Investment Trust REIT		636		15,336
Stars Group, Inc.*		856		20,512
Sun Life Financial, Inc. (b)		3,078		140,448
Suncor Energy, Inc.		7,574		236,235
TC Energy Corp.		4,458		225,535
Teck Resources Ltd., Class B		2,455		38,443
TELUS Corp.		950		35,867
Thomson Reuters Corp.		980		68,525
Toronto-Dominion Bank		8,637		498,011
West Fraser Timber Co. Ltd.		224		9,742
Wheaton Precious Metals Corp.		1,806		49,627
WSP Global, Inc.		459		29,624

				6,992,464

Chile — 0.2%
Aguas Andinas SA, Class A		6,881		2,813
Antofagasta PLC		2,006		22,520
Banco de Chile		215,346		21,862
Banco de Credito e Inversiones SA		187		8,361
Banco Santander Chile		312,455		16,684
Cencosud SA		8,433		10,741
Cia Cervecerias Unidas SA		666		6,132
Colbun SA		30,600		4,358
Empresa Nacional de Telecomunicaciones SA*		868		5,265
Empresas CMPC SA		8,312		18,024
Empresas COPEC SA		2,150		17,099
Enel Americas SA		183,174		35,153
Enel Chile SA		123,794		9,290
Itau CorpBanca		1,267,566		6,300
Latam Airlines Group SA		1,466		15,391
SACI Falabella		2,985		11,980

				211,973

China — 7.8%
360 Security Technology, Inc., Class A		3,700		10,914
3SBio, Inc., 144A*		4,816		6,952
51job, Inc., ADR*(b)		112		8,805
58.com, Inc., ADR*		516		31,744
AAC Technologies Holdings, Inc.		3,620		25,388
Accelink Technologies Co. Ltd., Class A		2,700		10,714
Agile Group Holdings Ltd.		7,957		11,141
Agricultural Bank of China Ltd., Class A		19,900		10,246
Agricultural Bank of China Ltd., Class H		131,537		53,266
Aier Eye Hospital Group Co. Ltd., Class A		2,700		15,330
Air China Ltd., Class H		10,875		9,891
Alibaba Group Holding Ltd., ADR*		8,060		1,612,000
A-Living Services Co. Ltd., Class H, 144A		4,750		15,321


	Number of Shares		Value
China (Continued)
Aluminum Corp. of China Ltd., Class H*		20,450	$	6,270
Anhui Conch Cement Co. Ltd., Class A		1,200		7,817
Anhui Conch Cement Co. Ltd., Class H		5,837		37,320
ANTA Sports Products Ltd.		5,136		48,289
Anxin Trust Co. Ltd., Class A*		1,500		849
Autohome, Inc., ADR*(b)		308		20,959
AviChina Industry & Technology Co. Ltd., Class H		13,135		5,990
BAIC Motor Corp. Ltd., Class H, 144A		10,311		5,782
Baidu, Inc., ADR*		1,321		156,578
Bank of Beijing Co. Ltd., Class A		11,100		8,778
Bank of China Ltd., Class A		16,800		8,674
Bank of China Ltd., Class H		391,390		156,995
Bank of Communications Co. Ltd., Class A		13,200		10,345
Bank of Communications Co. Ltd., Class H		35,578		23,361
Bank of Jiangsu Co. Ltd., Class A		10,000		9,814
Bank of Ningbo Co. Ltd., Class A		2,300		8,695
Bank of Shanghai Co. Ltd., Class A		5,590		7,307
Baozun, Inc., ADR*(b)		175		6,645
BeiGene Ltd., ADR*(b)		158		32,120
Beijing Capital International Airport Co. Ltd., Class H		7,123		6,733
BYD Co. Ltd., Class H (b)		3,102		14,721
BYD Electronic International Co. Ltd. (b)		3,177		5,682
CGN Power Co. Ltd., Class H, 144A		51,498		12,894
China Aoyuan Group Ltd.		5,569		7,968
China Cinda Asset Management Co. Ltd., Class H		59,929		12,479
China CITIC Bank Corp. Ltd., Class H		46,587		25,472
China Communications Construction Co. Ltd., Class H		24,316		18,917
China Communications Services Corp. Ltd., Class H		15,597		10,500
China Conch Venture Holdings Ltd.		7,770		30,224
China Construction Bank Corp., Class H		454,708		361,882
China Eastern Airlines Corp. Ltd., Class H*		6,242		3,166
China Everbright Bank Co. Ltd., Class A		14,000		8,224
China Everbright Bank Co. Ltd., Class H		14,787		6,385
China Evergrande Group*(b)		8,711		20,787
China Galaxy Securities Co. Ltd., Class H		12,246		6,226
China Hongqiao Group Ltd.		8,230		4,321
China Huarong Asset Management Co. Ltd., Class H, 144A		68,252		9,940
China International Capital Corp. Ltd., Class H, 144A (b)		5,058		8,710
China International Travel Service Corp. Ltd., Class A		800		9,535
China Lesso Group Holdings Ltd.		14,000		14,665


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
China (Continued)
China Life Insurance Co. Ltd., Class A		700	$	3,267
China Life Insurance Co. Ltd., Class H		33,947		85,778
China Literature Ltd., 144A*(b)		2,240		8,599
China Longyuan Power Group Corp. Ltd., Class H		22,041		11,938
China Medical System Holdings Ltd.		6,743		9,596
China Merchants Bank Co. Ltd., Class A		7,800		39,972
China Merchants Bank Co. Ltd., Class H		19,748		93,341
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,200		5,667
China Minsheng Banking Corp. Ltd., Class A		13,500		11,847
China Minsheng Banking Corp. Ltd., Class H		33,356		23,223
China Molybdenum Co. Ltd., Class H		16,711		5,721
China National Building Material Co. Ltd., Class H		15,008		14,494
China National Nuclear Power Co. Ltd., Class A		12,600		8,710
China Oilfield Services Ltd., Class H		12,051		16,226
China Pacific Insurance Group Co. Ltd., Class A		1,600		7,794
China Pacific Insurance Group Co. Ltd., Class H		12,650		44,763
China Petroleum & Chemical Corp., Class A		9,200		6,530
China Petroleum & Chemical Corp., Class H		139,260		78,098
China Railway Construction Corp. Ltd., Class H		10,726		11,071
China Railway Group Ltd., Class A		15,300		12,295
China Railway Group Ltd., Class H		20,256		11,851
China Resources Pharmaceutical Group Ltd., 144A		8,748		7,644
China Shenhua Energy Co. Ltd., Class H		17,751		34,377
China Shipbuilding Industry Co. Ltd., Class A		8,500		6,383
China Southern Airlines Co. Ltd., Class H (b)		8,335		5,207
China State Construction Engineering Corp. Ltd., Class A		9,600		6,977
China Telecom Corp. Ltd., Class H		71,007		26,850
China Tower Corp. Ltd., Class H, 144A		208,683		42,653
China United Network Communications Ltd., Class A		9,100		7,390
China Vanke Co. Ltd., Class A		2,100		8,274
China Vanke Co. Ltd., Class H		6,217		23,270
China Yangtze Power Co. Ltd., Class A		10,200		26,302
Chongqing Rural Commercial Bank Co. Ltd., Class H		16,569		8,234
CIFI Holdings Group Co. Ltd.		13,094		9,534
CITIC Securities Co. Ltd., Class A		3,100		9,440
CITIC Securities Co. Ltd., Class H		7,298		13,555
CNOOC Ltd.		84,869		123,161


	Number of Shares		Value
China (Continued)
Contemporary Amperex Technology Co. Ltd., Class A		1,600	$	19,892
COSCO SHIPPING Holdings Co. Ltd., Class A*		16,200		10,899
Country Garden Holdings Co. Ltd. (b)		36,720		51,130
Country Garden Services Holdings Co. Ltd.		4,808		15,539
CRRC Corp. Ltd., Class A		9,800		9,715
CRRC Corp. Ltd., Class H		24,010		15,796
CSPC Pharmaceutical Group Ltd.		23,942		54,502
Dali Foods Group Co. Ltd., 144A		17,259		11,729
Daqin Railway Co. Ltd., Class A		10,400		11,730
Dongfeng Motor Group Co. Ltd., Class H		13,883		13,337
ENN Energy Holdings Ltd.		4,240		46,040
Focus Media Information Technology Co. Ltd., Class A		3,200		2,549
Foshan Haitian Flavouring & Food Co. Ltd., Class A		500		7,608
Fosun International Ltd.		15,117		20,354
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		2,294		6,769
GCL System Integration Technology Co. Ltd., Class A*		12,400		10,829
GDS Holdings Ltd., ADR*(b)		329		15,404
Genscript Biotech Corp.*		4,043		9,761
GF Securities Co. Ltd., Class H		11,962		12,805
GOME Retail Holdings Ltd.*(b)		109,510		9,653
Great Wall Motor Co. Ltd., Class H		21,547		16,653
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,300		10,671
Greentown Service Group Co. Ltd.		4,808		5,264
Guangzhou Automobile Group Co. Ltd., Class H		14,124		15,084
Guangzhou R&F Properties Co. Ltd., Class H		7,029		11,817
Guotai Junan Securities Co. Ltd., Class H, 144A		7,228		10,988
Haidilao International Holding Ltd., 144A (b)		3,000		12,609
Haitian International Holdings Ltd.		4,920		10,999
Haitong Securities Co. Ltd., Class H		15,568		15,552
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		3,100		13,849
Hansoh Pharmaceutical Group Co. Ltd., 144A*		6,000		17,706
Hengan International Group Co. Ltd.		3,470		22,917
Hua Hong Semiconductor Ltd., 144A (b)		2,953		5,236
Huaneng Power International, Inc., Class H		14,715		7,294
Huaneng Renewables Corp. Ltd., Class H		18,697		7,141
Huatai Securities Co. Ltd., Class A		2,100		5,069
Huatai Securities Co. Ltd., Class H, 144A		7,057		10,584
Huaxia Bank Co. Ltd., Class A		9,400		9,934


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
China (Continued)
Huazhu Group Ltd., ADR (b)		634	$	21,689
HUYA, Inc., ADR*(b)		761		16,057
Industrial & Commercial Bank of China Ltd., Class A		14,000		11,529
Industrial & Commercial Bank of China Ltd., Class H		317,963		226,651
Industrial Bank Co. Ltd., Class A		5,000		13,434
Industrial Securities Co. Ltd., Class A		1,500		1,321
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		32,600		5,935
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,500		6,206
Innovent Biologics, Inc., 144A*		6,500		22,752
iQIYI, Inc., ADR*(b)		788		15,090
JD.com, Inc., ADR*		3,673		119,923
Jiangsu Expressway Co. Ltd., Class H		9,726		12,971
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,000		12,218
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		200		2,793
Jiangxi Copper Co. Ltd., Class H		5,628		6,492
Kingdee International Software Group Co. Ltd.		13,211		13,096
Kingsoft Corp. Ltd.*		4,776		10,567
Kweichow Moutai Co. Ltd., Class A		400		64,231
KWG Group Holdings Ltd.*		5,818		6,392
Legend Holdings Corp., Class H, 144A		3,532		7,264
Lenovo Group Ltd.		35,135		23,205
Li Ning Co. Ltd.		8,847		28,367
Logan Property Holdings Co. Ltd.		9,750		14,274
Longfor Group Holdings Ltd., 144A		8,295		33,962
Luxshare Precision Industry Co. Ltd., Class A		3,600		17,424
Luye Pharma Group Ltd., 144A (b)		11,644		8,553
Luzhou Laojiao Co. Ltd., Class A		800		9,302
Maanshan Iron & Steel Co. Ltd., Class A		26,500		10,365
Meituan Dianping, Class B*		4,759		62,740
Metallurgical Corp. of China Ltd., Class A		21,100		8,043
Midea Group Co. Ltd., Class A		500		3,862
Momo, Inc., ADR		829		31,029
Muyuan Foodstuff Co. Ltd., Class A		1,300		16,049
NetEase, Inc., ADR		339		106,893
New China Life Insurance Co. Ltd., Class H		4,923		18,961
New Oriental Education & Technology Group, Inc., ADR*		724		87,662
Ninestar Corp., Class A		2,700		10,868
NIO, Inc., ADR*(b)		3,140		7,128
Noah Holdings Ltd., ADR*(b)		190		5,537
OFILM Group Co. Ltd., Class A*		6,200		11,137
Orient Securities Co. Ltd., Class A		1,600		2,212
People’s Insurance Co. Group of China Ltd., Class H		33,693		13,515
PetroChina Co. Ltd., Class A		7,700		6,122
PetroChina Co. Ltd., Class H		95,491		44,037


	Number of Shares		Value
China (Continued)
PICC Property & Casualty Co. Ltd., Class H		37,763	$	43,706
Pinduoduo, Inc., ADR*(b)		877		31,528
Ping An Bank Co. Ltd., Class A		3,800		8,264
Ping An Healthcare and Technology Co. Ltd., 144A*		3,100		20,632
Ping An Insurance Group Co. of China Ltd., Class A		2,700		32,112
Ping An Insurance Group Co. of China Ltd., Class H		26,364		298,732
Poly Developments and Holdings Group Co. Ltd., Class A		3,400		6,978
Postal Savings Bank of China Co. Ltd., Class H, 144A		36,685		23,807
Power Construction Corp. of China Ltd., Class A		14,500		8,414
SAIC Motor Corp. Ltd., Class A		2,000		6,614
Seazen Group Ltd.*(b)		10,549		11,239
Semiconductor Manufacturing International Corp.*(b)		12,721		16,218
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		9,093		10,977
Shanghai Electric Group Co. Ltd., Class H		14,557		4,482
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (b)		3,305		9,288
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,931		3,597
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,098		9,144
Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		15,754
Shenwan Hongyuan Group Co. Ltd., Class A		11,900		8,056
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A*		3,900		10,245
Shenzhou International Group Holdings Ltd.		3,696		48,726
SINA Corp.*		378		13,188
Sino-Ocean Group Holding Ltd.		13,001		4,816
Sinopec Engineering Group Co. Ltd., Class H		7,834		4,593
Sinopec Shanghai Petrochemical Co. Ltd., Class H		16,218		4,496
Sinopharm Group Co. Ltd., Class H		6,046		19,965
Sinotruk Hong Kong Ltd.		3,686		6,225
SOHO China Ltd.		10,116		3,489
Sunac China Holdings Ltd.		10,978		53,501
Sunny Optical Technology Group Co. Ltd.		3,139		51,448
TAL Education Group, ADR*(b)		1,981		87,679
Tencent Holdings Ltd.		27,117		1,149,382
Tencent Music Entertainment Group, ADR*(b)		423		5,258
Tianma Microelectronics Co. Ltd., Class A		1,000		2,180
Tingyi Cayman Islands Holding Corp.		11,317		18,418


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
China (Continued)
TravelSky Technology Ltd., Class H		4,761	$	11,592
Trip.com Group Ltd., ADR*		2,264		75,255
Tsingtao Brewery Co. Ltd., Class H		1,980		12,242
Uni-President China Holdings Ltd.		11,236		11,411
Vipshop Holdings Ltd., ADR*		2,092		26,736
Wanhua Chemical Group Co. Ltd., Class A		2,400		16,525
Want Want China Holdings Ltd.		29,747		25,612
Weibo Corp., ADR*		244		10,446
Weichai Power Co. Ltd., Class H		13,085		22,365
Wens Foodstuffs Group Co. Ltd., Class A		1,200		6,110
Wuliangye Yibin Co. Ltd., Class A		1,600		29,026
WuXi AppTec Co. Ltd., Class A		1,200		15,018
WuXi AppTec Co. Ltd., Class H, 144A		703		8,159
Wuxi Biologics Cayman, Inc., 144A*		2,812		31,773
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		2,300		12,365
Xiaomi Corp., Class B, 144A*		41,463		47,406
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		5,788		6,440
Xinyi Solar Holdings Ltd.		15,406		9,466
Yangzijiang Shipbuilding Holdings Ltd.		10,700		8,058
Yanzhou Coal Mining Co. Ltd., Class H		11,122		9,832
Yihai International Holding Ltd.*		2,266		14,416
Yum China Holdings, Inc.		1,815		80,804
YY, Inc., ADR*(b)		235		14,991
Zhaojin Mining Industry Co. Ltd., Class H		8,500		8,795
Zhejiang Dahua Technology Co. Ltd., Class A		4,800		11,565
Zhejiang Expressway Co. Ltd., Class H		6,370		5,574
Zhongsheng Group Holdings Ltd.		2,526		8,955
Zhuzhou CRRC Times Electric Co. Ltd., Class H		3,224		11,017
Zijin Mining Group Co. Ltd., Class H		29,355		10,987
ZTE Corp., Class H*		3,812		10,153
ZTO Express Cayman, Inc., ADR		1,769		37,644

				8,260,918

Colombia — 0.1%
Bancolombia SA		1,042		12,349
Ecopetrol SA		23,874		22,333
Grupo Argos SA		1,348		6,730
Grupo de Inversiones Suramericana SA		1,145		10,548
Interconexion Electrica SA ESP		1,750		9,444

				61,404

Cyprus — 0.0%
Polymetal International PLC		1,051		15,776

Czech Republic — 0.0%
CEZ AS		1,048		23,210
Komercni banka AS		359		12,294
Moneta Money Bank AS, 144A		1,848		6,137

				41,641


	Number of Shares		Value
Denmark — 1.2%
A.P. Moller — Maersk A/S, Class A		16	$	20,772
A.P. Moller — Maersk A/S, Class B		31		43,323
Carlsberg A/S, Class B		525		75,521
Chr Hansen Holding A/S		521		39,562
Coloplast A/S, Class B		588		69,463
Danske Bank A/S		2,742		37,018
Demant A/S*		533		16,307
DSV PANALPINA A/S		1,052		114,536
Genmab A/S*		310		72,219
H Lundbeck A/S		327		12,526
ISS A/S		766		17,580
Novo Nordisk A/S, Class B		8,376		470,788
Novozymes A/S, Class B		1,066		50,926
Orsted A/S, 144A		875		80,635
Pandora A/S		477		19,201
Tryg A/S		526		15,124
Vestas Wind Systems A/S		969		92,212

				1,247,713

Egypt — 0.0%
Commercial International Bank Egypt SAE		6,350		31,041
Eastern Co. SAE		4,376		4,064
ElSewedy Electric Co.		4,141		3,090

				38,195

Finland — 0.7%
Elisa OYJ		689		36,823
Fortum OYJ		2,176		51,278
Kone OYJ, Class B		1,657		103,726
Metso OYJ		528		20,243
Neste OYJ		1,959		66,214
Nokia OYJ		26,954		95,366
Nokian Renkaat OYJ		592		16,018
Nordea Bank Abp		14,697		104,080
Nordea Bank Abp		208		1,474
Orion OYJ, Class B		562		24,457
Sampo OYJ, Class A		2,086		84,342
Stora Enso OYJ, Class R		2,629		35,336
UPM-Kymmene OYJ		2,493		83,275
Wartsila OYJ Abp		2,146		21,600

				744,232

France — 7.2%
Accor SA		901		38,544
Aeroports de Paris		131		25,617
Air Liquide SA		2,294		310,984
Airbus SE		2,779		408,421
Alstom SA		750		32,704
Amundi SA, 144A		306		23,160
Arkema SA		339		35,129
Atos SE		430		36,515
AXA SA		9,261		251,959
BioMerieux		184		16,633
BNP Paribas SA		5,283		296,660
Bollore SA*		18		76
Bollore SA		3,253		13,905
Bouygues SA		929		37,951


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
France (Continued)
Bureau Veritas SA		1,410	$	36,909
Capgemini SE		763		90,238
Carrefour SA		2,696		44,493
Casino Guichard Perrachon SA (b)		395		17,381
Cie de Saint-Gobain		2,116		85,672
Cie Generale des Etablissements Michelin SCA		772		92,621
CNP Assurances		886		17,492
Covivio REIT		257		28,427
Credit Agricole SA		5,367		73,408
Danone SA		2,952		243,006
Dassault Aviation SA		13		17,688
Dassault Systemes SE		605		95,314
Edenred		1,145		56,828
Eiffage SA		360		39,304
Electricite de France SA		2,883		29,615
Engie SA		8,795		139,141
EssilorLuxottica SA		1,350		209,709
Eurazeo SE		194		13,219
Eutelsat Communications SA (b)		884		14,501
Faurecia SE		361		19,146
Gecina SA REIT		217		37,486
Getlink SE		2,446		41,257
Hermes International		146		109,377
ICADE REIT		160		16,014
Iliad SA (b)		119		15,149
Ingenico Group SA		291		31,053
Ipsen SA		182		20,552
JCDecaux SA		443		12,689
Kering SA		365		219,839
Klepierre SA REIT		993		35,631
Legrand SA		1,266		99,976
L’Oreal SA		1,239		353,127
LVMH Moet Hennessy Louis Vuitton SE		1,321		592,763
Natixis SA		4,514		18,863
Orange SA (b)		9,621		158,992
Pernod Ricard SA (b)		1,006		184,755
Peugeot SA		2,821		68,125
Publicis Groupe SA		972		42,770
Remy Cointreau SA (b)		96		12,364
Renault SA		928		44,427
Safran SA		1,563		255,625
Sanofi		5,348		497,924
Sartorius Stedim Biotech		134		21,273
Schneider Electric SE		2,656		256,328
SCOR SE		731		31,400
SEB SA		141		21,903
Societe Generale SA		3,484		109,623
Sodexo SA		393		45,808
Suez		1,708		25,281
Teleperformance		260		61,585
Thales SA		502		49,178
TOTAL SA		11,208		588,252
Ubisoft Entertainment SA*		468		28,409
Unibail-Rodamco-Westfield REIT		523		81,761
Unibail-Rodamco-Westfield CDI		2,774		21,709


	Number of Shares		Value
France (Continued)
Valeo SA		1,163	$	45,819
Veolia Environnement SA		2,551		65,315
Vinci SA		2,373		258,767
Vivendi SA		4,433		121,705
Wendel SA		130		17,516
Worldline SA, 144A*		400		25,890

				7,638,650

Germany — 5.3%
adidas AG		860		267,895
Allianz SE		1,970		471,726
Axel Springer SE		216		14,873
BASF SE		4,474		336,257
Bayer AG		4,461		337,639
Bayerische Motoren Werke AG		1,643		132,680
Beiersdorf AG		467		54,459
Brenntag AG		737		39,307
Carl Zeiss Meditec AG		197		24,091
Commerzbank AG		5,189		30,076
Continental AG		531		69,381
Covestro AG, 144A		845		39,565
Daimler AG		4,125		232,679
Delivery Hero SE, 144A*		537		28,397
Deutsche Bank AG (c)		9,455		68,166
Deutsche Boerse AG		933		143,133
Deutsche Lufthansa AG		1,043		19,787
Deutsche Post AG		4,779		178,169
Deutsche Telekom AG		15,315		257,070
Deutsche Wohnen SE		1,792		69,987
E.ON SE		10,660		111,546
Evonik Industries AG		962		27,916
Fraport AG Frankfurt Airport Services Worldwide		221		18,826
Fresenius Medical Care AG & Co. KGaA		1,042		76,409
Fresenius SE & Co. KGaA		1,974		107,955
GEA Group AG		835		26,834
Hannover Rueck SE		275		51,050
HeidelbergCement AG		650		48,051
Henkel AG & Co. KGaA		493		47,688
HOCHTIEF AG		90		11,056
Infineon Technologies AG		6,027		128,735
KION Group AG		372		24,680
Knorr-Bremse AG		228		22,175
LANXESS AG		449		29,927
Merck KGaA		619		72,287
METRO AG		884		14,243
MTU Aero Engines AG		238		64,476
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		647		185,756
Puma SE		500		37,568
RWE AG		2,462		72,990
SAP SE		4,684		637,202
Siemens AG		3,663		472,641
Siemens Healthineers AG, 144A		638		30,941
Symrise AG		585		56,741
Telefonica Deutschland Holding AG		3,110		9,494


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Germany (Continued)
thyssenkrupp AG (b)		2,031	$	25,463
TUI AG		2,080		28,610
Uniper SE		923		29,794
United Internet AG		583		19,751
Volkswagen AG		155		29,568
Vonovia SE		2,338		121,808
Wirecard AG (b)		568		74,967
Zalando SE, 144A*		503		21,668

				5,554,153

Greece — 0.1%
Alpha Bank AE*		7,127		14,997
Eurobank Ergasias SA*		12,640		13,313
FF Group*(d)		197		1,042
Hellenic Telecommunications Organization SA		1,306		19,625
JUMBO SA		642		12,873
Motor Oil Hellas Corinth Refineries SA		235		5,499
National Bank of Greece SA*		2,248		7,613
OPAP SA		752		9,246

				84,208

Hong Kong — 3.1%
AIA Group Ltd.		57,703		577,911
Alibaba Health Information Technology Ltd.*		14,938		16,907
Alibaba Pictures Group Ltd.*		56,769		9,428
ASM Pacific Technology Ltd.		1,169		15,262
Bank of East Asia Ltd. (b)		5,962		13,450
Beijing Enterprises Holdings Ltd.		3,220		14,232
Beijing Enterprises Water Group Ltd.*		32,433		15,910
BOC Hong Kong Holdings Ltd.		17,995		61,148
Brilliance China Automotive Holdings Ltd.		15,169		15,657
Budweiser Brewing Co. APAC Ltd., 144A*		5,700		20,315
China Ding Yi Feng Holdings Ltd. (d)		7,780		22,938
China Everbright International Ltd.		18,662		14,113
China Everbright Ltd.		8,000		12,877
China First Capital Group Ltd.*		28,159		1,475
China Gas Holdings Ltd.		9,100		33,828
China Jinmao Holdings Group Ltd.		31,925		21,207
China Mengniu Dairy Co. Ltd.*		13,746		52,592
China Merchants Port Holdings Co. Ltd.		6,845		10,650
China Mobile Ltd.		29,419		221,731
China Overseas Land & Investment Ltd.		17,664		59,233
China Resources Beer Holdings Co. Ltd.		6,042		31,645
China Resources Cement Holdings Ltd.		11,672		13,971
China Resources Gas Group Ltd.		4,884		27,202
China Resources Land Ltd.		13,858		59,925
China Resources Power Holdings Co. Ltd.		8,490		11,041
China State Construction International Holdings Ltd.		13,742		10,831


	Number of Shares		Value
Hong Kong (Continued)
China Taiping Insurance Holdings Co. Ltd.		9,224	$	21,328
China Unicom Hong Kong Ltd.		27,042		23,145
CITIC Ltd.		29,488		36,916
CK Asset Holdings Ltd.		11,775		78,294
CK Hutchison Holdings Ltd.		12,895		117,122
CK Infrastructure Holdings Ltd.		3,415		23,121
CLP Holdings Ltd.		7,819		80,607
COSCO SHIPPING Ports Ltd.		8,735		7,108
Dairy Farm International Holdings Ltd.		1,700		9,945
Far East Horizon Ltd.		12,824		11,648
Galaxy Entertainment Group Ltd.		9,456		61,848
Geely Automobile Holdings Ltd.		24,220		45,296
Guangdong Investment Ltd.		15,071		31,151
Haier Electronics Group Co. Ltd.		5,353		14,873
Hang Lung Properties Ltd.		9,627		19,726
Hang Seng Bank Ltd.		3,666		74,743
Henderson Land Development Co. Ltd.		7,110		34,196
HK Electric Investments & HK Electric Investments Ltd. (a)		12,644		12,389
HKT Trust & HKT Ltd. (a)		18,549		27,203
Hong Kong & China Gas Co. Ltd.		47,722		90,957
Hong Kong Exchanges & Clearing Ltd.		5,737		181,167
Hongkong Land Holdings Ltd.		5,600		30,800
Hutchison China MediTech Ltd., ADR*		260		6,269
Jardine Matheson Holdings Ltd.		1,021		57,401
Jardine Strategic Holdings Ltd.		1,146		36,385
Kerry Properties Ltd.		4,014		12,947
Kingboard Holdings Ltd.		3,729		10,266
Kunlun Energy Co. Ltd.		16,221		13,738
Lee & Man Paper Manufacturing Ltd.		6,135		4,154
Link REIT		10,038		102,585
Melco Resorts & Entertainment Ltd., ADR		1,168		24,855
MTR Corp. Ltd.		7,016		39,346
New World Development Co. Ltd.		28,609		37,351
Nine Dragons Paper Holdings Ltd.		12,519		12,746
NWS Holdings Ltd.		5,775		7,746
PCCW Ltd.		13,612		8,207
Power Assets Holdings Ltd.		6,553		45,581
Shanghai Industrial Holdings Ltd.		2,537		4,570
Shenzhen International Holdings Ltd.		3,792		8,012
Shimao Property Holdings Ltd.		6,607		23,928
Sino Biopharmaceutical Ltd.		31,115		40,146
Sino Land Co. Ltd.		16,209		24,309
SJM Holdings Ltd.		12,719		12,966
SSY Group Ltd.		7,414		5,834
Sun Art Retail Group Ltd.		11,832		13,392
Sun Hung Kai Properties Ltd.		7,331		106,668
Swire Pacific Ltd., Class A		2,782		25,037
Swire Properties Ltd.		6,234		19,392
Techtronic Industries Co. Ltd.		5,980		44,957
Vitasoy International Holdings Ltd.		3,291		12,654
WH Group Ltd., 144A		45,394		46,623
Wharf Real Estate Investment Co. Ltd.		5,851		32,476
Wheelock & Co. Ltd.		3,725		23,150
Yue Yuen Industrial Holdings Ltd.		3,360		9,937


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Hong Kong (Continued)
Yuexiu Property Co. Ltd.		27,696	$	5,909

				3,278,599

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		1,487		14,374
OTP Bank Nyrt		1,170		55,083
Richter Gedeon Nyrt		680		13,028

				82,485

India — 2.3%
Adani Ports & Special Economic Zone Ltd.		2,391		12,734
Ambuja Cements Ltd.		2,048		5,842
Ashok Leyland Ltd.		5,515		6,085
Asian Paints Ltd.		1,164		27,684
Aurobindo Pharma Ltd.		1,595		10,003
Avenue Supermarts Ltd., 144A*		518		13,160
Axis Bank Ltd.		10,031		103,341
Bajaj Auto Ltd.		521		23,066
Bajaj Finance Ltd.		732		41,573
Bajaj Finserv Ltd.		186		23,621
Bharat Forge Ltd.		1,495		9,678
Bharat Petroleum Corp. Ltd.		2,344		16,715
Bharti Airtel Ltd.*		10,908		67,276
Bharti Infratel Ltd.		2,785		10,727
Bosch Ltd.		40		9,001
Britannia Industries Ltd.		312		13,299
Cipla Ltd.		1,780		11,580
Coal India Ltd.		6,331		18,114
Container Corp. Of India Ltd.		1,017		8,208
Dabur India Ltd.		2,705		17,311
Divi’s Laboratories Ltd.		378		9,412
Dr. Reddy’s Laboratories Ltd., ADR		540		21,989
Eicher Motors Ltd.		65		20,732
GAIL India Ltd.		7,774		13,660
Godrej Consumer Products Ltd.		2,049		20,708
Grasim Industries Ltd.		1,418		15,557
Havells India Ltd.		1,193		11,100
HCL Technologies Ltd.		2,863		45,004
HDFC Life Insurance Co. Ltd., 144A		2,389		19,032
Hero MotoCorp Ltd.		557		18,895
Hindalco Industries Ltd.		5,786		16,143
Hindustan Petroleum Corp. Ltd.		2,920		11,503
Hindustan Unilever Ltd.		3,214		91,186
Housing Development Finance Corp. Ltd.		7,910		253,302
ICICI Bank Ltd.		22,424		160,231
ICICI Lombard General Insurance Co. Ltd., 144A		659		12,520
Indian Oil Corp. Ltd.		8,950		16,393
Infosys Ltd., ADR (b)		1,130		11,108
Infosys Ltd.		15,654		151,952
InterGlobe Aviation Ltd., 144A		239		4,811
ITC Ltd.		17,204		59,091
JSW Steel Ltd.		4,127		15,047
Larsen & Toubro Ltd.		2,338		43,364
LIC Housing Finance Ltd.		1,791		11,587
Lupin Ltd.		1,453		16,217


	Number of Shares		Value
India (Continued)
Mahindra & Mahindra Financial Services Ltd.		1,409	$	6,911
Mahindra & Mahindra Ltd.		3,735		27,623
Marico Ltd.		2,701		13,551
Maruti Suzuki India Ltd.		444		44,846
Motherson Sumi Systems Ltd.		4,103		7,410
Nestle India Ltd.		124		24,984
NTPC Ltd.		11,858		19,232
Oil & Natural Gas Corp. Ltd.		12,131		22,279
Page Industries Ltd.		15		4,610
Petronet LNG Ltd.		3,652		13,821
Pidilite Industries Ltd.		846		15,366
Piramal Enterprises Ltd.		611		15,420
Power Grid Corp. of India Ltd.		9,465		25,504
REC Ltd.		3,934		7,562
Reliance Industries Ltd.		13,658		295,321
SBI Life Insurance Co. Ltd., 144A		1,643		21,988
Shree Cement Ltd.		41		12,000
Shriram Transport Finance Co. Ltd.		716		11,250
State Bank of India*		9,126		43,488
Sun Pharmaceutical Industries Ltd.		3,997		25,064
Tata Consultancy Services Ltd.		4,182		119,696
Tata Motors Ltd.*		7,221		16,256
Tata Steel Ltd.		1,695		10,101
Tech Mahindra Ltd.		2,303		24,445
Titan Co. Ltd.		1,500		24,249
UltraTech Cement Ltd.		397		23,570
United Spirits Ltd.*		1,067		9,017
UPL Ltd.		2,605		20,816
Vedanta Ltd.		9,028		18,198
Wipro Ltd.		5,503		18,234
Zee Entertainment Enterprises Ltd.		1,706		6,969

				2,469,343

Indonesia — 0.5%
PT Adaro Energy Tbk		47,224		4,118
PT Astra International Tbk		91,574		42,200
PT Bank Central Asia Tbk		46,679		103,915
PT Bank Mandiri Persero Tbk		90,367		44,687
PT Bank Negara Indonesia Persero Tbk		33,270		17,691
PT Bank Rakyat Indonesia Persero Tbk		271,612		78,759
PT Bank Tabungan Negara Persero Tbk		19,578		2,957
PT Barito Pacific Tbk		114,260		11,017
PT Bumi Serpong Damai Tbk*		52,437		4,647
PT Charoen Pokphand Indonesia Tbk		37,001		17,641
PT Gudang Garam Tbk		1,652		5,900
PT Hanjaya Mandala Sampoerna Tbk		34,394		4,718
PT Indah Kiat Pulp & Paper Corp. Tbk		15,846		7,639
PT Indocement Tunggal Prakarsa Tbk		9,248		12,720
PT Indofood CBP Sukses Makmur Tbk		12,161		9,764
PT Indofood Sukses Makmur Tbk		16,417		9,253
PT Jasa Marga Persero Tbk		20,622		7,222
PT Kalbe Farma Tbk		102,044		11,033
PT Pabrik Kertas Tjiwi Kimia Tbk		10,716		6,990
PT Pakuwon Jati Tbk		103,608		4,150
PT Perusahaan Gas Negara Tbk		41,896		5,703


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Indonesia (Continued)
PT Semen Indonesia Persero Tbk		18,487	$	15,007
PT Telekomunikasi Indonesia Persero Tbk		235,963		65,745
PT Unilever Indonesia Tbk		2,298		6,810
PT United Tractors Tbk		9,001		13,353

				513,639

Ireland — 0.6%
AerCap Holdings NV*		649		40,115
AIB Group PLC		3,349		10,958
Bank of Ireland Group PLC		3,786		19,020
CRH PLC		3,771		144,286
DCC PLC		490		41,878
Experian PLC		4,351		144,229
Flutter Entertainment PLC*		380		43,539
James Hardie Industries PLC CDI		2,226		43,604
Kerry Group PLC, Class A		767		98,359
Kingspan Group PLC		740		39,882
Smurfit Kappa Group PLC		985		34,943

				660,813

Isle of Man — 0.0%
GVC Holdings PLC		3,002		33,065

Israel — 0.4%
Azrieli Group Ltd.		195		15,210
Bank Hapoalim BM		5,162		41,630
Bank Leumi Le-Israel BM		7,290		52,877
Check Point Software Technologies Ltd.*		561		66,131
CyberArk Software Ltd.*		173		21,201
Elbit Systems Ltd.		109		18,058
Israel Chemicals Ltd.		3,070		14,397
Israel Discount Bank Ltd., Class A		6,560		30,199
Mizrahi Tefahot Bank Ltd.		626		16,728
Nice Ltd.*		335		50,795
Teva Pharmaceutical Industries Ltd., ADR*		4,938		51,454
Wix.com Ltd.*		210		25,387

				404,067

Italy — 1.3%
Assicurazioni Generali SpA		5,071		103,522
Atlantia SpA		2,300		50,982
Davide Campari-Milano SpA		2,678		24,444
Enel SpA		37,440		282,794
Eni SpA		12,026		181,697
Ferrari NV		601		101,570
FinecoBank Banca Fineco SpA		2,883		35,764
Intesa Sanpaolo SpA		70,566		178,847
Leonardo SpA		2,001		23,401
Mediobanca Banca di Credito Finanziario SpA (b)		3,323		37,159
Moncler SpA		783		34,307
Pirelli & C SpA, 144A		1,760		9,986
Poste Italiane SpA, 144A		2,897		33,799
Prysmian SpA		1,180		26,897
Recordati SpA		498		20,887


	Number of Shares		Value
Italy (Continued)
Snam SpA		10,362	$	51,508
Telecom Italia SpA*		40,099		25,101
Telecom Italia SpA-RSP		34,417		21,196
Terna Rete Elettrica Nazionale SpA		6,684		42,931
UniCredit SpA		9,510		131,614

				1,418,406

Japan — 16.1%
ABC-Mart, Inc.		200		13,321
Acom Co. Ltd.		1,700		7,051
Advantest Corp.		1,000		48,879
Aeon Co. Ltd.		3,200		65,283
AEON Financial Service Co. Ltd.		400		6,048
Aeon Mall Co. Ltd.		500		8,035
AGC, Inc.		800		29,199
Air Water, Inc.		1,000		16,061
Aisin Seiki Co. Ltd.		800		30,259
Ajinomoto Co., Inc.		1,900		31,662
Alfresa Holdings Corp.		300		6,197
Alps Alpine Co. Ltd.		1,200		27,091
Amada Holdings Co. Ltd.		1,100		12,261
ANA Holdings, Inc.		600		20,430
Aozora Bank Ltd.		400		10,189
Asahi Group Holdings Ltd.		1,700		81,789
Asahi Intecc Co. Ltd.		1,000		29,144
Asahi Kasei Corp.		5,900		66,274
Astellas Pharma, Inc.		9,000		153,556
Bandai Namco Holdings, Inc.		900		54,573
Bank of Kyoto Ltd.		200		8,250
Benesse Holdings, Inc.		200		5,277
Bridgestone Corp.		2,800		111,918
Brother Industries Ltd.		919		18,220
Calbee, Inc.		300		9,661
Canon, Inc.		4,700		130,108
Casio Computer Co. Ltd.		700		13,347
Central Japan Railway Co.		700		141,305
Chiba Bank Ltd.		3,800		21,664
Chubu Electric Power Co., Inc.		3,300		46,008
Chugai Pharmaceutical Co. Ltd.		1,200		104,788
Chugoku Electric Power Co., Inc.		1,200		15,864
Coca-Cola Bottlers Japan Holdings, Inc.		600		14,411
Concordia Financial Group Ltd.		6,300		25,556
Credit Saison Co. Ltd.		500		8,268
CyberAgent, Inc.		600		20,721
Dai Nippon Printing Co. Ltd.		1,000		26,742
Daicel Corp.		1,000		9,831
Daifuku Co. Ltd.		500		29,099
Dai-ichi Life Holdings, Inc.		5,000		80,535
Daiichi Sankyo Co. Ltd.		2,704		169,520
Daikin Industries Ltd.		1,200		172,619
Daito Trust Construction Co. Ltd.		300		36,686
Daiwa House Industry Co. Ltd.		2,571		78,665
Daiwa House REIT Investment Corp. REIT		11		30,089
Daiwa Securities Group, Inc.		7,800		39,550
Denso Corp.		2,100		93,781
Dentsu, Inc.		900		32,644


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Disco Corp.		100	$	21,580
East Japan Railway Co.		1,500		138,002
Eisai Co. Ltd.		1,300		96,323
Electric Power Development Co. Ltd.		700		16,788
FamilyMart Co. Ltd.		1,200		28,329
FANUC Corp.		900		171,893
Fast Retailing Co. Ltd.		300		182,787
Fuji Electric Co. Ltd.		600		18,473
FUJIFILM Holdings Corp.		1,700		80,329
Fujitsu Ltd.		1,000		90,914
Fukuoka Financial Group, Inc.		800		15,239
GMO Payment Gateway, Inc.		200		14,179
Hakuhodo DY Holdings, Inc.		1,200		19,394
Hamamatsu Photonics KK		600		24,311
Hankyu Hanshin Holdings, Inc.		1,100		47,234
Hikari Tsushin, Inc.		100		23,316
Hino Motors Ltd.		1,000		9,785
Hirose Electric Co. Ltd.		105		12,912
Hisamitsu Pharmaceutical Co., Inc.		300		14,718
Hitachi Chemical Co. Ltd.		400		14,399
Hitachi Construction Machinery Co. Ltd.		700		18,457
Hitachi High-Technologies Corp.		400		26,093
Hitachi Ltd.		4,641		182,324
Hitachi Metals Ltd.		700		9,798
Honda Motor Co. Ltd.		7,800		218,561
Hoshizaki Corp.		200		17,487
Hoya Corp.		1,800		164,287
Hulic Co. Ltd.		1,300		14,621
Idemitsu Kosan Co. Ltd.		1,032		28,172
IHI Corp.		600		13,995
Iida Group Holdings Co. Ltd.		500		8,885
Inpex Corp.		5,300		51,763
Isetan Mitsukoshi Holdings Ltd.		1,400		12,471
Isuzu Motors Ltd.		2,700		31,587
ITOCHU Corp.		6,600		143,993
Itochu Techno-Solutions Corp.		400		10,682
J. Front Retailing Co. Ltd.		1,000		13,138
Japan Airlines Co. Ltd.		600		18,649
Japan Airport Terminal Co. Ltd.		200		10,397
Japan Exchange Group, Inc.		2,300		39,106
Japan Post Bank Co. Ltd.		1,800		17,432
Japan Post Holdings Co. Ltd.		7,899		74,259
Japan Post Insurance Co. Ltd.		1,100		18,924
Japan Prime Realty Investment Corp. REIT		3		13,663
Japan Real Estate Investment Corp. REIT		7		47,645
Japan Retail Fund Investment Corp. REIT		13		29,609
Japan Tobacco, Inc.		5,900		134,462
JFE Holdings, Inc.		2,600		33,137
JGC Holdings Corp.		1,000		14,536
JSR Corp.		600		10,618
JTEKT Corp.		1,300		16,153
JXTG Holdings, Inc.		16,050		71,353
Kajima Corp.		2,200		29,004


	Number of Shares		Value
Japan (Continued)
Kakaku.com, Inc.		600	$	14,477
Kamigumi Co. Ltd.		500		11,082
Kansai Electric Power Co., Inc.		3,300		37,626
Kansai Paint Co. Ltd.		800		20,158
Kao Corp.		2,300		180,966
Kawasaki Heavy Industries Ltd.		600		13,474
KDDI Corp.		8,500		243,767
Keihan Holdings Co. Ltd.		600		29,327
Keikyu Corp.		1,100		22,622
Keio Corp.		500		32,068
Keisei Electric Railway Co. Ltd.		500		20,602
Keyence Corp.		900		307,853
Kikkoman Corp.		700		35,174
Kintetsu Group Holdings Co. Ltd.		800		45,242
Kirin Holdings Co. Ltd.		3,900		86,334
Kobayashi Pharmaceutical Co. Ltd.		300		24,613
Koito Manufacturing Co. Ltd.		600		30,917
Komatsu Ltd.		4,400		103,191
Konami Holdings Corp.		400		17,615
Konica Minolta, Inc.		2,100		13,756
Kose Corp.		200		31,849
Kubota Corp.		4,700		72,504
Kuraray Co. Ltd.		1,500		18,131
Kurita Water Industries Ltd.		400		11,183
Kyocera Corp.		1,584		107,771
Kyowa Kirin Co. Ltd.		1,000		21,223
Kyushu Electric Power Co., Inc.		1,700		14,972
Kyushu Railway Co.		700		23,823
Lawson, Inc.		300		16,335
LINE Corp.*(b)		200		9,410
Lion Corp.		1,032		20,790
LIXIL Group Corp.		1,600		27,043
M3, Inc.		2,142		58,905
Makita Corp.		1,000		33,073
Marubeni Corp.		7,300		53,902
Marui Group Co. Ltd.		900		21,658
Maruichi Steel Tube Ltd.		200		5,756
Mazda Motor Corp.		2,600		23,041
McDonald’s Holdings Co. Japan Ltd.		300		14,828
Mebuki Financial Group, Inc.		3,644		9,422
Medipal Holdings Corp.		865		18,556
MEIJI Holdings Co. Ltd.		500		33,987
Mercari, Inc.*		400		8,822
MINEBEA MITSUMI, Inc.		1,600		31,048
MISUMI Group, Inc.		1,500		37,139
Mitsubishi Chemical Holdings Corp.		5,700		42,270
Mitsubishi Corp.		6,500		170,198
Mitsubishi Electric Corp.		8,400		115,998
Mitsubishi Estate Co. Ltd.		5,800		106,324
Mitsubishi Gas Chemical Co., Inc.		600		9,385
Mitsubishi Heavy Industries Ltd.		1,500		57,393
Mitsubishi Materials Corp.		500		13,357
Mitsubishi Motors Corp.		4,100		18,355
Mitsubishi Tanabe Pharma Corp.		1,100		20,130
Mitsubishi UFJ Financial Group, Inc.		58,400		308,447
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,500		9,634


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Mitsui & Co. Ltd.		8,000	$	141,757
Mitsui Chemicals, Inc.		800		19,171
Mitsui Fudosan Co. Ltd.		4,100		101,999
Mitsui OSK Lines Ltd.		600		15,732
Mizuho Financial Group, Inc.		115,900		179,163
MonotaRO Co. Ltd.		600		16,884
MS&AD Insurance Group Holdings, Inc.		2,200		71,173
Murata Manufacturing Co. Ltd.		2,800		162,288
Nabtesco Corp.		700		21,488
Nagoya Railroad Co. Ltd.		800		25,472
NEC Corp.		1,300		51,962
Nexon Co. Ltd.*		2,360		32,191
NGK Insulators Ltd.		1,000		16,491
NGK Spark Plug Co. Ltd.		800		16,014
NH Foods Ltd.		500		20,968
Nidec Corp.		1,100		162,706
Nikon Corp.		1,600		21,941
Nintendo Co. Ltd.		539		208,548
Nippon Building Fund, Inc. REIT		6		45,060
Nippon Express Co. Ltd.		300		19,022
Nippon Paint Holdings Co. Ltd.		700		37,349
Nippon Prologis REIT, Inc. REIT		10		26,833
Nippon Steel Corp.		4,010		58,819
Nippon Telegraph & Telephone Corp.		3,000		151,487
Nippon Yusen KK		800		13,733
Nissan Chemical Corp.		600		23,763
Nissan Motor Co. Ltd.		11,100		68,838
Nisshin Seifun Group, Inc.		850		15,966
Nissin Foods Holdings Co. Ltd.		240		17,980
Nitori Holdings Co. Ltd.		401		62,831
Nitto Denko Corp.		700		39,267
Nomura Holdings, Inc.		14,800		75,815
Nomura Real Estate Holdings, Inc.		600		14,499
Nomura Real Estate Master Fund, Inc. REIT		19		34,683
Nomura Research Institute Ltd.		1,656		34,934
NSK Ltd.		1,800		17,399
NTT Data Corp.		3,100		42,257
NTT DOCOMO, Inc.		6,342		173,999
Obayashi Corp.		2,800		29,674
Obic Co. Ltd.		300		39,825
Odakyu Electric Railway Co. Ltd.		1,500		36,878
Oji Holdings Corp.		4,522		25,821
Olympus Corp.		5,700		84,572
Omron Corp.		900		52,871
Ono Pharmaceutical Co. Ltd.		1,800		40,373
Oracle Corp.		200		18,400
Oriental Land Co. Ltd.		1,000		138,367
ORIX Corp.		6,400		104,810
Orix JREIT, Inc. REIT		12		26,389
Osaka Gas Co. Ltd.		1,600		29,996
Otsuka Corp.		508		20,352
Otsuka Holdings Co. Ltd.		1,783		77,767
Pan Pacific International Holdings Corp.		2,000		32,415
Panasonic Corp.		11,000		103,714
Park24 Co. Ltd.		400		9,666


	Number of Shares		Value
Japan (Continued)
PeptiDream, Inc.*		500	$	22,977
Persol Holdings Co. Ltd.		1,000		18,391
Pigeon Corp.		600		27,902
Pola Orbis Holdings, Inc.		400		9,860
Rakuten, Inc.		4,000		34,681
Recruit Holdings Co. Ltd.		6,400		231,664
Renesas Electronics Corp.*		4,000		26,056
Resona Holdings, Inc.		10,000		42,401
Ricoh Co. Ltd.		3,200		32,949
Rinnai Corp.		100		7,674
Rohm Co. Ltd.		400		33,621
Ryohin Keikaku Co. Ltd.		1,150		26,193
Sankyo Co. Ltd.		200		6,761
Santen Pharmaceutical Co. Ltd.		1,800		33,712
SBI Holdings, Inc.		1,317		27,350
Secom Co. Ltd.		1,000		85,030
Sega Sammy Holdings, Inc.		700		10,098
Seibu Holdings, Inc.		1,300		22,911
Seiko Epson Corp.		1,500		22,831
Sekisui Chemical Co. Ltd.		1,800		31,328
Sekisui House Ltd.		3,200		69,143
Seven & i Holdings Co. Ltd.		3,587		133,642
Seven Bank Ltd.		3,300		10,221
SG Holdings Co. Ltd.		700		16,794
Sharp Corp. (b)		1,600		24,178
Shimadzu Corp.		1,200		36,124
Shimamura Co. Ltd.		100		8,022
Shimano, Inc.		400		64,684
Shimizu Corp.		2,900		27,767
Shin-Etsu Chemical Co. Ltd.		1,700		181,874
Shinsei Bank Ltd.		500		7,871
Shionogi & Co. Ltd.		1,200		70,582
Shiseido Co. Ltd.		1,860		134,332
Shizuoka Bank Ltd.		1,800		13,699
Showa Denko KK		800		21,364
SMC Corp.		300		135,974
Softbank Corp.		8,500		115,399
SoftBank Group Corp.		7,400		287,536
Sohgo Security Services Co. Ltd.		400		20,794
Sompo Holdings, Inc.		1,700		67,034
Sony Corp.		6,100		384,765
Sony Financial Holdings, Inc.		900		20,885
Square Enix Holdings Co. Ltd.		400		19,771
Stanley Electric Co. Ltd.		800		22,146
Subaru Corp.		2,900		75,948
SUMCO Corp.		1,300		20,084
Sumitomo Chemical Co. Ltd.		7,200		32,496
Sumitomo Corp.		5,400		81,354
Sumitomo Dainippon Pharma Co. Ltd.		1,000		18,884
Sumitomo Electric Industries Ltd.		3,200		47,771
Sumitomo Heavy Industries Ltd.		400		11,438
Sumitomo Metal Mining Co. Ltd.		1,200		36,355
Sumitomo Mitsui Financial Group, Inc.		6,300		229,598
Sumitomo Mitsui Trust Holdings, Inc.		1,610		61,588
Sumitomo Realty & Development Co. Ltd.		1,539		53,627
Sumitomo Rubber Industries Ltd.		400		5,083
Sundrug Co. Ltd.		400		14,033


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Suntory Beverage & Food Ltd.		700	$	30,378
Suzuken Co. Ltd.		400		17,487
Suzuki Motor Corp.		1,800		79,857
Sysmex Corp.		800		55,453
T&D Holdings, Inc.		3,000		35,302
Taiheiyo Cement Corp.		600		17,350
Taisei Corp.		900		35,316
Taisho Pharmaceutical Holdings Co. Ltd.		200		14,764
Taiyo Nippon Sanso Corp.		500		11,132
Takeda Pharmaceutical Co. Ltd.		6,807		277,056
TDK Corp.		600		63,094
Teijin Ltd.		600		11,287
Terumo Corp.		3,000		105,276
THK Co. Ltd.		700		19,666
Tobu Railway Co. Ltd.		800		29,272
Toho Co. Ltd.		500		20,305
Toho Gas Co. Ltd.		400		15,111
Tohoku Electric Power Co., Inc.		2,100		20,817
Tokio Marine Holdings, Inc.		3,100		168,573
Tokyo Century Corp.		200		10,671
Tokyo Electric Power Co. Holdings, Inc.*		6,900		30,259
Tokyo Electron Ltd.		700		144,534
Tokyo Gas Co. Ltd.		1,700		41,073
Tokyu Corp.		2,300		45,367
Tokyu Fudosan Holdings Corp.		3,000		20,584
Toppan Printing Co. Ltd.		1,500		29,834
Toray Industries, Inc.		6,100		40,349
Toshiba Corp.		2,710		97,303
Tosoh Corp.		1,500		22,338
TOTO Ltd.		640		28,008
Toyo Seikan Group Holdings Ltd.		900		15,680
Toyo Suisan Kaisha Ltd.		400		17,249
Toyoda Gosei Co. Ltd.		100		2,336
Toyota Industries Corp.		700		41,122
Toyota Motor Corp.		10,584		738,574
Toyota Tsusho Corp.		1,000		34,946
Trend Micro, Inc.		600		32,397
Tsuruha Holdings, Inc.		200		23,809
Unicharm Corp.		1,800		58,956
United Urban Investment Corp. REIT (b)		12		23,352
USS Co. Ltd.		1,100		21,326
Welcia Holdings Co. Ltd.		200		12,261
West Japan Railway Co.		800		70,436
Yakult Honsha Co. Ltd.		500		29,327
Yamada Denki Co. Ltd.		2,976		14,845
Yamaha Corp.		700		38,564
Yamaha Motor Co. Ltd.		1,300		27,163
Yamato Holdings Co. Ltd.		1,400		23,944
Yamazaki Baking Co. Ltd.		1,000		18,336
Yaskawa Electric Corp.		1,200		44,073
Yokogawa Electric Corp.		961		17,586
Yokohama Rubber Co. Ltd.		500		10,301
Z Holdings Corp.		12,600		43,399
ZOZO, Inc. (b)		1,033		20,565

				17,074,106


	Number of Shares		Value
Luxembourg — 0.2%
ArcelorMittal SA		2,922	$	49,987
Aroundtown SA		4,426		38,434
Eurofins Scientific SE		52		27,304
Millicom International Cellular SA SDR (b)		351		15,699
Reinet Investments SCA		644		12,531
SES SA		2,016		26,752
Tenaris SA		2,226		23,671

				194,378

Macau — 0.1%
Sands China Ltd.		11,322		53,514
Wynn Macau Ltd.		8,449		18,586

				72,100

Malaysia — 0.5%
AirAsia Group Bhd		6,700		2,711
AMMB Holdings Bhd		6,287		6,006
Axiata Group Bhd		13,276		13,128
British American Tobacco Malaysia Bhd		700		2,732
CIMB Group Holdings Bhd		23,413		29,039
Dialog Group Bhd		17,600		14,117
DiGi.Com Bhd		8,844		9,487
Fraser & Neave Holdings Bhd		800		6,654
Gamuda Bhd		13,255		11,933
Genting Bhd		11,700		16,332
Genting Malaysia Bhd		14,618		10,990
Genting Plantations Bhd		1,000		2,471
HAP Seng Consolidated Bhd		2,069		4,904
Hartalega Holdings Bhd		7,400		9,302
Hong Leong Bank Bhd		1,582		6,402
Hong Leong Financial Group Bhd		1,753		6,842
IHH Healthcare Bhd		7,891		10,146
IJM Corp. Bhd		13,600		6,806
IOI Corp. Bhd		13,200		13,748
Kuala Lumpur Kepong Bhd		1,300		7,265
Malayan Banking Bhd		14,580		29,778
Malaysia Airports Holdings Bhd		4,500		8,943
Maxis Bhd		15,300		18,976
MISC Bhd		6,700		13,074
Nestle Malaysia Bhd		300		10,293
Petronas Chemicals Group Bhd		10,857		18,353
Petronas Dagangan Bhd		1,500		8,225
Petronas Gas Bhd		2,841		10,544
PPB Group Bhd		2,440		10,633
Press Metal Aluminium Holdings Bhd		5,200		5,852
Public Bank Bhd		14,500		68,117
RHB Bank Bhd		6,800		9,215
Sime Darby Bhd		13,911		7,494
Sime Darby Plantation Bhd		14,911		17,780
Telekom Malaysia Bhd		4,400		3,961
Tenaga Nasional Bhd		16,000		50,416
Top Glove Corp. Bhd		5,500		5,926
Westports Holdings Bhd		12,000		11,981
YTL Corp. Bhd		15,372		3,073

				503,649


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Mexico — 0.6%
Alfa SAB de CV, Class A		14,521	$	11,406
Alsea SAB de CV*		2,211		5,990
America Movil SAB de CV, Series L		159,797		122,578
Arca Continental SAB de CV		1,860		9,846
Cemex SAB de CV, Series CPO		68,987		25,225
Coca-Cola Femsa SAB de CV		2,372		13,604
El Puerto de Liverpool SAB de CV, Class C1		911		4,492
Fibra Uno Administracion SA de CV REIT		12,883		19,679
Fomento Economico Mexicano SAB de CV		9,296		84,372
Gruma SAB de CV, Class B		1,007		10,145
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,807		18,370
Grupo Aeroportuario del Sureste SAB de CV, Class B		973		16,603
Grupo Bimbo SAB de CV, Series A		7,409		12,807
Grupo Carso SAB de CV, Series A1		2,147		7,176
Grupo Financiero Banorte SAB de CV, Class O		11,543		60,765
Grupo Financiero Inbursa SAB de CV, Class O		10,284		12,207
Grupo Mexico SAB de CV, Series B		15,295		39,953
Grupo Televisa SAB, Series CPO		11,278		24,541
Industrias Penoles SAB de CV		658		6,976
Infraestructura Energetica Nova SAB de CV		2,569		10,535
Kimberly-Clark de Mexico SAB de CV, Class A*		6,367		12,194
Megacable Holdings SAB de CV, Series CPO		2,012		7,124
Orbia Advance Corp. SAB de CV		4,964		10,835
Promotora y Operadora de Infraestructura SAB de CV		1,173		11,214
Wal-Mart de Mexico SAB de CV		25,346		70,615

				629,252

Netherlands — 3.2%
ABN AMRO Bank NV, 144A		1,925		32,851
Adyen NV, 144A*		47		36,049
Aegon NV		9,465		42,670
Akzo Nobel NV		1,126		107,826
ASML Holding NV		2,021		549,955
EXOR NV		506		38,710
Heineken Holding NV		589		56,454
Heineken NV		1,255		130,023
ING Groep NV		18,536		213,278
Koninklijke Ahold Delhaize NV		5,506		141,853
Koninklijke DSM NV		901		115,443
Koninklijke KPN NV		16,343		50,342
Koninklijke Philips NV		4,412		204,854
Koninklijke Vopak NV		359		19,139
NN Group NV		1,442		55,349
NXP Semiconductors NV		1,279		147,827
Prosus NV*		2,453		167,202
QIAGEN NV*		1,122		48,035
Randstad NV		598		34,825


	Number of Shares		Value
Netherlands (Continued)
Royal Dutch Shell PLC, Class A		20,645	$	590,364
Royal Dutch Shell PLC, Class B		17,905		507,032
Wolters Kluwer NV		1,278		91,743

				3,381,824

New Zealand — 0.2%
a2 Milk Co. Ltd.*		3,223		32,103
Auckland International Airport Ltd.		4,596		26,636
Fisher & Paykel Healthcare Corp. Ltd.		2,638		37,502
Fletcher Building Ltd.		3,907		13,114
Meridian Energy Ltd.		6,201		18,745
Ryman Healthcare Ltd.		2,877		27,882
Spark New Zealand Ltd.		8,624		25,128

				181,110

Norway — 0.4%
Aker BP ASA		512		14,687
DNB ASA		4,576		76,883
Equinor ASA		4,691		86,453
Gjensidige Forsikring ASA		938		17,659
Mowi ASA		2,172		53,890
Norsk Hydro ASA		6,616		23,409
Orkla ASA		4,034		39,081
Schibsted ASA, Class B		525		13,539
Telenor ASA		3,533		64,498
Yara International ASA		871		32,851

				422,950

Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR (b)		959		14,740
Credicorp Ltd.		327		69,059
Southern Copper Corp.		372		14,147

				97,946

Philippines — 0.3%
Aboitiz Equity Ventures, Inc.		9,127		8,792
Aboitiz Power Corp.		1,600		1,085
Altus San Nicolas Corp.*(d)		170		17
Ayala Corp.		1,540		24,427
Ayala Land, Inc.		36,900		33,040
Bank of the Philippine Islands		2,211		3,740
BDO Unibank, Inc.		10,330		30,859
Globe Telecom, Inc.		160		6,108
GT Capital Holdings, Inc.		293		5,158
International Container Terminal Services, Inc.		4,190		10,192
JG Summit Holdings, Inc.		10,590		16,026
Jollibee Foods Corp.		1,900		7,179
Manila Electric Co.		930		5,838
Megaworld Corp.		49,400		4,307
Metro Pacific Investments Corp.		88,600		7,497
Metropolitan Bank & Trust Co.		8,701		11,344
PLDT, Inc.		680		14,385
Robinsons Land Corp.		8,867		4,572
Security Bank Corp.		520		2,098
SM Investments Corp.		1,245		25,971
SM Prime Holdings, Inc.		51,700		39,679


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Philippines (Continued)
Universal Robina Corp.		4,860	$	14,356

				276,670

Poland — 0.2%
Bank Polska Kasa Opieki SA		979		26,195
CCC SA		144		4,132
CD Projekt SA		312		20,910
Cyfrowy Polsat SA		942		6,715
Dino Polska SA, 144A*		294		10,149
Grupa Lotos SA		446		10,440
KGHM Polska Miedz SA*		614		14,093
LPP SA		3		6,664
mBank SA*		131		12,449
Orange Polska SA*		3,174		5,178
PGE Polska Grupa Energetyczna SA*		4,128		9,193
Polski Koncern Naftowy ORLEN SA		1,418		33,634
Polskie Gornictwo Naftowe i Gazownictwo SA		12,592		14,853
Powszechna Kasa Oszczednosci Bank Polski SA		4,285		39,538
Powszechny Zaklad Ubezpieczen SA		2,925		28,901
Santander Bank Polska SA		173		12,147

				255,191

Portugal — 0.1%
EDP — Energias de Portugal SA		11,309		45,725
Galp Energia SGPS SA		2,426		39,490
Jeronimo Martins SGPS SA		1,102		17,598

				102,813

Qatar — 0.2%
Barwa Real Estate Co.		8,950		8,383
Commercial Bank PSQC		8,970		10,791
Industries Qatar QSC		9,750		27,075
Masraf Al Rayan QSC		18,600		19,669
Mesaieed Petrochemical Holding Co.		20,910		14,933
Qatar Electricity & Water Co. QSC		1,690		7,487
Qatar Fuel QSC		1,750		10,786
Qatar Insurance Co. SAQ		6,920		5,835
Qatar Islamic Bank SAQ		5,600		22,857
Qatar National Bank QPSC		21,900		115,794

				243,610

Romania — 0.0%
NEPI Rockcastle PLC		2,007		16,981

Russia — 1.0%
Alrosa PJSC		12,690		15,365
Evraz PLC		2,311		11,071
Gazprom PJSC		51,292		205,312
Inter RAO UES PJSC		166,179		11,518
LUKOIL PJSC		1,805		172,182
Magnit PJSC, GDR		1,642		18,743
Magnitogorsk Iron & Steel Works PJSC		10,333		6,261
MMC Norilsk Nickel PJSC		312		82,660
Mobile TeleSystems PJSC, ADR		2,392		22,581
Moscow Exchange MICEX-RTS PJSC		6,740		11,073
Novatek PJSC, GDR		445		88,110


	Number of Shares		Value
Russia (Continued)
Novolipetsk Steel PJSC		5,737	$	11,540
PhosAgro PJSC, GDR		523		6,443
Polyus PJSC		81		8,675
Rosneft Oil Co. PJSC		5,068		34,737
Sberbank of Russia PJSC		50,186		182,507
Severstal PJSC		1,033		14,578
Surgutneftegas PJSC		35,179		24,112
Tatneft PJSC		7,285		83,833
VTB Bank PJSC		14,087,984		9,926
X5 Retail Group NV, GDR		530		17,661

				1,038,888

Saudi Arabia — 0.6%
Advanced Petrochemical Co.		842		10,531
Al Rajhi Bank		6,102		101,212
Alinma Bank		2,274		13,826
Almarai Co. JSC		788		10,349
Arab National Bank		2,846		19,353
Bank AlBilad		1,067		7,341
Banque Saudi Fransi		3,056		27,300
Dar Al Arkan Real Estate Development Co.*		4,027		12,457
Etihad Etisalat Co.*		2,668		15,994
Jarir Marketing Co.		225		9,492
National Commercial Bank		6,061		74,348
Rabigh Refining & Petrochemical Co.*		1,926		9,892
Riyad Bank		6,386		37,464
Sahara International Petrochemical Co.		2,629		10,937
Samba Financial Group		5,243		40,756
Saudi Arabian Fertilizer Co.		492		9,617
Saudi Arabian Mining Co.*		2,313		26,491
Saudi Basic Industries Corp.		3,746		90,903
Saudi British Bank		2,869		26,089
Saudi Cement Co.		623		11,297
Saudi Electricity Co.		2,882		15,586
Saudi Kayan Petrochemical Co.*		5,149		13,840
Saudi Telecom Co.		2,064		51,297
Savola Group*		735		6,154
Yanbu National Petrochemical Co.		672		8,978

				661,504

Singapore — 0.8%
Ascendas Real Estate Investment Trust REIT		14,152		30,835
BOC Aviation Ltd., 144A		771		7,284
CapitaLand Commercial Trust REIT		13,307		19,556
CapitaLand Ltd.		11,057		29,751
CapitaLand Mall Trust REIT		13,109		24,153
City Developments Ltd.		1,800		13,608
ComfortDelGro Corp. Ltd.		11,100		19,072
DBS Group Holdings Ltd.		8,600		158,770
Genting Singapore Ltd.		34,700		23,468
Jardine Cycle & Carriage Ltd.		400		8,961
Keppel Corp. Ltd.		7,000		34,394
Oversea-Chinese Banking Corp. Ltd.		15,670		123,509
SATS Ltd.		3,200		11,652
Sembcorp Industries Ltd.		3,900		6,245


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Singapore (Continued)
Singapore Airlines Ltd.		2,600	$	17,470
Singapore Exchange Ltd.		3,293		21,308
Singapore Press Holdings Ltd.		5,300		8,525
Singapore Technologies Engineering Ltd.		7,630		23,040
Singapore Telecommunications Ltd.		38,600		95,392
Suntec Real Estate Investment Trust REIT		8,728		11,742
United Overseas Bank Ltd.		6,022		113,686
UOL Group Ltd.		1,900		10,780
Venture Corp. Ltd.		1,500		17,405
Wilmar International Ltd.		7,200		21,531

				852,137

South Africa — 1.2%
Absa Group Ltd.		3,250		32,651
Anglo American Platinum Ltd.		289		23,905
AngloGold Ashanti Ltd.		1,992		37,246
Aspen Pharmacare Holdings Ltd.*		2,324		18,614
Bid Corp. Ltd.		1,458		32,091
Bidvest Group Ltd.		1,587		21,975
Capitec Bank Holdings Ltd.		233		22,529
Clicks Group Ltd.		1,118		19,102
Discovery Ltd.		2,165		17,438
Exxaro Resources Ltd.		1,334		12,134
FirstRand Ltd.		16,891		72,160
Fortress REIT Ltd., Class A REIT		3,249		4,378
Foschini Group Ltd.		1,092		11,561
Gold Fields Ltd.		4,672		24,527
Growthpoint Properties Ltd. REIT		13,450		20,930
Impala Platinum Holdings Ltd.*		3,750		28,807
Investec Ltd. (b)		794		4,561
Kumba Iron Ore Ltd. (b)		322		8,257
Liberty Holdings Ltd.		392		2,981
Life Healthcare Group Holdings Ltd. (b)		7,262		12,247
Momentum Metropolitan Holdings		4,510		6,261
Mr Price Group Ltd. (b)		1,054		12,584
MTN Group Ltd.		7,886		49,695
MultiChoice Group*		2,122		17,549
Naspers Ltd., Class N		2,101		300,269
Nedbank Group Ltd.		1,937		28,940
Old Mutual Ltd.		25,843		32,687
Pick n Pay Stores Ltd.		1,575		7,294
PSG Group Ltd.		613		9,754
Rand Merchant Investment Holdings Ltd.		2,401		4,945
Redefine Properties Ltd. REIT (b)		25,171		14,133
Remgro Ltd.		2,503		32,820
RMB Holdings Ltd.		4,548		25,024
Sanlam Ltd.		8,891		46,347
Sasol Ltd.		2,782		50,106
Shoprite Holdings Ltd.		2,484		21,718
Sibanye Gold Ltd.*		10,652		20,987
SPAR Group Ltd. (b)		744		10,452
Standard Bank Group Ltd.		5,826		65,875
Telkom SA SOC Ltd. (b)		799		2,556


	Number of Shares		Value
South Africa (Continued)
Tiger Brands Ltd.		896	$	12,488
Vodacom Group Ltd. (b)		2,756		22,773
Woolworths Holdings Ltd.		4,604		16,389

				1,239,740

South Korea — 2.8%
Amorepacific Corp.		175		28,002
AMOREPACIFIC Group		153		10,518
BGF retail Co. Ltd.		34		4,836
BNK Financial Group, Inc.		1,253		7,383
Celltrion Healthcare Co. Ltd.*		330		13,760
Celltrion, Inc.*		400		58,926
Cheil Worldwide, Inc.		320		6,407
CJ CheilJedang Corp.		28		5,879
CJ Corp.		92		7,174
CJ ENM Co. Ltd.		75		9,690
CJ Logistics Corp.*		30		4,000
Daelim Industrial Co. Ltd.		137		10,427
Daewoo Engineering & Construction Co. Ltd.*		556		2,099
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		202		4,506
DB Insurance Co. Ltd.		302		14,242
Doosan Bobcat, Inc.		341		9,036
E-MART, Inc.		89		9,871
Fila Korea Ltd.		235		10,266
GS Engineering & Construction Corp.		342		8,686
GS Holdings Corp.		314		12,721
GS Retail Co. Ltd.		176		5,677
Hana Financial Group, Inc.		1,391		42,102
Hankook Tire & Technology Co. Ltd.		370		10,416
Hanmi Pharm. Co. Ltd.		18		4,869
Hanon Systems		837		7,653
Hanwha Chemical Corp.		647		9,613
Hanwha Corp.		204		4,240
Hanwha Life Insurance Co. Ltd.		1,227		2,379
HDC Hyundai Development Co-Engineering & Construction, Class E		113		2,645
Helixmith Co. Ltd.*		75		5,772
HLB, Inc.*		134		13,058
Hotel Shilla Co. Ltd.		152		10,900
Hyundai Department Store Co. Ltd.		69		4,860
Hyundai Engineering & Construction Co. Ltd.		346		11,996
Hyundai Glovis Co. Ltd.		90		11,468
Hyundai Heavy Industries Holdings Co. Ltd.		46		13,475
Hyundai Marine & Fire Insurance Co. Ltd.		450		10,668
Hyundai Mobis Co. Ltd.		312		64,717
Hyundai Motor Co.		695		71,198
Hyundai Steel Co.		430		11,559
Industrial Bank of Korea		1,123		11,172
Kakao Corp.		236		31,070
Kangwon Land, Inc.		553		13,741
KB Financial Group, Inc.		1,904		74,232


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
South Korea (Continued)
KCC Corp.		18	$	3,307
Kia Motors Corp.		1,266		46,357
Korea Aerospace Industries Ltd.		362		11,432
Korea Electric Power Corp.*		1,204		28,440
Korea Gas Corp.		117		3,705
Korea Investment Holdings Co. Ltd.		206		12,505
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		196		19,913
Korea Zinc Co. Ltd.		32		10,999
Korean Air Lines Co. Ltd.		382		8,005
KT&G Corp.		565		46,782
Kumho Petrochemical Co. Ltd.		50		3,094
LG Chem Ltd.		221		57,348
LG Corp.		471		28,312
LG Display Co. Ltd.*		1,066		13,267
LG Electronics, Inc.		477		28,229
LG Household & Health Care Ltd.		49		52,479
LG Innotek Co. Ltd.		88		9,089
LG Uplus Corp.		302		3,426
Lotte Chemical Corp.		94		17,508
Lotte Corp.		188		5,674
Lotte Shopping Co. Ltd.		54		6,058
Medy-Tox, Inc.		18		4,607
Meritz Securities Co. Ltd.		1,307		4,703
Mirae Asset Daewoo Co. Ltd.		1,783		10,914
NAVER Corp.		677		98,585
NCSoft Corp.		85		35,478
Netmarble Corp., 144A*		77		5,737
NH Investment & Securities Co. Ltd.		628		6,593
OCI Co. Ltd.		87		4,559
Orange Life Insurance Ltd., 144A		143		3,457
Orion Corp.		120		10,464
Ottogi Corp.		8		3,773
Pan Ocean Co. Ltd.*		973		3,460
Pearl Abyss Corp.*		18		2,824
POSCO		378		73,766
POSCO Chemical Co. Ltd.		133		5,416
Posco International Corp.		351		5,423
S-1 Corp.		77		6,102
Samsung Biologics Co. Ltd., 144A*		85		28,318
Samsung C&T Corp.		373		31,232
Samsung Card Co. Ltd.		213		6,690
Samsung Electro-Mechanics Co. Ltd.		296		27,817
Samsung Electronics Co. Ltd.		22,228		946,593
Samsung Engineering Co. Ltd.*		680		10,823
Samsung Fire & Marine Insurance Co. Ltd.		149		29,330
Samsung Heavy Industries Co. Ltd.*		2,475		14,584
Samsung Life Insurance Co. Ltd.		335		20,307
Samsung SDI Co. Ltd.		278		54,369
Samsung SDS Co. Ltd.		164		27,145
Samsung Securities Co. Ltd.		383		11,706
Shinhan Financial Group Co. Ltd.		2,080		76,691
Shinsegae Inc.		19		4,528
SK Holdings Co. Ltd.		153		33,355
SK Hynix, Inc.		2,626		179,862
SK Innovation Co. Ltd.		260		32,248
SK Telecom Co. Ltd.		77		16,037


	Number of Shares		Value
South Korea (Continued)
S-Oil Corp.		231	$	17,445
Woongjin Coway Co. Ltd.		184		13,958
Woori Financial Group, Inc.		2,235		22,139
Yuhan Corp.		38		6,949

				3,001,825

Spain — 1.8%
ACS Actividades de Construccion y Servicios SA		1,312		51,067
Aena SME SA, 144A		312		57,300
Amadeus IT Group SA		2,090		166,475
Banco Bilbao Vizcaya Argentaria SA		31,846		167,758
Banco de Sabadell SA		30,378		33,702
Banco Santander SA		2,940		10,876
Banco Santander SA		75,352		293,625
Bankia SA		4,763		9,228
Bankinter SA		3,205		22,414
CaixaBank SA		16,894		49,862
Cellnex Telecom SA, 144A*		1,299		55,813
Enagas SA		1,063		26,479
Endesa SA		1,511		41,084
Ferrovial SA*		35		1,039
Ferrovial SA		2,282		67,754
Grifols SA (b)		1,472		50,289
Iberdrola SA		28,467		280,001
Industria de Diseno Textil SA		5,347		166,474
Mapfre SA		8,795		24,795
Naturgy Energy Group SA		1,517		39,442
Red Electrica Corp. SA		1,969		38,504
Repsol SA		6,924		109,007
Siemens Gamesa Renewable Energy SA		1,142		18,224
Telefonica SA		22,249		170,406

				1,951,618

Sweden — 1.6%
Alfa Laval AB		1,262		31,042
Assa Abloy AB, Class B		4,693		111,419
Atlas Copco AB, Class A		3,156		115,622
Atlas Copco AB, Class B		1,922		62,126
Boliden AB		1,392		35,897
Electrolux AB, Series B		1,214		31,192
Epiroc AB, Class A		3,063		35,753
Epiroc AB, Class B		2,244		25,221
Essity AB, Class B		3,019		94,874
Hennes & Mauritz AB, Class B (b)		3,907		75,398
Hexagon AB, Class B		1,291		72,973
Husqvarna AB, Class B		1,995		15,576
ICA Gruppen AB (b)		359		15,667
Industrivarden AB, Class C		805		18,666
Investor AB, Class B		2,127		112,411
Kinnevik AB, Class B		1,099		25,163
L E Lundbergforetagen AB, Class B		374		14,822
Lundin Petroleum AB		901		27,769
Sandvik AB		5,364		97,528
Securitas AB, Class B		1,486		24,637
Skandinaviska Enskilda Banken AB, Class A		7,580		64,988


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Sweden (Continued)
Skanska AB, Class B		1,638	$	36,187
SKF AB, Class B		1,762		33,646
Svenska Handelsbanken AB, Class A		6,945		68,158
Swedbank AB, Class A		4,272		55,618
Swedish Match AB		899		43,053
Tele2 AB, Class B		2,416		35,642
Telefonaktiebolaget LM Ericsson, Class B		14,837		133,683
Telia Co. AB		13,623		58,954
Volvo AB, Class B		7,055		109,049

				1,682,734

Switzerland — 6.2%
ABB Ltd.		8,707		190,422
Adecco Group AG		789		48,776
Alcon, Inc.*		2,082		114,947
Baloise Holding AG		224		38,931
Barry Callebaut AG		11		22,110
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		10		76,250
Cie Financiere Richemont SA		2,489		189,562
Clariant AG*		1,066		22,024
Coca-Cola HBC AG*		1,059		35,324
Credit Suisse Group AG*		12,096		158,518
Dufry AG*		161		15,710
EMS-Chemie Holding AG		39		24,200
Geberit AG		168		90,182
Givaudan SA		48		141,072
Glencore PLC*		53,282		168,077
Julius Baer Group Ltd.*		1,086		51,129
Kuehne + Nagel International AG		273		44,390
LafargeHolcim Ltd.*		2,336		120,444
Lonza Group AG*		367		124,633
Nestle SA		13,988		1,453,633
Novartis AG		10,214		940,301
Pargesa Holding SA		219		17,279
Partners Group Holding AG		84		70,829
Roche Holding AG		3,362		1,036,168
Schindler Holding AG		89		21,289
Schindler Holding AG Participation Certificates		203		50,608
SGS SA		25		65,050
Sika AG		628		109,303
Sonova Holding AG		249		56,847
STMicroelectronics NV		3,448		84,710
Straumann Holding AG		48		46,176
Swatch Group AG — Bearer		156		43,680
Swatch Group AG — Registered		212		11,300
Swiss Life Holding AG		161		79,824
Swiss Prime Site AG		444		46,886
Swiss Re AG		1,487		161,042
Swisscom AG		132		68,323
Temenos AG*		308		46,724
UBS Group AG*		18,279		221,542
Vifor Pharma AG		207		36,908
Zurich Insurance Group AG		714		280,102

				6,625,225


	Number of Shares		Value
Taiwan — 3.1%
Acer, Inc.		17,300	$	10,178
Advantech Co. Ltd.		1,525		14,970
Airtac International Group		1,110		16,044
ASE Technology Holding Co. Ltd.		15,527		38,473
Asia Cement Corp.		10,572		15,749
Asustek Computer, Inc.		3,170		23,949
AU Optronics Corp.		46,038		13,248
Catcher Technology Co. Ltd.		3,107		25,408
Cathay Financial Holding Co. Ltd.		37,164		50,794
Chailease Holding Co. Ltd.		5,065		22,660
Chang Hwa Commercial Bank Ltd.		20,224		15,212
Cheng Shin Rubber Industry Co. Ltd.		9,594		13,081
Chicony Electronics Co. Ltd.		2,237		6,489
China Development Financial Holding Corp.		86,713		27,596
China Life Insurance Co. Ltd.*		8,087		6,719
China Steel Corp.		58,650		44,982
Chunghwa Telecom Co. Ltd.		18,285		67,721
Compal Electronics, Inc.		22,036		13,578
CTBC Financial Holding Co. Ltd.		89,804		64,313
Delta Electronics, Inc.		9,548		43,812
E.Sun Financial Holding Co. Ltd.		53,904		47,790
Eclat Textile Co. Ltd.		1,246		16,172
Eva Airways Corp.		10,317		4,734
Far Eastern New Century Corp.		15,056		14,681
Far EasTone Telecommunications Co. Ltd.		9,250		22,162
Feng TAY Enterprise Co. Ltd.		2,138		13,384
First Financial Holding Co. Ltd.		51,871		39,017
Formosa Chemicals & Fibre Corp.		16,897		48,348
Formosa Petrochemical Corp.		6,988		21,987
Formosa Plastics Corp.		22,135		70,517
Foxconn Technology Co. Ltd.		4,226		9,225
Fubon Financial Holding Co. Ltd.		38,637		56,733
Giant Manufacturing Co. Ltd.		1,876		13,589
Globalwafers Co. Ltd.		1,575		17,087
Hiwin Technologies Corp.		949		8,103
Hon Hai Precision Industry Co. Ltd.		59,523		172,655
Hotai Motor Co. Ltd.		1,460		28,568
Hua Nan Financial Holdings Co. Ltd.		46,256		32,899
Innolux Corp.		46,230		11,970
Inventec Corp.		13,870		10,388
Largan Precision Co. Ltd.		521		75,732
Lite-On Technology Corp.		9,228		14,639
MediaTek, Inc.		7,326		101,208
Mega Financial Holding Co. Ltd.		48,725		48,389
Micro-Star International Co. Ltd.		1,704		4,686
Nan Ya Plastics Corp.		23,301		54,605
Nanya Technology Corp.		6,135		14,317
Nien Made Enterprise Co. Ltd.		661		6,066
Novatek Microelectronics Corp.		2,585		18,936
Pegatron Corp.		10,138		22,595
Phison Electronics Corp.		756		7,049
Pou Chen Corp.		11,351		14,788
Powertech Technology, Inc.		1,605		4,950
President Chain Store Corp.		2,564		25,673
Quanta Computer, Inc.		12,507		24,718


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Taiwan (Continued)
Realtek Semiconductor Corp.		1,613	$	12,186
Ruentex Development Co. Ltd.*		2,518		3,763
Shanghai Commercial & Savings Bank Ltd.		13,602		22,246
Shin Kong Financial Holding Co. Ltd.*		38,153		12,567
SinoPac Financial Holdings Co. Ltd.		52,678		22,186
Standard Foods Corp.		2,737		5,948
Synnex Technology International Corp.		7,783		9,400
Taishin Financial Holding Co. Ltd.		46,657		21,791
Taiwan Business Bank		19,625		8,040
Taiwan Cement Corp.		24,355		33,048
Taiwan Cooperative Financial Holding Co. Ltd.		34,256		23,297
Taiwan High Speed Rail Corp.		9,687		11,414
Taiwan Mobile Co. Ltd.		10,785		40,474
Taiwan Semiconductor Manufacturing Co. Ltd.		115,864		1,158,241
Tatung Co. Ltd.*		8,754		6,327
Uni-President Enterprises Corp.		23,439		55,696
United Microelectronics Corp.		51,679		25,322
Vanguard International Semiconductor Corp.		4,827		11,328
Walsin Technology Corp.		2,110		11,757
Win Semiconductors Corp.		2,249		22,298
Winbond Electronics Corp.		12,821		7,333
Wistron Corp.		8,893		8,074
WPG Holdings Ltd.		10,759		13,382
Yageo Corp.		1,914		20,702
Yuanta Financial Holding Co. Ltd.		46,485		30,091
Zhen Ding Technology Holding Ltd.		2,151		9,482

				3,239,729

Thailand — 0.7%
Advanced Info Service PCL, NVDR		5,700		39,990
Airports of Thailand PCL, NVDR		20,800		51,970
Bangkok Bank PCL, NVDR		900		5,257
Bangkok Dusit Medical Services PCL, NVDR		33,500		27,272
Bangkok Expressway & Metro PCL, NVDR		51,600		18,442
Berli Jucker PCL, NVDR		5,800		8,733
BTS Group Holdings PCL, NVDR		37,100		16,820
Bumrungrad Hospital PCL, NVDR		2,100		9,417
Central Pattana PCL, NVDR		12,700		26,163
Charoen Pokphand Foods PCL, NVDR		18,200		16,563
CP ALL PCL, NVDR		29,400		73,944
Electricity Generating PCL, NVDR		1,600		18,268
Energy Absolute PCL, NVDR		7,900		11,176
Gulf Energy Development PCL, NVDR		2,600		14,369
Home Product Center PCL, NVDR		24,000		13,105
Indorama Ventures PCL, NVDR		8,400		9,660
Intouch Holdings PCL, NVDR		11,700		22,748
IRPC PCL, NVDR		108,002		12,510
Kasikornbank PCL, NVDR		9,700		49,756
Krung Thai Bank PCL, NVDR		20,800		11,289
Land & Houses PCL, NVDR		42,500		13,783
Minor International PCL, NVDR		14,000		17,837


	Number of Shares		Value
Thailand (Continued)
PTT Exploration & Production PCL, NVDR		6,900	$	27,401
PTT Global Chemical PCL, NVDR		6,700		11,918
PTT PCL, NVDR		55,600		79,580
Ratch Group PCL, NVDR		3,500		8,195
Robinson PCL, NVDR		700		1,523
Siam Cement PCL		700		8,826
Siam Cement PCL, NVDR		3,200		40,348
Siam Commercial Bank PCL, NVDR		1,200		4,805
Thai Oil PCL, NVDR		8,500		19,409
Thai Union Group PCL, NVDR		16,100		7,353
True Corp. PCL, NVDR		52,400		7,699

				706,129

Turkey — 0.1%
Akbank T.A.S.*		13,374		18,076
Anadolu Efes Biracilik Ve Malt Sanayii AS		659		2,485
Arcelik AS*		1,369		4,791
Aselsan Elektronik Sanayi Ve Ticaret AS		954		3,098
BIM Birlesik Magazalar AS		1,980		15,844
Eregli Demir ve Celik Fabrikalari TAS		6,773		9,449
Ford Otomotiv Sanayi AS		232		2,575
Haci Omer Sabanci Holding AS		5,903		9,344
KOC Holding AS		4,017		13,989
TAV Havalimanlari Holding AS		1,486		6,954
Tupras Turkiye Petrol Rafinerileri AS		817		17,609
Turk Hava Yollari AO*		2,513		5,971
Turkcell Iletisim Hizmetleri AS		4,654		10,978
Turkiye Garanti Bankasi AS*		11,093		19,489
Turkiye Is Bankasi AS, Class C*		8,169		8,739

				149,391

United Arab Emirates — 0.2%
Abu Dhabi Commercial Bank PJSC		13,268		27,272
Aldar Properties PJSC		32,065		18,943
DP World PLC		840		10,534
Dubai Islamic Bank PJSC		2,155		3,109
Emaar Malls PJSC		13,754		7,152
Emaar Properties PJSC		14,089		15,841
Emirates Telecommunications Group Co. PJSC		8,325		36,943
First Abu Dhabi Bank PJSC		13,181		54,545
NMC Health PLC		456		14,797

				189,136

United Kingdom — 9.4%
3i Group PLC		4,584		63,497
Admiral Group PLC		749		20,731
Anglo American PLC		5,097		133,591
Ashtead Group PLC		2,079		63,189
Associated British Foods PLC		1,692		56,219
AstraZeneca PLC		6,240		601,898
Auto Trader Group PLC, 144A		4,410		32,055
Aviva PLC		19,076		99,625
BAE Systems PLC		15,453		114,601
Barclays PLC		81,271		180,309


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
United Kingdom (Continued)
Barratt Developments PLC		4,919	$	42,422
Berkeley Group Holdings PLC		606		35,944
BP PLC		96,243		597,734
British American Tobacco PLC		10,950		433,363
British Land Co. PLC REIT		4,565		33,984
BT Group PLC		40,808		101,104
Bunzl PLC		1,642		45,086
Burberry Group PLC		2,009		54,669
Centrica PLC		27,301		28,325
CNH Industrial NV		5,303		56,834
Coca-Cola European Partners PLC		1,096		55,304
Compass Group PLC		7,524		184,357
Croda International PLC		583		37,550
Diageo PLC		11,197		458,344
Direct Line Insurance Group PLC		7,127		28,151
easyJet PLC		958		16,578
Ferguson PLC		1,055		91,721
Fiat Chrysler Automobiles NV		5,229		77,310
G4S PLC		7,784		21,051
GlaxoSmithKline PLC		23,536		533,923
Halma PLC		1,967		53,577
Hargreaves Lansdown PLC		1,365		32,749
HSBC Holdings PLC		95,284		710,207
Imperial Brands PLC		4,565		100,559
Informa PLC		5,861		59,991
InterContinental Hotels Group PLC		854		55,303
Intertek Group PLC		737		52,578
ITV PLC		17,830		33,461
J Sainsbury PLC		8,365		23,185
JD Sports Fashion PLC		2,056		20,225
Johnson Matthey PLC		877		32,599
Kingfisher PLC		11,019		29,914
Land Securities Group PLC REIT		3,369		41,760
Legal & General Group PLC		27,781		100,929
Lloyds Banking Group PLC		340,508		269,302
London Stock Exchange Group PLC		1,461		129,852
M&G PLC*		12,470		38,062
Marks & Spencer Group PLC		8,932		22,452
Meggitt PLC		3,916		32,566
Melrose Industries PLC		23,068		68,501
Micro Focus International PLC		1,799		26,357
Mondi PLC		2,258		48,931
National Grid PLC (b)		15,673		180,348
Next PLC		687		60,047
Ocado Group PLC*		2,154		36,913
Pearson PLC		3,911		32,707
Persimmon PLC		1,479		48,931
Prudential PLC		12,470		222,003
Reckitt Benckiser Group PLC		3,385		265,569
RELX PLC		9,298		225,239
Rentokil Initial PLC		8,778		50,510
Rio Tinto Ltd.		1,725		113,062
Rio Tinto PLC		5,498		298,762
Rolls-Royce Holdings PLC*		7,940		73,076
Rolls-Royce Holdings PLC — Entitlement*		365,240		472
Royal Bank of Scotland Group PLC		21,828		63,859


	Number of Shares		Value
United Kingdom (Continued)
RSA Insurance Group PLC		4,649	$	33,155
Sage Group PLC		5,134		50,053
Schroders PLC		567		24,193
Segro PLC REIT		5,219		60,345
Severn Trent PLC		1,242		36,030
Smith & Nephew PLC		4,177		93,514
Smiths Group PLC		2,007		43,115
Spirax-Sarco Engineering PLC		343		39,593
SSE PLC		4,952		83,261
St James’s Place PLC		2,634		37,082
Standard Chartered PLC		12,926		116,590
Standard Life Aberdeen PLC		11,999		49,179
Taylor Wimpey PLC		15,641		35,250
Tesco PLC		47,372		140,550
Unilever NV		6,966		412,885
Unilever PLC		5,300		313,811
United Utilities Group PLC		3,253		35,905
Vodafone Group PLC		129,267		256,399
Weir Group PLC		1,180		21,297
Whitbread PLC		627		37,311
Wm Morrison Supermarkets PLC		9,836		25,227
WPP PLC		5,716		73,965

				9,972,737

United States (e) — 0.1%
Bausch Health Cos., Inc.*		1,521		42,963
Carnival PLC		897		37,740
Nexteer Automotive Group Ltd.		3,981		3,336

				84,039

TOTAL COMMON STOCKS (Cost $95,082,719)				101,566,889

PREFERRED STOCKS — 1.2%
Brazil — 0.6%
Banco Bradesco SA		19,282		151,808
Braskem SA, Class A		896		5,917
Centrais Eletricas Brasileiras SA, Class B		1,629		13,809
Cia Brasileira de Distribuicao		602		11,385
Cia Energetica de Minas Gerais		5,128		15,789
Gerdau SA		4,941		19,818
Itau Unibanco Holding SA		23,243		190,836
Itausa — Investimentos Itau SA		20,842		65,253
Lojas Americanas SA		2,823		14,839
Petroleo Brasileiro SA		20,222		139,075
Telefonica Brasil SA		1,890		25,083

				653,612

Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B		457		10,846

Colombia — 0.0%
Bancolombia SA		2,635		32,471
Grupo Aval Acciones y Valores SA		18,630		7,495

				39,966


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares			Value
Germany — 0.4%
Bayerische Motoren Werke AG			177	$	10,920
FUCHS PETROLUB SE			370		15,979
Henkel AG & Co. KGaA			929		98,132
Porsche Automobil Holding SE			753		55,731
Sartorius AG			159		33,510
Volkswagen AG			886		171,287

					385,559

Russia — 0.0%
Surgutneftegas PJSC			34,136		19,148
Transneft PJSC			3		7,922

					27,070

South Korea — 0.2%
Amorepacific Corp.			58		4,311
Hyundai Motor Co.			118		7,203
Hyundai Motor Co. — 2nd Preferred			171		11,770
LG Chem Ltd.			27		3,818
Samsung Electronics Co. Ltd.			4,158		143,804

					170,906

TOTAL PREFERRED STOCKS (Cost $1,007,785)					1,287,959


	Principal Amount			Value
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. 8.00%, 8/28/22 (Cost $132)		INR	9,360		135


	Number of Shares		Value
RIGHTS — 0.0%
Brazil — 0.0%
Centrais Eletricas Brasileiras SA*, expires 12/20/19		333	$	5
Centrais Eletricas Brasileiras SA*, expires 12/20/19		158		5

				10

China — 0.0%
Zhengqi Financial Holding Corp.*, expires 12/31/49 (d)		271		0

South Korea — 0.0%
AMOREPACIFIC Group*, expires 12/11/19 (d)		10		25

TOTAL RIGHTS (Cost $0)				35

SECURITIES LENDING COLLATERAL — 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (f)(g) (Cost $1,323,973)		1,323,973		1,323,973

CASH EQUIVALENTS — 2.3%
DWS Government Money Market Series “Institutional Shares”, 1.58% (f) (Cost $2,409,800)		2,409,800		2,409,800


TOTAL INVESTMENTS — 100.5% (Cost $99,824,409)			$	106,588,791
Other assets and liabilities, net — (0.5%)				(545,358	)

NET ASSETS — 100.0%			$	106,043,433

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		64,295		—		—			—		3,871		—		—		9,455		68,166

SECURITIES LENDING COLLATERAL — 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (f)(g)
		1,641,117		—		(317,144	)(h)		—		—		11,877		—		1,323,973		1,323,973

CASH EQUIVALENTS — 2.3%
DWS Government Money Market Series “Institutional Shares”, 1.58% (f)
		856,243		12,167,093		(10,613,536	)		—		—		21,464		—		2,409,800		2,409,800

		2,561,655		12,167,093		(10,930,680	)		—		3,871		33,341		—		3,743,228		3,801,939

*	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.


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)

(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, 2019 amounted to $1,573,866, which is 1.5% of net assets.

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

(d)	Investment was valued using significant unobservable inputs.

(e)	Securities are listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index.

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

(g)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $352,050.

(h)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interest

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC

Joint Stock Company

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

RSP:

Risparmio (Convertible Savings Shares)

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar

SDR:

Swedish 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, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MINI S&P/TSX 60 Futures	CAD	6	$	227,136	$	229,850	12/19/2019	$	3,118
MSCI EAFE Futures	USD	20		1,928,105		1,977,300	12/20/2019		49,195
MSCI Emerging Markets Index Futures	USD	17		873,725		882,300	12/20/2019		8,575

Total unrealized appreciation								$	60,888

As of November 30, 2019, 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.	12/4/2019	AUD	5,680,000	USD	3,916,218	$	73,804	$	—
RBC Capital Markets	12/4/2019	AUD	1,623,300	USD	1,119,291		21,159		—
JP Morgan & Chase Co.	12/4/2019	BRL	2,596,900	USD	646,043		33,481		—
Morgan Stanley Capital	12/4/2019	BRL	5,539,600	USD	1,376,880		70,187		—
Morgan Stanley Capital	12/4/2019	BRL	469,000	USD	116,580		5,951		—
JP Morgan & Chase Co.	12/4/2019	CAD	2,345,000	USD	1,784,248		18,749		—
Morgan Stanley Capital	12/4/2019	CAD	4,876,100	USD	3,710,104		38,994		—
RBC Capital Markets	12/4/2019	CAD	2,020,300	USD	1,537,211		16,171		—
JP Morgan & Chase Co.	12/4/2019	CHF	1,111,600	USD	1,128,923		16,886		—
Morgan Stanley Capital	12/4/2019	CHF	4,349,900	USD	4,417,936		66,323		—
RBC Capital Markets	12/4/2019	CHF	121,000	USD	122,891		1,843		—
RBC Capital Markets	12/4/2019	CHF	1,010,100	USD	1,025,888		15,391		—
JP Morgan & Chase Co.	12/4/2019	CLP	13,480,400	USD	18,253		1,497		—
Morgan Stanley Capital	12/4/2019	CLP	159,063,400	USD	214,800		17,095		—
JP Morgan & Chase Co.	12/4/2019	CNH	4,059,400	USD	575,668		—		(1,634	)
JP Morgan & Chase Co.	12/4/2019	COP	23,380,500	USD	6,914		268		—
Morgan Stanley Capital	12/4/2019	COP	332,003,700	USD	98,162		3,787		—
Morgan Stanley Capital	12/4/2019	CZK	1,161,500	USD	50,806		701		—
JP Morgan & Chase Co.	12/4/2019	DKK	1,351,000	USD	202,189		2,914		—


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley Capital	12/4/2019	DKK	6,404,300	USD	958,516	$	13,871	$	—
RBC Capital Markets	12/4/2019	DKK	716,000	USD	107,165		1,554		—
Morgan Stanley Capital	12/4/2019	EGP	632,000	USD	39,125		—		(26	)
JP Morgan & Chase Co.	12/4/2019	EUR	13,134,000	USD	14,680,555		205,975		—
Morgan Stanley Capital	12/4/2019	EUR	2,134,800	USD	2,386,215		33,518		—
RBC Capital Markets	12/4/2019	EUR	4,640,600	USD	5,187,202		72,939		—
RBC Capital Markets	12/4/2019	EUR	396,000	USD	442,640		6,221		—
JP Morgan & Chase Co.	12/4/2019	GBP	6,965,200	USD	9,021,118		10,952		—
Morgan Stanley Capital	12/4/2019	GBP	707,800	USD	916,707		1,099		—
RBC Capital Markets	12/4/2019	GBP	1,471,000	USD	1,905,202		2,320		—
JP Morgan & Chase Co.	12/4/2019	HKD	44,512,700	USD	5,678,060		—		(7,949	)
Morgan Stanley Capital	12/4/2019	HKD	896,000	USD	114,490		36		—
Morgan Stanley Capital	12/4/2019	HKD	780,000	USD	99,491		—		(145	)
Morgan Stanley Capital	12/4/2019	HKD	18,284,900	USD	2,332,347		—		(3,348	)
JP Morgan & Chase Co.	12/4/2019	HUF	16,042,500	USD	54,604		1,737		—
Morgan Stanley Capital	12/4/2019	HUF	5,831,900	USD	19,852		633		—
JP Morgan & Chase Co.	12/4/2019	IDR	6,459,100,900	USD	458,352		602		—
Morgan Stanley Capital	12/4/2019	IDR	1,679,087,700	USD	119,298		303		—
Morgan Stanley Capital	12/4/2019	ILS	708,300	USD	201,312		—		(2,518	)
RBC Capital Markets	12/4/2019	ILS	165,000	USD	46,892		—		(591	)
JP Morgan & Chase Co.	12/4/2019	INR	161,683,500	USD	2,279,223		26,227		—
Morgan Stanley Capital	12/4/2019	INR	12,105,000	USD	170,147		1,468		—
Morgan Stanley Capital	12/4/2019	INR	752,700	USD	10,567		78		—
Citigroup Global Markets	12/4/2019	JPY	847,301,300	USD	7,850,543		106,515		—
JP Morgan & Chase Co.	12/4/2019	JPY	503,943,800	USD	4,669,086		63,221		—
Morgan Stanley Capital	12/4/2019	JPY	224,243,700	USD	2,077,677		28,171		—
RBC Capital Markets	12/4/2019	JPY	273,398,500	USD	2,533,156		34,392		—
RBC Capital Markets	12/4/2019	JPY	87,000,000	USD	806,088		10,940		—
JP Morgan & Chase Co.	12/4/2019	KRW	2,870,048,000	USD	2,469,411		39,258		—
Morgan Stanley Capital	12/4/2019	KRW	96,715,000	USD	83,160		1,269		—
Morgan Stanley Capital	12/4/2019	KRW	926,122,200	USD	796,404		12,229		—
Citigroup Global Markets	12/4/2019	MXN	9,408,000	USD	488,372		7,518		—
JP Morgan & Chase Co.	12/4/2019	MXN	968,700	USD	50,286		774		—
Morgan Stanley Capital	12/4/2019	MXN	2,305,000	USD	119,652		1,841		—
Morgan Stanley Capital	12/4/2019	MYR	2,370,900	USD	567,697		54		—
Citigroup Global Markets	12/4/2019	NOK	2,007,700	USD	218,702		781		—
JP Morgan & Chase Co.	12/4/2019	NOK	276,700	USD	30,141		107		—
Morgan Stanley Capital	12/4/2019	NOK	1,882,200	USD	204,984		685		—
JP Morgan & Chase Co.	12/4/2019	NZD	13,300	USD	8,533		—		(3	)
Morgan Stanley Capital	12/4/2019	NZD	256,100	USD	164,323		—		(53	)
JP Morgan & Chase Co.	12/4/2019	PHP	561,200	USD	11,044		2		—
Morgan Stanley Capital	12/4/2019	PHP	13,280,600	USD	261,378		51		—
Citigroup Global Markets	12/4/2019	PLN	1,035,000	USD	271,335		7,088		—
JP Morgan & Chase Co.	12/4/2019	PLN	54,900	USD	14,392		375		—
Morgan Stanley Capital	12/4/2019	PLN	29,500	USD	7,734		202		—
Morgan Stanley Capital	12/4/2019	QAR	858,700	USD	235,894		30		—
JP Morgan & Chase Co.	12/4/2019	RUB	20,400,000	USD	316,837		—		(19	)
Morgan Stanley Capital	12/4/2019	RUB	50,361,400	USD	782,628		409		—
JP Morgan & Chase Co.	12/4/2019	SEK	4,701,200	USD	488,747		—		(2,225	)
Morgan Stanley Capital	12/4/2019	SEK	11,717,900	USD	1,218,250		—		(5,513	)
Morgan Stanley Capital	12/4/2019	SEK	1,903,000	USD	197,836		—		(904	)
JP Morgan & Chase Co.	12/4/2019	SGD	1,013,900	USD	745,159		3,814		—
Morgan Stanley Capital	12/4/2019	SGD	212,300	USD	156,031		801		—
Morgan Stanley Capital	12/4/2019	THB	24,502,900	USD	811,634		675		—
JP Morgan & Chase Co.	12/4/2019	TRY	911,400	USD	158,091		—		(280	)
JP Morgan & Chase Co.	12/4/2019	TWD	21,134,600	USD	697,834		5,003		—
Morgan Stanley Capital	12/4/2019	TWD	73,410,700	USD	2,423,435		16,897		—
Morgan Stanley Capital	12/4/2019	TWD	6,620,000	USD	218,426		1,410		—


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/4/2019	USD	125,469	AUD	182,000	$	—	$	(2,350	)
JP Morgan & Chase Co.	12/4/2019	USD	3,718,957	AUD	5,498,000		337		—
RBC Capital Markets	12/4/2019	USD	1,098,033	AUD	1,623,300		99		—
JP Morgan & Chase Co.	12/4/2019	USD	614,244	BRL	2,596,900		—		(1,681	)
RBC Capital Markets	12/4/2019	USD	1,420,876	BRL	6,008,600		—		(3,554	)
Citigroup Global Markets	12/4/2019	USD	3,671,076	CAD	4,876,100		33		—
JP Morgan & Chase Co.	12/4/2019	USD	1,765,481	CAD	2,345,000		19		—
RBC Capital Markets	12/4/2019	USD	68,482	CAD	90,000		—		(723	)
RBC Capital Markets	12/4/2019	USD	1,453,269	CAD	1,930,300		12		—
Citigroup Global Markets	12/4/2019	USD	4,353,034	CHF	4,349,900		—		(1,421	)
JP Morgan & Chase Co.	12/4/2019	USD	1,112,400	CHF	1,111,600		—		(362	)
RBC Capital Markets	12/4/2019	USD	1,131,913	CHF	1,131,100		—		(367	)
Citigroup Global Markets	12/4/2019	USD	197,146	CLP	159,063,400		559		—
JP Morgan & Chase Co.	12/4/2019	USD	16,705	CLP	13,480,400		50		—
JP Morgan & Chase Co.	12/4/2019	USD	577,430	CNH	4,059,400		—		(128	)
Citigroup Global Markets	12/4/2019	USD	94,203	COP	332,003,700		173		—
Citigroup Global Markets	12/4/2019	USD	94,234	COP	332,003,700		141		—
JP Morgan & Chase Co.	12/4/2019	USD	6,634	COP	23,380,500		12		—
Citigroup Global Markets	12/4/2019	USD	50,122	CZK	1,161,500		—		(17	)
JP Morgan & Chase Co.	12/4/2019	USD	199,381	DKK	1,351,000		—		(107	)
RBC Capital Markets	12/4/2019	USD	945,155	DKK	6,404,300		—		(510	)
RBC Capital Markets	12/4/2019	USD	105,668	DKK	716,000		—		(57	)
Citigroup Global Markets	12/4/2019	USD	39,217	EGP	632,000		—		(66	)
Citigroup Global Markets	12/4/2019	USD	2,353,984	EUR	2,134,800		—		(1,286	)
JP Morgan & Chase Co.	12/4/2019	USD	14,207,877	EUR	12,885,000		—		(7,712	)
JP Morgan & Chase Co.	12/4/2019	USD	276,198	EUR	249,000		—		(1,782	)
RBC Capital Markets	12/4/2019	USD	5,553,688	EUR	5,036,600		—		(3,005	)
Citigroup Global Markets	12/4/2019	USD	915,575	GBP	707,800		34		—
JP Morgan & Chase Co.	12/4/2019	USD	96,606	GBP	75,000		414		—
JP Morgan & Chase Co.	12/4/2019	USD	8,912,715	GBP	6,890,200		431		—
RBC Capital Markets	12/4/2019	USD	177,446	GBP	137,000		—		(223	)
RBC Capital Markets	12/4/2019	USD	1,725,574	GBP	1,334,000		85		—
JP Morgan & Chase Co.	12/4/2019	USD	5,686,570	HKD	44,512,700		—		(561	)
RBC Capital Markets	12/4/2019	USD	2,550,005	HKD	19,960,900		—		(219	)
Citigroup Global Markets	12/4/2019	USD	19,233	HUF	5,831,900		—		(15	)
JP Morgan & Chase Co.	12/4/2019	USD	52,908	HUF	16,042,500		—		(41	)
JP Morgan & Chase Co.	12/4/2019	USD	457,541	IDR	6,459,100,900		209		—
RBC Capital Markets	12/4/2019	USD	118,983	IDR	1,679,087,700		12		—
Citigroup Global Markets	12/4/2019	USD	204,125	ILS	708,300		—		(295	)
RBC Capital Markets	12/4/2019	USD	47,552	ILS	165,000		—		(69	)
Citigroup Global Markets	12/4/2019	USD	179,289	INR	12,857,700		—		(122	)
JP Morgan & Chase Co.	12/4/2019	USD	2,254,874	INR	161,683,500		—		(1,878	)
Citigroup Global Markets	12/4/2019	USD	7,737,699	JPY	847,301,300		6,329		—
JP Morgan & Chase Co.	12/4/2019	USD	343,234	JPY	37,356,000		—		(1,813	)
JP Morgan & Chase Co.	12/4/2019	USD	4,260,905	JPY	466,587,800		3,540		—
RBC Capital Markets	12/4/2019	USD	3,291,175	JPY	360,398,500		2,737		—
RBC Capital Markets	12/4/2019	USD	2,047,804	JPY	224,243,700		1,703		—
Citigroup Global Markets	12/4/2019	USD	866,079	KRW	1,022,837,200		—		(13	)
JP Morgan & Chase Co.	12/4/2019	USD	2,429,979	KRW	2,870,048,000		174		—
Citigroup Global Markets	12/4/2019	USD	482,281	MXN	9,408,000		—		(1,427	)
JP Morgan & Chase Co.	12/4/2019	USD	49,657	MXN	968,700		—		(145	)
RBC Capital Markets	12/4/2019	USD	118,159	MXN	2,305,000		—		(348	)
RBC Capital Markets	12/4/2019	USD	567,608	MYR	2,370,900		34		—
Citigroup Global Markets	12/4/2019	USD	204,375	NOK	1,882,200		—		(76	)
Citigroup Global Markets	12/4/2019	USD	218,003	NOK	2,007,700		—		(82	)
JP Morgan & Chase Co.	12/4/2019	USD	30,045	NOK	276,700		—		(11	)
JP Morgan & Chase Co.	12/4/2019	USD	8,537	NZD	13,300		—		(1	)
RBC Capital Markets	12/4/2019	USD	164,394	NZD	256,100		—		(18	)


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/4/2019	USD	11,037	PHP	561,200	$	5	$	—
RBC Capital Markets	12/4/2019	USD	261,167	PHP	13,280,600		159		—
Citigroup Global Markets	12/4/2019	USD	264,635	PLN	1,035,000		—		(387	)
Citigroup Global Markets	12/4/2019	USD	7,543	PLN	29,500		—		(11	)
JP Morgan & Chase Co.	12/4/2019	USD	14,037	PLN	54,900		—		(21	)
Citigroup Global Markets	12/4/2019	USD	234,297	QAR	858,700		1,567		—
Citigroup Global Markets	12/4/2019	USD	783,390	RUB	50,361,400		—		(1,171	)
JP Morgan & Chase Co.	12/4/2019	USD	317,330	RUB	20,400,000		—		(474	)
JP Morgan & Chase Co.	12/4/2019	USD	491,159	SEK	4,701,200		—		(188	)
RBC Capital Markets	12/4/2019	USD	1,423,048	SEK	13,620,900		—		(545	)
JP Morgan & Chase Co.	12/4/2019	USD	741,479	SGD	1,013,900		—		(134	)
RBC Capital Markets	12/4/2019	USD	155,252	SGD	212,300		—		(23	)
Citigroup Global Markets	12/4/2019	USD	733,869	THB	22,185,900		405		—
Morgan Stanley Capital	12/4/2019	USD	76,778	THB	2,317,000		—		(93	)
JP Morgan & Chase Co.	12/4/2019	USD	158,595	TRY	911,400		—		(224	)
JP Morgan & Chase Co.	12/4/2019	USD	692,438	TWD	21,134,600		393		—
RBC Capital Markets	12/4/2019	USD	2,622,324	TWD	80,030,700		1,230		—
JP Morgan & Chase Co.	12/4/2019	USD	255,544	ZAR	3,745,000		—		(203	)
RBC Capital Markets	12/4/2019	USD	1,061,094	ZAR	15,550,400		—		(838	)
JP Morgan & Chase Co.	12/4/2019	ZAR	3,745,000	USD	247,591		—		(7,751	)
Morgan Stanley Capital	12/4/2019	ZAR	15,550,400	USD	1,028,148		—		(32,107	)
Morgan Stanley Capital	12/6/2019	AED	669,700	USD	182,314		—		(5	)
Citigroup Global Markets	12/6/2019	USD	182,323	AED	669,700		—		(4	)
Citigroup Global Markets	1/6/2020	AED	669,700	USD	182,297		—		(1	)
JP Morgan & Chase Co.	1/6/2020	AUD	5,498,000	USD	3,722,300		—		(543	)
RBC Capital Markets	1/6/2020	AUD	1,623,300	USD	1,099,104		—		(76	)
RBC Capital Markets	1/6/2020	AUD	192,000	USD	129,988		—		(20	)
JP Morgan & Chase Co.	1/6/2020	BRL	2,596,900	USD	613,402		1,872		—
RBC Capital Markets	1/6/2020	BRL	6,008,600	USD	1,419,131		4,197		—
Citigroup Global Markets	1/6/2020	CAD	4,876,100	USD	3,672,398		67		—
JP Morgan & Chase Co.	1/6/2020	CAD	2,345,000	USD	1,766,082		—		(5	)
RBC Capital Markets	1/6/2020	CAD	1,930,300	USD	1,453,769		5		—
RBC Capital Markets	1/6/2020	CAD	304,000	USD	228,948		—		(3	)
Citigroup Global Markets	1/6/2020	CHF	4,349,900	USD	4,366,361		1,387		—
JP Morgan & Chase Co.	1/6/2020	CHF	1,111,600	USD	1,115,767		315		—
RBC Capital Markets	1/6/2020	CHF	1,131,100	USD	1,135,386		366		—
Citigroup Global Markets	1/6/2020	CLP	159,063,400	USD	197,499		—		(576	)
JP Morgan & Chase Co.	1/6/2020	CLP	13,480,400	USD	16,729		—		(58	)
JP Morgan & Chase Co.	1/6/2020	CNH	4,059,400	USD	576,782		35		—
JP Morgan & Chase Co.	1/6/2020	CNH	1,886,000	USD	267,957		—		—
Citigroup Global Markets	1/6/2020	CZK	1,161,500	USD	50,186		16		—
JP Morgan & Chase Co.	1/6/2020	DKK	1,351,000	USD	199,962		104		—
RBC Capital Markets	1/6/2020	DKK	716,000	USD	105,975		55		—
RBC Capital Markets	1/6/2020	DKK	6,404,300	USD	947,900		488		—
Citigroup Global Markets	1/6/2020	EUR	2,134,800	USD	2,360,128		1,243		—
JP Morgan & Chase Co.	1/6/2020	EUR	541,000	USD	598,084		296		—
JP Morgan & Chase Co.	1/6/2020	EUR	12,885,000	USD	14,244,870		7,360		—
RBC Capital Markets	1/6/2020	EUR	5,036,600	USD	5,568,148		2,867		—
Citigroup Global Markets	1/6/2020	GBP	707,800	USD	916,923		—		(8	)
JP Morgan & Chase Co.	1/6/2020	GBP	6,890,200	USD	8,925,827		—		(200	)
RBC Capital Markets	1/6/2020	GBP	1,334,000	USD	1,728,110		—		(43	)
RBC Capital Markets	1/6/2020	GBP	86,000	USD	111,406		—		(4	)
JP Morgan & Chase Co.	1/6/2020	HKD	7,000,000	USD	893,780		—		(56	)
JP Morgan & Chase Co.	1/6/2020	HKD	44,512,700	USD	5,683,480		—		(391	)
RBC Capital Markets	1/6/2020	HKD	19,960,900	USD	2,548,715		—		(112	)
Citigroup Global Markets	1/6/2020	HUF	5,831,900	USD	19,269		13		—
JP Morgan & Chase Co.	1/6/2020	HUF	16,042,500	USD	52,993		23		—
JP Morgan & Chase Co.	1/6/2020	IDR	6,459,100,900	USD	455,604		—		(641	)


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	1/6/2020	IDR	1,679,087,700	USD	118,496	$	—	$	(108	)
Citigroup Global Markets	1/6/2020	ILS	708,300	USD	204,444		263		—
RBC Capital Markets	1/6/2020	ILS	165,000	USD	47,625		60		—
Citigroup Global Markets	1/6/2020	INR	12,857,700	USD	178,790		167		—
JP Morgan & Chase Co.	1/6/2020	INR	10,664,000	USD	148,099		—		(49	)
JP Morgan & Chase Co.	1/6/2020	INR	161,683,500	USD	2,248,321		2,160		—
Citigroup Global Markets	1/6/2020	KRW	1,022,837,200	USD	866,774		—		(64	)
JP Morgan & Chase Co.	1/6/2020	KRW	2,870,048,000	USD	2,431,832		—		(488	)
Citigroup Global Markets	1/6/2020	MXN	9,408,000	USD	480,101		1,464		—
JP Morgan & Chase Co.	1/6/2020	MXN	968,700	USD	49,436		153		—
RBC Capital Markets	1/6/2020	MXN	2,305,000	USD	117,630		362		—
RBC Capital Markets	1/6/2020	MYR	2,370,900	USD	566,794		—		(531	)
Citigroup Global Markets	1/6/2020	NOK	1,882,200	USD	204,468		84		—
Citigroup Global Markets	1/6/2020	NOK	2,007,700	USD	218,100		88		—
JP Morgan & Chase Co.	1/6/2020	NOK	276,700	USD	30,058		12		—
JP Morgan & Chase Co.	1/6/2020	NZD	13,300	USD	8,542		1		—
RBC Capital Markets	1/6/2020	NZD	256,100	USD	164,478		12		—
JP Morgan & Chase Co.	1/6/2020	PHP	561,200	USD	11,024		—		(8	)
RBC Capital Markets	1/6/2020	PHP	13,280,600	USD	260,966		—		(112	)
Citigroup Global Markets	1/6/2020	QAR	858,700	USD	234,317		—		(1,599	)
JP Morgan & Chase Co.	1/6/2020	SGD	1,013,900	USD	741,616		41		—
RBC Capital Markets	1/6/2020	SGD	212,300	USD	155,294		16		—
Citigroup Global Markets	1/6/2020	THB	22,185,900	USD	733,673		—		(1,151	)
JP Morgan & Chase Co.	1/6/2020	TRY	911,400	USD	157,214		219		—
JP Morgan & Chase Co.	1/6/2020	TWD	21,134,600	USD	693,620		—		(294	)
RBC Capital Markets	1/6/2020	TWD	80,030,700	USD	2,627,412		—		(244	)
JP Morgan & Chase Co.	1/6/2020	ZAR	3,745,000	USD	254,320		209		—
RBC Capital Markets	1/6/2020	ZAR	15,550,400	USD	1,056,087		937		—
Citigroup Global Markets	1/7/2020	COP	332,003,700	USD	94,032		—		(153	)
Citigroup Global Markets	1/7/2020	COP	332,003,700	USD	94,012		—		(173	)
JP Morgan & Chase Co.	1/7/2020	COP	23,380,500	USD	6,620		—		(13	)
Citigroup Global Markets	1/7/2020	JPY	847,301,300	USD	7,759,525		—		(6,862	)
JP Morgan & Chase Co.	1/7/2020	JPY	466,587,800	USD	4,272,958		—		(3,798	)
RBC Capital Markets	1/7/2020	JPY	360,398,500	USD	3,300,564		—		(2,858	)
RBC Capital Markets	1/7/2020	JPY	50,033,000	USD	458,200		—		(404	)
RBC Capital Markets	1/7/2020	JPY	224,243,700	USD	2,053,645		—		(1,778	)
Citigroup Global Markets	1/7/2020	PLN	1,035,000	USD	264,573		362		—
Citigroup Global Markets	1/7/2020	PLN	29,500	USD	7,541		10		—
JP Morgan & Chase Co.	1/7/2020	PLN	54,900	USD	14,033		19		—
JP Morgan & Chase Co.	1/7/2020	SEK	4,701,200	USD	492,311		196		—
RBC Capital Markets	1/7/2020	SEK	13,620,900	USD	1,426,414		597		—
Citigroup Global Markets	1/8/2020	EGP	632,000	USD	38,710		12		—
Citigroup Global Markets	1/10/2020	RUB	50,361,400	USD	779,583		1,555		—
JP Morgan & Chase Co.	1/10/2020	RUB	20,400,000	USD	315,789		631		—

Total unrealized appreciation (depreciation)						$	1,180,481	$	(125,296	)

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


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (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

MXN

Mexican Peso

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

PLN

Polish Zloty

QAR

Qatari Rial

RUB

Russian Ruble

SEK

Swedish Krona

SGD

Singapore Dollar

THB

Thai Baht

TRY

Turkish Lira

TWD

New Taiwan Dollar

USD

U.S. Dollar

ZAR

South African Rand

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2019 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 (i)	$	101,542,892	$	—		$	23,997	$	101,566,889
Preferred Stocks (i)		1,287,959		—			—		1,287,959
Corporate Bonds		—		135			—		135
Rights (i)		10		—			25		35
Short-Term Investments (i)		3,733,773		—			—		3,733,773
Derivatives (j)
Forward Foreign Currency Contracts		—		1,180,481			—		1,180,481
Futures Contracts		60,888		—			—		60,888

TOTAL	$	106,625,522	$	1,180,616		$	24,022	$	107,830,160


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (j)
Forward Foreign Currency Contracts	$	—	$	(125,296	)	$	—	$	(125,296	)

TOTAL	$	—	$	(125,296	)	$	—	$	(125,296	)

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

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


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 93.8%
Argentina — 0.2%
Banco Macro SA, ADR		923	$	23,860
Globant SA*		686		73,402
Grupo Financiero Galicia SA, ADR		2,104		28,109
Telecom Argentina SA, ADR		1,634		16,961
YPF SA, ADR		3,413		32,799

				175,131

Belgium — 0.0%
Titan Cement International SA*		447		8,923

Brazil — 4.6%
Ambev SA		86,050		366,451
Atacadao SA		8,318		36,914
B2W Cia Digital*		3,906		51,920
B3 SA — Brasil Bolsa Balcao		37,360		420,625
Banco Bradesco SA		22,850		168,471
Banco BTG Pactual SA		4,058		67,258
Banco do Brasil SA		15,293		172,504
Banco Santander Brasil SA		7,957		82,790
BB Seguridade Participacoes SA		11,728		95,324
BR Malls Participacoes SA		14,375		52,806
BRF SA*		11,521		99,485
CCR SA		22,843		92,644
Centrais Eletricas Brasileiras SA		3,934		32,328
Cia de Saneamento Basico do Estado de Sao Paulo		6,076		82,284
Cia Siderurgica Nacional SA		12,735		37,738
Cielo SA		23,665		43,550
Cogna Educacao		28,907		69,906
Cosan SA		2,752		40,321
Embraer SA		13,243		56,240
Energisa SA		3,185		34,551
Engie Brasil Energia SA		4,345		47,945
Equatorial Energia SA		17,100		83,271
Hapvida Participacoes e Investimentos SA, 144A		3,731		49,031
Hypera SA		7,637		60,001
IRB Brasil Resseguros S/A		13,734		120,312
JBS SA		21,570		144,937
Klabin SA		12,823		53,609
Localiza Rent a Car SA		10,820		114,978
Lojas Renner SA		15,180		185,519
Magazine Luiza SA		13,231		140,567
Multiplan Empreendimentos Imobiliarios SA		5,499		37,521
Natura Cosmeticos SA		7,354		57,465
Notre Dame Intermedica Participacoes SA		6,273		83,901
Petrobras Distribuidora SA		13,599		91,248
Petroleo Brasileiro SA		54,674		402,461
Porto Seguro SA		1,895		26,826
Raia Drogasil SA		4,632		123,480
Rumo SA*		18,351		105,772
Sul America SA		4,423		55,505
Suzano SA		10,832		98,545
TIM Participacoes SA		15,037		48,036
Ultrapar Participacoes SA		14,174		72,935


	Number of Shares		Value
Brazil (Continued)
Vale SA*		58,701	$	692,197
WEG SA		16,262		116,713

				5,116,885

Chile — 0.6%
Aguas Andinas SA, Class A		55,785		22,806
Banco de Chile		749,188		76,059
Banco de Credito e Inversiones SA		940		42,027
Banco Santander Chile		1,072,338		57,258
Cencosud SA		30,577		38,946
Cia Cervecerias Unidas SA		3,068		28,250
Colbun SA		168,366		23,976
Empresa Nacional de Telecomunicaciones SA*		3,214		19,494
Empresas CMPC SA		20,861		45,234
Empresas COPEC SA		7,683		61,101
Enel Americas SA		718,890		137,963
Enel Chile SA		565,500		42,436
Itau CorpBanca		3,279,847		16,302
Latam Airlines Group SA		5,279		55,424
SACI Falabella		13,115		52,638

				719,914

China — 29.3%
3SBio, Inc., 144A*		25,919		37,415
51job, Inc., ADR*(a)		515		40,489
58.com, Inc., ADR*		1,851		113,873
AAC Technologies Holdings, Inc.		13,485		94,574
AECC Aviation Power Co. Ltd., Class A		2,500		7,211
Agile Group Holdings Ltd.		26,064		36,492
Agricultural Bank of China Ltd., Class A		101,800		52,414
Agricultural Bank of China Ltd., Class H		531,256		215,134
Aier Eye Hospital Group Co. Ltd., Class A		5,130		29,127
Air China Ltd., Class A		1,000		1,202
Air China Ltd., Class H		38,887		35,370
Aisino Corp., Class A		6,700		19,678
Alibaba Group Holding Ltd., ADR*		31,335		6,267,000
A-Living Services Co. Ltd., Class H, 144A		6,935		22,369
Aluminum Corp. of China Ltd., Class A*		18,200		8,491
Aluminum Corp. of China Ltd., Class H*		54,532		16,719
Angang Steel Co. Ltd., Class A		21,190		9,494
Anhui Conch Cement Co. Ltd., Class A		6,000		39,085
Anhui Conch Cement Co. Ltd., Class H		22,874		146,249
Anhui Gujing Distillery Co. Ltd., Class A		700		10,769
ANTA Sports Products Ltd.		20,332		191,163
Anxin Trust Co. Ltd., Class A*		1,400		792
Asymchem Laboratories Tianjin Co. Ltd., Class A		700		12,246
Autohome, Inc., ADR*(a)		1,183		80,503
AVIC Aircraft Co. Ltd., Class A		5,400		12,212


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
China (Continued)
Avic Capital Co. Ltd., Class A		2,300	$	1,485
AVIC Jonhon Optronic Technology Co. Ltd., Class A		2,700		14,792
AVIC Shenyang Aircraft Co. Ltd., Class A*		2,600		10,395
AviChina Industry & Technology Co. Ltd., Class H		44,336		20,220
BAIC Motor Corp. Ltd., Class H, 144A		33,549		18,814
Baidu, Inc., ADR*		5,090		603,318
Bank of Beijing Co. Ltd., Class A		41,900		33,135
Bank of Chengdu Co. Ltd., Class A		15,000		18,220
Bank of China Ltd., Class A		37,100		19,155
Bank of China Ltd., Class H		1,458,987		585,231
Bank of Communications Co. Ltd., Class A		62,900		49,294
Bank of Communications Co. Ltd., Class H		166,644		109,421
Bank of Guiyang Co. Ltd., Class A		840		1,100
Bank of Hangzhou Co. Ltd., Class A		19,160		23,736
Bank of Jiangsu Co. Ltd., Class A		13,479		13,228
Bank of Nanjing Co. Ltd., Class A		8,900		10,469
Bank of Ningbo Co. Ltd., Class A		10,000		37,805
Bank of Shanghai Co. Ltd., Class A		13,540		17,698
Baoshan Iron & Steel Co. Ltd., Class A		15,000		11,670
Baozun, Inc., ADR*(a)		848		32,199
BBMG Corp., Class A		23,600		10,976
BBMG Corp., Class H		43,371		11,967
Beijing Capital International Airport Co. Ltd., Class H		32,004		30,254
Beijing Dabeinong Technology Group Co. Ltd., Class A		2,100		1,296
Beijing New Building Materials PLC, Class A		4,100		13,016
Beijing Shiji Information Technology Co. Ltd., Class A		200		1,027
Beijing Tongrentang Co. Ltd., Class A		300		1,135
BEST, Inc., ADR*		3,153		18,950
BOE Technology Group Co. Ltd., Class A		35,400		19,636
BYD Co. Ltd., Class A		1,300		8,023
BYD Co. Ltd., Class H (a)		12,828		60,879
BYD Electronic International Co. Ltd. (a)		12,934		23,132
Caitong Securities Co. Ltd., Class A		7,500		10,177
CGN Power Co. Ltd., Class H, 144A		190,263		47,638
Changchun High & New Technology Industry Group, Inc., Class A		300		18,732
Changjiang Securities Co. Ltd., Class A		1,400		1,243
China Aoyuan Group Ltd.		23,030		32,950
China Cinda Asset Management Co. Ltd., Class H		191,837		39,945
China CITIC Bank Corp. Ltd., Class A		1,400		1,195
China CITIC Bank Corp. Ltd., Class H		167,427		91,541
China Coal Energy Co. Ltd., Class H		37,004		14,654
China Communications Construction Co. Ltd., Class A		700		896


	Number of Shares		Value
China (Continued)
China Communications Construction Co. Ltd., Class H		92,323	$	71,825
China Communications Services Corp. Ltd., Class H		53,773		36,201
China Conch Venture Holdings Ltd.		30,342		118,026
China Construction Bank Corp., Class A		10,400		10,502
China Construction Bank Corp., Class H		1,772,967		1,411,026
China East Education Holdings Ltd., 144A*		6,931		12,821
China Eastern Airlines Corp. Ltd., Class A*		23,500		17,113
China Eastern Airlines Corp. Ltd., Class H*		25,444		12,904
China Everbright Bank Co. Ltd., Class A		62,700		36,831
China Everbright Bank Co. Ltd., Class H		50,955		22,001
China Evergrande Group*(a)		36,601		87,341
China Film Co. Ltd., Class A		500		1,003
China Fortune Land Development Co. Ltd., Class A		2,500		9,931
China Galaxy Securities Co. Ltd., Class H		72,867		37,048
China Gezhouba Group Co. Ltd., Class A		1,200		1,050
China Grand Automotive Services Group Co. Ltd., Class A		1,400		665
China Hongqiao Group Ltd.		33,065		17,360
China Huarong Asset Management Co. Ltd., Class H, 144A		194,430		28,315
China International Capital Corp. Ltd., Class H, 144A (a)		26,193		45,105
China International Marine Containers Group Co. Ltd., Class A		360		494
China International Travel Service Corp. Ltd., Class A		2,800		33,373
China Lesso Group Holdings Ltd.		17,175		17,991
China Life Insurance Co. Ltd., Class A		2,400		11,200
China Life Insurance Co. Ltd., Class H		141,363		357,198
China Literature Ltd., 144A*		3,352		12,868
China Longyuan Power Group Corp. Ltd., Class H		65,485		35,469
China Medical System Holdings Ltd.		27,048		38,492
China Merchants Bank Co. Ltd., Class A		26,663		136,636
China Merchants Bank Co. Ltd., Class H		68,579		324,145
China Merchants Securities Co. Ltd., Class A		5,500		12,892
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		12,500		32,197
China Minsheng Banking Corp. Ltd., Class A		34,200		30,013
China Minsheng Banking Corp. Ltd., Class H		136,959		95,353


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
China (Continued)
China Molybdenum Co. Ltd., Class A		15,700	$	7,950
China Molybdenum Co. Ltd., Class H		72,880		24,951
China National Building Material Co. Ltd., Class H		72,656		70,168
China National Chemical Engineering Co. Ltd., Class A		14,200		12,583
China National Nuclear Power Co. Ltd., Class A		12,400		8,571
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		7,500		10,603
China Oilfield Services Ltd., Class H		30,765		41,423
China Pacific Insurance Group Co. Ltd., Class A		10,200		49,688
China Pacific Insurance Group Co. Ltd., Class H		45,107		159,614
China Petroleum & Chemical Corp., Class A		43,100		30,589
China Petroleum & Chemical Corp., Class H		472,684		265,083
China Railway Construction Corp. Ltd., Class A		13,500		18,567
China Railway Construction Corp. Ltd., Class H		25,881		26,714
China Railway Group Ltd., Class A		19,600		15,751
China Railway Group Ltd., Class H		72,854		42,625
China Railway Signal & Communication Corp. Ltd., Class H, 144A		28,909		15,511
China Reinsurance Group Corp., Class H		118,567		18,782
China Resources Pharmaceutical Group Ltd., 144A		25,063		21,900
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		200		836
China Shenhua Energy Co. Ltd., Class A		4,200		10,281
China Shenhua Energy Co. Ltd., Class H		64,154		124,242
China Shipbuilding Industry Co. Ltd., Class A		34,000		25,533
China Shipbuilding Industry Group Power Co. Ltd., Class A*		4,800		14,999
China South Publishing & Media Group Co. Ltd., Class A		6,700		11,035
China Southern Airlines Co. Ltd., Class A		1,800		1,692
China Southern Airlines Co. Ltd., Class H		38,690		24,169
China Spacesat Co. Ltd., Class A		300		864
China State Construction Engineering Corp. Ltd., Class A		48,540		35,279
China Telecom Corp. Ltd., Class H		269,361		101,853
China Tower Corp. Ltd., Class H, 144A		810,144		165,588
China United Network Communications Ltd., Class A		49,996		40,603
China Vanke Co. Ltd., Class A		12,500		49,247
China Vanke Co. Ltd., Class H		27,955		104,634
China Yangtze Power Co. Ltd., Class A		28,200		72,718


	Number of Shares		Value
China (Continued)
China Zhongwang Holdings Ltd.		29,604	$	11,837
Chinese Universe Publishing and Media Group Co. Ltd., Class A		300		509
Chongqing Changan Automobile Co. Ltd., Class A		1,000		1,212
Chongqing Rural Commercial Bank Co. Ltd., Class H		34,240		17,015
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,800		11,341
CIFI Holdings Group Co. Ltd.		51,869		37,768
CITIC Guoan Information Industry Co. Ltd., Class A*		1,000		474
CITIC Securities Co. Ltd., Class A		14,400		43,850
CITIC Securities Co. Ltd., Class H		38,218		70,987
CNOOC Ltd.		328,842		477,213
Contemporary Amperex Technology Co. Ltd., Class A		2,700		33,567
COSCO SHIPPING Development Co. Ltd., Class A		2,000		711
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		20,799		8,582
COSCO SHIPPING Holdings Co. Ltd., Class A*		1,900		1,278
COSCO SHIPPING Holdings Co. Ltd., Class H*		49,155		18,147
Country Garden Holdings Co. Ltd. (a)		138,363		192,661
Country Garden Services Holdings Co. Ltd.		22,091		71,397
CRRC Corp. Ltd., Class A		44,500		44,115
CRRC Corp. Ltd., Class H		52,236		34,366
CSPC Pharmaceutical Group Ltd.		86,342		196,551
Dali Foods Group Co. Ltd., 144A		38,450		26,131
Daqin Railway Co. Ltd., Class A		13,100		14,775
Datang International Power Generation Co. Ltd., Class H		52,047		9,641
DHC Software Co. Ltd., Class A		800		1,043
Dong-E-E-Jiao Co. Ltd., Class A		200		958
Dongfang Electric Corp. Ltd., Class A		7,500		9,483
Dongfeng Motor Group Co. Ltd., Class H		50,526		48,538
Dongxing Securities Co. Ltd., Class A		600		924
East Money Information Co. Ltd., Class A		5,700		11,228
ENN Energy Holdings Ltd.		14,239		154,613
Everbright Securities Co. Ltd., Class A		8,100		12,915
Fangda Carbon New Material Co. Ltd., Class A*		596		914
Fiberhome Telecommunication Technologies Co. Ltd., Class A		4,000		14,155
Financial Street Holdings Co. Ltd., Class A		800		880
First Capital Securities Co. Ltd., Class A		900		920
Focus Media Information Technology Co. Ltd., Class A		12,720		10,131
Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,100		47,169


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
China (Continued)
Fosun International Ltd.		51,392	$	69,196
Founder Securities Co. Ltd., Class A		15,700		14,939
Foxconn Industrial Internet Co. Ltd., Class A		3,700		8,767
Fuyao Glass Industry Group Co. Ltd., Class A		500		1,581
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		10,763		31,761
Ganfeng Lithium Co. Ltd., Class A		200		789
GD Power Development Co. Ltd., Class A		20,300		6,525
GDS Holdings Ltd., ADR*(a)		1,183		55,388
Gemdale Corp., Class A		7,800		13,202
Genscript Biotech Corp.*		17,470		42,179
GF Securities Co. Ltd., Class A*		7,200		13,661
GF Securities Co. Ltd., Class H		20,617		22,071
Giant Network Group Co. Ltd., Class A		300		755
Gigadevice Semiconductor Beijing, Inc., Class A		500		11,762
Glodon Co. Ltd., Class A		3,500		16,438
GoerTek, Inc., Class A		4,400		12,135
GOME Retail Holdings Ltd.*(a)		216,093		19,047
Great Wall Motor Co. Ltd., Class H		56,344		43,546
Gree Electric Appliances, Inc. of Zhuhai, Class A		4,100		33,653
Greenland Holdings Corp. Ltd., Class A		13,173		12,272
Greentown Service Group Co. Ltd.		17,691		19,368
Guangdong Haid Group Co. Ltd., Class A		2,000		8,733
Guangdong LY Intelligent Manufacturing Co. Ltd., Class A*		7,300		10,871
Guangshen Railway Co. Ltd., Class A		25,600		10,778
Guangzhou Automobile Group Co. Ltd., Class A		560		941
Guangzhou Automobile Group Co. Ltd., Class H		56,441		60,276
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		2,300		10,874
Guangzhou Haige Communications Group, Inc. Co., Class A		600		876
Guangzhou R&F Properties Co. Ltd., Class H		17,009		28,594
Guosen Securities Co. Ltd., Class A		9,400		15,188
Guotai Junan Securities Co. Ltd., Class A		6,600		15,686
Guotai Junan Securities Co. Ltd., Class H, 144A		16,914		25,712
Guoyuan Securities Co. Ltd., Class A		9,600		11,415
Haidilao International Holding Ltd., 144A (a)		7,000		29,420
Haier Smart Home Co. Ltd., Class A		5,200		12,618
Haitian International Holdings Ltd.		11,053		24,710
Haitong Securities Co. Ltd., Class A		8,300		16,220
Haitong Securities Co. Ltd., Class H		56,154		56,096
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		12,100		54,056


	Number of Shares		Value
China (Continued)
Hangzhou Robam Appliances Co. Ltd., Class A		200	$	845
Hangzhou Tigermed Consulting Co. Ltd., Class A		600		5,359
Hansoh Pharmaceutical Group Co. Ltd., 144A*		7,440		21,955
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,308		10,173
Hengan International Group Co. Ltd.		13,674		90,309
Hengli Petrochemical Co. Ltd., Class A		6,580		13,130
Hengtong Optic-electric Co. Ltd., Class A		420		925
Hengyi Petrochemical Co. Ltd., Class A		5,900		11,689
Hesteel Co. Ltd., Class A		2,700		968
Hithink RoyalFlush Information Network Co. Ltd., Class A		500		6,489
HLA Corp. Ltd., Class A		600		655
Hua Hong Semiconductor Ltd., 144A (a)		9,412		16,689
Huaan Securities Co. Ltd., Class A		900		765
Huadian Power International Corp. Ltd., Class A		2,000		1,055
Huadian Power International Corp. Ltd., Class H		26,589		9,680
Huadong Medicine Co. Ltd., Class A		3,000		10,497
Hualan Biological Engineering, Inc., Class A		3,400		16,181
Huaneng Power International, Inc., Class A		1,200		1,022
Huaneng Power International, Inc., Class H		76,635		37,984
Huaneng Renewables Corp. Ltd., Class H		81,097		30,976
Huatai Securities Co. Ltd., Class A		6,200		14,965
Huatai Securities Co. Ltd., Class H, 144A		30,161		45,233
Huaxia Bank Co. Ltd., Class A		15,100		15,957
Huayu Automotive Systems Co. Ltd., Class A		4,100		15,115
Huazhu Group Ltd., ADR (a)		2,654		90,793
Hubei Biocause Pharmaceutical Co. Ltd., Class A		1,000		953
Hubei Energy Group Co. Ltd., Class A		1,100		646
Hundsun Technologies, Inc., Class A		1,760		18,226
HUYA, Inc., ADR*(a)		1,032		21,775
Iflytek Co. Ltd., Class A		3,050		14,298
Industrial & Commercial Bank of China Ltd., Class A		81,200		66,869
Industrial & Commercial Bank of China Ltd., Class H		1,202,363		857,070
Industrial Bank Co. Ltd., Class A		27,000		72,542
Industrial Securities Co. Ltd., Class A		19,900		17,520
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		49,800		9,066
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A*		23,100		9,922


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
China (Continued)
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,300	$	34,341
Inner Mongolia Yitai Coal Co. Ltd., Class B		21,400		15,429
Innovent Biologics, Inc., 144A*		13,088		45,811
iQIYI, Inc., ADR*(a)		2,541		48,660
JD.com, Inc., ADR*		13,577		443,289
Jiangsu Expressway Co. Ltd., Class H		26,010		34,689
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,900		11,788
Jiangsu Hengrui Medicine Co. Ltd., Class A		5,560		67,930
Jiangsu King’s Luck Brewery JSC Ltd., Class A		2,800		12,019
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,100		29,328
Jiangxi Copper Co. Ltd., Class A		500		1,002
Jiangxi Copper Co. Ltd., Class H		21,363		24,643
Jinduicheng Molybdenum Co. Ltd., Class A		700		715
Jinke Properties Group Co. Ltd., Class A		1,400		1,308
Jointown Pharmaceutical Group Co. Ltd., Class A		500		961
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		2,100		13,483
Kaisa Group Holdings Ltd.*		45,378		17,854
Kingdee International Software Group Co. Ltd.		48,156		47,737
Kingsoft Corp. Ltd.*		17,060		37,746
Kweichow Moutai Co. Ltd., Class A		1,400		224,809
KWG Group Holdings Ltd.*		24,576		26,999
Legend Holdings Corp., Class H, 144A		6,377		13,116
Lenovo Group Ltd.		137,204		90,616
Lepu Medical Technology Beijing Co. Ltd., Class A		3,200		14,687
Li Ning Co. Ltd.		38,576		123,691
Liaoning Cheng Da Co. Ltd., Class A*		400		824
Logan Property Holdings Co. Ltd.		27,157		39,757
Longfor Group Holdings Ltd., 144A		35,256		144,347
LONGi Green Energy Technology Co. Ltd., Class A		3,250		11,025
Luxshare Precision Industry Co. Ltd., Class A		5,985		28,968
Luye Pharma Group Ltd., 144A (a)		21,980		16,145
Luzhou Laojiao Co. Ltd., Class A		1,200		13,953
Maanshan Iron & Steel Co. Ltd., Class A		1,500		587
Mango Excellent Media Co. Ltd., Class A*		2,900		12,564
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		1,008		2,120
Meituan Dianping, Class B*		19,190		252,989
Metallurgical Corp. of China Ltd., Class A		23,200		8,843
Metallurgical Corp. of China Ltd., Class H		40,488		8,431


	Number of Shares		Value
China (Continued)
Midea Group Co. Ltd., Class A		4,850	$	37,457
Momo, Inc., ADR		2,846		106,526
Muyuan Foodstuff Co. Ltd., Class A		1,460		18,025
NARI Technology Co. Ltd., Class A		4,100		13,389
NetEase, Inc., ADR		1,311		413,384
New China Life Insurance Co. Ltd., Class A		2,100		13,297
New China Life Insurance Co. Ltd., Class H		15,687		60,419
New Hope Liuhe Co. Ltd., Class A		5,200		15,213
New Oriental Education & Technology Group, Inc., ADR*		2,711		328,248
Ninestar Corp., Class A		200		805
Ningbo Zhoushan Port Co. Ltd., Class A		29,300		15,086
NIO, Inc., ADR*(a)		12,988		29,483
Noah Holdings Ltd., ADR*(a)		585		17,047
Oceanwide Holdings Co. Ltd., Class A		11,900		7,159
Offshore Oil Engineering Co. Ltd., Class A		15,000		14,891
OFILM Group Co. Ltd., Class A*		700		1,257
Orient Securities Co. Ltd., Class A		12,900		17,834
Oriental Pearl Group Co. Ltd., Class A		910		1,142
People’s Insurance Co. Group of China Ltd., Class H		151,852		60,911
Perfect World Co. Ltd., Class A		200		981
PetroChina Co. Ltd., Class A		14,632		11,633
PetroChina Co. Ltd., Class H		372,135		171,615
PICC Property & Casualty Co. Ltd., Class H		133,297		154,275
Pinduoduo, Inc., ADR*(a)		3,689		132,620
Ping An Bank Co. Ltd., Class A		22,400		48,713
Ping An Healthcare and Technology Co. Ltd., 144A*		5,784		38,496
Ping An Insurance Group Co. of China Ltd., Class A		12,800		152,234
Ping An Insurance Group Co. of China Ltd., Class H		103,485		1,172,593
Poly Developments and Holdings Group Co. Ltd., Class A		15,800		32,428
Postal Savings Bank of China Co. Ltd., Class H, 144A		152,332		98,856
Power Construction Corp. of China Ltd., Class A		13,201		7,661
Qudian, Inc., ADR*(a)		2,457		12,187
RiseSun Real Estate Development Co. Ltd., Class A		9,300		11,415
Rongsheng Petro Chemical Co. Ltd., Class A		12,550		21,688
SAIC Motor Corp. Ltd., Class A		9,000		29,762
Sanan Optoelectronics Co. Ltd., Class A		5,800		13,719
Sany Heavy Industry Co. Ltd., Class A		7,500		15,446
SDIC Capital Co. Ltd., Class A		7,100		12,068
SDIC Power Holdings Co. Ltd., Class A		6,400		7,619
Seazen Group Ltd.*(a)		37,796		40,268
Seazen Holdings Co. Ltd., Class A		2,200		10,216


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
China (Continued)
Semiconductor Manufacturing International Corp.*(a)		57,710	$	73,575
SF Holding Co. Ltd., Class A		2,600		14,034
Shaanxi Coal Industry Co. Ltd., Class A		7,600		9,166
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		338		990
Shandong Gold Mining Co. Ltd., Class A		3,940		16,862
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		40,966		49,454
Shanghai 2345 Network Holding Group Co. Ltd., Class A		1,521		653
Shanghai Construction Group Co. Ltd., Class A		45,900		22,719
Shanghai Electric Group Co. Ltd., Class A		2,000		1,331
Shanghai Electric Group Co. Ltd., Class H		60,151		18,518
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,700		6,081
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		9,570		26,896
Shanghai International Airport Co. Ltd., Class A		900		9,617
Shanghai International Port Group Co. Ltd., Class A		12,400		9,824
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		23,659		21,648
Shanghai M&G Stationery, Inc., Class A		2,200		14,372
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		500		1,265
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		14,669		26,310
Shanghai Pudong Development Bank Co. Ltd., Class A		39,100		66,234
Shanghai Tunnel Engineering Co. Ltd., Class A		800		669
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		700		689
Shanxi Securities Co. Ltd., Class A		10,500		11,111
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		700		8,895
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		800		658
Shenergy Co. Ltd., Class A		1,100		928
Shennan Circuits Co. Ltd., Class A		500		10,389
Shenwan Hongyuan Group Co. Ltd., Class A		22,500		15,233
Shenzhen Energy Group Co. Ltd., Class A		13,300		11,388
Shenzhen Expressway Co. Ltd., Class H		9,438		12,587
Shenzhen Goodix Technology Co. Ltd., Class A		600		16,564
Shenzhen Inovance Technology Co. Ltd., Class A		4,700		17,561


	Number of Shares		Value
China (Continued)
Shenzhen Kangtai Biological Products Co. Ltd., Class A		500	$	5,435
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		300		7,668
Shenzhen Overseas Chinese Town Co. Ltd., Class A		18,700		18,325
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		200		528
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		900		509
Shenzhou International Group Holdings Ltd.		13,742		181,166
Shui On Land Ltd.		65,635		13,751
Sichuan Chuantou Energy Co. Ltd., Class A		14,400		19,559
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		400		1,321
SINA Corp.*		1,286		44,869
Sinolink Securities Co. Ltd., Class A		800		935
Sino-Ocean Group Holding Ltd.		64,022		23,718
Sinopec Engineering Group Co. Ltd., Class H		24,280		14,237
Sinopec Shanghai Petrochemical Co. Ltd., Class A		1,200		667
Sinopec Shanghai Petrochemical Co. Ltd., Class H		50,483		13,994
Sinopharm Group Co. Ltd., Class H		24,430		80,673
Sinotrans Ltd., Class H		37,004		11,534
Sinotruk Hong Kong Ltd.		13,304		22,468
SOHO China Ltd.		30,051		10,365
Songcheng Performance Development Co. Ltd., Class A		1,400		5,444
SooChow Securities Co. Ltd., Class A		800		971
Spring Airlines Co. Ltd., Class A		2,600		14,899
Sunac China Holdings Ltd.		46,926		228,694
Suning.com Co. Ltd., Class A		9,300		13,029
Sunny Optical Technology Group Co. Ltd.		13,854		227,064
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,500		6,791
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		700		801
TAL Education Group, ADR*		7,099		314,202
Tasly Pharmaceutical Group Co. Ltd., Class A		420		912
TBEA Co. Ltd., Class A		11,600		10,708
TCL Corp., Class A		12,800		6,991
Tencent Holdings Ltd.		106,217		4,502,117
Tencent Music Entertainment Group, ADR*(a)		1,852		23,020
Tianma Microelectronics Co. Ltd., Class A		1,000		2,180
Tingyi Cayman Islands Holding Corp.		37,802		61,522
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		400		755
Tongling Nonferrous Metals Group Co. Ltd., Class A		2,600		788


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
China (Continued)
Tongwei Co. Ltd., Class A		4,300	$	8,012
Topchoice Medical Corp., Class A*		800		11,783
TravelSky Technology Ltd., Class H		20,280		49,378
Trip.com Group Ltd., ADR*		8,588		285,465
Tsingtao Brewery Co. Ltd., Class A		200		1,442
Tsingtao Brewery Co. Ltd., Class H		7,828		48,400
Tunghsu Optoelectronic Technology Co. Ltd., Class A (b)		17,600		12,016
Tus Environmental Science And Technology Development Co. Ltd., Class A		300		365
Uni-President China Holdings Ltd.		24,872		25,259
Unisplendour Corp. Ltd., Class A		3,296		12,681
Vipshop Holdings Ltd., ADR*		8,760		111,953
Walvax Biotechnology Co. Ltd., Class A		1,300		5,584
Wanhua Chemical Group Co. Ltd., Class A		2,700		18,590
Want Want China Holdings Ltd.		94,671		81,512
Wanxiang Qianchao Co. Ltd., Class A		700		506
Weibo Corp., ADR*		1,074		45,978
Weichai Power Co. Ltd., Class A		11,500		21,574
Weichai Power Co. Ltd., Class H		25,732		43,982
Weifu High-Technology Group Co. Ltd., Class A		200		529
Wens Foodstuffs Group Co. Ltd., Class A		6,900		35,134
Western Securities Co. Ltd., Class A		900		1,129
Will Semiconductor Ltd., Class A		900		16,026
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,000		3,085
Wuliangye Yibin Co. Ltd., Class A		4,700		85,265
WuXi AppTec Co. Ltd., Class A		1,300		16,269
WuXi AppTec Co. Ltd., Class H, 144A		2,840		32,960
Wuxi Biologics Cayman, Inc., 144A*		10,257		115,895
XCMG Construction Machinery Co. Ltd., Class A		19,400		12,637
Xiamen C & D, Inc., Class A		700		796
Xiaomi Corp., Class B, 144A*		149,562		170,998
Xinhu Zhongbao Co. Ltd., Class A		2,200		1,164
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		9,333		15,385
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		9,299		10,347
Xinyi Solar Holdings Ltd.		60,942		37,446
Yanzhou Coal Mining Co. Ltd., Class H		40,331		35,653
Yihai International Holding Ltd.*		8,514		54,164
Yonghui Superstores Co. Ltd., Class A		8,300		8,771
Yonyou Network Technology Co. Ltd., Class A		2,200		8,686
Yum China Holdings, Inc.		6,596		293,654
Yunda Holding Co. Ltd., Class A		1,200		4,962
Yunnan Baiyao Group Co. Ltd., Class A		1,900		23,754
Yuzhou Properties Co. Ltd.		33,698		15,497
YY, Inc., ADR*		1,053		67,171


	Number of Shares		Value
China (Continued)
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		1,100	$	15,611
Zhaojin Mining Industry Co. Ltd., Class H		16,481		17,054
Zhejiang China Commodities City Group Co. Ltd., Class A		1,400		759
Zhejiang Chint Electrics Co. Ltd., Class A		4,900		16,643
Zhejiang Dahua Technology Co. Ltd., Class A		6,100		14,697
Zhejiang Expressway Co. Ltd., Class H		30,365		26,571
Zhejiang Huayou Cobalt Co. Ltd., Class A		752		3,261
Zhejiang Longsheng Group Co. Ltd., Class A		800		1,499
Zhejiang NHU Co. Ltd., Class A		4,500		13,633
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		6,200		13,025
Zhejiang Supor Co. Ltd., Class A		1,600		16,339
Zhengzhou Yutong Bus Co. Ltd., Class A		503		1,004
Zhenro Properties Group Ltd.		17,404		11,228
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		6,816		23,553
Zhongjin Gold Corp. Ltd., Class A		900		1,004
Zhongsheng Group Holdings Ltd.		11,514		40,816
Zhuzhou CRRC Times Electric Co. Ltd., Class H		10,552		36,058
Zijin Mining Group Co. Ltd., Class A		28,300		14,329
Zijin Mining Group Co. Ltd., Class H		94,941		35,536
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		16,576		14,028
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		14,982		10,603
ZTE Corp., Class A*		3,200		13,977
ZTE Corp., Class H*		12,863		34,261
ZTO Express Cayman, Inc., ADR		6,129		130,425

				32,407,019

Colombia — 0.2%
Bancolombia SA		4,340		51,433
Ecopetrol SA		93,845		87,787
Grupo Argos SA		4,802		23,975
Grupo de Inversiones Suramericana SA		3,998		36,831
Interconexion Electrica SA ESP		8,280		44,683

				244,709

Cyprus — 0.1%
Polymetal International PLC		4,365		65,522

Czech Republic — 0.1%
CEZ AS		3,051		67,570
Komercni banka AS		1,470		50,340
Moneta Money Bank AS, 144A		8,979		29,819

				147,729


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Egypt — 0.1%
Commercial International Bank Egypt SAE		27,646	$	135,143
Eastern Co. SAE		18,530		17,208
ElSewedy Electric Co.		17,540		13,090

				165,441

Greece — 0.3%
Alpha Bank AE*		22,903		48,194
Eurobank Ergasias SA*		53,092		55,918
FF Group*(b)		1,458		7,710
Hellenic Telecommunications Organization SA		4,535		68,148
JUMBO SA		2,230		44,714
Motor Oil Hellas Corinth Refineries SA		1,330		31,122
National Bank of Greece SA*		11,323		38,347
OPAP SA		2,211		27,184

				321,337

Hong Kong — 3.7%
Alibaba Health Information Technology Ltd.*		71,195		80,580
Alibaba Pictures Group Ltd.*		274,447		45,577
Beijing Enterprises Holdings Ltd.		8,965		39,625
Beijing Enterprises Water Group Ltd.*		84,109		41,259
Bosideng International Holdings Ltd.		58,000		27,711
Brilliance China Automotive Holdings Ltd.		60,459		62,405
China Agri-Industries Holdings Ltd.		33,549		17,614
China Ding Yi Feng Holdings Ltd. (b)		22,249		65,598
China Education Group Holdings Ltd. (a)		11,976		16,217
China Everbright International Ltd.		71,199		53,845
China Everbright Ltd.		18,608		29,951
China First Capital Group Ltd.*		62,447		3,271
China Gas Holdings Ltd.		35,252		131,046
China Jinmao Holdings Group Ltd.		104,882		69,671
China Mengniu Dairy Co. Ltd.*		52,812		202,058
China Merchants Port Holdings Co. Ltd.		28,563		44,442
China Mobile Ltd.		113,507		855,502
China Overseas Land & Investment Ltd.		66,763		223,878
China Power International Development Ltd.		69,403		14,363
China Resources Beer Holdings Co. Ltd.		27,371		143,358
China Resources Cement Holdings Ltd.		46,015		55,079
China Resources Gas Group Ltd.		17,087		95,170
China Resources Land Ltd.		49,181		212,668
China Resources Power Holdings Co. Ltd.		37,181		48,352
China State Construction International Holdings Ltd.		43,930		34,625
China Taiping Insurance Holdings Co. Ltd.		31,757		73,429
China Traditional Chinese Medicine Holdings Co. Ltd.		43,949		19,594


	Number of Shares		Value
Hong Kong (Continued)
China Unicom Hong Kong Ltd.		116,809	$	99,976
CITIC Ltd.		104,580		130,925
COSCO SHIPPING Ports Ltd.		30,797		25,061
Far East Horizon Ltd.		42,973		39,031
Geely Automobile Holdings Ltd.		95,593		178,778
Guangdong Investment Ltd.		56,892		117,592
Haier Electronics Group Co. Ltd.		25,594		71,112
Hutchison China MediTech Ltd., ADR*		1,154		27,823
Kingboard Holdings Ltd.		13,639		37,547
Kingboard Laminates Holdings Ltd.		20,799		23,461
Kunlun Energy Co. Ltd.		60,391		51,148
Lee & Man Paper Manufacturing Ltd.		30,314		20,524
Nine Dragons Paper Holdings Ltd.		29,847		30,388
Shanghai Industrial Holdings Ltd.		10,403		18,738
Shenzhen International Holdings Ltd.		18,483		39,053
Shenzhen Investment Ltd.		52,047		20,478
Shimao Property Holdings Ltd.		21,754		78,784
Sino Biopharmaceutical Ltd.		127,131		164,029
SSY Group Ltd.		28,909		22,749
Sun Art Retail Group Ltd.		44,542		50,414
Towngas China Co. Ltd.*		17,907		12,650
Wharf Holdings Ltd.		19,772		47,839
Yuexiu Property Co. Ltd.		123,760		26,402

				4,041,390

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		8,112		78,413
OTP Bank Nyrt		4,050		190,674
Richter Gedeon Nyrt		2,346		44,945

				314,032

India — 8.9%
Adani Ports & Special Economic Zone Ltd.		11,817		62,933
Ambuja Cements Ltd.		12,980		37,029
Ashok Leyland Ltd.		24,284		26,793
Asian Paints Ltd.		5,605		133,305
Aurobindo Pharma Ltd.		4,538		28,460
Avenue Supermarts Ltd., 144A*		2,322		58,991
Axis Bank Ltd.		11,316		116,579
Axis Bank Ltd., GDR		5,548		284,058
Bajaj Auto Ltd.		1,581		69,995
Bajaj Finance Ltd.		3,298		187,304
Bajaj Finserv Ltd.		709		90,039
Bandhan Bank Ltd., 144A		7,707		62,440
Berger Paints India Ltd.		3,382		23,409
Bharat Forge Ltd.		4,456		28,846
Bharat Petroleum Corp. Ltd.		13,022		92,858
Bharti Airtel Ltd.*		37,485		231,193
Bharti Infratel Ltd.		6,374		24,550
Bosch Ltd.		134		30,153
Britannia Industries Ltd.		1,182		50,381
Cipla Ltd.		7,384		48,038
Coal India Ltd.		23,614		67,563
Colgate-Palmolive India Ltd.		903		18,557
Container Corp. Of India Ltd.		3,839		30,985
Dabur India Ltd.		9,847		63,018


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
India (Continued)
Divi’s Laboratories Ltd.		1,556	$	38,743
DLF Ltd.		9,508		29,119
Dr. Reddy’s Laboratories Ltd., ADR		2,190		89,177
Eicher Motors Ltd.		259		82,611
GAIL India Ltd.		29,884		52,509
Godrej Consumer Products Ltd.		6,558		66,277
Grasim Industries Ltd.		5,948		65,257
Havells India Ltd.		4,389		40,836
HCL Technologies Ltd.		10,429		163,935
HDFC Asset Management Co. Ltd., 144A		759		37,422
HDFC Life Insurance Co. Ltd., 144A		9,358		74,551
Hero MotoCorp Ltd.		1,832		62,147
Hindalco Industries Ltd.		24,011		66,991
Hindustan Petroleum Corp. Ltd.		12,381		48,773
Hindustan Unilever Ltd.		11,792		334,557
Housing Development Finance Corp. Ltd.		30,206		967,287
ICICI Bank Ltd.		52,977		378,547
ICICI Bank Ltd., ADR (a)		17,305		243,827
ICICI Lombard General Insurance Co. Ltd., 144A		3,184		60,491
ICICI Prudential Life Insurance Co. Ltd., 144A		5,450		38,172
Indian Oil Corp. Ltd.		37,974		69,556
Info Edge India Ltd.		1,025		37,632
Infosys Ltd.		28,912		280,646
Infosys Ltd., ADR		33,980		334,023
InterGlobe Aviation Ltd., 144A		1,683		33,882
ITC Ltd.		60,923		209,255
JSW Steel Ltd.		16,163		58,929
Larsen & Toubro Ltd.		7,941		147,286
LIC Housing Finance Ltd.		6,353		41,100
Lupin Ltd.		4,717		52,646
Mahindra & Mahindra Financial Services Ltd.		5,933		29,100
Mahindra & Mahindra Ltd.		14,400		106,498
Marico Ltd.		5,975		29,976
Maruti Suzuki India Ltd.		1,893		191,203
Motherson Sumi Systems Ltd.		15,672		28,302
Nestle India Ltd.		429		86,437
NTPC Ltd.		43,466		70,497
Oil & Natural Gas Corp. Ltd.		46,291		85,016
Page Industries Ltd.		97		29,814
Petronet LNG Ltd.		12,344		46,717
Pidilite Industries Ltd.		2,207		40,087
Piramal Enterprises Ltd.		1,587		40,051
Power Grid Corp. of India Ltd.		30,435		82,008
REC Ltd.		14,727		28,309
Reliance Industries Ltd., GDR, 144A		26,606		1,149,379
SBI Life Insurance Co. Ltd., 144A		6,077		81,327
Shree Cement Ltd.		171		50,049
Shriram Transport Finance Co. Ltd.		3,122		49,055
Siemens Ltd.		1,063		21,785
State Bank of India*		34,706		165,384
Sun Pharmaceutical Industries Ltd.		15,769		98,884
Tata Consultancy Services Ltd.		16,626		475,865
Tata Motors Ltd., ADR*(a)		6,119		68,655


	Number of Shares		Value
India (Continued)
Tata Power Co. Ltd.		25,164	$	20,117
Tata Steel Ltd.		6,796		40,499
Tech Mahindra Ltd.		9,065		96,219
Titan Co. Ltd.		6,043		97,690
UltraTech Cement Ltd.		1,873		111,201
United Spirits Ltd.*		5,845		49,396
UPL Ltd.		10,065		80,429
Vedanta Ltd.		36,648		73,871
Wipro Ltd., ADR		10,977		39,846
Wipro Ltd.		9,371		31,051
Zee Entertainment Enterprises Ltd.		10,908		44,560

				9,812,938

Indonesia — 1.9%
PT Adaro Energy Tbk		318,845		27,804
PT Astra International Tbk		385,458		177,630
PT Bank Central Asia Tbk		177,793		395,796
PT Bank Mandiri Persero Tbk		330,278		163,324
PT Bank Negara Indonesia Persero Tbk		142,639		75,845
PT Bank Rakyat Indonesia Persero Tbk		995,858		288,767
PT Bank Tabungan Negara Persero Tbk		93,690		14,148
PT Barito Pacific Tbk		512,782		49,442
PT Bukit Asam Tbk		37,143		6,373
PT Bumi Serpong Damai Tbk*		167,473		14,842
PT Charoen Pokphand Indonesia Tbk		138,729		66,143
PT Gudang Garam Tbk		9,070		32,393
PT Hanjaya Mandala Sampoerna Tbk		202,427		27,770
PT Indah Kiat Pulp & Paper Corp. Tbk		54,346		26,200
PT Indocement Tunggal Prakarsa Tbk		36,768		50,571
PT Indofood CBP Sukses Makmur Tbk		50,739		40,739
PT Indofood Sukses Makmur Tbk		95,501		53,827
PT Jasa Marga Persero Tbk		29,062		10,178
PT Kalbe Farma Tbk		458,860		49,611
PT Pabrik Kertas Tjiwi Kimia Tbk		31,395		20,477
PT Pakuwon Jati Tbk		322,949		12,936
PT Perusahaan Gas Negara Tbk		237,145		32,281
PT Semen Indonesia Persero Tbk		57,520		46,693
PT Telekomunikasi Indonesia Persero Tbk		886,608		247,031
PT Unilever Indonesia Tbk		25,341		75,098
PT United Tractors Tbk		32,484		48,191
PT XL Axiata Tbk*		55,424		13,124

				2,067,234

Luxembourg — 0.0%
Reinet Investments SCA		2,799		54,464

Malaysia — 1.8%
AirAsia Group Bhd		35,170		14,231
AMMB Holdings Bhd		34,346		32,812
Axiata Group Bhd		52,199		51,618
British American Tobacco Malaysia Bhd		3,242		12,653
CIMB Group Holdings Bhd		83,984		104,163
Dialog Group Bhd		74,136		59,465
DiGi.Com Bhd		59,560		63,888
Fraser & Neave Holdings Bhd		3,700		30,777
Gamuda Bhd		35,100		31,600


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Malaysia (Continued)
Genting Bhd		40,367	$	56,349
Genting Malaysia Bhd		48,934		36,790
Genting Plantations Bhd		3,400		8,401
HAP Seng Consolidated Bhd		12,451		29,514
Hartalega Holdings Bhd		28,902		36,331
Hong Leong Bank Bhd		12,641		51,151
Hong Leong Financial Group Bhd		3,100		12,099
IHH Healthcare Bhd		43,635		56,104
IJM Corp. Bhd		44,164		22,101
IOI Corp. Bhd		41,894		43,634
Kuala Lumpur Kepong Bhd		7,587		42,399
Malayan Banking Bhd		66,135		135,073
Malaysia Airports Holdings Bhd		17,200		34,182
Maxis Bhd		40,796		50,598
MISC Bhd		22,700		44,297
Nestle Malaysia Bhd		1,300		44,604
Petronas Chemicals Group Bhd		47,424		80,166
Petronas Dagangan Bhd		4,804		26,341
Petronas Gas Bhd		10,635		39,469
PPB Group Bhd		10,562		46,026
Press Metal Aluminium Holdings Bhd		26,800		30,159
Public Bank Bhd		59,122		277,738
QL Resources Bhd		12,400		21,525
RHB Bank Bhd		26,153		35,443
RHB Bank Bhd*(b)		19,600		0
Sime Darby Bhd		49,823		26,841
Sime Darby Plantation Bhd		39,623		47,246
Telekom Malaysia Bhd		19,945		17,956
Tenaga Nasional Bhd		52,505		165,441
Top Glove Corp. Bhd		29,700		32,001
Westports Holdings Bhd		15,807		15,782
YTL Corp. Bhd		58,598		11,715

				1,978,683

Mexico — 2.3%
Alfa SAB de CV, Class A		55,242		43,392
Alsea SAB de CV*		12,071		32,704
America Movil SAB de CV, Series L		611,430		469,020
Arca Continental SAB de CV		7,577		40,108
Cemex SAB de CV, Series CPO		293,112		107,175
Coca-Cola Femsa SAB de CV		9,805		56,234
El Puerto de Liverpool SAB de CV, Class C1		4,177		20,598
Fibra Uno Administracion SA de CV REIT		56,465		86,252
Fomento Economico Mexicano SAB de CV		35,317		320,543
Gruma SAB de CV, Class B		3,786		38,142
Grupo Aeroportuario del Pacifico SAB de CV, Class B		6,719		68,305
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,946		67,333
Grupo Bimbo SAB de CV, Series A		31,019		53,616
Grupo Carso SAB de CV, Series A1		9,835		32,873
Grupo Financiero Banorte SAB de CV, Class O		46,941		247,110
Grupo Financiero Inbursa SAB de CV, Class O		45,822		54,388


	Number of Shares		Value
Mexico (Continued)
Grupo Mexico SAB de CV, Series B		63,095	$	164,816
Grupo Televisa SAB, Series CPO		46,263		100,667
Industrias Penoles SAB de CV		2,558		27,118
Infraestructura Energetica Nova SAB de CV		9,899		40,594
Kimberly-Clark de Mexico SAB de CV, Class A*		28,207		54,021
Megacable Holdings SAB de CV, Series CPO		6,280		22,237
Orbia Advance Corp. SAB de CV		19,219		41,948
Promotora y Operadora de Infraestructura SAB de CV		4,327		41,366
Wal-Mart de Mexico SAB de CV		94,251		262,589

				2,493,149

Peru — 0.4%
Cia de Minas Buenaventura SAA, ADR (a)		3,751		57,653
Credicorp Ltd.		1,269		268,000
Southern Copper Corp.		1,649		62,711

				388,364

Philippines — 1.0%
Aboitiz Equity Ventures, Inc.		38,090		36,692
Aboitiz Power Corp.		26,246		17,794
Altus San Nicolas Corp.*(b)		871		89
Ayala Corp.		5,346		84,795
Ayala Land, Inc.		138,424		123,946
Bank of the Philippine Islands		19,424		32,854
BDO Unibank, Inc.		38,205		114,130
Globe Telecom, Inc.		634		24,205
GT Capital Holdings, Inc.		1,744		30,700
International Container Terminal Services, Inc.		18,562		45,149
JG Summit Holdings, Inc.		55,102		83,388
Jollibee Foods Corp.		7,793		29,445
Manila Electric Co.		4,870		30,572
Megaworld Corp.		215,200		18,761
Metro Pacific Investments Corp.		311,127		26,328
Metropolitan Bank & Trust Co.		30,632		39,936
PLDT, Inc.		1,856		39,264
Robinsons Land Corp.		42,239		21,778
Security Bank Corp.		4,695		18,941
SM Investments Corp.		3,798		79,226
SM Prime Holdings, Inc.		191,091		146,660
Universal Robina Corp.		16,999		50,213

				1,094,866

Poland — 0.9%
Bank Millennium SA*		13,199		18,602
Bank Polska Kasa Opieki SA		3,172		84,874
CCC SA		609		17,477
CD Projekt SA		1,362		91,282
Cyfrowy Polsat SA		5,101		36,362
Dino Polska SA, 144A*		871		30,066
Grupa Lotos SA		1,657		38,786
KGHM Polska Miedz SA*		2,702		62,019
LPP SA		23		51,089


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Poland (Continued)
mBank SA*		322	$	30,599
Orange Polska SA*		15,049		24,552
PGE Polska Grupa Energetyczna SA*		17,469		38,901
Polski Koncern Naftowy ORLEN SA		5,717		135,601
Polskie Gornictwo Naftowe i Gazownictwo SA		31,290		36,909
Powszechna Kasa Oszczednosci Bank Polski SA		14,744		136,045
Powszechny Zaklad Ubezpieczen SA		11,545		114,074
Santander Bank Polska SA		705		49,500

				996,738

Qatar — 0.9%
Barwa Real Estate Co.		32,042		30,011
Commercial Bank PSQC		43,374		52,181
Industries Qatar QSC		35,505		98,594
Masraf Al Rayan QSC		69,129		73,102
Mesaieed Petrochemical Holding Co.		85,282		60,903
Ooredoo QPSC		18,352		34,983
Qatar Electricity & Water Co. QSC		8,580		38,013
Qatar Fuel QSC		8,328		51,330
Qatar Insurance Co. SAQ		33,942		28,621
Qatar International Islamic Bank QSC		8,758		22,035
Qatar Islamic Bank SAQ		22,212		90,660
Qatar National Bank QPSC		82,232		434,791

				1,015,224

Romania — 0.1%
NEPI Rockcastle PLC		7,505		63,499

Russia — 3.6%
Alrosa PJSC		48,186		58,341
Gazprom PJSC		179,456		718,326
Gazprom PJSC, ADR		8,451		67,135
Inter RAO UES PJSC		681,324		47,223
LUKOIL PJSC, ADR		3,672		350,162
LUKOIL PJSC		3,489		332,821
Magnit PJSC, GDR		6,696		76,435
Magnitogorsk Iron & Steel Works PJSC		43,742		26,504
MMC Norilsk Nickel PJSC		1,145		303,352
Mobile TeleSystems PJSC, ADR		9,527		89,935
Moscow Exchange MICEX-RTS PJSC		24,226		39,799
Novatek PJSC, GDR		1,676		331,848
Novolipetsk Steel PJSC		21,832		43,915
PhosAgro PJSC, GDR		2,512		30,948
Polyus PJSC		508		54,408
Rosneft Oil Co. PJSC, GDR		21,966		148,929
Sberbank of Russia PJSC		196,860		715,905
Severstal PJSC		826		11,657
Severstal PJSC, GDR		3,074		43,190
Surgutneftegas PJSC, ADR		14,152		95,880
Tatneft PJSC		27,692		318,669
VTB Bank PJSC, GDR		11,573		15,971
VTB Bank PJSC		41,832,488		29,473
X5 Retail Group NV, GDR		2,473		82,408

				4,033,234


	Number of Shares		Value
Saudi Arabia — 2.4%
Advanced Petrochemical Co.		1,845	$	23,075
Al Rajhi Bank		22,677		376,136
Alinma Bank		14,341		87,193
Almarai Co. JSC		4,761		62,528
Arab National Bank		9,390		63,852
Bank AlBilad		7,137		49,103
Bank Al-Jazira		7,663		27,832
Banque Saudi Fransi		10,494		93,746
Bupa Arabia for Cooperative Insurance Co.		470		12,659
Co. for Cooperative Insurance*		1,158		21,554
Dar Al Arkan Real Estate Development Co.*		10,026		31,014
Emaar Economic City*		7,006		17,001
Etihad Etisalat Co.*		7,172		42,994
Jarir Marketing Co.		1,105		46,616
National Commercial Bank		21,914		268,812
National Industrialization Co.*		6,105		19,080
Rabigh Refining & Petrochemical Co.*		4,016		20,626
Riyad Bank		23,241		136,347
Sahara International Petrochemical Co.		6,605		27,477
Samba Financial Group		18,976		147,507
Saudi Airlines Catering Co.		736		17,428
Saudi Arabian Fertilizer Co.		3,185		62,256
Saudi Arabian Mining Co.*		7,887		90,332
Saudi Basic Industries Corp.		13,471		326,896
Saudi British Bank		12,448		113,194
Saudi Cement Co.		1,389		25,187
Saudi Electricity Co.		15,878		85,868
Saudi Industrial Investment Group		4,139		22,318
Saudi Kayan Petrochemical Co.*		14,059		37,791
Saudi Telecom Co.		7,689		191,097
Savola Group*		4,956		41,498
Yanbu National Petrochemical Co.		4,282		57,208

				2,646,225

Singapore — 0.0%
BOC Aviation Ltd., 144A		4,028		38,052

South Africa — 4.4%
Absa Group Ltd.		12,357		124,143
Anglo American Platinum Ltd.		1,091		90,245
AngloGold Ashanti Ltd.		7,925		148,179
Aspen Pharmacare Holdings Ltd.*		7,666		61,399
Bid Corp. Ltd.		6,501		143,090
Bidvest Group Ltd.		5,135		71,105
Capitec Bank Holdings Ltd.		906		87,600
Clicks Group Ltd.		4,849		82,851
Discovery Ltd.		7,754		62,453
Exxaro Resources Ltd.		4,612		41,951
FirstRand Ltd.		64,792		276,796
Fortress REIT Ltd., Class A REIT		22,948		30,920
Foschini Group Ltd.		4,209		44,559
Gold Fields Ltd.		16,168		84,877
Growthpoint Properties Ltd. REIT		59,175		92,085
Impala Platinum Holdings Ltd.*		14,491		111,317
Investec Ltd. (a)		5,876		33,758


See Notes to Financial Statements.		46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
South Africa (Continued)
Kumba Iron Ore Ltd. (a)		1,278	$	32,772
Liberty Holdings Ltd.		2,897		22,033
Life Healthcare Group Holdings Ltd. (a)		28,678		48,364
Momentum Metropolitan Holdings		20,555		28,537
Mr Price Group Ltd. (a)		5,045		60,232
MTN Group Ltd. (a)		30,853		194,426
MultiChoice Group*		8,968		74,164
Naspers Ltd., Class N		8,058		1,151,627
Nedbank Group Ltd.		7,133		106,572
Northam Platinum Ltd.*		6,123		44,696
Old Mutual Ltd.		93,919		118,792
Pepkor Holdings Ltd., 144A		11,521		13,896
Pick n Pay Stores Ltd.		7,952		36,825
PSG Group Ltd.		2,456		39,079
Rand Merchant Investment Holdings Ltd.		14,737		30,353
Redefine Properties Ltd. REIT (a)		104,495		58,671
Remgro Ltd.		10,005		131,188
RMB Holdings Ltd.		15,337		84,386
Sanlam Ltd.		33,751		175,939
Sasol Ltd.		9,970		179,566
Shoprite Holdings Ltd.		9,061		79,223
Sibanye Gold Ltd.*		41,064		80,907
SPAR Group Ltd. (a)		3,454		48,523
Standard Bank Group Ltd.		22,403		253,314
Telkom SA SOC Ltd. (a)		6,049		19,350
Tiger Brands Ltd.		3,047		42,468
Vodacom Group Ltd. (a)		10,973		90,671
Woolworths Holdings Ltd.		17,289		61,546

				4,895,448

South Korea — 10.6%
Amorepacific Corp.		605		96,808
AMOREPACIFIC Group		549		37,742
BGF retail Co. Ltd.		178		25,318
BNK Financial Group, Inc.		5,642		33,246
Celltrion Healthcare Co. Ltd.*		1,061		44,240
Celltrion, Inc.*		1,692		249,255
Cheil Worldwide, Inc.		1,198		23,987
CJ CheilJedang Corp.		152		31,915
CJ Corp.		326		25,420
CJ ENM Co. Ltd.		219		28,294
CJ Logistics Corp.*		170		22,669
Daelim Industrial Co. Ltd.		501		38,132
Daewoo Engineering & Construction Co. Ltd.*		3,304		12,476
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		847		18,896
DB Insurance Co. Ltd.		766		36,123
Doosan Bobcat, Inc.		781		20,696
E-MART, Inc.		412		45,694
Fila Korea Ltd.		922		40,279
GS Engineering & Construction Corp.		1,056		26,821
GS Holdings Corp.		1,077		43,631
GS Retail Co. Ltd.		640		20,644
Hana Financial Group, Inc.		5,152		155,936
Hankook Tire & Technology Co. Ltd.		1,013		28,516
Hanmi Pharm. Co. Ltd.		133		35,976


	Number of Shares		Value
South Korea (Continued)
Hanon Systems		2,489	$	22,758
Hanwha Chemical Corp.		1,766		26,240
Hanwha Corp.		414		8,605
Hanwha Life Insurance Co. Ltd.		5,897		11,433
HDC Hyundai Development Co-Engineering & Construction, Class E		611		14,303
Helixmith Co. Ltd.*		334		25,704
HLB, Inc.*		646		62,951
Hotel Shilla Co. Ltd.		611		43,815
Hyundai Department Store Co. Ltd.		334		23,527
Hyundai Engineering & Construction Co. Ltd.		1,505		52,178
Hyundai Glovis Co. Ltd.		328		41,793
Hyundai Heavy Industries Holdings Co. Ltd.		194		56,829
Hyundai Marine & Fire Insurance Co. Ltd.		1,375		32,595
Hyundai Mobis Co. Ltd.		1,262		261,770
Hyundai Motor Co.		2,737		280,385
Hyundai Steel Co.		1,526		41,020
Industrial Bank of Korea		4,489		44,656
Kakao Corp.		998		131,388
Kangwon Land, Inc.		2,268		56,357
KB Financial Group, Inc.		7,363		287,064
KCC Corp.		136		24,986
Kia Motors Corp.		5,014		183,597
KMW Co. Ltd.*		457		17,953
Korea Aerospace Industries Ltd.		1,468		46,359
Korea Electric Power Corp.*		4,953		116,995
Korea Gas Corp.		411		13,014
Korea Investment Holdings Co. Ltd.		822		49,898
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		702		71,320
Korea Zinc Co. Ltd.		172		59,122
Korean Air Lines Co. Ltd.		1,050		22,002
KT&G Corp.		2,044		169,245
Kumho Petrochemical Co. Ltd.		403		24,941
LG Chem Ltd.		807		209,411
LG Corp.		1,533		92,150
LG Display Co. Ltd.*		4,606		57,324
LG Electronics, Inc.		1,809		107,056
LG Household & Health Care Ltd.		166		177,784
LG Innotek Co. Ltd.		324		33,466
LG Uplus Corp.		2,389		27,103
Lotte Chemical Corp.		323		60,162
Lotte Corp.		345		10,413
Lotte Shopping Co. Ltd.		233		26,138
Medy-Tox, Inc.		91		23,290
Meritz Securities Co. Ltd.		5,608		20,179
Mirae Asset Daewoo Co. Ltd.		7,012		42,922
NAVER Corp.		2,585		376,430
NCSoft Corp.		312		130,226
Neoplux Co. Ltd.*		25		71
Netmarble Corp., 144A*		511		38,071
NH Investment & Securities Co. Ltd.		3,004		31,537
OCI Co. Ltd.		389		20,386


See Notes to Financial Statements.		47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
South Korea (Continued)
Orange Life Insurance Ltd., 144A		667	$	16,122
Orion Corp.		460		40,113
Ottogi Corp.		31		14,619
Pan Ocean Co. Ltd.*		5,310		18,882
Pearl Abyss Corp.*		135		21,179
POSCO		1,431		279,258
POSCO Chemical Co. Ltd.		511		20,809
Posco International Corp.		1,048		16,193
S-1 Corp.		356		28,211
Samsung Biologics Co. Ltd., 144A*		323		107,607
Samsung C&T Corp.		1,456		121,914
Samsung Card Co. Ltd.		697		21,893
Samsung Electro-Mechanics Co. Ltd.		1,087		102,152
Samsung Electronics Co. Ltd.		88,334		3,761,758
Samsung Engineering Co. Ltd.*		2,981		47,448
Samsung Fire & Marine Insurance Co. Ltd.		535		105,310
Samsung Heavy Industries Co. Ltd.*		8,639		50,906
Samsung Life Insurance Co. Ltd.		1,340		81,229
Samsung SDI Co. Ltd.		998		195,181
Samsung SDS Co. Ltd.		601		99,476
Samsung Securities Co. Ltd.		1,143		34,934
Shinhan Financial Group Co. Ltd.		8,424		310,600
Shinsegae Inc.		134		31,936
SK Holdings Co. Ltd.		657		143,231
SK Hynix, Inc.		10,023		686,501
SK Innovation Co. Ltd.		1,021		126,636
SK Telecom Co. Ltd.		370		77,060
S-Oil Corp.		883		66,684
Woongjin Coway Co. Ltd.		998		75,707
Woori Financial Group, Inc.		8,828		87,447
Yuhan Corp.		193		35,294

				11,777,926

Taiwan — 11.4%
Accton Technology Corp.		8,803		45,875
Acer, Inc.		63,791		37,530
Advantech Co. Ltd.		6,506		63,865
Airtac International Group		2,453		35,456
ASE Technology Holding Co. Ltd.		61,533		152,469
Asia Cement Corp.		37,636		56,065
Asustek Computer, Inc.		13,125		99,156
AU Optronics Corp.		148,049		42,604
Catcher Technology Co. Ltd.		12,968		106,046
Cathay Financial Holding Co. Ltd.		149,538		204,380
Chailease Holding Co. Ltd.		22,783		101,928
Chang Hwa Commercial Bank Ltd.		106,653		80,224
Cheng Shin Rubber Industry Co. Ltd.		38,922		53,069
Chicony Electronics Co. Ltd.		13,161		38,175
China Airlines Ltd.		28,482		8,411
China Development Financial Holding Corp.		176,495		56,170
China Life Insurance Co. Ltd.*		46,256		38,432
China Steel Corp.		232,768		178,521
Chunghwa Telecom Co. Ltd.		67,975		251,755
Compal Electronics, Inc.		74,791		46,085
CTBC Financial Holding Co. Ltd.		319,447		228,771


	Number of Shares		Value
Taiwan (Continued)
Delta Electronics, Inc.		37,381	$	171,526
E.Sun Financial Holding Co. Ltd.		197,527		175,123
Eclat Textile Co. Ltd.		3,788		49,165
Eva Airways Corp.		50,765		23,294
Evergreen Marine Corp. Taiwan Ltd.*		54,165		22,014
Far Eastern New Century Corp.		59,065		57,593
Far EasTone Telecommunications Co. Ltd.		30,267		72,517
Feng TAY Enterprise Co. Ltd.		6,118		38,300
First Financial Holding Co. Ltd.		189,047		142,201
Formosa Chemicals & Fibre Corp.		65,325		186,915
Formosa Petrochemical Corp.		19,682		61,929
Formosa Plastics Corp.		84,419		268,941
Formosa Taffeta Co. Ltd.		18,915		21,078
Foxconn Technology Co. Ltd.		17,844		38,951
Fubon Financial Holding Co. Ltd.		123,840		181,840
Giant Manufacturing Co. Ltd.		5,404		39,143
Globalwafers Co. Ltd.		4,138		44,892
Highwealth Construction Corp.		17,423		26,582
Hiwin Technologies Corp.		3,933		33,580
Hon Hai Precision Industry Co. Ltd.		229,121		664,598
Hotai Motor Co. Ltd.		5,826		113,998
Hua Nan Financial Holdings Co. Ltd.		148,710		105,767
Innolux Corp.		147,882		38,291
Inventec Corp.		41,418		31,019
Largan Precision Co. Ltd.		1,933		280,980
Lite-On Technology Corp.		39,265		62,288
MediaTek, Inc.		27,611		381,444
Mega Financial Holding Co. Ltd.		191,113		189,794
Micro-Star International Co. Ltd.		14,728		40,500
Nan Ya Plastics Corp.		95,245		223,202
Nanya Technology Corp.		22,915		53,475
Nien Made Enterprise Co. Ltd.		3,121		28,642
Novatek Microelectronics Corp.		10,684		78,264
Pegatron Corp.		36,118		80,498
Phison Electronics Corp.		3,129		29,177
Pou Chen Corp.		39,882		51,959
Powertech Technology, Inc.		15,291		47,160
President Chain Store Corp.		10,900		109,141
Quanta Computer, Inc.		49,032		96,905
Realtek Semiconductor Corp.		9,538		72,057
Ruentex Development Co. Ltd.*		13,761		20,567
Ruentex Industries Ltd.*		6,580		16,326
Shanghai Commercial & Savings Bank Ltd.		67,143		109,813
Shin Kong Financial Holding Co. Ltd.*		195,124		64,273
SinoPac Financial Holdings Co. Ltd.		200,175		84,307
Standard Foods Corp.		8,043		17,478
Synnex Technology International Corp.		30,900		37,320
Taishin Financial Holding Co. Ltd.		189,849		88,669
Taiwan Business Bank		104,186		42,685
Taiwan Cement Corp.		87,665		118,954
Taiwan Cooperative Financial Holding Co. Ltd.		179,746		122,244
Taiwan High Speed Rail Corp.		36,071		42,502
Taiwan Mobile Co. Ltd.		30,344		113,875


See Notes to Financial Statements.		48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Taiwan (Continued)
Taiwan Semiconductor Manufacturing Co. Ltd.		455,781	$	4,556,241
Tatung Co. Ltd.*		39,344		28,434
Uni-President Enterprises Corp.		85,021		202,030
United Microelectronics Corp.		217,657		106,651
Vanguard International Semiconductor Corp.		17,792		41,753
Walsin Technology Corp.		6,522		36,340
Win Semiconductors Corp.		6,308		62,541
Winbond Electronics Corp.		59,929		34,275
Wistron Corp.		57,012		51,760
Wiwynn Corp.		1,387		25,139
WPG Holdings Ltd.		23,805		29,609
Yageo Corp.		5,316		57,498
Yuanta Financial Holding Co. Ltd.		166,640		107,869
Zhen Ding Technology Holding Ltd.		10,146		44,727

				12,623,610

Thailand — 2.6%
Advanced Info Service PCL, NVDR		21,374		149,956
Airports of Thailand PCL, NVDR		77,500		193,638
B Grimm Power PCL, NVDR		12,000		21,047
Bangkok Bank PCL, NVDR		9,846		57,510
Bangkok Dusit Medical Services PCL, NVDR		167,800		136,606
Bangkok Expressway & Metro PCL, NVDR		153,300		54,791
Banpu PCL, NVDR		78,500		30,135
Berli Jucker PCL, NVDR		21,400		32,223
BTS Group Holdings PCL, NVDR		143,844		65,216
Bumrungrad Hospital PCL, NVDR		8,500		38,115
Central Pattana PCL, NVDR		42,500		87,553
Charoen Pokphand Foods PCL, NVDR		75,243		68,476
CP ALL PCL, NVDR		108,200		272,134
Electricity Generating PCL, NVDR		5,100		58,228
Energy Absolute PCL, NVDR		32,900		46,545
Global Power Synergy PCL, NVDR		12,000		32,365
Gulf Energy Development PCL, NVDR		10,400		57,477
Home Product Center PCL, NVDR		112,100		61,211
Indorama Ventures PCL, NVDR		31,697		36,451
Intouch Holdings PCL, NVDR		40,700		79,131
IRPC PCL, NVDR		217,778		25,225
Kasikornbank PCL, NVDR		35,479		181,989
Krung Thai Bank PCL, NVDR		77,806		42,228
Land & Houses PCL, NVDR		141,400		45,858
Minor International PCL, NVDR		46,500		59,245
Muangthai Capital PCL, NVDR		11,300		22,531
Osotspa PCL, NVDR		12,000		16,282
PTT Exploration & Production PCL, NVDR		27,413		108,863
PTT Global Chemical PCL, NVDR		46,600		82,891
PTT PCL		54,600		78,148
PTT PCL, NVDR		150,080		214,808
Ratch Group PCL, NVDR		13,300		31,140
Robinson PCL, NVDR		12,000		26,111
Siam Cement PCL		6,458		81,426
Siam Cement PCL, NVDR		7,500		94,564
Siam Commercial Bank PCL, NVDR		13,798		55,251


	Number of Shares		Value
Thailand (Continued)
Srisawad Corp. PCL, NVDR		12,000	$	24,919
Thai Oil PCL, NVDR		20,557		46,941
Thai Union Group PCL, NVDR		62,400		28,497
TMB Bank PCL, NVDR		479,326		25,380
Total Access Communication PCL, NVDR		12,800		22,662
True Corp. PCL, NVDR		216,400		31,797

				2,925,564

Turkey — 0.5%
Akbank T.A.S.*		56,955		76,980
Anadolu Efes Biracilik Ve Malt Sanayii AS		4,500		16,971
Arcelik AS*		5,137		17,979
Aselsan Elektronik Sanayi Ve Ticaret AS		6,110		19,843
BIM Birlesik Magazalar AS		8,103		64,838
Eregli Demir ve Celik Fabrikalari TAS		25,686		35,834
Ford Otomotiv Sanayi AS		1,527		16,947
Haci Omer Sabanci Holding AS		11,319		17,918
KOC Holding AS		14,544		50,649
TAV Havalimanlari Holding AS		3,639		17,028
Tupras Turkiye Petrol Rafinerileri AS		2,301		49,592
Turk Hava Yollari AO*		12,012		28,543
Turkcell Iletisim Hizmetleri AS		15,333		36,167
Turkiye Garanti Bankasi AS*		44,043		77,379
Turkiye Is Bankasi AS, Class C*		26,918		28,797

				555,465

United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		53,115		109,176
Aldar Properties PJSC		68,535		40,489
DP World PLC		3,357		42,097
Dubai Islamic Bank PJSC		34,868		50,311
Emaar Malls PJSC		45,747		23,788
Emaar Properties PJSC		69,049		77,637
Emirates Telecommunications Group Co. PJSC		32,699		145,105
First Abu Dhabi Bank PJSC		49,172		203,480

				692,083

United States (c) — 0.0%
Nexteer Automotive Group Ltd.		17,578		14,731

TOTAL COMMON STOCKS (Cost $89,301,018)				103,895,529

PREFERRED STOCKS — 3.2%
Brazil — 2.3%
Banco Bradesco SA		72,596		571,553
Braskem SA, Class A		3,678		24,289
Centrais Eletricas Brasileiras SA, Class B		4,818		40,843
Cia Brasileira de Distribuicao		2,928		55,375
Cia Energetica de Minas Gerais		18,678		57,508
Gerdau SA		20,082		80,546
Itau Unibanco Holding SA		87,760		720,549
Itausa — Investimentos Itau SA		82,872		259,458
Lojas Americanas SA		13,910		73,119


See Notes to Financial Statements.		49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares			Value
Brazil (Continued)
Petroleo Brasileiro SA			77,539	$	533,269
Telefonica Brasil SA			8,699		115,446

					2,531,955

Chile — 0.1%
Embotelladora Andina SA, Class B			5,911		15,058
Sociedad Quimica y Minera de Chile SA, Class B			2,169		51,479

					66,537

Colombia — 0.1%
Bancolombia SA			8,991		110,794
Grupo Aval Acciones y Valores SA			81,392		32,746

					143,540

Russia — 0.1%
Surgutneftegas PJSC			138,816		77,865
Transneft PJSC			10		26,407

					104,272

South Korea — 0.6%
Amorepacific Corp.			227		16,874
Hyundai Motor Co.			498		30,399
Hyundai Motor Co. — 2nd Preferred			633		43,570
LG Chem Ltd.			144		20,360
LG Household & Health Care Ltd.			38		23,936
Samsung Electronics Co. Ltd.			15,068		521,126

					656,265

TOTAL PREFERRED STOCKS (Cost $2,314,398)					3,502,569


	Principal Amount			Value
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. 8.00%, 8/28/22
(Cost $411)		INR	29,160		421


	Number of Shares		Value
RIGHTS — 0.0%
Brazil — 0.0%
Centrais Eletricas Brasileiras SA*, expires 12/20/19		805	$	25
Centrais Eletricas Brasileiras SA*, expires 12/20/19		986		16

				41

China — 0.0%
Zhengqi Financial Holding Corp.*, expires 12/31/49 (b)		532		0

South Korea — 0.0%
AMOREPACIFIC Group*, expires 12/11/19 (b)		37		91

TOTAL RIGHTS (Cost $0)				132

WARRANTS — 0.0%
Thailand — 0.0%
Minor International PCL*, expires 9/30/21 (Cost $0)		2,475		285

EXCHANGE-TRADED FUNDS — 0.0%
Global X MSCI Pakistan ETF (Cost $64,435)		6,500		49,725

SECURITIES LENDING COLLATERAL — 0.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) (Cost $993,248)		993,248		993,248

CASH EQUIVALENTS — 1.7%
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) (Cost $1,828,982)		1,828,982		1,828,982


TOTAL INVESTMENTS — 99.6% (Cost $94,502,492)			$	110,270,891
Other assets and liabilities, net — 0.4%				427,535

NET ASSETS — 100.0%			$	110,698,426

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
SECURITIES LENDING COLLATERAL — 0.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e)
		751,459		241,789	(f)		—			—		—		8,180		—		993,248		993,248

CASH EQUIVALENTS — 1.7%
DWS Government Money Market Series “Institutional Shares”, 1.58% (d)
		879,859		18,255,662			(17,306,539	)		—		—		14,771		—		1,828,982		1,828,982

		1,631,318		18,497,451			(17,306,539	)		—		—		22,951		—		2,822,230		2,822,230

*	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, 2019 amounted to $1,516,104, which is 1.4% of net assets.


See Notes to Financial Statements.		50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)

(b)	Investment was valued using significant unobservable inputs.

(c)	Securities are listed in country of domicile and trade on exchanges within the MSCI EM US Dollar Hedged Index.

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

(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $615,427.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC

Joint Stock Company

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar

144A:

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

At November 30, 2019, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount

Contract
Value

Expiration
Date

Unrealized
Appreciation

MSCI Emerging Markets Index Futures

USD

3,188,830

$3,217,800

12/20/2019

28,970

As of November 30, 2019, 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	12/4/2019	BRL	729,500	USD	182,325	$	10,249	$	—
Citigroup Global Markets	12/4/2019	BRL	1,444,000	USD	357,187		16,573		—
Citigroup Global Markets	12/4/2019	BRL	931,300	USD	231,459		11,782		—
JP Morgan & Chase Co.	12/4/2019	BRL	5,200,800	USD	1,293,828		67,052		—
Morgan Stanley Capital	12/4/2019	BRL	27,077,500	USD	6,730,172		343,073		—
Citigroup Global Markets	12/4/2019	CLP	14,715,400	USD	19,736		1,446		—
Citigroup Global Markets	12/4/2019	CLP	698,979,600	USD	943,866		75,081		—
JP Morgan & Chase Co.	12/4/2019	CNH	549,000	USD	77,858		—		(217	)
JP Morgan & Chase Co.	12/4/2019	CNH	7,286,000	USD	1,033,236		—		(2,932	)
JP Morgan & Chase Co.	12/4/2019	CNH	418,600	USD	59,755		224		—
Morgan Stanley Capital	12/4/2019	CNH	12,047,700	USD	1,708,729		—		(4,618	)
Citigroup Global Markets	12/4/2019	COP	1,481,944,400	USD	438,156		16,900		—
Citigroup Global Markets	12/4/2019	CZK	2,186,000	USD	95,616		1,316		—
JP Morgan & Chase Co.	12/4/2019	CZK	2,685,000	USD	117,464		1,639		—
Citigroup Global Markets	12/4/2019	EGP	2,695,600	USD	165,731		—		(1,254	)
JP Morgan & Chase Co.	12/4/2019	EUR	69,000	USD	77,125		1,082		—
JP Morgan & Chase Co.	12/4/2019	EUR	299,800	USD	335,102		4,702		—
Citigroup Global Markets	12/4/2019	HKD	3,889,800	USD	496,715		—		(164	)
Citigroup Global Markets	12/4/2019	HKD	55,797,300	USD	7,117,608		—		(9,885	)
JP Morgan & Chase Co.	12/4/2019	HKD	23,090,500	USD	2,945,435		—		(4,123	)
JP Morgan & Chase Co.	12/4/2019	HKD	7,931,000	USD	1,011,601		—		(1,497	)
Morgan Stanley Capital	12/4/2019	HKD	7,600,000	USD	969,425		—		(1,392	)
RBC Capital Markets	12/4/2019	HKD	90,347,300	USD	11,524,699		—		(16,177	)
JP Morgan & Chase Co.	12/4/2019	HUF	57,252,000	USD	194,869		6,200		—
RBC Capital Markets	12/4/2019	HUF	44,286,400	USD	150,749		4,807		—
Citigroup Global Markets	12/4/2019	IDR	19,077,887,500	USD	1,354,867		2,837		—
JP Morgan & Chase Co.	12/4/2019	IDR	10,489,402,700	USD	744,352		978		—
JP Morgan & Chase Co.	12/4/2019	IDR	689,321,700	USD	49,142		291		—
JP Morgan & Chase Co.	12/4/2019	IDR	1,659,373,000	USD	117,519		—		(79	)


See Notes to Financial Statements.		51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/4/2019	IDR	1,516,118,300	USD	107,732	$	287	$	—
Citigroup Global Markets	12/4/2019	INR	10,077,600	USD	141,506		1,079		—
Citigroup Global Markets	12/4/2019	INR	14,772,200	USD	208,353		2,508		—
Citigroup Global Markets	12/4/2019	INR	43,985,000	USD	618,311		5,398		—
JP Morgan & Chase Co.	12/4/2019	INR	611,614,800	USD	8,621,822		99,209		—
Morgan Stanley Capital	12/4/2019	INR	36,000,000	USD	505,398		3,752		—
JP Morgan & Chase Co.	12/4/2019	KRW	332,424,000	USD	287,117		5,644		—
JP Morgan & Chase Co.	12/4/2019	KRW	670,453,000	USD	573,694		6,002		—
JP Morgan & Chase Co.	12/4/2019	KRW	864,255,400	USD	743,612		11,822		—
Morgan Stanley Capital	12/4/2019	KRW	12,244,712,100	USD	10,529,644		161,691		—
RBC Capital Markets	12/4/2019	KRW	2,010,718,000	USD	1,729,352		26,819		—
Citigroup Global Markets	12/4/2019	MXN	32,540,000	USD	1,689,161		26,004		—
Citigroup Global Markets	12/4/2019	MXN	1,143,300	USD	59,299		863		—
JP Morgan & Chase Co.	12/4/2019	MXN	6,280,400	USD	326,019		5,021		—
Morgan Stanley Capital	12/4/2019	MXN	3,203,000	USD	166,267		2,558		—
RBC Capital Markets	12/4/2019	MXN	12,285,500	USD	637,774		9,848		—
Morgan Stanley Capital	12/4/2019	MYR	4,566,300	USD	1,093,371		104		—
RBC Capital Markets	12/4/2019	MYR	4,769,500	USD	1,142,669		751		—
RBC Capital Markets	12/4/2019	MYR	196,500	USD	47,573		527		—
JP Morgan & Chase Co.	12/4/2019	PHP	1,311,300	USD	25,968		166		—
JP Morgan & Chase Co.	12/4/2019	PHP	5,291,800	USD	104,143		14		—
Morgan Stanley Capital	12/4/2019	PHP	27,035,300	USD	532,086		105		—
RBC Capital Markets	12/4/2019	PHP	29,959,400	USD	589,694		174		—
Citigroup Global Markets	12/4/2019	PLN	3,375,200	USD	884,841		23,114		—
Citigroup Global Markets	12/4/2019	PLN	93,300	USD	24,222		401		—
JP Morgan & Chase Co.	12/4/2019	PLN	1,054,200	USD	276,359		7,210		—
Morgan Stanley Capital	12/4/2019	QAR	85,100	USD	23,220		—		(155	)
Morgan Stanley Capital	12/4/2019	QAR	4,359,900	USD	1,197,709		150		—
JP Morgan & Chase Co.	12/4/2019	RUB	252,050,200	USD	3,914,644		—		(230	)
Morgan Stanley Capital	12/4/2019	RUB	6,232,800	USD	97,819		1,011		—
Morgan Stanley Capital	12/4/2019	RUB	19,154,000	USD	297,658		156		—
Morgan Stanley Capital	12/4/2019	RUB	24,855,000	USD	386,243		192		—
Citigroup Global Markets	12/4/2019	THB	1,932,800	USD	63,878		—		(91	)
Citigroup Global Markets	12/4/2019	THB	17,155,000	USD	568,265		495		—
Morgan Stanley Capital	12/4/2019	THB	78,154,800	USD	2,588,799		2,153		—
JP Morgan & Chase Co.	12/4/2019	TRY	2,333,200	USD	404,715		—		(718	)
Morgan Stanley Capital	12/4/2019	TRY	143,200	USD	24,848		—		(36	)
RBC Capital Markets	12/4/2019	TRY	70,700	USD	12,186		—		(100	)
RBC Capital Markets	12/4/2019	TRY	884,100	USD	153,374		—		(253	)
Citigroup Global Markets	12/4/2019	TWD	203,296,200	USD	6,707,675		43,251		—
JP Morgan & Chase Co.	12/4/2019	TWD	123,381,400	USD	4,073,876		29,206		—
JP Morgan & Chase Co.	12/4/2019	TWD	29,174,000	USD	961,030		4,653		—
Morgan Stanley Capital	12/4/2019	TWD	28,637,800	USD	945,392		6,592		—
RBC Capital Markets	12/4/2019	TWD	18,096,200	USD	597,629		4,402		—
RBC Capital Markets	12/4/2019	TWD	8,475,500	USD	279,411		1,568		—
Citigroup Global Markets	12/4/2019	USD	734,186	BRL	3,104,800		—		(1,819	)
JP Morgan & Chase Co.	12/4/2019	USD	1,230,143	BRL	5,200,800		—		(3,368	)
Morgan Stanley Capital	12/4/2019	USD	247,936	BRL	1,009,000		—		(9,931	)
RBC Capital Markets	12/4/2019	USD	6,164,515	BRL	26,068,500		—		(15,421	)
Citigroup Global Markets	12/4/2019	USD	884,764	CLP	713,695,000		2,310		—
JP Morgan & Chase Co.	12/4/2019	USD	1,174,034	CNH	8,253,600		—		(260	)
Morgan Stanley Capital	12/4/2019	USD	126,691	CNH	888,000		—		(405	)
RBC Capital Markets	12/4/2019	USD	1,587,426	CNH	11,159,700		—		(365	)
Citigroup Global Markets	12/4/2019	USD	420,486	COP	1,481,944,400		770		—
Citigroup Global Markets	12/4/2019	USD	420,625	COP	1,481,944,400		632		—
Citigroup Global Markets	12/4/2019	USD	94,332	CZK	2,186,000		—		(32	)
JP Morgan & Chase Co.	12/4/2019	USD	115,868	CZK	2,685,000		—		(42	)
Citigroup Global Markets	12/4/2019	USD	167,268	EGP	2,695,600		—		(283	)


See Notes to Financial Statements.		52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/4/2019	USD	406,664	EUR	368,800	$	—	$	(221	)
Citigroup Global Markets	12/4/2019	USD	7,625,065	HKD	59,687,100		—		(693	)
JP Morgan & Chase Co.	12/4/2019	USD	3,963,047	HKD	31,021,500		—		(391	)
RBC Capital Markets	12/4/2019	USD	740,315	HKD	5,793,000		—		(323	)
RBC Capital Markets	12/4/2019	USD	10,801,810	HKD	84,554,300		—		(926	)
RBC Capital Markets	12/4/2019	USD	970,900	HKD	7,600,000		—		(83	)
JP Morgan & Chase Co.	12/4/2019	USD	188,815	HUF	57,252,000		—		(146	)
RBC Capital Markets	12/4/2019	USD	146,056	HUF	44,286,400		—		(114	)
Citigroup Global Markets	12/4/2019	USD	1,352,083	IDR	19,077,887,500		—		(52	)
JP Morgan & Chase Co.	12/4/2019	USD	909,407	IDR	12,838,097,400		416		—
RBC Capital Markets	12/4/2019	USD	107,435	IDR	1,516,118,300		11		—
Citigroup Global Markets	12/4/2019	USD	501,987	INR	36,000,000		—		(341	)
Citigroup Global Markets	12/4/2019	USD	959,838	INR	68,834,800		—		(652	)
JP Morgan & Chase Co.	12/4/2019	USD	332,176	INR	23,637,000		—		(2,804	)
JP Morgan & Chase Co.	12/4/2019	USD	8,200,070	INR	587,977,800		—		(6,830	)
JP Morgan & Chase Co.	12/4/2019	USD	1,580,842	KRW	1,867,132,400		113		—
Morgan Stanley Capital	12/4/2019	USD	421,869	KRW	488,842,000		—		(7,952	)
RBC Capital Markets	12/4/2019	USD	9,958,382	KRW	11,755,870,100		—		(4,346	)
RBC Capital Markets	12/4/2019	USD	1,703,277	KRW	2,010,718,000		—		(743	)
Citigroup Global Markets	12/4/2019	USD	1,726,702	MXN	33,683,300		—		(5,109	)
JP Morgan & Chase Co.	12/4/2019	USD	321,942	MXN	6,280,400		—		(943	)
RBC Capital Markets	12/4/2019	USD	164,192	MXN	3,203,000		—		(483	)
RBC Capital Markets	12/4/2019	USD	103,112	MXN	1,988,000		—		(1,503	)
RBC Capital Markets	12/4/2019	USD	527,871	MXN	10,297,500		—		(1,554	)
RBC Capital Markets	12/4/2019	USD	1,076,371	MYR	4,496,000		65		—
RBC Capital Markets	12/4/2019	USD	1,093,201	MYR	4,566,300		66		—
RBC Capital Markets	12/4/2019	USD	113,945	MYR	470,000		—		(1,417	)
Citigroup Global Markets	12/4/2019	USD	531,982	PHP	27,035,300		—		—
JP Morgan & Chase Co.	12/4/2019	USD	129,867	PHP	6,603,100		64		—
RBC Capital Markets	12/4/2019	USD	589,160	PHP	29,959,400		359		—
Citigroup Global Markets	12/4/2019	USD	886,846	PLN	3,468,500		—		(1,298	)
JP Morgan & Chase Co.	12/4/2019	USD	269,548	PLN	1,054,200		—		(398	)
Citigroup Global Markets	12/4/2019	USD	1,126,057	QAR	4,127,000		7,529		—
Morgan Stanley Capital	12/4/2019	USD	87,382	QAR	318,000		—		(35	)
Citigroup Global Markets	12/4/2019	USD	781,530	RUB	50,241,800		—		(1,168	)
JP Morgan & Chase Co.	12/4/2019	USD	3,696,224	RUB	237,617,200		—		(5,526	)
JP Morgan & Chase Co.	12/4/2019	USD	225,250	RUB	14,433,000		—		(1,075	)
Citigroup Global Markets	12/4/2019	USD	631,390	THB	19,087,800		348		—
Citigroup Global Markets	12/4/2019	USD	2,378,679	THB	71,910,800		1,312		—
Morgan Stanley Capital	12/4/2019	USD	115,979	THB	3,500,000		—		(141	)
Morgan Stanley Capital	12/4/2019	USD	90,549	THB	2,744,000		268		—
JP Morgan & Chase Co.	12/4/2019	USD	406,006	TRY	2,333,200		—		(573	)
RBC Capital Markets	12/4/2019	USD	166,151	TRY	954,800		—		(238	)
RBC Capital Markets	12/4/2019	USD	24,919	TRY	143,200		—		(36	)
Citigroup Global Markets	12/4/2019	USD	405,136	TWD	12,289,000		—		(2,280	)
Citigroup Global Markets	12/4/2019	USD	6,262,326	TWD	191,007,200		—		(758	)
JP Morgan & Chase Co.	12/4/2019	USD	4,998,211	TWD	152,555,400		2,836		—
RBC Capital Markets	12/4/2019	USD	938,360	TWD	28,637,800		440		—
RBC Capital Markets	12/4/2019	USD	870,661	TWD	26,571,700		408		—
JP Morgan & Chase Co.	12/4/2019	USD	95,857	ZAR	1,427,000		1,439		—
JP Morgan & Chase Co.	12/4/2019	USD	4,243,126	ZAR	62,183,100		—		(3,366	)
RBC Capital Markets	12/4/2019	USD	1,071,159	ZAR	15,697,900		—		(846	)
JP Morgan & Chase Co.	12/4/2019	ZAR	63,610,100	USD	4,205,410		—		(131,647	)
RBC Capital Markets	12/4/2019	ZAR	1,353,000	USD	89,453		—		(2,797	)
RBC Capital Markets	12/4/2019	ZAR	1,635,200	USD	110,425		—		(1,066	)
RBC Capital Markets	12/4/2019	ZAR	12,709,700	USD	840,314		—		(26,257	)
Citigroup Global Markets	12/6/2019	AED	2,349,300	USD	639,544		—		(29	)
Citigroup Global Markets	12/6/2019	AED	58,500	USD	15,925		—		(1	)


See Notes to Financial Statements.		53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley Capital	12/6/2019	AED	665,500	USD	181,171	$	—	$	(5	)
Citigroup Global Markets	12/6/2019	USD	181,180	AED	665,500		—		(4	)
Citigroup Global Markets	12/6/2019	USD	591,536	AED	2,172,800		—		(13	)
Citigroup Global Markets	12/6/2019	USD	63,985	AED	235,000		—		(9	)
Citigroup Global Markets	1/6/2020	AED	2,172,800	USD	591,452		—		(4	)
Citigroup Global Markets	1/6/2020	AED	665,500	USD	181,154		—		(1	)
Citigroup Global Markets	1/6/2020	BRL	3,104,800	USD	733,163		2,030		—
JP Morgan & Chase Co.	1/6/2020	BRL	5,200,800	USD	1,228,458		3,749		—
RBC Capital Markets	1/6/2020	BRL	26,068,500	USD	6,156,944		18,209		—
Citigroup Global Markets	1/6/2020	CLP	713,695,000	USD	886,115		—		(2,618	)
JP Morgan & Chase Co.	1/6/2020	CNH	8,253,600	USD	1,172,718		71		—
JP Morgan & Chase Co.	1/6/2020	CNH	11,660,000	USD	1,656,618		—		—
RBC Capital Markets	1/6/2020	CNH	11,159,700	USD	1,585,883		346		—
Citigroup Global Markets	1/6/2020	CZK	2,186,000	USD	94,459		37		—
JP Morgan & Chase Co.	1/6/2020	CZK	2,685,000	USD	115,993		17		—
JP Morgan & Chase Co.	1/6/2020	EUR	368,800	USD	407,723		211		—
Citigroup Global Markets	1/6/2020	HKD	30,000,000	USD	3,830,662		—		(68	)
Citigroup Global Markets	1/6/2020	HKD	59,687,100	USD	7,621,560		56		—
JP Morgan & Chase Co.	1/6/2020	HKD	31,021,500	USD	3,960,893		—		(272	)
RBC Capital Markets	1/6/2020	HKD	7,600,000	USD	970,409		—		(43	)
RBC Capital Markets	1/6/2020	HKD	84,554,300	USD	10,796,348		—		(473	)
JP Morgan & Chase Co.	1/6/2020	HUF	57,252,000	USD	189,118		84		—
RBC Capital Markets	1/6/2020	HUF	44,286,400	USD	146,337		112		—
Citigroup Global Markets	1/6/2020	IDR	19,077,887,500	USD	1,347,118		—		(468	)
JP Morgan & Chase Co.	1/6/2020	IDR	12,838,097,400	USD	905,558		—		(1,274	)
RBC Capital Markets	1/6/2020	IDR	1,516,118,300	USD	106,995		—		(98	)
Citigroup Global Markets	1/6/2020	INR	68,834,800	USD	957,169		893		—
Citigroup Global Markets	1/6/2020	INR	36,000,000	USD	500,591		467		—
JP Morgan & Chase Co.	1/6/2020	INR	587,977,800	USD	8,176,238		7,854		—
JP Morgan & Chase Co.	1/6/2020	INR	68,260,000	USD	947,977		—		(314	)
JP Morgan & Chase Co.	1/6/2020	KRW	1,867,132,400	USD	1,582,047		—		(317	)
JP Morgan & Chase Co.	1/6/2020	KRW	353,151,000	USD	299,154		—		(136	)
RBC Capital Markets	1/6/2020	KRW	2,010,718,000	USD	1,704,619		568		—
RBC Capital Markets	1/6/2020	KRW	11,755,870,100	USD	9,966,234		3,322		—
Citigroup Global Markets	1/6/2020	MXN	33,683,300	USD	1,718,897		5,241		—
JP Morgan & Chase Co.	1/6/2020	MXN	6,280,400	USD	320,508		990		—
RBC Capital Markets	1/6/2020	MXN	10,297,500	USD	525,508		1,617		—
RBC Capital Markets	1/6/2020	MXN	3,203,000	USD	163,457		503		—
RBC Capital Markets	1/6/2020	MYR	4,496,000	USD	1,074,827		—		(1,007	)
RBC Capital Markets	1/6/2020	MYR	4,566,300	USD	1,091,633		—		(1,023	)
Citigroup Global Markets	1/6/2020	PHP	27,035,300	USD	531,605		128		—
JP Morgan & Chase Co.	1/6/2020	PHP	6,603,100	USD	129,714		—		(94	)
RBC Capital Markets	1/6/2020	PHP	29,959,400	USD	588,708		—		(253	)
Citigroup Global Markets	1/6/2020	QAR	4,127,000	USD	1,126,149		—		(7,684	)
Citigroup Global Markets	1/6/2020	THB	71,910,800	USD	2,378,042		—		(3,730	)
Citigroup Global Markets	1/6/2020	THB	19,087,800	USD	631,221		—		(990	)
Citigroup Global Markets	1/6/2020	THB	4,423,000	USD	146,262		—		(233	)
JP Morgan & Chase Co.	1/6/2020	TRY	2,333,200	USD	402,470		562		—
RBC Capital Markets	1/6/2020	TRY	143,200	USD	24,705		38		—
RBC Capital Markets	1/6/2020	TRY	954,800	USD	164,726		255		—
Citigroup Global Markets	1/6/2020	TWD	191,007,200	USD	6,273,639		2,281		—
JP Morgan & Chase Co.	1/6/2020	TWD	152,555,400	USD	5,006,741		—		(2,125	)
JP Morgan & Chase Co.	1/6/2020	TWD	18,458,000	USD	605,816		—		(217	)
RBC Capital Markets	1/6/2020	TWD	26,571,700	USD	872,350		—		(81	)
RBC Capital Markets	1/6/2020	TWD	28,637,800	USD	940,180		—		(87	)
JP Morgan & Chase Co.	1/6/2020	USD	184,126	IDR	2,605,378,000		—		(92	)
JP Morgan & Chase Co.	1/6/2020	ZAR	62,183,100	USD	4,222,809		3,463		—
RBC Capital Markets	1/6/2020	ZAR	2,247,000	USD	152,598		131		—


See Notes to Financial Statements.		54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	1/6/2020	ZAR	15,697,900	USD	1,066,105	$	946	$	—
Citigroup Global Markets	1/7/2020	COP	1,481,944,400	USD	419,634		—		(772	)
Citigroup Global Markets	1/7/2020	COP	1,481,944,400	USD	419,724		—		(682	)
Citigroup Global Markets	1/7/2020	PLN	3,468,500	USD	886,639		1,213		—
JP Morgan & Chase Co.	1/7/2020	PLN	1,054,200	USD	269,471		358		—
Citigroup Global Markets	1/8/2020	EGP	2,695,600	USD	165,107		50		—
Citigroup Global Markets	1/10/2020	RUB	50,241,800	USD	777,732		1,552		—
JP Morgan & Chase Co.	1/10/2020	RUB	237,617,200	USD	3,678,275		7,352		—

Total unrealized appreciation (depreciation)						$	1,145,224	$	(318,195	)

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

MXN

Mexican Peso

MYR

Malaysian Ringgit

PHP

Philippine Peso

PLN

Polish Zloty

QAR

Qatari Rial

RUB

Russian Ruble

THB

Thai Baht

TRY

Turkish Lira

TWD

New Taiwan Dollar

USD

U.S. Dollar

ZAR

South African Rand

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (g)	$	103,810,116	$	—	$	85,413	$	103,895,529
Preferred Stocks (g)		3,502,569		—		—		3,502,569
Corporate Bonds		—		421		—		421
Rights (g)		41		—		91		132
Warrants		285		—		—		285
Exchange-Traded Funds		49,725		—		—		49,725
Short-Term Investments (g)		2,822,230		—		—		2,822,230
Derivatives (h)
Forward Foreign Currency Contracts		—		1,145,224		—		1,145,224
Futures Contracts		28,970		—		—		28,970

TOTAL	$	110,213,936	$	1,145,645	$	85,504	$	111,445,085


See Notes to Financial Statements.		55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (h)
Forward Foreign Currency Contracts	$	—	$	(318,195	)	$	—	$	(318,195	)

TOTAL	$	—	$	(318,195	)	$	—	$	(318,195	)

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

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

During the period ended November 30, 2019, the amount of transfers from Level 1 to Level 3 was $12,748 and between Level 3 and Level 1 was $299. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 96.7%
Australia — 0.5%
BHP Group PLC		210,862	$	4,663,487

Austria — 0.4%
ANDRITZ AG		7,188		280,334
Erste Group Bank AG*		29,934		1,071,795
OMV AG		14,787		842,889
Raiffeisen Bank International AG		15,626		366,855
Verbund AG		6,474		336,507
voestalpine AG		11,694		309,843

				3,208,223

Belgium — 1.5%
Ageas		18,008		1,080,852
Anheuser-Busch InBev SA/NV		76,339		6,044,463
Colruyt SA		5,671		293,644
Galapagos NV*		4,381		863,229
Groupe Bruxelles Lambert SA		8,483		860,742
KBC Group NV		25,029		1,823,775
Proximus SADP		15,015		452,921
Solvay SA		7,448		853,369
Telenet Group Holding NV*		5,000		225,628
UCB SA		12,691		1,028,493
Umicore SA		20,027		860,045

				14,387,161

Chile — 0.1%
Antofagasta PLC		38,923		436,961

Denmark — 2.8%
A.P. Moller — Maersk A/S, Class A		385		499,834
A.P. Moller — Maersk A/S, Class B		657		918,159
Carlsberg A/S, Class B		10,918		1,570,546
Chr Hansen Holding A/S		10,635		807,571
Coloplast A/S, Class B		11,744		1,387,372
Danske Bank A/S		67,469		910,848
Demant A/S*		11,403		348,877
DSV PANALPINA A/S		21,426		2,332,752
Genmab A/S*		6,791		1,582,073
H Lundbeck A/S		7,442		285,079
ISS A/S		16,444		377,392
Novo Nordisk A/S, Class B		180,504		10,145,548
Novozymes A/S, Class B		21,983		1,050,190
Orsted A/S, 144A		19,198		1,769,179
Pandora A/S		10,466		421,288
Tryg A/S		11,613		333,899
Vestas Wind Systems A/S		18,605		1,770,494

				26,511,101

Finland — 1.7%
Elisa OYJ		14,580		779,206
Fortum OYJ		43,852		1,033,389
Kone OYJ, Class B		34,811		2,179,121
Metso OYJ		10,831		415,252
Neste OYJ		42,998		1,453,340
Nokia OYJ		546,913		1,935,040
Nokian Renkaat OYJ		12,483		337,762
Nordea Bank Abp		327,442		2,318,860
Nordea Bank Abp		4,205		29,797


	Number of Shares		Value
Finland (Continued)
Orion OYJ, Class B		10,492	$	456,582
Sampo OYJ, Class A		45,567		1,842,384
Stora Enso OYJ, Class R		58,412		785,101
UPM-Kymmene OYJ		53,143		1,775,166
Wartsila OYJ Abp		43,816		441,014

				15,782,014

France — 17.4%
Accor SA		18,298		782,771
Aeroports de Paris		2,977		582,158
Air Liquide SA		48,592		6,587,339
Airbus SE		59,782		8,785,974
Alstom SA		19,575		853,574
Amundi SA, 144A		6,073		459,646
Arkema SA		7,281		754,501
Atos SE		9,703		823,970
AXA SA		198,918		5,411,863
BioMerieux		4,103		370,889
BNP Paribas SA		115,373		6,478,619
Bollore SA*		467		1,960
Bollore SA		88,177		376,921
Bouygues SA		22,391		914,696
Bureau Veritas SA		28,897		756,420
Capgemini SE		16,148		1,909,785
Carrefour SA		68,527		1,130,934
Casino Guichard Perrachon SA (a)		5,668		249,403
Cie de Saint-Gobain		48,602		1,967,774
Cie Generale des Etablissements Michelin SCA		17,310		2,076,771
CNP Assurances		17,562		346,717
Covivio REIT		4,863		537,900
Credit Agricole SA		114,809		1,570,313
Danone SA (a)		61,860		5,092,258
Dassault Aviation SA		241		327,905
Dassault Systemes SE		13,430		2,115,805
Edenred		24,418		1,211,905
Eiffage SA		7,869		859,126
Electricite de France SA (a)		59,302		609,165
Engie SA		187,535		2,966,883
EssilorLuxottica SA		28,737		4,464,000
Eurazeo SE		4,094		278,966
Eutelsat Communications SA (a)		18,177		298,181
Faurecia SE		7,631		404,717
Gecina SA REIT		4,604		795,326
Getlink SE		45,715		771,077
Hermes International		3,197		2,395,053
ICADE REIT		3,243		324,590
Iliad SA		2,771		352,753
Ingenico Group SA		6,219		663,634
Ipsen SA		3,897		440,066
JCDecaux SA		6,806		194,953
Kering SA		7,596		4,575,069
Klepierre SA REIT		20,139		722,636
Legrand SA		27,276		2,153,983
L’Oreal SA		25,345		7,223,578
LVMH Moet Hennessy Louis Vuitton SE		28,282		12,690,776
Natixis SA		97,174		406,066
Orange SA (a)		204,612		3,381,318


See Notes to Financial Statements.		57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
France (Continued)
Pernod Ricard SA		21,243	$	3,901,352
Peugeot SA		60,030		1,449,681
Publicis Groupe SA		21,470		944,721
Remy Cointreau SA		2,272		292,608
Renault SA		19,313		924,598
Safran SA		32,840		5,370,899
Sanofi		114,960		10,703,320
Sartorius Stedim Biotech		2,905		461,184
Schneider Electric SE		54,851		5,293,614
SCOR SE		16,380		703,608
SEB SA		2,421		376,078
Societe Generale SA		83,382		2,623,579
Sodexo SA		8,810		1,026,893
Suez		34,362		508,604
Teleperformance		5,989		1,418,588
Thales SA		10,859		1,063,783
TOTAL SA		242,928		12,750,082
Ubisoft Entertainment SA*		8,372		508,212
Unibail-Rodamco-Westfield REIT		14,140		2,210,525
Valeo SA		24,498		965,143
Veolia Environnement SA		56,510		1,446,855
Vinci SA		50,911		5,551,658
Vivendi SA		91,175		2,503,153
Wendel SA		2,638		355,439
Worldline SA, 144A*		11,205		725,243

				163,530,107

Germany — 12.6%
adidas AG		18,391		5,728,905
Allianz SE		43,428		10,399,037
Axel Springer SE		5,064		348,688
BASF SE		94,037		7,067,635
Bayer AG		93,743		7,095,112
Bayerische Motoren Werke AG		32,848		2,652,629
Beiersdorf AG		9,920		1,156,821
Brenntag AG		15,247		813,173
Carl Zeiss Meditec AG		4,048		495,025
Commerzbank AG		104,701		606,852
Continental AG		10,855		1,418,333
Covestro AG, 144A		17,455		817,283
Daimler AG		93,895		5,296,343
Delivery Hero SE, 144A*		11,298		597,457
Deutsche Bank AG (b)		200,377		1,444,624
Deutsche Boerse AG		19,352		2,968,826
Deutsche Lufthansa AG		23,134		438,882
Deutsche Post AG		98,703		3,679,801
Deutsche Telekom AG		333,111		5,591,439
Deutsche Wohnen SE		35,356		1,380,839
E.ON SE		225,774		2,362,489
Evonik Industries AG		18,728		543,464
Fraport AG Frankfurt Airport Services Worldwide		3,942		335,793
Fresenius Medical Care AG & Co. KGaA		21,983		1,611,996
Fresenius SE & Co. KGaA		42,592		2,329,289
GEA Group AG		15,751		506,184
Hannover Rueck SE		5,953		1,105,094
HeidelbergCement AG		14,945		1,104,796
Henkel AG & Co. KGaA		10,428		1,008,693


	Number of Shares		Value
Germany (Continued)
HOCHTIEF AG		2,741	$	336,703
Infineon Technologies AG		127,136		2,715,596
KION Group AG		6,855		454,791
Knorr-Bremse AG		4,854		472,091
LANXESS AG		8,326		554,952
Merck KGaA		13,086		1,528,187
METRO AG		18,786		302,687
MTU Aero Engines AG		5,307		1,437,710
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		14,396		4,133,138
Puma SE		8,270		621,375
RWE AG		60,692		1,799,321
SAP SE		100,132		13,621,758
Siemens AG		78,216		10,092,304
Siemens Healthineers AG, 144A		14,698		712,807
Symrise AG		13,532		1,312,519
Telefonica Deutschland Holding AG		89,951		274,603
thyssenkrupp AG		40,630		509,393
TUI AG		43,305		595,651
Uniper SE		21,097		681,008
United Internet AG		12,352		418,452
Volkswagen AG		3,264		622,639
Vonovia SE		51,809		2,699,219
Wirecard AG		12,017		1,586,049
Zalando SE, 144A*		13,165		567,102

				118,955,557

Ireland — 1.4%
AerCap Holdings NV*		13,090		809,093
AIB Group PLC		82,336		269,408
Bank of Ireland Group PLC		93,501		469,726
CRH PLC		80,123		3,065,671
DCC PLC		10,040		858,065
Experian PLC		95,071		3,151,468
Flutter Entertainment PLC*		7,932		908,824
Kerry Group PLC, Class A		16,201		2,077,583
Kingspan Group PLC		15,395		829,717
Smurfit Kappa Group PLC		22,244		789,101

				13,228,656

Isle of Man — 0.1%
GVC Holdings PLC		58,424		643,492

Italy — 3.2%
Assicurazioni Generali SpA		112,147		2,289,427
Atlantia SpA		49,861		1,105,230
Davide Campari-Milano SpA		61,157		558,216
Enel SpA		811,865		6,132,228
Eni SpA		253,642		3,832,207
Ferrari NV		12,270		2,073,641
FinecoBank Banca Fineco SpA		64,438		799,363
Intesa Sanpaolo SpA		1,488,826		3,773,374
Leonardo SpA		39,869		466,250
Mediobanca Banca di Credito Finanziario SpA (a)		61,316		685,652
Moncler SpA		18,080		792,169
Pirelli & C SpA, 144A		37,020		210,043
Poste Italiane SpA, 144A		53,520		624,418
Prysmian SpA		24,671		562,355


See Notes to Financial Statements.		58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Italy (Continued)
Recordati SpA		10,976	$	460,353
Snam SpA		209,056		1,039,191
Telecom Italia SpA*		916,212		573,536
Telecom Italia SpA-RSP		605,430		372,854
Terna Rete Elettrica Nazionale SpA		141,344		907,840
UniCredit SpA		203,942		2,822,468

				30,080,815

Luxembourg — 0.4%
ArcelorMittal SA		67,499		1,154,720
Aroundtown SA		89,408		776,384
Eurofins Scientific SE (a)		1,090		572,327
Millicom International Cellular SA SDR (a)		8,532		381,609
SES SA		36,218		480,612
Tenaris SA		47,422		504,267

				3,869,919

Netherlands — 7.7%
ABN AMRO Bank NV, 144A		42,471		724,782
Adyen NV, 144A*		1,046		802,286
Aegon NV		188,305		848,909
Akzo Nobel NV		23,473		2,247,770
Altice Europe NV*		67,882		403,992
ASML Holding NV		43,339		11,793,412
EXOR NV		11,092		848,561
Heineken Holding NV		11,578		1,109,728
Heineken NV		26,491		2,744,572
ING Groep NV		387,411		4,457,614
Koninklijke Ahold Delhaize NV		121,591		3,132,582
Koninklijke DSM NV		18,522		2,373,183
Koninklijke KPN NV		356,272		1,097,444
Koninklijke Philips NV		92,693		4,303,845
Koninklijke Vopak NV		7,066		376,698
NN Group NV		31,104		1,193,873
NXP Semiconductors NV		28,428		3,285,708
Prosus NV*		49,662		3,385,072
QIAGEN NV*		22,822		977,058
Randstad NV		11,966		696,851
Royal Dutch Shell PLC, Class A		436,312		12,476,771
Royal Dutch Shell PLC, Class B		377,844		10,699,754
Wolters Kluwer NV		28,434		2,041,187

				72,021,652

Norway — 1.0%
Aker BP ASA		10,415		298,766
DNB ASA		98,390		1,653,093
Equinor ASA		102,475		1,888,561
Gjensidige Forsikring ASA		20,087		378,151
Mowi ASA		44,843		1,112,618
Norsk Hydro ASA		135,114		478,072
Orkla ASA		78,176		757,366
Schibsted ASA, Class B		10,248		264,278
Telenor ASA		74,411		1,358,434
Yara International ASA		17,812		671,804

				8,861,143

Portugal — 0.2%
EDP — Energias de Portugal SA		261,629		1,057,829


	Number of Shares		Value
Portugal (Continued)
Galp Energia SGPS SA		50,343	$	819,465
Jeronimo Martins SGPS SA		24,321		388,386

				2,265,680

Russia — 0.0%
Evraz PLC		50,762		243,179

Spain — 4.4%
ACS Actividades de Construccion y Servicios SA		26,286		1,023,132
Aena SME SA, 144A		7,090		1,302,103
Amadeus IT Group SA		44,894		3,575,940
Banco Bilbao Vizcaya Argentaria SA		678,935		3,576,482
Banco de Sabadell SA		565,214		627,056
Banco Santander SA		1,684,567		6,564,278
Bankia SA		123,942		240,118
Bankinter SA		66,584		465,662
CaixaBank SA		356,356		1,051,769
Cellnex Telecom SA, 144A*		24,659		1,059,507
Enagas SA		22,809		568,160
Endesa SA		31,940		868,448
Ferrovial SA		48,112		1,428,485
Ferrovial SA*		763		22,654
Grifols SA (a)		29,755		1,016,542
Iberdrola SA		620,104		6,099,333
Industria de Diseno Textil SA		111,661		3,476,461
Mapfre SA		103,305		291,243
Naturgy Energy Group SA		30,173		784,502
Red Electrica Corp. SA		43,504		850,729
Repsol SA		148,546		2,338,605
Siemens Gamesa Renewable Energy SA		24,071		384,128
Telefonica SA		478,508		3,664,904

				41,280,241

Sweden — 3.8%
Alfa Laval AB		31,589		777,015
Assa Abloy AB, Class B		102,152		2,425,245
Atlas Copco AB, Class A		71,500		2,619,436
Atlas Copco AB, Class B		39,226		1,267,924
Boliden AB		26,749		689,800
Electrolux AB, Series B		22,694		583,097
Epiroc AB, Class A		66,191		772,608
Epiroc AB, Class B		39,202		440,596
Essity AB, Class B		61,986		1,947,953
Hennes & Mauritz AB, Class B (a)		79,875		1,541,435
Hexagon AB, Class B		26,114		1,476,080
Husqvarna AB, Class B		41,926		327,331
ICA Gruppen AB (a)		9,085		396,478
Industrivarden AB, Class C		16,787		389,260
Investor AB, Class B		46,609		2,463,260
Kinnevik AB, Class B		25,215		577,319
L E Lundbergforetagen AB, Class B		7,645		302,986
Lundin Petroleum AB		18,806		579,604
Sandvik AB		114,253		2,077,349
Securitas AB, Class B		30,393		503,898
Skandinaviska Enskilda Banken AB, Class A		166,354		1,426,266
Skanska AB, Class B		33,690		744,278
SKF AB, Class B		37,449		715,109


See Notes to Financial Statements.		59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Sweden (Continued)
Svenska Handelsbanken AB, Class A		148,925	$	1,461,551
Swedbank AB, Class A		92,410		1,203,106
Swedish Match AB		17,695		847,418
Tele2 AB, Class B		50,177		740,228
Telefonaktiebolaget LM Ericsson, Class B		314,595		2,834,529
Telia Co. AB		279,696		1,210,401
Volvo AB, Class B		151,053		2,334,835

				35,676,395

Switzerland — 15.0%
ABB Ltd.		188,477		4,121,992
Adecco Group AG		15,894		982,567
Alcon, Inc.*		42,452		2,343,775
Baloise Holding AG		4,900		851,620
Barry Callebaut AG		304		611,040
Chocoladefabriken Lindt & Spruengli AG		11		938,300
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		103		785,375
Cie Financiere Richemont SA		52,138		3,970,830
Clariant AG*		19,474		402,333
Coca-Cola HBC AG*		20,143		671,880
Credit Suisse Group AG*		259,169		3,396,410
Dufry AG*		4,322		421,741
EMS-Chemie Holding AG		815		505,708
Geberit AG		3,720		1,996,896
Givaudan SA		920		2,703,880
Glencore PLC*		1,084,338		3,420,525
Julius Baer Group Ltd.*		22,478		1,058,264
Kuehne + Nagel International AG		5,421		881,455
LafargeHolcim Ltd.*		49,262		2,539,949
Lonza Group AG*		7,607		2,583,337
Nestle SA		301,915		31,375,007
Novartis AG		218,077		20,076,169
Pargesa Holding SA		3,897		307,473
Partners Group Holding AG		1,902		1,603,766
Roche Holding AG		71,285		21,970,037
Schindler Holding AG		2,050		490,360
Schindler Holding AG Participation Certificates		4,093		1,020,385
SGS SA		547		1,423,294
Sika AG		12,922		2,249,074
Sonova Holding AG		5,458		1,246,061
STMicroelectronics NV		69,707		1,712,556
Straumann Holding AG		1,068		1,027,416
Swatch Group AG — Bearer		2,987		836,360
Swatch Group AG — Registered		5,612		299,120
Swiss Life Holding AG		3,511		1,740,754
Swiss Prime Site AG		7,634		806,150
Swiss Re AG		30,349		3,286,797
Swisscom AG		2,728		1,412,013
Temenos AG*		6,580		998,186
UBS Group AG*		383,492		4,647,923
Vifor Pharma AG		4,687		835,692
Zurich Insurance Group AG		15,161		5,947,660

				140,500,130


	Number of Shares		Value
United Arab Emirates (c) — 0.0%
NMC Health PLC		9,803	$	318,109

United Kingdom — 22.4%
3i Group PLC		97,642		1,352,516
Admiral Group PLC		19,315		534,595
Anglo American PLC		107,832		2,826,250
Ashtead Group PLC		47,846		1,454,219
Associated British Foods PLC		35,231		1,170,592
AstraZeneca PLC		133,854		12,911,302
Auto Trader Group PLC, 144A		95,457		693,842
AVEVA Group PLC		6,410		377,875
Aviva PLC		380,291		1,986,089
BAE Systems PLC		325,578		2,414,510
Barclays PLC		1,716,290		3,807,785
Barratt Developments PLC		101,883		878,645
Berkeley Group Holdings PLC		12,480		740,227
BP PLC		2,074,080		12,881,426
British American Tobacco PLC		234,921		9,297,358
British Land Co. PLC REIT		94,793		705,689
BT Group PLC		863,249		2,138,736
Bunzl PLC		34,334		942,737
Burberry Group PLC		40,135		1,092,158
Centrica PLC		572,204		593,677
CNH Industrial NV		101,989		1,093,051
Coca-Cola European Partners PLC		23,424		1,181,975
Compass Group PLC		158,385		3,880,833
Croda International PLC		12,907		831,325
Diageo PLC		237,931		9,739,598
Direct Line Insurance Group PLC		138,259		546,108
easyJet PLC		16,589		287,073
Ferguson PLC		23,719		2,062,107
Fiat Chrysler Automobiles NV		109,131		1,613,483
G4S PLC		160,266		433,423
GlaxoSmithKline PLC		500,568		11,355,571
Halma PLC		38,124		1,038,420
Hargreaves Lansdown PLC		29,627		710,801
HSBC Holdings PLC		2,063,467		15,380,216
Imperial Brands PLC		97,684		2,151,817
Informa PLC		128,062		1,310,789
InterContinental Hotels Group PLC		17,831		1,154,701
Intertek Group PLC		16,487		1,176,203
ITV PLC		363,924		682,959
J Sainsbury PLC		177,024		490,649
JD Sports Fashion PLC		44,745		440,167
Johnson Matthey PLC		19,439		722,565
Kingfisher PLC		211,942		575,368
Land Securities Group PLC REIT		79,695		987,857
Legal & General Group PLC		604,090		2,194,672
Lloyds Banking Group PLC		7,107,746		5,621,402
London Stock Exchange Group PLC		31,735		2,820,577
M&G PLC*		260,717		795,788
Marks & Spencer Group PLC		186,145		467,899
Meggitt PLC		78,059		649,158
Melrose Industries PLC		495,319		1,470,866
Micro Focus International PLC		34,331		502,986
Mondi PLC		49,929		1,081,966
National Grid PLC (a)		347,794		4,002,045
Next PLC		13,815		1,207,495


See Notes to Financial Statements.		60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
United Kingdom (Continued)
Ocado Group PLC*		45,648	$	782,265
Pearson PLC		78,467		656,204
Persimmon PLC		32,783		1,084,590
Prudential PLC		260,717		4,641,538
Reckitt Benckiser Group PLC		70,963		5,567,378
RELX PLC		194,688		4,716,211
Rentokil Initial PLC		185,757		1,068,868
Rio Tinto PLC		115,554		6,279,219
Rolls-Royce Holdings PLC*		172,390		1,586,589
Rolls-Royce Holdings PLC — Entitlement*		7,224,484		9,344
Royal Bank of Scotland Group PLC		493,591		1,444,030
RSA Insurance Group PLC		101,466		723,608
Sage Group PLC		109,071		1,063,363
Schroders PLC		13,283		566,754
Segro PLC REIT		109,938		1,271,164
Severn Trent PLC		23,813		690,812
Smith & Nephew PLC		89,282		1,998,837
Smiths Group PLC		39,812		855,263
Spirax-Sarco Engineering PLC		7,399		854,078
SSE PLC		105,726		1,777,630
St James’s Place PLC		53,200		748,956
Standard Chartered PLC		277,449		2,502,542
Standard Life Aberdeen PLC		254,622		1,043,601
Taylor Wimpey PLC		329,304		742,140
Tesco PLC		1,002,072		2,973,094
Unilever NV		146,481		8,682,149
Unilever PLC		115,474		6,837,169
United Utilities Group PLC		66,325		732,059
Vodafone Group PLC		2,683,704		5,323,080
Weir Group PLC		26,063		470,404
Whitbread PLC		13,142		782,042
Wm Morrison Supermarkets PLC		237,884		610,105
WPP PLC		127,692		1,652,331

				210,199,558


	Number of Shares		Value
United States (c) — 0.1%
Carnival PLC		16,600	$	698,407

TOTAL COMMON STOCKS (Cost $917,405,251)				907,361,987

PREFERRED STOCKS — 0.9%
Germany — 0.9%
Bayerische Motoren Werke AG		5,576		344,013
FUCHS PETROLUB SE		7,661		330,853
Henkel AG & Co. KGaA		18,279		1,930,830
Porsche Automobil Holding SE		15,376		1,138,012
Sartorius AG		3,560		750,289
Volkswagen AG		18,911		3,655,997

				8,149,994

TOTAL PREFERRED STOCKS (Cost $8,824,403)				8,149,994

SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) (Cost $12,681,557)		12,681,557		12,681,557

CASH EQUIVALENTS — 1.5%
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (d)		634,907		635,034
DWS Government Money Market Series “Institutional Shares”, 1.58% (d)		13,488,409		13,488,409

TOTAL CASH EQUIVALENTS (Cost $14,123,317)				14,123,443


TOTAL INVESTMENTS — 100.5% (Cost $953,034,528)			$	942,316,981
Other assets and liabilities, net — (0.5%)				(4,720,217	)

NET ASSETS — 100.0%			$	937,596,764

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (b)
		1,318,613		232,378		(172,569	)		(145,202	)		211,404		—		—		200,377		1,444,624

SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e)
		26,160,853		—		(13,479,296	)(f)		—			—		137,919		—		12,681,557		12,681,557

CASH EQUIVALENTS — 1.5%
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (d)
		9,320,708		14,199		(8,701,740	)		1,740			127		16,832		—		634,907		635,034


DWS Government Money Market Series “Institutional Shares”, 1.58% (d)
		15,462,354		191,586,032		(193,559,977	)		—			—		128,163		—		13,488,409		13,488,409

		52,262,528		191,832,609		(215,913,582	)		(143,462	)		211,531		282,914		—		27,005,250		28,249,624


See Notes to Financial Statements.		61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)

*	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, 2019 amounted to $12,075,442, which is 1.3% of net assets.

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

(c)	Securities are listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index.

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

(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $87.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

SDR:

Swedish 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, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures	EUR	16	$	2,104,080	$	2,105,500	12/20/2019	$	668
CAC40 10 EURO Futures	EUR	66		4,286,934		4,289,296	12/20/2019		876
DAX Index Futures	EUR	9		3,229,701		3,283,578	12/20/2019		60,483
FTSE/MIB Index Futures	EUR	6		743,039		769,196	12/20/2019		27,339
FTSE 100 Index Futures	GBP	56		5,221,210		5,334,296	12/20/2019		46,981
IBEX 35 Index Futures	EUR	10		1,027,839		1,027,347	12/20/2019		(788	)
OMXS30 Index Futures	SEK	48		870,779		867,098	12/20/2019		(11,605	)
SWISS MKT IX Futures	CHF	34		3,483,199		3,568,640	12/20/2019		99,900

Total net unrealized appreciation								$	223,854

As of November 30, 2019, 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.	12/4/2019	CHF	42,655,522	USD	43,320,272	$	647,951	$	—
Morgan Stanley Capital	12/4/2019	CHF	2,820,000	USD	2,864,107		42,997		—
Morgan Stanley Capital	12/4/2019	CHF	491,000	USD	498,065		6,872		—
RBC Capital Markets	12/4/2019	CHF	87,227,217	USD	88,590,627		1,329,057		—
Citigroup Global Markets	12/4/2019	DKK	37,303,600	USD	5,583,201		80,858		—
JP Morgan & Chase Co.	12/4/2019	DKK	77,351,042	USD	11,576,250		166,841		—
Morgan Stanley Capital	12/4/2019	DKK	2,167,000	USD	324,329		4,693		—
RBC Capital Markets	12/4/2019	DKK	58,412,400	USD	8,742,722		126,795		—
Citigroup Global Markets	12/4/2019	EUR	1,400,000	USD	1,552,625		9,728		—
Citigroup Global Markets	12/4/2019	EUR	3,300,000	USD	3,688,674		51,845		—
JP Morgan & Chase Co.	12/4/2019	EUR	106,933,223	USD	119,524,824		1,676,987		—
Morgan Stanley Capital	12/4/2019	EUR	5,206,000	USD	5,819,317		81,943		—
Morgan Stanley Capital	12/4/2019	EUR	97,828,076	USD	109,349,289		1,535,956		—
RBC Capital Markets	12/4/2019	EUR	197,402,797	USD	220,654,280		3,102,690		—
Citigroup Global Markets	12/4/2019	GBP	7,354,054	USD	9,524,978		11,791		—
Citigroup Global Markets	12/4/2019	GBP	1,477,000	USD	1,902,231		—		(8,412	)
JP Morgan & Chase Co.	12/4/2019	GBP	73,034,850	USD	94,592,547		114,839		—
Morgan Stanley Capital	12/4/2019	GBP	5,075,000	USD	6,572,886		7,878		—
RBC Capital Markets	12/4/2019	GBP	101,305,820	USD	131,208,765		159,799		—
JP Morgan & Chase Co.	12/4/2019	NOK	40,632,691	USD	4,426,171		15,780		—
Morgan Stanley Capital	12/4/2019	NOK	10,811,900	USD	1,177,487		3,932		—
RBC Capital Markets	12/4/2019	NOK	31,146,100	USD	3,392,832		12,144		—
Citigroup Global Markets	12/4/2019	SEK	37,048,250	USD	3,851,450		—		(17,695	)
JP Morgan & Chase Co.	12/4/2019	SEK	129,969,836	USD	13,511,937		—		(61,501	)
Morgan Stanley Capital	12/4/2019	SEK	18,814,000	USD	1,955,904		—		(8,941	)


See Notes to Financial Statements.		62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley Capital	12/4/2019	SEK	18,312,000	USD	1,903,804	$	—	$	(8,615	)
RBC Capital Markets	12/4/2019	SEK	165,736,000	USD	17,229,931		—		(78,756	)
Citigroup Global Markets	12/4/2019	USD	3,313,386	CHF	3,311,000		—		(1,082	)
JP Morgan & Chase Co.	12/4/2019	USD	42,686,213	CHF	42,655,522		—		(13,893	)
RBC Capital Markets	12/4/2019	USD	87,289,891	CHF	87,227,217		—		(28,322	)
Citigroup Global Markets	12/4/2019	USD	5,505,362	DKK	37,303,600		—		(3,018	)
Citigroup Global Markets	12/4/2019	USD	319,811	DKK	2,167,000		—		(175	)
JP Morgan & Chase Co.	12/4/2019	USD	11,415,510	DKK	77,351,042		—		(6,102	)
RBC Capital Markets	12/4/2019	USD	8,620,579	DKK	58,412,400		—		(4,653	)
Citigroup Global Markets	12/4/2019	USD	5,182,558	EUR	4,700,000		—		(2,832	)
JP Morgan & Chase Co.	12/4/2019	USD	117,911,843	EUR	106,933,223		—		(64,006	)
RBC Capital Markets	12/4/2019	USD	217,669,353	EUR	197,402,797		—		(117,763	)
RBC Capital Markets	12/4/2019	USD	113,612,172	EUR	103,034,076		—		(61,466	)
Citigroup Global Markets	12/4/2019	USD	11,423,286	GBP	8,831,054		544		—
Citigroup Global Markets	12/4/2019	USD	6,564,766	GBP	5,075,000		242		—
JP Morgan & Chase Co.	12/4/2019	USD	94,473,135	GBP	73,034,850		4,572		—
RBC Capital Markets	12/4/2019	USD	124,837,440	GBP	96,508,820		6,139		—
RBC Capital Markets	12/4/2019	USD	6,213,204	GBP	4,797,000		—		(7,816	)
Citigroup Global Markets	12/4/2019	USD	1,173,994	NOK	10,811,900		—		(439	)
JP Morgan & Chase Co.	12/4/2019	USD	4,412,011	NOK	40,632,691		—		(1,620	)
RBC Capital Markets	12/4/2019	USD	3,381,933	NOK	31,146,100		—		(1,245	)
Citigroup Global Markets	12/4/2019	USD	3,870,721	SEK	37,048,250		—		(1,576	)
JP Morgan & Chase Co.	12/4/2019	USD	13,578,631	SEK	129,969,836		—		(5,193	)
RBC Capital Markets	12/4/2019	USD	3,878,750	SEK	37,126,000		—		(1,485	)
RBC Capital Markets	12/4/2019	USD	17,315,319	SEK	165,736,000		—		(6,631	)
Citigroup Global Markets	1/6/2020	CHF	3,169,000	USD	3,180,944		963		—
Citigroup Global Markets	1/6/2020	CHF	3,311,000	USD	3,323,530		1,056		—
JP Morgan & Chase Co.	1/6/2020	CHF	42,655,522	USD	42,815,438		12,101		—
RBC Capital Markets	1/6/2020	CHF	87,227,217	USD	87,557,748		28,261		—
Citigroup Global Markets	1/6/2020	DKK	37,303,600	USD	5,521,282		2,817		—
Citigroup Global Markets	1/6/2020	DKK	10,652,000	USD	1,576,572		780		—
Citigroup Global Markets	1/6/2020	DKK	2,167,000	USD	320,736		164		—
JP Morgan & Chase Co.	1/6/2020	DKK	77,351,042	USD	11,448,784		5,947		—
RBC Capital Markets	1/6/2020	DKK	58,412,400	USD	8,645,620		4,449		—
Citigroup Global Markets	1/6/2020	EUR	4,700,000	USD	5,196,085		2,736		—
Citigroup Global Markets	1/6/2020	EUR	11,166,000	USD	12,344,381		6,311		—
JP Morgan & Chase Co.	1/6/2020	EUR	106,933,223	USD	118,218,848		61,077		—
RBC Capital Markets	1/6/2020	EUR	197,402,797	USD	218,236,096		112,355		—
RBC Capital Markets	1/6/2020	EUR	103,034,076	USD	113,907,983		58,644		—
Citigroup Global Markets	1/6/2020	GBP	8,831,054	USD	11,440,357		17		—
Citigroup Global Markets	1/6/2020	GBP	5,075,000	USD	6,574,434		—		(61	)
Citigroup Global Markets	1/6/2020	GBP	1,874,000	USD	2,427,647		—		(58	)
JP Morgan & Chase Co.	1/6/2020	GBP	73,034,850	USD	94,612,120		—		(2,119	)
RBC Capital Markets	1/6/2020	GBP	96,508,820	USD	125,020,903		—		(3,090	)
Citigroup Global Markets	1/6/2020	NOK	10,811,900	USD	1,174,516		474		—
JP Morgan & Chase Co.	1/6/2020	NOK	40,632,691	USD	4,413,954		1,732		—
RBC Capital Markets	1/6/2020	NOK	31,146,100	USD	3,383,441		1,350		—
Citigroup Global Markets	1/7/2020	SEK	37,048,250	USD	3,879,743		1,582		—
JP Morgan & Chase Co.	1/7/2020	SEK	129,969,836	USD	13,610,487		5,419		—
RBC Capital Markets	1/7/2020	SEK	37,126,000	USD	3,887,926		1,626		—
RBC Capital Markets	1/7/2020	SEK	165,736,000	USD	17,356,282		7,260		—

Total unrealized appreciation (depreciation)						$	9,519,994	$	(518,565	)


See Notes to Financial Statements.		63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2019 (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 (g)	$	907,361,987		$	—		$	—	$	907,361,987
Preferred Stocks		8,149,994			—			—		8,149,994
Short-Term Investments (g)		26,805,000			—			—		26,805,000
Derivatives (h)
Forward Foreign Currency Contracts		—			9,519,994			—		9,519,994
Futures Contracts		236,247			—			—		236,247

TOTAL	$	942,553,228		$	9,519,994		$	—	$	952,073,222


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (h)
Forward Foreign Currency Contracts	$	—		$	(518,565	)	$	—	$	(518,565	)
Futures Contracts		(12,393	)		—			—		(12,393	)

TOTAL	$	(12,393	)	$	(518,565	)	$	—	$	(530,958	)

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

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


See Notes to Financial Statements.		64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 95.9%
Austria — 1.0%
Agrana Beteiligungs AG		84	$	1,695
ANDRITZ AG		297		11,583
AT&S Austria Technologie & Systemtechnik AG		111		2,250
BAWAG Group AG, 144A*		290		11,649
CA Immobilien Anlagen AG		293		12,024
DO & CO AG		27		2,427
Erste Group Bank AG*		1,385		49,590
EVN AG		174		3,159
FACC AG		99		1,339
IMMOFINANZ AG*		416		11,252
Kapsch TrafficCom AG		21		662
Lenzing AG		68		6,615
Oesterreichische Post AG		177		6,425
OMV AG		673		38,362
Palfinger AG		70		2,167
Porr AG (a)		39		720
Raiffeisen Bank International AG		697		16,364
S IMMO AG		218		5,476
S&T AG (a)		203		4,665
Schoeller-Bleckmann Oilfield Equipment AG		66		3,687
Semperit AG Holding*		47		570
Telekom Austria AG*		732		5,879
UNIQA Insurance Group AG		630		6,271
Verbund AG		306		15,905
Vienna Insurance Group AG Wiener Versicherung Gruppe		174		4,812
voestalpine AG		534		14,149
Wienerberger AG		556		15,253
Zumtobel Group AG*		126		1,002

				255,952

Belgium — 3.6%
Ackermans & van Haaren NV		108		16,241
Aedifica SA REIT		112		13,696
Ageas		835		50,117
AGFA-Gevaert NV*		808		4,139
Akka Technologies (a)		54		3,320
Anheuser-Busch InBev SA/NV		3,551		281,165
Barco NV		42		9,694
Befimmo SA REIT		111		7,154
Bekaert SA		159		4,180
Biocartis NV, 144A*(a)		227		1,525
bpost SA		442		5,227
Cie d’Entreprises CFE		39		3,644
Cofinimmo SA REIT		99		14,637
Colruyt SA		261		13,515
D’ieteren SA/NV		114		7,347
Econocom Group SA/NV (a)		563		1,460
Elia System Operator SA/NV		125		10,328
Euronav NV		756		8,237
Exmar NV*		152		903
Fagron		438		8,942
Galapagos NV*(a)		213		41,969
Gimv NV		111		6,775


	Number of Shares		Value
Belgium (Continued)
Groupe Bruxelles Lambert SA		381	$	38,659
Intervest Offices & Warehouses NV REIT		131		3,933
Ion Beam Applications*		96		1,461
KBC Ancora		171		8,391
KBC Group NV		1,134		82,631
Kinepolis Group NV		69		4,637
Melexis NV		87		6,345
Mithra Pharmaceuticals SA*		60		1,835
Montea C.V.A REIT		49		4,270
Ontex Group NV		354		6,735
Orange Belgium SA		145		3,219
Proximus SADP		705		21,266
Recticel SA		129		1,133
Retail Estates NV REIT		81		7,951
Sioen Industries NV		35		823
Sofina SA		69		14,960
Solvay SA		336		38,498
Telenet Group Holding NV*		221		9,973
Tessenderlo Group SA*		101		3,522
UCB SA		577		46,761
Umicore SA		939		40,325
Van de Velde NV		24		677
Warehouses De Pauw CVA REIT		82		14,508
X-Fab Silicon Foundries SE, 144A*		228		998

				877,726

Finland — 3.0%
Aktia Bank OYJ		200		1,932
Cargotec OYJ, Class B		217		7,158
Caverion OYJ		578		4,534
Citycon OYJ (a)		339		3,552
Cramo OYJ		174		2,561
Elisa OYJ		653		34,899
Finnair OYJ		223		1,457
Fortum OYJ		2,039		48,050
F-Secure OYJ*		383		1,373
Huhtamaki OYJ		441		19,361
Kemira OYJ		450		7,030
Kesko OYJ, Class B		306		20,645
Kone OYJ, Class B		1,572		98,405
Konecranes OYJ		298		9,488
Metsa Board OYJ		623		4,091
Metso OYJ		480		18,403
Neste OYJ		1,901		64,254
Nokia OYJ		26,747		94,634
Nokian Renkaat OYJ		566		15,315
Oriola OYJ, Class B		502		1,159
Orion OYJ, Class B		471		20,497
Outokumpu OYJ (a)		1,296		3,714
Outotec OYJ*		807		4,765
Rovio Entertainment OYJ, 144A		227		1,043
Sampo OYJ, Class A		2,098		84,827
Sanoma OYJ		307		3,162
Stora Enso OYJ, Class R		2,701		36,303
Tieto OYJ		233		6,695
Tokmanni Group Corp.		263		3,512
UPM-Kymmene OYJ		2,469		82,473


See Notes to Financial Statements.		65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Finland (Continued)
Uponor OYJ		233	$	2,990
Valmet OYJ		597		13,365
Wartsila OYJ Abp		2,028		20,412
YIT OYJ (a)		890		5,932

				747,991

France — 31.6%
ABC arbitrage		101		742
Accor SA		860		36,790
Aeroports de Paris		137		26,791
Air France-KLM*		940		11,060
Air Liquide SA		2,196		297,699
Airbus SE		2,721		399,897
AKWEL		36		813
Albioma SA		98		2,467
ALD SA, 144A		518		7,818
Alstom SA		884		38,547
Alten SA		136		15,702
Altran Technologies SA		1,056		16,485
Amundi SA, 144A		291		22,025
Arkema SA		323		33,471
Atos SE		451		38,298
Aubay		23		843
AXA SA		8,999		244,831
Beneteau SA		126		1,492
BioMerieux		196		17,717
BNP Paribas SA		5,234		293,908
Boiron SA		27		1,011
Bollore SA		3,903		16,684
Bonduelle SCA		54		1,416
Bouygues SA		1,025		41,872
Bureau Veritas SA		1,312		34,343
Capgemini SE		733		86,690
Carmila SA REIT		244		4,909
Carrefour SA		2,815		46,457
Casino Guichard Perrachon SA (a)		262		11,528
Cellectis SA*		114		1,576
CGG SA*		2,366		6,204
Chargeurs SA		79		1,368
Cie de Saint-Gobain		2,235		90,490
Cie des Alpes		24		776
Cie Generale des Etablissements Michelin SCA		788		94,540
Cie Plastic Omnium SA		301		8,178
CNP Assurances		807		15,932
Coface SA		413		4,564
Constellium SE*		532		7,522
Covivio REIT		212		23,449
Credit Agricole SA		5,510		75,364
Danone SA		2,870		236,256
Dassault Aviation SA		11		14,967
Dassault Systemes SE		623		98,149
DBV Technologies SA*		129		1,973
Derichebourg SA		323		1,112
Devoteam SA		21		2,047
Edenred		1,103		54,744
Eiffage SA		358		39,086


	Number of Shares		Value
France (Continued)
Electricite de France SA		2,768	$	28,434
Elior Group SA, 144A		474		6,068
Elis SA		858		17,119
Engie SA		8,598		136,024
Eramet		39		1,744
EssilorLuxottica SA		1,323		205,515
Etablissements Maurel et Prom SA		219		620
Eurazeo SE		189		12,878
Europcar Mobility Group, 144A		383		1,750
Eutelsat Communications SA (a)		803		13,173
Faurecia SE		366		19,411
FFP		21		2,457
FIGEAC-AERO*		39		481
Fnac Darty SA*		70		3,933
Gaztransport Et Technigaz SA		99		8,747
Gecina SA REIT		218		37,659
Genfit*(a)		126		1,971
Getlink SE		1,941		32,739
GL Events		54		1,413
Groupe Crit		5		375
Groupe Guillin		23		385
Guerbet		23		1,333
Hermes International		144		107,879
ICADE REIT		128		12,811
ID Logistics Group*		15		3,206
Iliad SA (a)		129		16,422
Imerys SA		171		6,782
Ingenico Group SA		276		29,452
Innate Pharma SA*(a)		171		1,060
Interparfums SA		74		3,041
Ipsen SA		171		19,310
IPSOS		189		6,038
Jacquet Metal Service SA		65		1,057
JCDecaux SA		338		9,682
Kaufman & Broad SA		59		2,383
Kering SA		356		214,419
Klepierre SA REIT		921		33,048
Korian SA		219		9,632
Lagardere SCA		256		5,593
Latecoere SACA*		345		1,463
Legrand SA		1,223		96,580
LISI		75		2,652
LNA Sante SA		20		1,079
L’Oreal SA		1,175		334,887
LVMH Moet Hennessy Louis Vuitton SE		1,295		581,096
Maisons du Monde SA, 144A		184		2,666
Manitou BF SA		36		767
Mercialys SA REIT		219		2,895
Mersen SA		84		2,786
Metropole Television SA		111		1,927
Natixis SA		4,402		18,395
Nexans SA		119		4,709
Nexity SA		188		9,474
Oeneo SA		145		1,792
Orange SA (a)		9,112		150,580
Orpea		215		26,600
Pernod Ricard SA (a)		992		182,184


See Notes to Financial Statements.		66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
France (Continued)
Peugeot SA		2,662	$	64,285
Publicis Groupe SA		972		42,770
Quadient		156		3,295
Remy Cointreau SA		106		13,652
Renault SA		852		40,789
Rexel SA		1,137		13,873
Rubis SCA		413		23,524
Safran SA		1,524		249,246
Sanofi		5,237		487,589
Sartorius Stedim Biotech		128		20,321
Schneider Electric SE		2,564		247,449
SCOR SE		744		31,959
SEB SA		100		15,534
SMCP SA, 144A*		168		2,125
Societe BIC SA		114		7,850
Societe Generale SA		3,753		118,087
Sodexo SA		405		47,207
SOITEC*		97		10,259
Solocal Group*(a)		2,417		1,535
Sopra Steria Group		75		11,345
SPIE SA		528		10,703
Suez		1,614		23,889
Synergie SA		25		734
Tarkett SA		133		1,950
Technicolor SA*		1,526		1,243
Teleperformance		270		63,954
Television Francaise 1		189		1,527
Thales SA		486		47,610
TOTAL SA		11,154		585,418
Trigano SA		34		3,596
Ubisoft Entertainment SA*		383		23,250
Unibail-Rodamco-Westfield REIT		642		100,365
Valeo SA		1,112		43,809
Vallourec SA*(a)		1,322		3,398
Veolia Environnement SA		2,482		63,548
Vicat SA		118		5,005
Vilmorin & Cie SA		34		1,873
Vinci SA		2,384		259,966
Virbac SA*		23		5,613
Vivendi SA		3,887		106,715
Wendel SA		126		16,977
Worldline SA, 144A*		470		30,421

				7,823,437

Germany — 24.5%
Aareal Bank AG		241		7,434
adidas AG		843		262,599
ADLER Real Estate AG*		248		3,229
ADO Properties SA, 144A		129		5,025
ADVA Optical Networking SE*		204		1,829
AIXTRON SE*		644		6,095
Allianz SE		1,972		472,205
alstria office REIT-AG REIT		721		13,170
Amadeus Fire AG		21		2,823
AURELIUS Equity Opportunities SE & Co KGaA		96		3,943
Aurubis AG		170		8,046


	Number of Shares		Value
Germany (Continued)
Axel Springer SE		229	$	15,768
BASF SE		4,276		321,376
Basler AG		23		1,252
Bayer AG		4,331		327,800
Bayerische Motoren Werke AG		1,527		123,312
BayWa AG		60		1,861
Bechtle AG		143		18,811
Beiersdorf AG		457		53,293
Bertrandt AG		21		1,226
bet-at-home.com AG		5		264
Bilfinger SE		112		4,037
Borussia Dortmund GmbH & Co. KGaA		301		2,784
Brenntag AG		713		38,027
CANCOM SE		144		8,527
Carl Zeiss Meditec AG		186		22,746
CECONOMY AG*		810		3,898
Cewe Stiftung & Co. KGAA		21		2,240
Commerzbank AG		4,609		26,714
CompuGroup Medical SE		118		8,066
Consus Real Estate AG*		253		1,723
Continental AG		505		65,984
Covestro AG, 144A		801		37,505
CropEnergies AG		232		2,173
CTS Eventim AG & Co. KGaA		275		16,784
Daimler AG		4,236		238,940
Delivery Hero SE, 144A*		531		28,080
Dermapharm Holding SE		71		2,948
Deutsche Bank AG (b)		9,059		65,311
Deutsche Beteiligungs AG		52		2,323
Deutsche Boerse AG		866		132,855
Deutsche EuroShop AG		191		5,522
Deutsche Lufthansa AG		1,010		19,161
Deutsche Pfandbriefbank AG, 144A		597		8,991
Deutsche Post AG		4,639		172,949
Deutsche Telekom AG		15,516		260,444
Deutsche Wohnen SE		1,747		68,230
Deutz AG		548		3,284
DIC Asset AG		201		3,357
Draegerwerk AG & Co. KGaA		11		484
Duerr AG		263		8,095
E.ON SE		10,377		108,584
Eckert & Ziegler Strahlen- und Medizintechnik AG		19		4,061
Elmos Semiconductor AG		43		1,357
ElringKlinger AG*(a)		127		1,097
Encavis AG (a)		368		3,519
Evonik Industries AG		849		24,637
Evotec SE*(a)		639		14,157
Flatex AG*(a)		61		1,593
Fraport AG Frankfurt Airport Services Worldwide		190		16,185
Freenet AG		604		14,060
Fresenius Medical Care AG & Co. KGaA		999		73,256
Fresenius SE & Co. KGaA		1,897		103,744
GEA Group AG		698		22,431
Gerresheimer AG		157		11,546
GRENKE AG (a)		133		12,411


See Notes to Financial Statements.		67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Germany (Continued)
Hamborner REIT AG REIT		354	$	3,724
Hamburger Hafen und Logistik AG		111		2,998
Hannover Rueck SE		277		51,421
HeidelbergCement AG		683		50,490
Heidelberger Druckmaschinen AG*(a)		1,163		1,600
HelloFresh SE*		639		12,714
Henkel AG & Co. KGaA		515		49,816
HOCHTIEF AG		110		13,512
Hornbach Holding AG & Co. KGAA		39		2,286
HUGO BOSS AG		290		13,658
Hypoport AG*		13		4,182
Indus Holding AG		66		2,803
Infineon Technologies AG		5,878		125,553
Isra Vision AG		67		2,861
Jenoptik AG		259		7,539
JOST Werke AG, 144A		94		3,324
K+S AG		905		10,225
KION Group AG		306		20,301
Kloeckner & Co. SE		324		2,058
Knorr-Bremse AG		217		21,105
Koenig & Bauer AG (a)		53		1,873
Krones AG		66		4,581
KWS Saat SE & Co. KGaA		65		4,340
LANXESS AG		407		27,128
LEG Immobilien AG		285		32,168
Leoni AG*(a)		129		1,663
MBB SE		6		484
Merck KGaA		599		69,951
METRO AG		797		12,842
MLP SE		278		1,446
MorphoSys AG*		180		22,250
MTU Aero Engines AG		247		66,914
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		672		192,933
Nemetschek SE		279		16,491
New Work SE		14		4,743
Nordex SE*(a)		292		3,983
Norma Group SE		135		5,586
OHB SE		24		1,108
OSRAM Licht AG (a)		459		19,792
PATRIZIA AG		204		4,126
Pfeiffer Vacuum Technology AG		22		3,793
ProSiebenSat.1 Media SE		1,033		15,489
Puma SE		384		28,852
Rational AG		17		13,017
Rheinmetall AG		197		20,974
RHOEN-KLINIKUM AG		114		2,336
RIB Software SE		130		3,426
Rocket Internet SE, 144A*		322		8,095
RWE AG		2,688		79,690
SAF-Holland SA		203		1,624
Salzgitter AG		152		3,006
SAP SE		4,572		621,966
Scout24 AG, 144A		511		31,639
SGL Carbon SE*		217		1,044
Siemens AG		3,565		459,996
Siemens Healthineers AG, 144A		675		32,735


	Number of Shares		Value
Germany (Continued)
Siltronic AG		102	$	8,446
Sixt Leasing SE		54		684
Sixt SE		64		6,057
SMA Solar Technology AG*(a)		54		1,849
Software AG		203		6,846
STRATEC SE		21		1,578
Stroeer SE & Co. KGaA		137		10,709
Suedzucker AG		313		4,697
Symrise AG		588		57,032
TAG Immobilien AG*		621		14,942
Takkt AG		144		1,856
Telefonica Deutschland Holding AG		4,237		12,935
thyssenkrupp AG (a)		1,899		23,808
TLG Immobilien AG		322		10,004
Uniper SE		924		29,827
United Internet AG		577		19,547
Varta AG*		65		8,307
VERBIO Vereinigte BioEnergie AG		114		1,316
Volkswagen AG		149		28,423
Vonovia SE		2,379		123,945
Vossloh AG		47		1,804
Wacker Chemie AG		75		5,172
Wacker Neuson SE (a)		129		2,297
Washtec AG		64		3,730
Wirecard AG (a)		543		71,667
Wuestenrot & Wuerttembergische AG		84		1,790
Zalando SE, 144A*		715		30,800
zooplus AG*		35		3,466

				6,043,969

Ireland — 1.9%
AerCap Holdings NV*		583		36,035
AIB Group PLC		3,762		12,309
Bank of Ireland Group PLC		4,440		22,306
Cairn Homes PLC		4,027		5,386
CRH PLC		3,662		140,116
Dalata Hotel Group PLC		738		4,407
Flutter Entertainment PLC*		374		42,852
Glanbia PLC		936		10,889
Glenveagh Properties PLC, 144A*		4,492		3,959
Hibernia REIT PLC REIT		2,966		4,764
Irish Residential Properties REIT PLC REIT		2,460		4,770
Kerry Group PLC, Class A		753		96,563
Kingspan Group PLC		724		39,020
Origin Enterprises PLC		559		2,309
Smurfit Kappa Group PLC		1,036		36,752

				462,437

Italy — 7.2%
A2A SpA		7,478		14,067
ACEA SpA		237		4,930
Amplifon SpA		586		17,147
Anima Holding SpA, 144A		1,230		6,304
Arnoldo Mondadori Editore SpA*		419		1,004
Ascopiave SpA		222		987
Assicurazioni Generali SpA		5,185		105,849
ASTM SpA		171		5,230


See Notes to Financial Statements.		68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Italy (Continued)
Atlantia SpA		2,260	$	50,096
Autogrill SpA		554		5,920
Azimut Holding SpA		523		13,195
Banca Carige SpA*(c)		231,170		382
Banca Farmafactoring SpA, 144A		832		5,005
Banca Generali SpA		253		8,351
Banca IFIS SpA		79		1,182
Banca Mediolanum SpA		839		8,518
Banca Monte dei Paschi di Siena SpA*(a)		1,327		2,156
Banca Popolare di Sondrio SCPA		1,971		4,660
Banco BPM SpA*		6,873		15,303
Biesse SpA		49		796
BPER Banca		1,780		8,619
Brunello Cucinelli SpA		141		5,222
Buzzi Unicem SpA		270		6,687
Buzzi Unicem SpA-RSP		189		2,890
Cairo Communication SpA		354		1,084
Carel Industries SpA, 144A		128		2,002
Cementir Holding NV		114		878
Cerved Group SpA		879		8,735
CIR-Compagnie Industriali Riunite SpA		1,687		1,948
Credito Emiliano SpA		405		2,387
Credito Valtellinese SpA*		26,604		2,058
Danieli & C Officine Meccaniche SpA		54		1,024
Danieli & C Officine Meccaniche SpA-RSP		144		1,717
Datalogic SpA		81		1,625
Davide Campari-Milano SpA		2,639		24,088
De’ Longhi SpA		308		6,566
DeA Capital SpA*		399		607
DiaSorin SpA		120		16,036
doValue SpA, 144A		152		1,772
El.En. SpA		39		1,431
Enav SpA, 144A		1,319		7,818
Enel SpA		37,739		285,052
Eni SpA		11,891		179,658
ERG SpA		324		7,093
Falck Renewables SpA		578		3,077
Ferrari NV		562		94,978
Fila SpA		99		1,684
Fincantieri SpA (a)		2,190		2,184
FinecoBank Banca Fineco SpA		2,843		35,268
Freni Brembo SpA		782		9,684
Geox SpA		352		465
Gruppo MutuiOnline SpA		99		2,103
Hera SpA		3,814		16,824
Illimity Bank SpA*		284		3,241
IMA Industria Macchine Automatiche SpA		102		7,917
Immobiliare Grande Distribuzione SIIQ SpA REIT		278		1,972
Infrastrutture Wireless Italiane SpA, 144A		1,189		12,038
Interpump Group SpA		354		11,060
Intesa Sanpaolo SpA		69,766		176,819
Iren SpA		2,950		9,146
Italgas SpA		2,323		14,598
Italmobiliare SpA		66		1,858
Juventus Football Club SpA*		1,677		2,550
La Doria SpA		20		203


	Number of Shares		Value
Italy (Continued)
Leonardo SpA		1,819	$	21,272
Maire Tecnimont SpA		530		1,467
MARR SpA		159		3,661
Mediaset SpA*(a)		1,978		5,980
Mediobanca Banca di Credito Finanziario SpA (a)		2,861		31,992
Moncler SpA		818		35,840
OVS SpA, 144A*		800		1,837
Piaggio & C SpA		759		2,450
Pirelli & C SpA, 144A		1,715		9,730
Poste Italiane SpA, 144A		2,438		28,444
Prysmian SpA		1,036		23,615
RAI Way SpA, 144A		466		3,152
Recordati SpA		473		19,838
Reply SpA		84		6,580
Saipem SpA*		2,713		12,404
Salini Impregilo SpA*		809		1,578
Salvatore Ferragamo SpA		351		6,997
Saras SpA		2,585		4,551
Sesa SpA		38		1,781
Snam SpA		9,617		47,805
Societa Cattolica di Assicurazioni SC		622		5,002
Societa Iniziative Autostradali e Servizi SpA		277		4,663
Tamburi Investment Partners SpA		370		2,788
Technogym SpA, 144A		399		4,914
Telecom Italia SpA*		41,652		26,074
Telecom Italia SpA-RSP		26,255		16,169
Terna Rete Elettrica Nazionale SpA		7,044		45,243
Tinexta SpA		125		1,738
Tod’s SpA		41		1,804
UniCredit SpA		9,274		128,348
Unione di Banche Italiane SpA		4,418		14,276
Unipol Gruppo SpA		1,999		11,716
Zignago Vetro SpA		63		905

				1,790,362

Luxembourg — 0.8%
APERAM SA		247		7,402
ArcelorMittal SA		2,967		50,757
Aroundtown SA		4,240		36,819
Befesa SA, 144A		114		4,320
Corestate Capital Holding SA*(a)		55		1,963
Eurofins Scientific SE		54		28,354
Grand City Properties SA		583		13,527
SES SA		1,655		21,962
Solutions 30 SE*(a)		308		3,269
Stabilus SA		106		6,890
Tenaris SA		2,167		23,043

				198,306

Netherlands — 10.4%
Aalberts NV		456		19,316
ABN AMRO Bank NV, 144A		1,919		32,748
Accell Group NV		110		3,115
Adyen NV, 144A*		47		36,049
Aegon NV		7,919		35,700


See Notes to Financial Statements.		69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Netherlands (Continued)
Akzo Nobel NV		1,073	$	102,750
Altice Europe NV*		3,158		18,795
AMG Advanced Metallurgical Group NV (a)		145		3,412
Arcadis NV		311		6,325
Argenx SE*(a)		194		28,854
ASM International NV		203		22,577
ASML Holding NV		1,978		538,254
ASR Nederland NV		638		23,708
Basic-Fit NV, 144A*		188		6,773
BE Semiconductor Industries NV		332		12,249
Boskalis Westminster		376		8,786
Brunel International NV		109		1,060
Corbion NV		248		7,672
Eurocommercial Properties NV		186		5,352
Euronext NV, 144A		249		18,805
EXOR NV		493		37,716
Flow Traders, 144A		142		3,332
ForFarmers NV		95		585
Fugro NV*		348		3,273
Heineken Holding NV		542		51,950
Heineken NV		1,195		123,807
IMCD NV		224		18,632
ING Groep NV		18,226		209,711
Intertrust NV, 144A		387		7,274
InterXion Holding NV*		397		33,761
Kendrion NV		54		1,243
Koninklijke Ahold Delhaize NV		5,463		140,745
Koninklijke BAM Groep NV		1,368		3,732
Koninklijke DSM NV		858		109,934
Koninklijke KPN NV		16,247		50,047
Koninklijke Philips NV		4,163		193,293
Koninklijke Volkerwessels NV		120		2,902
Koninklijke Vopak NV		338		18,019
NIBC Holding NV, 144A		234		1,817
NN Group NV		1,371		52,623
NSI NV REIT		84		3,739
NXP Semiconductors NV		1,309		151,294
OCI NV*		400		7,580
Pharming Group NV*		2,477		3,919
PostNL NV		1,875		3,966
Prosus NV*		2,250		153,365
QIAGEN NV*		1,052		45,038
Randstad NV		539		31,389
SBM Offshore NV		790		13,312
Shop Apotheke Europe NV, 144A*		50		2,115
SIF Holding NV		38		490
Signify NV, 144A		605		18,043
Takeaway.com NV, 144A*		170		15,283
TKH Group NV		186		9,639
TomTom NV*		323		3,390
Vastned Retail NV REIT		71		2,159
Wereldhave NV REIT (a)		173		4,136
Wolters Kluwer NV		1,273		91,385

				2,556,938


	Number of Shares		Value
Portugal — 0.6%
Altri SGPS SA		294	$	1,830
Banco Comercial Portugues SA, Class R		40,733		8,796
Corticeira Amorim SGPS SA		224		2,690
CTT-Correios de Portugal SA		577		1,955
EDP - Energias de Portugal SA		11,700		47,306
Galp Energia SGPS SA		2,303		37,487
Jeronimo Martins SGPS SA		1,165		18,604
Mota-Engil SGPS SA		467		981
Navigator Co. SA		1,124		4,322
NOS SGPS SA		1,266		6,868
REN - Redes Energeticas Nacionais SGPS SA		3,077		9,390
Semapa-Sociedade de Investimento e Gestao		107		1,613
Sonae SGPS SA		3,626		3,637

				145,479

Spain — 8.6%
Acciona SA		98		10,149
Acerinox SA*		872		9,138
ACS Actividades de Construccion y Servicios SA		1,200		46,708
Aedas Homes SAU, 144A*		107		2,440
Aena SME SA, 144A		309		56,749
Almirall SA		255		4,332
Amadeus IT Group SA		1,997		159,067
Applus Services SA		574		6,924
Atresmedia Corp. de Medios de Comunicacion SA		384		1,658
Banco Bilbao Vizcaya Argentaria SA		30,492		160,625
Banco de Sabadell SA		26,110		28,967
Banco Santander SA		77,257		301,049
Bankia SA		5,465		10,588
Bankinter SA		2,994		20,939
Bolsas y Mercados Espanoles SHMSF SA		381		14,909
CaixaBank SA		15,998		47,217
Cellnex Telecom SA, 144A*		1,145		49,196
Cia de Distribucion Integral Logista Holdings SA		219		4,941
CIE Automotive SA		359		8,654
Construcciones y Auxiliar de Ferrocarriles SA		86		3,757
Corp. Financiera Alba SA		90		4,839
Distribuidora Internacional de Alimentacion SA*		18,590		2,382
Distribuidora Internacional de Alimentacion SA*(a)		1,859		238
Ebro Foods SA		376		8,223
eDreams ODIGEO SA*		343		1,542
Enagas SA		1,087		27,077
Ence Energia y Celulosa SA		486		1,864
Endesa SA		1,507		40,975
Euskaltel SA, 144A		368		3,726
Faes Farma SA		1,188		6,989
Ferrovial SA		2,216		65,795
Ferrovial SA*		34		1,009
Fluidra SA*		213		2,642


See Notes to Financial Statements.		70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Spain (Continued)
Fomento de Construcciones y Contratas SA		373	$	4,504
Gestamp Automocion SA, 144A		691		3,188
Global Dominion Access SA, 144A*		459		1,891
Grifols SA (a)		1,359		46,429
Grupo Catalana Occidente SA		207		7,457
Grupo Empresarial San Jose SA*		174		1,265
Iberdrola SA		28,192		277,296
Indra Sistemas SA*		725		7,776
Industria de Diseno Textil SA		5,121		159,438
Inmobiliaria Colonial Socimi SA REIT		1,105		13,939
Lar Espana Real Estate Socimi SA REIT		407		3,533
Liberbank SA		10,395		3,493
Mapfre SA		5,144		14,502
Masmovil Ibercom SA*		318		7,168
Mediaset Espana Comunicacion SA		1,473		9,617
Melia Hotels International SA		488		4,048
Merlin Properties Socimi SA REIT		1,626		23,234
Metrovacesa SA, 144A*		172		1,582
Miquel y Costas & Miquel SA		111		1,959
Naturgy Energy Group SA		1,382		35,932
Neinor Homes SA, 144A*		382		4,827
Obrascon Huarte Lain SA*(a)		1,240		1,398
Pharma Mar SA*		881		2,155
Promotora de Informaciones SA, Class A*		1,286		1,981
Prosegur Cash SA, 144A		2,298		3,686
Prosegur Cia de Seguridad SA		1,177		4,850
Red Electrica Corp. SA		1,936		37,859
Repsol SA		6,608		104,032
Sacyr SA		1,664		4,524
Siemens Gamesa Renewable Energy SA		1,117		17,825
Solaria Energia y Medio Ambiente SA*		234		1,765
Talgo SA, 144A*		459		3,029
Tecnicas Reunidas SA*(a)		144		3,509
Telefonica SA		21,505		164,707
Tubacex SA		485		1,517
Unicaja Banco SA, 144A		3,980		4,010
Viscofan SA		171		9,107
Zardoya Otis SA		808		6,187

				2,120,527

Switzerland (d) — 0.3%
STMicroelectronics NV		3,137		77,070

United Kingdom (d) — 2.4%
CNH Industrial NV		4,689		50,254
Coca-Cola European Partners PLC		1,053		53,134
Dialog Semiconductor PLC*		354		18,010
Fiat Chrysler Automobiles NV		5,012		74,102
Unilever NV		6,827		404,646

				600,146

TOTAL COMMON STOCKS (Cost $22,777,129)				23,700,340

PREFERRED STOCKS — 1.5%
Germany — 1.5%
Bayerische Motoren Werke AG		254		15,671
Draegerwerk AG & Co. KGaA		36		2,205


	Number of Shares		Value
Germany (Continued)
FUCHS PETROLUB SE		334	$	14,424
Henkel AG & Co. KGaA		831		87,779
Jungheinrich AG		203		5,247
Porsche Automobil Holding SE		703		52,031
Sartorius AG		163		34,353
Sixt SE		76		5,200
STO SE & Co. KGaA		9		1,059
Volkswagen AG		868		167,807

				385,776

TOTAL PREFERRED STOCKS (Cost $362,031)				385,776

WARRANTS — 0.0%
Spain — 0.0%
Abengoa SA*, expires 3/31/25 (Cost $43)		7,125		79

SECURITIES LENDING COLLATERAL — 2.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f) (Cost $652,598)		652,598		652,598

CASH EQUIVALENTS — 4.0%
DWS Government Money Market Series “Institutional Shares”, 1.58% (e) (Cost $980,788)		980,788		980,788


TOTAL INVESTMENTS — 104.0% (Cost $24,772,589)			$	25,719,581
Other assets and liabilities, net — (4.0%)				(991,375	)

NET ASSETS — 100.0%			$	24,728,206


See Notes to Financial Statements.		71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
COMMON STOCKS — 0.3%
Germany — 0.3%
Deutsche Bank AG (b)
		86,260		—		(27,547	)		(33,816	)		40,414		—		—		9,059		65,311

SECURITIES LENDING COLLATERAL — 2.6%
0DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f)
		1,747,284		—		(1,094,686	)(g)		—			—		6,114		—		652,598		652,598

CASH EQUIVALENTS — 4.0%
DWS Government Money Market Series “Institutional Shares”, 1.58% (e)
		720,256		5,560,726		(5,300,194	)		—			—		6,642		—		980,788		980,788

		2,553,800		5,560,726		(6,422,427	)		(33,816	)		40,414		12,756		—		1,642,445		1,698,697

*	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, 2019 amounted to $629,020, which is 2.5% 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)	Securities listed in country of domicile and traded on an exchange within Eurozone.

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

(f)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $27,559.

(g)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

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.

At November 30, 2019, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount

Contract
Value

Expiration
Date

Unrealized
Appreciation

EURO STOXX Futures

EUR

581,333

$611,774

12/20/2019

28,776

As of November 30, 2019, 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	12/4/2019	EUR	180,000	USD	201,200	$	2,828	$	—
Citigroup Global Markets	12/4/2019	EUR	300,000	USD	335,337		4,716		—
JP Morgan & Chase Co.	12/4/2019	EUR	14,859,330	USD	16,609,046		233,032		—
Morgan Stanley Capital	12/4/2019	EUR	5,653,000	USD	6,318,754		88,755		—
Citigroup Global Markets	12/4/2019	USD	529,283	EUR	480,000		—		(289	)
JP Morgan & Chase Co.	12/4/2019	USD	16,384,908	EUR	14,859,330		—		(8,894	)
RBC Capital Markets	12/4/2019	USD	6,233,371	EUR	5,653,000		—		(3,373	)
Citigroup Global Markets	1/6/2020	EUR	480,000	USD	530,664		280		—
Citigroup Global Markets	1/6/2020	EUR	419,000	USD	463,218		237		—
JP Morgan & Chase Co.	1/6/2020	EUR	14,859,330	USD	16,427,569		8,487		—
RBC Capital Markets	1/6/2020	EUR	5,653,000	USD	6,249,601		3,218		—

Total unrealized appreciation (depreciation)						$	341,553	$	(12,556	)


See Notes to Financial Statements.		72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (h)	$	23,699,958	$	—		$	382	$	23,700,340
Preferred Stocks		385,776		—			—		385,776
Warrants		79		—			—		79
Short-Term Investments (h)		1,633,386		—			—		1,633,386
Derivatives (i)
Forward Foreign Currency Contracts		—		341,553			—		341,553
Futures Contracts		28,776		—			—		28,776

TOTAL	$	25,747,975	$	341,553		$	382	$	26,089,910


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—	$	(12,556	)	$	—	$	(12,556	)

TOTAL	$	—	$	(12,556	)	$	—	$	(12,556	)

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

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


See Notes to Financial Statements.		73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 91.5%
Communication Services — 5.1%
Axel Springer SE		694	$	47,786
Deutsche Telekom AG		47,934		804,597
Telefonica Deutschland Holding AG		12,862		39,265
United Internet AG		1,802		61,047

				952,695

Consumer Discretionary — 13.4%
adidas AG		2,597		808,981
Bayerische Motoren Werke AG		4,764		384,715
Continental AG		1,592		208,014
Daimler AG		13,081		737,861
Delivery Hero SE, 144A*		1,646		87,043
Puma SE		1,189		89,337
Volkswagen AG		464		88,512
Zalando SE, 144A*		2,011		86,627

				2,491,090

Consumer Staples — 1.9%
Beiersdorf AG		1,436		167,459
Henkel AG & Co. KGaA		1,496		144,707
METRO AG		2,594		41,796

				353,962

Financials — 15.7%
Allianz SE		6,114		1,464,026
Commerzbank AG		14,561		84,396
Deutsche Bank AG (a)		28,251		203,677
Deutsche Boerse AG		2,734		419,428
Hannover Rueck SE		873		162,061
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,079		596,887

				2,930,475

Health Care — 11.3%
Bayer AG		13,419		1,015,642
Carl Zeiss Meditec AG		575		70,316
Fresenius Medical Care AG & Co. KGaA		3,050		223,654
Fresenius SE & Co. KGaA		6,008		328,568
Merck KGaA		1,867		218,029
QIAGEN NV*		3,271		140,038
Siemens Healthineers AG, 144A		2,136		103,589

				2,099,836

Industrials — 14.1%
Brenntag AG		2,200		117,333
Deutsche Lufthansa AG		3,411		64,711
Deutsche Post AG		14,236		530,740
Fraport AG Frankfurt Airport Services Worldwide		591		50,344
GEA Group AG		2,207		70,926
HOCHTIEF AG		366		44,959
KION Group AG		925		61,369
Knorr-Bremse AG		689		67,011
MTU Aero Engines AG		760		205,890
Siemens AG		11,008		1,420,375

				2,633,658


	Number of Shares		Value
Information Technology — 13.6%
Infineon Technologies AG		17,986	$	384,177
SAP SE		14,146		1,924,394
Wirecard AG		1,692		223,316

				2,531,887

Materials — 9.0%
BASF SE		13,206		992,537
Covestro AG, 144A		2,504		117,243
Evonik Industries AG		2,672		77,538
HeidelbergCement AG		2,127		157,237
LANXESS AG		1,180		78,651
Symrise AG		1,861		180,505
thyssenkrupp AG		5,900		73,970

				1,677,681

Real Estate — 3.8%
Aroundtown SA		13,259		115,136
Deutsche Wohnen SE		5,197		202,970
Vonovia SE		7,413		386,213

				704,319

Utilities — 3.6%
E.ON SE		32,256		337,525
RWE AG		8,401		249,062
Uniper SE		2,918		94,193

				680,780

TOTAL COMMON STOCKS (Cost $18,143,273)				17,056,383

PREFERRED STOCKS — 6.2%
Consumer Discretionary — 3.9%
Bayerische Motoren Werke AG		808		49,850
Porsche Automobil Holding SE		2,209		163,493
Volkswagen AG		2,672		516,568

				729,911

Consumer Staples — 1.5%
Henkel AG & Co. KGaA		2,567		271,155

Health Care — 0.6%
Sartorius AG		505		106,432

Materials — 0.2%
FUCHS PETROLUB SE		1,030		44,482

TOTAL PREFERRED STOCKS (Cost $1,388,528)				1,151,980

EXCHANGE-TRADED FUNDS — 0.2%
iShares MSCI Germany ETF (b) (Cost $35,035)		1,300		37,622

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) (Cost $4,016)		4,016		4,016


See Notes to Financial Statements.		74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
CASH EQUIVALENTS — 1.5%
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) (Cost $286,200)		286,200	$	286,200


TOTAL INVESTMENTS — 99.4% (Cost $19,857,052)			$	18,536,201
Other assets and liabilities, net — 0.6%				109,057

NET ASSETS — 100.0%			$	18,645,258

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
COMMON STOCKS — 1.1%
Financials — 1.1%
Deutsche Bank AG (a)
		264,960		18,167			(101,637	)		(232,364	)		254,551		—		—		28,251		203,677


SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d)
		—		4,016	(e)		—			—			—		57		—		4,016		4,016


CASH EQUIVALENTS — 1.5%
DWS Government Money Market Series “Institutional Shares”, 1.58% (c)
		266,383		2,929,365			(2,909,548	)		—			—		3,495		—		286,200		286,200

		531,343		2,951,548			(3,011,185	)		(232,364	)		254,551		3,552		—		318,467		493,893

*	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, 2019 amounted to $3,907, 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, 2019.

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, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
DAX Mini Futures	EUR	5	$	341,694	$	364,842	12/20/2019	$	24,830

As of November 30, 2019, 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	12/4/2019	EUR	5,752,367	USD	6,429,881	$	90,373	$	—
JP Morgan & Chase Co.	12/4/2019	EUR	511,000	USD	571,171		8,014		—
JP Morgan & Chase Co.	12/4/2019	EUR	490,000	USD	547,698		7,684		—
RBC Capital Markets	12/4/2019	EUR	9,204,019	USD	10,288,133		144,665		—
Citigroup Global Markets	12/4/2019	USD	6,342,974	EUR	5,752,367		—		(3,466	)
JP Morgan & Chase Co.	12/4/2019	USD	1,103,771	EUR	1,001,000		—		(599	)
RBC Capital Markets	12/4/2019	USD	10,148,959	EUR	9,204,019		—		(5,491	)
Citigroup Global Markets	1/6/2020	EUR	5,752,367	USD	6,359,529		3,349		—


See Notes to Financial Statements.		75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	1/6/2020	EUR	1,001,000	USD	1,106,645	$	572	$	—
JP Morgan & Chase Co.	1/6/2020	EUR	384,000	USD	424,518		210		—
RBC Capital Markets	1/6/2020	EUR	9,204,019	USD	10,175,384		5,238		—

Total unrealized appreciation (depreciation)						$	260,105	$	(9,556	)

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (f)	$	17,056,383	$	—		$	—	$	17,056,383
Preferred Stocks (f)		1,151,980		—			—		1,151,980
Exchange-Traded Funds		37,622		—			—		37,622
Short-Term Investments (f)		290,216		—			—		290,216
Derivatives (g)
Forward Foreign Currency Contracts		—		260,105			—		260,105
Futures Contracts		24,830		—			—		24,830

TOTAL	$	18,561,031	$	260,105		$	—	$	18,821,136


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—	$	(9,556	)	$	—	$	(9,556	)

TOTAL	$	—	$	(9,556	)	$	—	$	(9,556	)

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

(g)	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 Japan Hedged Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 96.9%
Communication Services — 8.0%
CyberAgent, Inc.		8,300	$	286,638
Dentsu, Inc.		18,336		665,058
Hakuhodo DY Holdings, Inc.		19,380		313,218
Kakaku.com, Inc.		9,536		230,091
KDDI Corp.		145,915		4,184,616
Konami Holdings Corp.		7,664		337,495
LINE Corp.*(a)		6,747		317,455
Nexon Co. Ltd.*		38,064		519,205
Nintendo Co. Ltd.		9,221		3,567,762
Nippon Telegraph & Telephone Corp.		53,176		2,685,156
NTT DOCOMO, Inc.		110,105		3,020,833
Softbank Corp.		136,900		1,858,603
SoftBank Group Corp.		129,386		5,027,442
Square Enix Holdings Co. Ltd.		7,600		375,643
Toho Co. Ltd.		8,498		345,106
Z Holdings Corp.		219,228		755,095

				24,489,416

Consumer Discretionary — 18.0%
ABC-Mart, Inc.		3,611		240,502
Aisin Seiki Co. Ltd.		13,123		496,361
Bandai Namco Holdings, Inc.		16,807		1,019,123
Benesse Holdings, Inc.		6,588		173,826
Bridgestone Corp.		48,507		1,938,862
Casio Computer Co. Ltd.		15,492		295,389
Denso Corp.		35,810		1,599,189
Fast Retailing Co. Ltd.		4,789		2,917,897
Hikari Tsushin, Inc.		1,752		408,488
Honda Motor Co. Ltd.		136,245		3,817,673
Iida Group Holdings Co. Ltd.		10,966		194,864
Isetan Mitsukoshi Holdings Ltd.		27,475		244,741
Isuzu Motors Ltd.		45,995		538,090
J. Front Retailing Co. Ltd.		20,700		271,953
Koito Manufacturing Co. Ltd.		8,672		446,851
Marui Group Co. Ltd.		16,502		397,115
Mazda Motor Corp.		46,404		411,236
McDonald’s Holdings Co. Japan Ltd.		6,819		337,041
Mercari, Inc.*		5,900		130,123
Mitsubishi Motors Corp.		53,438		239,227
NGK Spark Plug Co. Ltd.		12,390		248,015
Nikon Corp.		26,459		362,843
Nissan Motor Co. Ltd.		187,947		1,165,579
Nitori Holdings Co. Ltd.		6,647		1,041,488
Oriental Land Co. Ltd.		16,525		2,286,521
Pan Pacific International Holdings Corp.		36,200		586,714
Panasonic Corp.		178,544		1,683,408
Rakuten, Inc.		71,438		619,384
Rinnai Corp.		2,755		211,429
Ryohin Keikaku Co. Ltd.		20,800		473,751
Sankyo Co. Ltd.		4,853		164,050
Sega Sammy Holdings, Inc.		12,688		183,037
Sekisui Chemical Co. Ltd.		29,252		509,114
Sekisui House Ltd.		50,052		1,081,476
Sharp Corp.		18,855		284,922
Shimamura Co. Ltd.		2,370		190,111
Shimano, Inc.		6,084		983,845


	Number of Shares		Value
Consumer Discretionary (Continued)
Sony Corp.		105,393	$	6,647,785
Stanley Electric Co. Ltd.		10,246		283,636
Subaru Corp.		50,817		1,330,839
Sumitomo Electric Industries Ltd.		61,413		916,805
Sumitomo Rubber Industries Ltd.		14,330		182,112
Suzuki Motor Corp.		29,789		1,321,597
Toyoda Gosei Co. Ltd.		5,763		134,631
Toyota Industries Corp.		11,699		687,265
Toyota Motor Corp.		188,373		13,145,064
USS Co. Ltd.		18,718		362,885
Yamada Denki Co. Ltd.		50,647		252,645
Yamaha Corp.		11,107		611,897
Yamaha Motor Co. Ltd.		22,124		462,268
Yokohama Rubber Co. Ltd.		9,846		202,848
ZOZO, Inc. (a)		8,834		175,865

				54,912,380

Consumer Staples — 7.7%
Aeon Co. Ltd.		53,202		1,085,378
Ajinomoto Co., Inc.		35,501		591,602
Asahi Group Holdings Ltd.		29,997		1,443,188
Calbee, Inc.		6,708		216,031
Coca-Cola Bottlers Japan Holdings, Inc.		10,200		244,994
FamilyMart Co. Ltd.		20,036		473,007
Japan Tobacco, Inc.		98,189		2,237,746
Kao Corp.		39,384		3,098,762
Kikkoman Corp.		11,548		580,275
Kirin Holdings Co. Ltd.		67,589		1,496,214
Kobayashi Pharmaceutical Co. Ltd.		4,100		336,376
Kose Corp.		2,788		443,971
Lawson, Inc.		5,569		303,241
Lion Corp.		19,988		402,664
MEIJI Holdings Co. Ltd.		9,493		645,269
NH Foods Ltd.		6,811		285,620
Nisshin Seifun Group, Inc.		16,875		316,980
Nissin Foods Holdings Co. Ltd.		5,270		394,811
Pigeon Corp.		9,000		418,528
Pola Orbis Holdings, Inc.		7,779		191,748
Seven & i Holdings Co. Ltd.		63,302		2,358,463
Shiseido Co. Ltd.		33,207		2,398,258
Sundrug Co. Ltd.		5,857		205,481
Suntory Beverage & Food Ltd.		10,936		474,588
Toyo Suisan Kaisha Ltd.		7,312		315,313
Tsuruha Holdings, Inc.		3,097		368,680
Unicharm Corp.		34,074		1,116,032
Welcia Holdings Co. Ltd.		3,900		239,085
Yakult Honsha Co. Ltd.		9,838		577,040
Yamazaki Baking Co. Ltd.		10,006		183,473

				23,442,818

Energy — 0.8%
Idemitsu Kosan Co. Ltd.		16,860		460,259
Inpex Corp.		80,344		784,686
JXTG Holdings, Inc.		259,937		1,155,592

				2,400,537

Financials — 10.3%
Acom Co. Ltd.		35,974		149,214


See Notes to Financial Statements.		77

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Financials (Continued)
AEON Financial Service Co. Ltd.		7,272	$	109,955
Aozora Bank Ltd.		9,792		249,418
Bank of Kyoto Ltd.		5,804		239,414
Chiba Bank Ltd.		43,960		250,615
Concordia Financial Group Ltd.		84,238		341,708
Credit Saison Co. Ltd.		11,592		191,691
Dai-ichi Life Holdings, Inc.		91,519		1,474,103
Daiwa Securities Group, Inc.		122,044		618,833
Fukuoka Financial Group, Inc.		12,448		237,121
Japan Exchange Group, Inc.		39,932		678,941
Japan Post Bank Co. Ltd. (a)		33,025		319,826
Japan Post Holdings Co. Ltd.		129,470		1,217,163
Japan Post Insurance Co. Ltd.		18,600		319,984
Mebuki Financial Group, Inc.		73,862		190,973
Mitsubishi UFJ Financial Group, Inc.		1,014,342		5,357,372
Mitsubishi UFJ Lease & Finance Co. Ltd.		34,416		221,045
Mizuho Financial Group, Inc.		1,990,372		3,076,798
MS&AD Insurance Group Holdings, Inc.		38,289		1,238,695
Nomura Holdings, Inc.		272,777		1,397,342
ORIX Corp.		107,927		1,767,477
Resona Holdings, Inc.		165,576		702,059
SBI Holdings, Inc.		20,499		425,693
Seven Bank Ltd.		47,804		148,057
Shinsei Bank Ltd.		16,347		257,328
Shizuoka Bank Ltd.		36,482		277,644
Sompo Holdings, Inc.		27,975		1,103,103
Sony Financial Holdings, Inc.		11,582		268,771
Sumitomo Mitsui Financial Group, Inc.		108,972		3,971,397
Sumitomo Mitsui Trust Holdings, Inc.		28,062		1,073,460
T&D Holdings, Inc.		43,449		511,281
Tokio Marine Holdings, Inc.		52,771		2,869,608
Tokyo Century Corp.		4,600		245,434

				31,501,523

Health Care — 9.7%
Alfresa Holdings Corp.		15,990		330,304
Asahi Intecc Co. Ltd.		16,300		475,054
Astellas Pharma, Inc.		155,335		2,650,296
Chugai Pharmaceutical Co. Ltd.		19,245		1,680,542
Daiichi Sankyo Co. Ltd.		47,861		3,000,522
Eisai Co. Ltd.		20,812		1,542,052
Hisamitsu Pharmaceutical Co., Inc.		5,706		279,943
Hoya Corp.		32,286		2,946,756
Kyowa Kirin Co. Ltd.		21,260		451,208
M3, Inc.		35,184		967,556
Medipal Holdings Corp.		14,682		314,954
Mitsubishi Tanabe Pharma Corp.		20,561		376,261
Nippon Shinyaku Co. Ltd.		3,800		343,008
Olympus Corp.		95,076		1,410,657
Ono Pharmaceutical Co. Ltd.		31,183		699,413
Otsuka Holdings Co. Ltd.		32,200		1,404,438
PeptiDream, Inc.*		7,800		358,449
Santen Pharmaceutical Co. Ltd.		28,774		538,913
Shionogi & Co. Ltd.		22,208		1,306,245
Sumitomo Dainippon Pharma Co. Ltd.		11,748		221,855
Suzuken Co. Ltd.		5,932		259,327
Sysmex Corp.		13,344		924,955


	Number of Shares		Value
Health Care (Continued)
Taisho Pharmaceutical Holdings Co. Ltd.		2,846	$	210,093
Takeda Pharmaceutical Co. Ltd.		122,923		5,003,170
Terumo Corp.		52,302		1,835,384

				29,531,355

Industrials — 20.4%
AGC, Inc.		15,162		553,398
Amada Holdings Co. Ltd.		25,734		286,835
ANA Holdings, Inc.		9,418		320,688
Central Japan Railway Co.		11,826		2,387,241
Dai Nippon Printing Co. Ltd.		21,343		570,746
Daifuku Co. Ltd.		8,400		488,858
Daikin Industries Ltd.		20,548		2,955,811
East Japan Railway Co.		25,185		2,317,052
FANUC Corp.		16,189		3,091,965
Fuji Electric Co. Ltd.		10,506		323,468
Hankyu Hanshin Holdings, Inc.		18,940		813,284
Hino Motors Ltd.		21,060		206,069
Hitachi Construction Machinery Co. Ltd.		8,020		211,463
Hoshizaki Corp.		4,454		389,427
IHI Corp.		11,668		272,152
ITOCHU Corp.		110,188		2,403,992
Japan Airlines Co. Ltd.		8,654		268,977
Japan Airport Terminal Co. Ltd. (a)		5,535		287,736
JGC Holdings Corp.		18,683		271,570
JTEKT Corp.		17,384		216,000
Kajima Corp.		35,976		474,290
Kamigumi Co. Ltd.		7,942		176,029
Kawasaki Heavy Industries Ltd.		10,893		244,621
Keihan Holdings Co. Ltd.		7,904		386,336
Keikyu Corp.		19,681		404,750
Keio Corp.		8,536		547,464
Keisei Electric Railway Co. Ltd.		10,684		440,225
Kintetsu Group Holdings Co. Ltd.		13,510		764,030
Komatsu Ltd.		78,637		1,844,239
Kubota Corp.		86,063		1,327,645
Kurita Water Industries Ltd.		7,142		199,667
Kyushu Railway Co.		12,900		439,016
LIXIL Group Corp.		20,216		341,689
Makita Corp.		19,844		656,300
Marubeni Corp.		126,187		931,747
MINEBEA MITSUMI, Inc.		29,024		563,218
MISUMI Group, Inc.		22,420		555,098
Mitsubishi Corp.		111,891		2,929,785
Mitsubishi Electric Corp.		149,926		2,070,377
Mitsubishi Heavy Industries Ltd.		26,502		1,014,027
Mitsui & Co. Ltd.		136,271		2,414,669
Mitsui OSK Lines Ltd.		8,608		225,709
MonotaRO Co. Ltd.		9,700		272,952
Nabtesco Corp.		8,872		272,349
Nagoya Railroad Co. Ltd.		15,801		503,097
NGK Insulators Ltd.		21,264		350,660
Nidec Corp.		18,445		2,728,286
Nippon Express Co. Ltd.		5,839		370,222
Nippon Yusen KK		11,412		195,908
NSK Ltd.		28,698		277,397
Obayashi Corp.		50,008		529,983


See Notes to Financial Statements.		78

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Industrials (Continued)
Odakyu Electric Railway Co. Ltd.		23,477	$	577,193
Park24 Co. Ltd.		9,568		231,212
Persol Holdings Co. Ltd.		14,000		257,476
Recruit Holdings Co. Ltd.		111,991		4,053,797
Secom Co. Ltd.		17,672		1,502,657
Seibu Holdings, Inc.		16,530		291,319
SG Holdings Co. Ltd.		11,500		275,903
Shimizu Corp.		50,368		482,259
SMC Corp.		4,758		2,156,543
Sohgo Security Services Co. Ltd.		7,722		401,427
Sumitomo Corp.		97,073		1,462,458
Sumitomo Heavy Industries Ltd.		8,258		236,148
Taisei Corp.		16,952		665,194
THK Co. Ltd.		9,176		257,788
Tobu Railway Co. Ltd.		17,090		625,330
Tokyu Corp.		40,722		803,242
Toppan Printing Co. Ltd.		23,139		460,222
Toshiba Corp.		41,423		1,487,300
TOTO Ltd.		11,638		509,305
Toyota Tsusho Corp.		17,931		626,614
West Japan Railway Co.		13,279		1,169,154
Yamato Holdings Co. Ltd.		24,817		424,443

				62,045,501

Information Technology — 11.4%
Advantest Corp.		17,100		835,823
Alps Alpine Co. Ltd.		17,842		402,792
Brother Industries Ltd.		19,522		387,033
Canon, Inc.		81,497		2,256,050
Disco Corp.		2,200		474,752
FUJIFILM Holdings Corp.		30,557		1,443,888
Fujitsu Ltd.		16,240		1,476,445
GMO Payment Gateway, Inc.		4,500		319,035
Hamamatsu Photonics KK		11,088		449,274
Hirose Electric Co. Ltd.		2,666		327,846
Hitachi High-Technologies Corp.		5,670		369,867
Hitachi Ltd.		79,834		3,136,323
Itochu Techno-Solutions Corp.		7,900		210,970
Keyence Corp.		15,086		5,160,293
Konica Minolta, Inc.		36,280		237,657
Kyocera Corp.		26,108		1,776,313
Murata Manufacturing Co. Ltd.		48,745		2,825,255
NEC Corp.		21,793		871,083
Nomura Research Institute Ltd.		26,722		563,712
NTT Data Corp.		49,040		668,473
Obic Co. Ltd.		5,362		711,798
Omron Corp.		15,817		929,179
Oracle Corp.		3,172		291,828
Otsuka Corp.		7,660		306,876
Renesas Electronics Corp.*		63,600		414,296
Ricoh Co. Ltd.		54,034		556,359
Rohm Co. Ltd.		7,712		648,215
Seiko Epson Corp.		23,124		351,967
Shimadzu Corp.		19,036		573,054
SUMCO Corp.		20,700		319,800
TDK Corp.		10,728		1,128,128
Tokyo Electron Ltd.		12,914		2,666,451


	Number of Shares		Value
Information Technology (Continued)
Trend Micro, Inc.		9,772	$	527,637
Yaskawa Electric Corp.		20,982		770,615
Yokogawa Electric Corp.		20,908		382,611

				34,771,698

Materials — 5.0%
Air Water, Inc.		11,704		187,983
Asahi Kasei Corp.		104,384		1,172,538
Daicel Corp.		21,046		206,893
Hitachi Chemical Co. Ltd.		8,594		309,354
Hitachi Metals Ltd.		18,146		253,983
JFE Holdings, Inc.		39,919		508,766
JSR Corp.		16,451		291,130
Kansai Paint Co. Ltd.		13,406		337,799
Kuraray Co. Ltd.		26,021		314,520
Maruichi Steel Tube Ltd.		6,132		176,472
Mitsubishi Chemical Holdings Corp.		105,596		783,082
Mitsubishi Gas Chemical Co., Inc.		14,376		224,857
Mitsubishi Materials Corp.		9,272		247,694
Mitsui Chemicals, Inc.		15,481		370,990
Nippon Paint Holdings Co. Ltd.		11,663		622,282
Nippon Steel Corp.		67,737		993,575
Nissan Chemical Corp.		10,302		408,014
Nitto Denko Corp.		12,818		719,040
Oji Holdings Corp.		68,684		392,193
Shin-Etsu Chemical Co. Ltd.		30,331		3,244,950
Showa Denko KK (a)		10,600		283,073
Sumitomo Chemical Co. Ltd.		120,756		545,004
Sumitomo Metal Mining Co. Ltd.		20,805		630,299
Taiheiyo Cement Corp.		9,278		268,283
Taiyo Nippon Sanso Corp.		10,080		224,430
Teijin Ltd.		16,459		309,616
Toray Industries, Inc.		110,442		730,529
Tosoh Corp.		20,100		299,328
Toyo Seikan Group Holdings Ltd.		10,426		181,649

				15,238,326

Real Estate — 4.1%
Aeon Mall Co. Ltd.		8,422		135,346
Daito Trust Construction Co. Ltd.		5,951		727,734
Daiwa House Industry Co. Ltd.		48,417		1,481,417
Daiwa House REIT Investment Corp. REIT		156		426,718
Hulic Co. Ltd.		24,310		273,406
Japan Prime Realty Investment Corp. REIT		69		314,253
Japan Real Estate Investment Corp. REIT		103		701,064
Japan Retail Fund Investment Corp. REIT		212		482,862
Mitsubishi Estate Co. Ltd.		96,524		1,769,452
Mitsui Fudosan Co. Ltd.		73,682		1,833,046
Nippon Building Fund, Inc. REIT		111		833,603
Nippon Prologis REIT, Inc. REIT (a)		167		448,110
Nomura Real Estate Holdings, Inc.		8,828		213,330
Nomura Real Estate Master Fund, Inc. REIT		331		604,210
Orix JREIT, Inc. REIT		216		475,001
Sumitomo Realty & Development Co. Ltd.		27,750		966,959


See Notes to Financial Statements.		79

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Real Estate (Continued)
Tokyu Fudosan Holdings Corp.		48,827	$	335,015
United Urban Investment Corp. REIT		245		476,771

				12,498,297

Utilities — 1.5%
Chubu Electric Power Co., Inc.		52,234		728,236
Chugoku Electric Power Co., Inc.		21,468		283,808
Electric Power Development Co. Ltd.		12,366		296,567
Kansai Electric Power Co., Inc.		57,407		654,552
Kyushu Electric Power Co., Inc.		32,490		286,148
Osaka Gas Co. Ltd.		31,089		582,839
Toho Gas Co. Ltd.		5,928		223,949
Tohoku Electric Power Co., Inc.		34,621		343,189
Tokyo Electric Power Co. Holdings, Inc.*		122,884		538,891
Tokyo Gas Co. Ltd.		32,465		784,374

				4,722,553

TOTAL COMMON STOCKS (Cost $298,071,790)				295,554,404


	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (b)(c) (Cost $910,610)		910,610	$	910,610

CASH EQUIVALENTS — 2.0%
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (b)		116,757		116,781
DWS Government Money Market Series “Institutional Shares”, 1.58% (b)		5,900,388		5,900,388

TOTAL CASH EQUIVALENTS (Cost $6,017,143)				6,017,169


TOTAL INVESTMENTS — 99.2% (Cost $304,999,543)			$	302,482,183
Other assets and liabilities, net — 0.8%				2,353,267

NET ASSETS — 100.0%			$	304,835,450

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (b)(c)
		10,080		900,530	(d)		—			—		—		18,674		—		910,610		910,610


CASH EQUIVALENTS — 2.0%
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (b)
		115,456		1,299			—			—		26		1,334		—		116,757		116,781


DWS Government Money Market Series “Institutional Shares”, 1.58% (b)
		1,732,723		77,407,600			(73,239,935	)		—		—		62,819		—		5,900,388		5,900,388

		1,858,259		78,309,429			(73,239,935	)		—		26		82,827		—		6,927,755		6,927,779

*	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, 2019 amounted to $1,463,519, which is 0.5% 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $772,783.

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

REIT:

Real Estate Investment Trust

At November 30, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
Nikkei 225 Futures	JPY	15	$	3,066,330	$	3,191,723	12/12/2019	$	156,594
TOPIX Index Futures	JPY	32		4,795,546		4,961,308	12/12/2019		209,611

Total unrealized appreciation								$	366,205


See Notes to Financial Statements.		80

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)

As of November 30, 2019, 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	12/4/2019	JPY	1,843,000,000	USD	17,076,088	$	231,732	$	—
Citigroup Global Markets	12/4/2019	JPY	263,056,000	USD	2,437,351		33,114		—
JP Morgan & Chase Co.	12/4/2019	JPY	15,793,672,800	USD	146,329,845		1,981,361		—
Morgan Stanley Capital	12/4/2019	JPY	7,242,956,700	USD	67,107,910		909,893		—
RBC Capital Markets	12/4/2019	JPY	11,886,646,000	USD	110,134,960		1,495,295		—
Citigroup Global Markets	12/4/2019	USD	66,143,911	JPY	7,242,956,700		54,106		—
Citigroup Global Markets	12/4/2019	USD	19,232,861	JPY	2,106,056,000		15,732		—
JP Morgan & Chase Co.	12/4/2019	USD	44,969,154	JPY	4,907,501,800		—		(116,356	)
JP Morgan & Chase Co.	12/4/2019	USD	99,413,092	JPY	10,886,171,000		82,592		—
RBC Capital Markets	12/4/2019	USD	108,549,384	JPY	11,886,646,000		90,281		—
Citigroup Global Markets	1/7/2020	JPY	7,242,956,700	USD	66,330,479		—		(58,657	)
Citigroup Global Markets	1/7/2020	JPY	2,106,056,000	USD	19,287,110		—		(17,056	)
JP Morgan & Chase Co.	1/7/2020	JPY	662,222,000	USD	6,064,482		—		(5,463	)
JP Morgan & Chase Co.	1/7/2020	JPY	10,886,171,000	USD	99,694,319		—		(88,618	)
RBC Capital Markets	1/7/2020	JPY	11,886,646,000	USD	108,859,048		—		(94,270	)

Total unrealized appreciation (depreciation)						$	4,894,106	$	(380,420	)

Currency Abbreviations

JPY

Japanese Yen

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total
Common Stocks (e)	$	295,554,404	$	—		$	—	$	295,554,404
Short-Term Investments (e)		6,927,779		—			—		6,927,779
Derivatives (f)
Forward Foreign Currency Contracts		—		4,894,106			—		4,894,106
Futures Contracts		366,205		—			—		366,205

TOTAL	$	302,848,388	$	4,894,106		$	—	$	307,742,494


Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (f)
Forward Foreign Currency Contracts	$	—	$	(380,420	)	$	—	$	(380,420	)

TOTAL	$	—	$	(380,420	)	$	—	$	(380,420	)

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

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


See Notes to Financial Statements.		81

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2019 (Unaudited)


	Xtrackers MSCI All World ex US Hedged Equity ETF		Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	102,786,852	$	107,448,661		$	914,067,357		$	24,020,884
Investment in affiliated securities at value		68,166		—			1,444,624			65,311
Investment in DWS ESG Liquidity Fund*		—		—			635,034			—
Investment in DWS Government Money Market Series*		2,409,800		1,828,982			13,488,409			980,788
Investment in DWS Government & Agency Securities Portfolio**		1,323,973		993,248			12,681,557			652,598
Cash		65,641		149,939			944,276			—
Foreign currency at value		318,500		565,315			4,137,751			6,758
Unrealized appreciation on forward foreign currency contracts		1,180,481		1,145,224			9,519,994			341,553
Deposit with broker for futures contracts		142,618		161,200			1,187,042			42,705
Receivables:
Investment securities sold		12,011		110,516			—			363,561
Variation margin on futures contracts		—		—			—			487
Dividends		224,392		45,378			1,281,012			4,148
Interest		3,481		2,041			21,186			1,146
Securities lending income		1,873		2,027			15,141			894
Foreign tax reclaim		99,960		1,176			2,289,865			67,593

Total assets	$	108,637,748	$	112,453,707		$	961,713,248		$	26,548,426


Liabilities
Payable upon return of securities loaned	$	1,323,973	$	993,248		$	12,681,557		$	652,598
Payable upon return of deposit for forward foreign currency contracts		1,010,000		300,000			10,093,012			480,000
Unrealized depreciation on forward foreign currency contracts		125,296		318,195			518,565			12,556
Payables:
Investment securities purchased		29,694		23,298			—			666,088
Investment advisory fees		34,374		59,058			342,106			8,978
Variation margin on futures contracts		66,356		58,022			481,244			—
Deferred foreign tax payable		4,622		3,460			—			—

Total liabilities		2,594,315		1,755,281			24,116,484			1,820,220

Net Assets, at value	$	106,043,433	$	110,698,426		$	937,596,764		$	24,728,206


Net Assets Consist of
Paid-in capital	$	99,106,267	$	116,573,291		$	1,033,027,889		$	24,333,856
Distributable earnings (loss)		6,937,166		(5,874,865	)		(95,431,125	)		394,350

Net Assets, at value	$	106,043,433	$	110,698,426		$	937,596,764		$	24,728,206


Number of Common Shares outstanding		3,700,001		4,850,800			30,500,001			750,001

Net Asset Value	$	28.66	$	22.82		$	30.74		$	32.97


Investment in non-affiliated securities at cost	$	95,954,848	$	91,680,262		$	920,881,296		$	22,884,157

Investment in affiliated securities at cost	$	135,788	$	—		$	5,348,358		$	255,046

Value of securities loaned	$	1,573,866	$	1,516,104		$	12,075,442		$	629,020

Investment in DWS ESG Liquidity Fund at cost*	$	—	$	—		$	634,908		$	—

Investment in DWS Government Money Market Series at cost*	$	2,409,800	$	1,828,982		$	13,488,409		$	980,788

Investment in DWS Government & Agency Securities Portfolio at cost**	$	1,323,973	$	993,248		$	12,681,557		$	652,598

Non-cash collateral for securities on loan	$	352,050	$	615,427		$	87		$	27,559

Foreign currency at cost	$	285,736	$	565,519		$	4,105,945		$	8,547

* Includes collateral held for forward foreign currency contracts	$	1,010,000	$	300,000		$	10,093,012		$	480,000

**	Represents collateral on securities loaned.


See Notes to Financial Statements.		82

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2019 (Unaudited)


	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	18,042,308		$	295,554,404
Investment in affiliated securities at value		203,677			—
Investment in DWS ESG Liquidity Fund*		—			116,781
Investment in DWS Government Money Market Series*		286,200			5,900,388
Investment in DWS Government & Agency Securities Portfolio**		4,016			910,610
Cash		—			778,466
Foreign currency at value		8,732			312,507
Receivable for return of collateral pledged for forward foreign currency contracts		50,000			—
Unrealized appreciation on forward foreign currency contracts		260,105			4,894,106
Deposit with broker for futures contracts		25,888			239,087
Receivables:
Variation margin on futures contracts		331			—
Dividends		—			2,334,058
Interest		408			7,256
Securities lending income		6			1,313
Foreign tax reclaim		—			342

Total assets	$	18,881,671		$	311,049,318


Liabilities
Payable upon return of securities loaned	$	4,016		$	910,610
Payable upon return of deposit for forward foreign currency contracts		—			4,758,466
Unrealized depreciation on forward foreign currency contracts		9,556			380,420
Payables:
Investment securities purchased		216,053			—
Investment advisory fees		6,788			116,747
Variation margin on futures contracts		—			47,625

Total liabilities		236,413			6,213,868

Net Assets, at value	$	18,645,258		$	304,835,450


Net Assets Consist of
Paid-in capital	$	27,120,044		$	473,656,807
Distributable earnings (loss)		(8,474,786	)		(168,821,357	)

Net Assets, at value	$	18,645,258		$	304,835,450


Number of Common Shares outstanding		650,800			7,200,800

Net Asset Value	$	28.65		$	42.33


Investment in non-affiliated securities at cost	$	18,644,625		$	298,071,790

Investment in affiliated securities at cost	$	922,211		$	—

Value of securities loaned	$	3,907		$	1,463,519

Investment in DWS ESG Liquidity Fund at cost*	$	—		$	116,755

Investment in DWS Government Money Market Series at cost*	$	286,200		$	5,900,388

Investment in DWS Government & Agency Securities Portfolio at cost**	$	4,016		$	910,610

Non-cash collateral for securities on loan	$	—		$	772,783

Foreign currency at cost	$	9,925		$	414,781

* Includes collateral held for forward foreign currency contracts	$	—		$	4,758,466

** Represents collateral on securities loaned.


See Notes to Financial Statements.		83

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2019 (Unaudited)


	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	1,218,122		$	1,795,590		$	8,782,993		$	169,953
Income distributions from affiliated funds		21,464			14,771			144,995			6,642
Affiliated securities lending income		11,877			8,180			137,919			6,114
Unaffiliated non-cash dividend income		190,832			707,448			—			20,081
Unaffiliated securities lending income, net of borrower rebates		1,645			3,368			—			3,700

Total investment income		1,443,940			2,529,357			9,065,907			206,490


Expenses
Investment advisory fees		203,563			357,975			1,950,465			61,013
Other expenses		6,231			7,102			55,075			2,430

Total expenses		209,794			365,077			2,005,540			63,443

Less fees waived (see note 3):
Waiver		(833	)		(575	)		(4,790	)		(243	)

Net expenses		208,961			364,502			2,000,750			63,200

Net investment income (loss)		1,234,979			2,164,855			7,065,157			143,290


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(721,005	)		(143,360	)		(11,833,239	)		(293,859	)
Investments in affiliates		—			—			(147,586	)		—
In-kind redemptions		—			635,913			9,195,695			1,104,939
In-kind redemptions in affiliates		—			—			4,124			(33,816	)
Futures contracts		64,721			(93,365	)		1,761,720			48,743
Foreign currency transactions		17,310			(35,584	)		(195,250	)		(4,106	)
Forward foreign currency contracts		186,615			(292,655	)		11,330,372			527,415

Net realized gain (loss)		(452,359	)		70,949			10,115,836			1,349,316
Net change in unrealized appreciation (depreciation) on:
Investments***		7,507,382			3,331,162			69,085,628			1,787,820
Investments in affiliates		3,871			—			211,531			40,414
Futures contracts		124,184			67,095			263,647			42,650
Foreign currency translations		25,655			(1,557	)		56,734			(2,945	)
Forward foreign currency contracts		782,138			88,885			1,415,644			148,056

Net change in unrealized appreciation (depreciation)		8,443,230			3,485,585			71,033,184			2,015,995

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		7,990,871			3,556,534			81,149,020			3,365,311


Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,225,850		$	5,721,389		$	88,214,177		$	3,508,601

* Unaffiliated foreign tax withheld	$	131,769		$	235,305		$	614,384		$	30,561
** Net of foreign taxes	$	368		$	—		$	—		$	—
*** Net of change in deferred foreign taxes	$	4,622		$	(93,989	)	$	—		$	—


See Notes to Financial Statements.		84

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2019 (Unaudited)


	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	22,694		$	3,911,330
Income distributions from affiliated funds		3,495			64,153
Affiliated securities lending income		57			18,674
Unaffiliated securities lending income, net of borrower rebates		—			5,644

Total investment income		26,246			3,999,801


Expenses
Investment advisory fees		45,667			840,920
Other expenses		305			18,203

Total expenses		45,972			859,123

Less fees waived (see note 3):
Waiver		(128	)		(2,423	)

Net expenses		45,844			856,700

Net investment income (loss)		(19,598	)		3,143,101


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(484,520	)		(1,713,160	)
Investments in affiliates		(67,137	)		—
In-kind redemptions		88,413			(294,264	)
In-kind redemptions in affiliates		(165,227	)		—
Futures contracts		19,888			226,491
Foreign currency transactions		828			348,580
Forward foreign currency contracts		421,391			(10,094,589	)

Net realized gain (loss)		(186,364	)		(11,526,942	)
Net change in unrealized appreciation (depreciation) on:
Investments		2,339,928			41,146,269
Investments in affiliates		254,551			26
Futures contracts		34,954			887,392
Foreign currency translations		(5,848	)		(386,577	)
Forward foreign currency contracts		118,869			16,829,186

Net change in unrealized appreciation (depreciation)		2,742,454			58,476,296

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		2,556,090			46,949,354


Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,536,492		$	50,092,455

* Unaffiliated foreign tax withheld	$	2,897		$	434,944


See Notes to Financial Statements.		85

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI All World ex US Hedged Equity ETF						Xtrackers MSCI Emerging Markets Hedged Equity ETF
	For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019			For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,234,979		$	2,954,717		$	2,164,855		$	3,039,387
Net realized gain (loss)		(452,359	)		9,965,487			70,949			12,289,264
Net change in net unrealized appreciation (depreciation)		8,443,230			(15,964,037	)		3,485,585			(25,515,305	)

Net increase (decrease) in net assets resulting from operations		9,225,850			(3,043,833	)		5,721,389			(10,186,654	)

Distributions to Shareholders		(1,641,098	)		(2,871,618	)		(931,213	)		(3,308,776	)


Fund Shares Transactions
Proceeds from shares sold		—			13,773,648			2,347,961			2,222,874
Value of shares redeemed		—			(36,854,026	)		(8,777,119	)		(71,261,537	)

Net increase (decrease) in net assets resulting from fund share transactions		—			(23,080,378	)		(6,429,158	)		(69,038,663	)

Total net increase (decrease) in Net Assets		7,584,752			(28,995,829	)		(1,638,982	)		(82,534,093	)

Net Assets
Beginning of period		98,458,681			127,454,510			112,337,408			194,871,501

End of period	$	106,043,433		$	98,458,681		$	110,698,426		$	112,337,408


Changes in Shares Outstanding
Shares outstanding, beginning of period		3,700,001			4,600,001			5,150,800			8,150,800
Shares sold		—			500,000			100,000			100,000
Shares redeemed		—			(1,400,000	)		(400,000	)		(3,100,000	)

Shares outstanding, end of period		3,700,001			3,700,001			4,850,800			5,150,800


See Notes to Financial Statements.		86

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Europe Hedged Equity ETF						Xtrackers MSCI Eurozone Hedged Equity ETF
	For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019			For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	7,065,157		$	28,225,910		$	143,290		$	901,991
Net realized gain (loss)		10,115,836			118,798,682			1,349,316			4,606,762
Net change in net unrealized appreciation (depreciation)		71,033,184			(138,127,594	)		2,015,995			(6,378,806	)

Net increase (decrease) in net assets resulting from operations		88,214,177			8,896,998			3,508,601			(870,053	)

Distributions to Shareholders		(18,616,200	)		(41,023,718	)		(746,738	)		(915,112	)


Fund Shares Transactions
Proceeds from shares sold		93,073,932			113,864,798			—			—
Value of shares redeemed		(74,498,608	)		(775,486,486	)		(9,320,761	)		(8,639,289	)

Net increase (decrease) in net assets resulting from fund share transactions		18,575,324			(661,621,688	)		(9,320,761	)		(8,639,289	)

Total net increase (decrease) in Net Assets		88,173,301			(693,748,408	)		(6,558,898	)		(10,424,454	)

Net Assets
Beginning of period		849,423,463			1,543,171,871			31,287,104			41,711,558

End of period	$	937,596,764		$	849,423,463		$	24,728,206		$	31,287,104


Changes in Shares Outstanding
Shares outstanding, beginning of period		30,000,001			53,750,001			1,050,001			1,350,001
Shares sold		3,100,000			4,000,000			—			—
Shares redeemed		(2,600,000	)		(27,750,000	)		(300,000	)		(300,000	)

Shares outstanding, end of period		30,500,001			30,000,001			750,001			1,050,001


See Notes to Financial Statements.		87

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Germany Hedged Equity ETF						Xtrackers MSCI Japan Hedged Equity ETF
	For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019			For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	(19,598	)	$	557,637		$	3,143,101		$	12,926,499
Net realized gain (loss)		(186,364	)		2,745,810			(11,526,942	)		57,226,949
Net change in net unrealized appreciation (depreciation)		2,742,454			(5,431,377	)		58,476,296			(142,660,983	)

Net increase (decrease) in net assets resulting from operations		2,536,492			(2,127,930	)		50,092,455			(72,507,535	)

Distributions to Shareholders		(531,778	)		(859,921	)		(11,391,476	)		(35,027,849	)


Fund Shares Transactions
Proceeds from shares sold		—			—			—			89,826,392
Value of shares redeemed		(6,570,893	)		(10,125,607	)		(147,504,587	)		(721,905,897	)

Net increase (decrease) in net assets resulting from fund share transactions		(6,570,893	)		(10,125,607	)		(147,504,587	)		(632,079,505	)

Total net increase (decrease) in Net Assets		(4,566,179	)		(13,113,458	)		(108,803,608	)		(739,614,889	)

Net Assets
Beginning of period		23,211,437			36,324,895			413,639,058			1,153,253,947

End of period	$	18,645,258		$	23,211,437		$	304,835,450		$	413,639,058


Changes in Shares Outstanding
Shares outstanding, beginning of period		900,800			1,300,800			10,900,800			26,850,800
Shares sold		—			—			—			2,200,000
Shares redeemed		(250,000	)		(400,000	)		(3,700,000	)		(18,150,000	)

Shares outstanding, end of period		650,800			900,800			7,200,800			10,900,800


See Notes to Financial Statements.		88

DBX ETF Trust

Financial Highlights


Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	26.61		$	27.71		$	26.20		$	22.62		$	26.87		$	25.61

Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			0.73			0.67			0.64			0.64			0.96
Net realized and unrealized gain (loss)		2.16			(1.12	)		1.51			3.42			(3.57	)		2.16

Total from investment operations		2.49			(0.39	)		2.18			4.06			(2.93	)		3.12

Less distributions from:
Net investment income		(0.44	)		(0.71	)		(0.67	)		(0.48	)		(0.86	)		(1.82	)
Net realized gains		—			—			—			—			(0.46	)		(0.04	)

Total distributions		(0.44	)		(0.71	)		(0.67	)		(0.48	)		(1.32	)		(1.86	)

Net Asset Value, end of period	$	28.66		$	26.61		$	27.71		$	26.20		$	22.62		$	26.87

Total Return (%)		9.45	**(b)		(1.30	)(b)		8.43			18.30			(11.17	)		13.01

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		106			98			127			105			68			47
Ratio of expenses before fee waiver (%)		0.41	*		0.41			0.40			0.40			0.40			0.40
Ratio of expenses after fee waiver (%)		0.41	*		0.41			0.40			0.40			0.40			0.40
Ratio of net investment income (loss) (%)		2.43	*		2.74			2.46			2.67			2.76			3.70
Portfolio turnover rate (%)(c)		5	**		13			11			15			24			24

Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	21.81		$	23.91		$	21.47		$	18.62		$	22.43		$	21.74

Income (loss) from investment operations:
Net investment income (loss)(a)		0.44			0.52			0.41			0.35			0.43			0.36
Net realized and unrealized gain (loss)		0.75			(2.02	)		2.39			2.81			(3.60	)		0.77

Total from investment operations		1.19			(1.50	)		2.80			3.16			(3.17	)		1.13

Less distributions from:
Net investment income		(0.18	)		(0.60	)		(0.36	)		(0.31	)		(0.64	)		(0.44	)

Total distributions		(0.18	)		(0.60	)		(0.36	)		(0.31	)		(0.64	)		(0.44	)

Net Asset Value, end of period	$	22.82		$	21.81		$	23.91		$	21.47		$	18.62		$	22.43

Total Return (%)		5.47	**(b)		(6.18	)(b)		13.09			17.19			(14.32	)		5.35

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		111			112			195			188			130			245
Ratio of expenses before fee waiver (%)		0.66	*		0.66			0.65			0.65			0.65			0.65
Ratio of expenses after fee waiver (%)		0.66	*		0.66			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		3.93	*		2.29			1.74			1.74			2.20			1.64
Portfolio turnover rate (%)(c)		9	**		13			15			43			32			58

(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.		89

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	28.31		$	28.71		$	28.29		$	25.65		$	29.47		$	27.75

Income (loss) from investment operations:
Net investment income (loss)(b)		0.24			0.75			0.68			0.76			0.79			1.33
Net realized and unrealized gain (loss)		2.81			(0.26	)		0.39			4.40			(3.19	)		1.54

Total from investment operations		3.05			0.49			1.07			5.16			(2.40	)		2.87

Less distributions from:
Net investment income		(0.62	)		(0.89	)		(0.65	)		(0.85	)		(1.28	)		(1.15	)
Net realized gains		—			—			—			(1.67	)		(0.14	)		(0.00	)(c)

Total distributions		(0.62	)		(0.89	)		(0.65	)		(2.52	)		(1.42	)		(1.15	)

Net Asset Value, end of period	$	30.74		$	28.31		$	28.71		$	28.29		$	25.65		$	29.47

Total Return (%)		10.90	**(d)		1.88	(d)		3.82			21.77			(8.46	)		10.88

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		938			849			1,543			2,747			3,310			2,668
Ratio of expenses before fee waiver (%)		0.46	*		0.47			0.45			0.45			0.45			0.45
Ratio of expenses after fee waiver (%)		0.46	*		0.47			0.45			0.45			0.45			0.45
Ratio of net investment income (loss) (%)		1.63	*		2.67			2.41			2.95			3.08			4.74
Portfolio turnover rate (%)(e)		6	**		7			11			17			18			13

Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,												Period Ended 5/31/2015(a)
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	29.80		$	30.90		$	30.29		$	25.64		$	29.30		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.16			0.71			0.62			0.73			0.78			0.81
Net realized and unrealized gain (loss)		3.80			(1.13	)		0.63			4.84			(3.15	)		3.49

Total from investment operations		3.96			(0.42	)		1.25			5.57			(2.37	)		4.30

Less distributions from:
Net investment income		(0.79	)		(0.68	)		(0.64	)		(0.92	)		(1.29	)		—

Total distributions		(0.79	)		(0.68	)		(0.64	)		(0.92	)		(1.29	)		—

Net Asset Value, end of period	$	32.97		$	29.80		$	30.90		$	30.29		$	25.64		$	29.30

Total Return (%)		13.48	**(d)		(1.34	)(d)		4.19			22.56			(8.45	)		17.20	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		25			31			42			65			83			22
Ratio of expenses before fee waiver (%)		0.47	*		0.47			0.45			0.45			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.47	*		0.47			0.45			0.45			0.45			0.45	*
Ratio of net investment income (loss) (%)		1.06	*		2.42			2.05			2.76			3.11			6.04	*
Portfolio turnover rate (%)(e)		7	**		5			14			16			22			8	**

(a)	For the period December 10, 2014 (commencement of operations) through May 31, 2015.

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

(c)	Amount represents less than $0.005.

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		90

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	25.77		$	27.93		$	27.87		$	23.40		$	27.34		$	26.51

Income (loss) from investment operations:
Net investment income (loss)(a)		(0.03	)		0.53			0.57			0.40			0.33			1.38
Net realized and unrealized gain (loss)		3.50			(2.02	)		(0.09	)		4.78			(2.93	)		1.93

Total from investment operations		3.47			(1.49	)		0.48			5.18			(2.60	)		3.31

Less distributions from:
Net investment income		(0.59	)		(0.67	)		(0.42	)		(0.71	)		(1.34	)		(2.48	)

Total distributions		(0.59	)		(0.67	)		(0.42	)		(0.71	)		(1.34	)		(2.48	)

Net Asset Value, end of period	$	28.65		$	25.77		$	27.93		$	27.87		$	23.40		$	27.34

Total Return (%)		13.65	**(b)		(5.48	)(b)		1.73			22.93			(9.99	)		13.92

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		19			23			36			66			110			234
Ratio of expenses before fee waiver (%)		0.45	*		0.46			0.45			0.45			0.45			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.46			0.45			0.45			0.45			0.45
Ratio of net investment income (loss) (%)		(0.19	)*		2.03			2.04			1.63			1.37			5.14
Portfolio turnover rate (%)(c)		7	**		11			17			12			16			20

Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	37.95		$	42.95		$	38.65		$	34.32		$	44.54		$	35.43

Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			0.64			0.52			0.53			0.48			0.52
Net realized and unrealized gain (loss)		5.14			(4.24	)		4.69			4.22			(8.44	)		12.49

Total from investment operations		5.47			(3.60	)		5.21			4.75			(7.96	)		13.01

Less distributions from:
Net investment income		(1.09	)		(1.40	)		(0.91	)		(0.42	)		(1.39	)		(3.90	)
Net realized gains		—			—			—			—			(0.87	)		—

Total distributions		(1.09	)		(1.40	)		(0.91	)		(0.42	)		(2.26	)		(3.90	)

Net Asset Value, end of period	$	42.33		$	37.95		$	42.95		$	38.65		$	34.32		$	44.54

Total Return (%)		14.74	**(b)		(8.59	)(b)		13.74			14.08			(18.65	)		39.00

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		305			414			1,153			1,780			1,026			1,263
Ratio of expenses before fee waiver (%)		0.46	*		0.47			0.46			0.45			0.45			0.45
Ratio of expenses after fee waiver (%)		0.46	*		0.47			0.46			0.45			0.45			0.45
Ratio of net investment income (loss) (%)		1.68	*		1.55			1.24			1.50			1.29			1.32
Portfolio turnover rate (%)(c)		6	**		15			12			22			15			14

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		91

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2019, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers MSCI All World ex US Hedged Equity ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

Xtrackers MSCI Germany Hedged Equity ETF

Xtrackers MSCI Japan Hedged Equity ETF

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

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

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


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

The MSCI ACWI ex USA US Dollar Hedged Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

The MSCI EM US Dollar Hedged Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies.

The MSCI Europe US Dollar Hedged Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

The MSCI EMU IMI US Dollar Hedged Index is designed to provide exposure to equity securities from countries in the European Monetary Union, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.

The MSCI Germany US Dollar Hedged Index is designed to provide exposure to German equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.

The MSCI Japan US Dollar Hedged Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

2. Significant Accounting Policies

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

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2019, the Funds did not incur any interest or penalties.

At May 31, 2019, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.


	Short-Term		Long-Term		Total Amount
Xtrackers MSCI All World ex US Hedged Equity ETF	$	—	$	298,214	$	298,214
Xtrackers MSCI Emerging Markets Hedged Equity ETF		10,728,895		8,821,362		19,550,257
Xtrackers MSCI Europe Hedged Equity ETF		—		87,994,169		87,994,169
Xtrackers MSCI Eurozone Hedged Equity ETF		153,945		1,612,237		1,766,182
Xtrackers MSCI Germany Hedged Equity ETF		1,663,914		5,102,843		6,766,757
Xtrackers MSCI Japan Hedged Equity ETF		73,348,721		95,471,260		168,819,981

As of May 31, 2019, 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	$	100,650,715	$	(1,944,029	)	$	9,934,404	$	(11,878,433	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		104,247,681		8,316,152			21,784,355		(13,468,203	)
Xtrackers MSCI Europe Hedged Equity ETF		978,395,279		(94,926,057	)		59,849,464		(154,775,521	)
Xtrackers MSCI Eurozone Hedged Equity ETF		34,338,303		(1,316,273	)		3,734,078		(5,050,351	)
Xtrackers MSCI Germany Hedged Equity ETF		27,394,787		(4,255,280	)		2,459,629		(6,714,909	)
Xtrackers MSCI Japan Hedged Equity ETF		459,390,758		(50,261,543	)		22,967,857		(73,229,400	)

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). Foreign taxes payable as of November 30, 2019, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2019, 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 (0.12% annualized effective rate as of November 30, 2019) 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, 2019, 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, 2019

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	$	1,323,973	$	2,754	$	2,593	$	346,703	$	1,676,023

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,676,023

Xtrackers MSCI Emerging Markets Hedged Equity ETF
Common Stocks	$	993,248	$	8,851	$	2,641	$	603,935	$	1,608,675

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,608,675

Xtrackers MSCI Europe Hedged Equity ETF
Common Stocks	$	12,681,557	$	—	$	—	$	87	$	12,681,644

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	12,681,644

Xtrackers MSCI Eurozone Hedged Equity ETF
Common Stocks	$	652,598	$	—	$	378	$	27,181	$	680,157

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	680,157

Xtrackers MSCI Germany Hedged Equity ETF
Exchange-Traded Funds	$	4,016	$	—	$	—	$	—	$	4,016

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	4,016

Xtrackers MSCI Japan Hedged Equity ETF
Common Stocks	$	910,610	$	—	$	9,002	$	763,781	$	1,683,393

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,683,393

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2019, The Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro and the Japanese yen, respectively.

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

A summary of the open forward currency contracts as of November 30, 2019 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, 2019.

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, 2019, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of November 30, 2019 is included in a table following the Funds’ Schedule of Investments.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


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

	Equity contracts	Unrealized appreciation on futures contracts*	$	60,888	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,180,481	Unrealized depreciation on forward foreign currency contracts		125,296


		Total	$	1,241,369	Total	$	125,296

Xtrackers MSCI Emerging Markets Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	28,970	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,145,224	Unrealized depreciation on forward foreign currency contracts		318,195


		Total	$	1,174,194	Total	$	318,195

Xtrackers MSCI Europe Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	236,247	Unrealized depreciation on futures contracts*	$	12,393

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		9,519,994	Unrealized depreciation on forward foreign currency contracts		518,565


		Total	$	9,756,241	Total	$	530,958

Xtrackers MSCI Eurozone Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	28,776	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		341,553	Unrealized depreciation on forward foreign currency contracts		12,556


		Total	$	370,329	Total	$	12,556

Xtrackers MSCI Germany Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	24,830	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		260,105	Unrealized depreciation on forward foreign currency contracts		9,556


		Total	$	284,935	Total	$	9,556

Xtrackers MSCI Japan Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	366,205	Unrealized depreciation on futures contracts*	$	—

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		4,894,106	Unrealized depreciation on forward foreign currency contracts		380,420


		Total	$	5,260,311		$	380,420

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2019 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	64,722		$	186,615		$	251,337
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(93,365	)		(292,655	)		(386,020	)
Xtrackers MSCI Europe Hedged Equity ETF		1,761,720			11,330,372			13,092,092
Xtrackers MSCI Eurozone Hedged Equity ETF		48,743			527,415			576,158
Xtrackers MSCI Germany Hedged Equity ETF		19,888			421,391			441,279
Xtrackers MSCI Japan Hedged Equity ETF		226,491			(10,094,589	)		(9,868,098	)

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	$	124,184		$	782,138		$	906,322
Xtrackers MSCI Emerging Markets Hedged Equity ETF		67,095			88,885			155,980
Xtrackers MSCI Europe Hedged Equity ETF		263,647			1,415,644			1,679,291
Xtrackers MSCI Eurozone Hedged Equity ETF		42,650			148,056			190,706
Xtrackers MSCI Germany Hedged Equity ETF		34,954			118,869			153,823
Xtrackers MSCI Japan Hedged Equity ETF		887,392			16,829,186			17,716,578

For the period ended November 30, 2019 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	$	2,809,553	$	(98,377,461	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		2,465,306		(99,574,025	)
Xtrackers MSCI Europe Hedged Equity ETF		19,795,059		(848,258,173	)
Xtrackers MSCI Eurozone Hedged Equity ETF		724,107		(26,116,161	)
Xtrackers MSCI Germany Hedged Equity ETF		411,505		(19,817,834	)
Xtrackers MSCI Japan Hedged Equity ETF		8,469,209		(362,543,080	)

As of November 30, 2019, 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 Other expenses 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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:


Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received(a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged		Net Amount of Derivatives Liabilities
Xtrackers MSCI All World ex US Hedged Equity ETF
Citigroup Global Markets	$	137,874	$	(16,980	)	$	—	$	120,894	$	16,980	$	(16,980	)	$	—	$	—
JP Morgan & Chase Co.		524,876		(46,221	)		478,655		—		46,221		(46,221	)		—		—
Morgan Stanley Capital		318,768		(44,712	)		50,000		224,056		44,712		(44,712	)		—		—
RBC Capital Markets		198,963		(17,383	)		181,580		—		17,383		(17,383	)		—		—

	$	1,180,481	$	(125,296	)	$	710,235	$	344,950	$	125,296	$	(125,296	)	$	—	$	—

Xtrackers MSCI Emerging Markets Hedged Equity ETF
Citigroup Global Markets	$	266,146	$	(43,185	)	$	—	$	222,961	$	43,185	$	(43,185	)	$	—	$	—
JP Morgan & Chase Co.		280,694		(172,227	)		—		108,467		172,227		(172,227	)		—		—
Morgan Stanley Capital		521,805		(24,670	)		300,000		197,135		24,670		(24,670	)		—		—
RBC Capital Markets		76,579		(76,579	)		—		—		78,113		(76,579	)		—		1,534

	$	1,145,224	$	(316,661	)	$	300,000	$	528,563	$	318,195	$	(316,661	)	$	—	$	1,534

Xtrackers MSCI Europe Hedged Equity ETF
Citigroup Global Markets	$	171,908	$	(35,348	)	$	136,560	$	—	$	35,348	$	(35,348	)	$	—	$	—
JP Morgan & Chase Co.		2,713,246		(154,434	)		2,558,812		—		154,434		(154,434	)		—		—
Morgan Stanley Capital		1,684,271		(17,556	)		1,666,715		—		17,556		(17,556	)		—		—
RBC Capital Markets		4,950,569		(311,227	)		4,639,342		—		311,227		(311,227	)		—		—

	$	9,519,994	$	(518,565	)	$	9,001,429	$	—	$	518,565	$	(518,565	)	$	—	$	—

Xtrackers MSCI Eurozone Hedged Equity ETF
Citigroup Global Markets	$	8,061	$	(289	)	$	—	$	7,772	$	289	$	(289	)	$	—	$	—
JP Morgan & Chase Co.		241,519		(8,894	)		232,625		—		8,894		(8,894	)		—		—
Morgan Stanley Capital		88,755		—			—		88,755		—		—			—		—
RBC Capital Markets		3,218		(3,218	)		—		—		3,373		(3,218	)		—		155

	$	341,553	$	(12,401	)	$	232,625	$	96,527	$	12,556	$	(12,401	)	$	—	$	155

Xtrackers MSCI Germany Hedged Equity ETF
Citigroup Global Markets	$	93,722	$	(3,466	)	$	—	$	90,256	$	3,466	$	(3,466	)	$	—	$	—
JP Morgan & Chase Co.		16,480		(599	)		—		15,881		599		(599	)		—		—
RBC Capital Markets		149,903		(5,491	)		—		144,412		5,491		(5,491	)		—		—

	$	260,105	$	(9,556	)	$	—	$	250,549	$	9,556	$	(9,556	)	$	—	$	—

Xtrackers MSCI Japan Hedged Equity ETF
Citigroup Global Markets	$	334,684	$	(75,713	)	$	258,971	$	—	$	75,713	$	(75,713	)	$	—	$	—
JP Morgan & Chase Co.		2,063,953		(210,437	)		1,853,516		—		210,437		(210,437	)		—		—
Morgan Stanley Capital		909,893		—			909,893		—		—		—			—		—
RBC Capital Markets		1,585,576		(94,270	)		1,491,306		—		94,270		(94,270	)		—		—

	$	4,894,106	$	(380,420	)	$	4,513,686	$	—	$	380,420	$	(380,420	)	$	—	$	—

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

100

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary management fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

3. Investment Advisory and Other Agreements

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

For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary management fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Management Fee
Xtrackers MSCI All World ex US Hedged Equity ETF		0.40	%
Xtrackers MSCI Emerging Markets Hedged Equity ETF		0.65	%
Xtrackers MSCI Europe Hedged Equity ETF		0.45	%
Xtrackers MSCI Eurozone Hedged Equity ETF		0.45	%
Xtrackers MSCI Germany Hedged Equity ETF		0.45	%
Xtrackers MSCI Japan Hedged Equity ETF		0.45	%

The Advisor for the funds below has contractually agreed to waive a portion of its management fees 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, 2019, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers MSCI All World ex US Hedged Equity ETF	$	833
Xtrackers MSCI Emerging Markets Hedged Equity ETF		575
Xtrackers MSCI Europe Hedged Equity ETF		4,790
Xtrackers MSCI Eurozone Hedged Equity ETF		243
Xtrackers MSCI Germany Hedged Equity ETF		128
Xtrackers MSCI Japan Hedged Equity ETF		2,423

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

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

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

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

101

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

4. Investment Portfolio Transactions

For the period ended November 30, 2019, 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	$	4,730,588	$	4,827,332
Xtrackers MSCI Emerging Markets Hedged Equity ETF		9,748,218		13,000,318
Xtrackers MSCI Europe Hedged Equity ETF		54,979,892		66,384,300
Xtrackers MSCI Eurozone Hedged Equity ETF		1,887,051		1,854,010
Xtrackers MSCI Germany Hedged Equity ETF		1,467,308		1,670,602
Xtrackers MSCI Japan Hedged Equity ETF		22,091,455		29,527,848

For the period ended November 30, 2019, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers MSCI Emerging Markets Hedged Equity ETF	$	634,385	$	4,466,100
Xtrackers MSCI Europe Hedged Equity ETF		91,689,776		72,783,081
Xtrackers MSCI Eurozone Hedged Equity ETF		—		9,123,240
Xtrackers MSCI Germany Hedged Equity ETF		—		6,389,941
Xtrackers MSCI Japan Hedged Equity ETF		—		143,941,149

5. Fund Share Transactions

As of November 30, 2019, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in Emerging Markets

The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

7. 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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2019.


	Pro-rata Share
Xtrackers MSCI All World ex US Hedged Equity ETF	$	9,450,000
Xtrackers MSCI Emerging Markets Hedged Equity ETF		14,700,000

102

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q or Form N-PORT (available for filings after March 31, 2019). Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

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

Discount/Premium Information

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

103

DBX ETF Trust

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

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

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

104

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

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

In June 2016, the United Kingdom approved a referendum to leave the EU, and in March 2017, the United Kingdom initiated its withdrawal from the EU. Significant uncertainty exists regarding the timing of the United Kingdom’s anticipated withdrawal from the EU and the effects such withdrawal will have on the United Kingdom’s economy and on markets in the United Kingdom and throughout the world.

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

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

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

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

Copyright © 2020 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 1002	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-049077-4 (1/20) DBX004202 (1/21)

November 30, 2019

Semi-Annual Report

DBX ETF Trust

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Portfolio Summary		2
Fees and Expenses		3
Schedule of Investments		4
Statement of Assets and Liabilities		18
Statement of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		22
Additional Information		29
Privacy Policy Notice		30

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for our Xtrackers MSCI EAFE Hedged Equity ETF for the period ended November 30, 2019.

The global economy faced headwinds as the economic volatility has increased with trade tension and political instability across the globe intensifying. However, despite this turbulence, the U.S. economy has shown great resilience. The U.S. unemployment rate fell to the lowest level since decades, although partially offset by a retracement in the consumer confidence index. The Federal Reserve Board has cut the interest rate by 0.75% in three successive meetings to a range of 1.5-1.75% to sustain the expansion. The Eurozone slowed down as its economy suffered from persistent external headwinds, a weak manufacturing sector and cooling labor markets. The emerging markets have suffered due to the slump in the global trade and low manufacturing output, and a stronger dollar added to the adversities.

The Eurozone was affected by persistent global risks due to trade tensions and political uncertainties, especially Brexit¹. However, market sentiment towards the Eurozone economy started to turn positive by the end of the reporting period with the industrial output posting an unexpected gain and Germany surprisingly avoiding a technical recession. The unemployment rates inched downward and retail sales picked up because of higher wage growth and government spending. The European Central Bank still decided to cut the interest rates, pushing them further into negative territory, and restart the asset purchase programme to counter the effects of protracted weakness in the region and muted inflation. The U.K. economy is facing multi-year low inflation led by a slowdown in the real estate sector, subdued fixed investments and inventory drawdowns following Brexit uncertainty. However, favorable unemployment rates and increased consumption provided the required stability. Spain’s economy remained stagnant with consumption and government spending inching upward towards the end of the period. The recent election produced a fragmented parliament that is making it difficult for the winning party to gain majority and form the government.

The Japanese economy slowed as private consumption, government consumption and fixed investment growth moderated. Trade tensions between South Korea and Japan have also risen, which is of second-order importance relative to the China/U.S. situation. As a consequence of this, the Bank of Japan kept its monetary policy steady but gave an accommodative guidance despite its interest rates being already in negative territory. The pinch of trade war hit the Chinese economy hard, with GDP² growth sliding to a three-decade low, worsening the business climate. The Australian economy continued to grow supported by government spending; however, the rate of growth remains well below the long run average. The Bank of Australia has left the interest rates unchanged at record low levels and has guided to further ease policy if needed to support growth.

Global economic strength appears to have paved the way for a slow recovery as the leading economic indicators have stabilized. Although future growth might look tepid, a global recession is not expected. With both fiscal and monetary policies directed at tackling the looming risks around the world, a Brexit friendly conservative party likely gaining majority in the upcoming U.K. elections and the likelihood of a US-China trade deal give hope of better times in the future. However, whether markets remain relatively calm, or we do, in fact, witness some episodic volatility, our view is that retaining a diversified approach is right. It takes advantage of the relatively uncorrelated nature of excess returns and mitigates the need to try and time a particular market cycle.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

² GDP provides an economic snapshot of a country, used to estimate the size of an economy by summing he monetary value of all finished goods and services made within a country during a specific period.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

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

Ten Largest Equity Holdings
as of November 30, 2019 (12.0% of Net Assets)



Description	% of Net Assets
Nestle SA (Switzerland)		2.1%
Royal Dutch Shell PLC (Netherlands)		1.5%
Roche Holding AG (Switzerland)		1.5%
Novartis AG (Switzerland)		1.3%
Toyota Motor Corp. (Japan)		1.1%
HSBC Holdings PLC (United Kingdom)		1.0%
SAP SE (Germany)		0.9%
AstraZeneca PLC (United Kingdom)		0.9%
BP PLC (United Kingdom)		0.9%
LVMH Moet Hennessy Louis Vuitton SE (France)		0.8%


*Country Diversification as of November 30, 2019**


Japan			24.9%
United Kingdom			14.5%
France			11.2%
Switzerland			9.6%
Germany			8.6%
Australia			7.0%
Netherlands			4.9%
Hong Kong			3.3%
Spain			2.8%
Sweden			2.4%
Italy			2.1%
Other			8.7%

Total			100.0%


*Sector Diversification as of November 30, 2019**


Financials			18.3%
Industrials			15.1%
Health Care			12.2%
Consumer Discretionary			11.6%
Consumer Staples			11.4%
Information Technology			7.0%
Materials			7.0%
Communication Services			5.3%
Energy			4.8%
Utilities			3.7%
Real Estate			3.6%

Total			100.0%

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

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

DBX ETF Trust

Fees and Expenses (Unaudited)

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual expenses

Hypothetical example for comparison purposes

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


	Beginning Account Value June 1, 2019		Ending Account Value November 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,112.50		0.36	%	$	1.90
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.20		0.36	%	$	1.82

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 96.0%
Australia — 6.8%
AGL Energy Ltd.		223,302	$	3,082,757
Alumina Ltd.		915,196		1,429,979
AMP Ltd.		1,295,731		1,713,426
APA Group (a)		415,237		3,089,530
Aristocrat Leisure Ltd.		207,288		4,755,910
ASX Ltd.		67,138		3,710,627
Aurizon Holdings Ltd.		690,164		2,698,260
AusNet Services		593,726		698,778
Australia & New Zealand Banking Group Ltd.		985,525		16,558,572
Bendigo & Adelaide Bank Ltd.		162,882		1,105,039
BHP Group Ltd.		1,013,808		26,215,832
BHP Group PLC		727,655		16,093,034
BlueScope Steel Ltd.		188,251		1,852,695
Boral Ltd.		409,668		1,424,291
Brambles Ltd.		547,509		4,647,706
Caltex Australia Ltd.		90,416		2,113,599
Challenger Ltd.		190,399		1,048,317
CIMIC Group Ltd.		31,548		717,846
Coca-Cola Amatil Ltd.		187,217		1,441,090
Cochlear Ltd.		19,727		3,122,209
Coles Group Ltd.		389,779		4,286,893
Commonwealth Bank of Australia		609,282		33,307,408
Computershare Ltd.		155,377		1,863,370
Crown Resorts Ltd.		119,772		1,045,888
CSL Ltd.		157,250		30,152,041
Dexus REIT		384,641		3,181,894
Flight Centre Travel Group Ltd.		18,961		564,695
Fortescue Metals Group Ltd.		471,503		3,103,137
Goodman Group REIT		585,232		5,866,511
GPT Group REIT		700,512		2,914,032
Harvey Norman Holdings Ltd. (b)		201,516		586,113
Incitec Pivot Ltd.		564,712		1,233,767
Insurance Australia Group Ltd.		814,130		4,344,846
Lendlease Group (a)		195,149		2,548,897
Macquarie Group Ltd.		111,406		10,402,761
Magellan Financial Group Ltd.		42,756		1,518,019
Medibank Pvt Ltd.		948,546		2,091,605
Mirvac Group REIT		1,400,774		3,193,020
National Australia Bank Ltd.		988,169		17,304,813
Newcrest Mining Ltd.		267,022		5,555,677
Oil Search Ltd.		474,833		2,389,557
Orica Ltd.		131,109		2,108,861
Origin Energy Ltd.		602,741		3,546,938
Qantas Airways Ltd.		210,288		1,038,343
QBE Insurance Group Ltd.		459,038		3,937,056
Ramsay Health Care Ltd.		54,445		2,687,605
REA Group Ltd.		19,704		1,390,888
Santos Ltd.		631,770		3,482,734
Scentre Group REIT		1,843,255		4,912,305
SEEK Ltd.		116,937		1,834,241
Sonic Healthcare Ltd.		148,421		3,023,806
South32 Ltd.		1,769,354		3,231,336
Stockland REIT		808,544		2,761,841
Suncorp Group Ltd.		440,423		3,985,931
Sydney Airport (a)		357,683		2,220,980


	Number of Shares		Value
Australia (Continued)
Tabcorp Holdings Ltd.		682,717	$	2,211,973
Telstra Corp. Ltd.		1,444,139		3,770,509
TPG Telecom Ltd.		127,409		602,394
Transurban Group (a)		934,352		9,701,135
Treasury Wine Estates Ltd.		257,142		3,252,507
Vicinity Centres REIT		1,133,674		2,055,070
Washington H Soul Pattinson & Co. Ltd.		36,884		556,847
Wesfarmers Ltd.		391,383		11,216,673
Westpac Banking Corp.		1,197,742		19,864,946
WiseTech Global Ltd.		45,970		848,247
Woodside Petroleum Ltd.		323,212		7,544,598
Woolworths Group Ltd.		435,196		11,704,016
Worley Ltd.		110,022		1,116,283

				349,582,504

Austria — 0.2%
ANDRITZ AG (b)		24,292		947,393
Erste Group Bank AG*		103,406		3,702,480
OMV AG		53,809		3,067,221
Raiffeisen Bank International AG		55,046		1,292,328
Verbund AG		23,317		1,211,977
voestalpine AG		42,006		1,112,987

				11,334,386

Belgium — 1.0%
Ageas		63,884		3,834,360
Anheuser-Busch InBev SA/NV (b)		264,645		20,954,388
Colruyt SA		18,843		975,689
Galapagos NV*		14,914		2,938,642
Groupe Bruxelles Lambert SA		27,766		2,817,323
KBC Group NV (b)		85,261		6,212,669
Proximus SADP (b)		55,357		1,669,820
Solvay SA		25,536		2,925,835
Telenet Group Holding NV*		17,021		768,084
UCB SA		43,489		3,524,397
Umicore SA		69,696		2,993,046

				49,614,253

Chile — 0.0%
Antofagasta PLC		135,221		1,518,029

China — 0.1%
BeiGene Ltd., ADR*(b)		12,610		2,563,487
Yangzijiang Shipbuilding Holdings Ltd.		873,200		657,597

				3,221,084

Denmark — 1.8%
A.P. Moller — Maersk A/S, Class A		1,178		1,529,362
A.P. Moller — Maersk A/S, Class B		2,383		3,330,248
Carlsberg A/S, Class B		37,287		5,363,707
Chr Hansen Holding A/S		36,641		2,782,341
Coloplast A/S, Class B		41,625		4,917,349
Danske Bank A/S		218,296		2,947,049
Demant A/S*		39,719		1,215,212
DSV PANALPINA A/S		75,828		8,255,761
Genmab A/S*		22,182		5,167,656


See Notes to Financial Statements.		4

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Denmark (Continued)
H Lundbeck A/S		22,521	$	862,706
ISS A/S		61,011		1,400,210
Novo Nordisk A/S, Class B		612,555		34,429,744
Novozymes A/S, Class B		74,835		3,575,078
Orsted A/S, 144A		66,278		6,107,806
Pandora A/S		36,477		1,468,309
Tryg A/S		42,196		1,213,226
Vestas Wind Systems A/S		65,249		6,209,243

				90,775,007

Finland — 1.0%
Elisa OYJ		48,183		2,575,068
Fortum OYJ		151,993		3,581,773
Kone OYJ, Class B		117,587		7,360,786
Metso OYJ		36,910		1,415,099
Neste OYJ		146,763		4,960,616
Nokia OYJ		1,944,947		6,881,440
Nokian Renkaat OYJ		43,283		1,171,142
Nordea Bank Abp		1,106,218		7,833,952
Nordea Bank Abp		15,341		108,708
Orion OYJ, Class B		34,753		1,512,353
Sampo OYJ, Class A		153,414		6,202,899
Stora Enso OYJ, Class R		199,935		2,687,276
UPM-Kymmene OYJ		181,130		6,050,388
Wartsila OYJ Abp		148,783		1,497,521

				53,839,021

France — 10.8%
Accor SA		64,857		2,774,520
Aeroports de Paris		9,975		1,950,630
Air Liquide SA		164,792		22,339,908
Airbus SE		200,673		29,492,285
Alstom SA		66,140		2,884,056
Amundi SA, 144A		20,008		1,514,342
Arkema SA		23,440		2,428,993
Atos SE		32,534		2,762,758
AXA SA		663,631		18,055,077
BioMerieux		13,706		1,238,948
BNP Paribas SA		386,170		21,684,869
Bollore SA		299,431		1,279,947
Bouygues SA		76,403		3,121,144
Bureau Veritas SA		98,372		2,575,026
Capgemini SE		54,685		6,467,462
Carrefour SA		200,308		3,305,779
Casino Guichard Perrachon SA (b)		20,756		913,304
Cie de Saint-Gobain		168,150		6,807,974
Cie Generale des Etablissements Michelin SCA		58,194		6,981,837
CNP Assurances		54,713		1,080,170
Covivio REIT		16,822		1,860,694
Credit Agricole SA		392,083		5,362,760
Danone SA		215,419		17,733,094
Dassault Aviation SA		824		1,121,135
Dassault Systemes SE		44,823		7,061,559
Edenred		84,155		4,176,749
Eiffage SA		26,615		2,905,787
Electricite de France SA		216,235		2,221,222


	Number of Shares		Value
France (Continued)
Engie SA		624,192	$	9,874,981
EssilorLuxottica SA		99,018		15,381,437
Eurazeo SE		12,090		823,815
Eutelsat Communications SA		59,370		973,925
Faurecia SE		25,073		1,329,768
Gecina SA REIT		16,745		2,892,643
Getlink SE		158,091		2,666,527
Hermes International		10,731		8,039,199
ICADE REIT		10,957		1,096,681
Iliad SA (b)		8,840		1,125,345
Ingenico Group SA		20,697		2,208,592
Ipsen SA		12,391		1,399,245
JCDecaux SA		25,427		728,337
Kering SA		26,023		15,673,648
Klepierre SA REIT		70,558		2,531,790
Legrand SA		89,879		7,097,737
L’Oreal SA		86,688		24,706,945
LVMH Moet Hennessy Louis Vuitton SE		96,652		43,369,948
Natixis SA		301,615		1,260,374
Orange SA (b)		687,984		11,369,287
Pernod Ricard SA		74,536		13,688,798
Peugeot SA		207,645		5,014,477
Publicis Groupe SA		74,765		3,289,804
Remy Cointreau SA		7,683		989,484
Renault SA		64,333		3,079,904
Safran SA		114,197		18,676,631
Sanofi		387,680		36,094,842
Sartorius Stedim Biotech		9,454		1,500,871
Schneider Electric SE		191,760		18,506,563
SCOR SE		54,518		2,341,838
SEB SA		8,371		1,300,350
Societe Generale SA		276,502		8,700,017
Sodexo SA		31,016		3,615,223
Suez		125,115		1,851,871
Teleperformance		19,755		4,679,281
Thales SA		36,935		3,618,272
TOTAL SA		825,989		43,352,052
Ubisoft Entertainment SA*		29,956		1,818,440
Unibail-Rodamco-Westfield REIT		33,128		5,178,945
Unibail-Rodamco-Westfield CDI		299,642		2,344,983
Valeo SA		82,034		3,231,879
Veolia Environnement SA		182,290		4,667,267
Vinci SA		176,060		19,198,699
Vivendi SA		304,064		8,347,889
Wendel SA		9,050		1,219,379
Worldline SA, 144A*		34,881		2,257,670

				555,217,682

Germany — 7.8%
adidas AG		62,126		19,352,615
Allianz SE		146,138		34,993,425
Axel Springer SE		15,617		1,075,329
BASF SE		315,428		23,706,946
Bayer AG		321,504		24,333,622
Bayerische Motoren Werke AG		113,832		9,192,465
Beiersdorf AG		34,274		3,996,863


See Notes to Financial Statements.		5

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Germany (Continued)
Brenntag AG		53,647	$	2,861,173
Carl Zeiss Meditec AG		13,698		1,675,112
Commerzbank AG		346,614		2,008,991
Continental AG		37,489		4,898,377
Covestro AG, 144A		60,905		2,851,711
Daimler AG		310,645		17,522,577
Delivery Hero SE, 144A*		39,109		2,068,148
Deutsche Bank AG (c)		677,242		4,882,597
Deutsche Boerse AG		64,908		9,957,655
Deutsche Lufthansa AG		82,834		1,571,468
Deutsche Post AG		340,418		12,691,312
Deutsche Telekom AG		1,150,962		19,319,487
Deutsche Wohnen SE		124,090		4,846,371
E.ON SE		764,370		7,998,332
Evonik Industries AG		66,723		1,936,221
Fraport AG Frankfurt Airport Services Worldwide		14,278		1,216,250
Fresenius Medical Care AG & Co. KGaA		74,334		5,450,853
Fresenius SE & Co. KGaA		142,701		7,804,093
GEA Group AG		57,204		1,838,343
Hannover Rueck SE		21,032		3,904,308
HeidelbergCement AG		51,120		3,779,001
Henkel AG & Co. KGaA		37,125		3,591,076
HOCHTIEF AG		8,596		1,055,929
Infineon Technologies AG		429,795		9,180,324
KION Group AG		24,794		1,644,943
Knorr-Bremse AG		15,806		1,537,262
LANXESS AG		30,699		2,046,177
Merck KGaA		45,209		5,279,520
METRO AG		58,699		945,780
MTU Aero Engines AG		17,675		4,788,303
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		49,825		14,304,918
Puma SE		29,252		2,197,878
RWE AG		204,310		6,057,131
SAP SE		339,210		46,145,453
Siemens AG		264,099		34,077,009
Siemens Healthineers AG, 144A		50,896		2,468,296
Symrise AG		44,743		4,339,791
Telefonica Deutschland Holding AG		353,666		1,079,676
thyssenkrupp AG (b)		138,462		1,735,947
TUI AG		150,494		2,070,013
Uniper SE		69,601		2,246,709
United Internet AG		42,122		1,426,980
Volkswagen AG		11,068		2,111,326
Vonovia SE		180,202		9,388,421
Wirecard AG (b)		40,426		5,335,575
Zalando SE, 144A*		46,626		2,008,485

				404,796,567

Hong Kong — 3.2%
AIA Group Ltd.		4,170,668		41,770,348
ASM Pacific Technology Ltd.		112,451		1,468,117
Bank of East Asia Ltd. (b)		410,940		927,076
BOC Hong Kong Holdings Ltd.		1,289,728		4,382,543
Budweiser Brewing Co. APAC Ltd., 144A*		415,000		1,479,104


	Number of Shares		Value
Hong Kong (Continued)
CK Asset Holdings Ltd.		893,799	$	5,943,018
CK Hutchison Holdings Ltd.		932,591		8,470,465
CK Infrastructure Holdings Ltd.		214,818		1,454,430
CLP Holdings Ltd.		567,288		5,848,218
Dairy Farm International Holdings Ltd.		130,600		764,010
Galaxy Entertainment Group Ltd.		769,232		5,031,225
Hang Lung Properties Ltd.		666,417		1,365,516
Hang Seng Bank Ltd. (b)		264,421		5,391,073
Henderson Land Development Co. Ltd.		513,275		2,468,661
HK Electric Investments & HK Electric Investments Ltd. (a)		1,004,179		983,904
HKT Trust & HKT Ltd. (a)		1,359,003		1,993,007
Hong Kong & China Gas Co. Ltd.		3,532,975		6,733,732
Hong Kong Exchanges & Clearing Ltd.		413,885		13,069,969
Hongkong Land Holdings Ltd.		417,900		2,298,450
Jardine Matheson Holdings Ltd.		75,457		4,242,193
Jardine Strategic Holdings Ltd.		79,487		2,523,712
Kerry Properties Ltd.		221,989		716,043
Link REIT		734,478		7,506,115
Melco Resorts & Entertainment Ltd., ADR		66,994		1,425,632
MTR Corp. Ltd.		513,658		2,880,613
New World Development Co. Ltd.		2,151,198		2,808,521
NWS Holdings Ltd.		514,475		690,081
PCCW Ltd.		1,293,615		779,998
Power Assets Holdings Ltd.		508,877		3,539,624
Sino Land Co. Ltd.		1,027,553		1,541,057
SJM Holdings Ltd. (b)		677,246		690,392
Sun Hung Kai Properties Ltd.		559,903		8,146,723
Swire Pacific Ltd., Class A		176,870		1,591,775
Swire Properties Ltd.		408,304		1,270,074
Techtronic Industries Co. Ltd.		470,904		3,540,179
Vitasoy International Holdings Ltd.		288,632		1,109,832
WH Group Ltd., 144A		3,317,058		3,406,870
Wharf Real Estate Investment Co. Ltd.		408,743		2,268,749
Wheelock & Co. Ltd.		292,516		1,817,937
Yue Yuen Industrial Holdings Ltd.		242,881		718,275

				165,057,261

Ireland — 0.9%
AerCap Holdings NV*		43,241		2,672,726
AIB Group PLC		282,016		922,771
Bank of Ireland Group PLC		324,353		1,629,470
CRH PLC		280,961		10,750,149
DCC PLC		33,697		2,879,901
Experian PLC		316,707		10,498,387
Flutter Entertainment PLC*		26,493		3,035,485
James Hardie Industries PLC CDI		152,548		2,988,194
Kerry Group PLC, Class A		55,185		7,076,812
Kingspan Group PLC		52,491		2,829,013
Smurfit Kappa Group PLC		74,838		2,654,860

				47,937,768


See Notes to Financial Statements.		6

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Isle of Man — 0.0%
GVC Holdings PLC		188,314	$	2,074,123

Israel — 0.6%
Azrieli Group Ltd.		14,545		1,134,507
Bank Hapoalim BM		399,318		3,220,371
Bank Leumi Le-Israel BM		534,936		3,880,062
Check Point Software Technologies Ltd.*(b)		42,356		4,992,925
CyberArk Software Ltd.*		12,361		1,514,841
Elbit Systems Ltd.		8,559		1,417,943
Israel Chemicals Ltd.		241,624		1,133,161
Israel Discount Bank Ltd., Class A		407,027		1,873,731
Mizrahi Tefahot Bank Ltd.		49,399		1,320,092
Nice Ltd.*		21,413		3,246,774
Teva Pharmaceutical Industries Ltd., ADR*		361,714		3,769,060
Wix.com Ltd.*		16,259		1,965,550

				29,469,017

Italy — 2.0%
Assicurazioni Generali SpA		380,341		7,764,477
Atlantia SpA		173,747		3,851,314
Davide Campari-Milano SpA		191,930		1,751,859
Enel SpA		2,824,814		21,336,556
Eni SpA		878,148		13,267,696
Ferrari NV		41,783		7,061,364
FinecoBank Banca Fineco SpA		220,425		2,734,405
Intesa Sanpaolo SpA		5,052,738		12,805,975
Leonardo SpA		142,735		1,669,222
Mediobanca Banca di Credito Finanziario SpA (b)		206,831		2,312,839
Moncler SpA		60,690		2,659,110
Pirelli & C SpA, 144A		151,284		858,349
Poste Italiane SpA, 144A		188,472		2,198,905
Prysmian SpA		81,609		1,860,211
Recordati SpA		38,669		1,621,845
Snam SpA		705,789		3,508,388
Telecom Italia SpA*		3,241,791		2,029,317
Telecom Italia SpA-RSP		2,271,061		1,398,635
Terna Rete Elettrica Nazionale SpA		491,049		3,153,966
UniCredit SpA		703,282		9,733,117

				103,577,550

Japan — 24.0%
ABC-Mart, Inc.		11,100		739,290
Acom Co. Ltd.		123,200		511,012
Advantest Corp.		66,200		3,235,759
Aeon Co. Ltd.		227,600		4,643,285
AEON Financial Service Co. Ltd.		33,800		511,069
Aeon Mall Co. Ltd.		33,900		544,791
AGC, Inc.		62,100		2,266,589
Air Water, Inc.		46,000		738,824
Aisin Seiki Co. Ltd.		55,654		2,105,044
Ajinomoto Co., Inc.		157,747		2,628,756
Alfresa Holdings Corp.		69,000		1,425,325
Alps Alpine Co. Ltd.		69,056		1,558,973
Amada Holdings Co. Ltd.		110,300		1,229,419
ANA Holdings, Inc.		34,100		1,161,123


	Number of Shares		Value
Japan (Continued)
Aozora Bank Ltd.		42,200	$	1,074,904
Asahi Group Holdings Ltd.		123,265		5,930,414
Asahi Intecc Co. Ltd.		68,200		1,987,648
Asahi Kasei Corp.		428,300		4,811,063
Astellas Pharma, Inc.		656,732		11,205,034
Bandai Namco Holdings, Inc.		69,500		4,214,257
Bank of Kyoto Ltd.		21,400		882,746
Benesse Holdings, Inc.		27,800		733,511
Bridgestone Corp.		194,276		7,765,360
Brother Industries Ltd.		76,600		1,518,633
Calbee, Inc.		29,700		956,489
Canon, Inc.		345,686		9,569,491
Casio Computer Co. Ltd.		64,700		1,233,648
Central Japan Railway Co.		50,754		10,245,394
Chiba Bank Ltd.		177,000		1,009,072
Chubu Electric Power Co., Inc.		225,700		3,146,665
Chugai Pharmaceutical Co. Ltd.		77,400		6,758,843
Chugoku Electric Power Co., Inc.		107,500		1,421,155
Coca-Cola Bottlers Japan Holdings, Inc.		40,054		962,057
Concordia Financial Group Ltd.		368,115		1,493,244
Credit Saison Co. Ltd.		59,000		975,652
CyberAgent, Inc.		35,000		1,208,716
Dai Nippon Printing Co. Ltd.		87,600		2,342,563
Daicel Corp.		74,700		734,340
Daifuku Co. Ltd.		35,021		2,038,132
Dai-ichi Life Holdings, Inc.		366,938		5,910,298
Daiichi Sankyo Co. Ltd.		195,331		12,245,775
Daikin Industries Ltd.		85,788		12,340,524
Daito Trust Construction Co. Ltd.		24,613		3,009,867
Daiwa House Industry Co. Ltd.		194,536		5,952,228
Daiwa House REIT Investment Corp. REIT		590		1,613,869
Daiwa Securities Group, Inc.		565,787		2,868,867
Denso Corp.		151,053		6,745,668
Dentsu, Inc.		73,900		2,680,398
Disco Corp.		9,100		1,963,748
East Japan Railway Co.		104,453		9,609,810
Eisai Co. Ltd.		86,952		6,442,654
Electric Power Development Co. Ltd.		50,032		1,199,890
FamilyMart Co. Ltd.		88,168		2,081,459
FANUC Corp.		67,017		12,799,693
Fast Retailing Co. Ltd.		20,117		12,257,117
Fuji Electric Co. Ltd.		47,500		1,462,473
FUJIFILM Holdings Corp.		122,154		5,772,057
Fujitsu Ltd.		68,202		6,200,522
Fukuoka Financial Group, Inc.		58,400		1,112,457
GMO Payment Gateway, Inc.		14,600		1,035,092
Hakuhodo DY Holdings, Inc.		86,059		1,390,876
Hamamatsu Photonics KK		48,100		1,948,961
Hankyu Hanshin Holdings, Inc.		79,240		3,402,567
Hikari Tsushin, Inc.		7,300		1,702,033
Hino Motors Ltd.		103,200		1,009,796
Hirose Electric Co. Ltd.		11,266		1,385,413
Hisamitsu Pharmaceutical Co., Inc.		14,600		716,294
Hitachi Chemical Co. Ltd.		36,100		1,299,475


See Notes to Financial Statements.		7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Hitachi Construction Machinery Co. Ltd.		34,600	$	912,298
Hitachi High-Technologies Corp.		24,600		1,604,714
Hitachi Ltd.		332,801		13,074,271
Hitachi Metals Ltd.		65,200		912,580
Honda Motor Co. Ltd.		567,399		15,898,888
Hoshizaki Corp.		18,100		1,582,541
Hoya Corp.		133,974		12,227,859
Hulic Co. Ltd.		110,900		1,247,251
Idemitsu Kosan Co. Ltd.		67,484		1,842,238
IHI Corp.		51,800		1,208,217
Iida Group Holdings Co. Ltd.		50,500		897,378
Inpex Corp.		343,217		3,352,053
Isetan Mitsukoshi Holdings Ltd.		109,800		978,073
Isuzu Motors Ltd.		186,400		2,180,670
ITOCHU Corp.		459,254		10,019,630
Itochu Techno-Solutions Corp.		33,400		891,948
J. Front Retailing Co. Ltd.		88,000		1,156,128
Japan Airlines Co. Ltd.		39,573		1,229,979
Japan Airport Terminal Co. Ltd. (b)		21,700		1,128,071
Japan Exchange Group, Inc.		173,878		2,956,347
Japan Post Bank Co. Ltd.		153,658		1,488,077
Japan Post Holdings Co. Ltd.		549,813		5,168,860
Japan Post Insurance Co. Ltd.		77,700		1,336,706
Japan Prime Realty Investment Corp. REIT		263		1,197,803
Japan Real Estate Investment Corp. REIT		446		3,035,677
Japan Retail Fund Investment Corp. REIT		935		2,129,601
Japan Tobacco, Inc.		415,641		9,472,536
JFE Holdings, Inc.		168,885		2,152,433
JGC Holdings Corp.		83,900		1,219,541
JSR Corp.		64,400		1,139,672
JTEKT Corp.		71,500		888,402
JXTG Holdings, Inc.		1,101,928		4,898,800
Kajima Corp.		166,200		2,191,098
Kakaku.com, Inc.		49,300		1,189,542
Kamigumi Co. Ltd.		34,200		758,021
Kansai Electric Power Co., Inc.		229,467		2,616,370
Kansai Paint Co. Ltd.		64,200		1,617,684
Kao Corp.		168,404		13,250,151
Kawasaki Heavy Industries Ltd.		51,400		1,154,275
KDDI Corp.		611,633		17,540,688
Keihan Holdings Co. Ltd.		34,300		1,676,534
Keikyu Corp.		75,850		1,559,895
Keio Corp.		35,060		2,248,606
Keisei Electric Railway Co. Ltd.		46,528		1,917,147
Keyence Corp.		62,870		21,505,210
Kikkoman Corp.		50,382		2,531,643
Kintetsu Group Holdings Co. Ltd.		55,240		3,123,983
Kirin Holdings Co. Ltd.		286,123		6,333,891
Kobayashi Pharmaceutical Co. Ltd.		17,400		1,427,546
Koito Manufacturing Co. Ltd.		34,600		1,782,870
Komatsu Ltd.		317,773		7,452,590
Konami Holdings Corp.		30,566		1,346,015
Konica Minolta, Inc.		156,900		1,027,795


	Number of Shares		Value
Japan (Continued)
Kose Corp.		11,000	$	1,751,679
Kubota Corp.		362,081		5,585,618
Kuraray Co. Ltd.		110,000		1,329,588
Kurita Water Industries Ltd.		34,600		967,302
Kyocera Corp.		109,600		7,456,865
Kyowa Kirin Co. Ltd.		83,400		1,770,026
Kyushu Electric Power Co., Inc.		135,200		1,190,743
Kyushu Railway Co.		58,676		1,996,876
Lawson, Inc.		17,500		952,903
LINE Corp.*(b)		20,547		966,763
Lion Corp.		80,800		1,627,737
LIXIL Group Corp.		96,000		1,622,585
M3, Inc.		150,742		4,145,388
Makita Corp.		78,700		2,602,841
Marubeni Corp.		539,600		3,984,329
Marui Group Co. Ltd.		70,196		1,689,245
Maruichi Steel Tube Ltd.		16,800		483,486
Mazda Motor Corp.		202,400		1,793,687
McDonald’s Holdings Co. Japan Ltd.		22,822		1,128,016
Mebuki Financial Group, Inc.		324,950		840,170
Medipal Holdings Corp.		57,600		1,235,620
MEIJI Holdings Co. Ltd.		38,590		2,623,083
Mercari, Inc.*		22,800		502,848
MINEBEA MITSUMI, Inc.		128,820		2,499,782
MISUMI Group, Inc.		98,100		2,428,861
Mitsubishi Chemical Holdings Corp.		411,700		3,053,098
Mitsubishi Corp.		467,825		12,249,659
Mitsubishi Electric Corp.		647,479		8,941,250
Mitsubishi Estate Co. Ltd.		407,151		7,463,784
Mitsubishi Gas Chemical Co., Inc.		64,300		1,005,725
Mitsubishi Heavy Industries Ltd.		110,899		4,243,251
Mitsubishi Materials Corp.		40,900		1,092,610
Mitsubishi Motors Corp.		256,600		1,148,728
Mitsubishi Tanabe Pharma Corp.		86,474		1,582,453
Mitsubishi UFJ Financial Group, Inc.		4,254,252		22,469,353
Mitsubishi UFJ Lease & Finance Co. Ltd.		139,100		893,402
Mitsui & Co. Ltd.		572,060		10,136,681
Mitsui Chemicals, Inc.		67,700		1,622,375
Mitsui Fudosan Co. Ltd.		308,926		7,685,400
Mitsui OSK Lines Ltd.		41,900		1,098,652
Mizuho Financial Group, Inc.		8,371,780		12,941,439
MonotaRO Co. Ltd.		44,600		1,255,018
MS&AD Insurance Group Holdings, Inc.		160,721		5,199,516
Murata Manufacturing Co. Ltd.		198,977		11,532,685
Nabtesco Corp.		43,225		1,326,901
Nagoya Railroad Co. Ltd.		63,440		2,019,902
NEC Corp.		85,059		3,399,873
Nexon Co. Ltd.*		171,145		2,334,471
NGK Insulators Ltd.		100,100		1,650,729
NGK Spark Plug Co. Ltd.		59,300		1,187,029
NH Foods Ltd.		27,896		1,169,820
Nidec Corp.		76,773		11,355,853
Nikon Corp.		110,200		1,511,216
Nintendo Co. Ltd.		38,571		14,923,776
Nippon Building Fund, Inc. REIT		465		3,492,120


See Notes to Financial Statements.		8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Nippon Express Co. Ltd.		30,800	$	1,952,876
Nippon Paint Holdings Co. Ltd.		50,442		2,691,346
Nippon Prologis REIT, Inc. REIT (b)		686		1,840,740
Nippon Shinyaku Co. Ltd.		15,800		1,426,193
Nippon Steel Corp.		278,609		4,086,673
Nippon Telegraph & Telephone Corp.		223,151		11,268,152
Nippon Yusen KK		50,300		863,494
Nissan Chemical Corp.		39,749		1,574,272
Nissan Motor Co. Ltd.		794,842		4,929,320
Nisshin Seifun Group, Inc.		73,400		1,378,744
Nissin Foods Holdings Co. Ltd.		21,000		1,573,249
Nitori Holdings Co. Ltd.		27,601		4,324,674
Nitto Denko Corp.		55,924		3,137,119
Nomura Holdings, Inc.		1,160,954		5,947,165
Nomura Real Estate Holdings, Inc.		41,136		994,059
Nomura Real Estate Master Fund, Inc. REIT		1,311		2,393,110
Nomura Research Institute Ltd.		119,243		2,515,482
NSK Ltd.		129,400		1,250,790
NTT Data Corp.		214,434		2,922,987
NTT DOCOMO, Inc.		462,789		12,697,048
Obayashi Corp.		226,400		2,399,379
Obic Co. Ltd.		21,700		2,880,645
Odakyu Electric Railway Co. Ltd.		100,450		2,469,608
Oji Holdings Corp.		318,568		1,819,058
Olympus Corp.		402,616		5,973,673
Omron Corp.		64,892		3,812,120
Ono Pharmaceutical Co. Ltd.		125,906		2,823,985
Oracle Corp.		12,800		1,177,616
Oriental Land Co. Ltd.		69,100		9,561,185
ORIX Corp.		454,846		7,448,828
Orix JREIT, Inc. REIT		900		1,979,170
Osaka Gas Co. Ltd.		128,800		2,414,669
Otsuka Corp.		35,000		1,402,174
Otsuka Holdings Co. Ltd.		136,067		5,934,712
Pan Pacific International Holdings Corp.		154,272		2,500,375
Panasonic Corp.		747,385		7,046,744
Park24 Co. Ltd.		37,400		903,778
PeptiDream, Inc.*		31,200		1,433,795
Persol Holdings Co. Ltd.		63,400		1,165,997
Pigeon Corp.		38,700		1,799,671
Pola Orbis Holdings, Inc.		28,100		692,648
Rakuten, Inc.		284,286		2,464,825
Recruit Holdings Co. Ltd.		470,553		17,032,854
Renesas Electronics Corp.*		240,100		1,564,034
Resona Holdings, Inc.		730,125		3,095,802
Ricoh Co. Ltd.		237,800		2,448,500
Rinnai Corp.		11,300		867,206
Rohm Co. Ltd.		33,100		2,782,148
Ryohin Keikaku Co. Ltd.		83,200		1,895,003
Sankyo Co. Ltd.		20,900		706,500
Santen Pharmaceutical Co. Ltd.		126,151		2,362,702
SBI Holdings, Inc.		80,025		1,661,841
Secom Co. Ltd.		72,900		6,198,715
Sega Sammy Holdings, Inc.		59,600		859,791
Seibu Holdings, Inc.		70,900		1,249,519


	Number of Shares		Value
Japan (Continued)
Seiko Epson Corp.		107,359	$	1,634,097
Sekisui Chemical Co. Ltd.		131,000		2,279,978
Sekisui House Ltd.		217,151		4,691,993
Seven & i Holdings Co. Ltd.		259,176		9,656,203
Seven Bank Ltd.		185,800		575,453
SG Holdings Co. Ltd.		49,300		1,182,786
Sharp Corp.		73,673		1,113,290
Shimadzu Corp.		77,400		2,330,026
Shimamura Co. Ltd.		8,500		681,833
Shimano, Inc.		24,294		3,928,590
Shimizu Corp.		185,700		1,778,024
Shin-Etsu Chemical Co. Ltd.		125,404		13,416,297
Shinsei Bank Ltd.		67,100		1,056,263
Shionogi & Co. Ltd.		91,995		5,411,026
Shiseido Co. Ltd.		137,657		9,941,790
Shizuoka Bank Ltd.		169,500		1,289,968
Showa Denko KK (b)		49,700		1,327,240
SMC Corp.		19,782		8,966,105
Softbank Corp.		578,500		7,853,922
SoftBank Group Corp.		542,728		21,088,321
Sohgo Security Services Co. Ltd.		24,600		1,278,827
Sompo Holdings, Inc.		116,835		4,607,006
Sony Corp.		440,616		27,792,361
Sony Financial Holdings, Inc.		55,000		1,276,324
Square Enix Holdings Co. Ltd.		29,400		1,453,145
Stanley Electric Co. Ltd.		42,900		1,187,584
Subaru Corp.		215,734		5,649,824
SUMCO Corp.		78,400		1,211,223
Sumitomo Chemical Co. Ltd.		507,322		2,289,681
Sumitomo Corp.		410,776		6,188,567
Sumitomo Dainippon Pharma Co. Ltd.		58,800		1,110,407
Sumitomo Electric Industries Ltd.		251,500		3,754,520
Sumitomo Heavy Industries Ltd.		35,000		1,000,868
Sumitomo Metal Mining Co. Ltd.		81,900		2,481,206
Sumitomo Mitsui Financial Group, Inc.		460,915		16,797,679
Sumitomo Mitsui Trust Holdings, Inc.		110,281		4,218,597
Sumitomo Realty & Development Co. Ltd.		115,003		4,007,322
Sumitomo Rubber Industries Ltd.		52,500		667,192
Sundrug Co. Ltd.		26,400		926,189
Suntory Beverage & Food Ltd.		46,600		2,022,292
Suzuken Co. Ltd.		25,110		1,097,724
Suzuki Motor Corp.		125,226		5,555,685
Sysmex Corp.		58,807		4,076,275
T&D Holdings, Inc.		196,500		2,312,293
Taiheiyo Cement Corp.		41,100		1,188,447
Taisei Corp.		71,915		2,821,935
Taisho Pharmaceutical Holdings Co. Ltd.		14,734		1,087,668
Taiyo Nippon Sanso Corp.		46,400		1,033,089
Takeda Pharmaceutical Co. Ltd.		520,711		21,193,801
TDK Corp.		44,224		4,650,480
Teijin Ltd.		59,704		1,123,115
Terumo Corp.		228,344		8,013,058
THK Co. Ltd.		41,428		1,163,867


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Tobu Railway Co. Ltd.		65,279	$	2,388,583
Toho Co. Ltd.		38,600		1,567,557
Toho Gas Co. Ltd.		27,128		1,024,844
Tohoku Electric Power Co., Inc.		145,613		1,443,425
Tokio Marine Holdings, Inc.		220,950		12,014,932
Tokyo Century Corp.		16,800		896,368
Tokyo Electric Power Co. Holdings, Inc.*		530,400		2,325,997
Tokyo Electron Ltd.		54,164		11,183,650
Tokyo Gas Co. Ltd.		133,780		3,232,207
Tokyu Corp.		174,710		3,446,155
Tokyu Fudosan Holdings Corp.		180,700		1,239,831
Toppan Printing Co. Ltd.		84,789		1,686,407
Toray Industries, Inc.		460,943		3,048,949
Toshiba Corp.		178,416		6,406,056
Tosoh Corp.		91,040		1,355,764
TOTO Ltd.		45,115		1,974,335
Toyo Seikan Group Holdings Ltd.		50,600		881,588
Toyo Suisan Kaisha Ltd.		34,300		1,479,110
Toyoda Gosei Co. Ltd.		27,700		647,105
Toyota Industries Corp.		51,600		3,031,273
Toyota Motor Corp.		791,664		55,243,978
Toyota Tsusho Corp.		70,911		2,478,046
Trend Micro, Inc.		41,376		2,234,089
Tsuruha Holdings, Inc.		11,900		1,416,628
Unicharm Corp.		137,900		4,516,664
United Urban Investment Corp. REIT (b)		1,001		1,947,951
USS Co. Ltd.		71,200		1,380,352
Welcia Holdings Co. Ltd.		16,400		1,005,381
West Japan Railway Co.		56,506		4,975,089
Yakult Honsha Co. Ltd.		41,579		2,438,785
Yamada Denki Co. Ltd.		219,500		1,094,943
Yamaha Corp.		47,881		2,637,819
Yamaha Motor Co. Ltd.		98,374		2,055,469
Yamato Holdings Co. Ltd.		109,071		1,865,432
Yamazaki Baking Co. Ltd.		44,400		814,132
Yaskawa Electric Corp.		86,020		3,159,293
Yokogawa Electric Corp.		79,344		1,451,976
Yokohama Rubber Co. Ltd.		34,304		706,734
Z Holdings Corp.		943,200		3,248,699
ZOZO, Inc. (b)		37,497		746,480

				1,237,252,072

Luxembourg — 0.3%
ArcelorMittal SA		232,644		3,979,889
Aroundtown SA		315,975		2,743,802
Eurofins Scientific SE (b)		3,908		2,051,976
Millicom International Cellular SA SDR (b)		27,347		1,223,144
SES SA		125,139		1,660,593
Tenaris SA		161,659		1,719,020

				13,378,424

Macau — 0.1%
Sands China Ltd.		822,690		3,888,520
Wynn Macau Ltd.		542,412		1,193,188

				5,081,708


	Number of Shares		Value
Netherlands — 4.7%
ABN AMRO Bank NV, 144A		154,797	$	2,641,664
Adyen NV, 144A*		3,711		2,846,352
Aegon NV		592,010		2,668,876
Akzo Nobel NV		78,186		7,487,078
Altice Europe NV*		228,360		1,359,059
ASML Holding NV		147,614		40,168,734
EXOR NV		37,001		2,830,654
Heineken Holding NV		38,857		3,724,364
Heineken NV		89,035		9,224,377
ING Groep NV		1,335,346		15,364,708
Koninklijke Ahold Delhaize NV		415,856		10,713,811
Koninklijke DSM NV		61,291		7,853,081
Koninklijke KPN NV		1,212,529		3,735,020
Koninklijke Philips NV		313,629		14,562,164
Koninklijke Vopak NV		23,107		1,231,864
NN Group NV		107,252		4,116,681
NXP Semiconductors NV		97,966		11,322,910
Prosus NV*		171,177		11,667,805
QIAGEN NV*		81,627		3,494,623
Randstad NV		42,460		2,472,696
Royal Dutch Shell PLC, Class A		1,480,696		42,341,959
Royal Dutch Shell PLC, Class B		1,290,910		36,555,878
Wolters Kluwer NV		93,998		6,747,818

				245,132,176

New Zealand — 0.3%
a2 Milk Co. Ltd.*		251,920		2,509,309
Auckland International Airport Ltd.		333,831		1,934,703
Fisher & Paykel Healthcare Corp. Ltd.		191,395		2,720,847
Fletcher Building Ltd.		302,607		1,015,735
Mercury NZ Ltd.		235,245		724,705
Meridian Energy Ltd.		436,675		1,320,016
Ryman Healthcare Ltd.		120,740		1,170,113
Spark New Zealand Ltd.		628,925		1,832,544

				13,227,972

Norway — 0.6%
Aker BP ASA		37,909		1,087,464
DNB ASA		333,957		5,610,956
Equinor ASA		342,418		6,310,585
Gjensidige Forsikring ASA		65,445		1,232,044
Mowi ASA		154,062		3,822,497
Norsk Hydro ASA		469,262		1,660,383
Orkla ASA		276,266		2,676,453
Schibsted ASA, Class B		31,649		816,172
Telenor ASA		250,808		4,578,706
Yara International ASA		63,274		2,386,467

				30,181,727

Portugal — 0.2%
EDP — Energias de Portugal SA		906,915		3,666,877
Galp Energia SGPS SA		171,841		2,797,164
Jeronimo Martins SGPS SA		93,480		1,492,796

				7,956,837

Russia — 0.0%
Evraz PLC		175,924		842,776


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Singapore — 1.2%
Ascendas Real Estate Investment Trust REIT		930,552	$	2,027,524
CapitaLand Commercial Trust REIT		847,480		1,245,474
CapitaLand Ltd.		916,200		2,465,172
CapitaLand Mall Trust REIT		795,200		1,465,163
City Developments Ltd.		161,600		1,221,718
ComfortDelGro Corp. Ltd.		717,200		1,232,302
DBS Group Holdings Ltd.		625,595		11,549,517
Genting Singapore Ltd.		2,083,778		1,409,296
Jardine Cycle & Carriage Ltd.		33,900		759,447
Keppel Corp. Ltd.		507,000		2,491,073
Mapletree Commercial Trust REIT		696,200		1,201,310
Oversea-Chinese Banking Corp. Ltd.		1,126,182		8,876,393
SATS Ltd.		224,000		815,618
Sembcorp Industries Ltd.		337,300		540,094
Singapore Airlines Ltd.		164,300		1,103,983
Singapore Exchange Ltd.		297,500		1,925,038
Singapore Press Holdings Ltd.		441,211		709,706
Singapore Technologies Engineering Ltd.		514,900		1,554,827
Singapore Telecommunications Ltd.		2,848,689		7,039,971
Suntec Real Estate Investment Trust REIT		793,700		1,067,784
United Overseas Bank Ltd.		435,654		8,224,454
UOL Group Ltd.		175,881		997,906
Venture Corp. Ltd.		102,700		1,191,672
Wilmar International Ltd.		657,366		1,965,802

				63,081,244

Spain — 2.7%
ACS Actividades de Construccion y Servicios SA		89,327		3,476,883
Aena SME SA, 144A		23,688		4,350,384
Amadeus IT Group SA		150,882		12,018,199
Banco Bilbao Vizcaya Argentaria SA		2,276,022		11,989,588
Banco de Sabadell SA		1,915,400		2,124,969
Banco Santander SA		5,737,967		22,359,225
Bankia SA		386,447		748,680
Bankinter SA		244,942		1,713,025
CaixaBank SA		1,214,679		3,585,072
Cellnex Telecom SA, 144A*		87,601		3,763,893
Enagas SA		79,300		1,975,320
Endesa SA		111,026		3,018,794
Ferrovial SA		165,484		4,913,358
Ferrovial SA*		2,626		77,968
Grifols SA		103,739		3,544,112
Iberdrola SA		2,086,425		20,522,044
Industria de Diseno Textil SA		374,225		11,651,145
Mapfre SA		378,693		1,067,631
Naturgy Energy Group SA		105,570		2,744,835
Red Electrica Corp. SA		148,569		2,905,295
Repsol SA		505,303		7,955,139
Siemens Gamesa Renewable Energy SA		78,108		1,246,458
Telefonica SA		1,610,515		12,334,972

				140,086,989


	Number of Shares		Value
Sweden — 2.4%
Alfa Laval AB		111,272	$	2,737,030
Assa Abloy AB, Class B		348,225		8,267,397
Atlas Copco AB, Class A		230,752		8,453,707
Atlas Copco AB, Class B		141,173		4,563,215
Boliden AB		93,574		2,413,073
Electrolux AB, Series B		76,536		1,966,508
Epiroc AB, Class A		238,784		2,787,183
Epiroc AB, Class B		124,042		1,394,123
Essity AB, Class B		209,107		6,571,332
Hennes & Mauritz AB, Class B (b)		276,864		5,342,946
Hexagon AB, Class B		89,810		5,076,464
Husqvarna AB, Class B		156,558		1,222,304
ICA Gruppen AB (b)		33,593		1,466,032
Industrivarden AB, Class C		53,541		1,241,519
Investor AB, Class B		157,570		8,327,489
Kinnevik AB, Class B		83,469		1,911,095
L E Lundbergforetagen AB, Class B		24,251		961,113
Lundin Petroleum AB		64,855		1,998,841
Sandvik AB		386,103		7,020,128
Securitas AB, Class B		99,603		1,651,358
Skandinaviska Enskilda Banken AB, Class A		573,305		4,915,334
Skanska AB, Class B		114,898		2,538,321
SKF AB, Class B		124,131		2,370,349
Svenska Handelsbanken AB, Class A		533,654		5,237,282
Swedbank AB, Class A		308,051		4,010,582
Swedish Match AB		59,181		2,834,193
Tele2 AB, Class B		171,077		2,523,784
Telefonaktiebolaget LM Ericsson, Class B		1,059,221		9,543,677
Telia Co. AB		945,260		4,090,668
Volvo AB, Class B		508,669		7,862,525

				121,299,572

Switzerland — 9.3%
ABB Ltd.		630,417		13,787,220
Adecco Group AG		53,270		3,293,151
Alcon, Inc.*		146,700		8,099,307
Baloise Holding AG		17,813		3,095,899
Barry Callebaut AG		1,043		2,096,430
Chocoladefabriken Lindt & Spruengli AG		38		3,241,400
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		350		2,668,750
Cie Financiere Richemont SA		179,945		13,704,611
Clariant AG*		70,138		1,449,051
Coca-Cola HBC AG*		70,467		2,350,463
Credit Suisse Group AG*		877,736		11,502,730
Dufry AG*		13,301		1,297,912
EMS-Chemie Holding AG		2,985		1,852,193
Geberit AG		12,946		6,949,413
Givaudan SA		3,184		9,357,776
Glencore PLC*		3,746,881		11,819,470
Julius Baer Group Ltd.*		78,325		3,687,541
Kuehne + Nagel International AG		18,635		3,030,051
LafargeHolcim Ltd.*		167,396		8,630,938
Lonza Group AG*		25,705		8,729,418


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Switzerland (Continued)
Nestle SA		1,030,687	$	107,108,993
Novartis AG		741,141		68,229,441
Pargesa Holding SA		11,188		882,733
Partners Group Holding AG		6,486		5,468,995
Roche Holding AG		242,571		74,760,382
Schindler Holding AG		6,798		1,626,082
Schindler Holding AG Participation Certificates		14,382		3,585,433
SGS SA		1,826		4,751,252
Sika AG		43,920		7,644,276
Sonova Holding AG		18,724		4,274,689
STMicroelectronics NV		232,786		5,719,069
Straumann Holding AG		3,526		3,392,012
Swatch Group AG — Bearer		10,102		2,828,560
Swatch Group AG — Registered		18,432		982,426
Swiss Life Holding AG		11,933		5,916,381
Swiss Prime Site AG		27,151		2,867,146
Swiss Re AG		103,706		11,231,360
Swisscom AG		9,132		4,726,723
Temenos AG*		23,486		3,562,826
UBS Group AG*		1,323,774		16,044,141
Vifor Pharma AG		15,960		2,845,668
Zurich Insurance Group AG		51,987		20,394,500

				479,486,812

United Arab Emirates — 0.0%
NMC Health PLC (b)		31,597		1,025,328

United Kingdom — 14.0%
3i Group PLC		334,041		4,627,064
Admiral Group PLC		60,867		1,684,659
Anglo American PLC		359,921		9,433,440
Ashtead Group PLC		162,877		4,950,441
Associated British Foods PLC		119,971		3,986,178
AstraZeneca PLC		452,506		43,647,867
Auto Trader Group PLC, 144A		317,451		2,307,434
AVEVA Group PLC		21,823		1,286,486
Aviva PLC		1,330,495		6,948,577
BAE Systems PLC		1,100,042		8,157,992
Barclays PLC		5,977,538		13,261,848
Barratt Developments PLC		345,075		2,975,948
Berkeley Group Holdings PLC		42,139		2,499,393
BP PLC		7,023,266		43,619,188
British American Tobacco PLC		793,328		31,397,170
British Land Co. PLC REIT		303,370		2,258,446
BT Group PLC		2,911,977		7,214,547
Bunzl PLC		116,954		3,211,304
Burberry Group PLC		141,479		3,849,941
Centrica PLC		1,903,563		1,974,996
CNH Industrial NV		347,563		3,724,953
Coca-Cola European Partners PLC		81,545		4,114,761
Compass Group PLC		548,615		13,442,455
Croda International PLC		43,902		2,827,678
Diageo PLC		815,168		33,368,535
Direct Line Insurance Group PLC		485,193		1,916,460
easyJet PLC		57,074		987,667
Ferguson PLC		80,697		7,015,719
Fiat Chrysler Automobiles NV		382,312		5,652,416


	Number of Shares		Value
United Kingdom (Continued)
G4S PLC		565,854	$	1,530,293
GlaxoSmithKline PLC		1,729,189		39,227,294
Halma PLC		132,751		3,615,867
Hargreaves Lansdown PLC		97,938		2,349,695
HSBC Holdings PLC		6,971,740		51,964,422
Imperial Brands PLC		328,833		7,243,648
Informa PLC		430,976		4,411,288
InterContinental Hotels Group PLC		59,026		3,822,410
Intertek Group PLC		55,155		3,934,825
ITV PLC		1,271,098		2,385,408
J Sainsbury PLC		603,003		1,671,314
JD Sports Fashion PLC		144,134		1,417,879
Johnson Matthey PLC		67,168		2,496,695
Kingfisher PLC		720,675		1,956,448
Land Securities Group PLC REIT		243,702		3,020,802
Legal & General Group PLC		2,034,480		7,391,311
Lloyds Banking Group PLC		24,335,307		19,246,404
London Stock Exchange Group PLC		108,264		9,622,402
M&G PLC*		890,031		2,716,648
Marks & Spencer Group PLC		717,697		1,804,023
Meggitt PLC		265,994		2,212,071
Melrose Industries PLC		1,694,015		5,030,434
Micro Focus International PLC		122,370		1,792,852
Mondi PLC		174,205		3,775,038
National Grid PLC (b)		1,209,782		13,920,890
Next PLC		46,362		4,052,254
Ocado Group PLC*		155,550		2,665,644
Pearson PLC		266,401		2,227,860
Persimmon PLC		108,621		3,593,607
Prudential PLC		890,031		15,845,197
Reckitt Benckiser Group PLC		246,478		19,337,346
RELX PLC		669,276		16,212,849
Rentokil Initial PLC		661,651		3,807,217
Rio Tinto Ltd.		128,070		8,394,113
Rio Tinto PLC		390,035		21,194,552
Rolls-Royce Holdings PLC*		582,308		5,359,262
Rolls-Royce Holdings PLC — Entitlement*		28,213,916		36,490
Royal Bank of Scotland Group PLC		1,680,583		4,916,645
RSA Insurance Group PLC		352,955		2,517,111
Sage Group PLC		368,802		3,595,553
Schroders PLC		40,794		1,740,584
Segro PLC REIT		386,297		4,466,580
Severn Trent PLC		76,194		2,210,377
Smith & Nephew PLC		296,174		6,630,714
Smiths Group PLC		137,517		2,954,217
Spirax-Sarco Engineering PLC		26,136		3,016,919
SSE PLC		353,694		5,946,855
St James’s Place PLC		181,366		2,553,293
Standard Chartered PLC		945,062		8,524,296
Standard Life Aberdeen PLC		847,508		3,473,620
Taylor Wimpey PLC		1,096,698		2,471,588
Tesco PLC		3,431,740		10,181,789
Unilever NV		502,937		29,809,831
Unilever PLC		381,652		22,597,460
United Utilities Group PLC		236,985		2,615,711
Vodafone Group PLC		9,254,094		18,355,335


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
United Kingdom (Continued)
Weir Group PLC		82,383	$	1,486,907
Whitbread PLC		48,691		2,897,459
Wm Morrison Supermarkets PLC		804,057		2,062,177
WPP PLC		433,088		5,604,147

				724,259,483

United States (d) — 0.0%
Carnival PLC		57,302		2,410,850

TOTAL COMMON STOCKS (Cost $4,827,770,772)				4,952,718,222

PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		17,808		1,098,669
FUCHS PETROLUB SE		27,171		1,173,425
Henkel AG & Co. KGaA		60,068		6,345,047
Porsche Automobil Holding SE		52,303		3,871,063
Sartorius AG		12,232		2,577,959
Volkswagen AG		63,398		12,256,510

				27,322,673

TOTAL PREFERRED STOCKS (Cost $32,267,755)				27,322,673


	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f) (Cost $37,428,883)		37,428,883	$	37,428,883

CASH EQUIVALENTS — 2.9%
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (e)		36,065,551		36,072,763
DWS Government Money Market Series “Institutional Shares”, 1.58% (e)		115,970,756		115,970,756

TOTAL CASH EQUIVALENTS (Cost $152,036,306)				152,043,519


TOTAL INVESTMENTS — 100.1% (Cost $5,049,503,716)			$	5,169,513,297
Other assets and liabilities, net — (0.1%)				(7,711,579	)

NET ASSETS — 100.0%			$	5,161,801,718

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		4,581,152		26,133		—			—		275,312		—		—		677,242		4,882,597

SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f)
		98,060,983		—		(60,632,100	) (g)		—		—		547,082		—		37,428,883		37,428,883

CASH EQUIVALENTS — 2.9%
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (e)
		50,653,027		412,523		(15,003,000	)		3,000		7,213		426,828		—		36,065,551		36,072,763
DWS Government Money Market Series “Institutional Shares”, 1.58% (e)
		36,831,101		792,965,339		(713,825,684	)		—		—		715,273		—		115,970,756		115,970,756

		190,126,263		793,403,995		(789,460,784	)		3,000		282,525		1,689,183		—		190,142,432		194,354,999

*	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, 2019 amounted to $48,474,498, which is 0.9% of net assets.

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

(d)	Securities are listed in country of domicile and trade on exchanges within the MSCI EAFE US Dollar Hedged Index.

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

(f)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $14,630,569.

(g)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interest

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

SDR:

Swedish 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, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures	EUR	72	$	9,466,869	$	9,474,750	12/20/2019	$	3,366
CAC40 10 EURO Futures	EUR	312		20,264,504		20,276,670	12/20/2019		3,378
DAX Index Futures	EUR	44		15,454,514		16,053,047	12/20/2019		645,862
FTSE/MIB Index Futures	EUR	36		4,533,945		4,615,179	12/20/2019		88,520
FTSE 100 Index Futures	GBP	262		24,255,254		24,956,883	12/20/2019		174,324
HANG SENG Index Futures	HKD	34		5,866,176		5,718,678	12/30/2019		(148,185	)
IBEX 35 Index Futures	EUR	44		4,534,615		4,520,327	12/20/2019		(16,180	)
MSCI EAFE Futures	USD	140		13,283,447		13,841,100	12/20/2019		557,653
MSCI SING IX ETS	SGD	81		2,193,897		2,181,202	12/30/2019		(7,946	)
OMXS30 Index Futures	SEK	233		4,228,621		4,209,041	12/20/2019		(61,587	)
SPI 200 Futures	AUD	100		11,489,544		11,593,497	12/19/2019		224,440
SWISS MKT IX Futures	CHF	158		16,108,713		16,583,680	12/20/2019		557,686
TOPIX Index Futures	JPY	284		42,244,235		44,031,611	12/12/2019		2,225,496

Total net unrealized appreciation								$	4,246,827

As of November 30, 2019, 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	12/4/2019	AUD	226,397,342	USD	156,103,231	$	2,949,670	$	—
JP Morgan & Chase Co.	12/4/2019	AUD	238,734,500	USD	164,601,469		3,102,052		—
Morgan Stanley Capital	12/4/2019	AUD	24,419,000	USD	16,836,290		317,294		—
RBC Capital Markets	12/4/2019	AUD	19,965,300	USD	13,766,394		260,242		—
JP Morgan & Chase Co.	12/4/2019	CHF	126,131,100	USD	128,096,745		1,915,971		—
Morgan Stanley Capital	12/4/2019	CHF	6,877,000	USD	6,975,954		96,245		—
Morgan Stanley Capital	12/4/2019	CHF	198,743,900	USD	201,852,427		3,030,257		—
RBC Capital Markets	12/4/2019	CHF	129,496,900	USD	131,521,008		1,973,109		—
Citigroup Global Markets	12/4/2019	DKK	204,677,000	USD	30,633,849		443,648		—
JP Morgan & Chase Co.	12/4/2019	DKK	193,321,100	USD	28,932,168		416,981		—
Morgan Stanley Capital	12/4/2019	DKK	48,354,900	USD	7,237,157		104,728		—
RBC Capital Markets	12/4/2019	DKK	134,287,600	USD	20,099,143		291,497		—
RBC Capital Markets	12/4/2019	DKK	21,632,000	USD	3,237,610		46,854		—
Citigroup Global Markets	12/4/2019	EUR	27,467,000	USD	30,702,338		431,797		—
Citigroup Global Markets	12/4/2019	EUR	322,009,000	USD	359,935,220		5,058,942		—
JP Morgan & Chase Co.	12/4/2019	EUR	510,835,900	USD	570,987,849		8,011,215		—
Morgan Stanley Capital	12/4/2019	EUR	70,900,000	USD	79,249,893		1,113,170		—
RBC Capital Markets	12/4/2019	EUR	488,726,100	USD	546,291,681		7,681,582		—
Citigroup Global Markets	12/4/2019	GBP	21,100,000	USD	27,327,876		32,966		—
JP Morgan & Chase Co.	12/4/2019	GBP	230,089,500	USD	298,005,018		361,791		—
Morgan Stanley Capital	12/4/2019	GBP	222,623,300	USD	288,330,567		345,599		—
RBC Capital Markets	12/4/2019	GBP	167,285,400	USD	216,663,868		263,875		—
JP Morgan & Chase Co.	12/4/2019	HKD	446,735,900	USD	56,985,836		—		(79,773	)
Morgan Stanley Capital	12/4/2019	HKD	400,000,000	USD	51,022,361		—		(73,249	)
RBC Capital Markets	12/4/2019	HKD	429,988,600	USD	54,849,333		—		(76,992	)
RBC Capital Markets	12/4/2019	HKD	39,304,000	USD	5,013,460		—		(7,195	)
JP Morgan & Chase Co.	12/4/2019	ILS	11,898,100	USD	3,381,700		—		(42,257	)
Morgan Stanley Capital	12/4/2019	ILS	24,544,200	USD	6,975,925		—		(87,244	)
RBC Capital Markets	12/4/2019	ILS	19,979,700	USD	5,678,072		—		(71,555	)


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/4/2019	ILS	4,583,000	USD	1,302,420	$	—	$	(16,446	)
Citigroup Global Markets	12/4/2019	JPY	35,124,696,500	USD	325,442,620		4,415,539		—
JP Morgan & Chase Co.	12/4/2019	JPY	38,190,991,500	USD	353,843,082		4,791,168		—
Morgan Stanley Capital	12/4/2019	JPY	17,141,089,900	USD	158,816,732		2,153,341		—
RBC Capital Markets	12/4/2019	JPY	39,777,108,300	USD	368,552,260		5,003,810		—
RBC Capital Markets	12/4/2019	JPY	4,613,957,000	USD	42,750,087		580,181		—
Citigroup Global Markets	12/4/2019	NOK	62,530,500	USD	6,811,555		24,312		—
JP Morgan & Chase Co.	12/4/2019	NOK	36,727,200	USD	4,000,741		14,263		—
Morgan Stanley Capital	12/4/2019	NOK	66,588,000	USD	7,251,873		24,217		—
RBC Capital Markets	12/4/2019	NOK	123,011,000	USD	13,399,935		47,962		—
JP Morgan & Chase Co.	12/4/2019	NZD	715,500	USD	459,100		—		(139	)
JP Morgan & Chase Co.	12/4/2019	NZD	1,468,000	USD	941,941		—		(286	)
Morgan Stanley Capital	12/4/2019	NZD	9,705,900	USD	6,227,674		—		(1,996	)
RBC Capital Markets	12/4/2019	NZD	6,064,800	USD	3,891,400		—		(1,253	)
Citigroup Global Markets	12/4/2019	SEK	586,670,900	USD	60,988,939		—		(280,208	)
JP Morgan & Chase Co.	12/4/2019	SEK	383,218,000	USD	39,840,148		—		(181,336	)
RBC Capital Markets	12/4/2019	SEK	242,084,700	USD	25,167,150		—		(115,037	)
RBC Capital Markets	12/4/2019	SEK	61,416,000	USD	6,384,752		—		(29,245	)
Citigroup Global Markets	12/4/2019	SGD	1,027,000	USD	754,806		3,883		—
Citigroup Global Markets	12/4/2019	SGD	7,720,400	USD	5,674,357		29,346		—
JP Morgan & Chase Co.	12/4/2019	SGD	38,780,200	USD	28,501,231		145,877		—
RBC Capital Markets	12/4/2019	SGD	39,316,500	USD	28,896,910		149,423		—
Citigroup Global Markets	12/4/2019	USD	153,139,690	AUD	226,397,342		13,871		—
JP Morgan & Chase Co.	12/4/2019	USD	158,478,104	AUD	234,289,500		14,355		—
JP Morgan & Chase Co.	12/4/2019	USD	3,065,010	AUD	4,445,000		—		(58,051	)
RBC Capital Markets	12/4/2019	USD	13,504,928	AUD	19,965,300		1,223		—
RBC Capital Markets	12/4/2019	USD	16,517,500	AUD	24,419,000		1,496		—
Citigroup Global Markets	12/4/2019	USD	205,769,054	CHF	205,620,900		—		(67,175	)
JP Morgan & Chase Co.	12/4/2019	USD	126,221,854	CHF	126,131,100		—		(41,080	)
RBC Capital Markets	12/4/2019	USD	129,589,946	CHF	129,496,900		—		(42,046	)
Citigroup Global Markets	12/4/2019	USD	30,206,762	DKK	204,677,000		—		(16,561	)
JP Morgan & Chase Co.	12/4/2019	USD	28,530,437	DKK	193,321,100		—		(15,251	)
RBC Capital Markets	12/4/2019	USD	23,010,821	DKK	155,919,600		—		(12,419	)
RBC Capital Markets	12/4/2019	USD	7,136,280	DKK	48,354,900		—		(3,851	)
Citigroup Global Markets	12/4/2019	USD	385,357,400	EUR	349,476,000		—		(210,580	)
JP Morgan & Chase Co.	12/4/2019	USD	563,282,400	EUR	510,835,900		—		(305,766	)
RBC Capital Markets	12/4/2019	USD	538,901,654	EUR	488,726,100		—		(291,555	)
RBC Capital Markets	12/4/2019	USD	78,179,019	EUR	70,900,000		—		(42,296	)
Citigroup Global Markets	12/4/2019	USD	27,293,610	GBP	21,100,000		1,300		—
Citigroup Global Markets	12/4/2019	USD	287,974,370	GBP	222,623,300		10,598		—
JP Morgan & Chase Co.	12/4/2019	USD	14,048,357	GBP	10,846,000		—		(17,998	)
JP Morgan & Chase Co.	12/4/2019	USD	283,599,141	GBP	219,243,500		13,726		—
RBC Capital Markets	12/4/2019	USD	216,389,353	GBP	167,285,400		10,641		—
JP Morgan & Chase Co.	12/4/2019	USD	57,071,238	HKD	446,735,900		—		(5,630	)
RBC Capital Markets	12/4/2019	USD	51,099,991	HKD	400,000,000		—		(4,381	)
RBC Capital Markets	12/4/2019	USD	59,952,119	HKD	469,292,600		—		(5,140	)
Citigroup Global Markets	12/4/2019	USD	7,073,405	ILS	24,544,200		—		(10,236	)
JP Morgan & Chase Co.	12/4/2019	USD	3,428,916	ILS	11,898,100		—		(4,959	)
RBC Capital Markets	12/4/2019	USD	7,078,798	ILS	24,562,700		—		(10,305	)
Citigroup Global Markets	12/4/2019	USD	320,764,696	JPY	35,124,696,500		262,385		—
JP Morgan & Chase Co.	12/4/2019	USD	348,762,164	JPY	38,190,991,500		289,750		—
RBC Capital Markets	12/4/2019	USD	405,381,197	JPY	44,391,065,300		337,159		—
RBC Capital Markets	12/4/2019	USD	156,533,201	JPY	17,141,089,900		130,190		—
Citigroup Global Markets	12/4/2019	USD	6,789,783	NOK	62,530,500		—		(2,540	)
JP Morgan & Chase Co.	12/4/2019	USD	3,987,942	NOK	36,727,200		—		(1,464	)
RBC Capital Markets	12/4/2019	USD	7,230,317	NOK	66,588,000		—		(2,661	)
RBC Capital Markets	12/4/2019	USD	13,356,889	NOK	123,011,000		—		(4,916	)
Citigroup Global Markets	12/4/2019	USD	6,230,343	NZD	9,705,900		—		(673	)


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/4/2019	USD	1,401,617	NZD	2,183,500	$	—	$	(151	)
RBC Capital Markets	12/4/2019	USD	3,893,080	NZD	6,064,800		—		(427	)
Citigroup Global Markets	12/4/2019	USD	61,294,100	SEK	586,670,900		—		(24,953	)
JP Morgan & Chase Co.	12/4/2019	USD	40,036,796	SEK	383,218,000		—		(15,312	)
RBC Capital Markets	12/4/2019	USD	31,708,328	SEK	303,500,700		—		(12,144	)
Citigroup Global Markets	12/4/2019	USD	6,397,127	SGD	8,747,400		—		(1,193	)
JP Morgan & Chase Co.	12/4/2019	USD	28,360,476	SGD	38,780,200		—		(5,122	)
RBC Capital Markets	12/4/2019	USD	28,751,691	SGD	39,316,500		—		(4,204	)
Citigroup Global Markets	1/6/2020	AUD	226,397,342	USD	153,273,265		—		(26,452	)
Citigroup Global Markets	1/6/2020	AUD	13,810,000	USD	9,349,922		—		(1,199	)
JP Morgan & Chase Co.	1/6/2020	AUD	234,289,500	USD	158,620,552		—		(23,157	)
RBC Capital Markets	1/6/2020	AUD	19,965,300	USD	13,518,105		—		(935	)
RBC Capital Markets	1/6/2020	AUD	24,419,000	USD	16,533,617		—		(1,144	)
Citigroup Global Markets	1/6/2020	CHF	205,620,900	USD	206,399,024		65,583		—
Citigroup Global Markets	1/6/2020	CHF	5,430,000	USD	5,450,467		1,650		—
JP Morgan & Chase Co.	1/6/2020	CHF	126,131,100	USD	126,603,966		35,782		—
RBC Capital Markets	1/6/2020	CHF	129,496,900	USD	129,987,603		41,955		—
Citigroup Global Markets	1/6/2020	DKK	204,677,000	USD	30,294,109		15,454		—
JP Morgan & Chase Co.	1/6/2020	DKK	193,321,100	USD	28,613,597		14,863		—
RBC Capital Markets	1/6/2020	DKK	155,919,600	USD	23,077,661		11,875		—
RBC Capital Markets	1/6/2020	DKK	48,354,900	USD	7,157,009		3,683		—
Citigroup Global Markets	1/6/2020	EUR	349,476,000	USD	386,363,192		203,454		—
Citigroup Global Markets	1/6/2020	EUR	23,711,000	USD	26,213,293		13,401		—
JP Morgan & Chase Co.	1/6/2020	EUR	510,835,900	USD	564,749,010		291,773		—
RBC Capital Markets	1/6/2020	EUR	488,726,100	USD	540,304,786		278,167		—
RBC Capital Markets	1/6/2020	EUR	70,900,000	USD	78,382,573		40,354		—
Citigroup Global Markets	1/6/2020	GBP	21,100,000	USD	27,334,396		42		—
Citigroup Global Markets	1/6/2020	GBP	222,623,300	USD	288,398,467		—		(2,675	)
JP Morgan & Chase Co.	1/6/2020	GBP	219,243,500	USD	284,016,361		—		(6,362	)
RBC Capital Markets	1/6/2020	GBP	167,285,400	USD	216,707,362		—		(5,356	)
JP Morgan & Chase Co.	1/6/2020	HKD	446,735,900	USD	57,040,224		—		(3,920	)
RBC Capital Markets	1/6/2020	HKD	400,000,000	USD	51,074,153		—		(2,238	)
RBC Capital Markets	1/6/2020	HKD	469,292,600	USD	59,921,805		—		(2,626	)
Citigroup Global Markets	1/6/2020	ILS	24,544,200	USD	7,084,451		9,110		—
JP Morgan & Chase Co.	1/6/2020	ILS	11,898,100	USD	3,434,170		4,312		—
RBC Capital Markets	1/6/2020	ILS	24,562,700	USD	7,089,621		8,947		—
Citigroup Global Markets	1/6/2020	NOK	62,530,500	USD	6,792,801		2,741		—
JP Morgan & Chase Co.	1/6/2020	NOK	36,727,200	USD	3,989,698		1,566		—
RBC Capital Markets	1/6/2020	NOK	66,588,000	USD	7,233,541		2,885		—
RBC Capital Markets	1/6/2020	NOK	123,011,000	USD	13,362,845		5,330		—
Citigroup Global Markets	1/6/2020	NZD	9,705,900	USD	6,233,663		600		—
JP Morgan & Chase Co.	1/6/2020	NZD	2,183,500	USD	1,402,331		102		—
RBC Capital Markets	1/6/2020	NZD	6,064,800	USD	3,895,057		284		—
Citigroup Global Markets	1/6/2020	SGD	8,747,400	USD	6,398,695		776		—
JP Morgan & Chase Co.	1/6/2020	SGD	38,780,200	USD	28,365,724		1,573		—
RBC Capital Markets	1/6/2020	SGD	39,316,500	USD	28,759,368		2,962		—
Citigroup Global Markets	1/7/2020	JPY	2,530,245,000	USD	23,171,463		—		(20,831	)
Citigroup Global Markets	1/7/2020	JPY	35,124,696,500	USD	321,669,458		—		(284,458	)
JP Morgan & Chase Co.	1/7/2020	JPY	38,190,991,500	USD	349,748,767		—		(310,892	)
RBC Capital Markets	1/7/2020	JPY	44,391,065,300	USD	406,537,647		—		(352,056	)
RBC Capital Markets	1/7/2020	JPY	17,141,089,900	USD	156,979,751		—		(135,942	)
Citigroup Global Markets	1/7/2020	SEK	586,670,900	USD	61,436,976		25,055		—
JP Morgan & Chase Co.	1/7/2020	SEK	383,218,000	USD	40,130,725		15,979		—
RBC Capital Markets	1/7/2020	SEK	303,500,700	USD	31,783,340		13,294		—

Total unrealized appreciation (depreciation)						$	57,833,053	$	(3,485,494	)


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2019 (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 (h)	$	4,952,718,222		$	—		$	—	$	4,952,718,222
Preferred Stocks		27,322,673			—			—		27,322,673
Short-Term Investments (h)		189,472,402			—			—		189,472,402
Derivatives (i)
Forward Foreign Currency Contracts		—			57,833,053			—		57,833,053
Futures Contracts		4,480,725			—			—		4,480,725

TOTAL	$	5,173,994,022		$	57,833,053		$	—	$	5,231,827,075


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—		$	(3,485,494	)	$	—	$	(3,485,494	)
Futures Contracts		(233,898	)		—			—		(233,898	)

TOTAL	$	(233,898	)	$	(3,485,494	)	$	—	$	(3,719,392	)

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

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


See Notes to Financial Statements.		17

DBX ETF Trust

Statement of Assets and Liabilities

November 30, 2019 (Unaudited)


	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	4,975,158,298
Investment in affiliated securities at value		4,882,597
Investment in DWS ESG Liquidity Fund*		36,072,763
Investment in DWS Government Money Market Series*		115,970,756
Investment in DWS Government & Agency Securities Portfolio**		37,428,883
Cash		2,117,635
Foreign currency at value		1,919,059
Unrealized appreciation on forward foreign currency contracts		57,833,053
Deposit with broker for futures contracts		8,497,763
Receivables:
Investment securities sold		707,567
Dividends		14,686,256
Interest		106,157
Securities lending income		63,118
Foreign tax reclaim		8,790,919

Total assets	$	5,264,234,824


Liabilities
Payable upon return of securities loaned	$	37,428,883
Payable upon return of deposit for forward foreign currency contracts		57,596,213
Unrealized depreciation on forward foreign currency contracts		3,485,494
Payables:
Investment advisory fees		1,462,486
Variation margin on futures contracts		2,460,030

Total liabilities		102,433,106

Net Assets, at value	$	5,161,801,718


Net Assets Consist of
Paid-in capital	$	5,124,653,247
Distributable earnings (loss)		37,148,471

Net Assets, at value	$	5,161,801,718


Number of Common Shares outstanding		153,550,800

Net Asset Value	$	33.62


Investment in non-affiliated securities at cost	$	4,838,375,804

Investment in affiliated securities at cost	$	21,662,723

Value of securities loaned	$	48,474,498

Investment in DWS ESG Liquidity Fund at cost*	$	36,065,550

Investment in DWS Government Money Market Series at cost*	$	115,970,756

Investment in DWS Government & Agency Securities Portfolio at cost**	$	37,428,883

Non-cash collateral for securities on loan	$	14,630,569

Foreign currency at cost	$	1,932,848

* Includes collateral held for forward foreign currency contracts	$	57,596,213

**	Represents collateral on securities loaned.


See Notes to Financial Statements.		18

DBX ETF Trust

Statement of Operations

For the Six Months Ended November 30, 2019 (Unaudited)


	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	54,813,656
Income distributions from affiliated funds		1,142,101
Affiliated securities lending income		547,082

Total investment income		56,502,839


Expenses
Investment advisory fees		8,591,680
Other expenses		203,148

Total expenses		8,794,828

Less fees waived (see note 3):
Waiver		(30,443	)

Net expenses		8,764,385

Net investment income (loss)		47,738,454


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(44,578,319	)
Investments in affiliates		3,000
Futures contracts		7,789,439
Foreign currency transactions		(278,474	)
Forward foreign currency contracts		29,361,589

Net realized gain (loss)		(7,702,765	)
Net change in unrealized appreciation (depreciation) on:
Investments		430,511,967
Investments in affiliates		282,525
Futures contracts		5,331,546
Foreign currency translations		(301,836	)
Forward foreign currency contracts		48,985,778

Net change in unrealized appreciation (depreciation)		484,809,980

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		477,107,215


Net Increase (Decrease) in Net Assets Resulting from Operations	$	524,845,669

* Unaffiliated foreign tax withheld	$	3,842,633


See Notes to Financial Statements.		19

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI EAFE Hedged Equity ETF
	For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	47,738,454		$	158,783,318
Net realized gain (loss)		(7,702,765	)		406,716,574
Net change in net unrealized appreciation (depreciation)		484,809,980			(611,668,057	)

Net increase (decrease) in net assets resulting from operations		524,845,669			(46,168,165	)


Distributions to Shareholders		(103,638,363	)		(162,803,052	)


Fund Shares Transactions
Proceeds from shares sold		25,512,050			—
Value of shares redeemed		—			(1,216,365,527	)

Net increase (decrease) in net assets resulting from fund share transactions		25,512,050			(1,216,365,527	)

Total net increase (decrease) in Net Assets		446,719,356			(1,425,336,744	)

Net Assets
Beginning of period		4,715,082,362			6,140,419,106

End of period	$	5,161,801,718		$	4,715,082,362


Changes in Shares Outstanding
Shares outstanding, beginning of period		152,750,800			192,750,800
Shares sold		800,000			—
Shares redeemed		—			(40,000,000	)

Shares outstanding, end of period		153,550,800			152,750,800


See Notes to Financial Statements.		20

DBX ETF Trust

Financial Highlights


Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	30.87		$	31.86		$	30.68		$	26.48		$	30.75		$	27.81

Income (loss) from investment operations:
Net investment income (loss)(a)		0.31			0.91			0.80			0.74			0.76			1.41
Net realized and unrealized gain (loss)		3.12			(1.00	)		1.33			4.18			(4.03	)		2.90

Total from investment operations		3.43			(0.09	)		2.13			4.92			(3.27	)		4.31

Less distributions from:
Net investment income		(0.68	)		(0.90	)		(0.95	)		(0.72	)		(0.88	)		(1.37	)
Net realized gains		—			—			—			—			(0.12	)		(0.00	)(b)

Total distributions		(0.68	)		(0.90	)		(0.95	)		(0.72	)		(1.00	)		(1.37	)

Net Asset Value, end of period	$	33.62		$	30.87		$	31.86		$	30.68		$	26.48		$	30.75

Total Return (%)		11.25	**(c)		(0.14	)(c)		7.05			19.17			(10.90	)		16.22

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5,162			4,715			6,140			8,638			11,984			12,268
Ratio of expenses before fee waiver (%)		0.36	*		0.36			0.35			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.36	*		0.36			0.35			0.35			0.35			0.35
Ratio of net investment income (loss) (%)		1.94	*		2.93			2.57			2.72			2.82			4.81
Portfolio turnover rate (%)(d)		4	**		5			10			14			15			12

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

(b)	Amount represents less than $0.005.

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		21

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

As of November 30, 2019, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust. The Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

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

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

MSCI is the creator of the MSCI EAFE US Dollar Hedged Index. The MSCI EAFE US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

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

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

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

2. Significant Accounting Policies

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

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

Tax Information and Dividends and Distributions to Shareholders It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the period ended November 30, 2019, the Fund did not incur any interest or penalties.

At May 31, 2019, for Federal income tax purposes, the Fund had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.


Short-Term		Long-Term		Total Amount
$	47,997,241	$	86,149,726	$	134,146,967


Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
$	5,148,278,723	$	(349,774,152	)	$	490,330,152	$	(840,104,304	)

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

Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2019, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of November 30, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2019, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of November 30, 2019

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	37,428,883	$	45,692	$	814,024	$	13,770,853	$	52,059,452

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	52,059,452

Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2019, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

A summary of the open forward currency contracts as of November 30, 2019 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2019.

Futures Contracts The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2019, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of November 30, 2019 is included in a table following the Fund’s Schedule of Investments.

The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


	Asset Derivatives			Liability Derivatives

Equity contracts	Unrealized appreciation on futures contracts*	$	4,480,725	Unrealized depreciation on futures contracts*	$	233,898

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		57,833,053	Unrealized depreciation on forward foreign currency contracts		3,485,494


	Total	$	62,313,778	Total	$	3,719,392

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

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2019 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts		Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
	$	7,789,439	$	29,361,589	$	37,151,028
Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts		Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
	$	5,331,546	$	48,985,778	$	54,317,324

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

For the period ended November 30, 2019 the average monthly volume of derivatives was as follows:


Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
$	137,646,402	$	(4,731,185,430	)

As of November 30, 2019, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statement of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:


	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received(a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged(a)		Net Amount of Derivatives Liabilities
Citigroup Global Markets	$	14,016,123	$	(949,734	)	$	13,066,389	$	—	$	949,734	$	(949,734	)	$	—	$	—
JP Morgan & Chase Co.		19,443,099		(1,118,906	)		18,324,193		—		1,118,906		(1,118,906	)		—		—
Morgan Stanley Capital		7,184,851		(162,489	)		7,022,362		—		162,489		(162,489	)		—		—
RBC Capital Markets		17,188,980		(1,254,365	)		15,934,615		—		1,254,365		(1,254,365	)		—		—

	$	57,833,053	$	(3,485,494	)	$	54,347,559	$	—	$	3,485,494	$	(3,485,494	)	$	—	$	—

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

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

3. Investment Advisory and Other Agreements

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

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

The Advisor for the Fund has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2018 through November 30, 2019, the Advisor waived $30,443 of expenses to the Fund.

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

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

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

4. Investment Portfolio Transactions

For the period ended November 30, 2019, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


Purchases		Sales
$	201,058,872	$	259,741,693

For the period ended November 30, 2019, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


Purchases		Sales
	$23,811,088		$ —

5. Fund Share Transactions

As of November 30, 2019, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings Information

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q or Form N-PORT (available for filings after March 31, 2019). Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

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

Discount & Premium Information

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

DBX ETF Trust

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

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

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

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.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


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

Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-049078-4 (1/20) DBX004203 (1/21)

November 30, 2019

Semi-Annual Report

DBX ETF Trust

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		2
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		3
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		4
Xtrackers Municipal Infrastructure Revenue Bond ETF		5
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		6
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		9
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		12
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		14
Xtrackers Municipal Infrastructure Revenue Bond ETF		23
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		28
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		34
Statements of Assets and Liabilities		38
Statements of Operations		40
Statements of Changes in Net Assets		42
Financial Highlights		45
Notes to Financial Statements		48
Additional Information		58
Privacy Policy Notice		59

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for our 6 ETFs tracking the fixed income market for the period ended November 30, 2019.

The global economy experienced a slower pace of growth during the reporting period, owing to geo-political tensions, impact of prolonged trade war between the U.S.-China and a downturn in the manufacturing sector. A resilient service sector boosted employment growth, supporting domestic demand in several advanced economies. In the U.S, trade related uncertainty had negative impacts on investment, but employment and consumption remained robust, buoyed by policy stimulus. The Eurozone economy declined due to weak growth in foreign demand and a drawdown of inventories, reflecting weak industrial production. Moreover, growth in emerging markets has been affected by the global trade and manufacturing slump amid tailwinds from the decline in core market interest rates. The Chinese economy also experienced slower growth as a result of weak industrial production and subdued external demand.

Monetary policymakers shifted towards accommodation in the face of weak global growth, with major central banks extending a wave of rate cuts. The Federal Reserve Board (FRB) switched gears this year by reducing its policy rates at three consecutive meetings, with rates hovering between 1.5% and 1.75%, to ease the effects of slowing global growth. The FRB justified its policy rate reduction to serve as insurance against a number of risks, uncertainties that weigh on the outlook, and concerns about below-target inflation. The European Central Bank (ECB) unveiled a comprehensive policy package to support the flagging economy, including pushing interest rates into negative territory and re-activating its quantitative easing program by buying bonds as long as necessary. Nevertheless, fears of recession, sparked by the inversion of the yield curve between 2-year and 10-year U.S. government bonds, subsided in late autumn.

Led by the FRB and ECB, other central banks also provided renewed easing to boost financial conditions and as inflation remained muted. The People’s Bank of China lowered its medium-term lending facility to remain focused on stabilizing credit growth and decreasing financing costs to support growth. The Bank of Japan held its monetary policy steady and unveiled a new forward guidance to signal it is poised to cut rates, underlining its concern that external risks could derail the economy. Elsewhere, the Bank of England resisted by not opting to adjust borrowing costs to help sustain growth and employment in the midst of U.K.’s elections and Brexit¹ uncertainty. Separately, equity markets worldwide lost some ground during the reporting period but are still well above the lows during the sell-off at the end of 2018 supported by loose monetary policies and rebound in corporate growth earnings.

Looking ahead, global growth has become less skewed to the downside, with accommodative monetary policy from major central banks and decreasing political uncertainties. However, the recent rise in financial stress in China and announcements of manufacturing job losses in Germany could weigh on sentiment. Improved prospects for a limited phase one deal between the U.S. and China and reduced risk of no-deal Brexit should help the economy recover, albeit at a slower pace. Given the economic backdrop of an uncertain environment, hedging interest rate exposure would play a significant role in managing investments in fixed income markets.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)

The Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Emerging Markets Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated emerging markets bonds and is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries, and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets sovereign debt. It is not possible to invest directly into an index.

Quality* as of November 30, 2019



Description	% of Market Value
AA		5.4%
A		19.7%
BBB		45.2%
BB		5.1%
B		24.6%

Total		100.0%

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

Country Diversification* as of November 30, 2019


Qatar			5.4%
Indonesia			5.4%
Peru			5.3%
Uruguay			5.3%
Philippines			5.3%
Colombia			5.2%
Mexico			5.1%
Brazil			5.1%
South Africa			5.1%
Ukraine			5.0%
Turkey			4.9%
Egypt			4.7%
Russia			4.5%
Sri Lanka			4.5%
Ecuador			4.0%
Poland			3.8%
Panama			3.7%
Hungary			3.5%
Kazakhstan			3.2%
Romania			2.9%
Chile			2.7%
Other			5.4%

Total			100.0%

Modified duration as of November 30, 2019: 0.0 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)

The Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporate Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.

Quality* as of November 30, 2019



Description	% of Market Value
BBB		3.8%
BB		54.5%
B		33.8%
CCC		7.7%
C		0.2%

Total		100.0%

Sector Diversification* as of November 30, 2019


Communications			25.3%
Consumer, Non-cyclical			19.4%
Consumer, Cyclical			15.2%
Energy			10.0%
Industrial			9.3%
Financial			8.8%
Technology			4.8%
Basic Materials			4.4%
Utilities			2.7%
Diversified			0.1%

Total			100.0%

Modified duration as of November 30, 2019: 0.1 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)

The Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD Investment Grade Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated investment grade liquid corporate bonds and is comprised of (a) long positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. It is not possible to invest directly into an index.

Quality* as of November 30, 2019



Description	% of Market Value
AAA		3.5%
AA		12.7%
A		41.8%
BBB		42.0%

Total		100.0%

Country Diversification* as of November 30, 2019


United States			85.6%
United Kingdom			3.4%
Netherlands			2.5%
Canada			2.4%
Japan			1.5%
Guernsey			1.0%
Ireland			1.0%
Australia			0.9%
France			0.8%
Luxembourg			0.7%
Norway			0.2%

Total			100.0%

Sector Diversification* as of November 30, 2019


Financial			28.8%
Consumer, Non-cyclical			20.5%
Communications			13.2%
Energy			11.2%
Technology			10.2%
Industrial			5.7%
Consumer, Cyclical			5.7%
Utilities			2.5%
Basic Materials			2.2%

Total			100.0%

Modified duration as of November 30, 2019: 0.1 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 14.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

The Xtrackers Municipal Infrastructure Revenue Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the U.S. long-term tax exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.

Quality* as of November 30, 2019



Description	% of Market Value
AAA		6.2%
AA		45.6%
A		46.4%
BBB		1.8%

Total		100.0%

Sector Diversification* as of November 30, 2019


Transportation			32.9%
Airport			29.5%
Water			19.4%
Power			7.8%
General			5.8%
Development			3.2%
Utilities			1.4%

Total			100.0%

Modified duration as of November 30, 2019: 6.4 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 23.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

The Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US 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. It is not possible to invest directly into an index

Ten Largest Equity Holdings
as of November 30, 2019 (25.4% of Net Assets)



Description	% of Net Assets
TOTAL SA (France)		3.5%
Royal Bank of Canada (Canada)		3.2%
GlaxoSmithKline PLC (United Kingdom)		3.1%
Sanofi (France)		2.9%
Allianz SE (Germany)		2.8%
China Construction Bank Corp. (China)		2.1%
BHP Group Ltd. (Australia)		2.1%
Bayer AG (Germany)		1.9%
BASF SE (Germany)		1.9%
Bank of Nova Scotia (Canada)		1.9%


*Country Diversification as of November 30, 2019**


United Kingdom			13.5%
Canada			11.7%
France			8.9%
Germany			8.6%
Japan			6.8%
China			6.7%
Hong Kong			5.5%
Australia			4.9%
Russia			3.8%
Taiwan			3.3%
Spain			3.2%
Switzerland			3.2%
South Africa			2.4%
Saudi Arabia			2.0%
Other			15.5%

Total			100.0%

Sector Diversification* as of November 30, 2019


Financials			31.0%
Materials			13.2%
Energy			11.9%
Health Care			8.4%
Communication Services			8.2%
Consumer Discretionary			6.8%
Utilities			6.7%
Industrials			5.0%
Real Estate			3.1%
Information Technology			3.1%
Consumer Staples			2.6%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2019 (39.3% of Net Assets)



Description	% of Net Assets
Sanofi (France)		5.1%
GlaxoSmithKline PLC (United Kingdom)		5.1%
Allianz SE (Germany)		5.0%
TOTAL SA (France)		4.8%
BASF SE (Germany)		3.9%
Zurich Insurance Group AG (Switzerland)		3.6%
Rio Tinto PLC (United Kingdom)		3.4%
Iberdrola SA (Spain)		3.3%
AXA SA (France)		2.9%
National Grid PLC (United Kingdom)		2.2%

Country Diversification* as of November 30, 2019


United Kingdom			25.7%
France			14.9%
Germany			11.8%
Japan			10.9%
Spain			6.1%
Hong Kong			6.0%
Switzerland			5.3%
Australia			5.1%
Singapore			3.5%
Finland			3.5%
Italy			2.3%
Other			4.9%

Total			100.0%

Sector Diversification* as of November 30, 2019


Financials			23.3%
Materials			14.7%
Utilities			11.2%
Health Care			10.8%
Consumer Discretionary			10.0%
Communication Services			9.1%
Industrials			7.1%
Energy			5.3%
Real Estate			4.1%
Consumer Staples			2.4%
Information Technology			2.0%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 34.

DBX ETF Trust

Fees and Expenses (Unaudited)

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value June 1, 2019		Ending Account Value November 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF
Actual	$	1,000.00	$	1,040.00		0.45	%	$	2.30
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF⁽²⁾
Actual	$	1,000.00	$	1,038.70		0.19	%	$	0.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.19	%	$	0.96
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
Actual	$	1,000.00	$	1,045.50		0.25	%	$	1.28
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.75		0.25	%	$	1.26
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	1,028.60		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.15	%	$	0.76
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,095.70		0.20	%	$	1.05
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.20	%	$	1.01
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,114.90		0.20	%	$	1.06
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.20	%	$	1.01

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

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

November 30, 2019 (Unaudited)


	Principal Amount		Value
SOVEREIGN BONDS — 95.7%
Brazil — 4.9%
Brazilian Government International Bond 8.875%, 4/15/24	$	50,000	$	63,396
4.25%, 1/7/25		275,000		289,470
8.25%, 1/20/34		50,000		68,205
7.125%, 1/20/37		30,000		38,052
5.625%, 1/7/41		125,000		137,773
5.00%, 1/27/45		200,000		203,187

				800,083

Chile — 2.6%
Chile Government International Bond 3.24%, 2/6/28		200,000		211,313
3.86%, 6/21/47		200,000		224,007

				435,320

China — 1.3%
Export-Import Bank of China 3.625%, 7/31/24, 144A		200,000		211,978

Colombia — 5.0%
Colombia Government International Bond 3.875%, 4/25/27		200,000		210,569
4.50%, 3/15/29		200,000		220,770
6.125%, 1/18/41		100,000		127,693
5.20%, 5/15/49		225,000		266,723

				825,755

Croatia — 1.3%
Croatia Government International Bond 5.50%, 4/4/23, 144A		200,000		220,893

Ecuador — 3.8%
Ecuador Government International Bond 10.75%, 3/28/22, 144A		200,000		176,563
8.875%, 10/23/27, 144A		275,000		219,408
7.875%, 1/23/28, 144A		300,000		234,854

				630,825

Egypt — 4.5%
Egypt Government International Bond 5.577%, 2/21/23, 144A		250,000		259,335
7.600%, 3/1/29, 144A		200,000		212,648
8.700%, 3/1/49, 144A		250,000		269,449

				741,432

El Salvador — 1.2%
El Salvador Government International Bond 7.65%, 6/15/35, 144A		180,000		195,468

Hungary — 3.3%
Hungary Government International Bond 5.75%, 11/22/23		110,000		124,125
5.375%, 3/25/24		232,000		261,551
7.625%, 3/29/41		100,000		163,382

				549,058


	Principal Amount		Value
Indonesia — 5.1%
Indonesia Government International Bond 4.125%, 1/15/25, 144A	$	300,000	$	320,899
5.25%, 1/8/47, 144A		250,000		306,755
Perusahaan Penerbit SBSN Indonesia III 4.55%, 3/29/26, 144A		200,000		218,307

				845,961

Kazakhstan — 3.0%
Kazakhstan Government International Bond 5.125%, 7/21/25, 144A		200,000		229,164
4.875%, 10/14/44, 144A		225,000		273,149

				502,313

Lebanon — 0.1%
Lebanon Government International Bond 6.85%, 5/25/29		25,000		11,388

Lithuania — 1.3%
Lithuania Government International Bond 6.625%, 2/1/22, 144A		200,000		219,595

Mexico — 4.9%
Mexico Government International Bond 4.00%, 10/2/23		110,000		116,250
4.50%, 4/22/29		225,000		246,938
Series A, MTN, 6.75%, 9/27/34		10,000		13,728
6.05%, 1/11/40		26,000		33,499
MTN, 4.75%, 3/8/44		90,000		98,409
5.55%, 1/21/45		35,000		42,643
4.60%, 1/23/46		225,000		241,073
GMTN, 5.75%, 10/12/10		10,000		11,669

				804,209

Panama — 3.6%
Panama Bonos del Tesoro Series A, 5.625%, 7/25/22		100,000		110,198
Panama Government International Bond 6.70%, 1/26/36		125,000		176,212
4.50%, 4/16/50		200,000		235,687
Panama Notas del Tesoro 3.75%, 4/17/26, 144A		60,000		63,442

				585,539

Peru — 5.1%
Peruvian Government International Bond 7.35%, 7/21/25		100,000		126,492
4.125%, 8/25/27		220,000		246,476
6.55%, 3/14/37		40,000		58,497
5.625%, 11/18/50		275,000		402,170

				833,635

Philippines — 5.0%
Philippine Government International Bond 4.20%, 1/21/24		325,000		350,742
5.00%, 1/13/37		200,000		255,426
3.70%, 2/2/42		200,000		226,162

				832,330


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
Poland — 3.6%
Republic of Poland Government International Bond 5.00%, 3/23/22	$	150,000	$	160,735
3.00%, 3/17/23		140,000		144,437
4.00%, 1/22/24		170,000		183,403
3.25%, 4/6/26		100,000		106,408

				594,983

Qatar — 5.1%
Qatar Government International Bond 4.00%, 3/14/29, 144A		250,000		278,950
9.75%, 6/15/30, 144A		90,000		148,396
6.40%, 1/20/40, 144A		100,000		146,333
4.625%, 6/2/46, 144A		225,000		273,650

				847,329

Romania — 2.8%
Romanian Government International Bond 6.75%, 2/7/22, 144A		100,000		109,307
4.375%, 8/22/23, 144A		10,000		10,638
4.875%, 1/22/24, 144A		176,000		192,585
6.125%, 1/22/44, 144A		70,000		90,597
5.125%, 6/15/48, 144A		50,000		57,262

				460,389

Russia — 4.4%
Russian Foreign Bond — Eurobond 4.375%, 3/21/29, 144A		200,000		220,388
5.10%, 3/28/35, 144A		200,000		235,881
5.875%, 9/16/43, 144A		200,000		261,472

				717,741

South Africa — 4.9%
Republic of South Africa Government International Bond 4.30%, 10/12/28		350,000		340,265
5.875%, 6/22/30		250,000		266,512
5.65%, 9/27/47		200,000		192,932

				799,709

Sri Lanka — 4.3%
Sri Lanka Government International Bond 6.85%, 3/14/24, 144A		200,000		200,289
6.85%, 11/3/25, 144A		200,000		194,903
7.85%, 3/14/29, 144A		325,000		315,593

				710,785

Turkey — 4.7%
Turkey Government International Bond 7.375%, 2/5/25		55,000		59,412
4.875%, 10/9/26		200,000		188,609
6.125%, 10/24/28		200,000		199,382
11.875%, 1/15/30		40,000		56,287
6.875%, 3/17/36		200,000		200,780
7.25%, 3/5/38		60,000		62,180

				766,650


	Principal Amount		Value
Ukraine — 4.8%
Ukraine Government International Bond 7.75%, 9/1/22, 144A	$	100,000	$	106,427
7.75%, 9/1/25, 144A		100,000		105,865
7.75%, 9/1/26, 144A		100,000		105,864
7.75%, 9/1/27, 144A		260,000		275,037
7.375%, 9/25/32, 144A		200,000		204,066

				797,259

Uruguay — 5.1%
Uruguay Government International Bond 4.50%, 8/14/24		15,000		16,184
4.375%, 10/27/27		225,000		246,228
7.625%, 3/21/36		30,000		44,263
5.10%, 6/18/50		390,000		466,999
4.975%, 4/20/55		50,000		58,947

				832,621

TOTAL SOVEREIGN BONDS (Cost $15,478,163)				15,773,248


	Number of Shares
CASH EQUIVALENTS — 1.6%
DWS Government Money Market Series “Institutional Shares”, 1.58% (a) (Cost $271,216)		271,216		271,216


TOTAL INVESTMENTS — 97.3% (Cost $15,749,379)			$	16,044,464
Other assets and liabilities, net — 2.7%				443,677

NET ASSETS — 100.0%			$	16,488,141


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (a)(b)
		—		0	(c)		—			—		—		82		—		—		—

CASH EQUIVALENTS — 1.6%
DWS Government Money Market Series “Institutional Shares”, 1.58% (a)
		—		2,980,201			(2,708,985	)		—		—		1,505		—		271,216		271,216

		—		2,980,201			(2,708,985	)		—		—		1,587		—		271,216		271,216

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

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

(c)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

GMTN:

Global Medium Term Note

MTN:

Medium Term Note

SBSN:

Surat Berharga Syariah Negara (Islamic Based Government Securities)

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, 2019, open futures contracts sold were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
2-Year U.S. Treasury Note	USD	4	$	862,688	$	862,344	3/31/2020	$	344
5-Year U.S. Treasury Note	USD	28		3,335,937		3,331,125	3/31/2020		4,812
10-Year Ultra U.S. Treasury Note	USD	13		1,855,547		1,848,844	3/20/2020		6,703
10-Year U.S. Treasury Note	USD	28		3,632,125		3,622,062	3/20/2020		10,063
Ultra Long U.S. Treasury Bond	USD	12		2,263,500		2,252,625	3/20/2020		10,875
U.S. Treasury Long Bond	USD	21		3,357,211		3,338,344	3/20/2020		18,867

Total unrealized appreciation								$	51,664

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

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Sovereign Bonds (d)	$	—	$	15,773,248	$	—	$	15,773,248
Short-Term Investments (d)		271,216		—		—		271,216
Derivatives (e)
Futures Contracts		51,664		—		—		51,664

TOTAL	$	322,880	$	15,773,248	$	—	$	16,096,128

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

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


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 98.2%
Xtrackers High Beta High Yield Bond ETF (a)		9,291	$	446,253
Xtrackers USD High Yield Corporate Bond ETF (a)(b)		185,142		9,231,180

TOTAL EXCHANGE-TRADED FUNDS (Cost $9,658,035)				9,677,433

SECURITIES LENDING COLLATERAL — 47.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) (Cost $4,724,130)		4,724,130		4,724,130


	Number of Shares		Value
CASH EQUIVALENTS — 1.1%
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) (Cost $107,826)		107,826	$	107,826


TOTAL INVESTMENTS — 147.2% (Cost $14,489,991)			$	14,509,389
Other assets and liabilities, net — (47.2%)				(4,652,169	)

NET ASSETS — 100.0%			$	9,857,220

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
EXCHANGE-TRADED FUNDS — 98.2%
Xtrackers High Beta High Yield Bond ETF (a)
		460,768		191,346			(209,676	)		(1,062	)		4,877		14,421		—		9,291		446,253
Xtrackers USD High Yield Corporate Bond ETF (a)(b)
		6,043,035		3,085,494			—			—			102,651		220,636		—		185,142		9,231,180

SECURITIES LENDING COLLATERAL — 47.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d)
		582,275		4,141,855	(e)		—			—			—		10,209		—		4,724,130		4,724,130

CASH EQUIVALENTS — 1.1%
DWS Government Money Market Series “Institutional Shares”, 1.58% (c)
		1,893		832,397			(726,464	)		—			—		579		—		107,826		107,826

		7,087,971		8,251,092			(936,140	)		(1,062	)		107,528		245,845		—		5,026,389		14,509,389

(a)	Affiliated fund advised by DBX Advisors LLC.

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2019 amounted to $4,618,532, which is 46.9% 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, 2019.

At November 30, 2019, open futures contracts sold were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
2-Year U.S. Treasury Note	USD	9	$	1,941,047	$	1,940,273	3/31/2020	$	774
5-Year U.S. Treasury Note	USD	38		4,527,343		4,520,812	3/31/2020		6,531
10-Year Ultra U.S. Treasury Note	USD	2		285,469		284,438	3/20/2020		1,031
10-Year U.S. Treasury Note	USD	20		2,594,188		2,587,188	3/20/2020		7,000

Total unrealized appreciation								$	15,336

Currency Abbreviations

USD

U.S. Dollar


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	9,677,433	$	—	$	—	$	9,677,433
Short-Term Investments (f)		4,831,956		—		—		4,831,956
Derivatives (g)
Futures Contracts		15,336		—		—		15,336

TOTAL	$	14,524,725	$	—	$	—	$	14,524,725

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

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


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

November 30, 2019 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS — 97.0%
Basic Materials — 2.1%
Chemicals — 1.3%
Dow Chemical Co. 7.375%, 11/1/29	$	40,000	$	52,950
Dupont de Nemours, Inc. 4.205%, 11/15/23		15,000		16,039
DuPont de Nemours, Inc. 5.419%, 11/15/48		5,000		6,236
LyondellBasell Industries NV 4.625%, 2/26/55		15,000		15,877

				91,102

Forest Products & Paper — 0.2%
International Paper Co. 4.80%, 6/15/44		15,000		16,442

Iron/Steel — 0.1%
Arcelormittal SA 3.60%, 7/16/24		5,000		5,095

Mining — 0.5%
BHP Billiton Finance USA Ltd. 5.00%, 9/30/43		15,000		19,539
Newmont Goldcorp Corp. 4.875%, 3/15/42		5,000		5,895
Rio Tinto Finance USA Ltd. 3.75%, 6/15/25		10,000		10,735

				36,169

Communications — 12.8%
Internet — 1.2%
Alphabet, Inc. 3.375%, 2/25/24 (a)		10,000		10,561
Amazon.com, Inc. 2.80%, 8/22/24		10,000		10,349
4.80%, 12/5/34		15,000		18,680
4.95%, 12/5/44		25,000		32,926
eBay, Inc. 2.75%, 1/30/23		10,000		10,140

				82,656

Media — 3.8%
CBS Corp. 4.00%, 1/15/26		20,000		21,439
Comcast Corp. 3.00%, 2/1/24		15,000		15,525
3.15%, 2/15/28		10,000		10,509
4.15%, 10/15/28		45,000		50,772
4.20%, 8/15/34		45,000		52,099
3.40%, 7/15/46		10,000		10,266
3.969%, 11/1/47		10,000		11,138
4.95%, 10/15/58		5,000		6,540
Discovery Communications LLC 5.20%, 9/20/47		25,000		28,511
NBCUniversal Media LLC 5.95%, 4/1/41		25,000		34,335
TWDC Enterprises 18 Corp. MTN, 2.95%, 6/15/27 (a)		20,000		21,153


	Principal Amount		Value
Media (Continued)
Walt Disney Co. 2.75%, 9/1/49	$	10,000	$	9,654

				271,941

Telecommunications — 7.8%
AT&T, Inc. 2.625%, 12/1/22		15,000		15,210
3.90%, 3/11/24		20,000		21,191
4.45%, 4/1/24		15,000		16,217
3.40%, 5/15/25		18,000		18,808
4.125%, 2/17/26		25,000		27,008
5.35%, 9/1/40		28,000		33,561
4.80%, 6/15/44		10,000		11,313
4.75%, 5/15/46		10,000		11,198
5.15%, 11/15/46		5,000		5,880
5.45%, 3/1/47		5,000		6,120
4.50%, 3/9/48		10,000		10,908
4.55%, 3/9/49		40,000		44,027
Cisco Systems, Inc. 2.20%, 9/20/23		10,000		10,107
5.50%, 1/15/40		10,000		13,700
Corning, Inc. 4.375%, 11/15/57		5,000		5,007
Deutsche Telekom International Finance BV 8.75%, 6/15/30		10,000		14,727
Orange SA 5.50%, 2/6/44		10,000		13,246
Rogers Communications, Inc. 4.10%, 10/1/23		10,000		10,656
4.30%, 2/15/48		5,000		5,647
Telefonica Europe BV 8.25%, 9/15/30		35,000		50,762
Verizon Communications, Inc. 3.875%, 2/8/29		10,000		11,066
4.40%, 11/1/34		35,000		40,679
4.272%, 1/15/36		20,000		22,855
4.812%, 3/15/39		20,000		24,410
4.862%, 8/21/46		15,000		18,788
5.012%, 4/15/49		5,000		6,441
5.012%, 8/21/54		25,000		32,801
Vodafone Group PLC 4.375%, 5/30/28		25,000		27,802
5.25%, 5/30/48		15,000		17,952
4.25%, 9/17/50		5,000		5,212

				553,299

Consumer, Cyclical — 5.6%
Apparel — 0.2%
NIKE, Inc. 2.375%, 11/1/26		10,000		10,228

Auto Manufacturers — 1.3%
General Motors Co. 4.875%, 10/2/23		15,000		16,183
6.25%, 10/2/43		15,000		16,647
General Motors Financial Co., Inc. 3.50%, 11/7/24		15,000		15,356
4.35%, 4/9/25		15,000		15,813
4.35%, 1/17/27		15,000		15,567


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
Auto Manufacturers (Continued)
Toyota Motor Credit Corp. GMTN, 3.45%, 9/20/23	$	10,000	$	10,529

				90,095

Lodging — 0.1%
Las Vegas Sands Corp. 3.20%, 8/8/24		10,000		10,191

Retail — 4.0%
Costco Wholesale Corp. 3.00%, 5/18/27		15,000		15,896
Dollar Tree, Inc. 4.00%, 5/15/25		15,000		15,840
Home Depot, Inc. 3.00%, 4/1/26		30,000		31,501
3.90%, 6/15/47		10,000		11,423
4.50%, 12/6/48		5,000		6,254
3.50%, 9/15/56		10,000		10,709
Lowe’s Cos., Inc. 4.375%, 9/15/45		20,000		22,220
McDonald’s Corp. MTN, 3.35%, 4/1/23		15,000		15,621
MTN, 3.70%, 1/30/26		10,000		10,761
MTN, 4.45%, 9/1/48		5,000		5,842
MTN, 3.625%, 9/1/49		10,000		10,242
Starbucks Corp. 4.50%, 11/15/48		10,000		11,621
Target Corp. 4.00%, 7/1/42		15,000		17,367
TJX Cos., Inc. 2.25%, 9/15/26		8,000		8,019
Walgreens Boots Alliance, Inc. 4.80%, 11/18/44		10,000		10,350
Walmart, Inc. 2.55%, 4/11/23		30,000		30,623
2.85%, 7/8/24		10,000		10,375
5.25%, 9/1/35		10,000		13,183
3.625%, 12/15/47		20,000		22,519
2.95%, 9/24/49		5,000		5,043

				285,409

Consumer, Non-cyclical — 19.9%
Agriculture — 1.8%
Altria Group, Inc. 4.00%, 1/31/24		25,000		26,461
5.95%, 2/14/49		20,000		24,129
BAT Capital Corp. 3.557%, 8/15/27		15,000		15,292
4.758%, 9/6/49		10,000		10,154
Philip Morris International, Inc. 4.375%, 11/15/41		20,000		22,403
Reynolds American, Inc. 4.45%, 6/12/25		10,000		10,716
5.70%, 8/15/35		15,000		17,243

				126,398


	Principal Amount		Value
Beverages — 2.9%
Anheuser-Busch InBev Finance, Inc. 3.30%, 2/1/23	$	25,000	$	25,935
4.00%, 1/17/43		5,000		5,320
4.625%, 2/1/44		10,000		11,277
Anheuser-Busch InBev Worldwide, Inc. 4.00%, 4/13/28		15,000		16,559
4.75%, 1/23/29		5,000		5,807
4.60%, 4/15/48		15,000		17,433
5.55%, 1/23/49		10,000		13,282
4.75%, 4/15/58		10,000		12,019
5.80%, 1/23/59		12,000		16,915
Coca-Cola Co. 1.75%, 9/6/24		15,000		14,937
2.875%, 10/27/25		5,000		5,232
Keurig Dr Pepper, Inc. 4.597%, 5/25/28		10,000		11,351
Molson Coors Brewing Co. 3.00%, 7/15/26		20,000		20,125
PepsiCo, Inc. 4.45%, 4/14/46		10,000		12,499
4.00%, 5/2/47		10,000		11,748
2.875%, 10/15/49		5,000		4,897

				205,336

Biotechnology — 1.6%
Amgen, Inc. 3.125%, 5/1/25		25,000		25,957
4.663%, 6/15/51		16,000		18,942
Biogen, Inc. 4.05%, 9/15/25		10,000		10,873
Gilead Sciences, Inc. 2.95%, 3/1/27		15,000		15,547
4.00%, 9/1/36		25,000		28,137
4.75%, 3/1/46		10,000		12,089

				111,545

Commercial Services — 0.4%
Global Payments, Inc. 2.65%, 2/15/25		15,000		15,064
Paypal Holdings, Inc. 2.85%, 10/1/29		5,000		4,999
RELX Capital, Inc. 4.00%, 3/18/29		10,000		10,999

				31,062

Cosmetics/Personal Care — 0.2%
Procter & Gamble Co. 2.85%, 8/11/27		15,000		15,912

Food — 1.9%
Campbell Soup Co. 4.15%, 3/15/28 (a)		15,000		16,265
Conagra Brands, Inc. 5.40%, 11/1/48		10,000		11,922
General Mills, Inc. 3.20%, 2/10/27		10,000		10,525


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
Food (Continued)
Kraft Heinz Foods Co. 3.95%, 7/15/25	$	14,000	$	14,710
6.50%, 2/9/40		25,000		30,415
Kroger Co. 4.45%, 2/1/47		5,000		5,354
McCormick & Co., Inc. 3.40%, 8/15/27		10,000		10,495
Sysco Corp. 3.75%, 10/1/25		15,000		16,135
Tyson Foods, Inc. 3.55%, 6/2/27		20,000		21,332

				137,153

Healthcare-Products — 1.7%
Abbott Laboratories 3.40%, 11/30/23		10,000		10,477
4.90%, 11/30/46		15,000		19,949
Becton Dickinson and Co. 4.669%, 6/6/47		15,000		18,086
Boston Scientific Corp. 4.00%, 3/1/29		15,000		16,715
DH Europe Finance II Sarl 3.40%, 11/15/49		5,000		5,172
Medtronic, Inc. 3.50%, 3/15/25		5,000		5,355
4.625%, 3/15/45		12,000		15,394
Stryker Corp. 4.625%, 3/15/46		5,000		6,088
Thermo Fisher Scientific, Inc. 4.15%, 2/1/24		20,000		21,481

				118,717

Healthcare-Services — 2.3%
Aetna, Inc. 3.875%, 8/15/47		10,000		10,101
Anthem, Inc. 3.30%, 1/15/23		10,000		10,349
4.625%, 5/15/42		15,000		16,824
3.70%, 9/15/49		15,000		14,916
HCA, Inc. 4.75%, 5/1/23		20,000		21,394
4.125%, 6/15/29		10,000		10,555
5.50%, 6/15/47		10,000		11,587
Kaiser Foundation Hospitals 4.15%, 5/1/47		10,000		11,670
Laboratory Corp. of America Holdings 3.60%, 2/1/25		10,000		10,482
UnitedHealth Group, Inc. 4.75%, 7/15/45		35,000		43,457

				161,335

Pharmaceuticals — 7.1%
AbbVie, Inc. 2.90%, 11/6/22		15,000		15,286
4.70%, 5/14/45		40,000		44,549
Allergan Funding SCS 3.80%, 3/15/25		30,000		31,506


	Principal Amount		Value
Pharmaceuticals (Continued)
AstraZeneca PLC 4.00%, 1/17/29	$	5,000	$	5,603
6.45%, 9/15/37		20,000		28,268
Cigna Corp. 4.90%, 12/15/48		10,000		11,894
CVS Health Corp. 3.875%, 7/20/25		45,000		47,994
4.30%, 3/25/28		20,000		21,819
4.78%, 3/25/38		20,000		22,754
5.05%, 3/25/48		30,000		35,551
Eli Lilly & Co. 3.375%, 3/15/29		10,000		10,794
3.95%, 3/15/49		5,000		5,895
GlaxoSmithKline Capital PLC 3.375%, 6/1/29		20,000		21,512
GlaxoSmithKline Capital, Inc. 2.80%, 3/18/23		10,000		10,244
Johnson & Johnson 5.95%, 8/15/37		20,000		28,652
3.50%, 1/15/48		5,000		5,563
Merck & Co., Inc. 2.80%, 5/18/23		10,000		10,324
4.15%, 5/18/43		10,000		11,996
4.00%, 3/7/49		10,000		11,928
Mylan NV 5.25%, 6/15/46		5,000		5,512
Novartis Capital Corp. 3.40%, 5/6/24		20,000		21,162
3.10%, 5/17/27		15,000		15,878
Pfizer, Inc. 4.30%, 6/15/43		10,000		11,973
4.40%, 5/15/44		30,000		36,599
Sanofi 3.625%, 6/19/28		10,000		11,080
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/26		15,000		15,525
Zoetis, Inc. 4.70%, 2/1/43		5,000		6,016

				505,877

Energy — 10.8%
Oil & Gas — 6.2%
Apache Corp. 5.10%, 9/1/40		20,000		19,545
BP Capital Markets America, Inc. 2.75%, 5/10/23		40,000		40,862
4.234%, 11/6/28		5,000		5,636
BP Capital Markets PLC 3.279%, 9/19/27		10,000		10,509
Canadian Natural Resources Ltd. 2.95%, 1/15/23		10,000		10,180
3.85%, 6/1/27		10,000		10,598
Chevron Corp. 2.954%, 5/16/26		20,000		21,047
Concho Resources, Inc. 4.875%, 10/1/47		5,000		5,586


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
Oil & Gas (Continued)
ConocoPhillips Co. 4.30%, 11/15/44	$	15,000	$	17,532
Equinor ASA 3.95%, 5/15/43		15,000		16,972
Exxon Mobil Corp. 2.709%, 3/6/25		15,000		15,487
2.44%, 8/16/29		15,000		15,090
3.567%, 3/6/45		5,000		5,461
3.095%, 8/16/49		10,000		10,127
Marathon Oil Corp. 4.40%, 7/15/27		10,000		10,774
Marathon Petroleum Corp. 6.50%, 3/1/41		7,000		8,893
Noble Energy, Inc. 5.05%, 11/15/44		10,000		10,659
Occidental Petroleum Corp. 2.90%, 8/15/24		20,000		20,116
5.55%, 3/15/26		20,000		22,685
4.10%, 2/15/47		15,000		14,317
Phillips 66 4.875%, 11/15/44		10,000		12,148
Shell International Finance BV 3.50%, 11/13/23		15,000		15,854
4.55%, 8/12/43		45,000		54,934
Suncor Energy, Inc. 4.00%, 11/15/47		10,000		10,757
Total Capital International SA 3.70%, 1/15/24		20,000		21,271
3.455%, 2/19/29		10,000		10,848
Valero Energy Corp. 3.40%, 9/15/26		20,000		20,770

				438,658

Oil & Gas Services — 0.8%
Baker Hughes A GE Co. LLC / Baker Hughes Co.-Obligor, Inc. 4.08%, 12/15/47		10,000		10,208
Halliburton Co. 3.50%, 8/1/23		10,000		10,375
3.80%, 11/15/25		25,000		26,373
National Oilwell Varco, Inc. 3.95%, 12/1/42		10,000		9,098
Schlumberger Investment SA 3.65%, 12/1/23		5,000		5,263

				61,317

Pipelines — 3.8%
Enbridge, Inc. 4.00%, 10/1/23		20,000		21,160
Enterprise Products Operating LLC 5.10%, 2/15/45		30,000		35,610
Kinder Morgan, Inc. 4.30%, 6/1/25		25,000		26,971
5.20%, 3/1/48		10,000		11,548
MPLX LP 4.80%, 2/15/29		5,000		5,418
4.70%, 4/15/48		25,000		24,901


	Principal Amount		Value
Pipelines (Continued)
ONEOK, Inc. 5.20%, 7/15/48	$	5,000	$	5,497
Sabine Pass Liquefaction LLC 4.20%, 3/15/28		20,000		21,073
Sunoco Logistics Partners Operations LP 4.00%, 10/1/27		55,000		56,117
TransCanada Pipelines Ltd. 7.625%, 1/15/39		25,000		37,160
Williams Cos., Inc. 3.75%, 6/15/27		20,000		20,493
4.85%, 3/1/48		5,000		5,245

				271,193

Financial — 28.0%
Banks — 20.4%
Bank of America Corp. GMTN, 3.30%, 1/11/23		25,000		25,869
4.10%, 7/24/23		15,000		16,001
MTN, 4.125%, 1/22/24		15,000		16,114
MTN, 4.00%, 1/22/25		25,000		26,620
GMTN, 3.50%, 4/19/26		10,000		10,623
MTN, 4.25%, 10/22/26		10,000		10,942
MTN, 3.248%, 10/21/27		10,000		10,434
MTN, 5.00%, 1/21/44		20,000		26,132
Bank of New York Mellon Corp. MTN, 2.20%, 8/16/23		25,000		25,146
MTN, 3.30%, 8/23/29		10,000		10,542
Bank of Nova Scotia 4.50%, 12/16/25		15,000		16,364
BB&T Corp. MTN, 3.70%, 6/5/25		25,000		26,795
Citigroup, Inc. 3.50%, 5/15/23		15,000		15,628
3.875%, 10/25/23		15,000		15,940
3.875%, 3/26/25		20,000		21,136
3.40%, 5/1/26		5,000		5,255
4.125%, 7/25/28		30,000		32,634
5.30%, 5/6/44		11,000		13,962
4.75%, 5/18/46		15,000		17,952
4.65%, 7/23/48		5,000		6,217
Cooperatieve Rabobank UA 5.25%, 5/24/41		10,000		13,862
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 9/15/22		35,000		36,411
4.55%, 4/17/26		30,000		33,356
Deutsche Bank AG 3.70%, 5/30/24 (b)		20,000		20,146
Discover Bank 3.45%, 7/27/26		25,000		25,894
Fifth Third Bancorp 4.30%, 1/16/24		20,000		21,524
Goldman Sachs Group, Inc. 3.20%, 2/23/23		10,000		10,292
3.625%, 2/20/24		15,000		15,733
4.00%, 3/3/24		15,000		15,961
MTN, 3.85%, 7/8/24		10,000		10,591
3.50%, 1/23/25		35,000		36,594


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
Banks (Continued)
6.25%, 2/1/41	$	25,000	$	35,108
MTN, 4.80%, 7/8/44		5,000		6,126
5.15%, 5/22/45		10,000		12,318
HSBC Holdings PLC 3.40%, 3/8/21		50,000		50,811
6.10%, 1/14/42		20,000		28,246
ING Groep NV 3.95%, 3/29/27		20,000		21,458
JPMorgan Chase & Co. 3.875%, 9/10/24		40,000		42,539
3.125%, 1/23/25		37,000		38,374
6.40%, 5/15/38		25,000		36,005
5.60%, 7/15/41		5,000		6,809
4.95%, 6/1/45		5,000		6,317
KeyCorp MTN, 4.10%, 4/30/28		15,000		16,439
Mitsubishi UFJ Financial Group, Inc. 3.407%, 3/7/24		15,000		15,650
3.287%, 7/25/27		30,000		31,432
Morgan Stanley Series F, 3.875%, 4/29/24		15,000		15,948
GMTN, 3.70%, 10/23/24		30,000		31,793
MTN, 3.125%, 7/27/26		15,000		15,559
GMTN, 4.35%, 9/8/26		20,000		21,900
4.30%, 1/27/45		10,000		11,822
4.375%, 1/22/47		20,000		24,390
PNC Financial Services Group, Inc. 3.90%, 4/29/24		20,000		21,334
3.45%, 4/23/29		15,000		16,040
Santander Holdings USA, Inc. 4.40%, 7/13/27		20,000		21,497
Santander UK PLC 4.00%, 3/13/24		15,000		16,023
State Street Corp. 3.10%, 5/15/23		10,000		10,338
Sumitomo Mitsui Financial Group, Inc. 3.784%, 3/9/26		25,000		26,729
2.632%, 7/14/26		30,000		30,047
SunTrust Bank 3.20%, 4/1/24		15,000		15,622
Toronto-Dominion Bank GMTN, 3.50%, 7/19/23		10,000		10,527
US Bancorp MTN, 3.60%, 9/11/24		20,000		21,303
MTN, 3.90%, 4/26/28		10,000		11,238
Wells Fargo & Co. 4.125%, 8/15/23		15,000		15,911
3.00%, 4/22/26		60,000		61,820
3.00%, 10/23/26		10,000		10,290
5.375%, 2/7/35		35,000		44,856
5.606%, 1/15/44		10,000		13,192
MTN, 4.75%, 12/7/46		10,000		12,236
Westpac Banking Corp. 3.35%, 3/8/27		30,000		31,662

				1,450,379


	Principal Amount		Value
Diversified Financial Services — 3.4%
American Express Co. 3.40%, 2/27/23	$	25,000	$	25,982
American Express Credit Corp. MTN, 3.30%, 5/3/27		15,000		16,078
Brookfield Finance, Inc. 4.70%, 9/20/47		5,000		5,703
Capital One Financial Corp. 3.20%, 2/5/25		26,000		26,850
3.75%, 3/9/27		20,000		21,196
Charles Schwab Corp. 2.65%, 1/25/23		15,000		15,301
CME Group, Inc. 5.30%, 9/15/43		5,000		6,808
GE Capital International Funding Co. Unlimited Co. 4.418%, 11/15/35		50,000		53,910
Mastercard, Inc. 2.95%, 11/21/26		10,000		10,505
Synchrony Financial 4.25%, 8/15/24		15,000		15,828
Visa, Inc. 3.15%, 12/14/25		20,000		21,215
4.15%, 12/14/35		20,000		23,869

				243,245

Insurance — 2.9%
American International Group, Inc. 4.50%, 7/16/44		15,000		17,155
4.75%, 4/1/48		5,000		5,986
Aon Corp. 3.75%, 5/2/29		10,000		10,752
Berkshire Hathaway Finance Corp. 4.20%, 8/15/48		5,000		5,906
Berkshire Hathaway, Inc. 3.125%, 3/15/26		30,000		31,631
Brighthouse Financial, Inc. 3.70%, 6/22/27		20,000		19,780
Chubb INA Holdings, Inc. 4.35%, 11/3/45		10,000		12,320
Manulife Financial Corp. 4.15%, 3/4/26		25,000		27,700
Marsh & McLennan Cos., Inc. 4.375%, 3/15/29		20,000		22,670
MetLife, Inc. 5.70%, 6/15/35		25,000		33,855
Progressive Corp. 4.125%, 4/15/47		5,000		5,817
Prudential Financial, Inc. MTN, 4.60%, 5/15/44		10,000		11,795

				205,367

Real Estate Investment Trusts — 1.3%
American Tower Corp. 5.00%, 2/15/24		5,000		5,503
3.80%, 8/15/29		10,000		10,685
Boston Properties LP 3.40%, 6/21/29		10,000		10,474


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Crown Castle International Corp. 3.80%, 2/15/28	$	15,000	$	16,014
Digital Realty Trust LP 3.70%, 8/15/27		15,000		15,832
Simon Property Group LP 3.25%, 11/30/26		15,000		15,769
Welltower, Inc. 3.625%, 3/15/24		15,000		15,779

				90,056

Industrial — 5.5%
Aerospace/Defense — 2.1%
Boeing Co. 2.95%, 2/1/30		15,000		15,476
3.95%, 8/1/59		5,000		5,502
Lockheed Martin Corp. 4.70%, 5/15/46		5,000		6,328
4.09%, 9/15/52		12,000		14,140
Northrop Grumman Corp. 3.25%, 8/1/23		5,000		5,204
4.03%, 10/15/47		15,000		16,856
Rockwell Collins, Inc. 3.50%, 3/15/27		20,000		21,348
United Technologies Corp. 4.125%, 11/16/28		15,000		16,891
5.70%, 4/15/40		20,000		27,211
4.625%, 11/16/48		15,000		18,816

				147,772

Electronics — 0.4%
Fortive Corp. 3.15%, 6/15/26		10,000		10,257
Honeywell International, Inc. 2.50%, 11/1/26		15,000		15,296

				25,553

Environmental Control — 0.3%
Waste Management, Inc. 3.45%, 6/15/29		15,000		16,121
4.10%, 3/1/45		5,000		5,775

				21,896

Machinery-Construction & Mining — 0.1%
Caterpillar, Inc. 3.803%, 8/15/42		10,000		11,330

Machinery-Diversified — 0.4%
John Deere Capital Corp. MTN, 3.45%, 3/13/25		10,000		10,687
Westinghouse Air Brake Technologies Corp. 4.40%, 3/15/24		15,000		15,921

				26,608

Miscellaneous Manufacturing — 0.9%
3M Co. MTN, 3.25%, 2/14/24		25,000		26,220
General Electric Co. MTN, 5.875%, 1/14/38		15,000		18,412


	Principal Amount		Value
Miscellaneous Manufacturing (Continued)
4.125%, 10/9/42	$	2,000	$	2,116
4.50%, 3/11/44		5,000		5,549
Parker-Hannifin Corp. 3.25%, 6/14/29		10,000		10,396

				62,693

Transportation — 1.3%
Burlington Northern Santa Fe LLC 3.90%, 8/1/46		25,000		27,867
CSX Corp. 4.25%, 3/15/29		20,000		22,603
4.10%, 3/15/44		5,000		5,553
FedEx Corp. 5.10%, 1/15/44		20,000		22,485
Union Pacific Corp. 3.799%, 10/1/51		5,000		5,448
United Parcel Service, Inc. 3.75%, 11/15/47		10,000		10,863

				94,819

Technology — 9.9%
Computers — 3.1%
Apple, Inc. 2.85%, 2/23/23		25,000		25,679
2.40%, 5/3/23		45,000		45,715
3.20%, 5/13/25		17,000		17,947
4.45%, 5/6/44		15,000		18,325
4.375%, 5/13/45		8,000		9,694
3.75%, 9/12/47		15,000		16,784
3.75%, 11/13/47		15,000		16,789
2.95%, 9/11/49		10,000		9,761
Hewlett Packard Enterprise Co. 4.90%, 10/15/25		25,000		27,741
International Business Machines Corp. 4.00%, 6/20/42		30,000		33,357

				221,792

Semiconductors — 2.4%
Analog Devices, Inc. 3.90%, 12/15/25		10,000		10,796
Applied Materials, Inc. 4.35%, 4/1/47		5,000		6,094
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.50%, 1/15/28		35,000		34,706
Intel Corp. 3.70%, 7/29/25		30,000		32,459
4.10%, 5/11/47		15,000		17,395
KLA Corp. 4.10%, 3/15/29		10,000		10,975
Lam Research Corp. 4.875%, 3/15/49		5,000		6,230
QUALCOMM, Inc. 3.45%, 5/20/25		15,000		15,901
3.25%, 5/20/27		20,000		20,978
4.30%, 5/20/47		5,000		5,658


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
Semiconductors (Continued)
Texas Instruments, Inc. 4.15%, 5/15/48	$	5,000	$	6,067

				167,259

Software — 4.4%
Fidelity National Information Services, Inc. 3.75%, 5/21/29		10,000		10,893
Fiserv, Inc. 4.20%, 10/1/28		10,000		11,056
3.50%, 7/1/29		10,000		10,526
4.40%, 7/1/49		5,000		5,594
Microsoft Corp. 2.40%, 8/8/26		50,000		50,926
3.30%, 2/6/27		25,000		26,943
3.50%, 2/12/35		20,000		22,198
3.75%, 2/12/45		10,000		11,477
3.70%, 8/8/46		20,000		22,898
4.25%, 2/6/47		20,000		24,831
Oracle Corp. 3.40%, 7/8/24		25,000		26,425
2.95%, 5/15/25		10,000		10,387
4.30%, 7/8/34		30,000		35,069
4.00%, 7/15/46		20,000		22,414
4.00%, 11/15/47		10,000		11,216
salesforce.com, Inc. 3.70%, 4/11/28		10,000		10,970

				313,823

Utilities — 2.4%
Electric — 2.2%
Berkshire Hathaway Energy Co. 4.50%, 2/1/45		10,000		12,082
Consolidated Edison Co. of New York, Inc. 4.625%, 12/1/54		10,000		12,096
Duke Energy Corp. 3.75%, 4/15/24		10,000		10,602
3.75%, 9/1/46		10,000		10,448
Emera US Finance LP 3.55%, 6/15/26		15,000		15,655
Entergy Corp. 2.95%, 9/1/26		10,000		10,184
Exelon Corp. 3.95%, 6/15/25		5,000		5,376
4.45%, 4/15/46		5,000		5,651
FirstEnergy Corp. Series C, 4.85%, 7/15/47		10,000		11,886
Florida Power & Light Co. 3.95%, 3/1/48		5,000		5,825
MidAmerican Energy Co. 3.65%, 4/15/29		10,000		10,985
Sempra Energy 3.25%, 6/15/27		10,000		10,264
4.00%, 2/1/48		10,000		10,437
Southern California Edison Co. Series C, 4.125%, 3/1/48		10,000		10,697


	Principal Amount		Value
Electric (Continued)
Southern Co. 4.40%, 7/1/46	$	15,000	$	16,869

				159,057

Gas — 0.2%
NiSource, Inc. 3.49%, 5/15/27		15,000		15,739

TOTAL CORPORATE BONDS (Cost $6,433,230)				6,894,518


	Number of Shares
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) (Cost $29,700)		29,700		29,700

CASH EQUIVALENTS — 1.8%
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) (Cost $124,719)		124,719		124,719


TOTAL INVESTMENTS — 99.2% (Cost $6,587,649)			$	7,048,937
Other assets and liabilities, net — 0.8%				56,216

NET ASSETS — 100.0%			$	7,105,153


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
CORPORATE BONDS — 0.3%
Financial — 0.3%
Deutsche Bank AG, 3.70%, 5/30/24 (b)
		19,488		—		—			—		658		364		—		20,000		20,146

SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d)
		34,230		—		(4,530	)(e)		—		—		242		—		29,700		29,700

CASH EQUIVALENTS — 1.8%
DWS Government Money Market Series “Institutional Shares”, 1.58% (c)
		—		1,509,699		(1,384,980	)		—		—		893		—		124,719		124,719

		53,718		1,509,699		(1,389,510	)		—		658		1,499		—		174,419		174,565

(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, 2019 amounted to $28,787, which is 0.4% of net assets.

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

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

GMTN:

Global Medium Term Note

MTN:

Medium Term Note

At November 30, 2019, open futures contracts sold were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
2-Year U.S. Treasury Note	USD	1	$	215,672	$	215,586	3/31/2020	$	86
5-Year U.S. Treasury Note	USD	15		1,786,547		1,784,531	3/31/2020		2,016
10-Year Ultra U.S. Treasury Note	USD	3		428,203		426,656	3/20/2020		1,547
10-Year U.S. Treasury Note	USD	11		1,426,906		1,422,953	3/20/2020		3,953
Ultra Long U.S. Treasury Bond	USD	7		1,320,375		1,314,031	3/20/2020		6,344
U.S. Treasury Long Bond	USD	10		1,597,500		1,589,688	3/20/2020		7,812

Total unrealized appreciation								$	21,758

Currency Abbreviations

USD

U.S. Dollar


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2019 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (f)	$	—	$	6,894,518	$	—	$	6,894,518
Short-Term Investments (f)		154,419		—		—		154,419
Derivatives (g)
Futures Contracts		21,758		—		—		21,758

TOTAL	$	176,177	$	6,894,518	$	—	$	7,070,695

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

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


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

November 30, 2019 (Unaudited)


	Principal Amount		Value
MUNICIPAL BONDS — 98.6%
Alabama — 0.6%
Alabama Federal Aid Highway Finance Authority, Government FD/ Grant Revenue, Series A, 5.00%, 6/1/37	$	200,000	$	243,798
Lower Alabama Gas District, Natural Gas Revenue, Series A, 5.00%, 9/1/31		160,000		202,766

				446,564

Arizona — 1.5%
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/38		450,000		543,303
Series A, 5.00%, 1/1/39		500,000		614,630

				1,157,933

California — 18.5%
Alameda Corridor Transportation Authority, Transit Revenue, Series B, 5.00%, 10/1/35		165,000		194,454
Bay Area Toll Authority, Highway Revenue Tolls, 3.25%, 4/1/36		260,000		273,330
4.00%, 4/1/38		25,000		28,087
Sub-Series S-8, 3.00%, 4/1/54		300,000		301,959
5.00%, 10/1/54		350,000		416,181
Sub-Series S-8, 5.00%, 4/1/56		400,000		497,580
City of Long Beach CA Harbor Revenue, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/49		125,000		154,934
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 5/15/44		200,000		237,996
Series B, AMT, 5.00%, 5/15/46		975,000		1,127,324
Series D, 5.00%, 5/15/49		100,000		119,832
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 5.00%, 11/1/32		150,000		189,831
East Bay Municipal Utility District Water System Revenue, Water Revenue, Series A, 5.00%, 6/1/45		100,000		120,989
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Series A, 5.00%, 7/1/44		175,000		215,313
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, Series A, 4.00%, 10/1/42		100,000		109,973
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/42		500,000		599,225
Series A, 5.00%, 7/1/46		750,000		882,090
Los Angeles Department of Water, Water Revenue, Series A, 5.00%, Issued 4/21/16, 7/1/41		500,000		592,885
Series A, 5.00%, Issued 5/11/17, 7/1/41		200,000		240,684


	Principal Amount		Value
California (Continued)
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 3/1/41	$	500,000	$	589,885
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 5/1/37		1,000,000		1,234,340
Series A, AMT, 5.00%, 5/1/44		150,000		182,060
Series E, AMT, 5.00%, 5/1/45		1,000,000		1,212,040
Series B, AMT, 5.00%, 5/1/46		500,000		576,740
Series C, 5.00%, 5/1/46		600,000		704,154
Series A, AMT, 5.00%, 5/1/47		200,000		234,558
Series B, 5.00%, 5/1/47		25,000		29,862
Series D, AMT, 5.25%, 5/1/48		870,000		1,054,397
Series A, 4.00%, 5/1/49		300,000		331,656
Series A, AMT, 5.00%, 5/1/49		200,000		241,486
San Joaquin Hills Transportation Corridor Agency, Highway Revenue Tolls, Series A, 5.00%, 1/15/44		1,000,000		1,132,770
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		150,000		196,394

				14,023,009

Colorado — 3.3%
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 5.00%, 12/1/36		150,000		199,596
Series A, AMT, 5.00%, 12/1/38		320,000		384,387
Series A, AMT, 4.00%, 12/1/43		400,000		435,060
Series A, AMT, 5.00%, 12/1/43		325,000		386,152
Series A, AMT, 5.00%, 12/1/48		700,000		826,868
Colorado Bridge Enterprise, Miscellaneous Revenue, AMT, 4.00%, 6/30/51		250,000		263,308

				2,495,371

District of Columbia — 1.5%
District of Columbia Water & Sewer Authority, Water Revenue, Series B, 5.00%, 10/1/49		250,000		302,210
Metropolitan Washington Airports Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/35		455,000		537,491
Washington Metropolitan Area Transit Authority, Transit Revenue, Series B, 5.00%, 7/1/42		250,000		299,170

				1,138,871

Florida — 8.3%
Central Florida Expressway Authority, Highway Revenue Tolls, 5.00%, 7/1/38		105,000		126,342


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
Florida (Continued)
City of Cape Coral FL Water & Sewer Revenue, Water Revenue, 5.00%, 10/1/39	$	150,000	$	180,451
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/47		100,000		123,338
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		110,689
Series A, AMT, 4.00%, 10/1/49		150,000		165,270
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, 5.00%, 10/1/36		315,000		357,251
Series A, AMT, 5.00%, 10/1/38		500,000		573,400
Series B, AMT, 5.00%, 10/1/40		250,000		294,988
5.00%, 10/1/41		55,000		64,745
Series A, AMT, 4.00%, 10/1/44		100,000		109,965
Series A, AMT, 5.00%, 10/1/44		100,000		120,587
Series A, AMT, 5.00%, 10/1/49		350,000		419,499
County of Miami-Dade FL Transit System, Sales Tax Revenue, 4.00%, 7/1/38		90,000		98,967
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, Series A, 4.00%, 10/1/44		165,000		182,977
Series B, 4.00%, 10/1/44		150,000		167,954
Series B, 3.00%, 10/1/49		150,000		148,619
Series B, 4.00%, 10/1/49		575,000		640,332
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Sub-Series A, AMT, 5.00%, 10/1/47		100,000		117,057
Series A, AMT, 4.00%, 10/1/49		500,000		552,715
Sub-Series A, 5.00%, 10/1/52		500,000		583,025
Series A, AMT, 3.25%, 10/1/54		250,000		252,562
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		50,000		60,671
Putnam County Development Authority, Electric, Power & Light Revenue, Series A, 5.00%, 3/15/42		250,000		296,435
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		500,000		553,870

				6,301,709

Georgia — 2.4%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, 4.00%, 7/1/49		200,000		220,858
City of Atlanta GA Water & Wastewater, Water Revenue, 5.00%, 11/1/40		700,000		811,034
Series B, 5.00%, 11/1/47		250,000		302,192
Development Authority of Burke County, Electric, Power & Light Revenue, Series D, 4.13%, 11/1/45		290,000		309,091


	Principal Amount		Value
Georgia (Continued)
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43	$	30,000	$	35,494
Municipal Electric Authority of Georgia, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/60		100,000		109,205

				1,787,874

Guam — 0.2%
Guam Government Waterworks Authority, Water Revenue, 5.00%, 1/1/46		125,000		140,894

Hawaii — 1.4%
City & County Honolulu HI Wastewater System, Sewer Revenue, Series A, 5.00%, 7/1/40		500,000		580,500
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		477,588

				1,058,088

Illinois — 7.7%
Chicago Midway International Airport, Private Airport & Marina Revenue, Series B, 5.00%, 1/1/41		500,000		577,185
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series D, AMT, 5.00%, 1/1/42		800,000		926,808
Series A, AMT, 4.00%, 1/1/43		40,000		43,813
Series B, 4.00%, 1/1/44		75,000		83,646
Series D, 5.00%, 1/1/47		500,000		584,305
Series B, 5.00%, 1/1/48		800,000		965,032
Series D, 5.00%, 1/1/52		140,000		163,064
Series D, AMT, 5.00%, 1/1/52		375,000		429,694
Series A, AMT, 4.375%, 1/1/53		25,000		27,818
City of Chicago IL Waterworks, Water Revenue, 5.00%, 11/1/39		275,000		305,390
Illinois Municipal Electric Agency, Electric, Power & Light Revenue, Series A, 4.00%, 2/1/34		45,000		49,029
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 12/1/31		10,000		11,736
Series C, 5.00%, 1/1/36		50,000		57,152
Series A, 5.00%, 1/1/40		1,090,000		1,250,960
Series A, 5.00%, 1/1/44		300,000		363,012

				5,838,644

Indiana — 0.5%
Indiana Finance Authority, Sewer Revenue, Series A, 5.00%, 10/1/41		100,000		117,996
Indiana Municipal Power Agency, Electric, Power & Light Revenue, 5.00%, 1/1/42		200,000		233,068

				351,064


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
Kentucky — 0.4%
Kentucky Economic Development Finance Authority, Lease Revenue, Series A, 4.00%, 12/1/41	$	255,000	$	277,988
Kentucky Municipal Power Agency, Electric, Power & Light Revenue, Series A, 4.00%, 9/1/39		45,000		48,183
Louisville & Jefferson County Metropolitan Sewer District, Sewer Revenue, Series A, 3.00%, 5/15/46		10,000		9,832

				336,003

Louisiana — 2.0%
Louisiana Local Government Environmental Facilities & Community Development Authority, Industrial Revenue, 3.50%, 11/1/32		450,000		474,273
New Orleans Aviation Board, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 1/1/45		700,000		779,576
Series B, AMT, 5.00%, 1/1/48		250,000		286,272

				1,540,121

Maryland — 0.3%
State of Maryland Department of Transportation, Fuel Sales Tax Revenue, 3.50%, 10/1/33		190,000		206,663

Massachusetts — 0.6%
Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, 5.00%, 7/1/44		400,000		486,348

Michigan — 0.9%
Great Lakes Water Authority Sewage Disposal System Revenue, Water Revenue, Series C, 5.00%, 7/1/36		430,000		503,951
Great Lakes Water Authority Water Supply System Revenue, Water Revenue, Series A, 5.00%, 7/1/46		125,000		146,023
Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/48		50,000		61,069

				711,043

Minnesota — 0.1%
Minneapolis-St Paul Metropolitan Airports Commission, Private Airport & Marina Revenue, Sub-Series B, 5.00%, 1/1/44		50,000		60,835

Missouri — 0.4%
Metropolitan St Louis Sewer District, Sewer Revenue, Series A, 5.00%, 5/1/47		245,000		292,094

Nevada — 1.1%
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		500,000		597,410


	Principal Amount		Value
Nevada (Continued)
Series B, 4.00%, 7/1/49	$	250,000	$	272,262

				869,672

New Jersey — 3.9%
New Jersey Turnpike Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/31		10,000		12,130
Series B, 5.00%, 1/1/31		20,000		24,718
Series A, 5.00%, 1/1/33		10,000		12,057
Series B, 5.00%, 1/1/34		130,000		159,272
Series G, 3.25%, 1/1/38		395,000		414,485
Series E, 5.00%, 1/1/45		1,350,000		1,543,522
Series A, 5.00%, 1/1/48		650,000		787,033

				2,953,217

New York — 20.1%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/1/44		700,000		793,240
Metropolitan Transportation Authority, Fuel Sales Tax Revenue, Series A, 5.25%, 11/15/32		600,000		743,562
Metropolitan Transportation Authority, Transit Revenue, Series D, 5.00%, 11/15/33		100,000		121,853
Series C-1, 4.00%, 11/15/37		155,000		173,301
Series B, 5.00%, 11/15/37		1,000,000		1,177,780
Sub-Series D-1, 5.00%, 11/15/39		20,000		22,794
Series D, 4.00%, 11/15/42		300,000		330,957
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		119,731
Sub-Series D-1, 5.25%, 11/15/44		50,000		57,613
Sub-Series A-1, 5.00%, 11/15/45		200,000		227,156
Series D, 4.00%, 11/15/46		500,000		547,060
New York City Transitional Finance Authority Future Tax Secured Revenue, Income Tax Revenue, Series A, Sub-Series E-1, 5.00%, 2/1/36		200,000		241,110
Sub-Series B-1, 5.00%, 8/1/39		200,000		229,154
Sub-Series A-1, 5.00%, 5/1/40		500,000		590,655
Sub-Series A-1, 4.00%, 5/1/42		15,000		16,524
New York City Transitional Finance Authority Future Tax Secured Revenue, Sales Tax Revenue, Series E-1, 5.00%, 2/1/41		250,000		288,330
New York City Water & Sewer System, Water Revenue, Series CC-1, 4.00%, 6/15/37		95,000		106,722
Series GG, 5.00%, 6/15/39		650,000		762,190
Series HH, 5.00%, 6/15/39		150,000		175,890
Series AA, 4.00%, 6/15/40		500,000		570,525
Sub-Series EE-2, 5.00%, 6/15/40		35,000		43,629
Sub-Series CC-1, 4.00%, 6/15/46		50,000		54,510
Series CC, 5.00%, 6/15/46		500,000		581,755
Sub-Series CC-1, 5.00%, 6/15/46		300,000		352,749
Series DD, 5.00%, 6/15/47		1,200,000		1,424,904
Series CC, 5.00%, 6/15/48		965,000		1,148,070


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
New York (Continued)
Series DD-1, 5.00%, 6/15/48	$	300,000	$	360,360
Series BB-1, 4.00%, 6/15/49		200,000		226,040
Series DD-1, 5.00%, 6/15/49		400,000		484,520
New York Convention Center Development Corp., Hotel Occupancy Tax, Series A, 5.00%, 11/15/46		25,000		29,640
New York Liberty Development Corp., Industrial Revenue, Class 3, 2.80%, 9/15/69		500,000		503,895
New York State Environmental Facilities Corp., Water Revenue, Sub-Series E, 5.00%, 6/15/42		100,000		120,341
New York Transportation Development Corp., Industrial Revenue, AMT, 5.00%, 1/1/30		485,000		584,008
AMT, 5.00%, 1/1/34		500,000		593,690
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, 5.00%, 10/15/35		65,000		77,032
5.00%, 10/15/41		1,150,000		1,350,307

				15,231,597

Ohio — 0.4%
Northeast Ohio Regional Sewer District, Sewer Revenue, 3.00%, 11/15/40		100,000		102,933
4.00%, 11/15/49		200,000		215,054
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, Series A, 5.00%, 12/1/29		10,000		12,417
Series A, 5.00%, 6/1/30		10,000		12,389

				342,793

Oklahoma — 0.9%
Oklahoma Turnpike Authority, Highway Revenue Tolls, Series C, 4.00%, 1/1/42		350,000		389,893
Series A, 5.00%, 1/1/43		280,000		331,663

				721,556

Pennsylvania — 5.7%
City of Philadelphia PA Airport Revenue, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/47		300,000		349,497
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 10/1/48		35,000		42,284
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, 5.00%, 7/1/42		40,000		48,084
Pennsylvania Economic Development Financing Authority, Appropriations, 5.00%, 12/31/34		390,000		450,212


	Principal Amount		Value
Pennsylvania (Continued)
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series A, 5.25%, 12/1/44	$	300,000	$	368,694
Series A, 5.00%, 12/1/48		250,000		300,390
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Sub-Series B-1, 5.00%, 6/1/42		100,000		117,745
Series A-2, 5.00%, 12/1/43		250,000		303,735
Sub-Series A, 5.00%, 12/1/44		500,000		600,930
Series A-1, 5.00%, 12/1/46		900,000		1,041,984
Series A-1, 5.00%, 12/1/47		500,000		594,055
Sub-Series A, 4.00%, 12/1/49		100,000		110,772

				4,328,382

Puerto Rico — 1.0%
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, Series CC, 5.25%, 7/1/36		400,000		450,240
Series N, 5.25%, 7/1/36		175,000		196,991
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, Series L, 5.25%, 7/1/35		50,000		53,462
Series L, 5.25%, 7/1/41		25,000		28,009

				728,702

South Carolina — 1.8%
South Carolina Ports Authority, Private Airport & Marina Revenue, Series A, 3.00%, 7/1/49		100,000		99,540
South Carolina Public Service Authority, Miscellaneous Revenue, Series C, 5.00%, 12/1/46		730,000		820,834
South Carolina Public Service Authority, Nuclear Revenue, Series A, 5.00%, 12/1/55		365,000		411,388
Series E, 5.25%, 12/1/55		50,000		57,582

				1,389,344

Texas — 7.1%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/45		100,000		113,857
City of Houston TX Combined Utility System, Water Revenue, Series B, 5.00%, 11/15/36		500,000		599,305
Series D, 5.00%, 11/15/39		85,000		97,305
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, 5.00%, 2/1/47		150,000		178,689
County of Harris TX, Highway Revenue Tolls, Series A, 5.00%, 8/15/47		200,000		232,962
Dallas Area Rapid Transit, Sales Tax Revenue, Series A, 5.00%, 12/1/46		300,000		349,401


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2019 (Unaudited)


	Principal Amount		Value
Texas (Continued)
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/38	$	500,000	$	571,565
Series A, 5.00%, 1/1/43		125,000		149,209
Series A, 5.00%, 1/1/48		1,500,000		1,778,610
Series B, 5.00%, 1/1/48		390,000		456,709
San Antonio Water System, Water Revenue, Series B, 5.00%, 5/15/39		155,000		179,208
Texas Water Development Board, Water Revenue, Series A, 5.00%, 10/15/45		600,000		697,692

				5,404,512

Utah — 1.7%
Salt Lake City Corp Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		476,224
Series A, AMT, 5.00%, 7/1/47		450,000		524,920
Series A, AMT, 5.25%, 7/1/48		225,000		271,555

				1,272,699

Virginia — 2.2%
Chesapeake Bay Bridge & Tunnel District, Highway Revenue Tolls, 5.00%, 7/1/41		190,000		224,413
Virginia Small Business Financing Authority, Highway Revenue Tolls, 5.00%, 12/31/52		550,000		628,430
AMT, 5.00%, 12/31/56		750,000		854,220

				1,707,063


	Principal Amount		Value
Washington — 1.6%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 5.00%, 11/1/35	$	120,000	$	142,362
Series S-1, 5.00%, 11/1/45		400,000		466,060
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/38		300,000		376,131
Port of Seattle WA, Private Airport & Marina Revenue, Series C, AMT, 5.25%, 5/1/42		190,000		226,605

				1,211,158

Wisconsin — 0.5%
Wisconsin Department of Transportation, Miscellaneous Revenue, Series 2, 5.00%, 7/1/30		45,000		55,766
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44		245,000		294,267

				350,033

TOTAL MUNICIPAL BONDS (Cost $71,626,910)				74,883,856


TOTAL INVESTMENTS — 98.6% (Cost $71,626,910)			$	74,883,856
Other assets and liabilities, net — 1.4%				1,066,983

NET ASSETS — 100.0%			$	75,950,839

AMT:

Alternative Minimum Tax

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Municipal Bonds (a)	$	—	$	74,883,856	$	—	$	74,883,856

TOTAL	$	—	$	74,883,856	$	—	$	74,883,856

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


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.6%
Australia — 4.8%
AGL Energy Ltd.		5,498	$	75,902
Alumina Ltd.		20,515		32,054
Aurizon Holdings Ltd.		15,201		59,430
Bendigo & Adelaide Bank Ltd.		4,086		27,721
BHP Group Ltd.		23,459		606,621
Boral Ltd.		9,825		34,159
CIMIC Group Ltd.		740		16,838
Coca-Cola Amatil Ltd.		4,246		32,683
Crown Resorts Ltd.		2,821		24,634
Fortescue Metals Group Ltd.		11,611		76,416
Harvey Norman Holdings Ltd. (a)		4,447		12,934
Insurance Australia Group Ltd.		18,281		97,562
Medibank Pvt Ltd.		23,086		50,906
Wesfarmers Ltd.		9,013		258,304

				1,406,164

Austria — 0.2%
ANDRITZ AG		565		22,053
voestalpine AG		932		24,715

				46,768

Belgium — 0.1%
Proximus SADP		1,272		38,401

Brazil — 0.4%
BB Seguridade Participacoes SA		5,808		47,320
Hypera SA		3,198		25,186
Petrobras Distribuidora SA		5,817		39,126
Porto Seguro SA		872		12,374

				124,006

Canada — 11.6%
Bank of Nova Scotia		9,781		551,845
BCE, Inc.		1,259		60,606
Canadian Imperial Bank of Commerce		3,568		310,154
CI Financial Corp.		1,943		30,602
First Capital Realty, Inc.		1,466		23,818
Great-West Lifeco, Inc.		2,332		58,728
IGM Financial, Inc.		747		21,484
Inter Pipeline Ltd. (a)		3,397		56,265
Keyera Corp.		1,767		43,116
Manulife Financial Corp.		15,659		308,052
Pembina Pipeline Corp.		4,130		144,212
Power Corp. of Canada		2,524		61,264
Power Financial Corp.		2,163		52,892
Royal Bank of Canada		11,479		939,666
Shaw Communications, Inc., Class B		3,651		75,453
Sun Life Financial, Inc. (a)		4,694		214,194
TC Energy Corp.		7,403		374,539
TELUS Corp.		1,584		59,806

				3,386,696

Chile — 0.2%
Aguas Andinas SA, Class A		22,258		9,075
Banco Santander Chile		564,914		30,083
Cia Cervecerias Unidas SA		1,078		9,899


	Number of Shares		Value
Chile (Continued)
Enel Chile SA		275,132	$	20,591

				69,648

China — 6.7%
Beijing Capital International Airport Co. Ltd., Class H		15,690		14,833
China Construction Bank Corp., Class H		772,631		614,927
China Fortune Land Development Co. Ltd., Class A		2,000		7,946
China Petroleum & Chemical Corp., Class A		10,400		7,382
China Petroleum & Chemical Corp., Class H		205,794		115,415
China Shenhua Energy Co. Ltd., Class A		3,000		7,344
China Shenhua Energy Co. Ltd., Class H		28,177		54,570
China Telecom Corp. Ltd., Class H		109,896		41,556
China Vanke Co. Ltd., Class H		12,107		45,318
China Yangtze Power Co. Ltd., Class A		11,300		29,142
CIFI Holdings Group Co. Ltd.		25,195		18,347
CNOOC Ltd.		143,475		208,218
Country Garden Holdings Co. Ltd. (a)		61,763		86,004
Daqin Railway Co. Ltd., Class A		10,000		11,280
Dongfeng Motor Group Co. Ltd., Class H		23,437		22,516
Fuyao Glass Industry Group Co. Ltd., Class A		3,300		10,435
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		2,014		5,943
Gemdale Corp., Class A		1,900		3,216
Guangzhou Automobile Group Co. Ltd., Class H		23,774		25,391
Henan Shuanghui Investment & Development Co. Ltd., Class A		700		3,086
Hengan International Group Co. Ltd.		5,980		39,496
Huayu Automotive Systems Co. Ltd., Class A		900		3,318
Industrial & Commercial Bank of China Ltd., Class H		523,298		373,032
Jiangsu Expressway Co. Ltd., Class H		11,495		15,331
Logan Property Holdings Co. Ltd.		11,248		16,467
Postal Savings Bank of China Co. Ltd., Class H, 144A		63,284		41,070
RiseSun Real Estate Development Co. Ltd., Class A		2,000		2,455
SAIC Motor Corp. Ltd., Class A		3,300		10,914
Seazen Holdings Co. Ltd., Class A		1,200		5,573
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		10,240		9,370
Shenergy Co. Ltd., Class A		3,400		2,868
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,000		2,940
Sinopec Shanghai Petrochemical Co. Ltd., Class H		28,989		8,036
Sinotruk Hong Kong Ltd.		5,406		9,130
Wanhua Chemical Group Co. Ltd., Class A		1,800		12,395
Weichai Power Co. Ltd., Class A		2,100		3,940
Weichai Power Co. Ltd., Class H		16,734		28,604


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
China (Continued)
Yuzhou Properties Co. Ltd.		12,929	$	5,946
Zhejiang Expressway Co. Ltd., Class H		12,169		10,649

				1,934,403

Colombia — 0.1%
Ecopetrol SA		41,352		38,602

Cyprus — 0.1%
Polymetal International PLC		1,807		27,154

Czech Republic — 0.1%
Komercni banka AS		645		22,100

Egypt — 0.0%
Eastern Co. SAE		8,172		7,589

Finland — 1.9%
Elisa OYJ		1,189		63,596
Fortum OYJ		3,441		81,155
Nokian Renkaat OYJ		1,036		28,055
Orion OYJ, Class B		840		36,584
Sampo OYJ, Class A		3,501		141,669
Stora Enso OYJ, Class R		4,735		63,694
UPM-Kymmene OYJ		4,268		142,683

				557,436

France — 8.8%
Amundi SA, 144A		490		37,117
AXA SA		15,476		421,392
Bouygues SA		1,866		76,290
CNP Assurances		1,436		28,373
Eutelsat Communications SA (a)		1,466		24,068
Publicis Groupe SA		1,731		76,230
Sanofi		9,044		842,727
SCOR SE		1,263		54,297
TOTAL SA		19,226		1,009,902

				2,570,396

Germany — 8.4%
Allianz SE		3,396		813,852
Axel Springer SE		404		27,841
BASF SE		7,354		553,164
Bayer AG		7,485		566,979
Bayerische Motoren Werke AG		2,638		213,205
Covestro AG, 144A		1,458		68,323
Evonik Industries AG		1,605		46,613
Hannover Rueck SE		471		87,506
HOCHTIEF AG		187		22,990
TUI AG		3,492		48,037

				2,448,510

Greece — 0.1%
Motor Oil Hellas Corinth Refineries SA		513		12,014
OPAP SA		1,759		21,645

				33,659

Hong Kong — 5.4%
BOC Hong Kong Holdings Ltd.		29,795		101,248
China Everbright International Ltd.		28,432		21,503
China Everbright Ltd.		6,954		11,194


	Number of Shares		Value
Hong Kong (Continued)
China Merchants Port Holdings Co. Ltd.		10,961	$	17,055
China Mobile Ltd.		49,345		371,927
China Resources Cement Holdings Ltd.		21,852		26,157
China State Construction International Holdings Ltd.		15,759		12,422
CK Infrastructure Holdings Ltd.		5,005		33,888
CLP Holdings Ltd.		13,011		134,137
Guangdong Investment Ltd.		25,057		51,793
Hang Lung Properties Ltd.		16,463		33,735
Hang Seng Bank Ltd.		6,144		125,270
Henderson Land Development Co. Ltd.		11,689		56,222
HKT Trust & HKT Ltd. (b)		31,005		45,471
Kerry Properties Ltd.		4,968		16,025
Kingboard Holdings Ltd.		5,636		15,516
Kingboard Laminates Holdings Ltd.		6,610		7,456
Lee & Man Paper Manufacturing Ltd.		8,489		5,748
New World Development Co. Ltd.		49,064		64,059
NWS Holdings Ltd.		14,217		19,070
Power Assets Holdings Ltd.		11,301		78,610
Shimao Property Holdings Ltd.		9,220		33,392
Sino Land Co. Ltd.		26,050		39,070
Sun Hung Kai Properties Ltd.		12,686		184,591
Wharf Real Estate Investment Co. Ltd.		9,398		52,166
Yue Yuen Industrial Holdings Ltd.		6,724		19,886

				1,577,611

India — 0.5%
Bharat Petroleum Corp. Ltd.		5,454		38,892
Bharti Infratel Ltd.		3,120		12,017
Hindustan Petroleum Corp. Ltd.		4,562		17,971
Indian Oil Corp. Ltd.		15,303		28,030
Oil & Natural Gas Corp. Ltd.		21,205		38,944

				135,854

Indonesia — 0.5%
PT Adaro Energy Tbk		136,084		11,867
PT Gudang Garam Tbk		3,617		12,918
PT Telekomunikasi Indonesia Persero Tbk		393,955		109,766
PT United Tractors Tbk		14,029		20,812

				155,363

Italy — 1.1%
Assicurazioni Generali SpA		8,776		179,304
Snam SpA		16,770		83,430
Terna Rete Elettrica Nazionale SpA		10,607		68,183

				330,917

Japan — 6.8%
Canon, Inc.		7,970		220,520
Daito Trust Construction Co. Ltd.		600		73,336
Japan Tobacco, Inc.		9,509		216,603
Komatsu Ltd.		7,400		173,462
Konica Minolta, Inc.		3,600		23,570
Marubeni Corp.		12,600		92,990
Mitsubishi Chemical Holdings Corp.		10,100		74,862
Mitsubishi Gas Chemical Co., Inc.		1,400		21,887
Mitsubishi Tanabe Pharma Corp.		2,000		36,581
MS&AD Insurance Group Holdings, Inc.		3,878		125,395


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Nikon Corp.		2,600	$	35,637
Nippon Steel Corp.		6,600		96,761
Nissan Motor Co. Ltd.		18,581		115,175
NSK Ltd.		2,900		28,017
NTT DOCOMO, Inc.		10,600		290,675
Sekisui House Ltd.		4,875		105,281
Subaru Corp.		4,948		129,517
Sumitomo Chemical Co. Ltd.		12,500		56,388
Yamaha Motor Co. Ltd.		2,300		48,033

				1,964,690

Macau — 0.3%
Sands China Ltd.		19,250		90,990

Malaysia — 0.3%
AirAsia Group Bhd		10,400		4,208
HAP Seng Consolidated Bhd		6,082		14,417
Maxis Bhd		19,000		23,565
MISC Bhd		8,300		16,197
Petronas Gas Bhd		5,400		20,041

				78,428

Mexico — 0.4%
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,997		30,544
Grupo Mexico SAB de CV, Series B		27,459		71,908

				102,452

Netherlands — 0.2%
Randstad NV		996		58,050

New Zealand — 0.2%
Spark New Zealand Ltd.		15,387		44,841

Norway — 1.3%
Equinor ASA		8,152		150,301
Gjensidige Forsikring ASA		1,755		33,053
Mowi ASA		3,575		88,738
Telenor ASA		5,695		104,011

				376,103

Peru — 0.1%
Southern Copper Corp.		714		27,153

Philippines — 0.1%
Aboitiz Power Corp.		11,400		7,729
Globe Telecom, Inc.		282		10,766
Manila Electric Co.		1,910		11,990

				30,485

Poland — 0.2%
Powszechny Zaklad Ubezpieczen SA		5,074		50,207
Santander Bank Polska SA		241		16,946

				67,153

Portugal — 0.5%
EDP — Energias de Portugal SA		19,836		80,267
Galp Energia SGPS SA		3,945		64,268

				144,535


	Number of Shares		Value
Qatar — 0.2%
Barwa Real Estate Co.		12,722	$	11,915
Masraf Al Rayan QSC		29,947		31,666
Qatar Electricity & Water Co. QSC		4,094		18,137

				61,718

Russia — 3.7%
Alrosa PJSC		22,373		27,118
Gazprom PJSC		85,334		341,947
Inter RAO UES PJSC		283,091		19,643
LUKOIL PJSC		3,130		298,901
MMC Norilsk Nickel PJSC		512		135,795
Mobile TeleSystems PJSC, ADR		4,186		39,516
Novolipetsk Steel PJSC		10,046		20,229
PhosAgro PJSC, GDR		711		8,759
Severstal PJSC		1,742		24,611
Tatneft PJSC		12,108		139,486
X5 Retail Group NV, GDR		1,022		34,093

				1,090,098

Saudi Arabia — 2.0%
Advanced Petrochemical Co.		899		11,244
Al Rajhi Bank		9,765		161,969
Arab National Bank		4,533		30,824
Banque Saudi Fransi		4,498		40,182
Jarir Marketing Co.		503		21,220
National Commercial Bank		9,507		116,619
Riyad Bank		9,477		55,598
Samba Financial Group		8,141		63,283
Saudi British Bank		5,682		51,668
Yanbu National Petrochemical Co.		1,877		25,077

				577,684

Singapore — 1.7%
ComfortDelGro Corp. Ltd.		17,487		30,052
Oversea-Chinese Banking Corp. Ltd.		25,600		201,812
Singapore Exchange Ltd.		6,841		44,274
Singapore Technologies Engineering Ltd.		12,856		38,828
Singapore Telecommunications Ltd.		64,346		159,048
Venture Corp. Ltd.		2,200		25,532

				499,546

South Africa — 2.4%
Absa Group Ltd.		5,305		53,314
Exxaro Resources Ltd.		2,006		18,253
FirstRand Ltd.		27,360		116,924
Foschini Group Ltd.		1,972		20,884
Investec Ltd. (a)		2,611		15,005
Kumba Iron Ore Ltd. (a)		541		13,878
Liberty Holdings Ltd.		1,162		8,840
Mr Price Group Ltd. (a)		1,763		21,055
Nedbank Group Ltd.		3,099		46,317
Old Mutual Ltd.		41,421		52,409
RMB Holdings Ltd.		6,142		33,806
Sanlam Ltd.		14,868		77,531
SPAR Group Ltd. (a)		1,691		23,764
Standard Bank Group Ltd.		10,473		118,460
Telkom SA SOC Ltd. (a)		2,477		7,926


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
South Africa (Continued)
Tiger Brands Ltd.		1,355	$	18,892
Vodacom Group Ltd. (a)		5,384		44,504

				691,762

South Korea — 0.7%
KT&G Corp.		973		80,565
Orange Life Insurance Ltd., 144A		307		7,421
Samsung Fire & Marine Insurance Co. Ltd.		255		50,195
SK Telecom Co. Ltd.		158		32,907
Woongjin Coway Co. Ltd.		415		31,481

				202,569

Spain — 3.2%
ACS Actividades de Construccion y Servicios SA		2,055		80,052
Aena SME SA, 144A		545		100,173
Enagas SA		1,950		48,613
Endesa SA		2,660		72,384
Iberdrola SA		48,099		473,488
Mapfre SA		9,032		25,484
Naturgy Energy Group SA		2,276		59,225
Red Electrica Corp. SA		3,626		70,965

				930,384

Sweden — 0.6%
Electrolux AB, Series B		1,888		48,541
Hennes & Mauritz AB, Class B (a)		6,435		124,261

				172,802

Switzerland — 3.2%
Adecco Group AG		1,233		76,274
Kuehne + Nagel International AG		450		73,217
Swiss Life Holding AG		267		132,465
Swiss Prime Site AG		585		61,816
Swisscom AG		208		107,731
Zurich Insurance Group AG		1,198		470,281

				921,784

Taiwan — 3.3%
Catcher Technology Co. Ltd.		5,417		44,298
Cathay Financial Holding Co. Ltd.		2,039		2,787
Compal Electronics, Inc.		35,472		21,857
CTBC Financial Holding Co. Ltd.		146,411		104,852
Far EasTone Telecommunications Co. Ltd.		12,801		30,670
First Financial Holding Co. Ltd.		83,653		62,924
Formosa Chemicals & Fibre Corp.		29,323		83,902
Formosa Petrochemical Corp.		10,049		31,619
Formosa Plastics Corp.		35,130		111,917
Formosa Taffeta Co. Ltd.		6,959		7,755
Foxconn Technology Co. Ltd.		6,825		14,898
Globalwafers Co. Ltd.		1,711		18,562
Lite-On Technology Corp.		17,925		28,435
Micro-Star International Co. Ltd.		6,207		17,068
Nan Ya Plastics Corp.		40,081		93,928
Nanya Technology Corp.		10,019		23,380
Nien Made Enterprise Co. Ltd.		1,434		13,160
Novatek Microelectronics Corp.		4,889		35,814
Phison Electronics Corp.		1,118		10,425


	Number of Shares		Value
Taiwan (Continued)
Pou Chen Corp.		17,477	$	22,769
Powertech Technology, Inc.		6,553		20,211
Ruentex Industries Ltd.		2,288		5,677
Standard Foods Corp.		3,500		7,605
Taiwan Cement Corp.		37,054		50,279
Vanguard International Semiconductor Corp.		6,235		14,632
Walsin Technology Corp.		2,480		13,818
Winbond Electronics Corp.		22,176		12,683
Yageo Corp.		2,033		21,989
Zhen Ding Technology Holding Ltd.		4,381		19,313

				947,227

Thailand — 1.0%
Land & Houses PCL, NVDR		65,600		21,275
PTT Global Chemical PCL, NVDR		18,345		32,631
PTT PCL, NVDR		90,500		129,532
Siam Cement PCL		2,700		34,043
Siam Cement PCL, NVDR		3,800		47,913
Siam Commercial Bank PCL, NVDR		6,800		27,229
TMB Bank PCL, NVDR		123,000		6,513

				299,136

Turkey — 0.2%
Eregli Demir ve Celik Fabrikalari TAS		9,996		13,958
Ford Otomotiv Sanayi AS		620		6,887
TAV Havalimanlari Holding AS		1,855		8,688
Tupras Turkiye Petrol Rafinerileri AS		989		21,335

				50,868

United Arab Emirates — 0.4%
Aldar Properties PJSC		32,040		18,928
Dubai Islamic Bank PJSC		15,846		22,864
Emaar Malls PJSC		22,814		11,863
Emirates Telecommunications Group Co. PJSC		13,801		61,244

				114,899

United Kingdom — 13.4%
Admiral Group PLC		1,584		43,847
Anglo American PLC		8,203		215,024
Aviva PLC		30,672		160,205
BAE Systems PLC		25,564		189,607
Barratt Developments PLC		8,502		73,330
BT Group PLC		67,692		167,729
Direct Line Insurance Group PLC		11,361		44,880
easyJet PLC		1,333		23,070
G4S PLC		13,004		35,172
GlaxoSmithKline PLC		39,943		906,227
Imperial Brands PLC		7,627		168,030
ITV PLC		29,652		55,653
Kingfisher PLC		17,687		48,021
Legal & General Group PLC		47,385		172,171
Micro Focus International PLC		2,883		42,244
Mondi PLC		3,823		82,854
National Grid PLC (a)		28,026		322,531
Persimmon PLC		2,520		83,381
Rio Tinto Ltd.		2,992		196,105


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
United Kingdom (Continued)
Rio Tinto PLC		9,020	$	490,205
Schroders PLC		1,041		44,422
Severn Trent PLC		1,986		57,620
Standard Life Aberdeen PLC		19,966		81,843
Taylor Wimpey PLC		27,479		61,936
WPP PLC		10,094		130,631

				3,896,738

United States (c) — 0.2%
Carnival PLC		1,259		52,976

TOTAL COMMON STOCKS (Cost $28,910,225)				28,406,348

PREFERRED STOCKS — 1.6%
Brazil — 0.5%
Itausa — Investimentos Itau SA		33,485		105,089
Telefonica Brasil SA		3,616		48,104

				153,193

Chile — 0.1%
Embotelladora Andina SA, Class B		867		2,203
Sociedad Quimica y Minera de Chile SA, Class B		874		20,688

				22,891

Germany — 0.1%
Bayerische Motoren Werke AG		467		28,835

South Korea — 0.9%
Hyundai Motor Co.		199		12,148


	Number of Shares		Value
South Korea (Continued)
Hyundai Motor Co. — 2nd Preferred		312	$	21,475
Samsung Electronics Co. Ltd.		6,503		224,906

				258,529

TOTAL PREFERRED STOCKS (Cost $430,847)				463,448

EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (a)(d) (Cost $14,895)		650		15,505

SECURITIES LENDING COLLATERAL — 2.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f) (Cost $811,039)		811,039		811,039

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 1.58% (e) (Cost $53,477)		53,477		53,477


TOTAL INVESTMENTS — 102.2% (Cost $30,220,483)			$	29,749,817
Other assets and liabilities, net — (2.2%)				(654,602	)

NET ASSETS — 100.0%			$	29,095,215

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (a)(d)
		—		34,373			(20,170	)		692		610		—		—		650		15,505

SECURITIES LENDING COLLATERAL — 2.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f)
		372,442		438,597	(g)		—			—		—		2,183		—		811,039		811,039

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 1.58% (e)
		7,618		2,510,456			(2,464,597	)		—		—		718		—		53,477		53,477

		380,060		2,983,426			(2,484,767	)		692		610		2,901		—		865,166		880,021

(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, 2019 amounted to $784,975, which is 2.7% of net assets.

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

(c)	Securities are listed in country of domicile and trade on exchanges within the MSCI ACWI ex USA High Dividend Yield Index.

(d)	Affiliated fund advised by DBX Advisors LLC.

(e)	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.		32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2019 (Unaudited)

(f)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $12,916.

(g)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

ADR:

American Depositary Receipt

GDR:

Global Depositary Receipt

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

QSC:

Qatari Shareholders Company

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.

At November 30, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
EURO STOXX Futures	EUR	1	$	38,656	$	40,818		12/20/2019	$	1,885
MSCI EAFE Futures	USD	1		98,895		98,865		12/20/2019		(30	)
MSCI Emerging Markets Index Futures	USD	1		50,925		51,900		12/20/2019		975

Total net unrealized appreciation									$	2,830

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (h)	$	28,406,348		$	—	$	—	$	28,406,348
Preferred Stocks (h)		463,448			—		—		463,448
Exchange-Traded Funds		15,505			—		—		15,505
Short-Term Investments (h)		864,516			—		—		864,516
Derivatives (i)
Futures Contracts		2,860			—		—		2,860

TOTAL	$	29,752,677		$	—	$	—	$	29,752,677


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (i)
Futures Contracts	$	(30	)	$	—	$	—	$	(30	)

TOTAL	$	(30	)	$	—	$	—	$	(30	)

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

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


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.8%
Australia — 5.0%
Alumina Ltd.		564,836	$	882,547
Aurizon Holdings Ltd.		431,494		1,686,966
Bendigo & Adelaide Bank Ltd.		112,228		761,388
Boral Ltd.		264,232		918,654
CIMIC Group Ltd.		21,122		480,612
Coca-Cola Amatil Ltd.		115,436		888,561
Crown Resorts Ltd.		81,103		708,218
Fortescue Metals Group Ltd. (a)		302,614		1,991,615
Harvey Norman Holdings Ltd. (a)		118,036		343,310
Insurance Australia Group Ltd.		502,217		2,680,230
Medibank Pvt Ltd.		605,064		1,334,205
Wesfarmers Ltd.		247,581		7,095,441

				19,771,747

Austria — 0.3%
ANDRITZ AG		16,460		642,468
voestalpine AG		26,425		700,726

				1,343,194

Belgium — 0.3%
Proximus SADP		34,832		1,051,551

Finland — 3.5%
Elisa OYJ		30,875		1,651,416
Fortum OYJ		96,439		2,274,478
Nokian Renkaat OYJ		28,065		759,997
Orion OYJ, Class B		23,646		1,029,848
Sampo OYJ, Class A		96,538		3,906,454
UPM-Kymmene OYJ		116,813		3,905,159

				13,527,352

France — 14.9%
Amundi SA, 144A		14,247		1,079,191
AXA SA		423,539		11,532,428
Bouygues SA		49,180		2,010,697
CNP Assurances		41,747		824,863
Eutelsat Communications SA (a)		36,948		606,602
Publicis Groupe SA		48,000		2,113,818
Sanofi		215,669		20,096,210
SCOR SE		34,452		1,481,106
TOTAL SA		357,810		18,795,010

				58,539,925

Germany — 11.6%
Allianz SE		81,003		19,412,393
BASF SE		200,767		15,101,580
Bayerische Motoren Werke AG		71,892		5,810,358
Covestro AG, 144A		39,330		1,843,025
Evonik Industries AG		43,506		1,263,523
HOCHTIEF AG		5,369		660,065
TUI AG		95,732		1,316,926

				45,407,870

Hong Kong — 6.0%
BOC Hong Kong Holdings Ltd.		803,330		2,729,849
CK Infrastructure Holdings Ltd.		144,000		974,993
Hang Lung Properties Ltd.		480,650		984,910


	Number of Shares		Value
Hong Kong (Continued)
Hang Seng Bank Ltd.		165,230	$	3,368,875
Henderson Land Development Co. Ltd.		315,000		1,515,090
HKT Trust & HKT Ltd. (b)		833,190		1,221,937
Kerry Properties Ltd.		142,500		459,663
New World Development Co. Ltd.		1,350,116		1,762,727
NWS Holdings Ltd.		310,289		416,216
Power Assets Holdings Ltd.		311,735		2,168,435
Sino Land Co. Ltd.		736,503		1,104,602
Sun Hung Kai Properties Ltd.		346,000		5,034,576
Wharf Real Estate Investment Co. Ltd.		264,000		1,465,402
Yue Yuen Industrial Holdings Ltd.		146,797		434,141

				23,641,416

Italy — 2.3%
Assicurazioni Generali SpA		240,862		4,921,098
Snam SpA		444,672		2,212,214
Terna Rete Elettrica Nazionale SpA		307,901		1,979,238

				9,112,550

Japan — 10.9%
Canon, Inc.		219,134		6,063,154
Daito Trust Construction Co. Ltd.		15,600		1,906,730
Japan Tobacco, Inc.		262,900		5,988,531
Komatsu Ltd.		202,700		4,751,447
Mitsubishi Chemical Holdings Corp.		290,600		2,153,959
Mitsubishi Gas Chemical Co., Inc.		34,700		542,475
Mitsubishi Tanabe Pharma Corp.		55,200		1,009,639
Nissan Motor Co. Ltd.		510,800		3,166,204
NTT DOCOMO, Inc.		289,700		7,944,198
Sekisui House Ltd.		136,124		2,939,761
Subaru Corp.		134,700		3,525,866
Sumitomo Chemical Co. Ltd.		323,500		1,459,310
Yamaha Motor Co. Ltd.		61,800		1,290,627

				42,741,901

Macau — 0.7%
Sands China Ltd.		536,371		2,535,304

Netherlands — 0.4%
Randstad NV		27,001		1,573,712

New Zealand — 0.3%
Spark New Zealand Ltd.		414,587		1,208,201

Norway — 1.6%
Gjensidige Forsikring ASA		44,716		842,164
Mowi ASA		95,749		2,376,674
Telenor ASA		157,316		2,873,149

				6,091,987

Portugal — 1.0%
EDP — Energias de Portugal SA		561,378		2,271,641
Galp Energia SGPS SA		108,840		1,773,105

				4,044,746

Singapore — 3.5%
ComfortDelGro Corp. Ltd.		490,200		842,422
Oversea-Chinese Banking Corp. Ltd.		703,900		5,549,045
Singapore Exchange Ltd.		176,250		1,140,673


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Singapore (Continued)
Singapore Technologies Engineering Ltd.		353,890	$	1,068,826
Singapore Telecommunications Ltd.		1,784,698		4,411,334
Venture Corp. Ltd.		59,600		691,690

				13,703,990

Spain — 6.1%
ACS Actividades de Construccion y Servicios SA		56,884		2,215,910
Aena SME SA, 144A		14,668		2,696,031
Enagas SA		51,284		1,278,500
Endesa SA		69,019		1,878,158
Iberdrola SA		1,324,871		13,042,057
Mapfre SA		250,137		705,776
Red Electrica Corp. SA		97,895		1,915,919

				23,732,351

Switzerland — 5.3%
Kuehne + Nagel International AG		11,725		1,907,725
Swiss Prime Site AG		16,490		1,742,477
Swisscom AG		5,624		2,912,876
Zurich Insurance Group AG		35,745		14,031,884

				20,594,962

United Kingdom — 25.7%
Admiral Group PLC		42,414		1,174,059
Anglo American PLC		229,000		6,002,732
Aviva PLC		865,000		4,518,032
BAE Systems PLC		699,055		5,184,846
Barratt Developments PLC		227,745		1,964,316
BT Group PLC		1,835,857		4,548,943
Direct Line Insurance Group PLC		307,133		1,213,284
easyJet PLC		35,656		617,100
G4S PLC		347,639		940,263
GlaxoSmithKline PLC		885,171		20,082,770
ITV PLC		814,956		1,529,567
Kingfisher PLC		459,625		1,247,909
Legal & General Group PLC		1,301,365		4,728,438
Micro Focus International PLC		74,081		1,085,493


	Number of Shares		Value
United Kingdom (Continued)
Mondi PLC		105,429	$	2,284,922
National Grid PLC (a)		760,227		8,748,905
Persimmon PLC		69,163		2,288,449
Rio Tinto Ltd.		80,710		5,289,989
Rio Tinto PLC		246,886		13,417,379
Schroders PLC		27,677		1,181,050
Severn Trent PLC		53,000		1,537,701
SSE PLC		223,028		3,750,331
Standard Life Aberdeen PLC		524,475		2,149,878
Taylor Wimpey PLC		738,692		1,664,957
WPP PLC		275,603		3,566,711

				100,718,024

United States (c) — 0.4%
Carnival PLC		34,754		1,462,365

TOTAL COMMON STOCKS (Cost $383,543,127)				390,803,148

PREFERRED STOCKS — 0.2%
Germany — 0.2%
Bayerische Motoren Werke AG (Cost $1,001,742)		13,329		823,008

SECURITIES LENDING COLLATERAL — 2.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) (Cost $8,340,042)		8,340,042		8,340,042

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) (Cost $528,597)		528,597		528,597


TOTAL INVESTMENTS — 102.2% (Cost $393,413,508)			$	400,494,795
Other assets and liabilities, net — (2.2%)				(8,756,770	)

NET ASSETS — 100.0%			$	391,738,025

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
SECURITIES LENDING COLLATERAL — 2.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e)
		9,051,557		—		(711,515	)(f)		—		—		16,583		—		8,340,042		8,340,042

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 1.58% (d)
		—		14,064,484		(13,535,887	)		—		—		4,400		—		528,597		528,597

		9,051,557		14,064,484		(14,247,402	)		—		—		20,983		—		8,868,639		8,868,639

(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, 2019 amounted to $9,628,017, which is 2.5% of net assets.


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2019 (Unaudited)

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

(c)	Securities are listed in country of domicile and trade on exchanges within the MSCI EAFE High Dividend Yield Index.

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

(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $2,449,863.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

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, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
EURO STOXX Futures	EUR	9	$	362,839	$	367,365		12/20/2019	$	4,653
MSCI EAFE Futures	USD	9		860,444		889,785		12/20/2019		29,341

Total unrealized appreciation									$	33,994

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (g)	$	390,803,148	$	—	$	—	$	390,803,148
Preferred Stocks		823,008		—		—		823,008
Short-Term Investments (g)		8,868,639		—		—		8,868,639
Derivatives (h)
Futures Contracts		33,994		—		—		33,994

TOTAL	$	400,528,789	$	—	$	—	$	400,528,789

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

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


See Notes to Financial Statements.		36

This Page is Intentionally Left Blank

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2019 (Unaudited)


	Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF			Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF			Xtrackers Investment Grade Bond — Interest Rate Hedged ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Assets
Investment in non-affiliated securities at value	$	15,773,248		$	—		$	6,874,372		$	74,883,856
Investment in affiliated securities at value		—			9,677,433			20,146			—
Investment in DWS Government Money Market Series		271,216			107,826			124,719			—
Investment in DWS Government & Agency Securities Portfolio*		—			4,724,130			29,700			—
Cash		79,678			13,583			13,437			123,686
Deposit with broker for futures contracts		183,830			58,030			85,770			—
Receivables:
Investment securities sold		—			—			139,067			—
Variation margin on futures contracts		—			1,664			8,000			—
Interest		213,916			154			63,828			952,444
Securities lending income		9			136			28			—

Total assets	$	16,521,897		$	14,582,956		$	7,359,067		$	75,959,986


Liabilities
Payable upon return of securities loaned	$	—		$	4,724,130		$	29,700		$	—
Payables:
Investment securities purchased		—			—			222,782			—
Investment advisory fees		6,073			1,606			1,432			9,147
Variation margin on futures contracts		27,683			—			—			—

Total liabilities		33,756			4,725,736			253,914			9,147

Net Assets, at value	$	16,488,141		$	9,857,220		$	7,105,153		$	75,950,839


Net Assets Consist of
Paid-in capital	$	17,080,916		$	10,719,729		$	7,557,643		$	72,662,876
Distributable earnings (loss)		(592,775	)		(862,509	)		(452,490	)		3,287,963

Net Assets, at value	$	16,488,141		$	9,857,220		$	7,105,153		$	75,950,839


Number of Common Shares outstanding		700,001			450,001			300,001			2,700,001

Net Asset Value	$	23.55		$	21.90		$	23.68		$	28.13


Investment in non-affiliated securities at cost	$	15,478,163		$	—		$	6,413,576		$	71,626,910

Investment in affiliated securities at cost	$	—		$	9,658,035		$	19,654		$	—

Value of securities loaned	$	—		$	4,618,532		$	28,787		$	—

Investment in DWS Government Money Market Series at cost	$	271,216		$	107,826		$	124,719		$	—

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	4,724,130		$	29,700		$	—

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		38

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2019 (Unaudited)


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Assets
Investment in non-affiliated securities at value	$	28,869,796		$	391,626,156
Investment in affiliated securities at value		15,505			—
Investment in DWS Government Money Market Series		53,477			528,597
Investment in DWS Government & Agency Securities Portfolio*		811,039			8,340,042
Cash		—			1,937
Foreign currency at value		55,425			90,622
Deposit with broker for futures contracts		9,954			66,192
Deferred foreign tax receivable		129			—
Receivables:
Investment securities sold		24,886			1,032
Capital shares		273			—
Dividends		57,179			1,024,600
Interest		44			434
Securities lending income		506			3,367
Foreign tax reclaim		15,345			90,940

Total assets	$	29,913,558		$	401,773,919


Liabilities
Payable upon return of securities loaned	$	811,039		$	8,340,042
Payables:
Investment securities purchased		—			1,626,845
Investment advisory fees		4,829			63,125
Variation margin on futures contracts		2,475			5,882

Total liabilities		818,343			10,035,894

Net Assets, at value	$	29,095,215		$	391,738,025


Net Assets Consist of
Paid-in capital	$	30,225,037		$	385,325,786
Distributable earnings (loss)		(1,129,822	)		6,412,239

Net Assets, at value	$	29,095,215		$	391,738,025


Number of Common Shares outstanding		1,150,001			16,450,001

Net Asset Value	$	25.30		$	23.81


Investment in non-affiliated securities at cost	$	29,341,072		$	384,544,869

Investment in affiliated securities at cost	$	14,895		$	—

Value of securities loaned	$	784,975		$	9,628,017

Investment in DWS Government Money Market Series at cost	$	53,477		$	528,597

Investment in DWS Government & Agency Securities Portfolio at cost*	$	811,039		$	8,340,042

Non-cash collateral for securities on loan	$	12,916		$	2,449,863

Foreign currency at cost	$	55,349		$	89,542

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		39

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2019 (Unaudited)


	Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF			Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF			Xtrackers Investment Grade Bond — Interest Rate Hedged ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Investment Income
Unaffiliated interest income*	$	270,009		$	—		$	123,815		$	1,036,069
Affiliated interest income		—			—			364			—
Income distributions from affiliated funds		1,505			235,636			893			—
Affiliated securities lending income		82			10,209			242			—
Unaffiliated securities lending income, net of borrower rebates		—			567			—			—

Total investment income		271,596			246,412			125,314			1,036,069


Expenses
Investment advisory fees		28,626			14,717			8,761			53,177
Other expenses		25			32			25			57

Total expenses		28,651			14,749			8,786			53,234

Less fees waived (see note 3):
Waiver		(69	)		(6,951	)		(38	)		—

Net expenses		28,582			7,798			8,748			53,234

Net investment income (loss)		243,014			238,614			116,566			982,835


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		13,356			—			54,016			118,574
Investments in affiliates		—			(1,062	)		—			—
In-kind redemptions		10,028			—			—			—
Futures contracts		(343,452	)		(111,781	)		(285,564	)		—

Net realized gain (loss)		(320,068	)		(112,843	)		(231,548	)		118,574
Net change in unrealized appreciation (depreciation) on:
Investments		282,570			—			355,285			833,735
Investments in affiliates		—			107,528			658			—
Futures contracts		97,606			41,361			72,884			—

Net change in unrealized appreciation (depreciation)		380,176			148,889			428,827			833,735

Net realized and unrealized gain (loss) on investments and futures		60,108			36,046			197,279			952,309


Net Increase (Decrease) in Net Assets Resulting from Operations	$	303,122		$	274,660		$	313,845		$	1,935,144

* Unaffiliated foreign tax withheld	$	73		$	—		$	18		$	—


See Notes to Financial Statements.		40

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2019 (Unaudited)


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Investment Income
Unaffiliated dividend income*	$	619,433		$	5,104,071
Income distributions from affiliated funds		718			4,400
Affiliated securities lending income		2,183			16,583

Total investment income		622,334			5,125,054


Expenses
Investment advisory fees		30,251			311,017
Other expenses		57			171

Total expenses		30,308			311,188

Less fees waived (see note 3):
Waiver		(26	)		(188	)

Net expenses		30,282			311,000

Net investment income (loss)		592,052			4,814,054


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(260,393	)		(5,357,124	)
Investments in affiliates		692			—
In-kind redemptions		828,839			7,466,526
Futures contracts		6,884			123,660
Foreign currency transactions		(5,561	)		(5,014	)

Net realized gain (loss)		570,461			2,228,048
Net change in unrealized appreciation (depreciation) on:
Investments***		1,408,258			27,452,143
Investments in affiliates		610			—
Futures contracts		2,460			50,190
Foreign currency translations		43			9,712

Net change in unrealized appreciation (depreciation)		1,411,371			27,512,045

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		1,981,832			29,740,093


Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,573,884		$	34,554,147

* Unaffiliated foreign tax withheld	$	68,942		$	230,344
** Net of foreign taxes	$	282		$	—
*** Net of change in deferred foreign taxes	$	(643	)	$	—


See Notes to Financial Statements.		41

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF						Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF
	For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019			For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	243,014		$	344,329		$	238,614		$	358,227
Net realized gain (loss)		(320,068	)		(417,236	)		(112,843	)		(231,945	)
Net change in net unrealized appreciation (depreciation)		380,176			303,992			148,889			(64,162	)

Net increase (decrease) in net assets resulting from operations		303,122			231,085			274,660			62,120

Distributions to Shareholders		(221,607	)		(692,585	)		(242,131	)		(371,816	)


Fund Shares Transactions
Proceeds from shares sold		10,624,734			—			3,309,572			4,533,388
Value of shares redeemed		(1,148,964	)		(1,134,129	)		—			(1,110,970	)

Net increase (decrease) in net assets resulting from fund share transactions		9,475,770			(1,134,129	)		3,309,572			3,422,418

Total net increase (decrease) in Net Assets		9,557,285			(1,595,629	)		3,342,101			3,112,722

Net Assets
Beginning of period		6,930,856			8,526,485			6,515,119			3,402,397

End of period	$	16,488,141		$	6,930,856		$	9,857,220		$	6,515,119


Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			350,001			300,001			150,001
Shares sold		450,000			—			150,000			200,000
Shares redeemed		(50,000	)		(50,000	)		—			(50,000	)

Shares outstanding, end of period		700,001			300,001			450,001			300,001


See Notes to Financial Statements.		42

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers Investment Grade Bond — Interest Rate Hedged ETF						Xtrackers Municipal Infrastructure Revenue Bond ETF
	For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019			For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	116,566		$	318,263		$	982,835		$	1,678,179
Net realized gain (loss)		(231,548	)		(495,969	)		118,574			(150,370	)
Net change in net unrealized appreciation (depreciation)		428,827			387,134			833,735			2,904,660

Net increase (decrease) in net assets resulting from operations		313,845			209,428			1,935,144			4,432,469

Distributions to Shareholders		(119,761	)		(517,208	)		(904,993	)		(1,651,620	)


Fund Shares Transactions
Proceeds from shares sold		—			—			7,048,953			8,070,798
Value of shares redeemed		—			(2,319,160	)		—			(1,322,758	)

Net increase (decrease) in net assets resulting from fund share transactions		—			(2,319,160	)		7,048,953			6,748,040

Total net increase (decrease) in Net Assets		194,084			(2,626,940	)		8,079,104			9,528,889

Net Assets
Beginning of period		6,911,069			9,538,009			67,871,735			58,342,846

End of period	$	7,105,153		$	6,911,069		$	75,950,839		$	67,871,735


Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			400,001			2,450,001			2,200,001
Shares sold		—			—			250,000			300,000
Shares redeemed		—			(100,000	)		—			(50,000	)

Shares outstanding, end of period		300,001			300,001			2,700,001			2,450,001


See Notes to Financial Statements.		43

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF						Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019			For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	592,052		$	1,343,868		$	4,814,054		$	12,328,103
Net realized gain (loss)		570,461			(395,647	)		2,228,048			(4,217,333	)
Net change in net unrealized appreciation (depreciation)		1,411,371			(1,493,585	)		27,512,045			(20,084,730	)

Net increase (decrease) in net assets resulting from operations		2,573,884			(545,364	)		34,554,147			(11,973,960	)

Distributions to Shareholders		(828,153	)		(1,185,503	)		(8,549,066	)		(7,131,535	)


Fund Shares Transactions
Proceeds from shares sold		9,840,288			16,381,277			157,303,232			280,085,371
Value of shares redeemed		(6,182,548	)		(17,651,055	)		(35,802,195	)		(40,438,708	)

Net increase (decrease) in net assets resulting from fund share transactions		3,657,740			(1,269,778	)		121,501,037			239,646,663

Total net increase (decrease) in Net Assets		5,403,471			(3,000,645	)		147,506,118			220,541,168

Net Assets
Beginning of period		23,691,744			26,692,389			244,231,907			23,690,739

End of period	$	29,095,215		$	23,691,744		$	391,738,025		$	244,231,907


Changes in Shares Outstanding
Shares outstanding, beginning of period		1,000,001			1,050,001			11,100,001			1,000,001
Shares sold		400,000			650,000			6,850,000			11,850,000
Shares redeemed		(250,000	)		(700,000	)		(1,500,000	)		(1,750,000	)

Shares outstanding, end of period		1,150,001			1,000,001			16,450,001			11,100,001


See Notes to Financial Statements.		44

DBX ETF Trust

Financial Highlights


Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,												Period Ended 5/31/2015(a)
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	23.10		$	24.36		$	24.91		$	23.96		$	25.03		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.45			1.05			0.99			1.07			1.07			0.27
Net realized and unrealized gain (loss)		0.47			(0.29	)		(0.48	)		1.18			(0.80	)		(0.04	)

Total from investment operations		0.92			0.76			0.51			2.25			0.27			0.23

Less distributions from:
Net investment income		(0.47	)		(1.04	)		(1.02	)		(1.30	)		(1.26	)		(0.20	)
Net realized gains		—			(0.98	)		(0.04	)		—			(0.08	)		—

Total distributions		(0.47	)		(2.02	)		(1.06	)		(1.30	)		(1.34	)		(0.20	)

Net Asset Value, end of period	$	23.55		$	23.10		$	24.36		$	24.91		$	23.96		$	25.03

Total Return (%)		4.00	**(c)		3.31	(c)		2.03			9.61			1.22			0.90	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		16			7			9			6			6			6
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.45			0.47			0.50			0.50	*
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.45			0.47			0.50			0.50	*
Ratio of net investment income (loss) (%)		3.82	*		4.37			3.94			4.35			4.45			4.35	*
Portfolio turnover rate (%)(d)		10	**		31			48			35			15			1	**

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,												Period Ended 5/31/2015(a)
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	21.72		$	22.68		$	23.42		$	22.23		$	24.57		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.62			1.32			1.27			1.17			1.08			0.29
Net realized and unrealized gain (loss)		0.21			(0.82	)		(0.53	)		1.30			(2.10	)		(0.51	)

Total from investment operations		0.83			0.50			0.74			2.47			(1.02	)		(0.22	)

Less distributions from:
Net investment income		(0.65	)		(1.46	)		(1.48	)		(1.28	)		(1.32	)		(0.21	)

Total distributions		(0.65	)		(1.46	)		(1.48	)		(1.28	)		(1.32	)		(0.21	)

Net Asset Value, end of period	$	21.90		$	21.72		$	22.68		$	23.42		$	22.23		$	24.57

Total Return (%)		3.87	**(c)		2.18	(c)		3.24	(c)		11.40			(4.06	)		(0.87	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		10			7			3			11			9			11
Ratio of expenses before fee waiver (%)		0.35	*(e)		0.35	(e)		0.35	(e)		0.39			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.19	*(e)		0.14	(e)		0.33	(e)		0.39			0.45			0.45	*
Ratio of net investment income (loss) (%)		5.67	*		5.91			5.47			5.08			4.81			4.75	*
Portfolio turnover rate (%)(d)		0	**		19			50			33			35			13	**

(a)	For the period March 3, 2015 (commencement of operations) through May 31, 2015.

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		45

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers Investment Grade Bond — Interest Rate Hedged ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,												Period Ended 5/31/2015(a)
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	23.04		$	23.84		$	24.09		$	23.79		$	24.63		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.39			0.83			0.78			0.73			0.71			0.17
Net realized and unrealized gain (loss)		0.65			(0.32	)		(0.28	)		0.39			(0.73	)		(0.43	)

Total from investment operations		1.04			0.51			0.50			1.12			(0.02	)		(0.26	)

Less distributions from:
Net investment income		(0.40	)		(0.83	)		(0.75	)		(0.82	)		(0.82	)		(0.11	)
Net realized gains		—			(0.48	)		—			—			—			—

Total distributions		(0.40	)		(1.31	)		(0.75	)		(0.82	)		(0.82	)		(0.11	)

Net Asset Value, end of period	$	23.68		$	23.04		$	23.84		$	24.09		$	23.79		$	24.63

Total Return (%)		4.55	**(c)		2.28	(c)		2.05			4.79			(0.04	)		(1.03	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			7			10			6			5			6
Ratio of expenses before fee waiver (%)		0.25	*		0.25			0.25			0.25			0.25			0.25	*
Ratio of expenses after fee waiver (%)		0.25	*		0.25			0.25			0.25			0.25			0.25	*
Ratio of net investment income (loss) (%)		3.33	*		3.53			3.22			3.04			3.00			2.72	*
Portfolio turnover rate (%)(d)		17	**		25			33			26			14			7	**

Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	27.70		$	26.52		$	26.71		$	27.17		$	25.49		$	25.07

Income (loss) from investment operations:
Net investment income (loss)(b)		0.39			0.75			0.70			0.66			0.80			0.81
Net realized and unrealized gain (loss)		0.40			1.18			(0.20	)		(0.46	)		1.67			0.40

Total from investment operations		0.79			1.93			0.50			0.20			2.47			1.21

Less distributions from:
Net investment income		(0.36	)		(0.75	)		(0.69	)		(0.66	)		(0.79	)		(0.79	)

Total distributions		(0.36	)		(0.75	)		(0.69	)		(0.66	)		(0.79	)		(0.79	)

Net Asset Value, end of period	$	28.13		$	27.70		$	26.52		$	26.71		$	27.17		$	25.49

Total Return (%)		2.86	**		7.45	(c)		1.87			0.77			9.89			4.88

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		76			68			58			60			37			22
Ratio of expenses before fee waiver (%)		0.15	*		0.25			0.30			0.30			0.30			0.30
Ratio of expenses after fee waiver (%)		0.15	*		0.22			0.30			0.30			0.30			0.30
Ratio of net investment income (loss) (%)		2.77	*		2.85			2.61			2.50			3.07			3.16
Portfolio turnover rate (%)(d)		7	**		25			28			0			13			4

(a)	For the period March 3, 2015 (commencement of operations) through May 31, 2015.

(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.		46

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,									Period Ended 5/31/2016(a)
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	23.69		$	25.42		$	26.14		$	22.96		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.48			1.21			1.35			1.02			0.70
Net realized and unrealized gain (loss)		1.77			(1.92	)		(1.20	)		3.07			(2.38	)

Total from investment operations		2.25			(0.71	)		0.15			4.09			(1.68	)

Less distributions from:
Net investment income		(0.64	)		(1.02	)		(0.87	)		(0.60	)		(0.36	)
Net realized gains		—			—			—			(0.31	)		—

Total distributions		(0.64	)		(1.02	)		(0.87	)		(0.91	)		(0.36	)

Net Asset Value, end of period	$	25.30		$	23.69		$	25.42		$	26.14		$	22.96

Total Return (%)		9.57	**(c)		(2.82	)(c)		0.54			18.17			(6.67	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		29			24			27			4			3
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.32			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.32			0.45			0.45	*
Ratio of net investment income (loss) (%)		3.91	*		4.96			5.29			4.17			3.83	*
Portfolio turnover rate (%)(d)		14	**		30			76			36			33	**


Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,									Period Ended 5/31/2016(a)
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	22.00		$	23.69		$	24.99		$	23.16		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.35			1.36			1.50			1.06			0.88
Net realized and unrealized gain (loss)		2.15			(2.25	)		(1.99	)		3.03			(2.17	)

Total from investment operations		2.50			(0.89	)		(0.49	)		4.09			(1.29	)

Less distributions from:
Net investment income		(0.69	)		(0.80	)		(0.81	)		(0.95	)		(0.38	)
Net realized gains		—			—			—			(1.31	)		(0.17	)

Total distributions		(0.69	)		(0.80	)		(0.81	)		(2.26	)		(0.55	)

Net Asset Value, end of period	$	23.81		$	22.00		$	23.69		$	24.99		$	23.16

Total Return (%)		11.49	**(c)		(3.76	)(c)		(2.02	)		18.93	(e)		(5.08	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		392			244			24			5			5
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.33			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.33			0.45			0.45	*
Ratio of net investment income (loss) (%)		3.10	*		6.06			6.28			4.48			4.86	*
Portfolio turnover rate (%)(d)		16	**		20			56			41			33	**

(a)	For the period August 12, 2015 (commencement of operations) through May 31, 2016.

(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)	The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.32%.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		47

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

Xtrackers Municipal Infrastructure Revenue Bond ETF

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF invests in affiliated exchange-traded funds managed by DBX Advisors LLC (“DBX” or the “Advisor”). The accounting policies and investments holdings are outlined in the affiliated Fund’s financial statements and are available upon request.

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 Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers Investment Grade Bond — Interest Rate Hedged ETF offer shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity 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 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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


Fund		Underlying Index
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		Solactive Emerging Markets Bond — Interest Rate Hedged Index
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		Solactive USD High Yield Corporate Bond — Interest Rate Hedged Index
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		Solactive USD Investment Grade Bond — Interest Rate Hedged Index
Xtrackers Municipal Infrastructure Revenue Bond ETF		Solactive Municipal Infrastructure Revenue Bond Index
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		MSCI ACWI ex USA High Dividend Yield Index
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		MSCI EAFE High Dividend Yield Index

The Solactive Emerging Markets Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated emerging markets bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets bonds. The Solactive High Yield Corporate Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the high yield bonds. The Solactive Investment Grade Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the returns 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). The Solactive Indices are rebalanced monthly on the last business day of each month.

The MSCI ACWI ex USA High Dividend Yield Index is designed to track the performance of equity securities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US 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. 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. The MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF are diversified series of the Trust. Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund, with the exception of Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF and Xtrackers Municipal Infrastructure Revenue Bond 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 each Fund tracks.

2. Significant Accounting Policies

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. 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.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. 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.

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.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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 Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond —Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from its net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF 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 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.


	Short-Term		Long-Term		Total Amount
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF	$	228,658	$	568,814	$	797,472
Xtrackers Municipal Infrastructure Revenue Bond ETF		121,119		202,444		323,563
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		708,083		339,329		1,047,412
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,885,955		514,913		2,400,868

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2019, the following Funds incurred and will elect to defer net capital losses as follows:


	Post-October Losses on Capital
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	669,592
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		767,441

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	6,804,007	$	(30,897	)	$	128,289	$	(159,186	)
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		7,187,964		(99,993	)		—		(99,993	)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		6,685,526		97,956			153,432		(55,476	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		64,408,570		2,423,211			2,426,843		(3,632	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		26,111,121		(2,227,001	)		775,639		(3,002,640	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		274,580,910		(22,753,749	)		4,094,850		(26,848,599	)

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

Securities Lending The Funds, except the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2019, 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 (0.12% annualized effective rate as of November 30, 2019) 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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2019, 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, 2019

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days			>90 days		Total
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF
Exchange-Traded Funds	$	4,724,130	$	—		$	—	$	—	$	4,724,130

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions										$	4,724,130

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
Corporate Bonds	$	29,700	$	—		$	—	$	—	$	29,700

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions										$	29,700

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Common Stocks	$	803,689	$	—		$	—	$	12,916	$	816,605
Exchange-Traded Funds		7,350		—			—		—		7,350

Total Borrowings	$	811,039	$	—		$	—	$	12,916	$	823,955

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions										$	823,955

Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	8,340,042	$	769		$	4,110	$	2,444,984	$	10,789,905

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions										$	10,789,905

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, 2019, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers Investment Grade Bond — Interest Rate Hedged ETF entered into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Fund’s long bond investments and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and 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.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

A summary of the open futures contracts as of November 30, 2019 is included in a table following the Funds’ Schedule of Investments.


			Asset Derivatives			Liability Derivatives
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

		Interest rate contracts	Unrealized appreciation on future contracts*	$	51,664	Unrealized depreciation on future contracts*	$	—

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

		Interest rate contracts	Unrealized appreciation on future contracts*	$	15,336	Unrealized depreciation on future contracts*	$	—

	Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

		Interest rate contracts	Unrealized appreciation on future contracts*	$	21,758	Unrealized depreciation on future contracts*	$	—

	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

		Equity contracts	Unrealized appreciation on futures contracts*	$	2,860	Unrealized depreciation on futures contracts*	$	30

	Xtrackers MSCI EAFE High Dividend Yield Equity ETF

		Equity contracts	Unrealized appreciation on futures contracts*	$	33,994	Unrealized depreciation on futures contracts*	$	—

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


Net Realized Gain (Loss) from:

	Futures Contracts — Interest Rate Contracts			Futures Contracts — Equity Contracts		Total
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	(343,452	)	$	—	$	(343,452	)
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		(111,781	)		—		(111,781	)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		(285,564	)		—		(285,564	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		—			6,884		6,884
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		—			123,660		123,660

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Interest Rate Contracts			Futures Contracts — Equity Contracts		Total
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	97,606		$	—	$	97,606
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		41,361			—		41,361
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		72,884			—		72,884
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		—			2,460		2,460
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		—			50,190		50,190

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

For the period ended November 30, 2019 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	(11,447,807	)
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		(8,062,015	)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		(6,732,563	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		208,427
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,468,784

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

3. Investment Advisory and Other Agreements

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Management Fee
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		0.45	%
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		0.35	%
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		0.25	%
Xtrackers Municipal Infrastructure Revenue Bond ETF		0.15	%
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		0.20	%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		0.20	%

The Advisor for the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF has contractually agreed, until September 30, 2020, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in the Underlying Funds. For the period ended November 30, 2019, the Advisor waived $6,928 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees 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, 2019, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	69
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		23
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		38
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		26
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		188

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2019, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	11,009,995	$	1,112,398
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		31,629		209,677
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		1,140,193		1,400,047
Xtrackers Municipal Infrastructure Revenue Bond ETF		5,773,334		5,206,010
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		5,443,877		4,138,507
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		52,583,708		49,765,319

For the period ended November 30, 2019, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	—	$	1,163,070
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		3,245,211		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		6,954,375		—
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		7,827,181		5,740,226
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		152,467,379		36,194,696

5. Fund Share Transactions

6. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2019, 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 MSCI All World ex US High Dividend Yield Equity ETF		13	%

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

7. Investing in Emerging Markets

8. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

9. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers MSCI All World ex US High Dividend Yield 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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2019.


	Pro-rata Share
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	525,000
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		525,000
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		525,000
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		525,000

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

Portfolio Holdings Information

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

Discount/Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price

above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

DBX ETF Trust

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

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. 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. EMIH, HYIH and IGIH seek to mitigate the potential negative impact of rising Treasury interest rates by taking short positions in U.S. Treasury notes or bonds, or futures relating to those instruments. These short positions are not intended to mitigate credit risk or other factors that may have a greater impact on performance than rising or falling interest rates. The short positions may limit the potential positive impact of falling interest rates and there is no guarantee that the short positions will completely eliminate the interest rate risk of the long positions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The prices of futures can be highly volatile, using futures can lower total return and the potential loss from futures can exceed a Fund’s initial investment in such contracts. Each Fund, except IGIH, RVNU and HDAW, is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Stocks may decline in value. 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 the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

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

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

EMIH, HYIH, IGIH and RVNU are not sponsored, endorsed, sold or promoted in any other manner by Solactive AG (the “Licensor”) nor does the trade mark or the Index Price at any time or in any other respect.

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

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


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

Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-049075-4 (1/20) DBX004204 (1/21)

November 30, 2019

Semi-Annual Report

DBX ETF Trust

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

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

Xtrackers MSCI All China Equity ETF (CN)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Harvest CSI 300 China A-Shares ETF		2
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		3
Xtrackers MSCI All China Equity ETF		4
Xtrackers MSCI China A Inclusion Equity ETF		5
Fees and Expenses		6
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		7
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		12
Xtrackers MSCI All China Equity ETF		20
Xtrackers MSCI China A Inclusion Equity ETF		25
Statements of Assets and Liabilities		33
Statements of Operations		34
Statements of Changes in Net Assets		35
Financial Highlights		37
Notes to Financial Statements		39
Additional Information		48
Privacy Policy Notice		49

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for our 4 flagship ETFs tracking China’s equity market for the period ended November 30, 2019.

The global economy experienced a synchronized slowdown owing to uncertainty surrounding trade and geopolitics, weak manufacturing activity and low productivity growth in advanced economies. The Chinese economy expanded at the slowest pace since 1992, as the world’s second-largest economy faces uncertainty over trade tensions with the U.S. and sluggish demand at home and abroad. The trade war has also affected China’s jobs and wages as companies refrained from making capital investments. Nevertheless, growth was within the government’s target as fiscal measures helped counter the negative impact of trade barriers.

China’s economic growth decelerated during the reporting period primarily due to the country’s trade dispute with the U.S. Moreover, industrial production continued to remain weak as investments eased off owing to weak global demand. Retail sales softened due to an uptrend in inflation following the outbreak of African swine flu. Tax cuts implemented by the central government have put pressure on state finances, leading to a decrease in public spending. Exports from the country have also suffered due to a slowdown in external demand. However, the services sector grew at a strong pace, surpassing the growth rate of agriculture and manufacturing sectors. Consumption continued to be the major contributor to domestic demand and employment remained stable. The real estate sector held up well, as property investments grew and sales accelerated at a robust pace. Moreover, the U.S. government’s decision to suspend the recent round of tariff increase gave some hope to investors.

To strengthen the economy, the People’s Bank of China shifted to a more accommodative stance by lowering its medium-term lending facility to reduce finance costs. The easing measures are aimed at supporting the property sector, the second-largest pillar of the economy and a major growth driver. In addition to the monetary easing from the central bank, the government also provided fiscal support by cutting taxes and taking measures to boost liquidity in the financial system. However, the government has been more restrained in providing credit as it wants to control the rapid credit growth and continuous rise in debt in recent years. Despite the slowing economy and weaker currency, Chinese stock markets held up well, buoyed by continuing international flows and a comeback of retail investors who began to view shares as undervalued. Fixed Income investments also registered growth during the reporting period owing to low global yields.

It appears that the Chinese economy could face some further slowdown as it faces challenges on multiple fronts. In addition to the trade war, one major concern is the demographics, as more Chinese will reach their retirement age relative to people that will enter the workforce, leading to labor shortages in many sectors. Another concern is the rise in household debt at a rate even faster than GDP¹growth. However, slightly more supportive fiscal and monetary policies should cushion the economy from a further slowdown. These could be in the form of tax cuts and a further uptick in infrastructure spending. Also, we remain somewhat hopeful that a truce in the trade war between China and the U.S. can be reached in the near future.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ GDP provides an economic snapshot of a country, used to estimate the size of an economy by summing he monetary value of all finished goods and services made within a country during a specific period.

DBX ETF Trust

Portfolio Summary (Unaudited)

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

The Xtrackers Harvest CSI 300 China A-Shares ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2019 (27.8% of Net Assets)



Description	% of Net Assets
Ping An Insurance Group Co. of China Ltd.		7.3%
Kweichow Moutai Co. Ltd.		4.6%
China Merchants Bank Co. Ltd.		3.0%
Industrial Bank Co. Ltd.		2.2%
Midea Group Co. Ltd.		2.1%
Jiangsu Hengrui Medicine Co. Ltd.		2.0%
Wuliangye Yibin Co. Ltd.		2.0%
Gree Electric Appliances, Inc. of Zhuhai		1.9%
CITIC Securities Co. Ltd.		1.4%
Inner Mongolia Yili Industrial Group Co. Ltd.		1.3%


*Sector Diversification as of November 30, 2019**


Financials			34.5%
Consumer Staples			12.9%
Industrials			11.3%
Consumer Discretionary			9.3%
Information Technology			8.8%
Health Care			7.0%
Materials			5.8%
Real Estate			4.4%
Utilities			2.2%
Energy			2.0%
Communication Services			1.8%

Total			100.0%

* As a percentage of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

DBX ETF Trust

Portfolio Summary (Unaudited)

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

The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the “Underlying Index”). The Underlying Index 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2019 (7.0% of Net Assets)



Description	% of Net Assets
Wingtech Technology Co. Ltd.		1.1%
WUS Printed Circuit Kunshan Co. Ltd.		0.7%
Beijing Shunxin Agriculture Co. Ltd.		0.7%
Shengyi Technology Co. Ltd.		0.7%
China Greatwall Technology Group Co. Ltd.		0.7%
NavInfo Co. Ltd.		0.7%
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd.		0.7%
Jinyu Bio-Technology Co. Ltd.		0.6%
Will Semiconductor Ltd.		0.6%
China National Software & Service Co. Ltd.		0.5%


*Sector Diversification as of November 30, 2019**


Information Technology			21.0%
Industrials			16.8%
Materials			15.9%
Health Care			10.0%
Consumer Discretionary			9.1%
Consumer Staples			7.5%
Communication Services			5.1%
Real Estate			4.6%
Financials			4.0%
Energy			3.0%
Utilities			3.0%

Total			100.0%

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI All China Equity ETF (CN)

The Xtrackers MSCI All China Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the “Underlying Index”). The Underlying Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includes A-Shares, H-Shares, B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Fund expects to gain exposure to the China A-share components of the Index by investing in Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC., and Xtrackers Harvest CSI 300 China A-shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.

Ten Largest Equity and ETF Holdings

as of November 30, 2019 (69.0% of Net Assets)



Description	% of Net Assets
Xtrackers MSCI China A Inclusion Equity ETF		34.7%
Alibaba Group Holding Ltd.		11.2%
Tencent Holdings Ltd.		8.1%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		5.2%
China Construction Bank Corp.		2.5%
Ping An Insurance Group Co. of China Ltd.		2.1%
Industrial & Commercial Bank of China Ltd.		1.5%
China Mobile Ltd.		1.5%
Baidu, Inc.		1.1%
Bank of China Ltd.		1.1%


*Sector Diversification as of November 30, 2019**


Financials			21.9%
Consumer Discretionary			20.4%
Communication Services			14.4%
Industrials			8.1%
Consumer Staples			7.0%
Information Technology			6.9%
Health Care			5.8%
Real Estate			5.1%
Materials			4.5%
Energy			3.1%
Utilities			2.8%

Total			100.0%

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Fund’s investment in Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

The Xtrackers MSCI China A Inclusion Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2019 (20.8% of Net Assets)



Description	% of Net Assets
Kweichow Moutai Co. Ltd.		5.2%
Ping An Insurance Group Co. of China Ltd.		3.3%
China Merchants Bank Co. Ltd.		2.7%
Wuliangye Yibin Co. Ltd.		1.8%
China Yangtze Power Co. Ltd.		1.5%
Industrial Bank Co. Ltd.		1.4%
Jiangsu Hengrui Medicine Co. Ltd.		1.4%
Shanghai Pudong Development Bank Co. Ltd.		1.3%
Industrial & Commercial Bank of China Ltd.		1.1%
Hangzhou Hikvision Digital Technology Co. Ltd.		1.1%


*Sector Diversification as of November 30, 2019**


Financials			26.4%
Consumer Staples			14.7%
Industrials			12.6%
Information Technology			11.2%
Health Care			8.8%
Materials			7.6%
Consumer Discretionary			6.7%
Real Estate			4.4%
Utilities			2.9%
Communication Services			2.4%
Energy			2.3%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 25.

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Xtrackers MSCI China A Inclusion Equity ETF shareholders indirectly bear the expenses of Xtrackers Harvest CSI 300 China A-Shares ETF (the “Underlying Fund”) in which the Xtrackers MSCI China A Inclusion Equity ETF invests. These expenses are not included in Xtrackers MSCI All China Equity ETF’s and Xtrackers MSCI China A Inclusion Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value June 1, 2019		Ending Account Value November 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	1,052.10		0.65	%	$	3.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	983.80		0.65	%	$	3.22
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
Xtrackers MSCI All China Equity ETF ⁽²⁾
Actual	$	1,000.00	$	1,070.40		0.26	%	$	1.35
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.70		0.26	%	$	1.32
Xtrackers MSCI China A Inclusion Equity ETF ⁽²⁾
Actual	$	1,000.00	$	1,056.50		0.60	%	$	3.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.00		0.60	%	$	3.03

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 1.8%
Beijing Enlight Media Co. Ltd., Class A		809,512	$	1,145,614
China Film Co. Ltd., Class A		687,587		1,379,898
China United Network Communications Ltd., Class A		8,552,563		6,945,837
Focus Media Information Technology Co. Ltd., Class A		9,429,806		7,510,744
Giant Network Group Co. Ltd., Class A		560,568		1,411,217
Mango Excellent Media Co. Ltd., Class A*		335,962		1,455,500
Oriental Pearl Group Co. Ltd., Class A		1,889,953		2,370,892
Perfect World Co. Ltd., Class A		481,602		2,363,195
Wanda Film Holding Co. Ltd., Class A*		757,373		1,536,107
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		971,859		2,998,161

				29,117,165

Consumer Discretionary — 9.3%
BAIC BluePark New Energy Technology Co. Ltd., Class A*		381,625		282,792
BYD Co. Ltd., Class A		831,356		5,130,609
China Grand Automotive Services Group Co. Ltd., Class A		3,010,393		1,430,085
China International Travel Service Corp. Ltd., Class A		900,866		10,737,332
China Shipbuilding Industry Group Power Co. Ltd., Class A*		625,945		1,955,953
Chongqing Changan Automobile Co. Ltd., Class A		1,787,847		2,166,517
Fuyao Glass Industry Group Co. Ltd., Class A		1,287,891		4,072,027
Great Wall Motor Co. Ltd., Class A		1,101,811		1,460,546
Gree Electric Appliances, Inc. of Zhuhai, Class A		4,425,884		36,328,149
Guangzhou Automobile Group Co. Ltd., Class A		848,939		1,425,997
Haier Smart Home Co. Ltd., Class A		3,363,992		8,162,555
Hangzhou Robam Appliances Co. Ltd., Class A		439,178		1,855,194
HLA Corp. Ltd., Class A		1,649,486		1,801,781
Huayu Automotive Systems Co. Ltd., Class A		1,443,671		5,322,251
Kuang-Chi Technologies Co. Ltd., Class A*		391,239		539,211
Midea Group Co. Ltd., Class A		4,467,291		34,501,362
Oppein Home Group, Inc., Class A		115,968		1,632,923
SAIC Motor Corp. Ltd., Class A		3,213,426		10,626,333
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,765,523		3,690,087
Songcheng Performance Development Co. Ltd., Class A		670,700		2,608,068
Suning.com Co. Ltd., Class A		3,417,907		4,788,380
TCL Corp., Class A		9,955,723		5,437,462
Wuchan Zhongda Group Co. Ltd., Class A		1,563,195		1,129,455
Xiamen Intretech, Inc., Class A		125,366		764,587


	Number of Shares		Value
Consumer Discretionary (Continued)
Zhejiang Century Huatong Group Co. Ltd., Class A		1,641,189	$	2,275,911
Zhejiang Supor Co. Ltd., Class A		147,429		1,505,565

				151,631,132

Consumer Staples — 12.9%
Anhui Gujing Distillery Co. Ltd., Class A		106,973		1,645,633
Foshan Haitian Flavouring & Food Co. Ltd., Class A		739,900		11,258,170
Guangdong Haid Group Co. Ltd., Class A		723,932		3,161,028
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		383,796		1,598,866
Henan Shuanghui Investment & Development Co. Ltd., Class A		909,494		4,008,793
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,607,799		23,202,155
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		556,957		7,778,236
Kweichow Moutai Co. Ltd., Class A		462,003		74,187,528
Luzhou Laojiao Co. Ltd., Class A		675,802		7,857,771
Muyuan Foodstuff Co. Ltd., Class A		759,652		9,378,353
New Hope Liuhe Co. Ltd., Class A		1,929,900		5,646,265
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		239,639		3,045,058
Tongwei Co. Ltd., Class A		1,780,283		3,317,054
Wens Foodstuffs Group Co. Ltd., Class A		3,414,096		17,384,048
Wuliangye Yibin Co. Ltd., Class A		1,784,964		32,381,883
Yonghui Superstores Co. Ltd., Class A		3,515,765		3,715,359

				209,566,200

Energy — 2.0%
China Coal Energy Co. Ltd., Class A		1,676,910		1,163,916
China Oilfield Services Ltd., Class A		548,039		1,300,169
China Petroleum & Chemical Corp., Class A		12,292,491		8,724,341
China Petroleum Engineering Corp.		1,536,700		703,780
China Shenhua Energy Co. Ltd., Class A		3,030,928		7,419,056
Offshore Oil Engineering Co. Ltd., Class A		2,026,389		2,011,734
PetroChina Co. Ltd., Class A		7,430,041		5,907,383
Shaanxi Coal Industry Co. Ltd., Class A		3,669,633		4,425,992
Yanzhou Coal Mining Co. Ltd., Class A		816,016		1,089,824

				32,746,195

Financials — 34.5%
Agricultural Bank of China Ltd., Class A		35,184,500		18,115,575
Anxin Trust Co. Ltd., Class A*		2,007,453		1,136,372
Avic Capital Co. Ltd., Class A		4,943,754		3,192,309
Bank of Beijing Co. Ltd., Class A		13,592,443		10,748,912
Bank of Changsha Co. Ltd., Class A		346,300		421,618
Bank of Chengdu Co. Ltd., Class A		1,656,900		2,012,549
Bank of China Ltd., Class A		19,354,400		9,992,600


See Notes to Financial Statements.		7

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Financials (Continued)
Bank of Communications Co. Ltd., Class A		25,229,531	$	19,772,107
Bank of Guiyang Co. Ltd., Class A		1,771,643		2,320,748
Bank of Hangzhou Co. Ltd., Class A		1,883,633		2,333,494
Bank of Jiangsu Co. Ltd., Class A		6,358,027		6,239,698
Bank of Nanjing Co. Ltd., Class A		5,445,694		6,405,469
Bank of Ningbo Co. Ltd., Class A		2,573,090		9,727,519
Bank of Shanghai Co. Ltd., Class A		6,531,937		8,537,872
Bohai Leasing Co. Ltd., Class A*		1,715,294		834,366
Caitong Securities Co. Ltd., Class A		2,310,976		3,135,711
Changjiang Securities Co. Ltd., Class A		3,550,914		3,151,497
China CITIC Bank Corp. Ltd., Class A		2,814,429		2,401,783
China Construction Bank Corp., Class A		6,176,228		6,236,973
China Everbright Bank Co. Ltd., Class A		14,631,404		8,594,651
China Galaxy Securities Co. Ltd., Class A		1,182,828		1,729,445
China Great Wall Securities Co. Ltd., Class A		317,400		526,378
China Life Insurance Co. Ltd., Class A		1,529,227		7,136,255
China Merchants Bank Co. Ltd., Class A		9,487,593		48,619,722
China Merchants Securities Co. Ltd., Class A		2,621,288		6,144,182
China Minsheng Banking Corp. Ltd., Class A		22,791,228		20,000,693
China Pacific Insurance Group Co. Ltd., Class A		2,891,269		14,084,494
Chinalin Securities Co. Ltd., Class A		246,600		441,231
CITIC Securities Co. Ltd., Class A		7,236,549		22,036,384
CSC Financial Co. Ltd., Class A		404,494		1,288,126
Dongxing Securities Co. Ltd., Class A		1,268,755		1,954,333
East Money Information Co. Ltd., Class A		4,932,929		9,717,327
Everbright Securities Co. Ltd., Class A		1,790,265		2,854,401
Founder Securities Co. Ltd., Class A		3,777,058		3,593,949
GF Securities Co. Ltd., Class A*		2,715,827		5,152,881
Guosen Securities Co. Ltd., Class A		2,255,885		3,644,915
Guotai Junan Securities Co. Ltd., Class A		4,137,552		9,833,590
Guoyuan Securities Co. Ltd., Class A		1,856,612		2,207,596
Haitong Securities Co. Ltd., Class A		7,426,924		14,514,025
Hithink RoyalFlush Information Network Co. Ltd., Class A		201,166		2,610,550
Huatai Securities Co. Ltd., Class A		3,336,839		8,053,956
Huaxia Bank Co. Ltd., Class A		5,649,864		5,970,614
Hubei Biocause Pharmaceutical Co. Ltd., Class A		1,896,229		1,806,998
Industrial & Commercial Bank of China Ltd., Class A		19,812,684		16,316,013
Industrial Bank Co. Ltd., Class A		13,377,038		35,940,497
Industrial Securities Co. Ltd., Class A		4,308,219		3,792,980
Minmetals Capital Co. Ltd., Class A		575,860		602,819
New China Life Insurance Co. Ltd., Class A		758,163		4,800,759
Orient Securities Co. Ltd., Class A		3,287,128		4,544,384


	Number of Shares		Value
Financials (Continued)
People’s Insurance Co. Group of China Ltd., Class A		973,900	$	912,835
Ping An Bank Co. Ltd., Class A		8,693,301		18,905,334
Ping An Insurance Group Co. of China Ltd., Class A		9,964,574		118,511,657
SDIC Capital Co. Ltd., Class A		1,549,861		2,634,225
Shanghai Pudong Development Bank Co. Ltd., Class A		10,782,558		18,265,254
Shenwan Hongyuan Group Co. Ltd., Class A		8,287,356		5,610,675
Sinolink Securities Co. Ltd., Class A		2,222,490		2,598,387
SooChow Securities Co. Ltd., Class A		2,206,448		2,676,917
Southwest Securities Co. Ltd., Class A		2,590,732		1,595,521
Tianfeng Securities Co. Ltd., Class A		475,000		362,119
Western Securities Co. Ltd., Class A		1,611,397		2,021,452
Zheshang Securities Co. Ltd., Class A		1,219,179		1,451,393

				560,777,089

Health Care — 7.0%
Aier Eye Hospital Group Co. Ltd., Class A		1,141,751		6,482,673
Beijing Tongrentang Co. Ltd., Class A		500,298		1,892,791
Changchun High & New Technology Industry Group, Inc., Class A		124,179		7,753,626
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		240,680		1,361,749
Chongqing Zhifei Biological Products Co. Ltd., Class A		443,631		2,795,231
Dong-E-E-Jiao Co. Ltd., Class A		425,401		2,037,201
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		511,604		2,418,729
Huadong Medicine Co. Ltd., Class A		805,405		2,818,004
Hualan Biological Engineering, Inc., Class A		778,235		3,703,640
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		304,637		975,760
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,840,348		34,702,190
Jointown Pharmaceutical Group Co. Ltd., Class A		512,361		984,518
Lepu Medical Technology Beijing Co. Ltd., Class A		977,347		4,485,800
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		2,067,251		4,348,641
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		523,811		1,534,737
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		924,893		3,308,428
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,059,150		2,679,943
Shanghai RAAS Blood Products Co. Ltd., Class A*		1,374,202		1,401,399
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		380,953		1,005,638
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		796,152		2,629,362
Tasly Pharmaceutical Group Co. Ltd., Class A		832,346		1,806,553


See Notes to Financial Statements.		8

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Health Care (Continued)
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		1,125,944	$	2,125,103
Walvax Biotechnology Co. Ltd., Class A		1,133,860		4,870,332
WuXi AppTec Co. Ltd., Class A		133,107		1,665,813
Yunnan Baiyao Group Co. Ltd., Class A		469,307		5,867,297
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		272,672		3,869,690
Zhejiang NHU Co. Ltd., Class A		1,182,881		3,583,544

				113,108,392

Industrials — 11.3%
AECC Aviation Power Co. Ltd., Class A		825,839		2,382,075
Air China Ltd., Class A		2,739,730		3,292,733
AVIC Aircraft Co. Ltd., Class A		1,273,162		2,879,207
AVIC Shenyang Aircraft Co. Ltd., Class A*		382,334		1,528,607
AVICOPTER PLC, Class A		267,007		1,727,930
Beijing New Building Materials PLC, Class A		780,349		2,477,281
Beijing Orient Landscape & Environment Co. Ltd., Class A		1,484,250		968,974
Beijing Originwater Technology Co. Ltd., Class A		1,738,357		1,856,825
China Avionics Systems Co. Ltd., Class A		483,092		939,957
China Communications Construction Co. Ltd., Class A		2,152,851		2,755,806
China Eastern Airlines Corp. Ltd., Class A*		4,124,565		3,003,588
China Gezhouba Group Co. Ltd., Class A		2,541,512		2,223,102
China National Chemical Engineering Co. Ltd., Class A		1,806,604		1,600,822
China Railway Construction Corp. Ltd., Class A		4,225,080		5,811,037
China Railway Group Ltd., Class A		7,492,057		6,020,627
China Shipbuilding Industry Co. Ltd., Class A		8,412,594		6,317,657
China Southern Airlines Co. Ltd., Class A		3,159,965		2,970,817
China Spacesat Co. Ltd., Class A		547,351		1,577,239
China State Construction Engineering Corp. Ltd., Class A		19,271,614		14,006,550
COSCO SHIPPING Holdings Co. Ltd., Class A*		3,551,587		2,389,328
CRRC Corp. Ltd., Class A		8,933,855		8,856,535
Daqin Railway Co. Ltd., Class A		5,470,429		6,170,022
Fangda Carbon New Material Co. Ltd., Class A*		1,487,829		2,281,203
Guangzhou Baiyun International Airport Co. Ltd., Class A		948,963		2,254,021
Guangzhou Port Co. Ltd., Class A		1,715,900		912,758
Hainan Airlines Holding Co. Ltd., Class A*		10,574,300		2,481,577
Han’s Laser Technology Industry Group Co. Ltd., Class A		787,631		3,919,755


	Number of Shares		Value
Industrials (Continued)
Jiangsu Zhongtian Technology Co. Ltd., Class A		2,250,043	$	2,592,197
Metallurgical Corp. of China Ltd., Class A		6,558,700		2,500,028
NARI Technology Co. Ltd., Class A		1,692,188		5,526,022
Ningbo Zhoushan Port Co. Ltd., Class A		3,629,681		1,868,828
Power Construction Corp. of China Ltd., Class A		7,025,906		4,077,131
Qingdao Port International Co. Ltd., Class A		448,000		414,812
Sany Heavy Industry Co. Ltd., Class A		5,384,857		11,090,086
SF Holding Co. Ltd., Class A		569,371		3,073,260
Shanghai Construction Group Co. Ltd., Class A		4,090,111		2,024,447
Shanghai Electric Group Co. Ltd., Class A		3,242,406		2,158,268
Shanghai International Airport Co. Ltd., Class A		888,712		9,496,566
Shanghai International Port Group Co. Ltd., Class A		2,974,488		2,356,458
Shenzhen Inovance Technology Co. Ltd., Class A		918,047		3,430,182
Siasun Robot & Automation Co. Ltd., Class A*		1,008,411		1,931,957
Spring Airlines Co. Ltd., Class A		338,357		1,938,941
STO Express Co. Ltd., Class A		276,400		715,487
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		1,479,740		1,694,234
TBEA Co. Ltd., Class A		3,410,149		3,147,822
Weichai Power Co. Ltd., Class A		4,393,950		8,243,128
XCMG Construction Machinery Co. Ltd., Class A		4,318,537		2,813,159
Xiamen C & D, Inc., Class A		1,300,566		1,479,839
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,540,317		4,187,584
YTO Express Group Co. Ltd., Class A		339,134		598,598
Yunda Holding Co. Ltd., Class A		262,648		1,085,954
Zangge Holding Co. Ltd., Class A*		553,009		681,936
Zhejiang Chint Electrics Co. Ltd., Class A		793,329		2,694,510
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,271,952		2,672,043
Zhengzhou Yutong Bus Co. Ltd., Class A		1,215,144		2,424,809
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,714,173		3,989,465

				184,513,784

Information Technology — 8.8%
360 Security Technology, Inc., Class A		370,582		1,093,164
Aisino Corp., Class A		1,029,212		3,022,854
Avary Holding Shenzhen Co. Ltd., Class A		233,600		1,641,315
AVIC Jonhon Optronic Technology Co. Ltd., Class A		471,963		2,585,749
Beijing Shiji Information Technology Co. Ltd., Class A		288,109		1,478,891


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Information Technology (Continued)
BOE Technology Group Co. Ltd., Class A		21,776,291	$	12,079,270
Chaozhou Three-Circle Group Co. Ltd., Class A		958,221		2,551,313
Dawning Information Industry Co. Ltd., Class A		579,457		2,799,683
DHC Software Co. Ltd., Class A		1,720,869		2,244,446
Fiberhome Telecommunication Technologies Co. Ltd., Class A		638,095		2,258,021
Foxconn Industrial Internet Co. Ltd., Class A		1,089,644		2,581,973
Gigadevice Semiconductor Beijing, Inc., Class A		138,870		3,266,902
Glodon Co. Ltd., Class A		617,229		2,898,782
GoerTek, Inc., Class A		1,785,159		4,923,194
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		3,430,745		15,326,696
Hengtong Optic-electric Co. Ltd., Class A		1,218,524		2,682,855
Hundsun Technologies, Inc., Class A		589,759		6,107,419
Iflytek Co. Ltd., Class A		1,413,866		6,628,078
Lens Technology Co. Ltd., Class A		719,518		1,312,987
Leyard Optoelectronic Co. Ltd., Class A		1,635,300		1,456,009
LONGi Green Energy Technology Co. Ltd., Class A		2,331,403		7,908,569
Luxshare Precision Industry Co. Ltd., Class A		2,946,017		14,259,010
OFILM Group Co. Ltd., Class A*		1,745,491		3,135,545
Sanan Optoelectronics Co. Ltd., Class A		2,245,248		5,310,663
Shenzhen Goodix Technology Co. Ltd., Class A		82,633		2,281,242
Shenzhen Sunway Communication Co. Ltd., Class A*		715,419		4,013,188
Tsinghua Tongfang Co. Ltd., Class A*		2,182,551		2,477,191
Tunghsu Optoelectronic Technology Co. Ltd., Class A (a)		4,168,373		2,845,771
Unisplendour Corp. Ltd., Class A		259,754		999,359
Wangsu Science & Technology Co. Ltd., Class A		1,784,375		2,243,523
Yonyou Network Technology Co. Ltd., Class A		1,144,867		4,520,294
Zhejiang Dahua Technology Co. Ltd., Class A		1,650,718		3,977,209
ZTE Corp., Class A*		2,189,248		9,562,401

				142,473,566

Materials — 5.8%
ADAMA Ltd., Class A		423,826		593,164
Aluminum Corp. of China Ltd., Class A*		6,002,717		2,800,360
Angang Steel Co. Ltd., Class A		2,204,898		987,851
Anhui Conch Cement Co. Ltd., Class A		1,840,662		11,990,345
Baiyin Nonferrous Group Co. Ltd., Class A*		797,400		379,938
Baoshan Iron & Steel Co. Ltd., Class A		8,185,247		6,368,121


	Number of Shares		Value
Materials (Continued)
BBMG Corp., Class A		3,061,700	$	1,423,975
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		822,097		2,806,251
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A		1,076,812		906,679
Bluestar Adisseo Co., Class A		267,200		402,842
China Jushi Co. Ltd., Class A		1,924,293		2,471,446
China Molybdenum Co. Ltd., Class A		6,485,090		3,283,660
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,001,055		2,829,031
Ganfeng Lithium Co. Ltd., Class A		715,459		2,823,839
Hengli Petrochemical Co. Ltd., Class A		966,449		1,928,541
Hengyi Petrochemical Co. Ltd., Class A		1,045,053		2,070,530
Hesteel Co. Ltd., Class A		3,897,410		1,396,911
Hoshine Silicon Industry Co. Ltd., Class A		127,979		498,202
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		16,751,507		3,049,692
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A*		3,094,373		1,329,143
Jiangxi Copper Co. Ltd., Class A		951,369		1,906,567
Lomon Billions Group Co. Ltd., Class A		562,498		1,040,055
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		3,948,400		1,566,814
Rongsheng Petro Chemical Co. Ltd., Class A		1,157,232		1,999,811
Shandong Gold Mining Co. Ltd., Class A		950,393		4,067,407
Shandong Nanshan Aluminum Co. Ltd., Class A		6,582,840		2,022,364
Sinopec Shanghai Petrochemical Co. Ltd., Class A		2,016,450		1,121,389
Tianqi Lithium Corp., Class A		624,885		2,654,774
Tongling Nonferrous Metals Group Co. Ltd., Class A		5,803,620		1,758,210
Transfar Zhilian Co. Ltd., Class A		1,194,300		1,170,374
Wanhua Chemical Group Co. Ltd., Class A		1,438,244		9,902,841
YanAn Bicon Pharmaceutical Listed Co., Class A*		426,887		997,569
Zhejiang Huayou Cobalt Co. Ltd., Class A		593,594		2,574,181
Zhejiang Longsheng Group Co. Ltd., Class A		2,385,540		4,468,530
Zhongjin Gold Corp. Ltd., Class A		1,578,539		1,760,206
Zijin Mining Group Co. Ltd., Class A		11,245,891		5,694,244

				95,045,857

Real Estate — 4.3%
China Fortune Land Development Co. Ltd., Class A		1,653,213		6,567,377
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,186,988		5,633,224
China Vanke Co. Ltd., Class A		4,464,128		17,587,681
Financial Street Holdings Co. Ltd., Class A		1,093,620		1,202,370


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Real Estate (Continued)
Gemdale Corp., Class A		2,076,879	$	3,515,202
Greenland Holdings Corp. Ltd., Class A		3,361,535		3,131,635
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		1,703,933		1,967,889
Jinke Properties Group Co. Ltd., Class A		1,964,700		1,835,920
Poly Developments and Holdings Group Co. Ltd., Class A		6,555,360		13,454,112
Red Star Macalline Group Corp. Ltd., Class A		367,960		559,462
RiseSun Real Estate Development Co. Ltd., Class A		1,601,678		1,965,976
Seazen Holdings Co. Ltd., Class A		828,167		3,845,858
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		809,548		1,525,635
Xinhu Zhongbao Co. Ltd., Class A		3,952,366		2,091,184
Yango Group Co. Ltd., Class A		1,491,417		1,467,903
Youngor Group Co. Ltd., Class A		3,217,404		3,066,003
Zhejiang China Commodities City Group Co. Ltd., Class A		2,495,704		1,352,416

				70,769,847

Utilities — 2.2%
China National Nuclear Power Co. Ltd., Class A		4,297,700		2,970,739
China Yangtze Power Co. Ltd., Class A		6,064,814		15,638,945
GD Power Development Co. Ltd., Class A		10,823,300		3,479,047


	Number of Shares		Value
Utilities (Continued)
Huadian Power International Corp. Ltd., Class A		2,988,000	$	1,576,692
Huaneng Lancang River Hydropower, Inc., Class A		1,651,800		982,033
Huaneng Power International, Inc., Class A		4,034,442		3,437,181
SDIC Power Holdings Co. Ltd., Class A		3,125,357		3,720,637
Sichuan Chuantou Energy Co. Ltd., Class A		1,619,616		2,199,923
Zhejiang Zheneng Electric Power Co. Ltd., Class A		3,747,488		2,052,075

				36,057,272

TOTAL COMMON STOCKS (Cost $1,412,032,070)				1,625,806,499


TOTAL INVESTMENTS — 99.9% (Cost $1,412,032,070)			$	1,625,806,499
Other assets and liabilities, net — 0.1%				888,881

NET ASSETS — 100.0%			$	1,626,695,380

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (b)	$	1,622,960,728	$	—	$	2,845,771	$	1,625,806,499

TOTAL	$	1,622,960,728	$	—	$	2,845,771	$	1,625,806,499

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

During the period ended November 30, 2019, the amount of transfers from Level 1 to Level 3 was $2,418,640. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 5.1%
Beijing Gehua CATV Network Co. Ltd., Class A		69,500	$	84,715
Beijing Kunlun Tech Co. Ltd., Class A*		40,500		82,891
Bluefocus Intelligent Communications Group Co. Ltd., Class A		122,100		90,653
Changjiang Publishing & Media Co. Ltd., Class A		43,412		36,923
China South Publishing & Media Group Co. Ltd., Class A		51,200		84,327
Chinese Universe Publishing and Media Group Co. Ltd., Class A		49,089		83,365
Dr Peng Telecom & Media Group Co. Ltd., Class A*		101,900		86,670
G-bits Network Technology Xiamen Co. Ltd., Class A		3,073		128,181
Guizhou Broadcasting & TV Information Network Co. Ltd., Class A		22,800		25,067
Hangzhou Shunwang Technology Co. Ltd., Class A*		29,600		90,599
Huayi Brothers Media Corp., Class A*		139,174		86,702
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		175,400		96,546
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		54,600		55,525
Kingnet Network Co. Ltd., Class A*		74,800		28,512
Leo Group Co. Ltd., Class A*		330,895		103,068
NanJi E-Commerce Co. Ltd., Class A*		104,750		165,226
Ourpalm Co. Ltd., Class A*		196,100		151,450
People.cn Co. Ltd., Class A		39,500		104,384
Shandong Publishing & Media Co. Ltd., Class A		44,509		42,351
Wasu Media Holding Co. Ltd., Class A		40,200		47,971
Xinhuanet Co. Ltd., Class A		14,450		41,680
Youzu Interactive Co. Ltd., Class A*		37,400		83,143
Zhejiang Daily Digital Culture Group Co. Ltd., Class A		54,900		64,653
Zhejiang Huace Film & TV Co. Ltd., Class A		76,100		67,107

				1,931,709

Consumer Discretionary — 9.1%
Anhui Jianghuai Automobile Group Corp., Ltd., Class A*		94,700		64,787
Anhui Xinhua Media Co. Ltd., Class A		42,300		30,804
Anhui Zhongding Sealing Parts Co. Ltd., Class A		52,200		59,989
Beiqi Foton Motor Co. Ltd., Class A*		331,900		92,053
Besttone Holdings Co. Ltd., Class A		22,000		57,763
BTG Hotels Group Co. Ltd., Class A		34,245		86,600
CCOOP Group Co. Ltd., Class A*		126,300		40,239
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A		16,670		28,167
China CYTS Tours Holding Co. Ltd., Class A		40,800		67,895
Chongqing Department Store Co. Ltd., Class A		16,995		66,957


	Number of Shares		Value
Consumer Discretionary (Continued)
Chongqing Sokon Industry Group Co. Ltd., Class A		19,800	$	35,512
Dashang Co. Ltd., Class A*		9,900		36,399
DongFeng Automobile Co. Ltd., Class A		56,200		35,091
Eastern Pioneer Driving School Co. Ltd., Class A		16,100		42,340
Ecovacs Robotics Co. Ltd., Class A		4,733		12,824
Global Top E-Commerce Co. Ltd., Class A		55,050		53,947
Hang Zhou Great Star Industrial Co. Ltd., Class A*		37,853		53,030
Hangzhou Lianluo Interactive Information Technology Co. Ltd., Class A*		107,500		61,464
Hisense Electric Co. Ltd., Class A		55,300		75,035
Huizhou Desay Sv Automotive Co. Ltd., Class A		11,600		41,824
Jason Furniture Hangzhou Co. Ltd., Class A		13,214		72,678
Jinzhou Cihang Group Co. Ltd., Class A*		75,000		18,881
Joyoung Co. Ltd., Class A		22,100		71,007
KingClean Electric Co. Ltd., Class A		5,500		16,623
Liaoning Cheng Da Co. Ltd., Class A*		87,058		179,296
Lifan Industry Group Co. Ltd., Class A*		45,500		18,508
Loncin Motor Co. Ltd., Class A*		72,850		36,991
Meisheng Cultural & Creative Corp. Ltd., Class A*		24,860		19,801
Nanjing Central Emporium, Class A*		39,700		15,472
NavInfo Co. Ltd., Class A		111,800		256,488
Ningbo Huaxiang Electronic Co. Ltd., Class A		31,600		64,181
Ningbo Joyson Electronic Corp., Class A*		55,720		121,254
Ningbo Peacebird Fashion Co. Ltd., Class A		4,800		9,640
Ningbo Tuopu Group Co. Ltd., Class A		29,607		58,996
Offcn Education Technology Co. Ltd., Class A		48,400		125,839
Rainbow Department Store Co. Ltd., Class A		34,500		47,597
Shandong Linglong Tyre Co. Ltd., Class A		34,500		100,691
Shanghai Jinjiang International Hotels Co. Ltd., Class A		16,700		57,196
Shenzhen Fenda Technology Co. Ltd., Class A*		57,259		40,150
Shenzhen Tellus Holding Co. Ltd., Class A*		7,930		22,445
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A*		69,850		57,423
Sichuan Changhong Electric Co. Ltd., Class A		262,800		100,173
Sinomach Automobile Co. Ltd., Class A		31,450		24,468
Sou Yu Te Group Co. Ltd., Class A*		108,124		33,064
Suofeiya Home Collection Co. Ltd., Class A		46,218		115,169
UTour Group Co. Ltd., Class A		43,000		31,375
Visual China Group Co. Ltd., Class A		29,900		84,586
Wangfujing Group Co. Ltd., Class A		27,730		51,115
Wanxiang Qianchao Co. Ltd., Class A		97,400		70,374
Weifu High-Technology Group Co. Ltd., Class A		41,500		109,788


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, 2019 (Unaudited)


	Number of Shares		Value
Consumer Discretionary (Continued)
Wuhan Department Store Group Co. Ltd., Class A		27,309	$	42,104
Xinhua Winshare Publishing and Media Co. Ltd., Class A		10,700		18,491
Yantai Tayho Advanced Materials Co. Ltd., Class A (a)		36,300		53,540
Yihua Lifestyle Technology Co. Ltd., Class A		83,700		35,238
Yotrio Group Co. Ltd., Class A		76,140		45,917
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		56,267		64,183
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		93,600		90,526
Zhejiang Yasha Decoration Co. Ltd., Class A		46,900		37,288
Zotye Automobile Co. Ltd., Class A*		85,300		32,636

				3,493,912

Consumer Staples — 7.5%
Angel Yeast Co. Ltd., Class A		34,975		150,578
Anhui Yingjia Distillery Co. Ltd., Class A		16,600		48,165
Beijing Dabeinong Technology Group Co. Ltd., Class A		181,062		111,766
Beijing Shunxin Agriculture Co. Ltd., Class A		37,170		264,600
Beijing Yanjing Brewery Co. Ltd., Class A		100,200		87,219
Better Life Commercial Chain Share Co. Ltd., Class A		30,830		39,465
Bright Dairy & Food Co. Ltd., Class A		42,800		67,875
Chongqing Fuling Zhacai Group Co. Ltd., Class A		39,438		136,978
COFCO Tunhe Sugar Co. Ltd., Class A*		76,700		88,472
DaShenLin Pharmaceutical Group Co. Ltd., Class A		7,890		57,310
Fujian Sunner Development Co. Ltd., Class A		35,100		118,617
Hebei Chengde Lolo Co., Class A		41,741		44,823
Heilongjiang Agriculture Co. Ltd., Class A		50,400		66,523
Hunan Dakang International Food & Agriculture Co. Ltd., Class A*		193,020		46,396
Jiangsu King’s Luck Brewery JSC Ltd., Class A		35,600		152,814
Jiangxi Zhengbang Technology Co. Ltd., Class A		84,400		175,502
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		39,800		255,527
Juewei Food Co. Ltd., Class A		15,500		96,450
Laobaixing Pharmacy Chain JSC, Class A		7,910		76,953
New Hope Dairy Co. Ltd., Class A		7,000		12,156
Opple Lighting Co. Ltd., Class A		10,290		38,316
Shanghai Bailian Group Co. Ltd., Class A		57,100		71,468
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		3,600		18,586
Shanghai Jahwa United Co. Ltd., Class A		23,864		101,826
Shanghai Maling Aquarius Co. Ltd., Class A		46,100		50,816
Shenzhen Agricultural Products Group Co. Ltd., Class A		47,900		36,449


	Number of Shares		Value
Consumer Staples (Continued)
Sichuan Swellfun Co. Ltd., Class A		17,099	$	137,091
Toly Bread Co. Ltd., Class A		9,535		58,830
Yantai Changyu Pioneer Wine Co. Ltd., Class A		10,000		38,900
Yifeng Pharmacy Chain Co. Ltd., Class A		10,300		111,982
Yuan Longping High-tech Agriculture Co. Ltd., Class A		65,354		118,516

				2,880,969

Energy — 3.0%
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A		42,620		34,613
China Merchants Energy Shipping Co. Ltd., Class A		172,000		145,314
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		97,700		79,902
Datong Coal Industry Co. Ltd., Class A*		58,600		34,923
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A		80,700		28,925
Geo-Jade Petroleum Corp., Class A*		112,540		43,218
Guizhou Gas Group Corp. Ltd., Class A		16,800		36,487
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A		40,800		47,468
Jizhong Energy Resources Co. Ltd., Class A		74,800		37,342
Oriental Energy Co. Ltd., Class A		82,800		93,507
Shandong Xinchao Energy Corp. Ltd., Class A*		241,400		69,699
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		85,700		84,349
Shanxi Meijin Energy Co. Ltd., Class A*		87,500		103,543
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		112,700		92,649
Yang Quan Coal Industry Group Co. Ltd., Class A		84,800		62,718
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		34,341		154,882

				1,149,539

Financials — 4.0%
Bank of Qingdao Co. Ltd., Class A		38,700		31,209
Bank of Zhengzhou Co. Ltd., Class A		42,700		27,148
First Capital Securities Co. Ltd., Class A		149,300		152,680
Guangdong Golden Dragon Development, Inc., Class A*		31,274		59,071
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		19,085		22,991
Huaan Securities Co. Ltd., Class A		128,743		109,501
Huaxi Securities Co. Ltd., Class A		93,600		125,805
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		117,055		134,522
Jiangsu Financial Leasing Co. Ltd., Class A		63,500		54,190
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A		77,180		47,642
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		63,700		50,464


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Financials (Continued)
Kunwu Jiuding Investment Holdings Co. Ltd., Class A		9,300	$	26,296
Northeast Securities Co. Ltd., Class A		100,349		111,755
Polaris Bay Group Co. Ltd., Class A*		37,400		65,535
Sealand Securities Co. Ltd., Class A		210,000		138,291
Shaanxi International Trust Co. Ltd., Class A		141,090		79,868
Shanghai AJ Group Co. Ltd., Class A		69,405		85,290
Shanxi Securities Co. Ltd., Class A		121,200		128,253
Wuxi Rural Commercial Bank Co. Ltd., Class A		64,900		48,277
Xishui Strong Year Co. Ltd. Inner Mongolia, Class A		38,400		44,894

				1,543,682

Health Care — 9.9%
Anhui Anke Biotechnology Group Co. Ltd., Class A		44,800		95,260
Asymchem Laboratories Tianjin Co. Ltd., Class A		10,104		176,763
Beijing SL Pharmaceutical Co. Ltd., Class A		43,300		76,982
Beijing Tiantan Biological Products Corp. Ltd., Class A		37,530		141,028
Blue Sail Medical Co. Ltd., Class A		20,100		34,707
China Animal Husbandry Industry Co. Ltd., Class A		29,668		51,480
China National Accord Medicines Corp. Ltd., Class A		10,173		63,100
China National Medicines Corp. Ltd., Class A		22,033		76,557
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		37,349		65,765
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		28,118		117,537
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A		39,738		59,232
Dezhan Healthcare Co. Ltd., Class A*		63,600		54,908
Dian Diagnostics Group Co. Ltd., Class A		26,240		81,285
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A		46,700		65,426
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A		40,400		47,635
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A*		70,750		54,641
Harbin Gloria Pharmaceuticals Co. Ltd., Class A		61,550		27,313
Harbin Pharmaceutical Group Co. Ltd., Class A*		107,820		57,354
Humanwell Healthcare Group Co. Ltd., Class A*		67,800		123,818
Hybio Pharmaceutical Co. Ltd., Class A*		32,600		26,244
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A		29,248		59,155
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		43,185		119,957
Jiangzhong Pharmaceutical Co. Ltd., Class A		22,385		38,811


	Number of Shares		Value
Health Care (Continued)
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		66,300	$	145,691
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A*		36,300		28,603
Jinyu Bio-Technology Co. Ltd., Class A		82,704		221,027
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		68,956		96,311
Livzon Pharmaceutical Group, Inc., Class A		25,862		114,802
Mayinglong Pharmaceutical Group Co. Ltd., Class A		21,500		52,383
Realcan Pharmaceutical Group Co. Ltd., Class A		85,030		87,075
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		26,400		64,809
Shenzhen Neptunus Bioengineering Co. Ltd., Class A		117,150		53,986
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		43,000		69,049
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		128,700		63,701
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A		19,962		37,989
Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd., Class A*		34,200		31,424
Topchoice Medical Corp., Class A*		13,300		195,901
Vcanbio Cell & Gene Engineering Corp. Ltd., Class A*		23,100		53,817
Winning Health Technology Group Co. Ltd., Class A		92,019		199,328
Yifan Pharmaceutical Co. Ltd., Class A		51,800		102,482
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		133,240		118,064
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A*		41,000		61,638
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A*		46,700		124,740
Zhejiang Medicine Co. Ltd., Class A		48,100		85,105
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A		52,250		79,666

				3,802,549

Industrials — 16.8%
AECC Aero-Engine Control Co. Ltd., Class A		40,100		73,061
Antong Holdings Co. Ltd., Class A*		54,360		42,524
Avic Aviation High-Technology Co. Ltd., Class A		39,600		54,183
Avic Heavy Machinery Co. Ltd., Class A		38,200		48,844
Beijing Changjiu Logistics Corp., Class A		5,260		7,758
Beijing Shouhang Resources Saving Co. Ltd., Class A*		126,855		63,510
Beijing SPC Environment Protection Tech Co. Ltd., Class A		46,400		40,653
Beijing Watertek Information Technology Co. Ltd., Class A*		72,877		52,863
Camel Group Co. Ltd., Class A		30,800		39,470


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, 2019 (Unaudited)


	Number of Shares		Value
Industrials (Continued)
Changyuan Group Ltd., Class A*		75,640	$	63,259
China Aerospace Times Electronics Co. Ltd., Class A*		154,200		128,521
China Aluminum International Engineering Corp Ltd., Class A		22,100		16,408
China Baoan Group Co. Ltd., Class A		183,780		116,842
China CAMC Engineering Co. Ltd., Class A		34,782		44,721
China First Heavy Industries, Class A*		195,300		77,777
China High-Speed Railway Technology Co. Ltd., Class A		138,996		69,391
China International Marine Containers Group Co. Ltd., Class A		76,220		104,506
China Meheco Co. Ltd., Class A		37,487		66,808
China Nuclear Engineering Corp. Ltd., Class A		55,600		55,198
China Railway Hi-tech Industry Co. Ltd., Class A		79,600		114,008
China Railway Tielong Container Logistics Co. Ltd., Class A		64,500		51,373
China XD Electric Co. Ltd., Class A		145,300		73,365
Chongqing Construction Engineering Group Corp. Ltd., Class A		38,100		24,494
CITIC Heavy Industries Co. Ltd., Class A		123,800		62,685
CMST Development Co. Ltd., Class A		62,600		43,806
COSCO SHIPPING Development Co. Ltd., Class A		282,300		100,379
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A*		61,100		30,590
Dalian Port PDA Co. Ltd., Class A		220,820		62,815
Dazhong Transportation Group Co. Ltd., Class A		76,900		43,313
Deppon Logistics Co. Ltd., Class A		20,300		31,298
Dongfang Electric Corp. Ltd., Class A		78,400		99,131
Dongjiang Environmental Co. Ltd., Class A		29,100		38,078
Eternal Asia Supply Chain Management Ltd., Class A		105,000		60,932
Far East Smarter Energy Co. Ltd., Class A*		62,600		45,319
Foshan Electrical and Lighting Co. Ltd., Class A		46,051		32,094
Fujian Longking Co. Ltd., Class A		52,900		73,434
Guangshen Railway Co. Ltd., Class A		241,300		101,587
Guangxi Liugong Machinery Co. Ltd., Class A		73,830		66,681
Guosheng Financial Holding, Inc., Class A*		55,587		87,758
Guoxuan High-Tech Co. Ltd., Class A		56,455		96,676
Hefei Meiya Optoelectronic Technology, Inc., Class A		19,600		104,010
Henan Pinggao Electric Co. Ltd., Class A		57,900		53,034
Henan Senyuan Electric Co. Ltd., Class A		39,700		37,211
Hongfa Technology Co. Ltd., Class A		31,380		129,566
Huaihe Energy Group Co. Ltd., Class A*		136,900		50,625
Hunan Corun New Energy Co. Ltd., Class A*		82,747		45,193


	Number of Shares		Value
Industrials (Continued)
Inner Mongolia First Machinery Group Co. Ltd., Class A		60,200	$	84,852
Jiangsu Hengli Hydraulic Co. Ltd., Class A		19,100		118,498
Jiangsu Zongyi Co. Ltd., Class A*		55,400		39,634
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A		30,700		55,760
Jiangxi Special Electric Motor Co. Ltd., Class A*		84,600		38,625
Jihua Group Corp. Ltd., Class A		156,400		70,516
Juneyao Airlines Co. Ltd., Class A*		41,940		83,393
Keda Clean Energy Co. Ltd., Class A*		89,900		51,401
Ming Yang Smart Energy Group Ltd., Class A		19,000		30,726
Minmetals Development Co. Ltd., Class A*		30,500		31,754
Nanyang Topsec Technologies Group, Inc., Class A*		32,980		74,818
North Industries Group Red Arrow Co. Ltd., Class A		48,847		50,439
North Navigation Control Technology Co. Ltd., Class A*		73,800		82,503
Orient Group, Inc., Class A*		211,490		98,663
Palm Eco-Town Development Co. Ltd., Class A*		84,050		36,342
Qingdao TGOOD Electric Co. Ltd., Class A		35,281		80,489
Qinhuangdao Port Co. Ltd., Class A		100,100		44,136
Rizhao Port Co. Ltd., Class A		131,300		52,663
Saurer Intelligent Technology Co. Ltd., Class A		40,000		33,850
Shandong Hi-speed Co. Ltd., Class A		47,300		32,023
Shanghai Environment Group Co. Ltd., Class A		32,340		49,953
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		22,449		48,469
Shanghai Tunnel Engineering Co. Ltd., Class A		133,900		111,982
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		26,400		62,143
Shenzhen Airport Co. Ltd., Class A		73,400		98,551
Shenzhen Grandland Group Co. Ltd., Class A		42,500		24,783
Shenzhen Tagen Group Co. Ltd., Class A		93,109		66,745
Shenzhen Techand Ecology & Environment Co. Ltd., Class A		115,350		52,008
Sichuan Road & Bridge Co. Ltd., Class A		154,600		71,244
Sieyuan Electric Co. Ltd., Class A		37,280		74,816
Sinochem International Corp., Class A		96,560		69,081
Sinoma International Engineering Co., Class A		73,950		65,421
Sungrow Power Supply Co. Ltd., Class A		72,900		105,967
Sunwoda Electronic Co. Ltd., Class A		55,600		138,943
Suzhou Anjie Technology Co. Ltd., Class A		24,650		52,239
Taihai Manoir Nuclear Equipment Co. Ltd., Class A		37,200		36,931
Taiyuan Heavy Industry Co. Ltd., Class A*		125,400		40,844
TangShan Port Group Co. Ltd., Class A		211,274		76,025


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Industrials (Continued)
Tian Di Science & Technology Co. Ltd., Class A		116,900	$	50,046
TianGuang ZhongMao Co. Ltd., Class A*		122,200		25,202
Tianjin Capital Environmental Protection Group Co. Ltd., Class A		31,200		30,886
Tianjin Port Co. Ltd., Class A		71,220		63,006
Tus Environmental Science And Technology Development Co. Ltd., Class A		50,800		61,849
Wolong Electric Group Co. Ltd., Class A		55,339		80,912
Xiamen ITG Group Corp. Ltd., Class A		90,748		90,091
Xiangtan Electric Manufacturing Co. Ltd., Class A*		46,900		40,224
Xingyuan Environment Technology Co. Ltd., Class A*		66,550		32,940
Xinjiang Communications Construction Group Co. Ltd., Class A		4,600		11,934
Xinjiang Machinery Research Institute Co. Ltd., Class A		63,300		35,112
Xuji Electric Co. Ltd., Class A		43,200		59,539
Yingkou Port Liability Co. Ltd., Class A		136,700		48,607
Zhefu Holding Group Co. Ltd., Class A		112,000		65,472
Zhejiang Kaishan Compressor Co. Ltd., Class A		24,400		33,802
Zhejiang Wanliyang Co. Ltd., Class A		37,200		45,873
Zhejiang Weiming Environment Protection Co. Ltd., Class A		13,797		42,564
Zhejiang Weixing New Building Materials Co. Ltd., Class A		44,680		77,657
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		73,800		64,869
Zhongji Innolight Co. Ltd., Class A		10,492		65,660
Zhongshan Broad Ocean Motor Co. Ltd., Class A*		83,600		42,211

				6,431,438

Information Technology — 21.0%
Accelink Technologies Co. Ltd., Class A		28,400		112,697
Addsino Co. Ltd., Class A*		79,500		106,854
Beijing Dahao Technology Corp. Ltd., Class A		7,046		8,768
Beijing Jetsen Technology Co. Ltd., Class A*		127,900		62,577
Beijing Lanxum Technology Co. Ltd., Class A*		49,720		73,758
Beijing Orient National Communication Science & Technology Co. Ltd., Class A		51,919		87,137
Beijing Philisense Technology Co. Ltd., Class A*		81,200		43,656
Beijing Sinnet Technology Co. Ltd., Class A		65,748		179,078
Beijing Teamsun Technology Co. Ltd., Class A*		78,660		111,990
Beijing Ultrapower Software Co. Ltd., Class A*		110,800		49,798
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		61,000		77,738
Bluedon Information Security Technology Co. Ltd., Class A		52,400		39,053


	Number of Shares		Value
Information Technology (Continued)
China Greatwall Technology Group Co. Ltd., Class A		125,019	$	264,055
China National Software & Service Co. Ltd., Class A		21,200		204,376
China TransInfo Technology Co. Ltd., Class A		52,300		124,821
CPT Technology Group Co. Ltd., Class A*		96,900		36,660
East Group Co. Ltd., Class A		65,700		40,088
GCI Science & Technology Co. Ltd., Class A		24,300		41,889
GCL System Integration Technology Co. Ltd., Class A*		180,307		157,461
GRG Banking Equipment Co. Ltd., Class A		85,100		94,894
Guangdong Ellington Electronics Technology Co. Ltd., Class A		21,200		29,550
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		50,900		95,996
Guangzhou Haige Communications Group, Inc. Co., Class A		115,400		168,566
Guomai Technologies, Inc., Class A		35,900		39,929
Hangzhou First Applied Material Co. Ltd., Class A		7,490		43,593
Hangzhou Silan Microelectronics Co. Ltd., Class A		55,480		115,445
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		58,600		56,509
Hexing Electrical Co. Ltd., Class A		13,770		29,770
HNA Technology Co. Ltd., Class A*		128,100		52,655
Holitech Technology Co. Ltd., Class A		133,600		92,730
Huagong Tech Co. Ltd., Class A		57,359		148,071
Hubei Kaile Science & Technology Co. Ltd., Class A		49,400		85,578
Hytera Communications Corp. Ltd., Class A		65,000		82,096
IRICO Display Devices Co. Ltd., Class A*		50,500		27,079
JCET Group Co. Ltd., Class A*		68,200		200,987
MLS Co. Ltd., Class A		27,100		47,641
Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A*		193,400		57,216
NAURA Technology Group Co. Ltd., Class A		13,300		147,929
Neusoft Corp., Class A*		61,300		92,854
Newland Digital Technology Co. Ltd., Class A		52,540		111,718
Shanghai 2345 Network Holding Group Co. Ltd., Class A		328,548		141,123
Shanghai Aerospace Automobile Electromechanical Co. Ltd., Class A*		71,400		47,019
Shanghai Baosight Software Co. Ltd., Class A		23,950		117,658
Shanghai Belling Co. Ltd., Class A		39,900		80,074
Shengyi Technology Co. Ltd., Class A		81,120		264,330
Shennan Circuits Co. Ltd., Class A		7,620		158,331
Shenzhen Aisidi Co. Ltd., Class A		25,800		22,127
Shenzhen Everwin Precision Technology Co. Ltd., Class A		38,880		86,764
Shenzhen Kaifa Technology Co. Ltd., Class A		52,600		71,596


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, 2019 (Unaudited)


	Number of Shares		Value
Information Technology (Continued)
Shenzhen Kinwong Electronic Co. Ltd., Class A		13,100	$	79,186
Shenzhen Suntak Circuit Technology Co. Ltd., Class A		17,500		38,132
Shenzhen Tat Fook Technology Co. Ltd., Class A*		27,140		51,842
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		68,350		185,680
Suzhou Victory Precision Manufacture Co. Ltd., Class A*		171,900		55,989
Taiji Computer Corp. Ltd., Class A		17,500		85,050
Tatwah Smartech Co. Ltd., Class A*		54,300		37,844
Telling Telecommunication Holding Co. Ltd., Class A*		43,300		36,027
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		16,000		46,789
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		118,400		170,253
Tongding Interconnection Information Co. Ltd., Class A		53,200		50,091
Unigroup Guoxin Microelectronics Co. Ltd., Class A		30,300		193,069
Universal Scientific Industrial Shanghai Co. Ltd., Class A		46,800		107,434
Venustech Group, Inc., Class A		44,648		195,589
Visionox Technology, Inc., Class A*		58,400		135,641
Westone Information Industry, Inc., Class A		41,604		140,655
Will Semiconductor Ltd., Class A		12,400		220,809
Wingtech Technology Co. Ltd., Class A*		29,500		406,572
Wonders Information Co. Ltd., Class A		62,394		144,829
Wuhan Guide Infrared Co. Ltd., Class A		26,450		74,186
Wuhu Token Science Co. Ltd., Class A		130,300		147,149
WUS Printed Circuit Kunshan Co. Ltd., Class A		85,740		274,261
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		37,200		199,998
Xiamen Faratronic Co. Ltd., Class A		9,900		58,999
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		5,600		25,074
Zhejiang Crystal-Optech Co. Ltd., Class A		79,262		149,599
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		46,100		88,779

				8,031,808

Materials — 15.9%
Befar Group Co. Ltd., Class A		76,433		51,638
Beijing Shougang Co. Ltd., Class A*		112,700		55,301
Bengang Steel Plates Co. Ltd., Class A		27,000		13,940
Chengzhi Co. Ltd., Class A*		17,509		35,487
China Hainan Rubber Industry Group Co. Ltd., Class A		121,200		79,124
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A		97,600		56,220
China West Construction Group Co. Ltd., Class A		36,000		56,784


	Number of Shares		Value
Materials (Continued)
Chongqing Iron & Steel Co. Ltd., Class A*		417,000	$	109,724
COFCO Biotechnology Co. Ltd., Class A		79,385		71,698
CSG Holding Co. Ltd., Class A		86,161		53,553
Do-Fluoride Chemicals Co. Ltd., Class A		38,900		66,394
Elion Clean Energy Co. Ltd., Class A		97,700		52,527
Fangda Special Steel Technology Co. Ltd., Class A		51,400		65,430
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*		223,400		64,819
GEM Co. Ltd., Class A		235,952		135,916
Guangdong HEC Technology Holding Co. Ltd., Class A		106,805		134,288
Guangdong Tapai Group Co. Ltd., Class A		50,900		77,680
Guangzhou Tinci Materials Technology Co. Ltd., Class A		19,020		46,719
Hainan Mining Co. Ltd., Class A*		28,000		21,744
Hangzhou Iron & Steel Co., Class A		35,710		24,684
Hongda Xingye Co. Ltd., Class A		110,278		62,269
Huaibei Mining Holdings Co. Ltd., Class A		13,100		16,862
Huapont Life Sciences Co. Ltd., Class A		112,050		74,107
Huaxin Cement Co. Ltd., Class A		48,672		152,575
Hubei Xingfa Chemicals Group Co. Ltd., Class A		39,020		53,722
Hunan Gold Corp. Ltd., Class A		59,800		60,984
Hunan Valin Steel Co. Ltd., Class A*		120,220		77,116
Inner Mongolia Xingye Mining Co. Ltd., Class A*		52,100		30,752
Jiangsu Eastern Shenghong Co. Ltd., Class A		85,500		60,925
Jiangsu Shagang Co. Ltd., Class A		125,400		108,798
Jiangsu Yangnong Chemical Co. Ltd., Class A		13,600		108,710
Jilin Yatai Group Co. Ltd., Class A*		231,300		98,693
Jinduicheng Molybdenum Co. Ltd., Class A		69,000		70,464
Kingenta Ecological Engineering Group Co. Ltd., Class A*		115,800		41,011
Kingfa Sci & Tech Co. Ltd., Class A		137,100		124,214
Lianhe Chemical Technology Co. Ltd., Class A		52,259		104,060
Liuzhou Iron & Steel Co. Ltd., Class A		36,400		26,041
Luxi Chemical Group Co. Ltd., Class A		73,400		95,837
Maanshan Iron & Steel Co. Ltd., Class A		212,000		82,920
Nanjing Iron & Steel Co. Ltd., Class A		188,900		88,662
Ningbo Shanshan Co. Ltd., Class A		40,080		65,499
ORG Technology Co. Ltd., Class A		100,450		60,720
Red Avenue New Materials Group Co. Ltd., Class A		3,900		9,125
Rising Nonferrous Metals Share Co. Ltd., Class A*		10,300		44,462
Sansteel Minguang Co. Ltd. Fujian, Class A		70,150		84,209
SGIS Songshan Co. Ltd., Class A*		85,900		54,857
Shandong Chenming Paper Holdings Ltd., Class A		94,550		63,609
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		81,061		192,540


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Materials (Continued)
Shandong Iron and Steel Co. Ltd., Class A*		466,830	$	91,628
Shandong Sun Paper Industry JSC Ltd., Class A		110,500		141,919
Shanghai Huayi Group Co. Ltd., Class A		39,800		37,758
Shanghai Putailai New Energy Technology Co. Ltd., Class A		9,400		93,721
Shanying International Holding Co. Ltd., Class A*		228,500		105,624
Shenghe Resources Holding Co. Ltd., Class A		74,890		86,705
Shenzhen Jinjia Group Co. Ltd., Class A		62,300		98,711
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		18,940		64,706
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		178,200		100,875
Sichuan Hebang Biotechnology Co. Ltd., Class A*		376,580		77,663
Tangshan Jidong Cement Co. Ltd., Class A		67,681		143,142
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		87,800		69,931
Tibet Summit Resources Co. Ltd., Class A		18,820		27,437
Western Mining Co. Ltd., Class A*		136,000		105,035
Xiamen Tungsten Co. Ltd., Class A		60,420		104,068
Xinfengming Group Co. Ltd., Class A		11,616		19,396
Xinjiang Tianshan Cement Co. Ltd., Class A		44,700		66,819
Xinjiang Zhongtai Chemical Co. Ltd., Class A		106,400		98,366
Xinxing Ductile Iron Pipes Co. Ltd., Class A		199,150		112,734
Xinyu Iron & Steel Co. Ltd., Class A		113,200		77,282
Yintai Gold Co. Ltd., Class A		85,120		146,127
Yunnan Aluminium Co. Ltd., Class A*		111,600		70,635
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		181,300		105,724
Yunnan Copper Co. Ltd., Class A*		60,700		96,867
Yunnan Energy New Material Co. Ltd.		16,840		98,920
Yunnan Tin Co. Ltd., Class A*		70,830		97,216
Zhejiang Huafeng Spandex Co. Ltd., Class A		83,500		67,695
Zhejiang Jinke Culture Industry Co. Ltd., Class A		75,291		31,483
Zhejiang Juhua Co. Ltd., Class A		96,990		90,770
Zhejiang Runtu Co. Ltd., Class A		49,300		76,431
Zhuzhou Times New Material Technology Co. Ltd., Class A		34,700		32,968
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		63,215		65,185

				6,090,954

Real Estate — 4.6%
Beijing Capital Development Co. Ltd., Class A		91,200		99,491
Beijing Urban Construction Investment & Development Co. Ltd., Class A		79,900		89,891


	Number of Shares		Value
Real Estate (Continued)
China Sports Industry Group Co. Ltd., Class A		48,101	$	63,283
Chongqing Dima Industry Co. Ltd., Class A		104,000		46,742
Cinda Real Estate Co. Ltd., Class A		60,700		31,944
Grandjoy Holdings Group Co. Ltd., Class A		83,700		82,023
Greattown Holdings Ltd., Class A		113,064		100,829
Guangzhou Yuetai Group Co. Ltd., Class A*		71,500		29,288
Haining China Leather Market Co. Ltd., Class A		45,500		26,533
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		110,600		67,485
HNA Infrastructure Investment Group Co. Ltd., Class A*		111,300		60,788
Huafa Industrial Co. Ltd. Zhuhai, Class A		120,840		119,794
Hubei Fuxing Science And Technology Co. Ltd., Class A		54,700		49,403
Nanjing Gaoke Co. Ltd., Class A		60,820		79,325
Shanghai Industrial Development Co. Ltd., Class A		65,490		54,211
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A		18,000		33,359
Shanghai Lingang Holdings Corp. Ltd., Class A		25,100		83,002
Shanghai Shimao Co. Ltd., Class A		106,200		58,758
Shanghai SMI Holding Co. Ltd., Class A		90,000		70,532
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		55,600		112,452
Shenzhen Huaqiang Industry Co. Ltd., Class A		22,840		43,108
Shenzhen World Union Group, Inc., Class A		86,410		39,206
Shenzhen Zhenye Group Co. Ltd., Class A		66,800		48,645
Sichuan Languang Development Co. Ltd., Class A		106,365		100,149
Suning Universal Co. Ltd., Class A		108,200		56,017
Tahoe Group Co. Ltd., Class A		70,300		56,593
Tianjin Guangyu Development Co. Ltd., Class A		39,800		38,606

				1,741,457

Utilities — 3.0%
An Hui Wenergy Co. Ltd., Class A		80,700		53,717
Beijing Capital Co. Ltd., Class A		162,100		75,623
Beijing Water Business Doctor Co. Ltd., Class A		49,500		48,227
CECEP Wind-Power Corp., Class A		117,000		38,108
Chengdu Xingrong Environment Co. Ltd., Class A		127,800		81,978
Chongqing Gas Group Corp. Ltd., Class A		13,900		14,214
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		124,300		101,303
Guangzhou Development Group, Inc., Class A		38,200		35,207
Hubei Energy Group Co. Ltd., Class A		139,400		81,885


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

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

November 30, 2019 (Unaudited)


	Number of Shares		Value
Utilities (Continued)
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		206,500	$	76,070
Jointo Energy Investment Co. Ltd. Hebei, Class A		50,400		34,623
Luenmei Quantum Co. Ltd., Class A		49,250		83,778
Shanghai Electric Power Co. Ltd., Class A		74,200		77,779
Shenergy Co. Ltd., Class A		175,149		147,725
Shenzhen Energy Group Co. Ltd., Class A		85,050		72,822
Shenzhen Gas Corp. Ltd., Class A		39,800		39,625
Zhongshan Public Utilities Group Co. Ltd., Class A		62,960		70,206

				1,132,890

TOTAL COMMON STOCKS (Cost $41,171,386)				38,230,907


TOTAL INVESTMENTS — 99.9% (Cost $41,171,386)			$	38,230,907
Other assets and liabilities, net — 0.1%				30,857

NET ASSETS — 100.0%			$	38,261,764

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

JSC:

Joint Stock Company

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (b)	$	38,177,367	$	—	$	53,540	$	38,230,907

TOTAL	$	38,177,367	$	—	$	53,540	$	38,230,907

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

During the period ended November 30, 2019, the amount of transfers from Level 1 to Level 3 was $96,678 and between Level 3 and Level 1 was $539,000. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 59.1%
Communication Services — 13.1%
58.com, Inc., ADR*		1,207	$	74,255
Alibaba Pictures Group Ltd.*		185,955		30,883
Autohome, Inc., ADR*(a)		736		50,085
Baidu, Inc., ADR*		3,347		396,720
China Literature Ltd., 144A*		2,970		11,401
China Mobile Ltd.		74,734		563,292
China Telecom Corp. Ltd., Class H		176,443		66,720
China Tower Corp. Ltd., Class H, 144A		513,114		104,881
China Unicom Hong Kong Ltd.		77,690		66,497
iQIYI, Inc., ADR*(a)		1,636		31,329
Momo, Inc., ADR		1,835		68,684
NetEase, Inc., ADR		884		278,743
SINA Corp.*		836		29,168
Tencent Holdings Ltd.		69,673		2,953,275
Tencent Music Entertainment Group, ADR*(a)		1,217		15,127
Weibo Corp., ADR*		676		28,940
YY, Inc., ADR*		647		41,272

				4,811,272

Consumer Discretionary — 17.5%
Alibaba Group Holding Ltd., ADR*		20,568		4,113,600
ANTA Sports Products Ltd.		13,321		125,250
BAIC Motor Corp. Ltd., Class H, 144A		22,132		12,412
Baozun, Inc., ADR*(a)		488		18,529
Bosideng International Holdings Ltd.		45,739		21,854
Brilliance China Automotive Holdings Ltd.		34,004		35,100
BYD Co. Ltd., Class H		8,079		38,342
China Education Group Holdings Ltd. (a)		5,005		6,778
China First Capital Group Ltd.*		25,952		1,359
Dongfeng Motor Group Co. Ltd., Class H		29,293		28,141
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		7,155		21,115
Geely Automobile Holdings Ltd.		57,851		108,197
GOME Retail Holdings Ltd.*(a)		166,826		14,705
Great Wall Motor Co. Ltd., Class H		39,304		30,378
Guangzhou Automobile Group Co. Ltd., Class H		32,645		34,865
Haidilao International Holding Ltd., 144A (a)		4,000		16,812
Haier Electronics Group Co. Ltd.		11,254		31,270
Huazhu Group Ltd., ADR (a)		1,658		56,720
JD.com, Inc., ADR*		9,030		294,830
Li Ning Co. Ltd.		23,609		75,703
Meituan Dianping, Class B*		12,396		163,427
New Oriental Education & Technology Group, Inc., ADR*		1,775		214,917
Nexteer Automotive Group Ltd.		13,464		11,284
NIO, Inc., ADR*(a)		8,145		18,489
Pinduoduo, Inc., ADR*(a)		2,355		84,662
Shenzhou International Group Holdings Ltd.		9,183		121,068
TAL Education Group, ADR*		4,717		208,774
Trip.com Group Ltd., ADR*		5,894		195,917
Vipshop Holdings Ltd., ADR*		5,362		68,526
Yum China Holdings, Inc.		4,373		194,686


	Number of Shares		Value
Consumer Discretionary (Continued)
Zhongsheng Group Holdings Ltd.		7,779	$	27,577

				6,395,287

Consumer Staples — 1.5%
China Agri-Industries Holdings Ltd.		32,535		17,083
China Mengniu Dairy Co. Ltd.*		34,764		133,012
China Resources Beer Holdings Co. Ltd.		17,575		92,054
Dali Foods Group Co. Ltd., 144A		28,436		19,326
Hengan International Group Co. Ltd.		9,364		61,846
Sun Art Retail Group Ltd.		29,083		32,918
Tingyi Cayman Islands Holding Corp.		23,984		39,035
Tsingtao Brewery Co. Ltd., Class H		5,109		31,590
Uni-President China Holdings Ltd.		17,178		17,446
Want Want China Holdings Ltd.		60,759		52,316
Yihai International Holding Ltd.*		6,384		40,615

				537,241

Energy — 2.1%
China Coal Energy Co. Ltd., Class H		39,701		15,723
China Oilfield Services Ltd., Class H		22,339		30,079
China Petroleum & Chemical Corp., Class H		311,716		174,818
China Shenhua Energy Co. Ltd., Class H		42,222		81,771
CNOOC Ltd.		218,529		317,140
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		16,308		6,729
PetroChina Co. Ltd., Class H		266,584		122,943
Yanzhou Coal Mining Co. Ltd., Class H		26,568		23,487

				772,690

Financials — 12.2%
Agricultural Bank of China Ltd., Class H		356,097		144,208
Bank of China Ltd., Class H		970,655		389,366
Bank of Communications Co. Ltd., Class H		106,789		70,122
China Cinda Asset Management Co. Ltd., Class H		115,056		23,958
China CITIC Bank Corp. Ltd., Class H		115,909		63,376
China Construction Bank Corp., Class H		1,171,873		932,678
China Ding Yi Feng Holdings Ltd. (b)		107,872		318,059
China Everbright Bank Co. Ltd., Class H		39,641		17,117
China Everbright Ltd.		13,643		21,961
China Galaxy Securities Co. Ltd., Class H		42,799		21,761
China Huarong Asset Management Co. Ltd., Class H, 144A		139,204		20,273
China International Capital Corp. Ltd., Class H, 144A (a)		14,556		25,067
China Life Insurance Co. Ltd., Class H		86,455		218,464
China Merchants Bank Co. Ltd., Class H		47,761		225,755
China Minsheng Banking Corp. Ltd., Class H		85,675		59,650
China Pacific Insurance Group Co. Ltd., Class H		32,213		113,992
China Reinsurance Group Corp., Class H		92,284		14,619
China Taiping Insurance Holdings Co. Ltd.		17,378		40,183
Chongqing Rural Commercial Bank Co. Ltd., Class H		18,022		8,956
CITIC Securities Co. Ltd., Class H		25,844		48,005
Far East Horizon Ltd.		25,991		23,608


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Financials (Continued)
GF Securities Co. Ltd., Class H		21,291	$	22,793
Guotai Junan Securities Co. Ltd., Class H, 144A		9,138		13,892
Haitong Securities Co. Ltd., Class H		29,631		29,602
Huatai Securities Co. Ltd., Class H, 144A		20,389		30,579
Industrial & Commercial Bank of China Ltd., Class H		794,037		566,028
New China Life Insurance Co. Ltd., Class H		9,183		35,370
Noah Holdings Ltd., ADR*		414		12,064
People’s Insurance Co. Group of China Ltd., Class H		101,577		40,746
PICC Property & Casualty Co. Ltd., Class H		84,132		97,376
Ping An Insurance Group Co. of China Ltd., Class H		67,483		764,682
Postal Savings Bank of China Co. Ltd., Class H, 144A		95,211		61,789
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*(a)		2,299		7,945

				4,484,044

Health Care — 2.1%
3SBio, Inc., 144A*		14,745		21,286
Alibaba Health Information Technology Ltd.*		44,202		50,031
China Medical System Holdings Ltd.		19,548		27,820
China Resources Pharmaceutical Group Ltd., 144A		23,621		20,640
China Traditional Chinese Medicine Holdings Co. Ltd.		38,574		17,198
CSPC Pharmaceutical Group Ltd.		59,134		134,619
Genscript Biotech Corp.*		13,216		31,910
Hansoh Pharmaceutical Group Co. Ltd., 144A*		7,646		22,564
Hutchison China MediTech Ltd., ADR*		803		19,360
Innovent Biologics, Inc., 144A*		11,469		40,146
Luye Pharma Group Ltd., 144A (a)		17,905		13,152
Ping An Healthcare and Technology Co. Ltd., 144A*		3,910		26,024
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		29,697		35,851
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		6,419		18,041
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		12,217		21,913
Sino Biopharmaceutical Ltd.		87,195		112,506
Sinopharm Group Co. Ltd., Class H		14,518		47,944
SSY Group Ltd.		21,387		16,830
WuXi AppTec Co. Ltd., Class H, 144A		1,985		23,038
Wuxi Biologics Cayman, Inc., 144A*		6,981		78,882

				779,755

Industrials — 2.8%
51job, Inc., ADR*(a)		357		28,067
Air China Ltd., Class H		25,538		23,229
AviChina Industry & Technology Co. Ltd., Class H		34,179		15,588


	Number of Shares		Value
Industrials (Continued)
Beijing Capital International Airport Co. Ltd., Class H		24,735	$	23,383
BOC Aviation Ltd., 144A		2,889		27,293
China Communications Construction Co. Ltd., Class H		59,046		45,938
China Communications Services Corp. Ltd., Class H		32,837		22,107
China Conch Venture Holdings Ltd.		20,939		81,453
China Eastern Airlines Corp. Ltd., Class H*		23,224		11,779
China Everbright International Ltd.		45,911		34,722
China Merchants Port Holdings Co. Ltd.		18,053		28,091
China Railway Construction Corp. Ltd., Class H		28,256		29,167
China Railway Group Ltd., Class H		53,138		31,091
China Southern Airlines Co. Ltd., Class H		28,055		17,526
China State Construction International Holdings Ltd.		27,822		21,930
CITIC Ltd.		70,753		88,580
COSCO SHIPPING Holdings Co. Ltd., Class H*		45,166		16,675
COSCO SHIPPING Ports Ltd.		22,002		17,905
Country Garden Services Holdings Co. Ltd.		15,738		50,867
CRRC Corp. Ltd., Class H		58,651		38,587
Fosun International Ltd.		31,791		42,806
Greentown Service Group Co. Ltd.		16,097		17,623
Haitian International Holdings Ltd.		8,764		19,593
Jiangsu Expressway Co. Ltd., Class H		16,455		21,946
Metallurgical Corp. of China Ltd., Class H		41,445		8,630
Shanghai Electric Group Co. Ltd., Class H		41,337		12,727
Shanghai Industrial Holdings Ltd.		6,875		12,384
Shenzhen International Holdings Ltd.		11,551		24,407
Sinopec Engineering Group Co. Ltd., Class H		21,557		12,640
Sinotrans Ltd., Class H		39,389		12,278
Sinotruk Hong Kong Ltd.		10,354		17,486
Weichai Power Co. Ltd., Class H		23,706		40,521
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		6,291		7,000
Zhejiang Expressway Co. Ltd., Class H		20,857		18,252
Zhuzhou CRRC Times Electric Co. Ltd., Class H		6,950		23,750
ZTO Express Cayman, Inc., ADR (a)		3,920		83,418

				1,029,439

Information Technology — 1.9%
AAC Technologies Holdings, Inc. (a)		9,360		65,647
BYD Electronic International Co. Ltd. (a)		10,413		18,624
China Railway Signal & Communication Corp. Ltd., Class H, 144A		22,952		12,315
GDS Holdings Ltd., ADR*(a)		830		38,861
Hua Hong Semiconductor Ltd., 144A (a)		4,888		8,667
Kingboard Holdings Ltd.		8,791		24,202
Kingboard Laminates Holdings Ltd.		16,495		18,607
Kingdee International Software Group Co. Ltd.		26,770		26,538


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Information Technology (Continued)
Kingsoft Corp. Ltd.*		11,700	$	25,888
Legend Holdings Corp., Class H, 144A		5,299		10,899
Lenovo Group Ltd.		92,613		61,168
Semiconductor Manufacturing International Corp.*		38,888		49,580
Sunny Optical Technology Group Co. Ltd.		8,726		143,023
TravelSky Technology Ltd., Class H		13,226		32,204
Xiaomi Corp., Class B, 144A*		96,215		110,009
Xinyi Solar Holdings Ltd.		45,668		28,062
ZTE Corp., Class H*		8,264		22,012

				696,306

Materials — 1.0%
Aluminum Corp. of China Ltd., Class H*		55,144		16,907
Anhui Conch Cement Co. Ltd., Class H		15,578		99,604
BBMG Corp., Class H		34,886		9,627
China Hongqiao Group Ltd.		22,203		11,658
China Molybdenum Co. Ltd., Class H		53,746		18,401
China National Building Material Co. Ltd., Class H		50,441		48,716
China Resources Cement Holdings Ltd.		30,907		36,996
China Zhongwang Holdings Ltd. (a)		20,404		8,159
Jiangxi Copper Co. Ltd., Class H		17,408		20,082
Lee & Man Paper Manufacturing Ltd.		15,331		10,380
Nine Dragons Paper Holdings Ltd.		19,102		19,449
Sinopec Shanghai Petrochemical Co. Ltd., Class H		57,697		15,995
Zhaojin Mining Industry Co. Ltd., Class H		15,207		15,736
Zijin Mining Group Co. Ltd., Class H		71,548		26,781

				358,491

Real Estate — 3.2%
Agile Group Holdings Ltd.		16,136		22,593
China Aoyuan Group Ltd.		18,295		26,177
China Evergrande Group*(a)		23,147		55,238
China Jinmao Holdings Group Ltd.		58,968		39,173
China Overseas Land & Investment Ltd.		46,761		156,811
China Resources Land Ltd.		33,824		146,267
China Vanke Co. Ltd., Class H		18,288		68,454
CIFI Holdings Group Co. Ltd.		36,911		26,878
Country Garden Holdings Co. Ltd.		94,910		132,160
Guangzhou R&F Properties Co. Ltd., Class H		11,093		18,650
Kaisa Group Holdings Ltd.*		33,096		13,022
KWG Group Holdings Ltd.*		15,885		17,452
Logan Property Holdings Co. Ltd.		16,703		24,454
Longfor Group Holdings Ltd., 144A		22,782		93,279
Seazen Group Ltd.*		24,543		26,149
Shenzhen Investment Ltd.		41,005		16,134
Shimao Property Holdings Ltd.		13,616		49,313
Shui On Land Ltd.		54,733		11,467
Sino-Ocean Group Holding Ltd.		46,795		17,336
SOHO China Ltd.		29,474		10,166
Sunac China Holdings Ltd.		29,895		145,699
Wharf Holdings Ltd.		13,380		32,374
Yuexiu Property Co. Ltd.		91,480		19,517
Yuzhou Properties Co. Ltd.		27,556		12,673

				1,181,436


	Number of Shares		Value
Utilities — 1.7%
Beijing Enterprises Holdings Ltd.		6,625	$	29,284
Beijing Enterprises Water Group Ltd.*		67,157		32,945
CGN Power Co. Ltd., Class H, 144A		132,972		33,295
China Gas Holdings Ltd.		23,352		86,812
China Longyuan Power Group Corp. Ltd., Class H		42,781		23,173
China Power International Development Ltd.		60,006		12,419
China Resources Gas Group Ltd.		10,463		58,278
China Resources Power Holdings Co. Ltd.		23,723		30,852
Datang International Power Generation Co. Ltd., Class H		59,783		11,074
ENN Energy Holdings Ltd.		9,666		104,961
Guangdong Investment Ltd.		37,458		77,426
Huadian Power International Corp. Ltd., Class H		23,991		8,735
Huaneng Power International, Inc., Class H		47,781		23,684
Huaneng Renewables Corp. Ltd., Class H		63,778		24,361
Kunlun Energy Co. Ltd.		42,543		36,033
Towngas China Co. Ltd.*		15,393		10,874

				604,206

TOTAL COMMON STOCKS (Cost $22,274,161)				21,650,167

RIGHTS — 0.0%

Financials — 0.0%
Zhengqi Financial Holding Corp.*, expires 12/31/49 (b) (Cost $0)		2,516		0

EXCHANGE-TRADED FUNDS — 39.9%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF*(a)(c)		75,659		1,923,191
Xtrackers MSCI China A Inclusion Equity ETF (a)(c)		643,260		12,717,250

TOTAL EXCHANGE-TRADED FUNDS (Cost $15,859,258)				14,640,441

SECURITIES LENDING COLLATERAL — 6.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) (Cost $2,248,403)		2,248,403		2,248,403

CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) (Cost $135,670)		135,670		135,670


TOTAL INVESTMENTS — 105.5% (Cost $40,517,492)			$	38,674,681
Other assets and liabilities, net — (5.5%)				(2,021,748	)

NET ASSETS — 100.0%			$	36,652,933


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
EXCHANGE-TRADED FUNDS — 39.9%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF*(a)(c)
		12,298,745		619,797			(10,848,653	)		(1,639,398	)		1,492,700		—		—		75,659		1,923,191
Xtrackers MSCI China A Inclusion Equity ETF (a)(c)
		78,137,782		3,656,304			(70,558,743	)		(5,894,975	)		7,376,882		—		—		643,260		12,717,250

SECURITIES LENDING COLLATERAL — 6.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e)
		2,132,624		115,779	(f)		—			—			—		16,078		—		2,248,403		2,248,403

CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 1.58% (d)
		—		4,622,180			(4,486,510	)		—			—		3,856		—		135,670		135,670

		92,569,151		9,014,060			(85,893,906	)		(7,534,373	)		8,869,582		19,934		—		3,102,992		17,024,514

*	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, 2019 amounted to $2,563,415, which is 7.0% of net assets.

(b)	Investment was valued using significant unobservable inputs.

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $415,507.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

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, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MSCI China Free Index Futures	USD	8	$	333,360	$	338,920	12/20/2019	$	5,560

Currency Abbreviations

USD

U.S. Dollar


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2019 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (g)	$	21,332,108	$	—	$	318,059	$	21,650,167
Rights		—		—		0		0
Exchange-Traded Funds		14,640,441		—		—		14,640,441
Short-Term Investments (g)		2,384,073		—		—		2,384,073
Derivatives (h)
Futures Contracts		5,560		—		—		5,560

TOTAL	$	38,362,182	$	—	$	318,059	$	38,680,241

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

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


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 2.4%
Beijing Enlight Media Co. Ltd., Class A		11,000	$	15,569
China Film Co. Ltd., Class A		7,800		15,655
China South Publishing & Media Group Co. Ltd., Class A		8,700		14,331
China United Network Communications Ltd., Class A		119,300		96,900
Chinese Universe Publishing and Media Group Co. Ltd., Class A		6,700		11,380
CITIC Guoan Information Industry Co. Ltd., Class A*		10,300		4,879
Focus Media Information Technology Co. Ltd., Class A		56,823		45,265
G-bits Network Technology Xiamen Co. Ltd., Class A		300		12,515
Giant Network Group Co. Ltd., Class A		6,800		17,121
Mango Excellent Media Co. Ltd., Class A*		6,000		25,997
NanJi E-Commerce Co. Ltd., Class A*		9,000		14,198
Oriental Pearl Group Co. Ltd., Class A		12,397		15,554
Perfect World Co. Ltd., Class A		5,200		25,519
Wanda Film Holding Co. Ltd., Class A*		7,400		15,011
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		8,200		25,300
Youzu Interactive Co. Ltd., Class A*		3,200		7,115

				362,309

Consumer Discretionary — 6.7%
BAIC BluePark New Energy Technology Co. Ltd., Class A*		12,000		8,893
BTG Hotels Group Co. Ltd., Class A		3,500		8,852
BYD Co. Ltd., Class A		6,898		42,576
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		1,000		11,949
China Grand Automotive Services Group Co. Ltd., Class A		39,391		18,715
China International Travel Service Corp. Ltd., Class A		7,543		89,916
China Shipbuilding Industry Group Power Co. Ltd., Class A*		6,439		20,123
Chongqing Changan Automobile Co. Ltd., Class A		14,900		18,058
Fuyao Glass Industry Group Co. Ltd., Class A		7,509		23,745
Gree Electric Appliances, Inc. of Zhuhai, Class A		11,600		95,226
Guangzhou Automobile Group Co. Ltd., Class A		11,460		19,252
Haier Smart Home Co. Ltd., Class A		23,500		57,029
Hangzhou Robam Appliances Co. Ltd., Class A		3,500		14,787
HLA Corp. Ltd., Class A		14,500		15,841
Huayu Automotive Systems Co. Ltd., Class A		12,200		44,983
Liaoning Cheng Da Co. Ltd., Class A*		7,000		14,418
Midea Group Co. Ltd., Class A		13,362		103,209
NavInfo Co. Ltd., Class A		7,400		16,979


	Number of Shares		Value
Consumer Discretionary (Continued)
Ningbo Joyson Electronic Corp., Class A*		4,200	$	9,141
Oppein Home Group, Inc., Class A		1,300		18,307
SAIC Motor Corp. Ltd., Class A		29,727		98,316
Shandong Linglong Tyre Co. Ltd., Class A		5,800		16,930
Shanghai Jinjiang International Hotels Co. Ltd., Class A		2,100		7,193
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		11,100		11,763
Shenzhen Overseas Chinese Town Co. Ltd., Class A		31,300		30,677
Songcheng Performance Development Co. Ltd., Class A		5,591		21,744
Suning.com Co. Ltd., Class A		35,564		49,831
Suofeiya Home Collection Co. Ltd., Class A		2,900		7,227
TCL Corp., Class A		52,500		28,677
Visual China Group Co. Ltd., Class A		2,500		7,073
Wanxiang Qianchao Co. Ltd., Class A		12,700		9,177
Weifu High-Technology Group Co. Ltd., Class A		3,900		10,319
Wuchan Zhongda Group Co. Ltd., Class A		14,700		10,623
Zhejiang Semir Garment Co. Ltd., Class A		5,400		7,205
Zhejiang Supor Co. Ltd., Class A		2,000		20,427
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		7,000		6,771

				995,952

Consumer Staples — 14.6%
Angel Yeast Co. Ltd., Class A		3,100		13,348
Anhui Gujing Distillery Co. Ltd., Class A		1,500		23,079
Anhui Kouzi Distillery Co. Ltd., Class A		2,300		17,618
Beijing Dabeinong Technology Group Co. Ltd., Class A		20,800		12,841
Beijing Shunxin Agriculture Co. Ltd., Class A		2,800		19,935
Beijing Yanjing Brewery Co. Ltd., Class A		10,400		9,054
By-health Co. Ltd., Class A		5,700		11,854
Chongqing Brewery Co. Ltd., Class A		1,800		12,464
Chongqing Fuling Zhacai Group Co. Ltd., Class A		2,900		10,074
Foshan Haitian Flavouring & Food Co. Ltd., Class A		8,726		132,790
Fujian Sunner Development Co. Ltd., Class A		3,900		13,181
Guangdong Haid Group Co. Ltd., Class A		6,000		26,202
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		3,900		16,249
Heilongjiang Agriculture Co. Ltd., Class A		6,100		8,052
Henan Shuanghui Investment & Development Co. Ltd., Class A		10,600		46,728
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		23,513		97,297
Jiangsu King’s Luck Brewery JSC Ltd., Class A		4,800		20,607
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		5,824		81,346
Jiangxi Zhengbang Technology Co. Ltd., Class A		9,300		19,341


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Consumer Staples (Continued)
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		3,000	$	19,263
Juewei Food Co. Ltd., Class A		2,100		13,069
Kweichow Moutai Co. Ltd., Class A		4,800		770,873
Laobaixing Pharmacy Chain JSC, Class A		1,000		9,730
Luzhou Laojiao Co. Ltd., Class A		5,706		66,354
Muyuan Foodstuff Co. Ltd., Class A		6,710		82,850
New Hope Liuhe Co. Ltd., Class A		16,372		47,905
Shanghai Jahwa United Co. Ltd., Class A		2,400		10,242
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		3,410		43,336
Sichuan Swellfun Co. Ltd., Class A		1,800		14,433
Tech-Bank Food Co. Ltd., Class A*		4,400		8,024
Toly Bread Co. Ltd., Class A		2,000		12,342
Tongwei Co. Ltd., Class A		15,000		27,952
Tsingtao Brewery Co. Ltd., Class A		2,700		19,469
Wens Foodstuffs Group Co. Ltd., Class A		20,487		104,330
Wuliangye Yibin Co. Ltd., Class A		14,954		271,322
Yifeng Pharmacy Chain Co. Ltd., Class A		1,400		15,223
Yonghui Superstores Co. Ltd., Class A		36,766		38,858
Yuan Longping High-tech Agriculture Co. Ltd., Class A		4,600		8,343

				2,175,978

Energy — 2.3%
China Merchants Energy Shipping Co. Ltd., Class A		23,100		19,518
China Petroleum & Chemical Corp., Class A		96,650		68,604
China Shenhua Energy Co. Ltd., Class A		16,800		41,128
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		9,700		7,934
Guanghui Energy Co. Ltd., Class A		32,800		15,164
Offshore Oil Engineering Co. Ltd., Class A		17,100		16,978
PetroChina Co. Ltd., Class A		60,935		48,454
Shaanxi Coal Industry Co. Ltd., Class A		31,799		38,358
Shandong Xinchao Energy Corp. Ltd., Class A*		21,200		6,122
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		14,400		14,175
Shanxi Meijin Energy Co. Ltd., Class A*		15,600		18,463
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		11,000		9,044
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		3,600		16,238
Yanzhou Coal Mining Co. Ltd., Class A		12,000		16,029

				336,209

Financials — 26.4%
Agricultural Bank of China Ltd., Class A		286,317		147,436
Anxin Trust Co. Ltd., Class A*		18,600		10,530
Avic Capital Co. Ltd., Class A		33,310		21,512
Bank of Beijing Co. Ltd., Class A		80,614		63,758
Bank of Chengdu Co. Ltd., Class A		13,650		16,582
Bank of China Ltd., Class A		134,512		69,457
Bank of Communications Co. Ltd., Class A		150,538		117,990
Bank of Guiyang Co. Ltd., Class A		15,280		20,018
Bank of Hangzhou Co. Ltd., Class A		19,740		24,458


	Number of Shares		Value
Financials (Continued)
Bank of Jiangsu Co. Ltd., Class A		44,261	$	43,443
Bank of Nanjing Co. Ltd., Class A		32,500		38,233
Bank of Ningbo Co. Ltd., Class A		21,850		82,614
Bank of Shanghai Co. Ltd., Class A		54,535		71,292
Bohai Leasing Co. Ltd., Class A*		20,700		10,070
Caitong Securities Co. Ltd., Class A		13,600		18,456
Changjiang Securities Co. Ltd., Class A		21,000		18,640
China CITIC Bank Corp. Ltd., Class A		21,300		18,179
China Construction Bank Corp., Class A		36,700		37,066
China Everbright Bank Co. Ltd., Class A		152,931		89,845
China Life Insurance Co. Ltd., Class A		10,814		50,471
China Merchants Bank Co. Ltd., Class A		79,443		407,162
China Merchants Securities Co. Ltd., Class A		21,832		51,180
China Minsheng Banking Corp. Ltd., Class A		135,871		119,250
China Pacific Insurance Group Co. Ltd., Class A		24,177		117,791
CITIC Securities Co. Ltd., Class A		37,755		114,984
CSC Financial Co. Ltd., Class A		10,600		33,760
Dongxing Securities Co. Ltd., Class A		12,800		19,719
East Money Information Co. Ltd., Class A		25,800		50,830
Everbright Securities Co. Ltd., Class A		14,837		23,659
First Capital Securities Co. Ltd., Class A		14,300		14,626
Founder Securities Co. Ltd., Class A		31,600		30,072
GF Securities Co. Ltd., Class A*		22,500		42,696
Guosen Securities Co. Ltd., Class A		15,700		25,370
Guotai Junan Securities Co. Ltd., Class A		28,651		68,103
Guoyuan Securities Co. Ltd., Class A		12,700		15,103
Haitong Securities Co. Ltd., Class A		31,114		60,812
Hithink RoyalFlush Information Network Co. Ltd., Class A		2,100		27,255
Huaan Securities Co. Ltd., Class A		17,500		14,886
Huatai Securities Co. Ltd., Class A		28,180		68,025
Huaxi Securities Co. Ltd., Class A		12,600		16,938
Huaxia Bank Co. Ltd., Class A		48,798		51,575
Hubei Biocause Pharmaceutical Co. Ltd., Class A		22,100		21,063
Industrial & Commercial Bank of China Ltd., Class A		207,333		170,763
Industrial Bank Co. Ltd., Class A		79,985		214,926
Industrial Securities Co. Ltd., Class A		25,500		22,453
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		9,900		11,379
Nanjing Securities Co. Ltd., Class A		12,300		13,420
New China Life Insurance Co. Ltd., Class A		7,964		50,435
Northeast Securities Co. Ltd., Class A		7,100		7,908
Orient Securities Co. Ltd., Class A		22,751		31,457
Pacific Securities Co. Ltd., Class A*		24,900		11,547
Ping An Bank Co. Ltd., Class A		66,066		143,692
Ping An Insurance Group Co. of China Ltd., Class A		41,709		496,121
SDIC Capital Co. Ltd., Class A		13,500		22,948
Sealand Securities Co. Ltd., Class A		15,200		10,011
Shanghai AJ Group Co. Ltd., Class A		5,200		6,391
Shanghai Pudong Development Bank Co. Ltd., Class A		112,827		191,149


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Financials (Continued)
Shanxi Securities Co. Ltd., Class A		14,500	$	15,346
Shenwan Hongyuan Group Co. Ltd., Class A		86,195		58,363
Sinolink Securities Co. Ltd., Class A		13,400		15,668
SooChow Securities Co. Ltd., Class A		10,700		12,983
Southwest Securities Co. Ltd., Class A		24,300		14,967
Western Securities Co. Ltd., Class A		15,300		19,196
Zheshang Securities Co. Ltd., Class A		9,100		10,835

				3,916,867

Health Care — 8.8%
Aier Eye Hospital Group Co. Ltd., Class A		12,104		68,733
Asymchem Laboratories Tianjin Co. Ltd., Class A		900		15,747
Autobio Diagnostics Co. Ltd., Class A		1,100		16,035
Beijing SL Pharmaceutical Co. Ltd., Class A		3,100		5,512
Beijing Tiantan Biological Products Corp. Ltd., Class A		4,000		15,033
Beijing Tongrentang Co. Ltd., Class A		5,400		20,433
Betta Pharmaceuticals Co. Ltd., Class A		1,500		14,260
BGI Genomics Co. Ltd., Class A		1,500		12,651
Changchun High & New Technology Industry Group, Inc., Class A		600		37,468
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		2,700		15,278
China National Accord Medicines Corp. Ltd., Class A		1,200		7,444
China National Medicines Corp. Ltd., Class A		2,600		9,035
China Reform Health Management and Services Group Co. Ltd., Class A*		3,300		7,910
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		3,200		5,635
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		4,175		17,454
Chongqing Zhifei Biological Products Co. Ltd., Class A		5,200		32,768
Dong-E-E-Jiao Co. Ltd., Class A		2,500		11,974
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		5,500		26,006
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		1,800		12,444
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A		4,900		5,778
Hangzhou Tigermed Consulting Co. Ltd., Class A		2,950		26,353
Huadong Medicine Co. Ltd., Class A		6,760		23,655
Hualan Biological Engineering, Inc., Class A		5,300		25,226
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		2,800		8,970
Jafron Biomedical Co. Ltd., Class A		1,600		15,950
Jiangsu Hengrui Medicine Co. Ltd., Class A		17,112		209,094
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		3,300		9,168


	Number of Shares		Value
Health Care (Continued)
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		3,200	$	7,033
Jinyu Bio-Technology Co. Ltd., Class A		4,200		11,226
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		7,200		10,058
Jointown Pharmaceutical Group Co. Ltd., Class A		7,200		13,837
Lepu Medical Technology Beijing Co. Ltd., Class A		6,900		31,673
Livzon Pharmaceutical Group, Inc., Class A		2,300		10,211
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		14,432		30,363
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,300		12,318
Ovctek China, Inc., Class A		1,500		10,370
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		5,938		17,400
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		7,800		27,905
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		7,500		18,980
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		3,800		9,330
Shenzhen Kangtai Biological Products Co. Ltd., Class A		2,500		27,180
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,600		40,899
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		4,400		11,617
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		3,700		5,942
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		5,500		18,167
Tasly Pharmaceutical Group Co. Ltd., Class A		7,720		16,758
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		7,800		14,724
Topchoice Medical Corp., Class A*		1,200		17,678
Walvax Biotechnology Co. Ltd., Class A		6,000		25,775
Winning Health Technology Group Co. Ltd., Class A		6,100		13,215
WuXi AppTec Co. Ltd., Class A		5,700		71,344
Yifan Pharmaceutical Co. Ltd., Class A		4,500		8,904
Yunnan Baiyao Group Co. Ltd., Class A		4,870		60,893
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		2,296		32,588
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		9,800		8,685
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A*		5,000		13,357
Zhejiang NHU Co. Ltd., Class A		8,100		24,542
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		2,000		13,064

				1,312,050


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Industrials — 12.6%
AECC Aero-Engine Control Co. Ltd., Class A		3,700	$	6,742
AECC Aviation Power Co. Ltd., Class A		9,900		28,560
Air China Ltd., Class A		15,300		18,391
AVIC Aircraft Co. Ltd., Class A		10,700		24,201
AVIC Electromechanical Systems Co. Ltd., Class A		12,400		11,271
AVIC Shenyang Aircraft Co. Ltd., Class A*		4,700		18,793
AVICOPTER PLC, Class A		2,100		13,592
Beijing New Building Materials PLC, Class A		6,300		20,002
Beijing Originwater Technology Co. Ltd., Class A		11,000		11,751
Centre Testing International Group Co. Ltd., Class A		6,300		12,170
China Aerospace Times Electronics Co. Ltd., Class A*		6,100		5,085
China Avionics Systems Co. Ltd., Class A		6,900		13,427
China Communications Construction Co. Ltd., Class A		9,900		12,674
China Eastern Airlines Corp. Ltd., Class A*		35,600		25,928
China Gezhouba Group Co. Ltd., Class A		21,700		18,984
China International Marine Containers Group Co. Ltd., Class A		5,232		7,175
China Meheco Co. Ltd., Class A		2,600		4,634
China National Chemical Engineering Co. Ltd., Class A		18,500		16,395
China Railway Construction Corp. Ltd., Class A		43,894		60,378
China Railway Group Ltd., Class A		70,600		56,742
China Railway Hi-tech Industry Co. Ltd., Class A		7,100		10,170
China Shipbuilding Industry Co. Ltd., Class A		88,200		66,245
China Southern Airlines Co. Ltd., Class A		32,700		30,747
China Spacesat Co. Ltd., Class A		5,600		16,139
China State Construction Engineering Corp. Ltd., Class A		161,011		117,037
Contemporary Amperex Technology Co. Ltd., Class A		8,400		104,445
COSCO SHIPPING Development Co. Ltd., Class A		36,400		12,945
COSCO SHIPPING Holdings Co. Ltd., Class A*		30,500		20,521
CRRC Corp. Ltd., Class A		92,844		92,052
Dalian Port PDA Co. Ltd., Class A		15,600		4,438
Daqin Railway Co. Ltd., Class A		57,213		64,538
Dongfang Electric Corp. Ltd., Class A		13,800		17,451
Eve Energy Co. Ltd., Class A*		3,700		23,569
Fangda Carbon New Material Co. Ltd., Class A*		10,181		15,612
Guangshen Railway Co. Ltd., Class A		29,000		12,211
Guangzhou Baiyun International Airport Co. Ltd., Class A		7,800		18,529
Guoxuan High-Tech Co. Ltd., Class A		3,600		6,166
Hefei Meiya Optoelectronic Technology, Inc., Class A		2,500		13,268


	Number of Shares		Value
Industrials (Continued)
Hongfa Technology Co. Ltd., Class A		2,700	$	11,150
Inner Mongolia First Machinery Group Co. Ltd., Class A		5,400		7,612
Jiangsu Hengli Hydraulic Co. Ltd., Class A		3,300		20,476
Jiangsu Zhongtian Technology Co. Ltd., Class A		10,000		11,522
Juneyao Airlines Co. Ltd., Class A*		5,900		11,733
Metallurgical Corp. of China Ltd., Class A		66,214		25,242
NARI Technology Co. Ltd., Class A		17,800		58,135
Ningbo Zhoushan Port Co. Ltd., Class A		36,800		18,950
Power Construction Corp. of China Ltd., Class A		47,500		27,568
Sany Heavy Industry Co. Ltd., Class A		32,450		66,839
SF Holding Co. Ltd., Class A		5,600		30,231
Shanghai Construction Group Co. Ltd., Class A		37,000		18,316
Shanghai Electric Group Co. Ltd., Class A		30,300		20,171
Shanghai International Airport Co. Ltd., Class A		3,695		39,489
Shanghai International Port Group Co. Ltd., Class A		32,600		25,830
Shanghai M&G Stationery, Inc., Class A		3,500		22,867
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		2,800		6,046
Shanghai Tunnel Engineering Co. Ltd., Class A		16,200		13,550
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		2,800		6,592
Shenzhen Airport Co. Ltd., Class A		7,300		9,803
Shenzhen Inovance Technology Co. Ltd., Class A		6,500		24,290
Siasun Robot & Automation Co. Ltd., Class A*		4,900		9,389
Sinochem International Corp., Class A		6,500		4,651
Sinotrans Ltd., Class A		15,100		8,828
Spring Airlines Co. Ltd., Class A		3,598		20,621
Sunwoda Electronic Co. Ltd., Class A		5,700		14,246
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		12,800		14,657
TangShan Port Group Co. Ltd., Class A		12,400		4,463
TBEA Co. Ltd., Class A		18,081		16,692
Tian Di Science & Technology Co. Ltd., Class A		10,200		4,367
Tus Environmental Science And Technology Development Co. Ltd., Class A		7,300		8,889
Weichai Power Co. Ltd., Class A		23,300		43,717
XCMG Construction Machinery Co. Ltd., Class A		30,349		19,772
Xiamen C & D, Inc., Class A		13,300		15,135
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		13,243		21,833
Yunda Holding Co. Ltd., Class A		6,800		28,119
Zhejiang Chint Electrics Co. Ltd., Class A		8,217		27,912
Zhejiang Dingli Machinery Co. Ltd., Class A		1,300		11,998
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		10,300		21,640


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Industrials (Continued)
Zhejiang Weixing New Building Materials Co. Ltd., Class A		5,700	$	9,908
Zhengzhou Yutong Bus Co. Ltd., Class A		9,600		19,159
Zhongji Innolight Co. Ltd., Class A		2,200		13,770
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		25,150		21,286

				1,870,442

Information Technology — 11.2%
360 Security Technology, Inc., Class A		6,600		19,472
Accelink Technologies Co. Ltd., Class A		2,300		9,128
Aisino Corp., Class A		7,096		20,844
AVIC Jonhon Optronic Technology Co. Ltd., Class A		4,000		21,918
Beijing Shiji Information Technology Co. Ltd., Class A		3,400		17,455
Beijing Sinnet Technology Co. Ltd., Class A		5,600		15,255
BOE Technology Group Co. Ltd., Class A		130,402		72,343
Chaozhou Three-Circle Group Co. Ltd., Class A		8,358		22,256
China Greatwall Technology Group Co. Ltd., Class A		11,300		23,870
China National Software & Service Co. Ltd., Class A		1,800		17,355
China TransInfo Technology Co. Ltd., Class A		5,300		12,651
Dawning Information Industry Co. Ltd., Class A		3,300		15,946
DHC Software Co. Ltd., Class A		12,000		15,653
Fiberhome Telecommunication Technologies Co. Ltd., Class A		4,100		14,510
Foxconn Industrial Internet Co. Ltd., Class A		15,200		36,022
GCL System Integration Technology Co. Ltd., Class A*		19,100		16,682
Gigadevice Semiconductor Beijing, Inc., Class A		1,300		30,586
Glodon Co. Ltd., Class A		4,200		19,728
GoerTek, Inc., Class A		12,577		34,690
GRG Banking Equipment Co. Ltd., Class A		8,700		9,702
Guangdong LY Intelligent Manufacturing Co. Ltd., Class A*		21,900		32,617
Guangzhou Haige Communications Group, Inc. Co., Class A		11,100		16,216
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		36,000		160,849
Hangzhou Silan Microelectronics Co. Ltd., Class A		5,100		10,614
Hengtong Optic-electric Co. Ltd., Class A		7,300		16,075
Holitech Technology Co. Ltd., Class A		10,900		7,566
Hubei Kaile Science & Technology Co. Ltd., Class A		3,200		5,544
Hundsun Technologies, Inc., Class A		3,080		31,900
Hytera Communications Corp. Ltd., Class A		6,200		7,832
Iflytek Co. Ltd., Class A		8,434		39,543


	Number of Shares		Value
Information Technology (Continued)
Inspur Electronic Information Industry Co. Ltd., Class A		4,900	$	20,869
JCET Group Co. Ltd., Class A*		6,100		17,979
Lens Technology Co. Ltd., Class A		12,600		22,996
Leyard Optoelectronic Co. Ltd., Class A		8,200		7,302
LONGi Green Energy Technology Co. Ltd., Class A		14,010		47,531
Luxshare Precision Industry Co. Ltd., Class A		20,711		100,256
NAURA Technology Group Co. Ltd., Class A		1,700		18,910
Newland Digital Technology Co. Ltd., Class A		2,900		6,167
Ninestar Corp., Class A		4,100		16,505
OFILM Group Co. Ltd., Class A*		10,500		18,864
Sanan Optoelectronics Co. Ltd., Class A		15,679		37,090
Sangfor Technologies, Inc., Class A		1,300		21,007
Shanghai 2345 Network Holding Group Co. Ltd., Class A		28,846		12,392
Shanghai Baosight Software Co. Ltd., Class A		3,100		15,231
Shengyi Technology Co. Ltd., Class A		8,700		28,353
Shennan Circuits Co. Ltd., Class A		1,300		27,015
Shenzhen Goodix Technology Co. Ltd., Class A		1,500		41,416
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A*		3,300		8,670
Shenzhen Sunway Communication Co. Ltd., Class A*		3,700		20,758
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		6,200		16,845
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		10,500		15,100
Tianma Microelectronics Co. Ltd., Class A		7,600		16,573
Tunghsu Optoelectronic Technology Co. Ltd., Class A (a)		27,000		18,435
Unigroup Guoxin Microelectronics Co. Ltd., Class A		2,200		14,020
Unisplendour Corp. Ltd., Class A		6,320		24,318
Universal Scientific Industrial Shanghai Co. Ltd., Class A		5,300		12,168
Venustech Group, Inc., Class A		3,300		14,458
Visionox Technology, Inc., Class A*		5,100		11,847
Wangsu Science & Technology Co. Ltd., Class A		12,000		15,090
Westone Information Industry, Inc., Class A		3,100		10,482
Will Semiconductor Ltd., Class A		2,200		39,181
Wuhan Guide Infrared Co. Ltd., Class A		3,500		9,818
WUS Printed Circuit Kunshan Co. Ltd., Class A		6,600		21,114
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		4,200		22,583
Yealink Network Technology Corp. Ltd., Class A		1,900		18,684
Yonyou Network Technology Co. Ltd., Class A		9,620		37,988


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Information Technology (Continued)
Zhejiang Dahua Technology Co. Ltd., Class A		11,600	$	27,952
ZTE Corp., Class A*		13,200		57,664

				1,668,453

Materials — 7.6%
Aluminum Corp. of China Ltd., Class A*		49,808		23,239
Angang Steel Co. Ltd., Class A		27,490		12,318
Anhui Conch Cement Co. Ltd., Class A		15,564		101,399
Baoshan Iron & Steel Co. Ltd., Class A		70,857		55,134
BBMG Corp., Class A		31,700		14,745
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		5,600		19,118
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A		7,800		6,569
China Jushi Co. Ltd., Class A		12,800		16,442
China Molybdenum Co. Ltd., Class A		67,500		34,182
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		13,993		19,785
Ganfeng Lithium Co. Ltd., Class A		5,300		20,921
GEM Co. Ltd., Class A		11,800		6,798
Guangdong HEC Technology Holding Co. Ltd., Class A		11,300		14,210
Hengli Petrochemical Co. Ltd., Class A		22,520		44,944
Hengyi Petrochemical Co. Ltd., Class A		10,900		21,599
Hesteel Co. Ltd., Class A		52,000		18,640
Huaxin Cement Co. Ltd., Class A		5,100		15,989
Hunan Valin Steel Co. Ltd., Class A*		15,000		9,623
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		174,900		31,845
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A*		40,995		17,611
Jiangsu Yangnong Chemical Co. Ltd., Class A		1,100		8,794
Jiangxi Copper Co. Ltd., Class A		10,044		20,131
Jinduicheng Molybdenum Co. Ltd., Class A		12,900		13,175
Lomon Billions Group Co. Ltd., Class A		7,000		12,945
Luxi Chemical Group Co. Ltd., Class A		5,000		6,529
Maanshan Iron & Steel Co. Ltd., Class A		29,100		11,383
Nanjing Iron & Steel Co. Ltd., Class A		13,100		6,149
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		30,200		11,986
Rongsheng Petro Chemical Co. Ltd., Class A		18,352		31,718
Sansteel Minguang Co. Ltd. Fujian, Class A		8,700		10,445
Shandong Gold Mining Co. Ltd., Class A		9,967		42,661
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		5,900		14,016
Shandong Nanshan Aluminum Co. Ltd., Class A		31,600		9,709
Shandong Sinocera Functional Material Co. Ltd., Class A		3,700		11,463
Shandong Sun Paper Industry JSC Ltd., Class A		9,600		12,331


	Number of Shares		Value
Materials (Continued)
Shanxi Taigang Stainless Steel Co. Ltd., Class A		19,100	$	10,678
Shanying International Holding Co. Ltd., Class A*		13,500		6,241
Shenghe Resources Holding Co. Ltd., Class A		6,300		7,295
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		17,200		9,738
Sichuan Hebang Biotechnology Co. Ltd., Class A*		25,800		5,322
Sinopec Shanghai Petrochemical Co. Ltd., Class A		30,270		16,836
Tangshan Jidong Cement Co. Ltd., Class A		4,900		10,365
Tianqi Lithium Corp., Class A		4,300		18,271
Tongkun Group Co. Ltd., Class A		6,400		11,653
Tongling Nonferrous Metals Group Co. Ltd., Class A		51,200		15,513
Transfar Zhilian Co. Ltd., Class A		16,490		16,162
Wanhua Chemical Group Co. Ltd., Class A		12,100		83,324
Weihai Guangwei Composites Co. Ltd., Class A		1,900		10,151
Western Mining Co. Ltd., Class A*		5,800		4,480
Xiamen Tungsten Co. Ltd., Class A		4,800		8,269
Xinjiang Zhongtai Chemical Co. Ltd., Class A		5,700		5,270
Xinxing Ductile Iron Pipes Co. Ltd., Class A		9,800		5,548
Xinyu Iron & Steel Co. Ltd., Class A		10,800		7,374
Yintai Gold Co. Ltd., Class A		7,600		13,049
Yunnan Energy New Material Co. Ltd.		2,600		15,275
Yunnan Tin Co. Ltd., Class A*		5,100		7,001
Zhejiang Huayou Cobalt Co. Ltd., Class A		4,032		17,487
Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A		5,000		6,494
Zhejiang Juhua Co. Ltd., Class A		9,600		8,986
Zhejiang Longsheng Group Co. Ltd., Class A		12,500		23,418
Zhongjin Gold Corp. Ltd., Class A		15,200		16,951
Zijin Mining Group Co. Ltd., Class A		74,897		37,928

				1,127,625

Real Estate — 4.4%
Beijing Capital Development Co. Ltd., Class A		8,800		9,601
China Enterprise Co. Ltd., Class A		14,100		8,705
China Fortune Land Development Co. Ltd., Class A		11,540		45,848
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		30,415		78,353
China Vanke Co. Ltd., Class A		37,396		147,351
Financial Street Holdings Co. Ltd., Class A		14,300		15,724
Gemdale Corp., Class A		17,422		29,491
Grandjoy Holdings Group Co. Ltd., Class A		11,900		11,663


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Real Estate (Continued)
Greenland Holdings Corp. Ltd., Class A		30,973	$	28,858
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		13,600		15,709
Jinke Properties Group Co. Ltd., Class A		20,700		19,346
Oceanwide Holdings Co. Ltd., Class A		18,000		10,831
Poly Developments and Holdings Group Co. Ltd., Class A		45,773		93,956
RiseSun Real Estate Development Co. Ltd., Class A		16,700		20,501
Seazen Holdings Co. Ltd., Class A		8,713		40,467
Shanghai Lingang Holdings Corp. Ltd., Class A		3,300		10,914
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		4,300		8,698
Sichuan Languang Development Co. Ltd., Class A		10,500		9,888
Tahoe Group Co. Ltd., Class A		8,600		6,924
Xinhu Zhongbao Co. Ltd., Class A		33,200		17,568
Yango Group Co. Ltd., Class A		14,900		14,667
Zhejiang China Commodities City Group Co. Ltd., Class A		24,100		13,061

				658,124

Utilities — 2.9%
Chengdu Xingrong Environment Co. Ltd., Class A		7,200		4,619
China National Nuclear Power Co. Ltd., Class A		49,184		34,002
China Yangtze Power Co. Ltd., Class A		84,800		218,696
GD Power Development Co. Ltd., Class A		74,800		24,047
Huadian Power International Corp. Ltd., Class A		24,000		12,666


	Number of Shares		Value
Utilities (Continued)
Huaneng Power International, Inc., Class A		17,800	$	15,167
Hubei Energy Group Co. Ltd., Class A		21,300		12,513
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		19,300		7,111
SDIC Power Holdings Co. Ltd., Class A		26,195		31,188
Shanghai Electric Power Co. Ltd., Class A		8,700		9,121
Shenergy Co. Ltd., Class A		22,100		18,642
Shenzhen Energy Group Co. Ltd., Class A		15,800		13,530
Sichuan Chuantou Energy Co. Ltd., Class A		17,100		23,230

				424,532

TOTAL COMMON STOCKS (Cost $13,529,780)				14,848,541

EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers Harvest CSI 300 China A-Shares ETF*(b) (Cost $2,200)		100		2,758

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) (Cost $13,058)		13,058		13,058


TOTAL INVESTMENTS — 100.0% (Cost $13,545,038)			$	14,864,357
Other assets and liabilities, net — 0.0%				(7,356	)

NET ASSETS — 100.0%			$	14,857,001

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers Harvest CSI 300 China A-Shares ETF*(b)
		6,530		—		(4,250	)		949		(471	)		—		—		100		2,758

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d)
		6,352		—		(6,352	)(e)		—		—			45		—		—		—

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 1.58% (c)
		501,496		68,905,287		(69,393,725	)		—		—			18,527		—		13,058		13,058

		514,378		68,905,287		(69,404,327	)		949		(471	)		18,572		—		13,158		15,816

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

(b)	Affiliated fund advised by DBX Advisors LLC.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2019 (Unaudited)

JSC

Joint Stock Company

At November 30, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
SGX FTSE China A50 Index Futures	USD	1	$	13,841	$	13,580	12/30/2019	$	(261	)

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (f)	$	14,830,106		$	—	$	18,435	$	14,848,541
Exchange-Traded Funds		2,758			—		—		2,758
Short-Term Investments (f)		13,058			—		—		13,058

TOTAL	$	14,845,922		$	—	$	18,435	$	14,864,357


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(261	)	$	—	$	—	$	(261	)

TOTAL	$	(261	)	$	—	$	—	$	(261	)

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

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

During the period ended November 30, 2019, the amount of transfers from Level 1 to Level 3 was $112,503. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.


See Notes to Financial Statements.		32

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2019 (Unaudited)


	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Assets
Investment in non-affiliated securities at value	$	1,625,806,499		$	38,230,907		$	21,650,167		$	14,848,541
Investment in affiliated securities at value		—			—			14,640,441			2,758
Investment in DWS Government Money Market Series		—			—			135,670			13,058
Investment in DWS Government & Agency Securities Portfolio*		—			—			2,248,403			—
Cash		—			—			7,186			—
Foreign currency at value		64,149,328	†		7,865,452	†		207,449			—
Deposit with broker for futures contracts		—			—			29,708			880
Receivables:
Investment securities sold		—			—			1,665,486			—
Capital shares		394,141			10,119			—			—
Dividends		—			—			7,122			—
Interest		—			—			199			25
Securities lending income		—			—			4,055			1

Total assets	$	1,690,349,968		$	46,106,478		$	40,595,886		$	14,865,263


Liabilities
Due to custodian	$	2,268,386		$	167,400		$	—		$	—
Due to foreign custodian		—			—			—			658
Payable upon return of securities loaned		—			—			2,248,403			—
Payables:
Capital shares		60,466,585			7,652,063			1,680,755			—
Investment advisory fees		919,617			25,251			8,158			7,462
Variation margin on futures contracts		—			—			5,637			142

Total liabilities		63,654,588			7,844,714			3,942,953			8,262

Net Assets, at value	$	1,626,695,380		$	38,261,764		$	36,652,933		$	14,857,001


Net Assets Consist of
Paid-in capital	$	1,591,653,711		$	62,765,490		$	60,047,972		$	17,701,175
Distributable earnings (loss)		35,041,669			(24,503,726	)		(23,395,039	)		(2,844,174	)

Net Assets, at value	$	1,626,695,380		$	38,261,764		$	36,652,933		$	14,857,001


Number of Common Shares outstanding		58,850,001			1,500,001			1,100,001			750,001

Net Asset Value	$	27.64		$	25.51		$	33.32		$	19.81


Investment in non-affiliated securities at cost	$	1,412,032,070		$	41,171,386		$	22,274,161		$	13,529,780

Investment in affiliated securities at cost	$	—		$	—		$	15,859,258		$	2,200

Value of securities loaned	$	—		$	—		$	2,563,415		$	—

Investment in DWS Government Money Market Series at cost	$	—		$	—		$	135,670		$	13,058

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	2,248,403		$	—

Non-cash collateral for securities on loan	$	—		$	—		$	415,507		$	—

Foreign currency at cost	$	64,198,570		$	7,879,723		$	206,952		$	—

*	Represents collateral on securities loaned.

†	Included in foreign currency at value is $40,158 and $6,995 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.


See Notes to Financial Statements.		33

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2019 (Unaudited)


	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Investment Income
Unaffiliated interest income	$	3,553		$	439		$	—		$	—
Unaffiliated dividend income*		24,797,537			505,940			730,079			430,235
Income distributions from affiliated funds		—			—			3,856			18,527
Affiliated securities lending income		—			—			16,078			45
Unaffiliated securities lending income, net of borrower rebates		—			—			9,016			—

Total investment income		24,801,090			506,379			759,029			448,807


Expenses
Investment advisory fees		5,148,931			175,231			133,630			66,015
Other expenses		114			114			57			57

Total expenses		5,149,045			175,345			133,687			66,072

Less fees waived (see note 3):
Waiver		—			—			(64,070	)		(434	)

Net expenses		5,149,045			175,345			69,617			65,638

Net investment income (loss)		19,652,045			331,034			689,412			383,169


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(35,709,239	)		(8,362,359	)		(5,335,830	)		(2,009,400	)
Investments in affiliates		—			—			(3,666	)		949
In-kind redemptions		—			—			(4,081,414	)		—
In-kind redemptions in affiliates		—			—			(7,530,707	)		—
Futures contracts		—			—			14,815			51,907
Foreign currency transactions		(1,184,224	)		(149,108	)		5,124			(49,829	)

Net realized gain (loss)		(36,893,463	)		(8,511,467	)		(16,931,678	)		(2,006,373	)
Net change in unrealized appreciation (depreciation) on:
Investments		69,953,350			6,932,104			13,226,747			3,353,651
Investments in affiliates		—			—			8,869,582			(471	)
Futures contracts		—			—			6,010			414
Foreign currency translations		(123,973	)		(4,142	)		(457	)		4

Net change in unrealized appreciation (depreciation)		69,829,377			6,927,962			22,101,882			3,353,598

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		32,935,914			(1,583,505	)		5,170,204			1,347,225


Net Increase (Decrease) in Net Assets Resulting from Operations	$	52,587,959		$	(1,252,471	)	$	5,859,616		$	1,730,394

* Unaffiliated foreign tax withheld	$	2,758,603		$	57,774		$	51,140		$	47,808


See Notes to Financial Statements.		34

DBX ETF Trust

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, 2019 (Unaudited)			Year Ended May 31, 2019			For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	19,652,045		$	10,665,149		$	331,034		$	251,842
Net realized gain (loss)		(36,893,463	)		(135,091,369	)		(8,511,467	)		(1,349,407	)
Net change in net unrealized appreciation (depreciation)		69,829,377			60,377,165			6,927,962			(9,572,739	)

Net increase (decrease) in net assets resulting from operations		52,587,959			(64,049,055	)		(1,252,471	)		(10,670,304	)

Distributions to Shareholders		—			(14,203,859	)		—			—


Fund Shares Transactions
Proceeds from shares sold		553,332,609			1,692,910,139			—			60,173,256
Value of shares redeemed		(427,882,239	)		(851,830,790	)		(34,383,071	)		—

Net increase (decrease) in net assets resulting from fund share transactions		125,450,370			841,079,349			(34,383,071	)		60,173,256

Total net increase (decrease) in Net Assets		178,038,329			762,826,435			(35,635,542	)		49,502,952

Net Assets
Beginning of period		1,448,657,051			685,830,616			73,897,306			24,394,354

End of period	$	1,626,695,380		$	1,448,657,051		$	38,261,764		$	73,897,306


Changes in Shares Outstanding
Shares outstanding, beginning of period		55,150,001			23,200,001			2,850,001			750,001
Shares sold		19,550,000			64,000,000			—			2,100,000
Shares redeemed		(15,850,000	)		(32,050,000	)		(1,350,000	)		—

Shares outstanding, end of period		58,850,001			55,150,001			1,500,001			2,850,001


See Notes to Financial Statements.		35

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI All China Equity ETF						Xtrackers MSCI China A Inclusion Equity ETF
	For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019			For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	689,412		$	1,069,662		$	383,169		$	252,019
Net realized gain (loss)		(16,931,678	)		(948,491	)		(2,006,373	)		(1,747,339	)
Net change in net unrealized appreciation (depreciation)		22,101,882			(23,805,345	)		3,353,598			(2,385,759	)

Net increase (decrease) in net assets resulting from operations		5,859,616			(23,684,174	)		1,730,394			(3,881,079	)

Distributions to Shareholders		—			(682,986	)		—			(119,154	)


Fund Shares Transactions
Proceeds from shares sold		8,833,422			387,568,698			—			137,463,454
Value of shares redeemed		(205,266,100	)		(171,870,648	)		(69,393,534	)		(53,023,564	)

Net increase (decrease) in net assets resulting from fund share transactions		(196,432,678	)		215,698,050			(69,393,534	)		84,439,890

Total net increase (decrease) in Net Assets		(190,573,062	)		191,330,890			(67,663,140	)		80,439,657

Net Assets
Beginning of period		227,225,995			35,895,105			82,520,141			2,080,484

End of period	$	36,652,933		$	227,225,995		$	14,857,001		$	82,520,141


Changes in Shares Outstanding
Shares outstanding, beginning of period		7,300,001			950,001			4,400,001			100,001
Shares sold		250,000			11,250,000			—			6,900,000
Shares redeemed		(6,450,000	)		(4,900,000	)		(3,650,000	)		(2,600,000	)

Shares outstanding, end of period		1,100,001			7,300,001			750,001			4,400,001


See Notes to Financial Statements.		36

DBX ETF Trust

Financial Highlights


Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	26.27		$	29.56		$	25.84		$	23.74		$	49.93		$	21.98

Income (loss) from investment operations:
Net investment income (loss)(a)		0.34			0.22			0.25			0.30			0.43			0.09
Net realized and unrealized gain (loss)		1.03			(3.22	)		3.73			1.97			(18.19	)		27.96

Total from investment operations		1.37			(3.00	)		3.98			2.27			(17.76	)		28.05

Less distributions from:
Net investment income		—			—			(0.26	)		(0.17	)		(0.33	)		(0.10	)
Net realized gains		—			(0.29	)		—			—			(8.10	)		—

Total distributions		—			(0.29	)		(0.26	)		(0.17	)		(8.43	)		(0.10	)

Net Asset Value, end of period	$	27.64		$	26.27		$	29.56		$	25.84		$	23.74		$	49.93

Total Return (%)		5.21	**		(10.02	)		15.38			9.62			(38.10	)		127.82

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,627			1,449			686			367			326			1,410
Ratio of expenses (%)		0.65	*		0.65			0.66			0.67			0.80			0.80
Ratio of net investment income (loss) (%)		2.48	*		0.87			0.82			1.24			1.27			0.26
Portfolio turnover rate (%)(b)		32	**		81			65			68			159			58

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	25.93		$	32.53		$	31.36		$	33.00		$	65.42		$	25.70

Income (loss) from investment operations:
Net investment income (loss)(a)		0.16			0.20			0.04			(0.03	)		(0.05	)		(0.12	)
Net realized and unrealized gain (loss)		(0.58	)		(6.80	)		1.13			(1.61	)		(28.91	)		40.05

Total from investment operations		(0.42	)		(6.60	)		1.17			(1.64	)		(28.96	)		39.93

Less distributions from:
Net investment income		—			—			—			—			(0.17	)		(0.04	)
Net realized gains		—			—			—			—			(3.29	)		(0.17	)

Total distributions		—			—			—			—			(3.46	)		(0.21	)

Net Asset Value, end of period	$	25.51		$	25.93		$	32.53		$	31.36		$	33.00		$	65.42

Total Return (%)		(1.62	)**		(20.29	)		3.73			(4.97	)		(45.37	)		155.99

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		38			74			24			20			21			82
Ratio of expenses (%)		0.65	*		0.65			0.65			0.67			0.80			0.80
Ratio of net investment income (loss) (%)		1.23	*		0.74			0.10			(0.09	)		(0.11	)		(0.30	)
Portfolio turnover rate (%)(b)		19	**		16			29			51			215			131

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		37

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI All China Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
Xtrackers MSCI All China Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	31.13		$	37.78		$	30.54		$	28.36		$	46.01		$	25.51

Income (loss) from investment operations:
Net investment income (loss)(a)		0.43			0.36			0.79			0.91			2.15			0.32
Net realized and unrealized gain (loss)		1.76			(6.42	)		6.75			4.26			(15.46	)		20.58

Total from investment operations		2.19			(6.06	)		7.54			5.17			(13.31	)		20.90

Less distributions from:
Net investment income		—			(0.59	)		(0.30	)		(2.99	)		(4.34	)		(0.35	)
Net realized gains		—			—			—			—			—			(0.05	)

Total distributions		—			(0.59	)		(0.30	)		(2.99	)		(4.34	)		(0.40	)

Net Asset Value, end of period	$	33.32		$	31.13		$	37.78		$	30.54		$	28.36		$	46.01

Total Return (%)(b)		7.04	**		(15.89	)		24.71			20.03			(29.80	)		82.48

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		37			227			36			5			7			18
Ratio of expenses before fee waiver (%)(c)		0.50	*		0.50			0.60			0.60			0.60			0.60
Ratio of expenses after fee waiver (%)(c)		0.26	*		0.28			0.36			0.35			0.26			0.26
Ratio of net investment income (loss)(%)		2.58	*		1.07			2.10			3.10			6.46			0.94
Portfolio turnover rate (%)(d)		9	**		102			3			7			36			20


Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,									Period Ended 5/31/2016(e)
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			Period Ended 5/31/2016(e)
Net Asset Value, beginning of period	$	18.75		$	20.80		$	19.53		$	21.86		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(a)		0.35			0.15			0.52			0.29			0.40
Net realized and unrealized gain (loss)		0.71			(2.03	)		1.30			1.05			(2.80	)

Total from investment operations		1.06			(1.88	)		1.82			1.34			(2.40	)

Less distributions from:
Net investment income		—			(0.17	)		(0.55	)		(2.82	)		(0.74	)
Net realized gains		—			—			—			(0.85	)		—

Total distributions		—			(0.17	)		(0.55	)		(3.67	)		(0.74	)

Net Asset Value, end of period	$	19.81		$	18.75		$	20.80		$	19.53		$	21.86

Total Return (%)(b)		5.65	**		(8.91	)		9.12			6.42	(f)		(10.01	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		15			83			2			3			2
Ratio of expenses before fee waiver (%)(c)		0.60	*		0.60			0.70			0.72			1.25	***
Ratio of expenses after fee waiver (%)(c)		0.60	*		0.60			0.05			0.05			0.45	***
Ratio of net investment income (loss) (%)		3.48	*		0.75			2.38			1.41			2.92	*
Portfolio turnover rate (%)(d)		18	**		180			3			6			4	**

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

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

(e)	For the period October 20, 2015 (commencement of operations) through May 31, 2016.

(f)	The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.41%.

*	Annualized.

**	Not Annualized.

***	Annualized. Includes excise tax expense that is not annualized.


See Notes to Financial Statements.		38

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

Xtrackers Harvest CSI 300 China A-Shares ETF

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Xtrackers MSCI All China Equity ETF

Xtrackers MSCI China A Inclusion Equity ETF

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


Fund		Underlying Index
Xtrackers Harvest CSI 300 China A-Shares ETF		CSI 300 Index
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		CSI 500 Index
Xtrackers MSCI All China Equity ETF		MSCI China All Shares Index
Xtrackers MSCI China A Inclusion Equity ETF		MSCI China A Inclusion Index

CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.

MSCI is the creator of the MSCI China All Shares Index and the MSCI China A Inclusion Equity Index. The MSCI China All Share Index is a rules-based, free-float adjusted market capitalization index comprised of equity securities that are listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.

The MSCI China A Inclusion Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together “Stock Connect”). “A-Shares” are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. Certain eligible A-Shares are traded on the Shanghai or Shenzhen Stock Exchanges. The Underlying Index is designed to track the inclusion of A-Shares in the MSCI Emerging Markets Index over time and is constructed by MSCI, Inc. by applying eligibility criteria for the MSCI Global Investable Market Indexes, and then excluding mid- and small-capitalization A-Shares (as determined by

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

MSCI), A-Shares suspended for trading for more than 50 days in the past 12 months and A-Shares that are not accessible through Stock Connect. The Underlying Index is weighted by each issuer’s free float-adjusted market capitalization (i.e., includes only shares that are readily available for trading in the market) available to foreign investors and includes only large-capitalization companies, as determined by MSCI. The Underlying Index is rebalanced on a quarterly basis.

Each Fund, except Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF, is diversified. Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund, with the exception of Xtrackers MSCI All China 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 each Fund tracks.

2. Significant Accounting Policies

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

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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’ 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, 2019, the Funds did not incur any interest or penalties.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)


	Short-Term		Long-Term		Total Amount
Xtrackers Harvest CSI 300 China A-Shares ETF	$	45,266,247	$	50,651,731	$	95,917,978
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		10,027,894		2,341,586		12,369,480
Xtrackers MSCI All China Equity ETF		2,320,956		3,208,967		5,529,923
Xtrackers MSCI China A Inclusion Equity ETF		1,711,206		446,119		2,157,325

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2019, the Fund listed below incurred and will elect to defer late year ordinary losses as follows. The funds had no post-October capital losses.


	Late Year Ordinary Losses
Xtrackers MSCI China A Inclusion Equity ETF	$	35,262


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	1,363,034,929	$	72,499,639		$	149,471,475	$	(76,971,836	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		84,405,465		(11,138,602	)		2,590,298		(13,728,900	)
Xtrackers MSCI All China Equity ETF		253,004,543		(24,357,024	)		1,741,088		(26,098,112	)
Xtrackers MSCI China A Inclusion Equity ETF		84,856,178		(2,381,977	)		2,969,398		(5,351,375	)

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

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 interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non 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.

With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, 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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

treaty. The above WHT treatment applies to 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. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. 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, respectively; 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 RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation 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.

Securities Lending The Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2019, 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 (0.12% annualized effective rate as of November 30, 2019) 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, 2019, the Xtrackers MSCI All China Equity ETF had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)


Remaining Contractual Maturity of the Agreements, as of November 30, 2019


Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	221,713	$	2,513	$	683	$	412,311	$	637,220
Exchange-Traded Funds		2,026,690		—		—		—		2,026,690

Total Borrowings	$	2,248,403	$	2,513	$	683	$	412,311	$	2,663,910

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,663,910

As of November 30, 2019, the Xtrackers MSCI China A Inclusion Equity ETF had no securities on loan.

Derivatives

A summary of the open futures contracts as of November 30, 2019 is included in a table following the Funds’ Schedule of Investments.


		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All China Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	5,560	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI China A Inclusion Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	261

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers MSCI All China Equity ETF	$	14,815
Xtrackers MSCI China A Inclusion Equity ETF		51,907

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers MSCI All China Equity ETF	$	6,010
Xtrackers MSCI China A Inclusion Equity ETF		414

For the period ended November 30, 2019 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers MSCI All China Equity ETF	$	785,980
Xtrackers MSCI China A Inclusion Equity ETF		104,361

3. Investment Advisory and Other Agreements

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.


	Unitary Management Fee
Xtrackers Harvest CSI 300 China A-Shares ETF		0.65	%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		0.65	%
Xtrackers MSCI All China Equity ETF		0.50	%
Xtrackers MSCI China A Inclusion Equity ETF		0.60	%

The Advisor for Xtrackers MSCI All China Equity ETF has contractually agreed, until November 14, 2021, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Fund’s investments in affiliated funds. In addition, the Advisor has contractually agreed, until September 30, 2020, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the period ended November 30, 2019, the Advisor waived $63,949 of the expenses of the Fund.

The Advisor for Xtrackers MSCI China A Inclusion Equity ETF has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended November 30, 2019, the Advisor waived $19 of the expenses of the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2019, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers MSCI All China Equity ETF	$	121
Xtrackers MSCI China A Inclusion Equity ETF		415

4. Investment Portfolio Transactions

For the period ended November 30, 2019, 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 Harvest CSI 300 China A-Shares ETF	$	656,689,400	$	500,661,651
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		9,934,299		43,540,120
Xtrackers MSCI All China Equity ETF		5,636,813		71,784,836
Xtrackers MSCI China A Inclusion Equity ETF		4,475,417		72,936,654

For the period ended November 30, 2019, the cost of in-kind purchases and proceeds from in-kind sale were as follows:


	Purchases		Sales
Xtrackers MSCI All China Equity ETF	$	4,650,053	$	133,871,315

5. Fund Share Transactions

As of November 30, 2019 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 Xtrackers MSCI All China Equity ETF 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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity 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 limitations; restrictions on foreign ownership; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; and different and less stringent financial reporting standards.

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, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI China A Inclusion 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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2019.


	Pro-rata Share
Xtrackers Harvest CSI 300 China A-Shares ETF	$	62,475,000
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		4,200,000
Xtrackers MSCI China A Inclusion Equity ETF		5,250,000

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

Portfolio Holdings Information

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

Discount & Premium Information

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

DBX ETF Trust

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

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

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 CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286

Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203	Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-049076-4 (1/20) DBX004201 (1/21)

November 30, 2019

Semi-Annual Report

DBX ETF Trust

Xtrackers Eurozone Equity ETF (EURZ)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Eurozone Equity ETF		3
Xtrackers International Real Estate ETF		4
Xtrackers Japan JPX-Nikkei 400 Equity ETF		5
Xtrackers MSCI Latin America Pacific Alliance ETF		6
Fees and Expenses		7
Schedules of Investments
Xtrackers Eurozone Equity ETF		8
Xtrackers International Real Estate ETF		13
Xtrackers Japan JPX-Nikkei 400 Equity ETF		22
Xtrackers MSCI Latin America Pacific Alliance ETF		27
Statements of Assets and Liabilities		30
Statements of Operations		31
Statements of Changes in Net Assets		32
Financial Highlights		34
Notes to Financial Statements		36
Additional Information		44
Privacy Policy Notice		45

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for 4 of our sector ETFs for the period ended November 30, 2019.

The global economy experienced broad-based slowdown due to rising trade tensions, subsequent tariff hikes, and a fall in consumer and business sentiments. Recessionary fears have subsided as major European economies managed to swerve into positive territory with inflation bottoming out both in the U.S. and Europe. In Asia, emerging markets in the south-east Asian region have stood out among the slowing world with stellar performances, while Japan introduced measures to kick-start its stagnant growth pace.

Growth in the Eurozone economy, though positive, is still frail due to weak external demand and a drawdown of inventories, affected by industrial production. The long-standing zero-rate European Central Bank (ECB) policy seems to have had little impact as Germany and Italy reported decelerating figures, with industrials and manufacturing remaining soft spots. With the change of guard, the ECB has stuck to its dovish stance of quantitative easing and pushed its rates towards negative territory. Nevertheless, surprise spurts were seen in countries, such as Spain and Netherlands, with robust private and retail spending despite feeble numbers in external trade. The U.K. economy narrowly missed recession due to a third-quarter uptick on the back of manufacturing and services PMIs¹.

Economic activity in Japan was seen settling to the lowest level of 2019, which is an alarming step-down from the previous quarters. The slump is attributed to decreased consumer and sovereign spending with both business and consumer confidence seen falling to their lowest levels since 2011. The hike in sales tax has come in times of devastation by typhoon Hagibis and sliding industrial and manufacturing PMIs, with the former being predominantly negative in 2019.

Trade activity in most Latin American nations fell, with only Brazil and Colombia being the bright spots. The slowdown was caused by external headwinds of the U.S.-China trade war and the slowing world business activity, while Brazil battled record Amazon wildfires this year. Unlike the rest of the world, troubles in business have been inflicted largely by political and social upheavals rather than by economic factors. The Colombian government was successful in getting its long overdue budget passed against a strengthening opposition, while the U.S. imposed more sanctions on Venezuela, further hampering the economy.

Although political discord in major democracies is having an impact on the real estate sector, the segment benefitted from loose monetary policies across the developed world. With a recessionary outlook diminishing in the U.S., U.K., and Asian markets, net income is expected to be the major driver for the sector with an already healthy rise in rental incomes. In the absence of any supply constraints, an intensifying trade war is the only potential disruptor to this momentum.

Global growth is expected to continue in the near term, albeit at a slower pace, with a balanced Brexit² plan and improved international trade relations. Further economic reforms, like the ECB’s loose monetary policy, Latin America’s austerity measures, and Japan’s reforms should prove to be a tailwind for the growth momentum. Corporate earnings should rise gradually, with continued fiscal support and sustained inflation helping avoid a recession and increasing employment opportunities.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

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

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Eurozone Equity ETF (EURZ)

The Xtrackers Eurozone Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of NASDAQ Eurozone Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union (the “EMU” or “Eurozone”) of the European Union (“EU”). It is not possible to invest directly into an index.


Ten Largest Equity Holdings as of November 30, 2019 (22.0% of Net Assets)



Description	% of Net Assets
SAP SE (Germany)		3.0%
TOTAL SA (France)		2.7%
LVMH Moet Hennessy Louis Vuitton SE (France)		2.6%
Sanofi (France)		2.1%
ASML Holding NV (Netherlands)		2.1%
Siemens AG (Germany)		2.1%
Allianz SE (Germany)		2.1%
Airbus SE (France)		1.9%
Unilever NV (United Kingdom)		1.9%
Anheuser-Busch InBev SA/NV (Belgium)		1.5%


*Country Diversification as of November 30, 2019**


France			34.8%
Germany			27.4%
Netherlands			9.4%
Spain			8.9%
Italy			6.9%
Belgium			3.6%
Finland			3.1%
Other			5.9%

Total			100.0%


*Sector Diversification as of November 30, 2019**


Financials			17.4%
Industrials			15.7%
Consumer Discretionary			13.3%
Consumer Staples			10.2%
Information Technology			9.4%
Health Care			7.7%
Materials			7.1%
Utilities			6.5%
Communication Services			5.3%
Energy			5.0%
Real Estate			2.4%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers International Real Estate ETF (HAUZ)

The Xtrackers International Real Estate ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”). The Underlying 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. It is not possible to invest directly into an index.


Ten Largest Equity Holdings as of November 30, 2019 (18.9% of Net Assets)



Description	% of Net Assets
Vonovia SE (Germany)		2.4%
Mitsubishi Estate Co. Ltd. (Japan)		2.3%
Mitsui Fudosan Co. Ltd. (Japan)		2.2%
Sun Hung Kai Properties Ltd. (Hong Kong)		2.1%
Unibail-Rodamco-Westfield (France)		2.0%
Link (Hong Kong)		2.0%
CK Asset Holdings Ltd. (Hong Kong)		1.6%
Goodman Group (Australia)		1.5%
Sumitomo Realty & Development Co. Ltd. (Japan)		1.5%
Scentre Group (Australia)		1.3%


*Sector Diversification as of November 30, 2019**


Real Estate Operations/Development			33.5%
Diversified			20.8%
Real Estate Management/Services			13.8%
Shopping Centers			9.9%
Office Property			7.6%
Warehouse/Industry			4.8%
Apartments			3.8%
Other			5.8%

Total			100.0%


*Country Diversification as of November 30, 2019**


Japan			22.6%
Hong Kong			14.4%
Australia			8.5%
United Kingdom			6.6%
Singapore			6.4%
Canada			5.7%
Germany			5.6%
France			5.1%
Sweden			3.9%
Philippines			2.6%
Other			18.6%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

The Xtrackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). It is not possible to invest directly into an index.


Ten Largest Equity Holdings as of November 30, 2019 (14.7% of Net Assets)



Description	% of Net Assets
Sony Corp.		1.6%
Toyota Motor Corp.		1.6%
Mitsubishi UFJ Financial Group, Inc.		1.5%
Keyence Corp.		1.5%
Takeda Pharmaceutical Co. Ltd.		1.5%
Nippon Telegraph & Telephone Corp.		1.5%
Recruit Holdings Co. Ltd.		1.4%
Sumitomo Mitsui Financial Group, Inc.		1.4%
Nintendo Co. Ltd.		1.4%
Honda Motor Co. Ltd.		1.3%


*Sector Diversification as of November 30, 2019**


Industrials			23.4%
Consumer Discretionary			15.5%
Information Technology			11.5%
Financials			10.5%
Health Care			10.2%
Consumer Staples			9.2%
Communication Services			8.2%
Materials			5.8%
Real Estate			3.4%
Utilities			1.3%
Energy			1.0%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 22.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)

The Xtrackers MSCI Latin America Pacific Alliance ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Latin America Pacific Alliance Capped Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. It is not possible to invest directly into an index.


Ten Largest Equity Holdings as of November 30, 2019 (44.9% of Net Assets)



Description	% of Net Assets
America Movil SAB de CV (Mexico)		8.4%
Credicorp Ltd. (Peru)		8.2%
Fomento Economico Mexicano SAB de CV (Mexico)		5.7%
Wal-Mart de Mexico SAB de CV (Mexico)		4.7%
Grupo Financiero Banorte SAB de CV (Mexico)		4.4%
Bancolombia SA (Colombia)		3.8%
Grupo Mexico SAB de CV (Mexico)		2.9%
Enel Americas SA (Chile)		2.8%
Ecopetrol SA (Colombia)		2.1%
Cia de Minas Buenaventura SAA (Peru)		1.9%


*Country Diversification as of November 30, 2019**


Mexico			50.1%
Chile			18.0%
Peru			17.1%
Colombia			14.0%
Canada			0.7%
Panama			0.1%

Total			100.0%


*Sector Diversification as of November 30, 2019**


Financials			28.0%
Consumer Staples			19.4%
Materials			15.5%
Communication Services			11.1%
Utilities			8.3%
Industrials			7.4%
Real Estate			3.9%
Energy			3.7%
Consumer Discretionary			2.4%
Health Care			0.2%
Information Technology			0.1%

Total			100.0%

* As a percent of total investments excluding cash equivalents.

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

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most recent six-month period Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value June 1, 2019		Ending Account Value November 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Eurozone Equity ETF
Actual	$	1,000.00	$	1,108.80		0.09	%	$	0.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.55		0.09	%	$	0.46
Xtrackers International Real Estate ETF
Actual	$	1,000.00	$	1,069.50		0.10	%	$	0.52
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.50		0.10	%	$	0.51
Xtrackers Japan JPX-Nikkei 400 Equity ETF
Actual	$	1,000.00	$	1,130.00		0.09	%	$	0.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.55		0.09	%	$	0.46
Xtrackers MSCI Latin America Pacific Alliance ETF
Actual	$	1,000.00	$	978.60		0.45	%	$	2.23
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.5%
Austria — 0.6%
ANDRITZ AG		80	$	3,123
Erste Group Bank AG		369		13,223
OMV AG		182		10,383
Raiffeisen Bank International AG		170		3,994
Telekom Austria AG		172		1,383
voestalpine AG		155		4,110

				36,216

Belgium — 3.6%
Ackermans & van Haaren NV		30		4,515
Ageas		199		11,954
Anheuser-Busch InBev SA/NV		1,108		87,802
Colruyt SA		69		3,576
Elia System Operator SA/NV		81		6,698
Galapagos NV*		55		10,846
Groupe Bruxelles Lambert SA		89		9,038
KBC Group NV		344		25,086
Proximus SADP		170		5,132
Sofina SA		20		4,340
Solvay SA		90		10,320
Telenet Group Holding NV		60		2,710
UCB SA		145		11,761
Umicore SA		227		9,756
Warehouses De Pauw CVA REIT		20		3,542

				207,076

Finland — 3.1%
Elisa OYJ		184		9,842
Fortum OYJ		536		12,641
Huhtamaki OYJ		120		5,273
Kesko OYJ, Class B		80		5,402
Kone OYJ, Class B		505		31,638
Metso OYJ		145		5,564
Neste OYJ		528		17,861
Nokia OYJ		6,911		24,472
Nokian Renkaat OYJ		155		4,197
Sampo OYJ, Class A		617		24,967
Stora Enso OYJ, Class R		710		9,551
UPM-Kymmene OYJ		647		21,630
Wartsila OYJ Abp		526		5,298

				178,336

France — 34.7%
Accor SA		237		10,147
Aeroports de Paris		35		6,850
Air France-KLM		314		3,698
Air Liquide SA		551		74,757
Airbus SE		750		110,315
Alstom SA		204		8,903
Alten SA		35		4,044
Amundi SA, 144A		75		5,681
Arkema SA		85		8,815
Atos SE		115		9,774
AXA SA		2,382		64,859
BioMerieux		55		4,976
BNP Paribas SA		1,432		80,478


	Number of Shares		Value
France (Continued)
Bollore SA		1,133	$	4,847
Bollore SA		6		25
Bouygues SA		269		10,998
Bureau Veritas SA		344		9,012
Capgemini SE		186		22,016
Carrefour SA		790		13,048
Casino Guichard Perrachon SA (a)		60		2,642
Cie de Saint-Gobain		637		25,812
Cie Generale des Etablissements Michelin SCA		214		25,696
Cie Plastic Omnium SA		80		2,175
CNP Assurances		204		4,031
Covivio REIT		53		5,867
Credit Agricole SA		1,552		21,245
Danone SA		795		65,497
Dassault Systemes SE		170		26,804
Edenred		249		12,368
Eiffage SA		104		11,364
Elis SA		209		4,173
Engie SA		2,281		36,116
EssilorLuxottica SA		364		56,590
Eurazeo SE		64		4,365
Eutelsat Communications SA (a)		170		2,791
Faurecia SE		95		5,042
Gecina SA REIT		55		9,509
Getlink SE		518		8,744
Hermes International		43		32,240
ICADE REIT		40		4,007
Iliad SA (a)		35		4,459
Ingenico Group SA		65		6,942
Ipsen SA		45		5,086
JCDecaux SA		90		2,580
Kering SA		92		55,457
Klepierre SA REIT		264		9,481
Legrand SA		329		26,002
L’Oreal SA		304		86,714
LVMH Moet Hennessy Louis Vuitton SE		331		148,649
Natixis SA		1,153		4,822
Orange SA (a)		2,352		38,900
Orpea		62		7,677
Pernod Ricard SA		217		39,885
Peugeot SA		690		16,677
Publicis Groupe SA		269		11,846
Remy Cointreau SA (a)		25		3,222
Renault SA		259		12,410
Rubis SCA		119		6,783
Safran SA		399		65,309
Sanofi		1,312		122,253
Sartorius Stedim Biotech		30		4,767
Schneider Electric SE		675		65,197
SCOR SE		192		8,254
SEB SA		35		5,441
Societe Generale SA		931		29,317
Sodexo SA		105		12,249
Suez		481		7,125
Teleperformance		69		16,357
Thales SA		130		12,746


See Notes to Financial Statements.		8

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
France (Continued)
TOTAL SA		2,964	$	155,693
Ubisoft Entertainment SA*		104		6,318
Unibail-Rodamco-Westfield REIT		170		26,598
Valeo SA		261		10,291
Veolia Environnement SA		650		16,656
Vinci SA		675		73,666
Vivendi SA		1,088		29,895
Wendel SA		35		4,720

				1,980,765

Germany — 25.4%
1&1 Drillisch AG		60		1,589
adidas AG		202		62,976
Allianz SE		492		117,908
Axel Springer SE		75		5,263
BASF SE		1,053		79,206
Bayer AG		1,081		81,884
Bayerische Motoren Werke AG		389		31,439
Bechtle AG		32		4,213
Beiersdorf AG		150		17,506
Brenntag AG		180		9,608
Carl Zeiss Meditec AG		45		5,507
Commerzbank AG		1,297		7,524
CompuGroup Medical SE		35		2,395
Continental AG		130		17,000
Covestro AG, 144A		194		9,091
CTS Eventim AG & Co. KGaA		65		3,970
Daimler AG		962		54,308
Delivery Hero SE, 144A*		164		8,680
Deutsche Bank AG (b)		2,372		17,115
Deutsche Boerse AG		209		32,089
Deutsche Lufthansa AG		552		10,481
Deutsche Post AG		1,140		42,536
Deutsche Telekom AG		3,996		67,130
Deutsche Wohnen SE		364		14,228
DMG Mori AG		25		1,169
E.ON SE		2,472		25,888
Evonik Industries AG		189		5,489
Evotec SE*		149		3,304
Fielmann AG		30		2,344
Fraport AG Frankfurt Airport Services Worldwide		45		3,836
Fresenius Medical Care AG & Co. KGaA		264		19,375
Fresenius SE & Co. KGaA		443		24,247
FUCHS PETROLUB SE		35		1,410
GEA Group AG		194		6,240
GRENKE AG		35		3,269
Hannover Rueck SE		75		13,934
HeidelbergCement AG		180		13,317
Hella GmbH & Co. KGaA		55		2,970
Henkel AG & Co. KGaA		125		12,101
HOCHTIEF AG		24		2,951
HUGO BOSS AG		70		3,299
Infineon Technologies AG		1,468		31,382
KION Group AG		85		5,644
LANXESS AG		85		5,670
LEG Immobilien AG		80		9,037


	Number of Shares		Value
Germany (Continued)
Merck KGaA		150	$	17,531
MorphoSys AG*		35		4,330
MTU Aero Engines AG		50		13,556
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		165		47,411
Nemetschek SE		60		3,549
Puma SE		100		7,520
Rational AG		5		3,831
Rheinmetall AG		45		4,795
Rocket Internet SE, 144A*		75		1,887
RWE AG		677		20,087
SAP SE		1,258		171,276
Scout24 AG, 144A		118		7,312
Siemens AG		924		119,322
Sixt SE		20		1,894
Stroeer SE & Co. KGaA		26		2,034
Symrise AG		147		14,270
Talanx AG		65		3,100
Telefonica Deutschland Holding AG		1,133		3,462
thyssenkrupp AG		607		7,616
Uniper SE		219		7,075
United Internet AG		140		4,747
Volkswagen AG		155		29,592
Vonovia SE		558		29,095
Wacker Chemie AG		25		1,726
Wirecard AG		125		16,511
Zalando SE, 144A*		150		6,467

				1,450,518

Greece — 0.1%
Hellenic Telecommunications Organization SA		309		4,647
OPAP SA		285		3,507

				8,154

Ireland — 1.7%
Bank of Ireland Group PLC		1,138		5,722
CRH PLC		994		38,063
Glanbia PLC		194		2,259
Kerry Group PLC, Class A		175		22,460
Kingspan Group PLC		195		10,518
Ryanair Holdings PLC, ADR		140		11,665
Smurfit Kappa Group PLC		254		9,018

				99,705

Italy — 6.8%
A2A SpA		1,972		3,713
ACEA SpA		60		1,249
Amplifon SpA		150		4,393
Assicurazioni Generali SpA		1,590		32,486
Atlantia SpA		582		12,911
Banca Mediolanum SpA		324		3,292
Buzzi Unicem SpA		90		2,231
Buzzi Unicem SpA-RSP		45		689
Davide Campari-Milano SpA		721		6,586
DiaSorin SpA		35		4,681
Enel SpA		9,514		71,920
Eni SpA		3,037		45,923


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Italy (Continued)
FinecoBank Banca Fineco SpA		736	$	9,138
Hera SpA		1,144		5,051
Infrastrutture Wireless Italiane SpA, 144A		294		2,979
Intesa Sanpaolo SpA		20,075		50,921
Italgas SpA		597		3,755
Leonardo SpA		496		5,805
Mediobanca Banca di Credito Finanziario SpA (a)		937		10,486
Moncler SpA		239		10,480
Nexi SpA, 144A*		325		3,834
Pirelli & C SpA, 144A		461		2,618
Poste Italiane SpA, 144A		582		6,796
Prysmian SpA		324		7,391
Saipem SpA		650		2,974
Snam SpA		2,741		13,636
Telecom Italia SpA		11,450		7,173
Telecom Italia SpA-RSP		7,597		4,682
Terna Rete Elettrica Nazionale SpA		1,776		11,416
UniCredit SpA		2,618		36,262
Unipol Gruppo SpA		575		3,373
UnipolSai Assicurazioni SpA		795		2,317

				391,161

Luxembourg — 0.7%
ArcelorMittal SA		795		13,611
Aroundtown SA		1,154		10,029
Eurofins Scientific SE		13		6,832
Grand City Properties SA		135		3,135
Tenaris SA		597		6,353

				39,960

Netherlands — 9.3%
Aalberts NV		90		3,816
ABN AMRO Bank NV, 144A		533		9,103
Adyen NV, 144A*		29		22,261
Aegon NV		2,417		10,905
Akzo Nobel NV		267		25,589
Altice Europe NV*		975		5,807
Argenx SE*		44		6,549
ASM International NV		60		6,679
ASML Holding NV		447		121,737
ASR Nederland NV		155		5,765
Euronext NV, 144A		64		4,837
EXOR NV		140		10,719
Heineken Holding NV		110		10,552
Heineken NV		294		30,484
IMCD NV		65		5,411
ING Groep NV		4,809		55,378
Koninklijke Ahold Delhaize NV		1,398		36,047
Koninklijke DSM NV		214		27,442
Koninklijke KPN NV		4,349		13,407
Koninklijke Philips NV		1,049		48,746
Koninklijke Vopak NV		85		4,535
NN Group NV		359		13,791
OCI NV*		90		1,707
QIAGEN NV*		269		11,526
Randstad NV		161		9,384


	Number of Shares		Value
Netherlands (Continued)
SBM Offshore NV		202	$	3,407
Takeaway.com NV, 144A*		35		3,149
Wolters Kluwer NV		329		23,637

				532,370

Portugal — 0.5%
Banco Comercial Portugues SA, Class R		9,799		2,118
EDP — Energias de Portugal SA		2,731		11,051
Galp Energia SGPS SA		572		9,318
Jeronimo Martins SGPS SA		304		4,859

				27,346

Spain — 8.8%
Acciona SA		30		3,109
ACS Actividades de Construccion y Servicios SA		358		13,946
Aena SME SA, 144A		90		16,542
Amadeus IT Group SA		500		39,859
Banco Bilbao Vizcaya Argentaria SA		7,745		40,832
Banco de Sabadell SA		6,526		7,246
Banco Santander SA		18,917		73,774
Bankia SA		1,377		2,670
Bankinter SA		785		5,495
CaixaBank SA		4,384		12,950
Cellnex Telecom SA, 144A		303		13,029
Enagas SA		284		7,080
Endesa SA		396		10,776
Ferrovial SA		663		19,701
Ferrovial SA*		10		297
Grifols SA		363		12,412
Grupo Catalana Occidente SA		55		1,983
Iberdrola SA		6,747		66,418
Industria de Diseno Textil SA		1,382		43,062
Inmobiliaria Colonial Socimi SA REIT		349		4,406
Mapfre SA		1,196		3,375
Merlin Properties Socimi SA REIT		451		6,450
Naturgy Energy Group SA		406		10,565
Red Electrica Corp. SA		541		10,588
Repsol SA		1,781		28,062
Siemens Gamesa Renewable Energy SA		284		4,536
Telefonica SA		5,448		41,760

				500,923

Switzerland — 0.3%
STMicroelectronics NV		795		19,547

United Kingdom (c) — 1.9%
Unilever NV		1,792		106,301

TOTAL COMMON STOCKS (Cost $5,315,967)				5,578,378

PREFERRED STOCKS — 2.0%
Germany — 1.9%
Bayerische Motoren Werke AG		65		4,013
FUCHS PETROLUB SE		85		3,674
Henkel AG & Co. KGaA		219		23,152
Porsche Automobil Holding SE		194		14,370
Sartorius AG		45		9,492


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Germany (Continued)
Sixt SE		20	$	1,369
Volkswagen AG		257		49,726

				105,796

Spain — 0.1%
Grifols SA, Class B		324		7,413

TOTAL PREFERRED STOCKS (Cost $102,391)				113,209

EXCHANGE-TRADED FUNDS — 0.4%
iShares MSCI Eurozone ETF (Cost $20,282)		530		21,618

SECURITIES LENDING COLLATERAL — 1.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) (Cost $56,596)		56,596		56,596


	Number of Shares		Value
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) (Cost $363)		363	$	363


TOTAL INVESTMENTS — 100.9% (Cost $5,495,599)			$	5,770,164
Other assets and liabilities, net — (0.9%)				(52,883	)

NET ASSETS — 100.0%			$	5,717,281

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
COMMON STOCKS — 0.3%
Germany — 0.3%
Deutsche Bank AG (b)
		5,922		10,934		—			—		259		—		—		2,372		17,115

SECURITIES LENDING COLLATERAL — 1.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e)
		113,653		—		(57,057	)(f)		—		—		589		—		56,596		56,596

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 1.58% (d)
		56		52,367		(52,060	)		—		—		21		—		363		363

		119,631		63,301		(109,117	)		—		259		610		—		59,331		74,074

*	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, 2019 amounted to $56,382, which is 1.0% of net assets.

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

(c)	Securities listed in country of domicile and traded on an exchange within Eurozone.

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

(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $2,567.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

ADR:

American Depositary Receipt

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.


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2019 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (g)	$	5,578,378	$	—	$	—	$	5,578,378
Preferred Stocks (g)		113,209		—		—		113,209
Exchange-Traded Funds		21,618		—		—		21,618
Short-Term Investments (g)		56,959		—		—		56,959

TOTAL	$	5,770,164	$	—	$	—	$	5,770,164

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


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.1%
Australia — 8.5%
Abacus Property Group REIT		46,099	$	120,672
ALE Property Group REIT		15,737		58,651
Arena REIT		43,743		87,580
Aventus Group REIT		54,614		104,543
Aveo Group (a)		55,778		80,738
BWP Trust REIT		64,344		185,405
Centuria Industrial REIT		33,121		80,651
Centuria Metropolitan REIT (b)		37,692		80,564
Charter Hall Group REIT		64,403		470,907
Charter Hall Retail REIT		48,769		151,742
Charter Hall Social Infrastructure REIT		33,519		78,446
Cromwell Property Group REIT		292,985		242,764
Dexus REIT		148,491		1,228,373
GDI Property Group REIT		71,736		74,967
Goodman Group REIT		222,785		2,233,252
GPT Group REIT		232,996		969,231
Growthpoint Properties Australia Ltd. REIT		40,166		119,540
Ingenia Communities Group REIT		36,395		115,703
Mirvac Group REIT		535,670		1,221,043
National Storage REIT		105,313		137,481
REA Group Ltd.		6,849		483,465
Scentre Group REIT		719,508		1,917,500
Shopping Centres Australasia Property Group REIT		123,757		227,689
Stockland REIT		321,779		1,099,139
US Masters Residential Property Fund REIT		51,929		28,100
Vicinity Centres REIT		420,194		761,708
Viva Energy REIT		67,733		127,823

				12,487,677

Austria — 0.5%
CA Immobilien Anlagen AG		7,591		311,777
IMMOFINANZ AG*		12,632		341,934
S IMMO AG		5,789		145,531

				799,242

Belgium — 1.6%
Aedifica SA REIT		3,402		416,366
Ascencio REIT		800		52,043
Befimmo SA REIT		2,665		171,898
Care Property Invest NV REIT		2,660		87,108
Cofinimmo SA REIT		3,459		511,825
Intervest Offices & Warehouses NV REIT		3,099		93,112
Montea C.V.A REIT		1,687		147,133
Retail Estates NV REIT		1,416		139,110
Shurgard Self Storage SA		3,505		130,044
VGP NV		1,099		111,240
Warehouses De Pauw CVA REIT		2,399		424,809
Xior Student Housing NV REIT		1,982		111,016

				2,395,704

Brazil — 0.9%
BR Malls Participacoes SA		117,327		432,037


	Number of Shares		Value
Brazil (Continued)
Cyrela Brazil Realty SA Empreendimentos e Participacoes		40,516	$	257,183
Ez Tec Empreendimentos e Participacoes SA		16,957		173,809
Iguatemi Empresa de Shopping Centers SA		12,343		138,542
Multiplan Empreendimentos Imobiliarios SA		41,275		282,306

				1,283,877

Canada — 5.7%
Allied Properties Real Estate Investment Trust REIT		15,573		626,086
Altus Group Ltd.		5,542		153,795
American Hotel Income Properties REIT LP (b)		10,410		54,391
Artis Real Estate Investment Trust REIT		18,087		160,819
Boardwalk Real Estate Investment Trust REIT		4,614		168,581
Canadian Apartment Properties REIT		21,309		889,419
Chartwell Retirement Residences		28,813		315,842
Choice Properties Real Estate Investment Trust REIT		32,056		331,360
Colliers International Group, Inc.		5,160		373,486
Cominar Real Estate Investment Trust REIT		22,486		240,731
Crombie Real Estate Investment Trust REIT		12,155		145,778
Dream Global Real Estate Investment Trust REIT		23,827		301,010
Dream Industrial Real Estate Investment Trust REIT		15,061		158,859
Dream Office Real Estate Investment Trust REIT		6,050		138,331
DREAM Unlimited Corp., Class A		10,113		88,168
First Capital Realty, Inc.		27,619		448,724
FirstService Corp.		4,251		406,713
Granite Real Estate Investment Trust REIT		6,585		342,157
H&R Real Estate Investment Trust REIT		38,746		629,504
InterRent Real Estate Investment Trust REIT		16,254		201,668
Killam Apartment Real Estate Investment Trust REIT		12,031		180,340
Morguard Corp.		699		105,778
Northview Apartment Real Estate Investment Trust REIT		6,789		155,126
NorthWest Healthcare Properties Real Estate Investment Trust REIT		13,019		121,736
RioCan Real Estate Investment Trust REIT		41,754		853,155
SmartCentres Real Estate Investment Trust REIT		16,690		402,470
Summit Industrial Income REIT (b)		15,176		146,704
Tricon Capital Group, Inc. (b)		26,812		227,092

				8,367,823


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Chile — 0.2%
Parque Arauco SA		91,679	$	195,987
Plaza SA		37,012		69,055

				265,042

China — 1.0%
China Vanke Co. Ltd., Class H		195,683		732,460
Colour Life Services Group Co. Ltd.*		41,619		23,128
Guangzhou R&F Properties Co. Ltd., Class H		136,294		229,137
Midea Real Estate Holding Ltd., 144A		12,257		30,377
Powerlong Real Estate Holdings Ltd.		152,400		88,780
Redco Properties Group Ltd., 144A		132,212		76,850
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		30,232		26,302
Shanghai Lingang Holdings Corp. Ltd., Class B		12,255		17,353
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		150,822		138,002
Shanghai Shibei Hi-Tech Co. Ltd., Class B		46,665		16,100
Suncity Group Holdings Ltd.*(b)		135,369		30,264
Zhenro Properties Group Ltd.		187,662		121,068

				1,529,821

Egypt — 0.1%
Arab Co. for Asset Management & Development		41,469		6,380
Cairo Investment & Real Estate Development Co. SAE		31,627		23,543
Emaar Misr for Development SAE*		53,962		9,775
Heliopolis Housing		12,243		18,380
Medinet Nasr Housing*		84,801		25,409
Palm Hills Developments SAE*		158,308		19,739
Six of October Development & Investment		23,580		21,898
Talaat Moustafa Group		113,833		62,354

				187,478

Finland — 0.4%
Citycon OYJ (b)		13,227		138,695
Hoivatilat OYJ		2,998		49,088
Kojamo OYJ		22,128		365,487

				553,270

France — 5.1%
Altarea SCA REIT		483		104,275
Carmila SA REIT		8,563		172,403
Covivio REIT		7,334		811,882
Covivio Hotels SACA REIT		9,748		295,574
Gecina SA REIT		6,467		1,118,066
ICADE REIT		3,801		380,751
Klepierre SA REIT		32,629		1,171,763
Mercialys SA REIT		8,748		115,747
Nexity SA		5,609		282,878
Societe Fonciere Lyonnaise SA REIT		1,199		94,392
Unibail-Rodamco-Westfield REIT		18,712		2,927,662

				7,475,393


	Number of Shares		Value
Germany — 5.6%
ADLER Real Estate AG*		5,093	$	66,376
ADO Properties SA, 144A		3,805		148,349
alstria office REIT-AG REIT		21,937		401,033
Deutsche EuroShop AG		6,589		190,635
Deutsche Wohnen SE		45,251		1,768,735
Hamborner REIT AG REIT		9,989		105,182
Instone Real Estate Group AG, 144A*		5,053		114,215
LEG Immobilien AG		8,528		963,335
PATRIZIA AG		6,151		124,519
TAG Immobilien AG*		20,180		485,951
TLG Immobilien AG		8,256		256,707
Vonovia SE		68,795		3,587,108

				8,212,145

Greece — 0.0%
LAMDA Development SA*		5,354		42,504

Guernsey — 0.1%
UK Commercial Property REIT Ltd. REIT		119,385		135,430

Hong Kong — 14.2%
Asia Standard International Group Ltd.		32,975		5,266
C C Land Holdings Ltd.		152,380		33,677
Champion REIT		327,977		211,172
China Jinmao Holdings Group Ltd.		810,803		538,619
China Motor Bus Co. Ltd.		1,816		27,839
China Oceanwide Holdings Ltd.*		309,820		11,082
China Overseas Grand Oceans Group Ltd.		241,306		135,331
China Overseas Land & Investment Ltd.		506,770		1,699,430
China Overseas Property Holdings Ltd.		176,955		108,962
China Resources Land Ltd.		363,751		1,572,990
China Shandong Hi-Speed Financial Group Ltd.*(b)		3,343,643		98,245
China Touyun Tech Group Ltd.*		124,600		3,741
Chinese Estates Holdings Ltd.		56,317		43,887
Chuang’s Consortium International Ltd.		68,888		13,025
CK Asset Holdings Ltd.		355,188		2,361,794
CSI Properties Ltd.		546,688		19,555
Emperor International Holdings Ltd.		68,889		16,633
Far East Consortium International Ltd.		128,272		59,484
Fortune Real Estate Investment Trust REIT (c)		157,800		173,368
Fullshare Holdings Ltd.*(b)		837,756		18,836
Gemdale Properties & Investment Corp. Ltd.		568,589		66,100
Hang Lung Group Ltd.		117,707		284,804
Hang Lung Properties Ltd.		257,764		528,189
Henderson Land Development Co. Ltd.		179,271		862,260
HKR International Ltd.		69,589		29,159
Hong Kong Ferry Holdings Co. Ltd.		26,328		23,544
Hongkong Land Holdings Ltd.		158,087		869,479
Hysan Development Co. Ltd.		85,408		321,872
Joy City Property Ltd.		623,206		66,080
K Wah International Holdings Ltd.		146,610		80,350
Kerry Properties Ltd.		81,806		263,882
Kowloon Development Co. Ltd.		41,219		49,182
Lai Sun Development Co. Ltd.		17,790		24,591


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Hong Kong (Continued)
Lai Sun Garment International Ltd.		8,612	$	11,002
Landing International Development Ltd.*		150,499		14,804
Langham Hospitality Investments and Langham Hospitality Investments Ltd (a)		90,652		25,825
Link REIT		285,903		2,921,943
New World Development Co. Ltd.		770,046		1,005,381
Poly Property Group Co. Ltd.		258,340		92,409
Prosperity REIT		155,503		59,001
Regal Real Estate Investment Trust REIT		82,015		19,698
Safety Godown Co. Ltd.		7,356		11,653
SEA Holdings Ltd.		17,550		16,658
Shenzhen Investment Ltd.		376,935		148,313
Sino Land Co. Ltd.		432,662		648,903
Sun Hung Kai Properties Ltd.		211,180		3,072,837
Sunlight Real Estate Investment Trust REIT		133,388		85,202
Swire Properties Ltd.		144,857		450,611
TAI Cheung Holdings Ltd.		32,700		26,109
Wang On Properties Ltd. (b)		436,934		48,004
Wharf Real Estate Investment Co. Ltd.		154,916		859,902
Wheelock & Co. Ltd.		104,451		649,170
YT Realty Group Ltd.		74,218		20,954
Yuexiu Property Co. Ltd.		882,011		188,171

				20,998,978

India — 0.8%
Brigade Enterprises Ltd.		25,405		72,598
DLF Ltd.		134,308		411,326
Godrej Properties Ltd.*		15,257		193,282
Housing Development & Infrastructure Ltd.*		35,478		1,830
Indiabulls Real Estate Ltd.*		37,986		36,033
Oberoi Realty Ltd.		19,179		138,193
Omaxe Ltd.		23,465		59,352
Prestige Estates Projects Ltd.		22,727		96,246
Sobha Ltd.		8,275		47,848
Sunteck Realty Ltd.		9,822		53,452
Unitech Ltd.*		547,747		9,544

				1,119,704

Indonesia — 0.4%
Ayana Land International PT*		623,131		28,937
PT Alam Sutera Realty Tbk*		1,479,950		25,182
PT Bumi Serpong Damai Tbk*		1,311,376		116,215
PT Ciputra Development Tbk		1,378,320		98,207
PT City Retail Developments Tbk*		2,725,854		26,476
PT Jaya Real Property Tbk		443,678		17,300
PT Jaya Sukses Makmur Sentosa Tbk*		210,038		9,456
PT Lippo Cikarang Tbk*		166,653		11,874
PT Lippo Karawaci Tbk*		6,790,385		117,466
PT PP Properti Tbk		3,230,250		14,199
PT Puradelta Lestari Tbk		1,202,301		27,618
PT Sanurhasta Mitra Tbk*		223,806		13,963
PT Sitara Propertindo Tbk*		1,107,019		55,724
PT Summarecon Agung Tbk		1,215,817		87,921

				650,538


	Number of Shares		Value
Ireland — 0.1%
Hibernia REIT PLC REIT		98,218	$	157,894

Israel — 1.5%
ADO Group Ltd.*		1,002		28,335
AFI Properties Ltd.*		2,119		75,659
Airport City Ltd.*		10,216		194,216
Alony Hetz Properties & Investments Ltd.		17,739		265,617
Alrov Properties and Lodgings Ltd.		756		33,660
Amot Investments Ltd.		22,052		163,066
Arad Investment & Industrial Development Ltd.		214		18,976
Ashtrom Properties Ltd.		5,651		35,729
Azrieli Group Ltd.		4,948		386,560
Bayside Land Corp.		135		93,875
Big Shopping Centers Ltd.		700		69,474
Blue Square Real Estate Ltd.		700		37,621
Gazit-Globe Ltd.		11,442		123,847
Industrial Buildings Corp. Ltd.*		49,286		131,662
Israel Canada T.R Ltd.		11,631		21,039
Isras Investment Co. Ltd.		201		46,200
Melisron Ltd.		2,499		161,602
Norstar Holdings, Inc.		1,598		32,816
Property & Building Corp. Ltd.		300		32,472
Reit 1 Ltd. REIT		24,828		158,837
Sella Capital Real Estate Ltd. REIT		25,973		77,842
Summit Real Estate Holdings Ltd.		5,056		66,207
Villar International Ltd.		600		22,512

				2,277,824

Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA REIT		7,193		51,076

Japan — 22.4%
Activia Properties, Inc. REIT (b)		96		495,297
Advance Residence Investment Corp. REIT		188		606,867
Aeon Mall Co. Ltd.		12,700		203,993
AEON REIT Investment Corp. REIT		200		278,331
Comforia Residential REIT, Inc. REIT		84		268,469
Daibiru Corp.		8,500		90,426
Daito Trust Construction Co. Ltd.		9,800		1,197,818
Daiwa House REIT Investment Corp. REIT		263		719,041
Daiwa Office Investment Corp. REIT		34		255,210
Frontier Real Estate Investment Corp. REIT		72		312,958
Fukuoka REIT Corp. REIT		97		165,018
Global One Real Estate Investment Corp. REIT		123		163,648
GLP J REIT		513		682,064
Goldcrest Co. Ltd.		2,000		39,558
Hankyu Hanshin REIT, Inc. REIT		100		157,611
Heiwa Real Estate Co. Ltd.		6,000		144,151
Heiwa Real Estate REIT, Inc. REIT		114		145,636
Hoshino Resorts REIT, Inc. REIT		23		121,185
Hulic Co. Ltd.		71,500		803,730


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Hulic Reit, Inc. REIT		163	$	300,667
Ichigo Office REIT Investment REIT		200		211,488
Industrial & Infrastructure Fund Investment Corp. REIT		220		343,932
Invesco Office J-Reit, Inc. REIT		1,177		228,607
Invincible Investment Corp. REIT		821		488,057
Japan Excellent, Inc. REIT		174		293,946
Japan Hotel REIT Investment Corp. REIT		602		493,100
Japan Logistics Fund, Inc. REIT		115		294,247
Japan Prime Realty Investment Corp. REIT		118		537,147
Japan Real Estate Investment Corp. REIT		190		1,292,576
Japan Rental Housing Investments, Inc. REIT		216		214,402
Japan Retail Fund Investment Corp. REIT		366		833,201
Kenedix Office Investment Corp. REIT		67		507,196
Kenedix Residential Next Investment Corp. REIT		116		225,305
Kenedix Retail REIT Corp. REIT		76		195,153
LaSalle Logiport REIT		171		261,083
Leopalace21 Corp.*(b)		30,100		78,610
LIFULL Co. Ltd. (b)		10,000		54,424
MCUBS MidCity Investment Corp. REIT		210		226,856
Mirai Corp. REIT		207		116,061
Mitsubishi Estate Co. Ltd.		188,600		3,455,629
Mitsui Fudosan Co. Ltd.		133,100		3,309,573
Mitsui Fudosan Logistics Park, Inc. REIT		37		164,035
Mori Hills REIT Investment Corp. REIT		206		333,708
Mori Trust Sogo Reit, Inc. REIT		120		215,542
Nippon Accommodations Fund, Inc. REIT		74		464,907
Nippon Building Fund, Inc. REIT		193		1,448,690
Nippon Prologis REIT, Inc. REIT		281		753,627
NIPPON REIT Investment Corp. REIT		70		309,698
Nomura Real Estate Holdings, Inc.		17,900		432,339
Nomura Real Estate Master Fund, Inc. REIT		613		1,118,413
Open House Co. Ltd.		8,800		235,368
Orix JREIT, Inc. REIT		378		830,834
Premier Investment Corp. REIT		186		277,531
Relo Group, Inc.		16,900		447,076
Sekisui House Reit, Inc. REIT		588		519,755
Starts Corp., Inc.		4,100		99,290
Sumitomo Realty & Development Co. Ltd.		64,100		2,232,466
Takara Leben Co. Ltd.		11,300		50,149
TOC Co. Ltd.		7,000		56,059
Tokyo Tatemono Co. Ltd.		29,300		445,747
Tokyu Fudosan Holdings Corp.		83,900		575,371
Tokyu REIT, Inc. REIT		120		229,239
United Urban Investment Corp. REIT		410		797,461
Unizo Holdings Co. Ltd.		3,600		161,246

				33,010,822

Jersey Island — 0.1%
Atrium European Real Estate Ltd.*		18,700		73,402


	Number of Shares		Value
Luxembourg — 0.9%
Aroundtown SA		120,617	$	1,048,246
Grand City Properties SA		14,075		326,833

				1,375,079

Malaysia — 0.5%
Axis Real Estate Investment Trust REIT		84,489		36,009
Capitaland Malaysia Mall Trust REIT		63,600		15,837
Eastern & Oriental Bhd		98,800		13,247
Eco World Development Group Bhd*		73,300		11,320
Eco World International Bhd*		47,900		10,551
IGB Bhd		18,633		14,366
IGB Real Estate Investment Trust REIT		204,000		93,782
IOI Properties Group Bhd		209,625		57,720
KLCCP Stapled Group (a)		30,100		57,656
KSL Holdings Bhd*		28,800		5,275
Land & General Bhd		129,400		4,493
LBS Bina Group Bhd		62,300		7,384
Mah Sing Group Bhd		78,300		13,030
Matrix Concepts Holdings Bhd		58,196		26,336
MKH Bhd		19,200		6,896
MRCB-QUILL REIT		64,100		15,348
Paramount Corp. Bhd		27,440		8,147
Pavilion Real Estate Investment Trust REIT		54,400		23,445
Sime Darby Property Bhd		343,146		64,496
SP Setia Bhd Group		134,505		41,867
Sunway Bhd		248,061		104,534
Sunway Real Estate Investment Trust REIT		126,600		56,381
Tropicana Corp. Bhd		29,561		6,582
UEM Sunrise Bhd*		83,100		14,127
UOA Development Bhd		41,200		19,828
YNH Property Bhd*		50,100		30,709
YTL Hospitality REIT		93,800		30,320

				789,686

Mexico — 1.1%
CFE Capital S de RL de CV REIT		121,258		176,925
Corp. Inmobiliaria Vesta SAB de CV		77,057		130,249
Fibra Uno Administracion SA de CV REIT		536,424		821,460
Macquarie Mexico Real Estate Management SA de CV REIT, 144A		108,516		151,267
PLA Administradora Industrial S de RL de CV REIT		105,221		171,920
Prologis Property Mexico SA de CV REIT		48,412		102,952

				1,554,773

Netherlands — 0.1%
Wereldhave NV REIT (b)		5,456		130,543

New Zealand — 0.6%
Argosy Property Ltd.		116,512		105,453
Goodman Property Trust REIT		143,394		196,515
Kiwi Property Group Ltd.		198,477		201,296
Precinct Properties New Zealand Ltd.		138,571		161,442
Property for Industry Ltd.		70,267		105,770
Vital Healthcare Property Trust REIT		50,822		87,265

				857,741


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Norway — 0.3%
Entra ASA, 144A		19,145	$	291,033
Norwegian Property ASA		31,272		47,199
Olav Thon Eiendomsselskap ASA		4,205		71,867
Selvaag Bolig ASA		6,045		41,680

				451,779

Philippines — 2.6%
8990 Holdings, Inc.*		96,600		28,249
Altus San Nicolas Corp.*(c)		2,036		208
Ayala Corp.		40,255		638,503
Ayala Land, Inc.		1,061,396		950,379
Belle Corp.		508,000		20,394
DoubleDragon Properties Corp.*		80,770		31,154
Filinvest Development Corp.		106,640		28,079
Filinvest Land, Inc.		1,119,000		33,913
GT Capital Holdings, Inc.		12,941		227,801
Megaworld Corp.		1,764,600		153,836
Robinsons Land Corp.		158,961		81,960
SM Prime Holdings, Inc.		1,989,357		1,526,811
Vista Land & Lifescapes, Inc.		541,700		81,018

				3,802,305

Poland — 0.1%
Atal SA		771		7,274
Develia SA		63,044		40,299
Dom Development SA		1,100		26,775
Echo Investment SA		25,535		30,817
Globe Trade Centre SA		25,244		60,414
MLP Group SA*		1,310		16,614

				182,193

Romania — 0.3%
NEPI Rockcastle PLC		46,218		391,180

Russia — 0.1%
PIK Group PJSC		36,260		217,605

Singapore — 6.3%
AIMS APAC REIT		69,900		73,097
Ascendas Hospitality Trust		100,000		82,636
Ascendas India Trust		100,900		114,370
Ascendas Real Estate Investment Trust REIT (a)		388,874		847,449
Ascott Residence Trust REIT		159,200		157,168
Bukit Sembawang Estates Ltd.		21,100		74,528
Cache Logistics Trust REIT		139,800		73,097
CapitaLand Commercial Trust REIT		357,720		525,809
CapitaLand Ltd.		456,651		1,228,912
CapitaLand Mall Trust REIT		355,101		654,397
CapitaLand Retail China Trust REIT		98,041		113,997
CDL Hospitality Trusts (a)		100,100		118,587
City Developments Ltd.		62,498		472,580
Cromwell European Real Estate Investment Trust REIT		154,400		87,674
ESR REIT		261,785		102,421
Far East Hospitality Trust (a)		119,800		64,830
First Real Estate Investment Trust REIT		70,500		53,102
Frasers Centrepoint Trust REIT		93,100		187,909
Frasers Commercial Trust REIT (c)		109,900		134,216


	Number of Shares		Value
Singapore (Continued)
Frasers Hospitality Trust (a)		100,000	$	51,921
Frasers Logistics & Industrial Trust REIT		219,147		198,722
Frasers Property Ltd.		50,000		62,891
GuocoLand Ltd.		40,000		59,381
Ho Bee Land Ltd.		29,900		51,821
Keppel REIT		249,900		224,781
Keppel DC REIT		162,955		238,334
Keppel Pacific Oak US REIT		70,097		53,975
Lippo Malls Indonesia Retail Trust REIT		229,900		40,350
Manulife US Real Estate Investment Trust REIT		187,326		180,770
Mapletree Commercial Trust REIT		268,870		464,027
Mapletree Industrial Trust REIT		186,588		342,488
Mapletree Logistics Trust REIT		338,200		417,974
Mapletree North Asia Commercial Trust REIT		290,000		250,247
OUE Commercial Real Estate Investment Trust REIT		387,439		158,665
Parkway Life Real Estate Investment Trust REIT		50,100		119,072
Prime US REIT*		102,900		101,356
Soilbuild Business Space REIT		128,536		49,348
SPH REIT		119,900		92,942
Starhill Global REIT		190,000		100,040
Suntec Real Estate Investment Trust REIT		262,200		352,808
United Industrial Corp. Ltd.		28,000		59,790
UOL Group Ltd.		64,717		367,256
Wing Tai Holdings Ltd.		66,300		95,029
Yanlord Land Group Ltd.		77,700		66,481

				9,367,248

South Africa — 1.1%
Attacq Ltd. REIT		89,072		78,112
Equites Property Fund Ltd. REIT		60,620		83,237
Fortress REIT Ltd., Class B REIT		135,857		74,915
Growthpoint Properties Ltd. REIT		342,974		533,900
Hyprop Investments Ltd. REIT		32,072		129,006
Redefine Properties Ltd. REIT (b)		695,144		390,434
Resilient REIT Ltd. REIT		39,188		178,383
SA Corporate Real Estate Ltd. REIT		269,420		59,389
Vukile Property Fund Ltd. REIT		110,530		148,600

				1,675,976

South Korea — 0.1%
Korea Asset In Trust Co. Ltd.		7,179		21,546
Korea Real Estate Investment & Trust Co. Ltd.		19,281		35,178
Shinhan Alpha REIT Co. Ltd. REIT		4,676		32,819
SK D&D Co. Ltd.		990		24,768

				114,311

Spain — 1.0%
Aedas Homes SAU, 144A*		3,198		72,991
Inmobiliaria Colonial Socimi SA REIT		36,202		457,042
Lar Espana Real Estate Socimi SA REIT		11,734		101,951
Merlin Properties Socimi SA REIT		49,768		711,719


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Spain (Continued)
Neinor Homes SA, 144A*(b)		7,605	$	96,179

				1,439,882

Sweden — 3.8%
Atrium Ljungberg AB, Class B		6,492		140,391
Castellum AB		34,926		747,986
Catena AB		3,198		132,301
Corem Property Group AB, Class B		20,264		50,807
Dios Fastigheter AB		12,134		104,580
Fabege AB		37,735		590,142
Fastighets AB Balder, Class B*		13,226		551,305
FastPartner AB*		7,051		69,242
Heba Fastighets AB, Class B		5,043		42,990
Hembla AB*		5,035		112,828
Hemfosa Fastigheter AB (b)		22,816		278,402
Hufvudstaden AB, Class A		16,339		297,689
JM AB		7,515		205,694
Klovern AB, Class B		63,845		124,460
Kungsleden AB		24,677		236,274
L E Lundbergforetagen AB, Class B		10,153		402,635
Nyfosa AB*		23,627		178,459
Pandox AB		11,097		241,714
Platzer Fastigheter Holding AB, Class B		8,507		96,871
Sagax AB, Class B		19,646		260,656
Sagax AB, Class D		13,334		48,894
Wallenstam AB, Class B		27,782		314,908
Wihlborgs Fastigheter AB		18,588		311,478

				5,540,706

Switzerland — 1.6%
Allreal Holding AG*		1,945		372,515
Mobimo Holding AG*		900		258,468
PSP Swiss Property AG		4,905		638,556
Swiss Prime Site AG		10,277		1,085,957

				2,355,496

Taiwan — 0.9%
Cathay No. 1 REIT		201,502		115,972
Cathay No. 2 REIT		106,706		60,504
Cathay Real Estate Development Co. Ltd.		73,712		50,252
Chong Hong Construction Co. Ltd.		28,721		77,096
Farglory Land Development Co. Ltd.		26,524		33,252
Fubon No. 1 REIT		53,595		28,563
Fubon No. 2 REIT		76,146		34,541
Highwealth Construction Corp.		134,038		204,502
Hong Pu Real Estate Development Co. Ltd.		16,526		11,835
Huaku Development Co. Ltd.		34,625		106,676
Huang Hsiang Construction Corp.		10,500		13,009
Hung Sheng Construction Ltd.*		80,098		58,937
KEE TAI Properties Co. Ltd.		33,046		13,647
Kindom Development Co. Ltd.		32,703		33,174
Kuoyang Construction Co. Ltd.		58,046		28,252
O-Bank No1 Real Estate Investment Trust REIT		22,357		6,969
Prince Housing & Development Corp.		190,050		69,765
Radium Life Tech Co. Ltd.		70,559		27,173
Ruentex Development Co. Ltd.*		99,263		148,355


	Number of Shares		Value
Taiwan (Continued)
Shin Kong No.1 REIT		143,639	$	83,800
Shining Building Business Co. Ltd.*		33,376		11,596
Sinyi Realty, Inc.		37,310		38,398
Taiwan Land Development Corp.*		79,569		22,637

				1,278,905

Thailand — 1.9%
Amata Corp. PCL, NVDR		129,800		91,065
Ananda Development PCL, NVDR		210,000		20,293
AP Thailand PCL, NVDR		320,500		72,654
Bangkok Land PCL, NVDR		1,843,600		78,704
Central Pattana PCL, NVDR		448,700		924,351
Frasers Property Thailand PCL, NVDR		39,900		19,939
Golden Land Property Development PCL, NVDR		174,300		48,741
Golden Ventures Leasehold Real Estate Investment Trust REIT*		12,700		6,725
Grand Canal Land PCL, NVDR*		228,900		18,029
IMPACT Growth Real Estate Investment Trust REIT		157,300		134,044
Land & Houses PCL, NVDR		1,130,200		366,541
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT		10,900		7,106
LPN Development PCL, NVDR		189,900		28,908
MBK PCL, NVDR		149,100		110,033
Noble Development PCL, NVDR		28,400		16,447
Origin Property PCL, NVDR		140,000		31,968
Platinum Group PCL, NVDR		240,000		34,152
Principal Capital PCL, NVDR*		229,800		34,374
Property Perfect PCL, NVDR		1,113,300		30,580
Pruksa Holding PCL, NVDR		110,000		56,424
Quality Houses PCL, NVDR		1,114,000		98,801
Sansiri PCL, NVDR		2,187,900		80,370
SC Asset Corp. PCL, NVDR		229,800		17,643
Siam Future Development PCL, NVDR		169,640		30,035
Singha Estate PCL, NVDR		459,600		44,717
Supalai PCL, NVDR		190,000		109,407
U City PCL, NVDR*		380,600		24,183
Univentures PCL, NVDR		80,000		16,679
WHA Corp. PCL, NVDR		1,126,400		157,307
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust, Class F REIT		199,900		113,123

				2,823,343

Turkey — 0.1%
AKIS Gayrimenkul Yatirimi AS REIT		21,984		14,660
Alarko Gayrimenkul Yatirim Ortakligi AS REIT		1,408		19,391
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		290,232		73,777
Is Gayrimenkul Yatirim Ortakligi AS REIT*		65,352		12,858
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT*		25,989		10,633
Yeni Gimat Gayrimenkul Ortakligi AS		18,157		39,169

				170,488


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
United Kingdom — 6.5%
Assura PLC REIT		336,859	$	330,282
Big Yellow Group PLC REIT		22,777		325,556
British Land Co. PLC REIT		120,782		899,270
Capital & Counties Properties PLC		86,756		272,019
Derwent London PLC REIT		14,373		687,513
Empiric Student Property PLC REIT		82,786		103,871
Grainger PLC		82,857		303,950
Great Portland Estates PLC REIT		31,862		342,402
Hammerson PLC REIT		104,606		402,135
Hansteen Holdings PLC REIT		58,207		78,001
Intu Properties PLC REIT*(b)		111,030		50,266
Land Securities Group PLC REIT		94,163		1,167,331
LondonMetric Property PLC REIT		115,663		347,993
Primary Health Properties PLC REIT		154,906		294,946
Safestore Holdings PLC REIT		29,098		284,546
Savills PLC		19,175		245,549
Segro PLC REIT		149,030		1,723,368
Shaftesbury PLC REIT		20,202		237,011
St. Modwen Properties PLC		26,642		157,489
Tritax Big Box REIT PLC REIT		233,640		447,881
UNITE Group PLC REIT		39,288		635,747
Workspace Group PLC REIT		17,040		244,878

				9,582,004

United States — 0.0%
Eagle Hospitality Trust REIT*		98,500		51,712

TOTAL COMMON STOCKS (Cost $142,342,152)				146,228,599

PREFERRED STOCKS — 0.1%
Sweden — 0.1%
Hemfosa Fastigheter AB		1,500		29,226
Klovern AB		2,299		87,664

				116,890

TOTAL PREFERRED STOCKS (Cost $113,617)				116,890

RIGHTS — 0.0%
Greece — 0.0%
LAMDA Development SA*, expires 12/16/19		5,354		3,592

Thailand — 0.0%
Property Perfect PCL, NVDR*, expires 12/31/19 (c)		118,087		0

TOTAL RIGHTS (Cost $0)				3,592

WARRANTS — 0.0%
Malaysia — 0.0%
Paramount Corp. Bhd*, expires 7/28/24 (Cost $0)		7,840		319


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 0.3%
iShares Global REIT ETF (b)		1,500	$	42,540
Vanguard Global ex-U.S. Real Estate ETF		8,138		492,023

TOTAL EXCHANGE-TRADED FUNDS (Cost $527,281)				534,563

SECURITIES LENDING COLLATERAL — 1.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) (Cost $1,429,000)		1,429,000		1,429,000

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) (Cost $147,430)		147,430		147,430


TOTAL INVESTMENTS — 100.6% (Cost $144,559,480)			$	148,460,393
Other assets and liabilities, net — (0.6%)				(880,325	)

NET ASSETS — 100.0%			$	147,580,068


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
SECURITIES LENDING COLLATERAL — 1.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e)
		412,237		1,016,763	(f)		—			—		—		7,583		—		1,429,000		1,429,000

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 1.58% (d)
		76,925		14,506,331			(14,435,826	)		—		—		2,731		—		147,430		147,430

		489,162		15,523,094			(14,435,826	)		—		—		10,314		—		1,576,430		1,576,430

*	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, 2019 amounted to $1,840,158, which is 1.2% of net assets.

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $631,803.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

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.

At November 30, 2019, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount

Contract
Value

Expiration
Date

Unrealized
Appreciation

MSCI EAFE Futures

USD

479,735

$494,325

12/20/2019

14,590

Currency Abbreviations

USD

U.S. Dollar


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2019 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (h)	$	145,920,807	$	—	$	307,792	$	146,228,599
Preferred Stocks		116,890		—		—		116,890
Rights (h)		3,592		—		0		3,592
Warrants		319		—		—		319
Exchange-Traded Funds		534,563		—		—		534,563
Short-Term Investments (h)		1,576,430		—		—		1,576,430
Derivatives (i)
Futures Contracts		14,590		—		—		14,590

TOTAL	$	148,167,191	$	—	$	307,792	$	148,474,983

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

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

During the period ended November 30, 2019, the amount of transfers from Level 1 to Level 3 was $168,093 and between Level 3 and Level 1 was $6,381. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.0%
Communication Services — 8.1%
Akatsuki, Inc.		100	$	5,853
Capcom Co. Ltd.		700		16,792
COLOPL, Inc.		500		5,666
CyberAgent, Inc.		900		31,066
Daiichikosho Co. Ltd.		300		14,848
DeNA Co. Ltd.		900		14,481
Dentsu, Inc.		1,600		58,004
Dip Corp.		300		8,588
GungHo Online Entertainment, Inc.		440		9,466
Hakuhodo DY Holdings, Inc.		2,300		37,154
Kakaku.com, Inc.		1,200		28,940
KDDI Corp.		12,400		355,434
Konami Holdings Corp.		600		26,409
Mixi, Inc.		500		9,552
Nexon Co. Ltd.*		4,600		62,714
Nintendo Co. Ltd.		1,050		406,059
Nippon Telegraph & Telephone Corp.		8,400		423,950
Nippon Television Holdings, Inc.		1,500		19,697
NTT DOCOMO, Inc.		12,200		334,550
SoftBank Group Corp.		7,900		306,809
Square Enix Holdings Co. Ltd.		700		34,581
Toho Co. Ltd.		1,000		40,590
Z Holdings Corp.		22,600		77,803

				2,329,006

Consumer Discretionary — 15.3%
ABC-Mart, Inc.		300		19,971
Aisin Seiki Co. Ltd.		1,300		49,146
Bandai Namco Holdings, Inc.		1,700		103,031
Bic Camera, Inc.		800		8,730
Bridgestone Corp.		5,100		203,748
Casio Computer Co. Ltd.		1,400		26,681
Daikyonishikawa Corp.		600		4,613
Denso Corp.		3,700		165,150
Fast Retailing Co. Ltd.		220		133,977
Fujitsu General Ltd.		500		9,492
Goldwin, Inc.		300		21,669
Haseko Corp.		2,100		27,000
Hikari Tsushin, Inc.		200		46,608
Honda Motor Co. Ltd.		13,300		372,487
Iida Group Holdings Co. Ltd.		1,300		23,089
Isuzu Motors Ltd.		5,100		59,634
Izumi Co. Ltd.		400		15,414
J. Front Retailing Co. Ltd.		2,100		27,576
Koito Manufacturing Co. Ltd.		1,000		51,502
KOMEDA Holdings Co. Ltd.		300		5,830
K’s Holdings Corp.		1,500		18,437
Marui Group Co. Ltd.		1,400		33,674
Mazda Motor Corp.		5,200		46,060
McDonald’s Holdings Co. Japan Ltd.		700		34,581
NGK Spark Plug Co. Ltd.		1,400		28,010
Nifco, Inc.		700		19,240
Nikon Corp.		2,900		39,749
Nitori Holdings Co. Ltd.		700		109,625
Nojima Corp.		300		6,210
Oriental Land Co. Ltd.		1,700		235,106


	Number of Shares		Value
Consumer Discretionary (Continued)
PALTAC CORPORATION		300	$	14,848
Pan Pacific International Holdings Corp.		4,000		64,798
Panasonic Corp.		18,800		177,167
Pressance Corp.		400		6,414
Rakuten, Inc.		7,400		64,127
Resorttrust, Inc.		700		11,742
Rinnai Corp.		300		23,012
Ryohin Keikaku Co. Ltd.		2,300		52,360
Sekisui Chemical Co. Ltd.		3,500		60,885
Sekisui House Ltd.		5,700		123,098
Seria Co. Ltd.		400		10,523
Shimamura Co. Ltd.		200		16,035
Shimano, Inc.		600		96,977
Skylark Holdings Co. Ltd.		1,700		33,966
Sony Corp.		7,200		453,920
Stanley Electric Co. Ltd.		1,100		30,436
Starts Corp., Inc.		200		4,843
Subaru Corp.		5,200		136,114
Sumitomo Electric Industries Ltd.		6,100		91,018
Sumitomo Forestry Co. Ltd.		1,400		20,225
Sumitomo Rubber Industries Ltd.		1,500		19,053
Suzuki Motor Corp.		3,300		146,332
T-Gaia Corp.		100		2,390
Tomy Co. Ltd.		600		7,298
Topre Corp.		500		7,853
Toyoda Gosei Co. Ltd.		600		14,010
Toyota Boshoku Corp.		600		9,440
Toyota Industries Corp.		1,400		82,203
Toyota Motor Corp.		6,446		449,590
TPR Co. Ltd.		400		7,594
TS Tech Co. Ltd.		400		12,419
United Arrows Ltd.		200		6,009
USS Co. Ltd.		1,900		36,817
Workman Co. Ltd.		200		16,546
Yamaha Corp.		1,000		55,063
Yamaha Motor Co. Ltd.		2,200		45,945
Yokohama Rubber Co. Ltd.		900		18,533
Zensho Holdings Co. Ltd.		700		15,967
ZOZO, Inc.		1,600		31,836

				4,423,446

Consumer Staples — 9.1%
Aeon Co. Ltd.		6,400		130,501
Ain Holdings, Inc.		200		12,419
Ajinomoto Co., Inc.		3,600		59,962
Ariake Japan Co. Ltd.		200		14,263
Asahi Group Holdings Ltd.		3,600		173,113
Calbee, Inc.		800		25,751
Cosmos Pharmaceutical Corp.		100		20,162
Create SD Holdings Co. Ltd. (a)		300		7,243
Ezaki Glico Co. Ltd.		500		22,920
FamilyMart Co. Ltd.		1,300		30,675
Japan Tobacco, Inc.		9,700		220,954
Kao Corp.		4,000		314,565
Kewpie Corp.		800		17,774
Kikkoman Corp.		1,200		60,268
Kirin Holdings Co. Ltd.		7,100		157,093


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Consumer Staples (Continued)
Kobayashi Pharmaceutical Co. Ltd.		500	$	41,001
Kobe Bussan Co. Ltd.		600		18,601
Kose Corp.		300		47,749
Kusuri no Aoki Holdings Co. Ltd.		200		15,213
Lawson, Inc.		400		21,770
Lion Corp.		2,200		44,297
Maruha Nichiro Corp.		300		7,912
Matsumotokiyoshi Holdings Co. Ltd.		700		26,719
MEIJI Holdings Co. Ltd.		1,100		74,733
Morinaga & Co. Ltd.		400		20,382
NH Foods Ltd.		700		29,340
Nichirei Corp.		900		20,899
Nippon Suisan Kaisha Ltd.		2,400		14,399
Nissin Foods Holdings Co. Ltd.		700		52,415
Pigeon Corp.		1,000		46,480
Pola Orbis Holdings, Inc.		800		19,710
Seven & i Holdings Co. Ltd.		6,500		242,051
Shiseido Co. Ltd.		3,300		238,211
Sugi Holdings Co. Ltd.		300		16,848
Sundrug Co. Ltd.		600		21,039
Suntory Beverage & Food Ltd.		1,100		47,713
Toyo Suisan Kaisha Ltd.		800		34,481
Tsuruha Holdings, Inc.		400		47,594
Unicharm Corp.		3,200		104,758
Welcia Holdings Co. Ltd.		500		30,636
Yakult Honsha Co. Ltd.		1,200		70,350
Yaoko Co. Ltd.		200		9,314

				2,632,278

Energy — 1.0%
Cosmo Energy Holdings Co. Ltd.		600		12,941
Idemitsu Kosan Co. Ltd.		1,900		51,842
Inpex Corp.		8,800		85,903
Iwatani Corp.		400		13,351
JXTG Holdings, Inc.		26,000		115,529
Modec, Inc.		200		4,518

				284,084

Financials — 10.4%
AEON Financial Service Co. Ltd.		900		13,601
Aozora Bank Ltd.		900		22,913
Chiba Bank Ltd.		5,500		31,340
Concordia Financial Group Ltd.		10,500		42,571
Dai-ichi Life Holdings, Inc.		9,400		151,330
Daiwa Securities Group, Inc.		12,800		64,871
Financial Products Group Co. Ltd.		300		2,986
Fuyo General Lease Co. Ltd.		200		13,204
Japan Exchange Group, Inc.		4,800		81,571
Matsui Securities Co. Ltd.		900		7,347
Mebuki Financial Group, Inc.		8,500		21,966
Mitsubishi UFJ Financial Group, Inc.		84,200		444,489
Mitsubishi UFJ Lease & Finance Co. Ltd.		4,100		26,320
Mizuho Financial Group, Inc.		226,000		349,185
MS&AD Insurance Group Holdings, Inc.		4,400		142,274
Nomura Holdings, Inc.		29,200		149,506
Orient Corp.		4,400		6,388
ORIX Corp.		10,400		170,231


	Number of Shares		Value
Financials (Continued)
Resona Holdings, Inc.		17,800	$	75,436
SBI Holdings, Inc.		1,900		39,437
Seven Bank Ltd.		5,100		15,788
Shinsei Bank Ltd.		1,100		17,307
Sompo Holdings, Inc.		3,100		122,177
Sony Financial Holdings, Inc.		1,300		30,153
Sumitomo Mitsui Financial Group, Inc.		11,200		407,970
Sumitomo Mitsui Trust Holdings, Inc.		3,200		122,349
T&D Holdings, Inc.		5,100		59,984
Tokio Marine Holdings, Inc.		5,900		320,672
Tokyo Century Corp.		400		21,331
Zenkoku Hosho Co. Ltd.		500		20,044

				2,994,741

Health Care — 10.1%
Alfresa Holdings Corp.		1,700		35,099
Asahi Intecc Co. Ltd.		1,900		55,347
Astellas Pharma, Inc.		14,800		252,388
Chugai Pharmaceutical Co. Ltd.		1,800		157,103
Daiichi Sankyo Co. Ltd.		4,800		300,773
Eisai Co. Ltd.		2,000		148,114
Hisamitsu Pharmaceutical Co., Inc.		500		24,518
Hoya Corp.		3,400		310,163
Japan Lifeline Co. Ltd.		400		5,563
Kaken Pharmaceutical Co. Ltd.		300		16,136
Kyowa Kirin Co. Ltd.		1,700		36,062
M3, Inc.		3,500		96,201
Medipal Holdings Corp.		1,800		38,594
Mitsubishi Tanabe Pharma Corp.		2,000		36,581
Nihon Kohden Corp.		800		21,675
Nippon Shinyaku Co. Ltd.		400		36,088
Olympus Corp.		9,300		137,916
Ono Pharmaceutical Co. Ltd.		3,800		85,189
Otsuka Holdings Co. Ltd.		3,200		139,501
PeptiDream, Inc.*		800		36,745
Santen Pharmaceutical Co. Ltd.		3,100		58,031
Sawai Pharmaceutical Co. Ltd.		400		23,596
Shionogi & Co. Ltd.		2,200		129,336
Ship Healthcare Holdings, Inc.		300		12,451
Sumitomo Dainippon Pharma Co. Ltd.		1,200		22,650
Sysmex Corp.		1,200		83,138
Takeda Pharmaceutical Co. Ltd.		10,800		439,357
Terumo Corp.		4,700		164,850

				2,903,165

Industrials — 23.2%
AGC, Inc.		1,600		58,369
Aica Kogyo Co. Ltd.		500		15,912
Amada Holdings Co. Ltd.		2,500		27,851
ANA Holdings, Inc.		2,900		98,697
Benefit One, Inc.		600		13,078
Central Japan Railway Co.		1,400		282,467
COMSYS Holdings Corp.		900		26,011
Daifuku Co. Ltd.		900		52,351
Daikin Industries Ltd.		2,200		316,309
DMG Mori Co. Ltd.		900		14,234
East Japan Railway Co.		3,000		275,865


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Industrials (Continued)
en-japan, Inc.		300	$	13,999
FANUC Corp.		1,600		305,433
Fuji Electric Co. Ltd.		1,100		33,851
Furukawa Electric Co. Ltd.		500		13,743
Hankyu Hanshin Holdings, Inc.		2,100		90,129
Harmonic Drive Systems, Inc.		300		13,026
Hazama Ando Corp.		1,000		8,072
Hino Motors Ltd.		2,100		20,538
Hitachi Construction Machinery Co. Ltd.		800		21,083
Hitachi Transport System Ltd.		400		11,378
IHI Corp.		1,200		27,976
ITOCHU Corp.		11,500		250,772
Japan Airlines Co. Ltd.		2,900		90,090
Japan Airport Terminal Co. Ltd.		500		25,979
JTEKT Corp.		1,600		19,870
Kajima Corp.		4,200		55,343
Kanamoto Co. Ltd.		300		8,547
Kanematsu Corp.		800		10,213
Kawasaki Heavy Industries Ltd.		1,300		29,179
Keihan Holdings Co. Ltd.		900		43,969
Keio Corp.		900		57,693
Keisei Electric Railway Co. Ltd.		1,200		49,420
Kintetsu Group Holdings Co. Ltd.		1,600		90,439
Komatsu Ltd.		7,700		180,494
Kubota Corp.		8,800		135,684
Kumagai Gumi Co. Ltd.		300		8,849
Kyowa Exeo Corp.		800		20,820
Kyudenko Corp.		400		12,857
Maeda Corp.		1,300		11,657
Makita Corp.		2,200		72,724
Marubeni Corp.		17,200		126,939
Meitec Corp.		200		10,574
MINEBEA MITSUMI, Inc.		3,100		60,126
MISUMI Group, Inc.		2,000		49,493
Mitsubishi Corp.		11,700		306,202
Mitsubishi Electric Corp.		16,700		230,500
Mitsubishi Heavy Industries Ltd.		2,800		107,081
Mitsui & Co. Ltd.		14,600		258,576
MonotaRO Co. Ltd.		1,200		33,750
Nabtesco Corp.		900		27,614
Nagoya Railroad Co. Ltd.		1,700		54,100
NGK Insulators Ltd.		2,000		32,965
Nichias Corp.		500		11,953
Nidec Corp.		2,000		295,681
Nihon M&A Center, Inc.		1,200		39,942
Nippo Corp.		500		10,232
Nippon Express Co. Ltd.		600		38,024
Nippon Steel Trading Corp.		200		9,186
Nishimatsu Construction Co. Ltd.		400		8,723
Nissin Electric Co. Ltd.		300		3,145
NSK Ltd.		3,400		32,848
Obara Group, Inc.		100		3,534
Obayashi Corp.		5,200		55,082
Odakyu Electric Railway Co. Ltd.		2,500		61,433
OSG Corp.		900		18,352
Outsourcing, Inc.		900		9,846
Park24 Co. Ltd.		900		21,738


	Number of Shares		Value
Industrials (Continued)
Penta-Ocean Construction Co. Ltd.		2,300	$	13,253
Persol Holdings Co. Ltd.		1,600		29,411
Pilot Corp.		300		11,533
Recruit Holdings Co. Ltd.		11,500		416,063
Sankyu, Inc.		500		25,751
Sanwa Holdings Corp.		1,700		18,644
Secom Co. Ltd.		1,700		144,479
Seibu Holdings, Inc.		2,100		36,991
Shimizu Corp.		5,400		51,678
SMC Corp.		500		226,509
SMS Co. Ltd.		600		16,240
Sohgo Security Services Co. Ltd.		600		31,175
Sojitz Corp.		8,400		26,387
Sotetsu Holdings, Inc.		700		19,336
Sumitomo Corp.		10,500		158,109
Sumitomo Heavy Industries Ltd.		1,000		28,582
Sumitomo Mitsui Construction Co. Ltd.		900		4,931
Taisei Corp.		1,800		70,596
Takeuchi Manufacturing Co. Ltd.		300		4,627
TechnoPro Holdings, Inc.		300		19,943
THK Co. Ltd.		1,000		28,080
Tobu Railway Co. Ltd.		1,700		62,172
Toda Corp.		2,200		13,460
TOKAI Holdings Corp.		800		7,882
Tokyu Construction Co. Ltd.		500		3,557
Tokyu Corp.		4,300		84,775
TOTO Ltd.		1,200		52,488
Toyota Tsusho Corp.		1,800		62,871
UT Group Co. Ltd.		200		5,662
West Japan Railway Co.		1,500		132,002
Yamato Holdings Co. Ltd.		2,800		47,864

				6,687,661

Information Technology — 11.4%
Advantest Corp.		1,300		63,510
Alps Alpine Co. Ltd.		1,500		33,846
Azbil Corp.		1,000		28,308
Brother Industries Ltd.		2,200		43,594
Canon, Inc.		9,000		249,018
Daiwabo Holdings Co. Ltd.		100		4,940
Digital Garage, Inc.		300		11,396
Disco Corp.		200		43,138
Elecom Co. Ltd.		200		7,543
Fujitsu Ltd.		1,600		145,389
GMO Payment Gateway, Inc.		300		21,258
Hamamatsu Photonics KK		1,100		44,548
Hirose Electric Co. Ltd.		305		37,488
Hitachi High-Technologies Corp.		600		39,120
Hitachi Ltd.		8,100		318,053
Horiba Ltd.		300		19,697
Itochu Techno-Solutions Corp.		800		21,353
Keyence Corp.		1,300		444,453
Konica Minolta, Inc.		3,300		21,606
Kyocera Corp.		2,400		163,207
Lasertec Corp.		300		25,888
Murata Manufacturing Co. Ltd.		4,900		283,861
NEC Corp.		2,000		79,901


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Information Technology (Continued)
Nihon Unisys Ltd.		500	$	16,072
Nomura Research Institute Ltd.		2,700		56,929
NS Solutions Corp.		300		10,383
NTT Data Corp.		4,500		61,310
Obic Co. Ltd.		600		79,609
Omron Corp.		1,500		88,074
Oracle Corp.		300		27,587
Otsuka Corp.		900		36,038
Renesas Electronics Corp.*		7,900		51,436
SCREEN Holdings Co. Ltd.		300		20,902
SCSK Corp.		400		20,930
Seiko Epson Corp.		2,100		31,948
Shimadzu Corp.		2,000		60,177
SUMCO Corp.		2,000		30,883
Taiyo Yuden Co. Ltd.		700		18,320
TDK Corp.		800		84,084
TIS, Inc.		600		35,613
Tokyo Electron Ltd.		1,100		227,011
Tokyo Seimitsu Co. Ltd.		300		10,766
Toshiba TEC Corp.		200		8,109
Trend Micro, Inc.		700		37,777
Ulvac, Inc. (a)		300		11,793
V Technology Co. Ltd.		100		5,415
Yaskawa Electric Corp.		1,900		69,747
Yokogawa Electric Corp.		1,600		29,265

				3,281,293

Materials — 5.7%
Air Water, Inc.		1,200		19,264
Asahi Kasei Corp.		11,000		123,500
Daicel Corp.		2,400		23,581
Denka Co. Ltd.		700		20,838
DIC Corp.		700		18,985
Dowa Holdings Co. Ltd.		400		14,300
Hitachi Chemical Co. Ltd.		800		28,783
Hitachi Metals Ltd.		1,600		22,383
JFE Holdings, Inc.		4,600		58,597
JSR Corp.		1,600		28,301
Kansai Paint Co. Ltd.		1,700		42,814
Kuraray Co. Ltd.		2,800		33,827
Mitsubishi Chemical Holdings Corp.		10,900		80,792
Mitsubishi Gas Chemical Co., Inc.		1,400		21,887
Mitsui Chemicals, Inc.		1,400		33,533
Nippon Light Metal Holdings Co. Ltd.		4,500		9,164
Nippon Paint Holdings Co. Ltd.		1,400		74,660
Nippon Steel Corp.		7,600		111,422
Nissan Chemical Corp.		900		35,627
Nitto Denko Corp.		1,200		67,282
NOF Corp.		700		23,363
Oji Holdings Corp.		6,800		38,809
Shin-Etsu Chemical Co. Ltd.		2,900		310,100
Showa Denko KK (a)		1,200		32,030
Sumitomo Chemical Co. Ltd.		12,800		57,741
Sumitomo Metal Mining Co. Ltd.		2,300		69,645
Taiheiyo Cement Corp.		1,000		28,901
Taiyo Nippon Sanso Corp.		1,400		31,155
Teijin Ltd.		1,200		22,562


	Number of Shares		Value
Materials (Continued)
Tokai Carbon Co. Ltd.		1,700	$	16,703
Tokuyama Corp.		500		13,487
Toray Industries, Inc.		12,000		79,335
Tosoh Corp.		2,500		37,211
Ube Industries Ltd.		900		19,322

				1,649,904

Real Estate — 3.4%
Aeon Mall Co. Ltd.		900		14,456
Daito Trust Construction Co. Ltd.		600		73,336
Daiwa House Industry Co. Ltd.		5,300		162,083
Hulic Co. Ltd.		3,400		38,219
Ichigo, Inc.		2,100		8,342
Mitsubishi Estate Co. Ltd.		11,500		210,709
Mitsui Fudosan Co. Ltd.		8,300		206,382
Nomura Real Estate Holdings, Inc.		1,100		26,568
Open House Co. Ltd.		600		16,048
Relo Group, Inc.		900		23,809
Sumitomo Realty & Development Co. Ltd.		3,700		128,863
Tokyo Tatemono Co. Ltd.		1,800		27,384
Tokyu Fudosan Holdings Corp.		4,600		31,546

				967,745

Utilities — 1.3%
Chubu Electric Power Co., Inc.		5,100		71,067
Electric Power Development Co. Ltd.		1,200		28,764
Kansai Electric Power Co., Inc.		6,400		72,936
Kyushu Electric Power Co., Inc.		3,300		29,049
Osaka Gas Co. Ltd.		3,200		59,962
Tohoku Electric Power Co., Inc.		4,200		41,613
Tokyo Gas Co. Ltd.		3,300		79,690

				383,081

TOTAL COMMON STOCKS (Cost $28,270,449)				28,536,404

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (b)(c) (Cost $31,943)		31,943		31,943

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 1.58% (b) (Cost $29,390)		29,390		29,390


TOTAL INVESTMENTS — 99.2% (Cost $28,331,782)			$	28,597,737
Other assets and liabilities, net — 0.8%				241,651

NET ASSETS — 100.0%			$	28,839,388


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (b)(c)
		90,435		—		(58,492	)(d)		—		—		2,472		—		31,943		31,943

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 1.58% (b)
		2,441		484,827		(457,878	)		—		—		271		—		29,390		29,390

		92,876		484,827		(516,370	)		—		—		2,743		—		61,333		61,333

*	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, 2019 amounted to $48,513, which is 0.2% 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $24,885.

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

At November 30, 2019, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount

Contract
Value

Expiration
Date

Unrealized
Appreciation

JPX-Nikkei 400 Index Futures

JPY

277,832

$290,713

12/12/2019

16,565

Currency Abbreviations

JPY

Japanese Yen

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (e)	$	28,536,404	$	—	$	—	$	28,536,404
Short-Term Investments (e)		61,333		—		—		61,333
Derivatives (f)
Futures Contracts		16,565		—		—		16,565

TOTAL	$	28,614,302	$	—	$	—	$	28,614,302

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

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


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Latin America Pacific Alliance ETF

November 30, 2019 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 93.7%
Canada — 0.6%
Canacol Energy Ltd.*		1,634	$	5,561
Pan American Silver Corp.		208		4,000
PetroTal Corp.*		4,311		1,310
Wheaton Precious Metals Corp.		155		4,259

				15,130

Chile — 16.6%
AES Gener SA		23,861		4,524
Aguas Andinas SA, Class A		22,489		9,169
Banco de Chile		389,893		39,476
Banco de Credito e Inversiones SA		422		18,817
Banco Santander Chile		566,311		30,157
Besalco SA		3,366		1,627
CAP SA		552		3,578
Cencosud SA		12,259		15,572
Cia Cervecerias Unidas SA		1,258		11,552
Cia Sud Americana de Vapores SA*		102,780		3,336
Colbun SA		65,848		9,352
Empresa Nacional de Telecomunicaciones SA*		1,283		7,761
Empresas CMPC SA		9,541		20,633
Empresas COPEC SA		3,698		29,330
Enel Americas SA		347,733		66,554
Enel Chile SA		238,961		17,884
Engie Energia Chile SA		4,562		5,654
Forus SA		816		1,163
Grupo Security SA		9,491		2,217
Inversiones Aguas Metropolitanas SA		3,524		3,385
Inversiones La Construccion SA		326		3,147
Itau CorpBanca		1,299,585		6,442
Latam Airlines Group SA		2,584		27,056
Parque Arauco SA		6,531		13,962
Ripley Corp. SA		7,210		2,998
SACI Falabella		7,390		29,580
Salfacorp SA		3,351		1,703
SMU SA		21,177		3,805
SONDA SA		4,143		3,513
Vina Concha y Toro SA		3,262		5,821

				399,768

Colombia — 9.3%
Banco de Bogota SA		266		6,529
Bancolombia SA		2,526		29,873
Bolsa de Valores de Colombia		457		1,600
Celsia SA ESP		5,522		6,918
Cementos Argos SA		5,210		9,165
CEMEX Latam Holdings SA*		1,998		2,534
Constructora Conconcreto SA*		3,266		415
Corp. Financiera Colombiana SA*		920		7,690
Ecopetrol SA		54,590		50,960
Grupo Argos SA		3,149		15,690
Grupo Aval Acciones y Valores SA		2,411		944
Grupo de Inversiones Suramericana SA		2,483		22,827
Grupo Energia Bogota SA ESP		30,384		18,923
Grupo Nutresa SA		2,365		17,380
Interconexion Electrica SA ESP		4,856		26,151


	Number of Shares		Value
Colombia (Continued)
Mineros SA		1,054	$	957
Promigas SA ESP		1,220		2,769
Tecnoglass, Inc.		170		1,362

				222,687

Mexico — 50.1%
Alfa SAB de CV, Class A		23,194		18,265
Alsea SAB de CV*		4,103		11,144
America Movil SAB de CV, Series L		261,240		200,897
Arca Continental SAB de CV		3,490		18,520
Axtel SAB de CV, Series CPO*		5,401		853
Banco del Bajio SA, 144A		5,350		8,314
Bolsa Mexicana de Valores SAB de CV		3,541		7,721
Cemex SAB de CV, Series CPO		116,634		42,754
Coca-Cola Femsa SAB de CV		3,994		22,964
Concentradora Fibra Danhos SA de CV REIT		2,278		3,355
Concentradora Fibra Hotelera Mexicana SA de CV REIT, 144A		6,896		3,249
Concentradora Hipotecaria SAPI de CV REIT		3,639		3,733
Consorcio ARA SAB de CV		5,450		1,134
Controladora Vuela Cia de Aviacion SAB de CV, Class A*		5,045		5,362
Corp. Inmobiliaria Vesta SAB de CV		4,740		8,012
Credito Real SAB de CV SOFOM ER		2,143		2,526
El Puerto de Liverpool SAB de CV, Class C1		1,490		7,366
Fibra Uno Administracion SA de CV REIT		24,523		37,554
Fomento Economico Mexicano SAB de CV		15,138		137,740
Genomma Lab Internacional SAB de CV, Class B*		5,419		5,065
Gentera SAB de CV		8,039		7,703
Gruma SAB de CV, Class B		1,570		15,857
Grupo Aeromexico SAB de CV*		2,940		2,323
Grupo Aeroportuario del Centro Norte SAB de CV		2,485		16,544
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,741		27,935
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,589		27,182
Grupo Bimbo SAB de CV, Series A		12,355		21,409
Grupo Carso SAB de CV, Series A1		3,471		11,631
Grupo Cementos de Chihuahua SAB de CV		1,440		7,573
Grupo Comercial Chedraui SA de CV		2,810		3,897
Grupo Financiero Banorte SAB de CV, Class O		20,021		105,661
Grupo Financiero Inbursa SAB de CV, Class O		17,671		21,027
Grupo GICSA SAB de CV*		5,299		1,771
Grupo Herdez SAB de CV		1,766		3,459
Grupo Mexico SAB de CV, Series B		27,021		70,761
Grupo Rotoplas SAB de CV*		1,262		1,172
Grupo Televisa SAB, Series CPO		18,524		40,409
Grupo Traxion SAB de CV, 144A*		1,400		990
Hoteles City Express SAB de CV*		3,136		2,571
Industrias Penoles SAB de CV		1,071		11,382
Infraestructura Energetica Nova SAB de CV		4,062		16,700


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Latin America Pacific Alliance ETF (Continued)

November 30, 2019 (Unaudited)


	Number of Shares		Value
Mexico (Continued)
Kimberly-Clark de Mexico SAB de CV, Class A*		11,588	$	22,249
La Comer SAB de CV*		4,326		5,746
Macquarie Mexico Real Estate Management SA de CV REIT, 144A		6,308		8,793
Megacable Holdings SAB de CV, Series CPO		2,485		8,821
Nemak SAB de CV, 144A		4,756		2,016
Orbia Advance Corp. SAB de CV		8,058		17,632
PLA Administradora Industrial S de RL de CV REIT		5,877		9,602
Prologis Property Mexico SA de CV REIT		3,021		6,424
Promotora y Operadora de Infraestructura SAB de CV		1,826		17,500
Qualitas Controladora SAB de CV		1,445		6,158
Regional SAB de CV		1,704		9,316
Telesites SAB de CV*		11,140		8,053
Unifin Financiera SAB de CV		1,041		1,595
Wal-Mart de Mexico SAB de CV		40,642		113,516

				1,201,906

Peru — 17.1%
Alicorp SAA		9,187		23,782
Banco BBVA Peru SA		6,157		6,085
Banco de Credito del Peru, Class C		2,635		4,069
Bolsa de Valores de Lima SAA, Class A		1,348		864
Casa Grande SAA		388		297
Cementos Pacasmayo SAA*		3,197		5,972
Cia de Minas Buenaventura SAA, ADR (a)		3,002		46,141
Corp. Aceros Arequipa SA		2,347		601
Credicorp Ltd.		932		196,829
Enel Distribucion Peru SAA		1,464		2,950
Ferreycorp SAA		14,022		8,827
Grana y Montero SAA*		9,526		4,035
Hochschild Mining PLC		3,416		7,202
InRetail Peru Corp., 144A		413		14,537
Intercorp Financial Services, Inc.		476		19,016
Luz del Sur SAA		1,294		9,132
Minsur SA		7,089		3,086
Refineria La Pampilla SAA Relapasa*		18,032		504
Sociedad Minera Cerro Verde SAA		287		5,169
Southern Copper Corp.		1,154		43,887
Union Andina de Cementos SAA		8,415		4,951
Volcan Cia Minera SAA*		33,234		3,353

				411,289

TOTAL COMMON STOCKS (Cost $2,332,426)				2,250,780

PREFERRED STOCKS — 6.1%
Chile — 1.3%
Embotelladora Andina SA, Class B		3,043		7,731
Sociedad Quimica y Minera de Chile SA, Class B		973		23,031

				30,762

Colombia — 4.7%
Banco Davivienda SA		1,136		14,182


	Number of Shares		Value
Colombia (Continued)
Bancolombia SA		4,976	$	61,191
Cementos Argos SA		2,412		3,655
Grupo Argos SA		2,275		8,611
Grupo Aval Acciones y Valores SA		42,300		16,983
Grupo de Inversiones Suramericana SA		1,288		9,919

				114,541

Panama — 0.1%
Avianca Holdings SA		3,864		1,951

TOTAL PREFERRED STOCKS (Cost $151,093)				147,254

RIGHTS — 0.1%
Canada — 0.1%
Pan American Silver Corp. CVR*, (b) (Cost $0)		1,874		1,793

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) (Cost $4,217)		4,217		4,217


TOTAL INVESTMENTS — 100.1% (Cost $2,487,736)			$	2,404,044
Other assets and liabilities, net — (0.1%)				(3,531	)

NET ASSETS — 100.0%			$	2,400,513


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Latin America Pacific Alliance ETF (Continued)

November 30, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:


	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2019		Value ($) at 11/30/2019
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d)
		1,320		—		(1,320	)(e)		—		—		8		—		—		—

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 1.58%(c)
		4,441		60,124		(60,348	)		—		—		28		—		4,217		4,217

		5,761		60,124		(61,668	)		—		—		36		—		4,217		4,217

*	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, 2019 amounted to $33,891, which is 1.4% of net assets.

(b)	Investment was valued using significant unobservable inputs.

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

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $33,668.

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019.

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

CVR:

Contingent Value Rights

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.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (f)	$	2,250,780	$	—	$	—	$	2,250,780
Preferred Stocks (f)		147,254		—		—		147,254
Rights		—		—		1,793		1,793
Short-Term Investments (f)		4,217		—		—		4,217

TOTAL	$	2,402,251	$	—	$	1,793	$	2,404,044

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


See Notes to Financial Statements.		29

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2019 (Unaudited)


	Xtrackers Eurozone Equity ETF			Xtrackers International Real Estate ETF		Xtrackers Japan JPX-Nikkei 400 Equity ETF			Xtrackers MSCI Latin America Pacific Alliance ETF
Assets
Investment in non-affiliated securities at value	$	5,696,090		$	146,883,963	$	28,536,404		$	2,399,827
Investment in affiliated securities at value		17,115			—		—			—
Investment in DWS Government Money Market Series		363			147,430		29,390			4,217
Investment in DWS Government & Agency Securities Portfolio*		56,596			1,429,000		31,943			—
Cash		—			1,199		452			3,766
Foreign currency at value		537			174,861		84,795			23,592
Deposit with broker for futures contracts		—			22,500		8,084			—
Receivables:
Investment securities sold		—			—		—			1,823
Dividends		705			351,966		184,118			675
Interest		—			360		36			2
Securities lending income		81			2,969		190			3
Foreign tax reclaim		2,811			17,521		—			—

Total assets	$	5,774,298		$	149,031,769	$	28,875,412		$	2,433,905


Liabilities
Payable upon return of securities loaned	$	56,596		$	1,429,000	$	31,943		$	—
Payables:
Investment securities purchased		—			—		—			32,481
Investment advisory fees		421			11,382		2,130			911
Variation margin on futures contracts		—			3,425		1,951			—
Deferred foreign tax payable		—			7,894		—			—

Total liabilities		57,017			1,451,701		36,024			33,392

Net Assets, at value	$	5,717,281		$	147,580,068	$	28,839,388		$	2,400,513


Net Assets Consist of
Paid-in capital	$	5,816,257		$	143,380,079	$	30,843,947		$	2,394,088
Distributable earnings (loss)		(98,976	)		4,199,989		(2,004,559	)		6,425

Net Assets, at value	$	5,717,281		$	147,580,068	$	28,839,388		$	2,400,513


Number of Common Shares outstanding		250,001			5,000,001		1,000,001			100,001

Net Asset Value	$	22.87		$	29.52	$	28.84		$	24.00


Investment in non-affiliated securities at cost	$	5,416,674		$	142,983,050	$	28,270,449		$	2,483,519

Investment in affiliated securities at cost	$	21,966		$	—	$	—		$	—

Value of securities loaned	$	56,382		$	1,840,158	$	48,513		$	33,891

Investment in DWS Government Money Market Series at cost	$	363		$	147,430	$	29,390		$	4,217

Investment in DWS Government & Agency Securities Portfolio at cost*	$	56,596		$	1,429,000	$	31,943		$	—

Non-cash collateral for securities on loan	$	2,567		$	631,803	$	24,885		$	33,668

Foreign currency at cost	$	535		$	175,551	$	82,817		$	23,604

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		30

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2019 (Unaudited)


	Xtrackers Eurozone Equity ETF			Xtrackers International Real Estate ETF			Xtrackers Japan JPX-Nikkei 400 Equity ETF			Xtrackers MSCI Latin America Pacific Alliance ETF
Investment Income
Unaffiliated dividend income*	$	24,470		$	1,640,001		$	294,693		$	33,992
Income distributions from affiliated funds		21			2,731			271			28
Affiliated securities lending income		589			7,583			2,472			8
Unaffiliated non-cash dividend income		1,828			—			—			—
Unaffiliated securities lending income, net of borrower rebates		168			5,898			48			22

Total investment income		27,076			1,656,213			297,484			34,050


Expenses
Investment advisory fees		1,971			61,888			12,976			5,613
Other expenses		57			57			57			57

Total expenses		2,028			61,945			13,033			5,670

Less fees waived (see note 3):
Waiver		—			(11,358	)		(8	)		—

Net expenses		2,028			50,587			13,025			5,670

Net investment income (loss)		25,048			1,605,626			284,459			28,380


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(15,924	)		(184,275	)		(197,383	)		(12,574	)
In-kind redemptions		—			—			(282,661	)		—
Futures contracts		—			(2,360	)		(13,710	)		—
Foreign currency transactions		(150	)		(3,826	)		4,277			(530	)

Net realized gain (loss)		(16,074	)		(190,461	)		(489,477	)		(13,104	)
Net change in unrealized appreciation (depreciation) on:
Investments**		447,147			4,878,948			3,518,943			(65,493	)
Investments in affiliates		260			—			—			—
Futures contracts		—			17,690			40,105			—
Foreign currency translations		(24	)		(2,072	)		(4,228	)		141

Net change in unrealized appreciation (depreciation)		447,383			4,894,566			3,554,820			(65,352	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		431,309			4,704,105			3,065,343			(78,456	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	456,357		$	6,309,731		$	3,349,802		$	(50,076	)

* Unaffiliated foreign tax withheld	$	4,403		$	172,902		$	32,750		$	1,969
** Net of change in deferred foreign taxes	$	—		$	6,305		$	—		$	—


See Notes to Financial Statements.		31

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Eurozone Equity ETF						Xtrackers International Real Estate ETF
	For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019			For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	25,048		$	69,345		$	1,605,626		$	345,093
Net realized gain (loss)		(16,074	)		(349,399	)		(190,461	)		261,023
Net change in net unrealized appreciation (depreciation)		447,383			(140,920	)		4,894,566			(1,466,969	)

Net increase (decrease) in net assets resulting from operations		456,357			(420,974	)		6,309,731			(860,853	)

Distributions to Shareholders		(49,890	)		(71,498	)		(640,926	)		(73,382	)


Fund Shares Transactions
Proceeds from shares sold		3,201,199			3,138,077			82,062,748			57,853,274
Value of shares redeemed		—			(2,896,381	)		—			(1,445,829	)

Net increase (decrease) in net assets resulting from fund share transactions		3,201,199			241,696			82,062,748			56,407,445

Total net increase (decrease) in Net Assets		3,607,666			(250,776	)		87,731,553			55,473,210

Net Assets
Beginning of period		2,109,615			2,360,391			59,848,515			4,375,305

End of period	$	5,717,281		$	2,109,615		$	147,580,068		$	59,848,515


Changes in Shares Outstanding
Shares outstanding, beginning of period		100,001			100,001			2,150,001			150,001
Shares sold		150,000			150,000			2,850,000			2,050,000
Shares redeemed		—			(150,000	)		—			(50,000	)

Shares outstanding, end of period		250,001			100,001			5,000,001			2,150,001


See Notes to Financial Statements.		32

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers Japan JPX-Nikkei 400 Equity ETF						Xtrackers MSCI Latin America Pacific Alliance ETF
	For the Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019			For the Six Months Ended November 30, 2019 (Unaudited)			For the Period October 30, 2018⁽¹⁾ to May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	284,459		$	542,482		$	28,380		$	51,303
Net realized gain (loss)		(489,477	)		(15,892,157	)		(13,104	)		264,039
Net change in net unrealized appreciation (depreciation)		3,554,820			(3,185,044	)		(65,352	)		(18,238	)

Net increase (decrease) in net assets resulting from operations		3,349,802			(18,534,719	)		(50,076	)		297,104

Distributions to Shareholders		(380,006	)		(378,111	)		(43,786	)		(21,262	)


Fund Shares Transactions
Proceeds from shares sold		—			222,178,697			—			4,934,832
Value of shares redeemed		(3,847,135	)		(301,398,584	)		—			(2,716,299	)

Net increase (decrease) in net assets resulting from fund share transactions		(3,847,135	)		(79,219,887	)		—			2,218,533

Total net increase (decrease) in Net Assets		(877,339	)		(98,132,717	)		(93,862	)		2,494,375

Net Assets
Beginning of period		29,716,727			127,849,444			2,494,375			—

End of period	$	28,839,388		$	29,716,727		$	2,400,513		$	2,494,375


Changes in Shares Outstanding
Shares outstanding, beginning of period		1,150,001			4,350,001			100,001			—
Shares sold		—			7,800,000			—			200,001
Shares redeemed		(150,000	)		(11,000,000	)		—			(100,000	)

Shares outstanding, end of period		1,000,001			1,150,001			100,001			100,001

(1)	Commencement of Operations.


See Notes to Financial Statements.		33

DBX ETF Trust

Financial Highlights


Xtrackers Eurozone Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,									Period Ended 5/31/2016(a)
Xtrackers Eurozone Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	21.10		$	23.60		$	23.94		$	20.25		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.12			0.65			0.73			0.74			0.53
Net realized and unrealized gain (loss)		2.15			(2.52	)		(0.68	)		3.74			(4.99	)

Total from investment operations		2.27			(1.87	)		0.05			4.48			(4.46	)

Less distributions from:
Net investment income		(0.50	)		(0.63	)		(0.39	)		(0.79	)		(0.29	)

Total distributions		(0.50	)		(0.63	)		(0.39	)		(0.79	)		(0.29	)

Net Asset Value, end of period	$	22.87		$	21.10		$	23.60		$	23.94		$	20.25

Total Return (%)		10.88	**		(8.09	)(c)		0.22	(c)		23.01			(17.94	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6			2			2			2			2
Ratio of expenses before fee waiver (%)		0.09	*		0.10			0.27			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.09	*		0.09			0.26			0.45			0.45	*
Ratio of net investment income (loss) (%)		1.14	*		3.00			3.01			3.62			3.18	*
Portfolio turnover rate (%)(d)		4	**		14			93			20			20	**


Xtrackers International Real Estate ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value, beginning of period	$	27.84		$	29.17		$	26.22		$	22.27		$	27.90		$	26.47

Income (loss) from investment operations:
Net investment income (loss)(b)		0.45			1.14			0.68			0.56			0.63			0.68
Net realized and unrealized gain (loss)		1.48			(1.98	)		3.01			3.89			(4.19	)		2.04

Total from investment operations		1.93			(0.84	)		3.69			4.45			(3.56	)		2.72

Less distributions from:
Net investment income		(0.25	)		(0.49	)		(0.74	)		(0.50	)		(1.09	)		(1.29	)
Net realized gains		—			—			—			—			(0.98	)		—

Total distributions		(0.25	)		(0.49	)		(0.74	)		(0.50	)		(2.07	)		(1.29	)

Net Asset Value, end of period	$	29.52		$	27.84		$	29.17		$	26.22		$	22.27		$	27.90

Total Return (%)		6.95	**(c)		(2.78	)(c)		14.20			20.34			(12.98	)		10.78

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		148			60			4			4			4			11
Ratio of expenses before fee waiver (%)		0.12	*		0.30			0.60			0.60			0.60			0.60
Ratio of expenses after fee waiver (%)		0.10	*		0.28			0.60			0.60			0.60			0.60
Ratio of net investment income (loss) (%)		3.11	*		4.25			2.40			2.34			2.64			2.51
Portfolio turnover rate (%)(d)		5	**		43			24			14			34			19

(a)	For the period August 19, 2015 (commencement of operations) through May 31, 2016.

(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.		34

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Years Ended May 31,									Period Ended 5/31/2016(a)
	For the Six Months Ended 11/30/2019 (Unaudited)			2019			2018			2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	25.84		$	29.39		$	26.24		$	23.19		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(c)		0.27			0.28			0.40			0.35			0.28
Net realized and unrealized gain (loss)		3.06			(3.62	)		3.30			3.04			(1.97	)

Total from investment operations		3.33			(3.34	)		3.70			3.39			(1.69	)

Less distributions from:
Net investment income		(0.33	)		(0.21	)		(0.55	)		(0.34	)		(0.12	)

Total distributions		(0.33	)		(0.21	)		(0.55	)		(0.34	)		(0.12	)

Net Asset Value, end of period	$	28.84		$	25.84		$	29.39		$	26.24		$	23.19

Total Return (%)		13.00	(e)**		(11.35	)(e)(f)		14.21	(e)		14.75			(6.78	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		29			30			128			10			19
Ratio of expenses before fee waiver (%)		0.09	*		0.10			0.21			0.40			0.40	*
Ratio of expenses after fee waiver (%)		0.09	*		0.09			0.18			0.40			0.40	*
Ratio of net investment income (loss) (%)		1.97	*		1.00			1.39			1.46			1.31	*
Portfolio turnover rate (%)(g)		8	**		149			78			22			8	**


Xtrackers MSCI Latin America Pacific Alliance ETF Selected Per Share Data	For the Six Months Ended 11/30/2019 (Unaudited)			Period Ended 5/31/2019(b)
Net Asset Value, beginning of period	$	24.94		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(c)		0.28			0.38
Net realized and unrealized gain (loss)		(0.78	)		(0.33	)(d)

Total from investment operations		(0.50	)		0.05

Less distributions from:
Net investment income		(0.44	)		(0.11	)

Total distributions		(0.44	)		(0.11	)

Net Asset Value, end of period	$	24.00		$	24.94

Total Return (%)		(2.14	)**		0.20	(e)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2			2
Ratio of expenses before fee waiver (%)		0.45	*		0.45	*
Ratio of expenses after fee waiver (%)		0.45	*		0.45	*
Ratio of net investment income (loss) (%)		2.28	*		2.53	*
Portfolio turnover rate (%)(g)		10	**		44	**

(a)	For the period June 24, 2015 (commencement of operations) through May 31, 2016.

(b)	For the period October 30, 2018 (commencement of operations) through May 31, 2019.

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

(d)	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.

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

(f)	The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.22%.

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		35

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

Xtrackers Eurozone Equity ETF

Xtrackers International Real Estate ETF

Xtrackers Japan JPX-Nikkei 400 Equity ETF

Xtrackers MSCI Latin America Pacific Alliance ETF

Xtrackers Eurozone Equity ETF offers shares that are listed and traded on the Cboe BZX Exchange (“Cboe”). Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance 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 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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


Fund		Underlying Index
Xtrackers Eurozone Equity ETF		NASDAQ Eurozone Large Mid Cap Index
Xtrackers International Real Estate ETF		iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index
Xtrackers Japan JPX-Nikkei 400 Equity ETF		JPX-Nikkei 400 Net Total Return Index
Xtrackers MSCI Latin America Pacific Alliance ETF		MSCI Latin America Pacific Alliance Capped Index

The NASDAQ Eurozone Large Mid Cap Index which is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union. The NASDAQ Eurozone Large Mid Cap Index is rebalanced semi-annually in March and September.

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 iSTOXX Developed and Emerging Markets ex USA PK VN is rebalanced quarterly.

The JPX-Nikkei Index 400 Net Total Return Index is designed to track the performance of equity securities of issuers that are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The JPX-Nikkei Index 400 is rebalanced annually.

The MSCI Latin America Pacific Alliance Capped Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. The MSCI Latin America Pacific Alliance Capped Index is rebalanced quarterly.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Each Fund, except Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund, with the exception of Xtrackers International Real Estate 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 each Fund tracks.

2. Significant Accounting Policies

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

Notes to Financial Statements (Unaudited) (Continued)

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 Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance ETF to pay out dividends from its net investment income 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.

At May 31, 2019, 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 capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)


	Short-Term		Long-Term		Total Amount
Xtrackers Eurozone Equity ETF	$	104,577	$	259,709	$	364,286
Xtrackers International Real Estate ETF		634,915		122,931		757,846
Xtrackers Japan JPX-Nikkei 400 Equity ETF		1,458,631		247,453		1,706,084


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Eurozone Equity ETF	$	2,404,589	$	(188,285	)	$	67,715	$	(256,000	)
Xtrackers International Real Estate ETF		61,326,719		(1,212,993	)		288,768		(1,501,761	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		33,057,725		(3,652,176	)		710,938		(4,363,114	)
Xtrackers MSCI Latin America Pacific Alliance ETF		2,519,451		(22,783	)		104,750		(127,533	)

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

Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2019, 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 (0.12% annualized effective rate as of November 30, 2019) 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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2019, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end, except for Xtrackers MSCI Latin America Pacific Alliance ETF. Due to the increased market value of the securities on loan on November 30, 2019, for Xtrackers MSCI Latin America Pacific Alliance ETF, the value of the related collateral was less than the value of securities on loan at period end. On the next business day, additional collateral was received, and the value of the collateral exceeded the value of the securities on loan.


Remaining Contractual Maturity of the Agreements, as of November 30, 2019

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Eurozone Equity ETF
Common Stocks	$	56,596	$	—	$	—	$	2,567	$	59,163

Gross amount of recognized liabilities for securities lending transactions									$	59,163

Xtrackers International Real Estate ETF
Common Stocks	$	1,408,665	$	—	$	166,720	$	465,083	$	2,040,468
Exchange-Traded Funds		20,335		—		—		—		20,335

Total Borrowings	$	1,429,000	$	—	$	166,720	$	465,083	$	2,060,803

Gross amount of recognized liabilities for securities lending transactions									$	2,060,803

Xtrackers Japan JPX-Nikkei 400 Equity ETF
Common Stocks	$	31,943	$	—	$	2,777	$	22,108	$	56,828

Gross amount of recognized liabilities for securities lending transactions									$	56,828

Xtrackers MSCI Latin America Pacific Alliance ETF
Common Stocks	$	—	$	—	$	12	$	33,656	$	33,668

Gross amount of recognized liabilities for securities lending transactions									$	33,668

Derivatives

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

A summary of the open futures contracts as of November 30, 2019 is included in a table following the Funds’ Schedule of Investments.


		Asset Derivatives			Liability Derivatives
Xtrackers International Real Estate ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	14,590	Unrealized depreciation on futures contracts*	$	—

Xtrackers Japan JPX-Nikkei 400 Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	16,565	Unrealized depreciation on futures contracts*	$	—

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


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers International Real Estate ETF	$	(2,360	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		(13,710	)

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers International Real Estate ETF	$	17,690
Xtrackers Japan JPX-Nikkei 400 Equity ETF		40,105

For the period ended November 30, 2019 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers International Real Estate ETF	$	314,049
Xtrackers Japan JPX-Nikkei 400 Equity ETF		228,254

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

3. Investment Advisory and Other Agreements


	Unitary Management Fee
Xtrackers Eurozone Equity ETF		0.09	%
Xtrackers International Real Estate ETF		0.12	%
Xtrackers Japan JPX-Nikkei 400 Equity ETF		0.09	%
Xtrackers MSCI Latin America Pacific Alliance ETF		0.45	%

The Advisor for Xtrackers International Real Estate ETF has contractually agreed, until September 30, 2020, to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of the Fund 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, 2019, the Advisor waived $11,264 of the expenses of the Fund.


	Expenses Waived
Xtrackers International Real Estate ETF	$	94
Xtrackers Japan JPX-Nikkei 400 Equity ETF		8

Out of the unitary management 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.

4. Investment Portfolio Transactions

For the period ended November 30, 2019, 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 Eurozone Equity ETF	$	186,723	$	209,554
Xtrackers International Real Estate ETF		22,853,165		4,774,158
Xtrackers Japan JPX-Nikkei 400 Equity ETF		2,323,895		2,331,776
Xtrackers MSCI Latin America Pacific Alliance ETF		239,558		252,570

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

For the period ended November 30, 2019, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers Eurozone Equity ETF	$	3,200,126	$	—
Xtrackers International Real Estate ETF		64,477,828		—
Xtrackers Japan JPX-Nikkei 400 Equity ETF		—		3,831,392

5. Fund Share Transactions

6. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2019, there was one affiliated shareholder account for the Fund listed below holding a significant percentage of the shares outstanding:


	Approximate Percent of Outstanding Shares Held
Xtrackers MSCI Latin America Pacific Alliance ETF		95	%

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 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 one-month LIBOR Rate. The Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Fund had no outstanding loans at November 30, 2019.


	Pro-rata Share
Xtrackers International Real Estate ETF	$	525,000

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

Portfolio Holdings Information

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

Discount & Premium Information

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

DBX ETF Trust

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

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including 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. There are special risks associated with an investments 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, present certain risks such as currency fluctuations, political and economical changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. 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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Each Fund, except HUAZ and JPN, is currently non-diversified and can take larger positions in fewer issues, increasing each Fund’s potential risk. 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. A fund that focuses its investments in Japan can be impacted by the events and developments in Japan, which can adversely affect performance. There are additional risks associated with investing in aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses, as applicable. 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.

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

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

Nasdaq^® and NASDAQ Eurozone Large Mid Cap Index are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by DBX Advisors LLC. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is the intellectual property (including registered trademarks) of STOXX Limited, Zug, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. Xtrackers International Real Estate ETF is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the Index or its data.

The “JPX-Nikkei Index 400” is a copyrightable work calculated through such methodology as independently developed by Nikkei Inc. (hereinafter called “Nikkei”), and Tokyo Stock Exchange, Inc. (hereinafter called “TSE”) and Nikkei and TSE jointly own copyrights and any other intellectual property rights subsisting in the “JPX-Nikkei Index 400” itself and the methodology to calculate the “JPX-Nikkei Index 400.” The ownership of trademarks and any other intellectual property rights with respect to marks representing the “JPX-Nikkei Index 400 belong” to Nikkei, TSE and Japan Exchange Group, Inc. Nikkei and TSE have no obligation to publish the “JPX-Nikkei Index 400” continuously, and Nikkei and TSE shall not be liable for any errors, delays or suspension of the publication of the “JPXNikkei Index 400.” Nikkei and TSE shall have the right to make any changes in the “JPX-Nikkei Index 400” regarding the calculation methods, etc., and to discontinue the publication thereof.

Copyright © 2020 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Invesment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


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

Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-049074-4 (1/20) DBX004205 (1/21)

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 in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)

The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

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.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		DBX ETF Trust

By (Signature and Title)		/s/ Freddi Klassen
		Freddi Klassen
		President and Chief Executive Officer

Date February 4, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Freddi Klassen
		Freddi Klassen
		President and Chief Executive Officer

Date February 4, 2020


By (Signature and Title)		/s/ Diane Kenneally
		Diane Kenneally
		Treasurer and Chief Financial Officer

Date February 4, 2020

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Freddi Klassen, certify that:

1.	I have reviewed this report on Form N-CSR of DBX ETF Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: February 4, 2020		/s/ Freddi Klassen
		Freddi Klassen
		President and Chief Executive Officer

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Diane Kenneally, certify that:

1.	I have reviewed this report on Form N-CSR of DBX ETF Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: February 4, 2020		/s/ Diane Kenneally
		Diane Kenneally
		Treasurer and Chief Financial Officer

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the

Sarbanes-Oxley Act

President

Section 906 Certification under Sarbanes Oxley Act

I, Freddi Klassen, certify that:

1.	The Form N-CSR of the DBX ETF Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and;

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the DBX ETF Trust.


Date: February 4, 2020		/s/ Freddi Klassen
		Freddi Klassen
		President and Chief Executive Officer

Treasurer and Chief Financial Officer

Section 906 Certification under Sarbanes Oxley Act

I, Diane Kenneally, certify that:

1.	The Form N-CSR of the DBX ETF Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and;

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the DBX ETF Trust.


Date: February 4, 2020		/s/ Diane Kenneally
		Diane Kenneally
		Treasurer and Chief Financial Officer