# EDGAR Filing Document

**Accession Number:** 0001503123
**File Stem:** 0001193125-26-034648
**Filing Date:** 2026-2
**Character Count:** 1112982
**Document Hash:** 355d313040da12f29e19a9222ab421a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-034648.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0001193125-26-034648

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**EFFECTIVENESS DATE**: 20260203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DBX ETF TRUST
- **CENTRAL INDEX KEY:** 0001503123

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22487
- **FILM NUMBER:** 26590532

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DBX ETF Trust
- **DATE OF NAME CHANGE:** 20101008

## Series and Classes Contracts Data

### Xtrackers MSCI Emerging Markets Hedged Equity ETF (Series ID: S000030998)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000096054 | Xtrackers MSCI Emerging Markets Hedged Equity ETF | DBEM            |

### Xtrackers MSCI EAFE Hedged Equity ETF (Series ID: S000030999)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000096055 | Xtrackers MSCI EAFE Hedged Equity ETF | DBEF            |

### Xtrackers MSCI Japan Hedged Equity ETF (Series ID: S000031002)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000096058 | Xtrackers MSCI Japan Hedged Equity ETF | DBJP            |

### Xtrackers Harvest CSI 300 China A-Shares ETF (Series ID: S000040415)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000125568 | Xtrackers Harvest CSI 300 China A-Shares ETF | ASHR            |

### Xtrackers Municipal Infrastructure Revenue Bond ETF (Series ID: S000040498)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000125719 | Xtrackers Municipal Infrastructure Revenue Bond ETF | RVNU            |

### Xtrackers International Real Estate ETF (Series ID: S000042011)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000130526 | Xtrackers International Real Estate ETF | HAUZ            |

### Xtrackers MSCI Europe Hedged Equity ETF (Series ID: S000042012)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000130527 | Xtrackers MSCI Europe Hedged Equity ETF | DBEU            |

### Xtrackers MSCI All World ex US Hedged Equity ETF (Series ID: S000043730)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000135616 | Xtrackers MSCI All World ex US Hedged Equity ETF | DBAW            |

### Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Series ID: S000044488)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000138395 | Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | ASHS            |

### Xtrackers MSCI Eurozone Hedged Equity ETF (Series ID: S000046156)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000144410 | Xtrackers MSCI Eurozone Hedged Equity ETF | DBEZ            |

### Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Series ID: S000050033)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000157941 | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | HDEF            |

### Xtrackers Cybersecurity Select Equity ETF (Series ID: S000080469)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000242878 | Xtrackers Cybersecurity Select Equity ETF | PSWD            |

### Xtrackers Semiconductor Select Equity ETF (Series ID: S000080470)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000242879 | Xtrackers Semiconductor Select Equity ETF | CHPS            |

### Xtrackers US Green Infrastructure Select Equity ETF (Series ID: S000080471)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000242880 | Xtrackers US Green Infrastructure Select Equity ETF | UPGR            |

### Xtrackers US National Critical Technologies ETF (Series ID: S000082572)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000245888 | Xtrackers US National Critical Technologies ETF | CRTC            |

### Xtrackers California Municipal Bond ETF (Series ID: S000083046)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000246554 | Xtrackers California Municipal Bond ETF | CA              |

### Xtrackers Artificial Intelligence and Big Data ETF (Series ID: S000085311)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000250300 | Xtrackers Artificial Intelligence and Big Data ETF | XAIX            |

### Xtrackers US 0-1 Year Treasury ETF (Series ID: S000085838)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000251233 | Xtrackers US 0-1 Year Treasury ETF | TRSY            |

### Xtrackers Nifty 500 India ETF (Series ID: S000093997)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000262479 | Xtrackers Nifty 500 India ETF | IND             |

?xml version='1.0' encoding='ASCII'? DBX ETF Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-22487

## DBX ETF Trust

#### (Exact name of registrant as specified in charter)

#### 875 Third Avenue

#### New York, New York 10022

#### (Address of principal executive offices) (Zip code)

#### Diane Kenneally

#### 100 Summer Street

#### Boston, MA 02110

#### (Name and address of agent for service)

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

#### Date of fiscal year end: May 31

#### Date of reporting period: November 30, 2025

------

#### Item 1. Reports to Stockholders.
(a) # Xtrackers Artificial Intelligence and Big Data ETF
XAIX: Nasdaq Stock Market

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| XAIX | $19 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Artificial Intelligence and Big Data ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 85835721 |
| Number of Portfolio Holdings | 92 |
| Portfolio Turnover Rate (%) | 12 |
| Total Net Advisory Fees Paid ($) | 124310 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **46.7% of Net Assets** |
| Alphabet, Inc. | 7.4% |
| Apple, Inc. | 5.5% |
| Palantir Technologies, Inc. | 4.6% |
| NVIDIA Corp. | 4.6% |
| Bank of America Corp. | 4.5% |
| Samsung Electronics Co. Ltd. | 4.4% |
| Amazon.com, Inc. | 4.3% |
| Microsoft Corp. | 4.0% |
| Oracle Corp. | 3.8% |
| Meta Platforms, Inc. | 3.6% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Software | 31% |
| Technology Hardware, Storage & Peripherals | 13% |
| Semiconductors & Semiconductor Equipment | 12% |
| Interactive Media & Services | 11% |
| IT Services | 6% |
| Communications Equipment | 6% |
| Broadline Retail | 5% |
| Diversified Telecommunication Services | 5% |
| Banks | 5% |
| Commercial Banks | 4% |
| Other | 1% |

---

Holdings-based data is subject to change.

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

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

Companies involved in artificial intelligence and big data face intense competition, may have limited product lines, markets, financial resources and personnel. Artificial intelligence and big data companies are also subject to risks of new technologies and are heavily dependent on patents and intellectual property rights and the products of these companies may face obsolescence due to rapid technological developments. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

Nadaq Global Artificial Intelligence and Big Data Index is a registered trademark of Nasdaq, Inc, (which with its affiliates is referred to as the "Corporations") and is licensed for use by DBX Advisors LLC. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

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

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

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

# **XAIX-TSRS** 
R-104097-2 (1/26) DBX007021 (1/27)

# Xtrackers Cybersecurity Select Equity ETF
PSWD: Nasdaq Stock Market

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PSWD | $10 | 0.20%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Cybersecurity Select Equity ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 7765142 |
| Number of Portfolio Holdings | 53 |
| Portfolio Turnover Rate (%) | 12 |
| Total Net Advisory Fees Paid ($) | 8089 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **46.6% of Net Assets** |
| Akamai Technologies, Inc. | 5.6% |
| Qualys, Inc. | 5.3% |
| Crowdstrike Holdings, Inc. | 4.8% |
| Trend Micro, Inc. | 4.6% |
| Fortinet, Inc. | 4.5% |
| Check Point Software Technologies Ltd. | 4.5% |
| GDS Holdings Ltd. | 4.4% |
| SentinelOne, Inc. | 4.4% |
| CyberArk Software Ltd. | 4.3% |
| Palo Alto Networks, Inc. | 4.2% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Systems Software | 55% |
| Internet Services & Infrastructure | 24% |
| IT Consulting & Other Services | 8% |
| Application Software | 7% |
| Research & Consulting Services | 2% |
| Communications Equipment | 2% |
| Computer Services | 1% |
| Computers-Integrated Systems | 0% |

---

Holdings-based data is subject to change.

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

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

Companies in the cybersecurity field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Companies in the cybersecurity field also face heightened risk caused by obsolescence due to rapid technological developments, by potential loss or impairment of patent and intellectual property rights and by the risk of cyber-attacks. Incorporation of ESG criteria in the fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may under perform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the fund's ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the fund. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

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

# **PSWD-TSRS** 
R-104092-2 (1/26) DBX007015 (1/27)

# Xtrackers International Real Estate ETF
HAUZ: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| HAUZ | $5 | 0.10%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers International Real Estate ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 932265650 |
| Number of Portfolio Holdings | 396 |
| Portfolio Turnover Rate (%) | 5 |
| Total Net Advisory Fees Paid ($) | 440958 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **22.6% of Net Assets** |
| Goodman Group (Australia) | 4.2% |
| Mitsui Fudosan Co. Ltd. (Japan) | 3.4% |
| Mitsubishi Estate Co. Ltd. (Japan) | 3.1% |
| Sumitomo Realty & Development Co. Ltd. (Japan) | 2.4% |
| Vonovia SE (Germany) | 2.3% |
| Sun Hung Kai Properties Ltd. (Hong Kong) | 2.0% |
| Scentre Group (Australia) | 1.5% |
| Link (Hong Kong) | 1.3% |
| Swiss Prime Site AG (Switzerland) | 1.2% |
| Segro PLC (United Kingdom) | 1.2% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Real Estate Operations/Development | 35% |
| Diversified | 15% |
| Real Estate Management/Services | 12% |
| Warehouse/Industry | 11% |
| Shopping Centers | 10% |
| Office Property | 5% |
| Apartments | 3% |
| Regional Malls | 2% |
| Health Care | 1% |
| E-Commerce/Services | 1% |
| Other | 5% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 23% |
| Australia | 13% |
| Hong Kong | 10% |
| United Kingdom | 7% |
| Singapore | 7% |
| Canada | 6% |
| Sweden | 4% |
| France | 4% |
| Germany | 3% |
| Switzerland | 3% |
| Israel | 3% |
| Other | 16% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the fund may diverge from that of the underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. See the prospectus for details.

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

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

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

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

# **HAUZ-TSRS** 
R-104093-2 (1/26) DBX007017 (1/27)

# Xtrackers Semiconductor Select Equity ETF
CHPS: Nasdaq Stock Market

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| CHPS | $10 | 0.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Semiconductor Select Equity ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 15594852 |
| Number of Portfolio Holdings | 53 |
| Portfolio Turnover Rate (%) | 11 |
| Total Net Advisory Fees Paid ($) | 7379 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **48.1% of Net Assets** |
| SK hynix, Inc. | 5.5% |
| Micron Technology, Inc. | 5.2% |
| Broadcom, Inc. | 5.0% |
| Applied Materials, Inc. | 5.0% |
| KLA Corp. | 4.7% |
| Lam Research Corp. | 4.7% |
| Intel Corp. | 4.6% |
| Analog Devices, Inc. | 4.6% |
| ASML Holding NV | 4.5% |
| QUALCOMM, Inc. | 4.3% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Semiconductors | 65% |
| Semiconductor Materials & Equipment | 30% |
| Electronic Manufacturing Services | 3% |
| Lasers-Syst/Components | 1% |
| Electronic Components | 1% |
| Industrial Machinery & Supplies | 0% |

---

Holdings-based data is subject to change.

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

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

Companies in the semiconductor field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Cybersecurity companies also face heightened risk due to their dependence on the availability of materials that meet exacting standards, to reliance on a limited number of suppliers and by potential loss or impairment of patent and intellectual property rights. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund's ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the Fund. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

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

# **CHPS-TSRS** 
R-104094-2 (1/26) DBX007018 (1/27)

# Xtrackers US Green Infrastructure Select Equity ETF
UPGR: Nasdaq Stock Market

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| UPGR | $22 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers US Green Infrastructure Select Equity ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 5545282 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate (%) | 30 |
| Total Net Advisory Fees Paid ($) | 8489 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **27.7% of Net Assets** |
| Fluence Energy, Inc. | 3.1% |
| Rivian Automotive, Inc. | 3.0% |
| EnerSys | 3.0% |
| Bloom Energy Corp. | 2.9% |
| First Solar, Inc. | 2.8% |
| Nextpower, Inc. | 2.7% |
| Parker-Hannifin Corp. | 2.7% |
| Worthington Steel, Inc. | 2.5% |
| Ormat Technologies, Inc. | 2.5% |
| Casella Waste Systems, Inc. | 2.5% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 63% |
| Consumer Discretionary | 12% |
| Materials | 11% |
| Information Technology | 5% |
| Energy | 5% |
| Utilities | 5% |

---

Holdings-based data is subject to change.

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

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

The Fund will be sensitive to, and its performance will depend to a great extent on, the overall condition of green or low carbon infrastructure companies. These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties and potential illiquidity. The Fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of green or low carbon energy companies. Such companies face enhanced risks caused by factors including changes in government regulations, the impact of adverse weather conditions and on the demand for renewable energy production. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may under perform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund's ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the fund. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

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

# **UPGR-TSRS** 
R-104095-2 (1/26) DBX007019 (1/27)

# Xtrackers US National Critical Technologies ETF
CRTC: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| CRTC | $19 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers US National Critical Technologies ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 117021717 |
| Number of Portfolio Holdings | 221 |
| Portfolio Turnover Rate (%) | 4 |
| Total Net Advisory Fees Paid ($) | 206137 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **35.0% of Net Assets** |
| Alphabet, Inc. | 6.1% |
| Amazon.com, Inc. | 5.3% |
| Microsoft Corp. | 4.7% |
| NVIDIA Corp. | 4.7% |
| Meta Platforms, Inc. | 4.4% |
| Exxon Mobil Corp. | 2.5% |
| AbbVie, Inc. | 2.1% |
| Palantir Technologies, Inc. | 1.9% |
| Oracle Corp. | 1.7% |
| Chevron Corp. | 1.6% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 35% |
| Health Care | 17% |
| Communication Services | 16% |
| Industrials | 13% |
| Utilities | 5% |
| Energy | 5% |
| Consumer Discretionary | 5% |
| Materials | 2% |
| Financials | 1% |
| Real Estate | 0% |

---

Holdings-based data is subject to change.

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

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

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

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

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

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

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

# **CRTC-TSRS** 
R-104096-2 (1/26) DBX007020 (1/27)

# Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ASHR | $36 | 0.65%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Harvest CSI 300 China A-Shares ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 1644590440 |
| Number of Portfolio Holdings | 285 |
| Portfolio Turnover Rate (%) | 19 |
| Total Net Advisory Fees Paid ($) | 6543822 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **22.6% of Net Assets** |
| Contemporary Amperex Technology Co. Ltd. | 4.1% |
| Kweichow Moutai Co. Ltd. | 3.8% |
| Ping An Insurance Group Co. of China Ltd. | 2.6% |
| China Merchants Bank Co. Ltd. | 2.2% |
| Zijin Mining Group Co. Ltd. | 2.0% |
| Zhongji Innolight Co. Ltd. | 1.9% |
| Midea Group Co. Ltd. | 1.6% |
| China Yangtze Power Co. Ltd. | 1.5% |
| Industrial Bank Co. Ltd. | 1.5% |
| Eoptolink Technology, Inc. Ltd. | 1.4% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 24% |
| Information Technology | 21% |
| Industrials | 17% |
| Materials | 9% |
| Consumer Staples | 9% |
| Consumer Discretionary | 7% |
| Health Care | 6% |
| Utilities | 3% |
| Energy | 2% |
| Communication Services | 1% |
| Real Estate | 1% |

---

Holdings-based data is subject to change.

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

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

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

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

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

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

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

# **ASHR-TSRS** 
R-104090-2 (1/26) DBX007013 (1/27)

# Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
ASHS: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ASHS | $37 | 0.65%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 23465251 |
| Number of Portfolio Holdings | 490 |
| Portfolio Turnover Rate (%) | 12 |
| Total Net Advisory Fees Paid ($) | 90123 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **7.2% of Net Assets** |
| Victory Giant Technology Huizhou Co. Ltd. | 1.8% |
| Huagong Tech Co. Ltd. | 0.9% |
| Verisilicon Microelectronics Shanghai Co. Ltd. | 0.6% |
| Wuxi Lead Intelligent Equipment Co. Ltd. | 0.6% |
| Giant Network Group Co. Ltd. | 0.6% |
| Chifeng Jilong Gold Mining Co. Ltd. | 0.6% |
| Sinomine Resource Group Co. Ltd. | 0.5% |
| Beijing Compass Technology Development Co. Ltd. | 0.5% |
| Sunwoda Electronic Co. Ltd. | 0.5% |
| Wolong Electric Group Co. Ltd. | 0.6% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 28% |
| Materials | 19% |
| Industrials | 17% |
| Financials | 9% |
| Health Care | 9% |
| Consumer Discretionary | 7% |
| Communication Services | 3% |
| Consumer Staples | 3% |
| Utilities | 3% |
| Energy | 2% |
| Real Estate | 2% |

---

Holdings-based data is subject to change.

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

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

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

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

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

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

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

# **ASHS-TSRS** 
R-104091-2 (1/26) DBX007014 (1/27)

# Xtrackers Nifty 500 India ETF
IND: Nasdaq Stock Market

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| IND | $0<sup>Footnote Reference(a)</sup> | 0.19%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period November 25, 2025 (commencement of operations) through November 30, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.19%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers Nifty 500 India ETF (the "Fund") for the period November 25, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 5006807 |
| Number of Portfolio Holdings | 500 |
| Portfolio Turnover Rate (%) | 0 |
| Total Net Advisory Fees Paid ($) | 153 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **32.6% of Net Assets** |
| HDFC Bank Ltd. | 7.5% |
| Reliance Industries Ltd. | 5.1% |
| ICICI Bank Ltd. | 4.8% |
| Bharti Airtel Ltd. | 2.8% |
| Infosys Ltd. | 2.7% |
| Larsen & Toubro Ltd. | 2.4% |
| State Bank of India | 2.0% |
| ITC Ltd. | 1.9% |
| Axis Bank Ltd. | 1.8% |
| Mahindra & Mahindra Ltd. | 1.6% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 31% |
| Consumer Discretionary | 11% |
| Industrials | 11% |
| Materials | 8% |
| Information Technology | 8% |
| Energy | 7% |
| Consumer Staples | 6% |
| Health Care | 6% |
| Communication Services | 4% |
| Utilities | 3% |
| Real Estate | 1% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including possible loss of principal. Stocks may decline in value. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. India is an emerging market country and exhibits significantly greater market volatility from time to time in comparison to more developed markets. Special risks associated with investing in Indian companies include less developed securities markets (which can lead to uncertainty and higher transaction costs), exposure to currency fluctuations, political and legal uncertainty, greater government control over the economy and the threat of conflict from persistent religious and border disputes. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. See the prospectus for details.

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

The Fund is not sponsored, endorsed, sold or promoted by NSE Indices Limited ("NSEI"). NSEI does not make any representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in shares of the Fund particularly or the ability of the Nifty 500 Index (the "Index") to track general stock market performance in India. The relationship of NSEI to DBX Advisors LLC is only in respect of the licensing of certain trademarks and trade names of its Index which is determined, composed and calculated by NSEI without regard to the DBX Advisors LLC or the Fund. NSEI does not have any obligation to take the needs of the DBX Advisors LLC or the owners of shares of the Fund into consideration in determining, composing or calculating the Index. NSEI is not responsible for or has participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. NSEI has no obligation or liability in connection with the administration, marketing or trading of the Fund.

NSEI does not guarantee the accuracy and/or the completeness of the Index or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. NSEI does not make any warranty, express or implied, as to results to be obtained by the DBX Advisors LLC, owners of shares of the Fund, or any other person or entity from the use of the Index or any data included therein. NSEI makes no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, NSEI expressly disclaims any and all liability for any damages or losses arising out of or related to the Fund, including any and all direct, special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

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

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

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

# **IND-TSRS** 
R-108470-1 (1/26) DBX007016 (1/27)

# Xtrackers MSCI All World ex US Hedged Equity ETF
DBAW: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBAW | $22 | 0.40%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers MSCI All World ex US Hedged Equity ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 214839607 |
| Number of Portfolio Holdings | 1810 |
| Portfolio Turnover Rate (%) | 3 |
| Total Net Advisory Fees Paid ($) | 383414 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **12.4% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.4% |
| Tencent Holdings Ltd. (China) | 1.5% |
| ASML Holding NV (Netherlands) | 1.2% |
| Samsung Electronics Co. Ltd. (South Korea) | 1.1% |
| Alibaba Group Holding Ltd. (Hong Kong) | 1.0% |
| AstraZeneca PLC (United Kingdom) | 0.9% |
| Roche Holding AG (Switzerland) | 0.9% |
| Nestle SA (Switzerland) | 0.8% |
| SAP SE (Germany) | 0.8% |
| Novartis AG (Switzerland) | 0.8% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 24% |
| Industrials | 14% |
| Information Technology | 14% |
| Consumer Discretionary | 10% |
| Health Care | 8% |
| Materials | 6% |
| Consumer Staples | 6% |
| Communication Services | 6% |
| Energy | 4% |
| Utilities | 3% |
| Real Estate | 2% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 14% |
| United Kingdom | 9% |
| Canada | 8% |
| China | 7% |
| France | 6% |
| Taiwan | 6% |
| Switzerland | 6% |
| Germany | 6% |
| India | 4% |
| Australia | 4% |
| South Korea | 4% |
| Other | 24% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Fund's use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. 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.

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

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

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

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

# **DBAW-TSRS** 
R-104098-2 (1/26) DBX007022 (1/27)

# Xtrackers MSCI EAFE Hedged Equity ETF
DBEF: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBEF | $19 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers MSCI EAFE Hedged Equity ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 8435234214 |
| Number of Portfolio Holdings | 698 |
| Portfolio Turnover Rate (%) | 6 |
| Total Net Advisory Fees Paid ($) | 14088328 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **12.8% of Net Assets** |
| ASML Holding NV (Netherlands) | 2.0% |
| AstraZeneca PLC (United Kingdom) | 1.4% |
| Roche Holding AG (Switzerland) | 1.4% |
| Nestle SA (Switzerland) | 1.3% |
| SAP SE (Germany) | 1.3% |
| Novartis AG (Switzerland) | 1.2% |
| HSBC Holdings PLC (United Kingdom) | 1.2% |
| Shell PLC (United Kingdom) | 1.1% |
| Siemens AG (Germany) | 1.0% |
| Toyota Motor Corp. (Japan) | 0.9% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 24% |
| Industrials | 19% |
| Health Care | 11% |
| Consumer Discretionary | 10% |
| Information Technology | 8% |
| Consumer Staples | 7% |
| Materials | 5% |
| Communication Services | 4% |
| Utilities | 4% |
| Energy | 3% |
| Real Estate | 2% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 22% |
| United Kingdom | 14% |
| France | 10% |
| Switzerland | 10% |
| Germany | 9% |
| Australia | 6% |
| Netherlands | 5% |
| Sweden | 4% |
| Spain | 4% |
| Italy | 3% |
| Hong Kong | 2% |
| Other | 9% |

---

Holdings-based data is subject to change.

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

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

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

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

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

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

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

# **DBEF-TSRS** 
R-104099-2 (1/26) DBX007023 (1/27)

# Xtrackers MSCI Emerging Markets Hedged Equity ETF
DBEM: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBEM | $36 | 0.65%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.66%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers MSCI Emerging Markets Hedged Equity ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 77728765 |
| Number of Portfolio Holdings | 1179 |
| Portfolio Turnover Rate (%) | 6 |
| Total Net Advisory Fees Paid ($) | 239674 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **30.1% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 11.1% |
| Tencent Holdings Ltd. (China) | 5.0% |
| Samsung Electronics Co. Ltd. (South Korea) | 3.6% |
| Alibaba Group Holding Ltd. (Hong Kong) | 3.3% |
| SK hynix, Inc. (South Korea) | 1.9% |
| HDFC Bank Ltd. (India) | 1.3% |
| Reliance Industries Ltd. (India) | 1.1% |
| China Construction Bank Corp. (China) | 1.0% |
| Xiaomi Corp. (China) | 0.9% |
| Hon Hai Precision Industry Co. Ltd. (Taiwan) | 0.9% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 26% |
| Financials | 22% |
| Consumer Discretionary | 12% |
| Communication Services | 9% |
| Industrials | 7% |
| Materials | 7% |
| Energy | 4% |
| Consumer Staples | 4% |
| Health Care | 3% |
| Utilities | 2% |
| Real Estate | 1% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| China | 22% |
| Taiwan | 20% |
| India | 16% |
| South Korea | 12% |
| Brazil | 5% |
| Hong Kong | 4% |
| South Africa | 3% |
| Saudi Arabia | 3% |
| Mexico | 2% |
| Other | 11% |

---

Holdings-based data is subject to change.

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

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

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

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

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

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

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

# **DBEM-TSRS** 
R-104100-2 (1/26) DBX007024 (1/27)

# Xtrackers MSCI Europe Hedged Equity ETF
DBEU: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBEU | $23 | 0.45%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers MSCI Europe Hedged Equity ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 634611339 |
| Number of Portfolio Holdings | 406 |
| Portfolio Turnover Rate (%) | 5 |
| Total Net Advisory Fees Paid ($) | 1504504 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **19.4% of Net Assets** |
| ASML Holding NV (Netherlands) | 3.1% |
| AstraZeneca PLC (United Kingdom) | 2.2% |
| Roche Holding AG (Switzerland) | 2.1% |
| Nestle SA (Switzerland) | 1.9% |
| SAP SE (Germany) | 1.9% |
| Novartis AG (Switzerland) | 1.9% |
| HSBC Holdings PLC (United Kingdom) | 1.8% |
| Shell PLC (United Kingdom) | 1.6% |
| Siemens AG (Germany) | 1.5% |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 1.4% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 23% |
| Industrials | 19% |
| Health Care | 14% |
| Consumer Staples | 9% |
| Consumer Discretionary | 8% |
| Information Technology | 7% |
| Materials | 5% |
| Utilities | 5% |
| Energy | 4% |
| Communication Services | 4% |
| Real Estate | 1% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United Kingdom | 21% |
| France | 16% |
| Switzerland | 15% |
| Germany | 14% |
| Netherlands | 8% |
| Sweden | 6% |
| Spain | 5% |
| Italy | 5% |
| Denmark | 3% |
| Finland | 2% |
| Other | 4% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country's debt, and sellers of credit default swaps linked to that country's creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. The Fund's use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

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

# **DBEU-TSRS** 
R-1040101-2 (1/26) DBX007025 (1/27)

# Xtrackers MSCI Eurozone Hedged Equity ETF
DBEZ: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBEZ | $23 | 0.45%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers MSCI Eurozone Hedged Equity ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 70028451 |
| Number of Portfolio Holdings | 602 |
| Portfolio Turnover Rate (%) | 5 |
| Total Net Advisory Fees Paid ($) | 167063 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **24.6% of Net Assets** |
| ASML Holding NV (Netherlands) | 5.2% |
| SAP SE (Germany) | 3.2% |
| Siemens AG (Germany) | 2.6% |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 2.4% |
| Allianz SE (Germany) | 2.1% |
| Banco Santander SA (Spain) | 2.0% |
| Schneider Electric SE (France) | 1.9% |
| Airbus SE (France) | 1.8% |
| Iberdrola SA (Spain) | 1.7% |
| TotalEnergies SE (France) | 1.7% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 23% |
| Industrials | 20% |
| Information Technology | 12% |
| Consumer Discretionary | 11% |
| Health Care | 7% |
| Utilities | 6% |
| Consumer Staples | 5% |
| Materials | 4% |
| Communication Services | 4% |
| Energy | 3% |
| Real Estate | 1% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| France | 28% |
| Germany | 26% |
| Netherlands | 14% |
| Spain | 10% |
| Italy | 9% |
| Finland | 3% |
| Belgium | 3% |
| Ireland | 2% |
| Other | 3% |

---

Holdings-based data is subject to change.

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

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

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

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

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

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

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

# **DBEZ-TSRS** 
R-1040102-2 (1/26) DBX007026 (1/27)

# Xtrackers MSCI Japan Hedged Equity ETF
DBJP: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBJP | $25 | 0.45%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers MSCI Japan Hedged Equity ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 428706912 |
| Number of Portfolio Holdings | 185 |
| Portfolio Turnover Rate (%) | 5 |
| Total Net Advisory Fees Paid ($) | 901018 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **27.8% of Net Assets** |
| Toyota Motor Corp. | 4.1% |
| Sony Group Corp. | 3.9% |
| Mitsubishi UFJ Financial Group, Inc. | 3.9% |
| Hitachi Ltd. | 3.2% |
| Sumitomo Mitsui Financial Group, Inc. | 2.4% |
| SoftBank Group Corp. | 2.2% |
| Advantest Corp. | 2.2% |
| Nintendo Co. Ltd. | 2.0% |
| Tokyo Electron Ltd. | 2.0% |
| Mizuho Financial Group, Inc. | 1.9% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 24% |
| Consumer Discretionary | 17% |
| Financials | 16% |
| Information Technology | 14% |
| Communication Services | 8% |
| Health Care | 6% |
| Consumer Staples | 5% |
| Materials | 3% |
| Real Estate | 2% |
| Utilities | 1% |
| Energy | 1% |

---

Holdings-based data is subject to change.

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

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

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

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

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

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

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

# **DBJP-TSRS** 
R-1040103-2 (1/26) DBX007027 (1/27)

# Xtrackers California Municipal Bond ETF
CA: Nasdaq Stock Market

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| CA | $4 | 0.07%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers California Municipal Bond ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 21353258 |
| Number of Portfolio Holdings | 256 |
| Portfolio Turnover Rate (%) | 7 |
| Total Net Advisory Fees Paid ($) | 7046 |
| Modified duration to worst | 6.1 years |

---

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

## What did the Fund invest in?

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AA | 73% |
| AAA | 14% |
| A | 11% |
| NR | 0% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| General | 41% |
| Education | 26% |
| Water | 9% |
| Health Care | 8% |
| Transportation | 4% |
| Airport | 4% |
| Power | 3% |
| Tax | 1% |
| Utilities | 1% |
| Communication Services | 0% |
| Other | 2% |

---

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

Holdings-based data is subject to change.

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

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

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

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

ICE Data Indices, LLC, is used with permission. "ICE<sup>®</sup>" is a trade mark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the ICE AMT-Free Broad Liquid California Municipal Index ("Index") for use by DBX Advisors LLC ("Advisor") in connection with Xtrackers California Municipal Bond ETF (the "Product"). Neither Advisor, DBX ETF Trust (the "Trust") nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK

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

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

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

# **CA-TSRS** 
R-1040104-2 (1/26) DBX007028 (1/27)

# Xtrackers Municipal Infrastructure Revenue Bond ETF
RVNU: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| RVNU | $8 | 0.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Municipal Infrastructure Revenue Bond ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 135878176 |
| Number of Portfolio Holdings | 291 |
| Portfolio Turnover Rate (%) | 12 |
| Total Net Advisory Fees Paid ($) | 99516 |
| Modified duration to worst | 7.9 years |

---

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

## What did the Fund invest in?

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 14% |
| AA | 62% |
| A | 22% |
| BBB | 2% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Airport | 32% |
| Water & Sewer | 23% |
| Cities, Counties, & Authorities | 11% |
| Toll Facilities | 11% |
| Public Power | 11% |
| Mass Transit | 4% |
| Sales and Special Tax | 3% |
| Seaport | 2% |
| States & US Territories | 1% |
| Other | 2% |

---

### Top Five State Allocations

---

| | |
|:---|:---|
| **Holdings** | **% of Net Assets** |
| New York | 24% |
| California | 17% |
| Texas | 11% |
| Florida | 8% |
| Illinois | 6% |

---

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

Holdings-based data is subject to change.

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

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

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

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

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

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

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

# **RVNU-TSRS** 
R-1040105-2 (1/26) DBX007029 (1/27)

# Xtrackers MSCI EAFE High Dividend Yield Equity ETF
HDEF: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| HDEF | $5 | 0.09%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the "Fund") for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 2174898004 |
| Number of Portfolio Holdings | 120 |
| Portfolio Turnover Rate (%) | 15 |
| Total Net Advisory Fees Paid ($) | 941745 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **41.4% of Net Assets** |
| Roche Holding AG (Switzerland) | 5.2% |
| Novartis AG (Switzerland) | 4.9% |
| Nestle SA (Switzerland) | 4.8% |
| Shell PLC (United Kingdom) | 4.8% |
| Allianz SE (Germany) | 4.4% |
| Unilever PLC (United Kingdom) | 3.9% |
| Iberdrola SA (Spain) | 3.6% |
| TotalEnergies SE (France) | 3.5% |
| British American Tobacco PLC (United Kingdom) | 3.4% |
| Sanofi SA (France) | 2.9% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 27% |
| Consumer Staples | 20% |
| Health Care | 14% |
| Energy | 11% |
| Industrials | 9% |
| Utilities | 8% |
| Consumer Discretionary | 5% |
| Communication Services | 4% |
| Real Estate | 1% |
| Information Technology | 1% |
| Materials | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Switzerland | 22% |
| United Kingdom | 19% |
| France | 13% |
| Germany | 9% |
| Japan | 8% |
| Singapore | 5% |
| Spain | 5% |
| Australia | 4% |
| Italy | 3% |
| Netherlands | 2% |
| Hong Kong | 2% |
| Other | 5% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund's ability to generate income may be adversely affected. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. Please read the prospectus for more information.

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

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

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

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

# **HDEF-TSRS** 
R-1040107-2 (1/26) DBX007031 (1/27)

# Xtrackers US 0-1 Year Treasury ETF
TRSY: Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — November 30, 2025
![Image](g26359g72o71.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TRSY | $3 | 0.06%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers US 0-1 Year Treasury ETF (the "Fund") for the period June 1, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 20504620 |
| Number of Portfolio Holdings | 106 |
| Portfolio Turnover Rate (%) | 0 |
| Total Net Advisory Fees Paid ($) | 5858 |
| Modified duration to worst | 0.4 years |

---

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

## What did the Fund invest in?

### Asset Allocation Table

---

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

---

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AA | 100% |

---

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

Holdings-based data is subject to change.

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

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

The Fund is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund's investments may be more susceptible than a money market fund's investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund's investments. U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government. The "full faith and credit" guarantee of the US government applies to the timely repayment of interest, and does not eliminate market risk. Because of the rising US government debt burden, it is possible that the US government may not be able to meet its financial obligations or that securities issued by the US government may experience credit downgrades. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

ICE Data Indices, LLC, is used with permission. "ICE<sup>®</sup>" is a trade mark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the ICE U.S. Treasury Short Bond Index ("Index") for use by DBX Advisors LLC ("Advisor") in connection with Xtrackers US 0-1 Year Treasury ETF (the "Product"). Neither Advisor, DBX ETF Trust (the "Trust") nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK

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

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

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

# **TRSY-TSRS** 
R-1040106-2 (1/26) DBX007030 (1/27)

------

(b) Not applicable

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments is included under Item 7.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ------

![LOGO](g39211dsp01a.jpg)

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

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

Xtrackers Nifty 500 India ETF (IND)

![LOGO](g39211dsp01b.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp;&nbsp; **[Schedule of Investments](#fin39211_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Harvest CSI 300 China A-Shares ETF](#fin39211_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF](#fin39211_3) | 8 |
| &nbsp;&nbsp;&nbsp; **[Xtrackers Nifty 500 India ETF](#fin39211_4)** | 18 |
| &nbsp;&nbsp;&nbsp; **[Statements of Assets and Liabilities](#fin39211_5)** | 25 |
| &nbsp;&nbsp;&nbsp; **[Statements of Operations](#fin39211_6)** | 26 |
| &nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin39211_7)** | 27 |
| &nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin39211_8)** | 29 |
| &nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#fin39211_9)** | 32 |
| &nbsp;&nbsp;&nbsp; **[Board Considerations in Approval of Investment Advisory Contracts](#fin39211_10)** | 40 |
| &nbsp;&nbsp;&nbsp; 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. | &nbsp;&nbsp;&nbsp; The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. |

---

DBX ETF Trust \| **1** 

------

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS — 99.7%** |  |  |
|  **Communication Services — 1.0%** | **Communication Services — 1.0%** | **Communication Services — 1.0%** |
|  China United Network Communications Ltd., Class A | 8181381 | 6248951 |
|  Focus Media Information Technology Co. Ltd., Class A | 5203479 | 5409634 |
|  Kunlun Tech Co. Ltd., Class A \* | 461418 | 2839033 |
|  Mango Excellent Media Co. Ltd., Class A | 418322 | 1533672 |
|  (Cost $13,009,166) |  | **16031290** |
|  **Consumer Discretionary — 7.1%** |  |  |
|  Beijing Roborock Technology Co. Ltd., Class A | 104882 | 2257591 |
|  BYD Co. Ltd., Class A | 1297616 | 17467590 |
|  Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 67939 | 1157670 |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 464593 | 5193396 |
|  Chongqing Changan Automobile Co. Ltd., Class A | 2435484 | 4113167 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 810249 | 7550207 |
|  Great Wall Motor Co. Ltd., Class A | 688577 | 2132963 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 2199653 | 12557178 |
|  Guangzhou Automobile Group Co. Ltd., Class A | 1314339 | 1719633 |
|  Haier Smart Home Co. Ltd., Class A | 1898802 | 7407312 |
|  Huali Industrial Group Co. Ltd., Class A | 84060 | 726470 |
|  Huayu Automotive Systems Co. Ltd., Class A | 809730 | 2224212 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 154434 | 2402607 |
|  Midea Group Co. Ltd., Class A | 2393705 | 27038753 |
|  Ningbo Tuopu Group Co. Ltd., Class A | 462056 | 4118043 |
|  Oppein Home Group, Inc., Class A | 94689 | 712387 |
|  SAIC Motor Corp. Ltd., Class A | 2270456 | 4807526 |
|  Sailun Group Co. Ltd., Class A | 1397900 | 3153723 |
|  Seres Group Co. Ltd., Class A | 400406 | 7146810 |
|  Zhejiang China Commodities City Group Co. Ltd., Class A | 1363566 | 3174627 |
|  (Cost $77,271,491) |  | **117061865** |
|  **Consumer Staples — 8.7%** |  |  |
|  Anhui Gujing Distillery Co. Ltd., Class A | 63809 | 1500932 |
|  Eastroc Beverage Group Co. Ltd., Class A | 104240 | 3887455 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 868036 | 4537915 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Guangdong Haid Group Co. Ltd., Class A | 410422 | 3239303 |
|  Henan Shuanghui Investment & Development Co. Ltd., Class A | 558227 | 2131084 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 3103254 | 12896024 |
|  Jiangsu King's Luck Brewery JSC Ltd., Class A | 337071 | 1801710 |
|  Jiangsu Yanghe Distillery Co. Ltd., Class A | 275480 | 2579496 |
|  Kweichow Moutai Co. Ltd., Class A | 302409 | 62043912 |
|  Luzhou Laojiao Co. Ltd., Class A | 362324 | 6963689 |
|  Muyuan Foods Co. Ltd., Class A | 1321692 | 9487528 |
|  New Hope Liuhe Co. Ltd., Class A | 904569 | 1203977 |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 257302 | 7071356 |
|  Tsingtao Brewery Co. Ltd., Class A | 168510 | 1514704 |
|  Wens Foodstuff Group Co. Ltd., Class A | 2535918 | 6485155 |
|  Wuliangye Yibin Co. Ltd., Class A | 925272 | 15423599 |
|  Yihai Kerry Arawana Holdings Co. Ltd., Class A | 304070 | 1278661 |
|  (Cost $89,560,113) |  | **144046500** |
|  **Energy — 2.4%** |  |  |
|  China Coal Energy Co. Ltd., Class A | 883634 | 1689802 |
|  China Merchants Energy Shipping Co. Ltd., Class A | 1513500 | 1886015 |
|  China Oilfield Services Ltd., Class A | 158885 | 313954 |
|  China Petroleum & Chemical Corp., Class A | 7184514 | 5873703 |
|  China Shenhua Energy Co. Ltd., Class A | 1677268 | 9760082 |
|  COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 842964 | 1440332 |
|  PetroChina Co. Ltd., Class A | 5649782 | 7791536 |
|  Shaanxi Coal Industry Co. Ltd., Class A | 1984769 | 6367071 |
|  Shanxi Coking Coal Energy Group Co. Ltd., Class A | 1369550 | 1303706 |
|  Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 508700 | 938266 |
|  Yankuang Energy Group Co. Ltd., Class A | 908780 | 1788021 |
|  (Cost $23,486,346) |  | **39152488** |
|  **Financials — 23.6%** |  |  |
|  Agricultural Bank of China Ltd., Class A | 15357083 | 17464313 |
|  Bank of Beijing Co. Ltd., Class A | 7314507 | 5876519 |
|  Bank of Chengdu Co. Ltd., Class A | 1333656 | 3182333 |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Bank of China Ltd., Class A | 7035300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040294 |
|  Bank of Communications Co. Ltd., Class A | 12764059 | 13703052 |
|  Bank of Hangzhou Co. Ltd., Class A | 2603589 | 5741234 |
|  Bank of Jiangsu Co. Ltd., Class A | 7416960 | 11246243 |
|  Bank of Nanjing Co. Ltd., Class A | 3625590 | 5933334 |
|  Bank of Ningbo Co. Ltd., Class A | 1561334 | 6265300 |
|  Bank of Shanghai Co. Ltd., Class A | 4854165 | 6783568 |
|  Capital Securities Co. Ltd., Class A | 255300 | 755078 |
|  China CITIC Bank Corp. Ltd., Class A | 2548022 | 2796737 |
|  China Construction Bank Corp., Class A | 4357475 | 5953862 |
|  China Everbright Bank Co. Ltd., Class A | 9245073 | 4720676 |
|  China Galaxy Securities Co. Ltd., Class A | 1140817 | 2565665 |
|  China International Capital Corp. Ltd., Class A (a) | 602410 | 2972897 |
|  China Life Insurance Co. Ltd., Class A | 844830 | 5200498 |
|  China Merchants Bank Co. Ltd., Class A | 5917933 | 35951743 |
|  China Merchants Securities Co. Ltd., Class A | 1739887 | 4008933 |
|  China Minsheng Banking Corp. Ltd., Class A | 12276397 | 7102005 |
|  China Pacific Insurance Group Co. Ltd., Class A | 1644380 | 8082463 |
|  China Zheshang Bank Co. Ltd., Class A | 8023740 | 3484191 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class A | 3382200 | 3109563 |
|  Cinda Securities Co. Ltd., Class A (a) | 487800 | 1227452 |
|  CITIC Securities Co. Ltd., Class A | 4733593 | 18472656 |
|  CNPC Capital Co. Ltd., Class A | 1386500 | 1796396 |
|  CSC Financial Co. Ltd., Class A | 650561 | 2281136 |
|  East Money Information Co. Ltd., Class A | 6113301 | 20233843 |
|  Everbright Securities Co. Ltd., Class A | 1011694 | 2479901 |
|  Founder Securities Co. Ltd., Class A | 1963996 | 2152926 |
|  GF Securities Co. Ltd., Class A | 1491853 | 4460852 |
|  Guosen Securities Co. Ltd., Class A | 1518618 | 2783815 |
|  Guotai Haitong Securities Co. Ltd. | 5327002 | 14436605 |
|  Hithink RoyalFlush Information Network Co. Ltd., Class A | 109395 | 4970038 |
|  Hongta Securities Co. Ltd., Class A | 567610 | 690455 |
|  Huatai Securities Co. Ltd., Class A | 2477547 | 7394198 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Huaxia Bank Co. Ltd., Class A | 3211193 | 3147649 |
|  Industrial & Commercial Bank of China Ltd., Class A | 16832651 | 19309014 |
|  Industrial Bank Co. Ltd., Class A | 7975170 | 23813044 |
|  Industrial Securities Co. Ltd., Class A | 3025356 | 2897023 |
|  New China Life Insurance Co. Ltd., Class A | 437253 | 4061501 |
|  Orient Securities Co. Ltd., Class A | 2490573 | 3667218 |
|  People's Insurance Co. Group of China Ltd., Class A | 1692098 | 2072670 |
|  Ping An Bank Co. Ltd., Class A | 4792656 | 7870371 |
|  Ping An Insurance Group Co. of China Ltd., Class A | 5204810 | 43428018 |
|  Postal Savings Bank of China Co. Ltd., Class A | 5317900 | 4272433 |
|  SDIC Capital Co. Ltd., Class A | 748229 | 774698 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 6463579 | 10495464 |
|  Shanghai Rural Commercial Bank Co. Ltd., Class A | 2799600 | 3730213 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 4538387 | 3305944 |
|  Zheshang Securities Co. Ltd., Class A | 1297750 | 2009980 |
|  Zhongtai Securities Co. Ltd., Class A | 1081345 | 1014062 |
|  (Cost $273,085,324) |  | **388190076** |
|  **Health Care — 5.5%** |  |  |
|  Aier Eye Hospital Group Co. Ltd., Class A | 2432190 | 3956235 |
|  Beijing Tiantan Biological Products Corp. Ltd., Class A | 574134 | 1404090 |
|  Beijing Tong Ren Tang Co. Ltd., Class A | 356996 | 1689065 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A \* | 170765 | 1159865 |
|  Changchun High-Tech Industry Group Co. Ltd., Class A | 145938 | 2048940 |
|  China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 343841 | 1366629 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A | 500134 | 1454442 |
|  Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 355312 | 1296631 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class A | 246834 | 1780931 |
|  Huadong Medicine Co. Ltd., Class A | 473268 | 2811533 |
|  Imeik Technology Development Co. Ltd., Class A | 63887 | 1313633 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 2161021 | 18975684 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Pharmaron Beijing Co. Ltd., Class A | 432385 | 1770541 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 729122 | 2797929 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 402183 | 1013152 |
|  Shanghai RAAS Blood Products Co. Ltd., Class A | 2791234 | 2617559 |
|  Shanghai United Imaging Healthcare Co. Ltd., Class A | 244941 | 4611330 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 298490 | 8613268 |
|  Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 194184 | 1616941 |
|  Sichuan Biokin Pharmaceutical Co. Ltd., Class A \* | 43032 | 2309822 |
|  Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 541200 | 2634847 |
|  WuXi AppTec Co. Ltd., Class A | 1211228 | 15622835 |
|  Yunnan Baiyao Group Co. Ltd., Class A | 482006 | 3822014 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 157460 | 3827869 |
|  (Cost $80,352,455) |  | **90515785** |
|  **Industrials — 16.9%** |  |  |
|  AECC Aviation Power Co. Ltd., Class A | 1013135 | 5327990 |
|  Air China Cargo Co. Ltd., Class A | 692300 | 615931 |
|  Air China Ltd., Class A \* | 1871037 | 2125126 |
|  Beijing New Building Materials PLC, Class A | 520097 | 1861929 |
|  Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 14806026 | 10659652 |
|  China CSSC Holdings Ltd., Class A | 2221640 | 10800403 |
|  China Eastern Airlines Corp. Ltd., Class A \* | 4623845 | 3296253 |
|  China Energy Engineering Corp. Ltd., Class A | 7928477 | 2635387 |
|  China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 1144237 | 1610371 |
|  China National Chemical Engineering Co. Ltd., Class A | 2233206 | 2353270 |
|  China Railway Group Ltd., Class A | 5132102 | 3941685 |
|  China Southern Airlines Co. Ltd., Class A \* | 2803466 | 2688511 |
|  China State Construction Engineering Corp. Ltd., Class A | 10255707 | 7543201 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 1276717 | 67394275 |
|  COSCO SHIPPING Holdings Co. Ltd., Class A | 3158317 | 6526685 |
|  CRRC Corp. Ltd., Class A | 6564716 | 6750517 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Daqin Railway Co. Ltd., Class A | 6271655 | 4861267 |
|  Dongfang Electric Corp. Ltd., Class A | 708664 | 2151081 |
|  Eve Energy Co. Ltd., Class A | 635873 | 6422678 |
|  FAW Jiefang Group Co. Ltd., Class A | 1059088 | 1074083 |
|  Goneo Group Co. Ltd., Class A | 225571 | 1367164 |
|  Gotion High-tech Co. Ltd., Class A | 567226 | 3136235 |
|  Jiangsu Expressway Co. Ltd., Class A | 262823 | 484389 |
|  Jiangsu Hengli Hydraulic Co. Ltd., Class A | 266940 | 3824809 |
|  Metallurgical Corp. of China Ltd., Class A | 4062858 | 1827451 |
|  NARI Technology Co. Ltd., Class A | 2152688 | 6747418 |
|  Ningbo Deye Technology Co. Ltd., Class A | 171956 | 1970104 |
|  Power Construction Corp. of China Ltd., Class A | 4256628 | 3269281 |
|  Qingdao Port International Co. Ltd., Class A | 460400 | 547018 |
|  Sany Heavy Industry Co. Ltd., Class A | 3059588 | 8793735 |
|  SF Holding Co. Ltd., Class A | 1173075 | 6366552 |
|  Shanghai International Airport Co. Ltd., Class A | 750773 | 3362066 |
|  Shanghai International Port Group Co. Ltd., Class A | 1953347 | 1511309 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 954693 | 9541664 |
|  Sichuan Road & Bridge Group Co. Ltd., Class A | 1290800 | 1721700 |
|  Sieyuan Electric Co. Ltd., Class A | 337180 | 6843849 |
|  Spring Airlines Co. Ltd., Class A | 221791 | 1724159 |
|  Sungrow Power Supply Co. Ltd., Class A | 724070 | 18731863 |
|  TBEA Co. Ltd., Class A | 2559678 | 7892754 |
|  Weichai Power Co. Ltd., Class A | 2812570 | 6886319 |
|  XCMG Construction Machinery Co. Ltd., Class A | 4169645 | 6086470 |
|  YTO Express Group Co. Ltd., Class A | 740443 | 1785676 |
|  Yutong Bus Co. Ltd., Class A | 708300 | 3116764 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 604192 | 2401419 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 708656 | 6197570 |
|  Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 1119817 | 6807697 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class A | 164089 | 1156066 |
|  Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 2930253 | 3348909 |
|  (Cost $190,927,353) |  | **278090705** |

---

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **Information Technology — 21.5%** |  |  |
|  360 Security Technology, Inc., Class A | 2054268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957500 |
|  ACM Research Shanghai, Inc., Class A | 61978 | 1384049 |
|  Advanced Micro-Fabrication Equipment, Inc., China, Class A | 222578 | 8440454 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 356443 | 2275318 |
|  Beijing Kingsoft Office Software, Inc., Class A | 121583 | 5353683 |
|  BOE Technology Group Co. Ltd., Class A | 20390435 | 11132701 |
|  Cambricon Technologies Corp. Ltd., Class A \* | 100104 | 18845871 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 734943 | 4573967 |
|  China Railway Signal & Communication Corp. Ltd., Class A | 2373479 | 1745724 |
|  China Resources Microelectronics Ltd., Class A | 389076 | 2555171 |
|  CSI Solar Co. Ltd., Class A | 894374 | 2175877 |
|  Empyrean Technology Co. Ltd., Class A | 126300 | 1868624 |
|  Eoptolink Technology, Inc. Ltd., Class A | 481680 | 23695993 |
|  Flat Glass Group Co. Ltd., Class A | 364058 | 831114 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 1912650 | 16426839 |
|  GigaDevice Semiconductor, Inc., Class A | 335365 | 9629428 |
|  GoerTek, Inc., Class A | 1285521 | 5460359 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 678107 | 1353356 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A | 849127 | 3354519 |
|  Huaqin Technology Co. Ltd., Class A | 165514 | 2053854 |
|  Hundsun Technologies, Inc., Class A | 873944 | 3624385 |
|  Hygon Information Technology Co. Ltd., Class A | 463364 | 14241926 |
|  IEIT Systems Co. Ltd., Class A | 615387 | 5360993 |
|  Iflytek Co. Ltd., Class A | 1242200 | 8700794 |
|  Isoftstone Information Technology Group Co. Ltd., Class A | 302000 | 2035432 |
|  JA Solar Technology Co. Ltd., Class A \* | 1096782 | 1872468 |
|  JCET Group Co. Ltd., Class A | 942689 | 4788181 |
|  Jinko Solar Co. Ltd., Class A \* | 2333811 | 1858492 |
|  Lens Technology Co. Ltd., Class A | 1076678 | 4187986 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Lingyi iTech Guangdong Co., Class A | 1510760 | 2970277 |
|  LONGi Green Energy Technology Co. Ltd., Class A \* | 3073725 | 8073533 |
|  Loongson Technology Corp. Ltd., Class A \* | 98808 | 1848309 |
|  Luxshare Precision Industry Co. Ltd., Class A | 2513725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20543859 |
|  Maxscend Microelectronics Co. Ltd., Class A | 262217 | 2566944 |
|  Montage Technology Co. Ltd., Class A | 591505 | 9914333 |
|  National Silicon Industry Group Co. Ltd., Class A \* | 977868 | 2930879 |
|  NAURA Technology Group Co. Ltd., Class A | 226041 | 13680950 |
|  Ninestar Corp., Class A \* | 605764 | 1593687 |
|  OmniVision Integrated Circuits Group, Inc. | 464763 | 7853751 |
|  Range Intelligent Computing Technology Group Co. Ltd., Class A | 348580 | 2352825 |
|  SG Micro Corp., Class A | 257651 | 2372464 |
|  Shanghai Baosight Software Co. Ltd., Class A | 595856 | 1799392 |
|  Shengyi Technology Co. Ltd., Class A | 654598 | 5340558 |
|  Shennan Circuits Co. Ltd., Class A | 156296 | 4323072 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 266224 | 2414125 |
|  Suzhou TFC Optical Communication Co. Ltd., Class A | 249063 | 5566126 |
|  TCL Technology Group Corp., Class A | 10950884 | 6335184 |
|  TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A \* | 1756748 | 2333253 |
|  Tongwei Co. Ltd., Class A \* | 1416389 | 4583797 |
|  Trina Solar Co. Ltd., Class A \* | 759396 | 1943093 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A | 403652 | 4342603 |
|  Unisplendour Corp. Ltd., Class A | 1167935 | 4116740 |
|  WUS Printed Circuit Kunshan Co. Ltd., Class A | 699999 | 6876325 |
|  Xinjiang Daqo New Energy Co. Ltd., Class A \* | 404825 | 1641654 |
|  Yealink Network Technology Corp. Ltd., Class A | 361137 | 1724492 |
|  Yonyou Network Technology Co. Ltd., Class A \* | 1103019 | 2224792 |
|  Zhejiang Dahua Technology Co. Ltd., Class A | 1462201 | 3917182 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 398891 | 2059932 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Zhongji Innolight Co. Ltd., Class A | 433626 | 31556398 |
|  ZTE Corp., Class A | 1625451 | 9676973 |
|  (Cost $190,517,136) |  | **353262560** |
|  **Materials — 9.2%** |  |  |
|  Aluminum Corp. of China Ltd., Class A | 3888618 | 5780757 |
|  Anhui Conch Cement Co. Ltd., Class A | 1219067 | 3940039 |
|  Baoshan Iron & Steel Co. Ltd., Class A | 4453443 | 4566890 |
|  China Jushi Co. Ltd., Class A | 1139613 | 2403377 |
|  China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 1210922 | 7707534 |
|  Citic Pacific Special Steel Group Co. Ltd., Class A | 447972 | 959953 |
|  CMOC Group Ltd., Class A | 3432672 | 7880206 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 554647 | 4907166 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 644798 | 3762135 |
|  Hengli Petrochemical Co. Ltd., Class A | 988695 | 2644482 |
|  Hoshine Silicon Industry Co. Ltd., Class A | 152914 | 1217706 |
|  Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 11409127 | 3921439 |
|  Jiangsu Eastern Shenghong Co. Ltd., Class A \* | 1284884 | 1746522 |
|  Jiangxi Copper Co. Ltd., Class A | 535201 | 2833501 |
|  LB Group Co. Ltd., Class A | 945890 | 2456405 |
|  Ningxia Baofeng Energy Group Co. Ltd., Class A | 1132774 | 2884048 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A \* | 2009589 | 7518300 |
|  Rongsheng Petrochemical Co. Ltd., Class A | 1646387 | 2263523 |
|  Satellite Chemical Co. Ltd., Class A | 906187 | 2161037 |
|  Shandong Gold Mining Co. Ltd., Class A | 896190 | 4621718 |
|  Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 775661 | 3101591 |
|  Shandong Nanshan Aluminum Co. Ltd., Class A | 3916280 | 2609044 |
|  Shanjin International Gold Co. Ltd., Class A | 929100 | 2789968 |
|  Tianqi Lithium Corp., Class A \* | 492509 | 3833543 |
|  Tongling Nonferrous Metals Group Co. Ltd., Class A | 3953100 | 2851640 |
|  Wanhua Chemical Group Co. Ltd., Class A | 922368 | 8756749 |
|  Yunnan Aluminium Co. Ltd., Class A | 1137947 | 3975628 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Zangge Mining Co. Ltd., Class A | 432901 | 3721654 |
|  Zhejiang Juhua Co. Ltd., Class A | 714880 | 3389408 |
|  Zhejiang NHU Co. Ltd., Class A | 885208 | 3052571 |
|  Zhongjin Gold Corp. Ltd., Class A | 1468873 | 4670542 |
|  Zijin Mining Group Co. Ltd., Class A | 7931047 | 32061178 |
|  (Cost $83,711,010) |  | **150990254** |
|  **Real Estate — 0.6%** |  |  |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1639605 | 2147519 |
|  China Vanke Co. Ltd., Class A \* | 3072480 | 2338072 |
|  Hainan Airport Infrastructure Co. Ltd., Class A | 2610802 | 1827957 |
|  Poly Developments and Holdings Group Co. Ltd., Class A | 3100486 | 2964580 |
|  (Cost $12,553,303) |  | **9278128** |
|  **Utilities — 3.2%** |  |  |
|  CGN Power Co. Ltd., Class A | 4645784 | 2477349 |
|  China Longyuan Power Group Corp. Ltd., Class A | 66700 | 150855 |
|  China National Nuclear Power Co. Ltd., Class A | 4190201 | 5114844 |
|  China Three Gorges Renewables Group Co. Ltd., Class A | 7481919 | 4423602 |
|  China Yangtze Power Co. Ltd., Class A | 6036685 | 23890924 |
|  ENN Natural Gas Co. Ltd., Class A | 440609 | 1327455 |
|  GD Power Development Co. Ltd., Class A | 4893078 | 3896523 |
|  Huadian Power International Corp. Ltd., Class A | 1386833 | 1010225 |
|  Huaneng Lancang River Hydropower, Inc., Class A | 1202000 | 1610057 |
|  Huaneng Power International, Inc., Class A | 2329843 | 2563852 |
|  SDIC Power Holdings Co. Ltd., Class A | 1372086 | 2672403 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 1280542 | 2640815 |
|  Zhejiang Zheneng Electric Power Co. Ltd., Class A | 2099108 | 1493446 |
|  (Cost $38,983,819) |  | **53272350** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,073,457,516) |  | **1639892001** |
|  **TOTAL INVESTMENTS — 99.7%** | **TOTAL INVESTMENTS — 99.7%** |  |
|  (Cost $1,073,457,516) |  | **1639892001** |
|  **Other assets and liabilities,<br>net — 0.3%** |  | **4698439** |
|  **NET ASSETS — 100.0%** |  | **1644590440** |

---

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

\* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

JSC: Joint Stock Company

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

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks (a) | $1635691652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;4200349 | $1639892001 |
|  **TOTAL** | $1635691652 | $— | $4200349 | $1639892001 |

---

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

During the period ended November 30, 2025, the amount of transfers from Level 3 to Level 1 was $13,117,303. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. The amount of transfers from Level 1 to Level 3 was $4,925,939. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust \| **7** 

------

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | Value $ |
|  **COMMON STOCKS — 99.8%** |  |  |
|  **Communication Services — 3.5%** |  |  |
|  Beijing Enlight Media Co. Ltd., Class A | 27800 | 64527 |
|  Bluefocus Intelligent Communications Group Co. Ltd., Class A \* | 68020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103234 |
|  China Film Group Co. Ltd., Class A | 10600 | 25923 |
|  China Science Publishing & Media Ltd., Class A | 3300 | 8766 |
|  China South Publishing & Media Group Co. Ltd., Class A | 12400 | 19486 |
|  Chinese Universe Publishing and Media Group Co. Ltd., Class A | 14489 | 21662 |
|  Giant Network Group Co. Ltd., Class A | 25200 | 146640 |
|  Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A | 41800 | 20575 |
|  Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 11000 | 15543 |
|  Kingnet Network Co. Ltd., Class A | 34000 | 107340 |
|  Oriental Pearl Group Co. Ltd., Class A | 34700 | 47707 |
|  People.cn Co. Ltd., Class A | 11100 | 32923 |
|  Perfect World Co. Ltd., Class A | 26700 | 53514 |
|  Shandong Publishing & Media Co. Ltd., Class A | 12700 | 15287 |
|  Talkweb Information System Co. Ltd., Class A \* | 19800 | 88695 |
|  Wanda Film Holding Co. Ltd., Class A \* | 24100 | 39031 |
|  Zhejiang Publishing & Media Co. Ltd., Class A | 7800 | 8727 |
|  (Cost $496,099) |  | 819580 |
|  **Consumer Discretionary — 6.9%** |  |  |
|  AIMA Technology Group Co. Ltd., Class A | 4808 | 20953 |
|  Anhui Zhongding Sealing Parts Co. Ltd., Class A | 15400 | 45373 |
|  Beiqi Foton Motor Co. Ltd., Class A \* | 85800 | 33617 |
|  Bethel Automotive Safety Systems Co. Ltd., Class A | 8180 | 52043 |
|  BTG Hotels Group Co. Ltd., Class A | 8945 | 19333 |
|  China Automotive Engineering Research Institute Co. Ltd., Class A | 8400 | 19973 |
|  Chongqing Zongshen Power Machinery Co. Ltd., Class A | 13400 | 42285 |
|  DBG Technology Co. Ltd., Class A | 7200 | 25929 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Easyhome New Retail Group Co. Ltd., Class A \* | 38500 | 16609 |
|  Ecovacs Robotics Co. Ltd., Class A | 4300 | 47793 |
|  Hangzhou GreatStar Industrial Co. Ltd. | 13353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59343 |
|  Hangzhou Robam Appliances Co. Ltd., Class A | 10000 | 28982 |
|  Hisense Home Appliances Group Co. Ltd., Class A | 9100 | 34135 |
|  Hisense Visual Technology Co. Ltd., Class A | 14400 | 52773 |
|  HLA Group Corp. Ltd., Class A | 39600 | 34504 |
|  Jason Furniture Hangzhou Co. Ltd., Class A | 8400 | 37581 |
|  Jiangsu Xinquan Automotive Trim Co. Ltd., Class A | 6900 | 64580 |
|  Keboda Technology Co. Ltd., Class A | 1900 | 19565 |
|  Lao Feng Xiang Co. Ltd., Class A | 2500 | 15824 |
|  Ninebot Ltd. | 11018 | 88691 |
|  Ningbo Joyson Electronic Corp., Class A | 19620 | 74152 |
|  Offcn Education Technology Co. Ltd., Class A \* | 94300 | 35480 |
|  Qingdao Sentury Tire Co. Ltd., Class A | 13600 | 38454 |
|  Shandong Linglong Tyre Co. Ltd., Class A | 13091 | 27404 |
|  Shanghai Jinjiang International Hotels Co. Ltd., Class A | 6800 | 24421 |
|  Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 30700 | 23275 |
|  Shenzhen Kedali Industry Co. Ltd., Class A | 3700 | 81119 |
|  Shenzhen MTC Co. Ltd., Class A | 43200 | 39167 |
|  Sichuan Changhong Electric Co. Ltd., Class A | 68200 | 91256 |
|  Songcheng Performance Development Co. Ltd., Class A | 32800 | 36651 |
|  Suofeiya Home Collection Co. Ltd., Class A | 11718 | 23155 |
|  Tianneng Battery Group Co. Ltd., Class A | 3406 | 15469 |
|  Wangfujing Group Co. Ltd., Class A | 12630 | 25742 |
|  Wanxiang Qianchao Co. Ltd., Class A | 25800 | 45726 |
|  Wuchan Zhongda Group Co. Ltd., Class A | 56000 | 42694 |
|  Zhejiang Cfmoto Power Co. Ltd., Class A | 1900 | 71083 |
|  Zhejiang Semir Garment Co. Ltd., Class A | 19700 | 16913 |
|  Zhejiang Shuanghuan Driveline Co. Ltd., Class A | 13900 | 78407 |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 28500 | 64942 |
|  (Cost $1,346,015) |  | **1615396** |
|  **Consumer Staples — 3.1%** |  |  |
|  Angel Yeast Co. Ltd., Class A | 10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60892 |
|  Anhui Kouzi Distillery Co. Ltd., Class A | 5800 | 25137 |
|  Anjoy Foods Group Co. Ltd., Class A | 3700 | 42626 |
|  Beijing Dabeinong Technology Group Co. Ltd., Class A | 63962 | 36550 |
|  Beijing Yanjing Brewery Co. Ltd., Class A | 26000 | 44315 |
|  Bloomage Biotechnology Corp. Ltd., Class A | 3685 | 24492 |
|  By-health Co. Ltd., Class A | 16600 | 28622 |
|  Chongqing Brewery Co. Ltd., Class A | 3700 | 27821 |
|  Chongqing Fuling Zhacai Group Co. Ltd., Class A | 17769 | 32774 |
|  COFCO Sugar Holding Co. Ltd., Class A | 23200 | 56311 |
|  DaShenLin Pharmaceutical Group Co. Ltd., Class A | 7412 | 18525 |
|  Fujian Sunner Development Co. Ltd., Class A | 12000 | 27429 |
|  Gambol Pet Group Co. Ltd., Class A | 1700 | 16539 |
|  Guangzhou Zhujiang Brewery Co. Ltd,, Class A | 7800 | 10338 |
|  Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | 8900 | 34241 |
|  Heilongjiang Agriculture Co. Ltd., Class A | 14600 | 30646 |
|  Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 12600 | 31456 |
|  Proya Cosmetics Co. Ltd., Class A | 3900 | 38807 |
|  Shanghai Bairun Investment Holding Group Co. Ltd., Class A | 10400 | 34584 |
|  Shanghai Flyco Electrical Appliance Co. Ltd., Class A | 900 | 4464 |
|  Yifeng Pharmacy Chain Co. Ltd., Class A | 9576 | 30638 |
|  Yonghui Superstores Co. Ltd., Class A \* | 86700 | 49788 |
|  Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | 3200 | 18689 |
|  (Cost $745,127) |  | **725684** |
|  **Energy — 1.7%** |  |  |
|  China Coal Xinji Energy Co. Ltd., Class A | 30900 | 29720 |
|  China Petroleum Engineering Corp., Class A | 38200 | 18209 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  China Suntien Green Energy Corp. Ltd., Class A | 5600 | 6099 |
|  CNOOC Energy Technology & Services Ltd., Class A | 37300 | 19732 |
|  COFCO Capital Holdings Co. Ltd., Class A | 16200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26489 |
|  Guangzhou Development Group, Inc., Class A | 20900 | 19954 |
|  Jiangsu Xukuang Energy Co. Ltd., Class A | 20900 | 14042 |
|  Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A | 15900 | 31935 |
|  Jizhong Energy Resources Co. Ltd., Class A | 12300 | 10283 |
|  Offshore Oil Engineering Co. Ltd., Class A | 32100 | 24563 |
|  Pingdingshan Tianan Coal Mining Co. Ltd., Class A | 29300 | 32367 |
|  Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | 26505 | 28679 |
|  Sinopec Oilfield Service Corp., Class A \* | 90600 | 29218 |
|  Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 12229 | 97609 |
|  (Cost $310,273) |  | **388899** |
|  **Financials — 8.5%** |  |  |
|  Bank of Changsha Co. Ltd., Class A | 44800 | 61086 |
|  Bank of Guiyang Co. Ltd., Class A | 56400 | 47865 |
|  Bank of Suzhou Co. Ltd., Class A | 84810 | 98367 |
|  Bank of Xi'an Co. Ltd., Class A | 31300 | 16956 |
|  Beijing Compass Technology |  |  |
|  Development Co. Ltd., Class A \* | 7310 | 126784 |
|  BOC International China Co. Ltd., Class A | 33000 | 60307 |
|  Caida Securities Co. Ltd., Class A | 29100 | 28236 |
|  Caitong Securities Co. Ltd., Class A | 60525 | 69858 |
|  Changjiang Securities Co. Ltd., Class A | 66198 | 74345 |
|  China Great Wall Securities Co. Ltd., Class A | 25500 | 36429 |
|  Chinalin Securities Co. Ltd., Class A | 6000 | 12603 |
|  Dongxing Securities Co. Ltd., Class A (a) | 39300 | 72987 |
|  First Capital Securities Co. Ltd., Class A | 84000 | 81743 |
|  Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A | 30455 | 31145 |
|  Guolian Minsheng Securities Co. Ltd., Class A | 19600 | 28360 |
|  Guosheng Securities, Inc., Class A \* | 11087 | 28259 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Guoyuan Securities Co. Ltd., Class A | 46600 | 54115 |
|  Huaan Securities Co. Ltd., Class A | 52615 | 47183 |
|  Huaxi Securities Co. Ltd., Class A | 25100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34331 |
|  Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 62450 | 62980 |
|  Jiangsu Financial Leasing Co. Ltd., Class A | 38620 | 35288 |
|  J-Yuan Trust Co. Ltd., Class A \* | 81000 | 33225 |
|  Minmetals Capital Co. Ltd., Class A | 44800 | 35042 |
|  Nanjing Securities Co. Ltd., Class A | 36200 | 41116 |
|  Pacific Securities Co. Ltd., Class A \* | 134700 | 78687 |
|  Polaris Bay Group Co. Ltd., Class A \* | 42300 | 41702 |
|  Qilu Bank Co. Ltd., Class A | 81500 | 68244 |
|  Qingdao Rural Commercial Bank Corp., Class A | 92100 | 40905 |
|  Sealand Securities Co. Ltd., Class A | 89270 | 53285 |
|  Shaanxi International Trust Co. Ltd., Class A | 65490 | 32051 |
|  Shanxi Securities Co. Ltd., Class A | 41140 | 34973 |
|  Sinolink Securities Co. Ltd., Class A | 47300 | 61217 |
|  SooChow Securities Co. Ltd., Class A | 71765 | 90647 |
|  Southwest Securities Co. Ltd., Class A | 70900 | 44426 |
|  SPIC Industry-Finance Holdings Co. Ltd., Class A | 31700 | 32194 |
|  Tianfeng Securities Co. Ltd., Class A \* | 132800 | 90726 |
|  Western Securities Co. Ltd., Class A | 53600 | 60803 |
|  Xiangcai Co. Ltd., Class A \* | 22500 | 35867 |
|  Yongan Futures Co. Ltd., Class A | 7300 | 14806 |
|  (Cost $1,838,101) |  | **1999143** |
|  **Health Care — 8.5%** |  |  |
|  Andon Health Co. Ltd., Class A | 5900 | 34566 |
|  Apeloa Pharmaceutical Co. Ltd., Class A | 11200 | 25347 |
|  APT Medical, Inc., Class A | 1559 | 51624 |
|  Asymchem Laboratories Tianjin Co. Ltd., Class A | 3700 | 48540 |
|  Autobio Diagnostics Co. Ltd., Class A | 2700 | 13966 |
|  BeOne Medicines Ltd., Class A \* | 2174 | 89083 |
|  Betta Pharmaceuticals Co. Ltd., Class A | 4600 | 31979 |
|  BGI Genomics Co. Ltd., Class A \* | 4900 | 32332 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A | 7300 | 32525 |
|  China Meheco Co. Ltd., Class A | 16121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24581 |
|  China National Medicines Corp. Ltd., Class A | 5833 | 23844 |
|  China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 8749 | 23030 |
|  CSPC Innovation Pharmaceutical Co. Ltd., Class A | 8300 | 38119 |
|  Dong-E-E-Jiao Co. Ltd., Class A | 7500 | 50146 |
|  Gan & Lee Pharmaceuticals Co. Ltd., Class A | 7200 | 64842 |
|  Haisco Pharmaceutical Group Co. Ltd., Class A | 6300 | 53305 |
|  Hualan Biological Engineering, Inc., Class A | 20600 | 45367 |
|  Huaxia Eye Hospital Group Co. Ltd., Class A | 4900 | 13148 |
|  Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 6400 | 23772 |
|  Humanwell Healthcare Group Co. Ltd., Class A | 20600 | 56323 |
|  Intco Medical Technology Co. Ltd., Class A | 8720 | 53122 |
|  iRay Group, Class A | 1815 | 26653 |
|  Jafron Biomedical Co. Ltd., Class A | 9100 | 26168 |
|  Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | 10200 | 35159 |
|  Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 11285 | 56984 |
|  Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 19100 | 51600 |
|  Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 20056 | 35035 |
|  Jointown Pharmaceutical Group Co. Ltd., Class A | 38548 | 26717 |
|  Lepu Medical Technology Beijing Co. Ltd., Class A | 25300 | 57042 |
|  Livzon Pharmaceutical Group, Inc., Class A | 6262 | 31487 |
|  Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 58800 | 44496 |
|  MGI Tech Co. Ltd., Class A \* | 3923 | 35397 |
|  Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 11212 | 15368 |
|  Ovctek China, Inc., Class A | 10237 | 22762 |
|  Pacific Shuanglin Bio-pharmacy Co. Ltd., Class A | 9210 | 19554 |
|  Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 8300 | 19923 |
|  Shandong Pharmaceutical Glass Co. Ltd., Class A | 10938 | 31144 |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Shanghai Allist Pharmaceuticals Co. Ltd., Class A | 4386 | 60977 |
|  Shanghai Junshi Biosciences Co. Ltd., Class A \* | 10231 | 53688 |
|  Shenyang Xingqi Pharmaceutical Co. Ltd., Class A | 3000 | 30505 |
|  Shenzhen Kangtai Biological Products Co. Ltd., Class A | 14260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32473 |
|  Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 9700 | 84859 |
|  Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 15300 | 40404 |
|  Sinocelltech Group Ltd., Class A \* | 3361 | 22966 |
|  Tasly Pharmaceutical Group Co. Ltd., Class A | 14500 | 31441 |
|  Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A | 5962 | 38353 |
|  Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 23600 | 29342 |
|  Topchoice Medical Corp., Class A | 5603 | 33325 |
|  Walvax Biotechnology Co. Ltd., Class A | 30600 | 52631 |
|  Winner Medical Co. Ltd., Class A | 4740 | 26429 |
|  Xiamen Amoytop Biotech Co. Ltd., Class A | 3230 | 35549 |
|  Yili Chuanning Biotechnology Co. Ltd., Class A | 13200 | 19530 |
|  Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 14720 | 37498 |
|  (Cost $1,761,093) |  | **1995020** |
|  **Industrials — 17.2%** |  |  |
|  AECC Aero-Engine Control Co. Ltd., Class A | 22600 | 60193 |
|  AVIC Chengdu UAS Co. Ltd., Class A \* | 5442 | 35331 |
|  AVICOPTER PLC, Class A | 11200 | 56112 |
|  Baimtec Material Co. Ltd., Class A | 4623 | 35592 |
|  Beibuwan Port Co. Ltd., Class A | 19300 | 23886 |
|  Beijing Easpring Material Technology Co. Ltd., Class A | 8500 | 71391 |
|  Beijing Originwater Technology Co. Ltd., Class A | 47100 | 28446 |
|  Bohai Leasing Co. Ltd., Class A \* | 80500 | 40535 |
|  CCCC Design & Consulting Group Co. Ltd., Class A | 15700 | 16633 |
|  CECEP Environmental Protection Co. Ltd., Class A | 16000 | 14756 |
|  Centre Testing International Group Co. Ltd., Class A | 33200 | 63724 |
|  China Baoan Group Co. Ltd., Class A | 37580 | 53793 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  China First Heavy Industries Co. Ltd., Class A \* | 73500 | 31293 |
|  China International Marine Containers Group Co. Ltd., Class A | 40480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51989 |
|  China Railway Construction Heavy Industry Corp. Ltd., Class A | 38050 | 26856 |
|  China Railway Hi-tech Industry Co. Ltd., Class A | 25400 | 28957 |
|  China Railway Special Cargo Logistics Co. Ltd., Class A | 21300 | 12292 |
|  China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A | 25100 | 17148 |
|  China Southern Power Grid Technology Co. Ltd., Class A | 3719 | 23346 |
|  China XD Electric Co. Ltd., Class A | 42600 | 50193 |
|  CITIC Heavy Industries Co. Ltd., Class A | 39500 | 37433 |
|  CITIC Metal Co. Ltd., Class A | 9500 | 19430 |
|  CNGR Advanced Material Co. Ltd., Class A | 9500 | 56517 |
|  COSCO SHIPPING Development Co. Ltd., Class A | 78600 | 28238 |
|  Eastern Air Logistics Co. Ltd., Class A | 13700 | 31799 |
|  Fangda Carbon New Material Co. Ltd., Class A | 56100 | 50785 |
|  GEM Co. Ltd., Class A | 98400 | 105082 |
|  Ginlong Technologies Co. Ltd., Class A | 4400 | 45108 |
|  Goldwind Science & Technology Co. Ltd., Class A | 39700 | 86533 |
|  Guangdong Provincial Expressway Development Co. Ltd., Class A | 10700 | 18207 |
|  Guangshen Railway Co. Ltd., Class A | 67300 | 28938 |
|  Guangxi Liugong Machinery Co. Ltd., Class A | 31700 | 53581 |
|  Guangzhou Baiyun International Airport Co. Ltd., Class A | 25200 | 34397 |
|  Guangzhou Port Co. Ltd., Class A | 35000 | 16287 |
|  Hainan Jinpan Smart Technology Co. Ltd., Class A | 5387 | 62374 |
|  Hangcha Group Co. Ltd., Class A | 10900 | 38945 |
|  Han's Laser Technology Industry Group Co. Ltd., Class A | 16200 | 84255 |
|  Henan Pinggao Electric Co. Ltd., Class A | 16900 | 40135 |
|  Hongfa Technology Co. Ltd., Class A | 22716 | 93532 |
|  Hoymiles Power Electronics, Inc., Class A | 468 | 6538 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hunan Yuneng New Energy Battery Material Co. Ltd., Class A | 9000 | 97397 |
|  Infore Environment Technology Group Co. Ltd., Class A | 25900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23445 |
|  JL Mag Rare-Earth Co. Ltd., Class A | 14340 | 68516 |
|  Juneyao Airlines Co. Ltd., Class A | 14740 | 26645 |
|  Keda Industrial Group Co. Ltd., Class A | 18200 | 34444 |
|  Leader Harmonious Drive Systems Co. Ltd., Class A | 1964 | 40817 |
|  Liaoning Cheng Da Co. Ltd., Class A | 17558 | 29206 |
|  Liaoning Port Co. Ltd., Class A | 164520 | 37698 |
|  Ming Yang Smart Energy Group Ltd., Class A | 33400 | 64108 |
|  Ningbo Orient Wires & Cables Co. Ltd., Class A | 8000 | 65404 |
|  North Industries Group Red Arrow Co. Ltd., Class A \* | 16447 | 43130 |
|  Qingdao TGOOD Electric Co. Ltd., Class A | 14681 | 55299 |
|  RoboTechnik Intelligent Technology Co. Ltd., Class A | 2200 | 64159 |
|  Sany Renewable Energy Co. Ltd., Class A | 5306 | 20294 |
|  Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 7900 | 76934 |
|  Shanghai Construction Group Co. Ltd., Class A | 116300 | 45402 |
|  Shanghai M&G Stationery, Inc., Class A | 7800 | 30538 |
|  Shanghai Moons' Electric Co. Ltd., Class A | 3600 | 33755 |
|  Shanghai Tunnel Engineering Co. Ltd., Class A | 37200 | 33254 |
|  Shanghai Zhonggu Logistics Co. Ltd., Class A | 16200 | 23510 |
|  Shanxi Coal International Energy Group Co. Ltd., Class A | 14900 | 22319 |
|  Shenzhen Envicool Technology Co. Ltd., Class A | 11200 | 113760 |
|  Shenzhen Megmeet Electrical Co. Ltd., Class A | 8600 | 86804 |
|  Shenzhen SED Industry Co. Ltd., Class A | 9400 | 26618 |
|  Shenzhen Woer Heat-Shrinkable Material Co. Ltd., Class A | 19200 | 68111 |
|  Siasun Robot & Automation Co. Ltd., Class A \* | 25100 | 60674 |
|  Sinoma International Engineering Co., Class A | 26350 | 34699 |
|  Sinomach Heavy Equipment Group Co. Ltd., Class A \* | 73400 | 33742 |
|  Sinotrans Ltd., Class A | 33500 | 29615 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sinotruk Jinan Truck Co. Ltd., Class A | 11700 | 27637 |
|  State Grid Yingda Co. Ltd., Class A | 39600 | 33159 |
|  Sunwoda Electronic Co. Ltd., Class A | 29800 | 124301 |
|  TangShan Port Group Co. Ltd., Class A | 59874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32521 |
|  Tian Di Science & Technology Co. Ltd., Class A | 36700 | 30835 |
|  Wolong Electric Group Co. Ltd., Class A | 20566 | 120867 |
|  Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 21700 | 150552 |
|  Xiamen C & D, Inc., Class A | 31900 | 44896 |
|  XTC New Energy Materials Xiamen Co. Ltd., Class A | 4557 | 46480 |
|  Xuji Electric Co. Ltd., Class A | 13500 | 48979 |
|  YUNDA Holding Group Co. Ltd., Class A | 22200 | 21949 |
|  ZCZL Industrial Technology Group Co. Ltd., Class A | 21600 | 69537 |
|  Zhefu Holding Group Co. Ltd., Class A | 57000 | 32733 |
|  Zhejiang Dingli Machinery Co. Ltd., Class A | 4300 | 34243 |
|  Zhejiang Weiming Environment Protection Co. Ltd., Class A | 13888 | 44395 |
|  Zhejiang Weixing New Building Materials Co. Ltd., Class A | 13580 | 19631 |
|  Zhuhai CosMX Battery Co. Ltd., Class A | 14358 | 46507 |
|  Zhuzhou Kibing Group Co. Ltd., Class A | 32300 | 27868 |
|  (Cost $2,929,953) |  | **4027967** |
|  **Information Technology — 27.5%** |  |  |
|  Accelink Technologies Co. Ltd., Class A | 9522 | 81659 |
|  Aisino Corp., Class A | 24100 | 30714 |
|  All Winner Technology Co. Ltd., Class A | 11000 | 65316 |
|  Amlogic Shanghai Co. Ltd., Class A \* | 6557 | 83962 |
|  Anhui XDLK Microsystem Corp. Ltd., Class A | 4032 | 34218 |
|  ASR Microelectronics Co. Ltd., Class A \* | 4700 | 60955 |
|  Beijing E-Hualu Information Technology Co. Ltd., Class A \* | 9840 | 26765 |
|  Beijing Shiji Information Technology Co. Ltd., Class A | 18609 | 31849 |
|  Beijing Sinnet Technology Co. Ltd., Class A | 28100 | 50755 |
|  Beijing Ultrapower Software Co. Ltd., Class A | 38200 | 61488 |
|  Beijing Yandong Microelectronic Co. Ltd., Class A \* | 5299 | 18723 |

---

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, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Bestechnic Shanghai Co. Ltd., Class A | 2233 | 72161 |
|  Biwin Storage Technology Co. Ltd., Class A \* | 5744 | 88599 |
|  China Greatwall Technology Group Co. Ltd., Class A \* | 38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80623 |
|  China National Software & Service Co. Ltd., Class A \* | 12038 | 77013 |
|  China Zhenhua Group Science & Technology Co. Ltd., Class A | 7400 | 49540 |
|  CICT Mobile Communication Technology Co. Ltd., Class A \* | 30551 | 30162 |
|  Delton Technology Guangzhou, Inc., Class A | 600 | 5813 |
|  DHC Software Co. Ltd., Class A | 43700 | 62738 |
|  Digital China Group Co. Ltd., Class A | 11300 | 63485 |
|  Electric Connector Technology Co. Ltd., Class A | 6100 | 40707 |
|  Everdisplay Optronics Shanghai Co. Ltd., Class A \* | 115352 | 44868 |
|  Fiberhome Telecommunication Technologies Co. Ltd., Class A | 13800 | 44621 |
|  GalaxyCore, Inc., Class A | 15400 | 31868 |
|  Geovis Technology Co. Ltd., Class A | 7770 | 47687 |
|  Glarun Technology Co. Ltd., Class A | 10000 | 37554 |
|  Glodon Co. Ltd., Class A | 31400 | 57072 |
|  GRG Banking Equipment Co. Ltd., Class A | 25400 | 44298 |
|  Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A | 17200 | 39996 |
|  Guangzhou Haige Communications Group, Inc. Co., Class A | 38400 | 65232 |
|  Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 8500 | 46143 |
|  Guobo Electronics Co. Ltd., Class A | 1151 | 10833 |
|  Hangzhou Chang Chuan Technology Co. Ltd., Class A | 8400 | 91617 |
|  Hangzhou EZVIZ Network Co. Ltd., Class A | 3413 | 14145 |
|  Hangzhou Lion Microelectronics Co. Ltd., Class A \* | 11700 | 48721 |
|  Hebei Sinopack Electronic Technology Co. Ltd., Class A | 3480 | 25960 |
|  Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 17300 | 47692 |
|  Hengtong Optic-electric Co. Ltd., Class A | 38800 | 108554 |
|  Hexing Electrical Co. Ltd., Class A | 3900 | 18601 |
|  Huagong Tech Co. Ltd., Class A | 19359 | 199426 |
|  Hwatsing Technology Co. Ltd., Class A | 4691 | 89575 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Ingenic Semiconductor Co. Ltd., Class A | 7000 | 78615 |
|  IRICO Display Devices Co. Ltd., Class A \* | 28700 | 22612 |
|  Jiangsu Hoperun Software Co. Ltd., Class A \* | 15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111257 |
|  Jiangsu Jiejie Microelectronics Co. Ltd., Class A | 10100 | 38872 |
|  Jiangsu Pacific Quartz Co. Ltd., Class A | 5700 | 29379 |
|  Jiangxi Lianchuang Optoelectronic Science & Technology Co.Ltd., Class A | 7200 | 54770 |
|  Newland Digital Technology Co. Ltd., Class A | 13840 | 50584 |
|  Nexchip Semiconductor Corp., Class A | 16059 | 72232 |
|  Piotech, Inc., Class A | 2764 | 118576 |
|  Qi An Xin Technology Group, Inc., Class A \* | 5876 | 31184 |
|  QuantumCTek Co. Ltd., Class A \* | 1217 | 78819 |
|  Raytron Technology Co. Ltd., Class A | 7073 | 76133 |
|  Rockchip Electronics Co. Ltd., Class A | 4100 | 106103 |
|  Ruijie Networks Co. Ltd., Class A | 2620 | 27442 |
|  Sangfor Technologies, Inc., Class A | 4700 | 76491 |
|  Shanghai Belling Co. Ltd., Class A | 11200 | 51106 |
|  Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 2246 | 42083 |
|  Shanghai Fudan Microelectronics Group Co. Ltd., Class A | 6262 | 51186 |
|  Shanghai Huace Navigation Technology Ltd., Class A | 11020 | 48196 |
|  Shanghai Longcheer Technology Co. Ltd. | 4800 | 27462 |
|  Shanghai Stonehill Technology Co. Ltd., Class A \* | 109348 | 108112 |
|  Sharetronic Data Technology Co. Ltd., Class A | 4400 | 87323 |
|  Shengyi Electronics Co. Ltd., Class A | 4863 | 63653 |
|  Shenzhen Everwin Precision Technology Co. Ltd., Class A | 18700 | 113524 |
|  Shenzhen Fastprint Circuit Tech Co. Ltd., Class A | 34500 | 105014 |
|  Shenzhen Fortune Trend Technology Co. Ltd., Class A | 1539 | 28323 |
|  Shenzhen Goodix Technology Co. Ltd., Class A | 5800 | 65351 |
|  Shenzhen Huaqiang Industry Co. Ltd., Class A | 8200 | 29704 |
|  Shenzhen Kaifa Technology Co. Ltd., Class A | 21500 | 72651 |
|  Shenzhen Kinwong Electronic Co. Ltd., Class A | 7620 | 70521 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Shenzhen Longsys Electronics Co. Ltd., Class A \* | 2500 | 88117 |
|  Shenzhen SC New Energy Technology Corp., Class A | 5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69790 |
|  Shenzhen Sunlord Electronics Co. Ltd., Class A | 15100 | 77594 |
|  Shenzhen Sunway Communication Co. Ltd., Class A | 19300 | 86100 |
|  SICC Co. Ltd., Class A \* | 3760 | 47142 |
|  Sigmastar Technology Ltd., Class A | 2900 | 23172 |
|  Sinosoft Co. Ltd., Class A | 12388 | 34851 |
|  Skyverse Technology Co. Ltd., Class A \* | 4336 | 74492 |
|  Smartsens Technology Shanghai Co. Ltd., Class A | 5691 | 75996 |
|  StarPower Semiconductor Ltd., Class A | 2200 | 29391 |
|  State Grid Information & Communication Co. Ltd., Class A | 12200 | 28732 |
|  SUPCON Technology Co. Ltd., Class A | 12430 | 87627 |
|  Suzhou Centec Communications Co. Ltd., Class A \* | 2400 | 45319 |
|  Suzhou Maxwell Technologies Co. Ltd., Class A | 2900 | 49178 |
|  Suzhou Novosense Microelectronics Co. Ltd., Class A \* | 1806 | 39211 |
|  Thunder Software Technology Co. Ltd., Class A | 7300 | 67508 |
|  Tianma Microelectronics Co. Ltd., Class A \* | 24800 | 31711 |
|  Tianshui Huatian Technology Co. Ltd., Class A | 50900 | 78547 |
|  TongFu Microelectronics Co. Ltd., Class A | 23300 | 120655 |
|  United Nova Technology Co. Ltd., Class A \* | 95323 | 89931 |
|  Universal Scientific Industrial Shanghai Co. Ltd., Class A | 14600 | 46072 |
|  Vanchip Tianjin Technology Co. Ltd., Class A \* | 1229 | 6395 |
|  Venustech Group, Inc., Class A \* | 14800 | 31128 |
|  Verisilicon Microelectronics Shanghai Co. Ltd., Class A \* | 6842 | 151068 |
|  Victory Giant Technology Huizhou Co. Ltd., Class A | 11300 | 432667 |
|  Wangsu Science & Technology Co. Ltd., Class A | 45800 | 67373 |
|  Willfar Information Technology Co. Ltd., Class A | 3172 | 15721 |
|  Wuhan Guide Infrared Co. Ltd., Class A \* | 35300 | 61264 |
|  Wuhan Jingce Electronic Group Co. Ltd., Class A \* | 3900 | 36976 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Xiamen Faratronic Co. Ltd., Class A | 2800 | 41070 |
|  Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | 6800 | 62211 |
|  Zhejiang Crystal-Optech Co. Ltd., Class A | 25962 | 88867 |
|  (Cost $4,421,958) |  | **6454862** |
|  **Materials — 18.6%** |  |  |
|  Angang Steel Co. Ltd., Class A \* | 54000 | 19325 |
|  Asia - Potash International Investment Guangzhou Co. Ltd., Class A \* | 10700 | 66819 |
|  Baiyin Nonferrous Group Co. Ltd., Class A | 65100 | 45304 |
|  Beijing Shougang Co. Ltd., Class A | 32400 | 19018 |
|  Bluestar Adisseo Co., Class A | 9200 | 11907 |
|  Canmax Technologies Co. Ltd., Class A | 11840 | 86984 |
|  Cathay Biotech, Inc., Class A | 6954 | 46711 |
|  Chifeng Jilong Gold Mining Co. Ltd., Class A | 31700 | 143482 |
|  China Hainan Rubber Industry Group Co. Ltd., Class A | 33300 | 28685 |
|  China Rare Earth Resources And Technology Co. Ltd., Class A \* | 14300 | 94681 |
|  Fujian Kuncai Material Technology Co. Ltd., Class A \* | 4140 | 10447 |
|  Guangdong HEC Technology Holding Co. Ltd., Class A \* | 28505 | 85395 |
|  Guangdong Hongda Holdings Group Co. Ltd., Class A | 9300 | 53801 |
|  Hangzhou Iron & Steel Co., Class A \* | 29110 | 36563 |
|  Hangzhou Oxygen Plant Group Co. Ltd., Class A | 10000 | 37751 |
|  Haohua Chemical Science & Technology Co. Ltd., Class A | 7100 | 30298 |
|  Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | 29696 | 102992 |
|  Hengyi Petrochemical Co. Ltd., Class A | 40300 | 41783 |
|  Hesteel Co. Ltd., Class A | 72800 | 23581 |
|  Huafon Chemical Co. Ltd., Class A | 37100 | 49380 |
|  Huaibei Mining Holdings Co. Ltd., Class A | 19800 | 34447 |
|  Huaxin Cement Co. Ltd., Class A | 12672 | 40185 |
|  Hubei Dinglong Co. Ltd., Class A | 14600 | 72072 |
|  Hubei Feilihua Quartz Glass Co. Ltd., Class A | 8100 | 89743 |
|  Hubei Xingfa Chemicals Group Co. Ltd., Class A | 14920 | 68586 |
|  Hunan Gold Corp. Ltd., Class A | 21010 | 65913 |
|  Hunan Valin Steel Co. Ltd., Class A | 77820 | 61310 |

---

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, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Inner Mongolia Berun Chemical Co. Ltd., Class A | 42200 | 42380 |
|  Inner Mongolia ERDOS Resources Co. Ltd., Class A | 11300 | 17725 |
|  Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 64900 | 44797 |
|  Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A | 24300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118649 |
|  Innovation New Material Technology Co. Ltd., Class A | 24200 | 14856 |
|  JCHX Mining Management Co. Ltd., Class A | 7300 | 65257 |
|  Jiangsu Nata Opto-electronic Material Co. Ltd., Class A | 13620 | 73457 |
|  Jiangsu Yangnong Chemical Co. Ltd., Class A | 4490 | 39686 |
|  Jiangsu Yoke Technology Co. Ltd., Class A | 5996 | 58875 |
|  Jinan Shengquan Group Share Holding Co. Ltd., Class A | 13100 | 49010 |
|  Jinduicheng Molybdenum Co. Ltd., Class A | 21000 | 41347 |
|  Kingfa Sci & Tech Co. Ltd., Class A | 41100 | 105629 |
|  Levima Advanced Materials Corp., Class A | 8300 | 22717 |
|  Luxi Chemical Group Co. Ltd., Class A | 19800 | 42149 |
|  Maanshan Iron & Steel Co. Ltd., Class A \* | 46900 | 25938 |
|  MeiHua Holdings Group Co. Ltd., Class A | 38500 | 55219 |
|  Nanjing Iron & Steel Co. Ltd., Class A | 43600 | 33980 |
|  Ningbo Shanshan Co. Ltd., Class A \* | 30200 | 54976 |
|  Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A \* | 93200 | 40338 |
|  Red Avenue New Materials Group Co. Ltd., Class A | 4900 | 27453 |
|  Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A | 33190 | 18262 |
|  Shaanxi Huaqin Technology Industry Co. Ltd., Class A | 2182 | 19774 |
|  Shandong Sinocera Functional Material Co. Ltd., Class A | 17200 | 55542 |
|  Shandong Sun Paper Industry JSC Ltd., Class A | 32500 | 68770 |
|  Shanghai Putailai New Energy Technology Group Co. Ltd. | 20200 | 76172 |
|  Shanxi Meijin Energy Co. Ltd., Class A \* | 57000 | 41038 |
|  Shanxi Taigang Stainless Steel Co. Ltd., Class A \* | 44100 | 24951 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Shenghe Resources Holding Co. Ltd., Class A | 26990 | 79215 |
|  Shenzhen Capchem Technology Co. Ltd., Class A | 9780 | 72708 |
|  Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 4940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21402 |
|  Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 51000 | 37367 |
|  Sichuan Development Lomon Co. Ltd., Class A | 21600 | 36724 |
|  Sichuan Hebang Biotechnology Co. Ltd., Class A \* | 126480 | 39179 |
|  Sinoma Science & Technology Co. Ltd., Class A | 13500 | 62059 |
|  Sinomine Resource Group Co. Ltd., Class A | 13720 | 129730 |
|  Sinopec Shanghai Petrochemical Co. Ltd., Class A | 47500 | 18275 |
|  Skshu Paint Co. Ltd., Class A | 5832 | 36461 |
|  Sunresin New Materials Co. Ltd., Class A | 5150 | 38761 |
|  Tianshan Aluminum Group Co. Ltd., Class A | 54000 | 97537 |
|  Tongkun Group Co. Ltd., Class A | 30600 | 66568 |
|  Weihai Guangwei Composites Co. Ltd., Class A | 12000 | 48799 |
|  Western Mining Co. Ltd., Class A | 32200 | 104663 |
|  Western Superconducting Technologies Co. Ltd., Class A | 8200 | 76747 |
|  Xiamen Tungsten Co. Ltd., Class A | 19220 | 93519 |
|  Xinfengming Group Co. Ltd., Class A | 11716 | 28818 |
|  YongXing Special Materials Technology Co. Ltd., Class A | 6100 | 41588 |
|  Yunnan Chihong Zinc & Germanium Co. Ltd., Class A | 65000 | 58289 |
|  Yunnan Copper Co. Ltd., Class A | 27500 | 64648 |
|  Yunnan Tin Co. Ltd., Class A | 18930 | 66109 |
|  Yunnan Yuntianhua Co. Ltd., Class A | 23700 | 103819 |
|  Zhejiang Hailiang Co. Ltd., Class A | 26200 | 46175 |
|  Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A | 13800 | 48506 |
|  Zhejiang Longsheng Group Co. Ltd., Class A | 46300 | 68567 |
|  Zhejiang Sanmei Chemical Industry Co. Ltd., Class A | 4660 | 34386 |
|  Zhongfu Shenying Carbon Fiber Co. Ltd., Class A \* | 1710 | 6010 |
|  (Cost $2,968,334) |  | **4372739** |
|  **Real Estate — 1.5%** |  |  |
|  China World Trade Center Co. Ltd., Class A | 3700 | 10493 |
|  Greenland Holdings Corp. Ltd., Class A \* | 81900 | 20041 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 23800 | 33899 |
|  Quzhou Xin'an Development Co. Ltd., Class A \* | 96800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56822 |
|  Seazen Holdings Co. Ltd., Class A \* | 17200 | 36274 |
|  Shanghai Lingang Holdings Corp. Ltd., Class A | 14200 | 23700 |
|  Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 20800 | 24037 |
|  Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 13500 | 78901 |
|  Youngor Fashion Co. Ltd., Class A | 41200 | 44988 |
|  Zhongtian Financial Group Co. Ltd., Class A \* (a) | 139200 | 0 |
|  Zhuhai Huafa Properties Co. Ltd., Class A | 38340 | 24783 |
|  (Cost $346,912) |  | **353938** |
|  **Utilities — 2.8%** |  |  |
|  An Hui Wenergy Co. Ltd., Class A | 21400 | 24185 |
|  Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A | 91790 | 39210 |
|  Beijing Jingneng Power Co. Ltd., Class A | 41700 | 26896 |
|  CECEP Solar Energy Co. Ltd., Class A | 44000 | 28006 |
|  CECEP Wind-Power Corp., Class A | 81050 | 34163 |
|  Chengdu Xingrong Environment Co. Ltd., Class A | 31800 | 31261 |
|  China Green Electricity Investment of Tianjin Co. Ltd., Class A | 16000 | 18874 |
|  China Southern Power Grid Energy Storage Co. Ltd., Class A | 20800 | 36599 |

---

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment was valued using significant unobservable inputs.

JSC: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint Stock Company

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | Value $ |
|  Chongqing Water Group Co. Ltd., Class A | 14000 | 9307 |
|  Datang International Power Generation Co. Ltd., Class A | 71400 | 35650 |
|  Fujian Funeng Co. Ltd., Class A | 20500 | 28648 |
|  Guangdong Electric Power Development Co. Ltd., Class A | 5700 | 3692 |
|  Hubei Energy Group Co. Ltd., Class A | 26700 | 17447 |
|  Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 62800 | 40328 |
|  Jiangsu Guoxin Corp. Ltd., Class A | 7300 | 8023 |
|  Shaanxi Energy Investment Co. Ltd., Class A | 13700 | 18991 |
|  Shanghai Electric Power Co. Ltd., Class A | 27000 | 88066 |
|  Shenzhen Energy Group Co. Ltd., Class A | 25960 | 24455 |
|  Shenzhen Gas Corp. Ltd., Class A | 18100 | 16846 |
|  Sichuan New Energy Power Co. Ltd., Class A | 16600 | 29021 |
|  Wintime Energy Group Co. Ltd., Class A \* | 402400 | 91637 |
|  Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A | 14500 | 15177 |
|  (Cost $564,512) |  | 666482 |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $17,728,377) |  | 23419710 |
|  **TOTAL INVESTMENTS — 99.8%** | **TOTAL INVESTMENTS — 99.8%** |  |
|  (Cost $17,728,377) |  | 23419710 |
|  **Other assets and liabilities,<br>net — 0.2%** |  | 45541 |
|  **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23465251 |

---

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, 2025 (Unaudited)

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, 2025 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  Common Stocks (a) | $23346723 | $– $| 72987 | $23419710 |
|  **TOTAL** | $23346723 | $– $| 72987 | $23419710 |

---

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

During the period ended November 30, 2025, the amount of transfers from Level 1 to Level 3 was $80,424. The investment was transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust \| **17** 

------

Schedule of Investments

Xtrackers Nifty 500 India ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS — 97.5%** |  |  |
|  **Communication Services — 3.9%** |  |  |
|  Affle 3i Ltd. \* | 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 |
|  Bharti Airtel Ltd. | 5953 | 139868 |
|  Bharti Hexacom Ltd. | 159 | 3143 |
|  HFCL Ltd. | 2111 | 1656 |
|  Indus Towers Ltd. \* | 2796 | 12536 |
|  Info Edge India Ltd. | 856 | 12730 |
|  PVR Inox Ltd. \* | 152 | 1815 |
|  Railtel Corp. of India Ltd. | 246 | 932 |
|  Saregama India Ltd. | 199 | 884 |
|  Sun TV Network Ltd. | 209 | 1298 |
|  Tata Communications Ltd. | 249 | 5053 |
|  Tata Teleservices Maharashtra Ltd. \* | 1402 | 813 |
|  Vodafone Idea Ltd. \* | 58472 | 6511 |
|  Zee Entertainment Enterprises Ltd. | 1957 | 2220 |
|  (Cost $196,377) |  | **191966** |
|  **Consumer Discretionary — 11.2%** |  |  |
|  Aditya Birla Fashion and Retail Ltd. \* | 1187 | 1037 |
|  Aditya Birla Lifestyle Brands Ltd. \* | 1002 | 1458 |
|  Advent Hotels International Pvt Ltd. \* | 186 | 490 |
|  Alok Industries Ltd. \* | 3500 | 662 |
|  Amber Enterprises India Ltd. \* | 45 | 3613 |
|  Apollo Tyres Ltd. | 694 | 3988 |
|  Asahi India Glass Ltd. | 248 | 2830 |
|  Ather Energy Ltd. \* | 246 | 1975 |
|  Bajaj Auto Ltd. | 244 | 24751 |
|  Balkrishna Industries Ltd. | 171 | 4414 |
|  Bata India Ltd. | 142 | 1586 |
|  Bharat Forge Ltd. | 566 | 9073 |
|  Bosch Ltd. | 18 | 7267 |
|  BrainBees Solutions Ltd. \* | 471 | 1593 |
|  Campus Activewear Ltd. | 216 | 666 |
|  Ceat Ltd. | 45 | 1935 |
|  Chalet Hotels Ltd. | 154 | 1526 |
|  Crompton Greaves Consumer Electricals Ltd. | 1381 | 4097 |
|  Devyani International Ltd. \* | 889 | 1348 |
|  Dixon Technologies India Ltd. | 90 | 14691 |
|  Eicher Motors Ltd. | 297 | 23420 |
|  EIH Ltd. | 429 | 1793 |
|  Endurance Technologies Ltd., 144A | 75 | 2217 |
|  Eternal Ltd. \* | 14967 | 50215 |
|  Exide Industries Ltd. | 972 | 4073 |
|  FSN E-Commerce Ventures Ltd. \* | 2894 | 8649 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hero MotoCorp Ltd. | 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19535 |
|  Hyundai Motor India Ltd. | 302 | 7853 |
|  Indian Hotels Co. Ltd. | 1865 | 15519 |
|  ITC Hotels Ltd. \* | 2272 | 5301 |
|  JBM Auto Ltd. | 134 | 920 |
|  JK Tyre & Industries Ltd. | 262 | 1309 |
|  Jubilant Foodworks Ltd. | 838 | 5635 |
|  Kalyan Jewellers India Ltd. | 817 | 4616 |
|  KPR Mill Ltd. | 239 | 2884 |
|  Leela Palaces Hotels & Resorts Ltd. \* | 170 | 783 |
|  Lemon Tree Hotels Ltd., 144A \* | 1073 | 1899 |
|  Mahindra & Mahindra Ltd. | 1912 | 80315 |
|  Maruti Suzuki India Ltd. | 285 | 50661 |
|  Minda Corp. Ltd. | 176 | 1144 |
|  Motherson Sumi Wiring India Ltd. | 5435 | 2774 |
|  MRF Ltd. | 4 | 6816 |
|  Ola Electric Mobility Ltd. \* | 2631 | 1212 |
|  Page Industries Ltd. | 15 | 6426 |
|  Samvardhana Motherson International Ltd. | 9415 | 12242 |
|  Sapphire Foods India Ltd. \* | 522 | 1451 |
|  Schaeffler India Ltd. | 96 | 4185 |
|  SKF India Ltd. | 50 | 1071 |
|  Sona Blw Precision Forgings Ltd., 144A | 1038 | 5939 |
|  Sundram Fasteners Ltd. | 240 | 2508 |
|  Swan Corp. Ltd. | 302 | 1515 |
|  Swiggy Ltd. \* | 1803 | 7625 |
|  Tata Motors Passenger Vehicles Ltd. | 4548 | 18142 |
|  Tbo Tek Ltd. \* | 71 | 1312 |
|  Titan Co. Ltd. | 893 | 39013 |
|  Trent Ltd. | 484 | 22999 |
|  Trident Ltd./India | 3107 | 981 |
|  Tube Investments of India Ltd. | 227 | 7066 |
|  TVS Motor Co. Ltd. | 510 | 20135 |
|  UNO Minda Ltd. | 415 | 6063 |
|  Vardhman Textiles Ltd. | 227 | 1109 |
|  Vedant Fashions Ltd. | 148 | 1006 |
|  Ventive Hospitality Ltd. \* | 78 | 635 |
|  Vishal Mega Mart Ltd. \* | 4449 | 6755 |
|  Welspun Living Ltd. | 707 | 1176 |
|  Whirlpool of India Ltd. | 132 | 1582 |
|  ZF Commercial Vehicle Control Systems India Ltd. | 16 | 2362 |
|  (Cost $561,969) |  | **561841** |
|  **Consumer Staples — 6.3%** |  |  |
|  Avenue Supermarts Ltd., 144A \* | 311 | 13895 |
|  AWL Agri Business Ltd. \* | 703 | 2036 |
|  Balrampur Chini Mills Ltd. | 245 | 1226 |
|  Bikaji Foods International Ltd. | 137 | 1098 |

---

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Bombay Burmah Trading Co. | 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 |
|  Britannia Industries Ltd. | 257 | 16797 |
|  CCL Products India Ltd. | 150 | 1691 |
|  Colgate-Palmolive India Ltd. | 278 | 6740 |
|  Dabur India Ltd. | 1248 | 7219 |
|  Emami Ltd. | 418 | 2479 |
|  Gillette India Ltd. | 17 | 1651 |
|  Godfrey Phillips India Ltd. | 86 | 2762 |
|  Godrej Agrovet Ltd., 144A | 112 | 744 |
|  Godrej Consumer Products Ltd. | 851 | 10899 |
|  Hindustan Unilever Ltd. | 1924 | 53056 |
|  Honasa Consumer Ltd. \* | 335 | 1086 |
|  ITC Ltd. | 20670 | 93416 |
|  Jyothy Labs Ltd. | 292 | 980 |
|  LT Foods Ltd. | 293 | 1337 |
|  Marico Ltd. | 1177 | 9440 |
|  Nestle India Ltd. | 1553 | 21895 |
|  Patanjali Foods Ltd. | 798 | 5069 |
|  Procter & Gamble Hygiene & Health Care Ltd. | 20 | 2852 |
|  Radico Khaitan Ltd. | 180 | 6456 |
|  Tata Consumer Products Ltd. | 1416 | 18560 |
|  Triveni Engineering & Industries Ltd. | 233 | 927 |
|  United Breweries Ltd. | 154 | 2911 |
|  United Spirits Ltd. | 657 | 10662 |
|  Varun Beverages Ltd. | 2966 | 15968 |
|  (Cost $313,851) |  | **314775** |
|  **Energy — 7.2%** |  |  |
|  Aegis Logistics Ltd. | 267 | 2279 |
|  Aegis Vopak Terminals Ltd. \* | 296 | 862 |
|  Bharat Petroleum Corp. Ltd. | 4223 | 16954 |
|  Chennai Petroleum Corp. Ltd. | 102 | 1045 |
|  Coal India Ltd. | 4928 | 20724 |
|  Great Eastern Shipping Co. Ltd. | 211 | 2611 |
|  Gujarat Mineral Development Corp. Ltd. | 176 | 1061 |
|  Hindustan Petroleum Corp. Ltd. | 2126 | 10874 |
|  Indian Oil Corp. Ltd. | 8169 | 14772 |
|  Mangalore Refinery & Petrochemicals Ltd. \* | 456 | 806 |
|  Oil & Natural Gas Corp. Ltd. | 8469 | 23031 |
|  Oil India Ltd. | 1155 | 5336 |
|  Petronet LNG Ltd. | 1591 | 4835 |
|  Reliance Industries Ltd. | 14493 | 253979 |
|  Reliance Industries Ltd., GDR, 144A | 40 | 2824 |
|  (Cost $358,947) |  | **361993** |
|  **Financials — 30.9%** |  |  |
|  360 ONE WAM Ltd. | 527 | 6971 |
|  Aadhar Housing Finance Ltd. \* | 224 | 1205 |
|  Aavas Financiers Ltd. \* | 85 | 1470 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Aditya Birla Capital Ltd. \* | 1749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7001 |
|  Aditya Birla Sun Life Asset Management Co. Ltd. | 153 | 1258 |
|  Anand Rathi Wealth Ltd. | 81 | 2616 |
|  Angel One Ltd. | 136 | 4111 |
|  Aptus Value Housing Finance India Ltd. | 572 | 1785 |
|  AU Small Finance Bank Ltd., 144A | 1239 | 13232 |
|  Authum Investment & Infrastucture Ltd. | 90 | 2723 |
|  Axis Bank Ltd. | 6242 | 89302 |
|  Bajaj Finance Ltd. | 5711 | 66242 |
|  Bajaj Finserv Ltd. | 1237 | 28959 |
|  Bajaj Holdings & Investment Ltd. | 95 | 12213 |
|  Bajaj Housing Finance Ltd. \* | 2012 | 2363 |
|  Bandhan Bank Ltd., 144A | 1853 | 3115 |
|  Bank of Baroda | 4106 | 13303 |
|  Bank of India | 2973 | 4891 |
|  Bank of Maharashtra | 4338 | 2840 |
|  BSE Ltd. | 883 | 28652 |
|  Can Fin Homes Ltd. | 180 | 1780 |
|  Canara Bank | 7534 | 12767 |
|  Capri Global Capital Ltd. | 820 | 1725 |
|  Central Bank of India Ltd. | 2627 | 1127 |
|  Central Depository Services India Ltd. | 405 | 7322 |
|  Choice International Ltd. \* | 170 | 1533 |
|  Cholamandalam Financial Holdings Ltd. | 210 | 4334 |
|  Cholamandalam Investment and Finance Co. Ltd. | 919 | 17836 |
|  City Union Bank Ltd. | 1686 | 5110 |
|  CreditAccess Grameen Ltd. \* | 114 | 1704 |
|  CRISIL Ltd. | 52 | 2572 |
|  Federal Bank Ltd. | 5453 | 15724 |
|  Five-Star Business Finance Ltd. | 395 | 2609 |
|  General Insurance Corp. of India, 144A | 657 | 2844 |
|  Go Digit General Insurance Ltd. \* | 511 | 2046 |
|  HDFC Asset Management Co. Ltd., 144A | 460 | 13746 |
|  HDFC Bank Ltd. | 33312 | 375250 |
|  HDFC Life Insurance Co. Ltd., 144A | 2355 | 20123 |
|  Home First Finance Co. India Ltd., 144A | 167 | 2074 |
|  Housing & Urban Development Corp. Ltd. | 1064 | 2846 |
|  ICICI Bank Ltd. | 15580 | 241902 |
|  ICICI Lombard General Insurance Co. Ltd., 144A | 547 | 12050 |
|  ICICI Prudential Life Insurance Co. Ltd., 144A | 832 | 5765 |
|  IDBI Bank Ltd. | 1788 | 2007 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19** 

------

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  IDFC First Bank Ltd. | 14701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13170 |
|  IFCI Ltd. \* | 1544 | 879 |
|  IIFL Finance Ltd. \* | 492 | 3183 |
|  Indian Bank | 828 | 8056 |
|  Indian Energy Exchange Ltd., 144A | 1682 | 2619 |
|  Indian Overseas Bank \* | 2692 | 1167 |
|  Indian Railway Finance Corp. Ltd., 144A | 3787 | 4978 |
|  Indian Renewable Energy Development Agency Ltd. \* | 1688 | 2697 |
|  IndusInd Bank Ltd. \* | 1446 | 13879 |
|  Jammu & Kashmir Bank Ltd. | 1555 | 1860 |
|  Jio Financial Services Ltd. | 7136 | 24428 |
|  JM Financial Ltd. | 828 | 1345 |
|  Karur Vysya Bank Ltd. | 2246 | 6226 |
|  Kfin Technologies Ltd. | 324 | 3826 |
|  Kotak Mahindra Bank Ltd. | 3213 | 76310 |
|  L&T Finance Ltd. | 1873 | 6540 |
|  LIC Housing Finance Ltd. | 718 | 4408 |
|  Life Insurance Corp. of India | 517 | 5170 |
|  Maharashtra Scooters Ltd. | 12 | 1973 |
|  Mahindra & Mahindra Financial Services Ltd. | 1523 | 6331 |
|  Manappuram Finance Ltd. | 1320 | 4205 |
|  Max Financial Services Ltd. \* | 595 | 11322 |
|  Motilal Oswal Financial Services Ltd. | 373 | 4001 |
|  Multi Commodity Exchange of India Ltd. | 115 | 12951 |
|  Muthoot Finance Ltd. | 227 | 9502 |
|  New India Assurance Co. Ltd., 144A | 517 | 986 |
|  Nippon Life India Asset Management Ltd., 144A | 372 | 3641 |
|  Niva Bupa Health Insurance Co. Ltd. \* | 1317 | 1095 |
|  Nuvama Wealth Management Ltd. | 32 | 2670 |
|  One 97 Communications Ltd. \* | 778 | 11486 |
|  PB Fintech Ltd. \* | 739 | 15027 |
|  PNB Housing Finance Ltd., 144A | 448 | 4534 |
|  Poonawalla Fincorp Ltd. \* | 705 | 3786 |
|  Power Finance Corp. Ltd. | 3199 | 12972 |
|  Punjab National Bank | 7793 | 10847 |
|  RBL Bank Ltd., 144A | 1467 | 5124 |
|  REC Ltd. | 2765 | 11156 |
|  Sammaan Capital Ltd. \* | 1635 | 2811 |
|  SBFC Finance Ltd. \* | 1115 | 1351 |
|  SBI Cards & Payment Services Ltd. | 634 | 6238 |
|  SBI Life Insurance Co. Ltd., 144A | 980 | 21540 |
|  Shriram Finance Ltd. | 3043 | 28973 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Star Health & Allied Insurance Co. Ltd. \* | 482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 |
|  State Bank of India | 8932 | 97760 |
|  Sundaram Finance Ltd. | 146 | 7718 |
|  Tata Investment Corp. Ltd. | 275 | 2293 |
|  UCO Bank | 2967 | 1021 |
|  Union Bank of India Ltd. | 4489 | 7692 |
|  UTI Asset Management Co. Ltd. | 88 | 1123 |
|  (Cost $1,530,276) |  | **1546547** |
|  **Health Care — 6.2%** |  |  |
|  Abbott India Ltd. | 11 | 3699 |
|  Ajanta Pharma Ltd. | 89 | 2548 |
|  Akums Drugs & Pharmaceuticals Ltd. \* | 150 | 714 |
|  Alembic Pharmaceuticals Ltd. | 120 | 1217 |
|  Alkem Laboratories Ltd. | 127 | 8072 |
|  Apollo Hospitals Enterprise Ltd. | 220 | 18042 |
|  Aster DM Healthcare Ltd., 144A | 478 | 3556 |
|  AstraZeneca Pharma India Ltd. | 13 | 1312 |
|  Aurobindo Pharma Ltd. | 592 | 8119 |
|  Biocon Ltd. | 1382 | 6155 |
|  Blue Jet Healthcare Ltd. | 110 | 711 |
|  Caplin Point Laboratories Ltd. | 55 | 1175 |
|  Cipla Ltd. | 1219 | 20869 |
|  Cohance Lifesciences Ltd. \* | 271 | 1710 |
|  Concord Biotech Ltd. | 70 | 1109 |
|  Divi's Laboratories Ltd. | 276 | 19985 |
|  Dr Agarwal's Health Care Ltd. \* | 202 | 1205 |
|  Dr Lal PathLabs Ltd., 144A | 81 | 2764 |
|  Dr Reddy's Laboratories Ltd. | 1329 | 18703 |
|  Emcure Pharmaceuticals Ltd. | 69 | 1091 |
|  Eris Lifesciences Ltd., 144A | 115 | 2051 |
|  Fortis Healthcare Ltd. | 1151 | 11827 |
|  Gland Pharma Ltd., 144A | 169 | 3325 |
|  GlaxoSmithKline Pharmaceuticals Ltd. | 88 | 2528 |
|  Glenmark Pharmaceuticals Ltd. | 343 | 7463 |
|  Global Health Ltd./India | 179 | 2493 |
|  Granules India Ltd. | 310 | 1927 |
|  Indegene Ltd. | 221 | 1313 |
|  Inventurus Knowledge Solutions Ltd. \* | 101 | 1898 |
|  Ipca Laboratories Ltd. | 295 | 4792 |
|  JB Chemicals & Pharmaceuticals Ltd. | 172 | 3406 |
|  Jubilant Pharmova Ltd. | 172 | 2095 |
|  Krishna Institute of Medical Sciences Ltd., 144A \* | 587 | 4496 |
|  Laurus Labs Ltd., 144A | 880 | 10147 |
|  Lupin Ltd. | 534 | 12431 |
|  Mankind Pharma Ltd. | 240 | 6040 |
|  Max Healthcare Institute Ltd. | 1611 | 20943 |
|  Metropolis Healthcare Ltd., 144A | 55 | 1187 |

---

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Narayana Hrudayalaya Ltd. | 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132 |
|  Natco Pharma Ltd. | 190 | 1863 |
|  Neuland Laboratories Ltd. | 18 | 3479 |
|  Onesource Specialty Pharma Ltd. \* | 118 | 2021 |
|  Pfizer Ltd. | 32 | 1780 |
|  Piramal Pharma Ltd. | 1317 | 2756 |
|  Poly Medicure Ltd. | 81 | 1756 |
|  Rainbow Children's Medicare Ltd. | 106 | 1601 |
|  SAI Life Sciences Ltd., 144A \* | 213 | 2106 |
|  Sun Pharmaceutical Industries Ltd. | 2275 | 46585 |
|  Syngene International Ltd., 144A | 403 | 2921 |
|  Torrent Pharmaceuticals Ltd. | 221 | 9193 |
|  Vijaya Diagnostic Centre Ltd. | 104 | 1160 |
|  Wockhardt Ltd. \* | 176 | 2430 |
|  Zydus Lifesciences Ltd. | 529 | 5574 |
|  (Cost $307,891) |  | **311475** |
|  **Industrials — 10.8%** |  |  |
|  3M India Ltd. | 6 | 2337 |
|  ABB India Ltd. | 111 | 6422 |
|  Action Construction Equipment Ltd. | 113 | 1254 |
|  Adani Enterprises Ltd. | 573 | 14607 |
|  Adani Ports & Special Economic Zone Ltd. | 1605 | 27218 |
|  Afcons Infrastructure Ltd. | 318 | 1437 |
|  AIA Engineering Ltd. | 82 | 3541 |
|  Amara Raja Energy & Mobility Ltd. | 260 | 2767 |
|  Apar Industries Ltd. | 36 | 3686 |
|  Ashok Leyland Ltd. | 6063 | 10718 |
|  Astral Ltd. | 261 | 4204 |
|  BEML Ltd. | 81 | 1655 |
|  Bharat Electronics Ltd. | 7883 | 36288 |
|  Bharat Heavy Electricals Ltd. | 2878 | 9358 |
|  BLS International Services Ltd. | 321 | 1183 |
|  Blue Dart Express Ltd. | 15 | 959 |
|  Blue Star Ltd. | 300 | 5921 |
|  Cera Sanitaryware Ltd. | 15 | 929 |
|  CG Power & Industrial Solutions Ltd. | 1516 | 11405 |
|  Cochin Shipyard Ltd., 144A | 180 | 3353 |
|  Computer Age Management Services Ltd. | 101 | 4370 |
|  Container Corp. Of India Ltd. | 734 | 4195 |
|  Craftsman Automation Ltd. | 26 | 2042 |
|  Cummins India Ltd. | 297 | 14873 |
|  Data Patterns India Ltd. | 63 | 2092 |
|  Delhivery Ltd. \* | 1135 | 5408 |
|  Doms Industries Ltd. | 38 | 1066 |
|  eClerx Services Ltd. | 45 | 2289 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Elecon Engineering Co. Ltd. | 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 |
|  Elgi Equipments Ltd. | 459 | 2620 |
|  Engineers India Ltd. | 583 | 1283 |
|  Escorts Kubota Ltd. | 71 | 3030 |
|  Finolex Cables Ltd. | 161 | 1348 |
|  Firstsource Solutions Ltd. | 674 | 2606 |
|  Force Motors Ltd. | 10 | 1992 |
|  Garden Reach Shipbuilders & Engineers Ltd. | 62 | 1936 |
|  GE Vernova T&D India Ltd. | 278 | 8955 |
|  GMR Airports Ltd. \* | 7567 | 9166 |
|  Godrej Industries Ltd. \* | 94 | 1105 |
|  Graphite India Ltd. | 205 | 1272 |
|  Havells India Ltd. | 533 | 8592 |
|  HBL Engineering Ltd. | 238 | 2357 |
|  HEG Ltd. | 179 | 1056 |
|  Hindustan Aeronautics Ltd. | 425 | 21583 |
|  Hitachi Energy India Ltd. | 27 | 6658 |
|  IndiaMart InterMesh Ltd., 144A | 65 | 1679 |
|  Indian Railway Catering & Tourism Corp. Ltd. | 642 | 4929 |
|  INOX India Ltd. | 76 | 994 |
|  Inox Wind Ltd. \* | 2046 | 3077 |
|  InterGlobe Aviation Ltd., 144A | 474 | 31273 |
|  International Gemmological Institute India Ltd. | 254 | 931 |
|  IRB Infrastructure Developers Ltd. | 4213 | 2021 |
|  IRCON International Ltd., 144A | 696 | 1252 |
|  JSW Infrastructure Ltd. | 683 | 2064 |
|  Jupiter Wagons Ltd. | 350 | 1118 |
|  Jyoti CNC Automation Ltd. \* | 182 | 2056 |
|  Kajaria Ceramics Ltd. | 177 | 2112 |
|  Kalpataru Projects International Ltd. | 241 | 3232 |
|  KEC International Ltd. | 275 | 2108 |
|  KEI Industries Ltd. | 141 | 6535 |
|  Kirloskar Brothers Ltd. | 54 | 1020 |
|  Kirloskar Oil Engines Ltd. | 177 | 2226 |
|  KSB Ltd. | 167 | 1434 |
|  L&T Technology Services Ltd., 144A | 58 | 2879 |
|  Larsen & Toubro Ltd. | 2578 | 117291 |
|  Latent View Analytics Ltd. \* | 211 | 1176 |
|  Mazagon Dock Shipbuilders Ltd. | 186 | 5572 |
|  MMTC Ltd. \* | 900 | 609 |
|  Nava Ltd. | 293 | 1710 |
|  NBCC India Ltd. | 2570 | 3353 |
|  NCC Ltd. | 874 | 1675 |
|  Olectra Greentech Ltd. | 88 | 1230 |
|  Polycab India Ltd. | 106 | 8852 |
|  Praj Industries Ltd. | 266 | 940 |
|  Rail Vikas Nigam Ltd. | 1204 | 4363 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **21** 

------

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  RITES Ltd. | 386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 |
|  RR Kabel Ltd. | 69 | 1083 |
|  Sagility Ltd. | 3250 | 1820 |
|  Schneider Electric Infrastructure Ltd. \* | 125 | 1001 |
|  Shipping Corp. of India Ltd. | 360 | 933 |
|  Siemens Energy India Ltd. \* | 187 | 6606 |
|  Siemens Ltd. | 187 | 6893 |
|  Suzlon Energy Ltd. \* | 26467 | 15981 |
|  Techno Electric & Engineering Co. Ltd. | 107 | 1442 |
|  Thermax Ltd. | 98 | 3199 |
|  Timken India Ltd. | 76 | 2680 |
|  Titagarh Rail System Ltd. | 171 | 1580 |
|  Transformers & Rectifiers India Ltd. | 260 | 788 |
|  Triveni Turbine Ltd. | 244 | 1465 |
|  V-Guard Industries Ltd. | 393 | 1513 |
|  Voltas Ltd. | 482 | 7416 |
|  (Cost $532,821) |  | **537330** |
|  **Information Technology — 8.2%** |  |  |
|  Birlasoft Ltd. | 350 | 1488 |
|  CE Info Systems Ltd. | 49 | 918 |
|  Coforge Ltd. | 751 | 16025 |
|  Cyient Ltd. | 180 | 2261 |
|  Happiest Minds Technologies Ltd. | 222 | 1238 |
|  HCL Technologies Ltd. | 2307 | 41891 |
|  Hexaware Technologies Ltd. | 281 | 2377 |
|  Honeywell Automation India Ltd. | 5 | 1979 |
|  Infosys Ltd. | 7801 | 136061 |
|  Intellect Design Arena Ltd. | 193 | 2400 |
|  ITI Ltd. \* | 250 | 865 |
|  Kaynes Technology India Ltd. \* | 74 | 4542 |
|  KPIT Technologies Ltd. | 383 | 5234 |
|  LTIMindtree Ltd., 144A | 204 | 13904 |
|  Mphasis Ltd. | 241 | 7575 |
|  Netweb Technologies India Ltd. | 35 | 1288 |
|  Newgen Software Technologies Ltd. | 134 | 1320 |
|  Oracle Financial Services Software Ltd. | 50 | 4532 |
|  Persistent Systems Ltd. | 234 | 16620 |
|  PG Electroplast Ltd. | 339 | 2240 |
|  Premier Energies Ltd., 144A | 286 | 3120 |
|  Redington Ltd. | 1407 | 4422 |
|  Sonata Software Ltd. | 413 | 1650 |
|  Syrma SGS Technology Ltd. | 161 | 1476 |
|  Tata Consultancy Services Ltd. | 2214 | 77659 |
|  Tata Elxsi Ltd. | 82 | 4729 |
|  Tata Technologies Ltd. | 365 | 2771 |
|  Tech Mahindra Ltd. | 1381 | 23426 |
|  Tejas Networks Ltd., 144A | 194 | 1072 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  WAAREE Energies Ltd. | 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129 |
|  Wipro Ltd. | 6208 | 17318 |
|  Zensar Technologies Ltd. | 242 | 2028 |
|  (Cost $410,831) |  | **411558** |
|  **Materials — 8.3%** |  |  |
|  Aarti Industries Ltd. | 439 | 1876 |
|  ACC Ltd. | 135 | 2793 |
|  Akzo Nobel India Ltd. | 26 | 962 |
|  Alkyl Amines Chemicals | 40 | 752 |
|  Ambuja Cements Ltd. | 1329 | 8175 |
|  APL Apollo Tubes Ltd. | 384 | 7379 |
|  Asian Paints Ltd. | 983 | 31589 |
|  Atul Ltd. | 34 | 2233 |
|  BASF India Ltd. | 25 | 1162 |
|  Bayer CropScience Ltd. | 27 | 1406 |
|  Berger Paints India Ltd. | 605 | 3819 |
|  Carborundum Universal Ltd. | 246 | 2357 |
|  Castrol India Ltd. | 1031 | 2216 |
|  Century Plyboards India Ltd. | 130 | 1164 |
|  Chambal Fertilisers and Chemicals Ltd. | 323 | 1589 |
|  Clean Science & Technology Ltd. | 61 | 623 |
|  Coromandel International Ltd. | 250 | 6658 |
|  Dalmia Bharat Ltd. | 169 | 3797 |
|  DCM Shriram Ltd. | 85 | 1156 |
|  Deepak Fertilisers & Petrochemicals Corp. Ltd. | 143 | 2188 |
|  Deepak Nitrite Ltd. | 147 | 2561 |
|  EID Parry India Ltd. \* | 219 | 2524 |
|  Fertilisers & Chemicals Travancore Ltd. | 133 | 1303 |
|  Finolex Industries Ltd. | 604 | 1207 |
|  Godawari Power and Ispat Ltd. | 521 | 1370 |
|  Grasim Industries Ltd. | 834 | 25542 |
|  Gravita India Ltd. | 68 | 1386 |
|  Gujarat Fluorochemicals Ltd. | 87 | 3330 |
|  Himadri Speciality Chemical Ltd. | 501 | 2451 |
|  Hindalco Industries Ltd. | 3125 | 28243 |
|  Hindustan Copper Ltd. | 702 | 2566 |
|  Hindustan Zinc Ltd. | 922 | 5001 |
|  India Cements Ltd. \* | 161 | 707 |
|  Jindal Saw Ltd. | 525 | 955 |
|  Jindal Stainless Ltd. | 680 | 5862 |
|  Jindal Steel Ltd. | 792 | 9248 |
|  JK Cement Ltd. | 97 | 6244 |
|  JSW Steel Ltd. | 2053 | 26631 |
|  Jubilant Ingrevia Ltd. | 181 | 1433 |
|  Linde India Ltd. | 45 | 3001 |
|  Lloyds Metals & Energy Ltd. | 315 | 4298 |
|  Maharashtra Seamless Ltd. | 115 | 757 |
|  National Aluminium Co. Ltd. | 2077 | 6037 |
|  Navin Fluorine International Ltd. | 86 | 5514 |

---

See Notes to Financial Statements.

**22** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  NMDC Ltd. | 7319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048 |
|  NMDC Steel Ltd. \* | 2503 | 1172 |
|  Nuvoco Vistas Corp. Ltd. \* | 255 | 1016 |
|  PCBL CHEMICAL Ltd. | 375 | 1363 |
|  PI Industries Ltd. | 172 | 6529 |
|  Pidilite Industries Ltd. | 657 | 10796 |
|  PTC Industries Ltd. \* | 13 | 2642 |
|  Ramco Cements Ltd. | 312 | 3619 |
|  Ramkrishna Forgings Ltd. | 221 | 1359 |
|  Rashtriya Chemicals & Fertilizers Ltd. | 464 | 733 |
|  Rhi Magnesita India Ltd. | 175 | 908 |
|  Sarda Energy & Minerals Ltd. | 195 | 1067 |
|  Shree Cement Ltd. | 30 | 8854 |
|  Shyam Metalics & Energy Ltd. | 150 | 1365 |
|  Solar Industries India Ltd. | 51 | 7567 |
|  SRF Ltd. | 308 | 10080 |
|  Steel Authority of India Ltd. | 3397 | 5124 |
|  Sumitomo Chemical India Ltd. | 262 | 1365 |
|  Supreme Industries Ltd. | 137 | 5195 |
|  Tata Chemicals Ltd. | 335 | 2998 |
|  Tata Steel Ltd. | 17878 | 33570 |
|  UltraTech Cement Ltd. | 257 | 33329 |
|  UPL Ltd. | 1204 | 10212 |
|  Usha Martin Ltd. | 376 | 1799 |
|  Vedanta Ltd. | 3691 | 21705 |
|  Welspun Corp. Ltd. | 278 | 2662 |
|  (Cost $409,831) |  | **415142** |
|  **Real Estate — 1.1%** |  |  |
|  Aditya Birla Real Estate Ltd. | 111 | 2201 |
|  Anant Raj Ltd. | 289 | 1863 |
|  Brigade Enterprises Ltd. | 295 | 2952 |
|  DLF Ltd. | 1419 | 11479 |
|  Godrej Properties Ltd. \* | 319 | 7541 |
|  Lodha Developers Ltd., 144A | 595 | 7638 |
|  Oberoi Realty Ltd. | 249 | 4585 |
|  Phoenix Mills Ltd. | 395 | 7670 |
|  Prestige Estates Projects Ltd. | 357 | 6694 |
|  SignatureGlobal India Ltd. \* | 85 | 1058 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sobha Ltd. | 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 |
|  Valor Estate Ltd. \* | 641 | 944 |
|  (Cost $55,493) |  | **56258** |
|  **Utilities — 3.4%** |  |  |
|  Acme Solar Holdings Ltd. | 275 | 708 |
|  Adani Energy Solutions Ltd. \* | 782 | 8695 |
|  Adani Green Energy Ltd. \* | 693 | 8121 |
|  Adani Power Ltd. \* | 8625 | 14222 |
|  Adani Total Gas Ltd. | 588 | 3988 |
|  CESC Ltd. | 1335 | 2544 |
|  GAIL India Ltd. | 5706 | 11233 |
|  Gujarat Gas Ltd. | 365 | 1616 |
|  Gujarat State Petronet Ltd. | 609 | 1957 |
|  Indraprastha Gas Ltd. | 1483 | 3306 |
|  Jaiprakash Power Ventures Ltd. \* | 10096 | 2121 |
|  JSW Energy Ltd. | 1224 | 6687 |
|  Mahanagar Gas Ltd. | 121 | 1624 |
|  NHPC Ltd. | 6698 | 5746 |
|  NLC India Ltd. | 693 | 1884 |
|  NTPC Green Energy Ltd. \* | 1982 | 2104 |
|  NTPC Ltd. | 10248 | 37401 |
|  Power Grid Corp. of India Ltd. | 9831 | 29670 |
|  Reliance Infrastructure Ltd. \* | 610 | 1172 |
|  Reliance Power Ltd. \* | 6070 | 2711 |
|  SJVN Ltd. | 1538 | 1339 |
|  Tata Power Co. Ltd. | 3678 | 16041 |
|  Torrent Power Ltd. | 403 | 5922 |
|  (Cost $170,900) |  | **170812** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,849,187) |  | **4879697** |
|  **CASH EQUIVALENTS — 2.4%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $120,187) | 120187 | **120187** |
|  **TOTAL INVESTMENTS — 99.9%** | **TOTAL INVESTMENTS — 99.9%** |  |
|  (Cost $4,969,374) |  | **4999884** |
|  **Other assets and liabilities,<br>net — 0.1%** |  | **6923** |
|  **NET ASSETS — 100.0%** |  | **5006807** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **23** 

------

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

November 30, 2025 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **11/25/2025**<br> **(Commencement**<br> **of Operations)** | Purchases Cost<br>($) | Sales Proceeds<br>($) | Net Realized<br>Gain/(Loss)<br>($) | Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($) | Income ($) | Capital Gain<br>Distributions<br>($) | Number of<br>Shares at<br>11/30/2025 | Value ($) at<br>11/30/2025 |
|  CASH EQUIVALENTS **—** 2.4% | CASH EQUIVALENTS **—** 2.4% |  |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 325130 | (204943) |  |  | 116 |  | 120187 | 120187 |

---

\* Non-income producing security.

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

GDR: Global Depositary Receipt

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

Securities are listed in country of domicile.

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | Number of<br>Contracts | Notional<br>Amount ($) | Contract Value<br>($) | Expiration<br>Date | Unrealized<br>Appreciation ($) |
|  MSCI India Index | USD | 1 | 128305 | 130190 | 12/19/2025 | 1885 |

---

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

---

| | |
|:---|:---|
| Currency Abbreviations | Currency Abbreviations |
|  USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Dollar |

---

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, 2025 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  Common Stocks (a) | $4879697 | $— | $— | $4879697 |
|  Short-Term Investments (a) | 120187 |  |  | 120187 |
|  Derivatives (b) |  |  |  |  |
|  Futures Contracts | 1885 |  |  | 1885 |
|  **TOTAL** | $5001769 | $— | $— | $5001769 |

---

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

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

See Notes to Financial Statements.

#### 24 \| DBX ETF Trust

------

Statements of Assets and Liabilities

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Xtrackers<br>Harvest CSI<br>300 China<br> A-Shares ETF | Xtrackers<br>Harvest CSI<br>500 China<br>A-Shares Small<br>Cap ETF | Xtrackers Nifty<br>500 India ETF |
|  **Assets** |  |  |  |
|  Investment in non-affiliated securities at value | $1639892001 | $23419710 | $4879697 |
|  Investment in DWS Government Money Market Series |  |  | 120187 |
|  Cash | 89167324 | 18278 |  |
|  Foreign currency at value | 4321136 | 40010 |  |
|  Deposit with broker for futures contracts |  |  | 16393 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares | 144421 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $1733524882 | $23477998 | $5018379 |
|  **Liabilities** |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | $— | $— | $2773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares | 88010070 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 924372 | 12747 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign tax |  |  | 8646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 88934442 | 12747 | 11572 |
|  **Net Assets, at value** | $1644590440 | $23465251 | $5006807 |
|  **Net Assets Consist of** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $2088474379 | $37379241 | $5000025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (443883939) | (13913990) | 6782 |
|  **Net Assets, at value** | $1644590440 | $23465251 | $5006807 |
|  Number of Common Shares outstanding | 50650001 | 650001 | 200001 |
| Net Asset Value | $32.47 | $36.10 | $25.03 |
|  Investment in non-affiliated securities at cost | $1073457516 | $17728377 | $4849187 |
| Investment in DWS Government Money Market Series at cost | $— | $— | $120187 |
| Foreign currency at cost | $4279889 | $39604 | $— |

---

† Included in foreign currency at value is $89,041 and $8,627 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

See Notes to Financial Statements.

DBX ETF Trust \| **25** 

------

Statements of Operations

For the Six Months Ended November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Xtrackers<br>Harvest CSI<br>300 China<br> A-Shares ETF | Xtrackers<br>Harvest CSI<br>500 China<br>A-Shares Small<br>Cap ETF | Xtrackers Nifty<br>500 India ETF<sup>(1)</sup> |
|  **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest income | $2053 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | 36212548 | 291917 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds |  |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 36214601 | 291917 | 217 |
|  **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 6543822 | 90123 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 61 | 58 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 6543883 | 90181 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6543883 | 90181 | 153 |
|  Net investment income (loss) | 29670718 | 201736 | 64 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 110078741 | 1487131 | (252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 350938 | (28465) | (17619) |
|  Net realized gain (loss) | 110429679 | 1458666 | (17031) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\* | 267468496 | 5209894 | 21864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 6996 | 1109 |  |
|  Net change in unrealized appreciation (depreciation) | 267475492 | 5211003 | 23749 |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 377905171 | 6669669 | 6718 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $407575889 | $6871405 | $6782 |
|  \* Unaffiliated foreign tax withheld | $4032023 | $32086 | $25 |
|  \*\* Net of change in deferred foreign taxes | $— | $— | $(8646) |

---

(1) For the period November 25, 2025 (commencement of operations) through November 30, 2025.

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Xtrackers Harvest CSI 300 China<br>A-Shares ETF | Xtrackers Harvest CSI 300 China<br>A-Shares ETF | Xtrackers Harvest CSI 500 China<br>A-Shares Small Cap ETF | Xtrackers Harvest CSI 500 China<br>A-Shares Small Cap ETF |
|  | For the Six<br>Months Ended<br>November 30,<br>2025<br>(Unaudited) | Year Ended<br>May 31, 2025 | **For the Six<br>Months Ended<br>November 30,<br>2025**<br> (Unaudited) | Year Ended<br>May 31, 2025 |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $29670718 | $40921454 | $201736 | $212183 |
|  Net realized gain (loss) | 110429679 | (322146113) | 1458666 | (3754207) |
|  Net change in net unrealized appreciation (depreciation) | 267475492 | 165106350 | 5211003 | 4143499 |
|  Net increase (decrease) in net assets resulting from operations | 407575889 | (116118309) | 6871405 | 601475 |
|  **Distributions to Shareholders** |  | (31891425) |  | (247897) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 293428911 | 3017009958 |  | 19632094 |
|  Value of shares redeemed | (1071090121) | (2904384041) | (10276693) | (14162889) |
| Net increase (decrease) in net assets resulting from fund share transactions | (777661210) | 112625917 | (10276693) | 5469205 |
|  Total net increase (decrease) in Net Assets | (370085321) | (35383817) | (3405288) | 5822783 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 2014675761 | 2050059578 | 26870539 | 21047756 |
|  End of period | $1644590440 | $2014675761 | $23465251 | $26870539 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 75900001 | 83800001 | 950001 | 800001 |
|  Shares sold | 9550000 | 106900000 |  | 650000 |
|  Shares redeemed | (34800000) | (114800000) | (300000) | (500000) |
|  Shares outstanding, end of period | 50650001 | 75900001 | 650001 | 950001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **27** 

------

Statements of Changes in Net Assets (Continued)

---

| | |
|:---|:---|
|  | **Xtrackers Nifty<br>500 India ETF** |
|  | **For the Period<br>November 25,<br>2025<sup>(1)</sup> to<br>November 30,<br>2025 (Unaudited)** |
|  **Increase (Decrease) in Net Assets from Operations** |  |
|  Net investment income (loss) | $64 |
|  Net realized gain (loss) | (17031) |
|  Net change in net unrealized appreciation (depreciation) | 23749 |
|  Net increase (decrease) in net assets resulting from operations | 6782 |
|  **Fund Shares Transactions** |  |
|  Proceeds from shares sold | 5000000 |
|  Value of shares redeemed |  |
| Net increase (decrease) in net assets resulting from fund share transactions | 5000000 |
|  Total net increase (decrease) in Net Assets | 5006782 |
|  **Net Assets** |  |
|  Beginning of period | 25 |
|  End of period | $5006807 |
|  **Changes in Shares Outstanding** |  |
|  Shares outstanding, beginning of period | 1 |
|  Shares sold | 200000 |
|  Shares redeemed |  |
|  Shares outstanding, end of period | 200001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

**28** \| DBX ETF Trust

------

Financial Highlights

Xtrackers Harvest CSI 300 China A-Shares ETF

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six |  | Years Ended May 31, | Years Ended May 31, | Years Ended May 31, | Years Ended May 31, | Years Ended May 31, |
|  | Months<br>Ended<br>11/30/2025<br>(Unaudited) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $26.54 |  | $24.46 | $26.74 | $30.82 | $41.83 | $27.18 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.45 |  | 0.49 | 0.51 | 0.46 | 0.36 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.48 |  | 1.89 (b) | (2.20) | (4.22) | (11.02) | 14.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.93 |  | 2.38 | (1.69) | (3.76) | (10.66) | 14.97 |
|  Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.30) | (0.59) | (0.32) | (0.35) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions |  |  | (0.30) | (0.59) | (0.32) | (0.35) | (0.32) |
|  Net Asset Value, end of period | $32.47 |  | $26.54 | $24.46 | $26.74 | $30.82 | $41.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)** | 22.33 | \*\* | 9.72 | (6.18) | (12.28) | (25.67) | 55.20 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 1645 |  | 2015 | 2050 | 2333 | 1672 | 2715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.65 | \* | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.95 | \* | 1.87 | 2.02 | 1.55 | 0.97 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%) | 19 | \*\* | 143 | 50 | 69 | 95 | 78 |

---

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **29** 

------

Financial Highlights (Continued)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six |  | Years Ended May 31, | Years Ended May 31, | Years Ended May 31, | Years Ended May 31, | Years Ended May 31, |
|  | Months<br>Ended<br>11/30/2025<br>(Unaudited) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $28.28 |  | $26.31 | $30.45 | $32.55 | $38.36 | $27.59 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.24 |  | 0.21 | 0.28 | 0.36 | 0.28 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7.58 |  | 1.95 | (4.24) | (1.88) | (5.77) | 10.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 7.82 |  | 2.16 | (3.96) | (1.52) | (5.49) | 10.92 |
|  Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.19) | (0.18) | (0.58) | (0.32) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions |  |  | (0.19) | (0.18) | (0.58) | (0.32) | (0.15) |
|  Net Asset Value, end of period | $36.10 |  | $28.28 | $26.31 | $30.45 | $32.55 | $38.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)** | 27.63 | \*\* | 8.21 | (13.03) | (4.71) | (14.50) | 39.64 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 23 |  | 27 | 21 | 26 | 34 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.65 | \* | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.45 | \* | 0.76 | 1.03 | 1.13 | 0.73 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%) | 12 | \*\* | 79 | 25 | 41 | 62 | 34 |

---

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**30** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers Nifty 500 India ETF

---

| | | |
|:---|:---|:---|
|  | Period Ended<br>11/30/2025(a)<br>(Unaudited) |  |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $25.00 |  |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.00 | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.03 |  |
|  Net Asset Value, end of period | $25.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(d)** | 0.12 | \*\* |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($ millions) | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.19 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.19 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.08 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%) | 0 |  |

---

(a) For the period November 25, 2025 (commencement of operations) through November 30, 2025.

(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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **31** 

------

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2025, Trust consists of forty-two investment series of exchange-traded funds ("ETFs") (each a "Fund" and collectively, the "Funds") in operation and trading. These financial statements report on the Funds listed below:

Xtrackers Harvest CSI 300 China A-Shares ETF

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Xtrackers Nifty 500 India ETF

DBX Advisors LLC ("DBX" or the "Advisor"), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds' Board of Trustees ("Board"). Harvest Global Investments Limited serves as investment Sub-Advisor (the "Sub-Advisor") to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Fund offers shares that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Xtrackers Nifty 500 India ETF offer shares that are listed and traded on the Nasdaq Stock Market ("NASDAQ"). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large specified lots consisting of 50,000 shares, except for the Xtrackers Nifty 500 India ETF which lots consist of 25,000 shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Funds' distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

---

| | |
|:---|:---|
| Fund | Underlying Index |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | CSI 300 Index |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | CSI 500 Index |
|  Xtrackers Nifty 500 India ETF | Nifty 500 Index |

---

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

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

Nifty 500 Index was created and is maintained by NSE Indices Limited. Nifty 500 Index measures the equity performance of the top 500 companies traded on the National Stock Exchange of India based on full market capitalization that meet certain eligibility requirements. It includes representation from the large, mid and small-cap segments of the Indian equity market. The Nifty 500 Index is reconstituted on semi-annual basis.

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.

**32** \| DBX ETF Trust

------

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are diversified series of the Trust. Xtrackers Nifty 500 India ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund's investment portfolio. This may adversely affect the Fund's performance or subject the Fund's shares to greater price volatility than that experienced by more diversified investment companies. 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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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.

Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying

Statement of Operations.

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

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

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

DBX ETF Trust \| **33** 

------

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds' valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the last traded price on the exchange for securities suspended from trading; 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 each Fund's Schedule of

Investments.

**Investment Transactions and Investment Income** Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

**Tax Information and Dividends and Distributions to Shareholders** It is each Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the policy of the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF to pay out dividends from its net investment income, if any, to investors annually. It is the policy of the Xtrackers Nifty 500 India ETF to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2025 (or since the Fund's inception if the Fund commenced operations less than four years prior to May 31, 2025), remains subject to examination by taxing authorities. Specific to foreign countries in which the Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

**34** \| DBX ETF Trust

------

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, 2025, the Funds did not incur any interest or penalties.

At May 31, 2025, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
|  | Short-Term | Long-Term | Total Amount |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | $636148837 | $357965500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994114337 |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 15562388 | 5121760 | 20684148 |

---

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, 2025, 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<br>Losses |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26009 |

---

As of May 31, 2025, 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<br>Appreciation<br>(Depreciation) | Aggregate Gross<br>Unrealized<br>Appreciation | Aggregate Gross<br>Unrealized<br>(Depreciation) |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | $1888291171 | $123138636 | $298543219 | $(175404583) |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 26868159 | (74535) | 3474120 | (3548655) |

---

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

**Foreign Taxes** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds' direct investments in A-Shares include withholding income tax ("WHT") on dividends, WHT on bank deposit interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp duty. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non People's Republic of China ("PRC") enterprises including Qualified Foreign Institutional Investors ("QFII") and Renminbi Qualified Foreign Institutional Investors ("RQFII") from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.

Since November 17, 2014, QFIIs and RQFIIs have been temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises). With respect to gains derived from equity investments prior to November 17, 2014, QFIIs and RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to QFIIs and RQFIIs which do not have a permanent establishment ("PE") in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014 as

DBX ETF Trust \| **35** 

------

long as treaty relief is eligible. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the three-year period before the alienation of the PRC companies' shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Funds while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

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

The Xtrackers Nifty 500 India ETF is subject to tax in India on the income arising from investments in Indian securities, which could be in the form of dividends and/or capital gains arising on the sale of securities. A Securities Transaction Tax ("STT") was introduced under Section 98 of the Finance (No.2) Act, 2004 on transactions relating to sale, purchases and redemption of shares made by purchasers or sellers of Indian securities. Income arising from sale of Indian securities by the Fund is treated as capital gains under the Indian Income Tax Act, 1961 ("IT Act"). Long-term capital gains on sale of securities are chargeable to tax in India at the rate of 12.5 %. The holding period for a security to qualify as long-term is 12 months for equity shares listed on a recognized stock exchange in India and 24 months in case of all other securities. The tax on long-term capital gains arising on sale of listed equity shares and on which STT has been paid at the time of sale is calculated after allowing for a basic exemption limit of INR 125,000. Short-term capital gains arising from the sale of equity shares listed on a recognized stock exchange in India and on which STT has been paid at the time of sale are taxed at the rate of 20%. Short-term capital gains on the sale of all other securities are taxable at the rate of 30%. Capital gains arising from the transfer of depositary receipts outside India between non-resident investors are not subject to tax in India. Dividend income earned by the Fund will be subject to Indian income tax at the specified tax rate of 20% under the IT Act. The applicable tax is withheld by the dividend-paying issuer at the time of making payment. The India-USA Double Taxation Avoidance Agreement ("the DTAA") provides for a reduced rate of 15% tax on dividends. However, the Fund does not anticipate claiming any treaty benefits.

**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.

#### Derivatives
**Futures Contracts** Xtrackers Nifty 500 India ETF may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2025, the Xtrackers Nifty 500 India ETF 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).

**36** \| DBX ETF Trust

------

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, 2025 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, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | | Liability Derivatives | |
|  **Xtrackers Nifty 500 India ETF** | **Xtrackers Nifty 500 India ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 | Unrealized depreciation on futures contracts\* | $|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 | Total | $|

---

\* Futures contracts are reported in the table above using cumulative appreciation or cumulative depreciation of futures contracts, as reported in the futures contracts table following the Fund's Schedule of Investments; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) variation margin on futures contracts. 

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund's earnings during the period ended November 30, 2025 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<br>— Equity Contracts |
|  Xtrackers Nifty 500 India ETF | $840 |

---

---

| | |
|:---|:---|
| Net Change in Unrealized Appreciation (Depreciation) on: | Futures Contracts<br>— Equity Contracts |
|  Xtrackers Nifty 500 India ETF | $1885 |

---

For the period ended November 30, 2025 the average monthly volume of derivatives was as follows:

---

| | |
|:---|:---|
|  | Futures Contracts<br>(Contract Value) |
|  Xtrackers Nifty 500 India ETF | $130190 |

---

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

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

3. Investment Advisory and Other Agreements

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

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

DBX ETF Trust \| **37** 

------

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

---

| | |
|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitary Advisory** <br> **Fee** |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | 0.65% |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.65% |
|  Xtrackers Nifty 500 India ETF | 0.19% |

---

The Advisor for the Fund below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund's fees and expenses attributable to the Fund's investments in affiliated cash management vehicles. For the period ended November 30, 2025, the Advisor waived expenses of the Fund as follows:

---

| | |
|:---|:---|
|  | Expenses Waived |
|  Xtrackers Nifty 500 India ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

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

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

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

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

4. Investment Portfolio Transactions

For the period ended November 30, 2025, the cost of investments purchased and proceeds from sale of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372919163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121877601 |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 3248966 | 13320417 |
|  Xtrackers Nifty 500 India ETF | 4849187 |  |

---

5. Fund Share Transactions

As of November 30, 2025, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units for each fund 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

**38** \| DBX ETF Trust

------

that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor ("QFI") or other programs to access the Chinese securities markets; both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

7. Investing in India

Investments in Indian issuers involve risks that are specific to India, including legal, regulatory, political, currency and economic risks. The securities markets in India are relatively underdeveloped and may subject Xtrackers Nifty 500 India ETF to higher transaction costs or greater uncertainty than investments in more developed securities markets. Political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, and the risk of nationalization or expropriation of assets may result in an increased risk of loss. In addition, religious and border disputes persist in India. India has experienced acts of terrorism and has strained international relations with Pakistan, Bangladesh, China, Sri Lanka and other neighbors due to territorial disputes, historical animosities, terrorism, defense concerns, and other security concerns. These situations may cause uncertainty in the Indian market and may adversely affect the Indian economy. Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. For example, India is heavily dependent upon trading with key partners and any reduction in this trading may have an adverse impact on the Fund's investments.

8. 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, 2025, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding: Trust has entered

---

| | |
|:---|:---|
|  | **Approximate**<br> **Percent of**<br> **Outstanding**<br> **Shares Held** |
|  Xtrackers Nifty 500 India ETF | 95% |

---

9. 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 and Xtrackers Nifty 500 India ETF, and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds' status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2025.

DBX ETF Trust \| **39** 

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

#### Xtrackers Nifty 500 India ETF

#### BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT WITH DBX ADVISORS LLC
After discussions at the meeting of the Board of Trustees ("Board" or "Trustees") held on May 14, 2025, the Trustees, all of whom are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of DBX ETF Trust (the "Trust") or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC ("DBX" or the "Adviser") and the Trust, with respect to Xtrackers Nifty 500 India ETF (the "Fund"). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP ("Independent Trustee Counsel").

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and the Fund's shareholders; (2) the financial resources of the Adviser and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund's advisory fee; (4) the total cost of the services to be provided by and the anticipated profits to be realized by the Adviser from its relationship with the Fund; (5) the extent to which economies of scale would be realized, and if the Fund's shareholders would benefit from those economies; and (6) fall-out benefits, if any, that may be enjoyed by the Adviser.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. ("Trust

Counsel") and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and the Fund's shareholders as well as consistent with the Board's duties under state and federal law. The Board reached this conclusion based on multiple factors.

**The Board considered the following in determining whether to approve the Investment Advisory Agreement:**

**Nature, Extent and Quality of Services.** The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.

The Board considered that the Adviser will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust's service providers. The Board also considered that the Adviser will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund's operations. The Board also considered that in addition to managing the Fund's portfolio directly, the Adviser will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the Fund's advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund's service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Adviser's extensive work with these service providers (including due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Adviser, which supports the compliance program of the Adviser's currently managed funds (which would also cover the Fund).

**Adviser's Financial Resources.** In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser's financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

**40** \| DBX ETF Trust

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

**Reasonableness of Advisory Fee.** The Board compared the Fund's advisory fee to those of other pertinent exchange-traded funds ("ETFs") and noted that the Fund's fee is below the average and median fee of the ETFs in the Fund's peer group. The Board accordingly noted that the Fund's fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Adviser's methodology for selecting the Fund's peer group and believed that the Fund's peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund's operating expenses (subject to certain specified exceptions). The Board also considered that the Fund's portfolio will be managed on a day-to-day basis by the Adviser and that the Adviser will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

**Costs of Services and Profitability.** The Board considered the anticipated expenses of the Adviser in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund's operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Adviser at this time. The Board considered whether the Adviser would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale.

**Economies of Scale.** The Board noted that the Fund's advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund's commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the Fund's advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

DBX ETF Trust \| **41** 

------

![LOGO](g39211dsp043jpg.jpg)

------

![LOGO](g40851dsp_001a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers California Municipal Bond ETF (CA)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers US 0-1 Year Treasury ETF (TRSY)

![LOGO](g40851dsp_001b.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers California Municipal Bond ETF](#fin40851_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Municipal Infrastructure Revenue Bond ETF](#fin40851_2) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI EAFE High Dividend Yield Equity ETF](#fin40851_3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers US 0-1 Year Treasury ETF](#fin40851_4) | 19 |
|  **[Statements of Assets and Liabilities](#fin40851_5)** | **22** |
|  **[Statements of Operations](#fin40851_6)** | **23** |
|  **[Statements of Changes in Net Assets](#fin40851_7)** | **24** |
|  **[Financial Highlights](#fin40851_8)** | **26** |
|  **[Notes to Financial Statements](#fin40851_9)** | **30** |

---

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

DBX ETF Trust \| **1**

------

Schedule of Investments

Xtrackers California Municipal Bond ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **MUNICIPAL BONDS – 97.1%** |  |  |
|  **California – 97.1%** |  |  |
|  Allan Hancock Joint Community College District<br>Series 2006-C, 0.00% -<br>5.60%, 8/1/47 (a) | 160000 | 122007 |
|  Anaheim Public Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Zero Coupon, 9/1/30 | 50000 | 43551 |
|  Bay Area Toll Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-2, 5.00%, 4/1/42 | 100000 | 108933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-2, 5.00%, 4/1/43 | 100000 | 107923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-2, 5.00%, 4/1/45 | 140000 | 153566 |
|  California Community Choice Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.00%, 2/1/52 | 250000 | 254553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/53 | 300000 | 315060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E-1, 5.00%, 2/1/54 | 100000 | 106813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.50%, 5/1/54 | 250000 | 264661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G-1, 5.25%, 11/1/54 | 100000 | 106958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 2/1/55 | 150000 | 161305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 2/1/55 | 300000 | 327693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 8/1/55 | 100000 | 106226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 11/1/55 | 100000 | 104954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/56 | 100000 | 106233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 1/1/56 | 200000 | 220649 |
|  California Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V-3, 5.00%, 6/1/33 | 25000 | 29917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U-1, 5.25%, 4/1/40 | 235000 | 294569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U-7, 5.00%, 6/1/46 | 120000 | 138052 |
|  California Enterprise Development Authority<br>Series A, 5.50%, 11/1/59 | 50000 | 54159 |
|  California Health Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/30 | 50000 | 50111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/32 | 75000 | 78379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/33 | 55000 | 57650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 4/1/38 | 100000 | 101406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.25%, 8/15/39 | 145000 | 135749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 8/15/39 | 100000 | 100036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/39 | 25000 | 25839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 6/1/41 | 75000 | 81683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 11/1/44 | 25000 | 23780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 11/1/47 | 100000 | 113436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 8/15/48 | 100000 | 94479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/48 | 70000 | 64335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/48 | 60000 | 60675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 6/1/50 | 50000 | 44105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 8/15/50 | 100000 | 93315 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  California Infrastructure & Economic Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/29 | 80000 | 84328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/1/45 | 50000 | 48798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/50 | 180000 | 173665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/59 | 50000 | 53523 |
|  California Municipal Finance Authority<br>Series A, 5.00%, 9/1/49 | 35000 | 36850 |
|  California Public Finance Authority<br>Series A, 4.00%, 8/1/47 | 50000 | 47541 |
|  California School Facilities Financing Authority<br>Series A, Zero Coupon, 8/1/49 | 300000 | 89882 |
|  California State Public Works Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 8/1/34 | 30000 | 33762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 5/1/46 | 170000 | 165297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/1/46 | 225000 | 218680 |
|  California State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/27 | 25000 | 25271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/29 | 40000 | 41511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/30 | 50000 | 50556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/32 | 105000 | 106097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/32 | 60000 | 62158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/34 | 30000 | 31016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/43 | 5000 | 5000 |
|  California Statewide Communities Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-L, 5.00%, 4/1/38 | 155000 | 168811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/48 | 25000 | 23829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 4/1/50 | 50000 | 36522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 8/15/51 | 50000 | 45111 |
|  Centinela Valley Union High School District<br>Series B, 4.00%, 8/1/50 | 30000 | 28470 |
|  Chino Valley Unified School District<br>Series 2020-B, 5.00%, 8/1/55 | 100000 | 103209 |
|  City of Glendale CA Electric Revenue<br>5.00%, 2/1/55 | 100000 | 104669 |
|  City of Irvine CA<br>4.00%, 9/1/58 | 75000 | 69176 |
|  City of Los Angeles CA Wastewater System Revenue<br>Series C, 5.00%, 6/1/28 | 100000 | 107139 |
|  City of Los Angeles Department of Airports |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 5/15/48 | 100000 | 96103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/49 | 300000 | 306879 |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  City of Los Angeles Department of Airports, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/36 | 30000 | 32725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/37 | 30000 | 32555 |
|  City of San Francisco CA Public Utilities Commission Water Revenue<br>Series C, 5.00%, 11/1/31 | 20000 | 23276 |
|  Coronado Community Development Agency Successor Agency<br>Series A, 5.00%, 9/1/33 | 20000 | 20022 |
|  Desert Community College District<br>Series A-1, 4.00%, 8/1/51 | 100000 | 95758 |
|  East Bay Municipal Utility District Water System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 6/1/28 | 25000 | 26074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 6/1/30 | 50000 | 52055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 6/1/31 | 50000 | 52048 |
|  Folsom Cordova Unified School District<br>Series D, 4.00%, 10/1/44 | 100000 | 99580 |
|  Hartnell Community College District<br>Series 2002-D, 7.00%, 8/1/34 | 100000 | 107458 |
|  Hayward Area Recreation & Park District<br>Series A, 4.00%, 8/1/46 | 30000 | 29802 |
|  Hayward Unified School District<br>4.00%, 8/1/42 | 50000 | 50001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/43 | 300000 | 298026 |
|  Long Beach Bond Finance Authority<br>Series A, 5.50%, 11/15/30 | 100000 | 111560 |
|  Los Angeles County Facilities, Inc.<br>Series A, 4.00%, 12/1/48 | 130000 | 125159 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/1/31 | 50000 | 57626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/1/33 | 30000 | 34301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/1/34 | 30000 | 33369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/34 | 25000 | 26660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/35 | 50000 | 53246 |
|  Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue<br>Series A, 5.00%, 6/1/33 | 110000 | 114477 |
|  Los Angeles County Public Works Financing Authority<br>Series D, 4.00%, 12/1/40 | 60000 | 60005 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  Los Angeles Department of Water & Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/29 | 45000 | 48461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/33 | 150000 | 159139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/34 | 110000 | 112341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 7/1/44 | 20000 | 20561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/51 | 20000 | 20538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 7/1/53 | 25000 | 26204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 7/1/54 | 60000 | 62203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.25%, 7/1/54 | 25000 | 26395 |
|  Los Angeles Department of Water & Power Water System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/47 | 30000 | 31055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/49 | 200000 | 207311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 7/1/52 | 50000 | 51525 |
|  Los Angeles Department of Water & Power Water System Revenue, Water Revenue,<br>Series A, 5.25%, 7/1/53 | 175000 | 183929 |
|  Los Angeles Department of Water & Power, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/45 | 75000 | 77492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/51 | 115000 | 117847 |
|  Los Angeles Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/27 | 60000 | 62582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.00%, 7/1/29 | 95000 | 91333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 7/1/29 | 25000 | 26422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/30 | 55000 | 60472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/30 | 100000 | 101490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 7/1/30 | 50000 | 56414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 7/1/35 | 20000 | 19747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 7/1/36 | 35000 | 36711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QRR, 5.00%, 7/1/37 | 50000 | 58267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.25%, 7/1/42 | 25000 | 25991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M-1, 5.25%, 7/1/42 | 15000 | 15595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RYQ, 4.00%, 7/1/44 | 75000 | 74825 |
|  Marin Healthcare District<br>Series 2021, 4.00%, 8/1/45 | 165000 | 157507 |
|  Metropolitan Water District of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/27 | 40000 | 41849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/27 | 75000 | 78467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/1/27 | 40000 | 42140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/34 | 95000 | 102675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/49 | 30000 | 31139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/51 | 20000 | 20956 |
|  M-S-R Energy Authority<br>Series C, 6.50%, 11/1/39 | 60000 | 73804 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3**

------

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  Mt San Antonio Community College District<br>Series A, 0.00% - 6.25%, 8/1/43 (a) | 100000 | 101470 |
|  Municipal Improvement Corp. of Los Angeles |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/1/27 | 25000 | 25567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/1/29 | 30000 | 30658 |
|  Napa Valley Unified School District<br>Series C, 4.00%, 8/1/44 | 70000 | 69345 |
|  Northern California Sanitation Agencies Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 12/1/34 | 25000 | 25156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/45 | 55000 | 58086 |
|  Ontario International Airport Authority<br>Series A, 4.00%, 5/15/51 | 100000 | 93769 |
|  Palomar Community College District<br>Series 2006-D, 4.00%, 8/1/46 | 15000 | 14701 |
|  Perris Union High School District<br>Series A, 4.00%, 9/1/48 | 50000 | 48789 |
|  Rancho Santiago Community College District<br>Series 2002-C, Zero Coupon, 9/1/30 | 60000 | 52383 |
|  Regents of The University of California Medical Center Pooled Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 5/15/35 | 25000 | 25242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 5/15/41 | 75000 | 75533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.00%, 5/15/42 | 255000 | 214878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 5.00%, 5/15/47 | 175000 | 183515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 4.00%, 5/15/53 | 25000 | 23372 |
|  Rio Hondo Community College District<br>Series A, 5.25%, 8/1/55 | 245000 | 266400 |
|  River Islands Public Financing Authority<br>Series A-1, 5.25%, 9/1/52 | 50000 | 52905 |
|  Riverside County Transportation Commission Sales Tax Revenue<br>Series B, 5.00%, 6/1/35 | 120000 | 125650 |
|  Sacramento City Financing Authority<br>Series E, 5.25%, 12/1/30 | 100000 | 110647 |
|  Sacramento City Unified School District<br>Series G, 4.00%, 8/1/49 | 30000 | 28594 |
|  Sacramento Municipal Utility District<br>Series G, 5.00%, 8/15/39 | 50000 | 53621 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  Sacramento Municipal Utility District, Electric, Power & Light Revenue,<br>Series H, 5.00%, 8/15/50 | 50000 | 52048 |
|  Sacramento Transportation Authority Sales Tax Revenue<br>Series A, 5.00%, 10/1/33 | 60000 | 72057 |
|  San Diego Community College District<br>5.00%, 8/1/31 | 100000 | 101805 |
|  San Diego County Regional Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/44 | 35000 | 36242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/46 | 75000 | 78603 |
|  San Diego County Regional Transportation Commission<br>Series A, 5.00%, 4/1/35 | 15000 | 17690 |
|  San Diego County Water Authority<br>Series S-1, 5.00%, 5/1/28 | 100000 | 106244 |
|  San Diego Public Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/27 | 50000 | 50591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/28 | 20000 | 20247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 8/1/28 | 35000 | 35608 |
|  San Diego Unified School District<br>Series 2012-I, 4.00%, 7/1/47 | 100000 | 96768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00% - 6.63%, 7/1/48 (a) | 85000 | 82792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.00%, 7/1/49 | 30000 | 29060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 G-3, 4.00%, 7/1/53 | 200000 | 191507 |
|  San Francisco Bay Area Rapid Transit District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004 F-1, 3.00%, 8/1/38 | 75000 | 70440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 4.00%, 8/1/45 | 35000 | 34507 |
|  San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue,<br>Series E, 5.00%, 5/1/48 | 25000 | 25511 |
|  San Francisco City & County Airport Comm-San Francisco International Airport<br>Series D, 5.00%, 5/1/36 | 40000 | 42962 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/27 | 50000 | 52610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/46 | 85000 | 89996 |
|  San Francisco Community College District<br>Series B, 5.25%, 6/15/49 | 100000 | 108804 |

---

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  San Francisco Municipal Transportation Agency<br>Series 2017, 4.00%, 3/1/46 | 130000 | 126057 |
|  San Joaquin Hills Transportation Corridor Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 1/1/28 | 55000 | 52283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/15/33 | 40000 | 44457 |
|  San Joaquin Valley Clean Energy Authority<br>Series A, 5.50%, 1/1/56 | 100000 | 113976 |
|  San Jose Redevelopment Agency Successor Agency<br>Series A, 5.00%, 8/1/35 | 45000 | 46610 |
|  San Marcos Unified School District<br>Series B, Zero Coupon, 8/1/47 | 300000 | 117093 |
|  San Mateo Union High School District<br>Series 2010, 0.00% - 6.70%, 9/1/41 (a) | 130000 | 141085 |
|  Santa Clara Unified School District<br>Series 2017, 3.50%, 7/1/42 | 130000 | 124096 |
|  Santa Clara Valley Transportation Authority<br>Series A, 5.00%, 4/1/26 | 50000 | 50448 |
|  Santa Clara Valley Water District<br>Series 2023C-1, 4.00%, 6/1/26 | 50000 | 50346 |
|  Southern California Public Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 95000 | 106605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A1, 5.00%, 7/1/48 | 20000 | 20790 |
|  State of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 110000 | 111900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 8/1/26 | 110000 | 111900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 50000 | 51081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 100000 | 101686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 30000 | 31426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 115000 | 120713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 50000 | 52484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 50000 | 52484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 90000 | 93824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 110000 | 112014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/1/28 | 100000 | 107345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/28 | 45000 | 48497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 8/1/29 | 200000 | 203280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/29 | 25000 | 26219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 5000 | 5212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 50000 | 52124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/30 | 30000 | 31466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/30 | 35000 | 39278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/31 | 40000 | 45237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32 | 50000 | 57543 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/32 | 100000 | 115600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/32 | 125000 | 120082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 30000 | 34082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 30000 | 33509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/1/32 | 30000 | 33509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.375%, 9/1/33 | 50000 | 50033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/34 | 55000 | 60417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/34 | 50000 | 55630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/35 | 200000 | 196760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/35 | 95000 | 93696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/35 | 50000 | 52639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/35 | 100000 | 100730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/35 | 125000 | 131069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/35 | 5000 | 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/35 | 70000 | 77722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/36 | 80000 | 83169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/36 | 50000 | 47977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/36 | 100000 | 100454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/36 | 25000 | 24419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/36 | 50000 | 57259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/1/36 | 30000 | 33090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/37 | 50000 | 51649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/37 | 40000 | 42685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/37 | 150000 | 172715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/41 | 100000 | 108340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/42 | 200000 | 202477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/1/42 | 100000 | 109029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/43 | 25000 | 21066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/45 | 350000 | 375538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/45 | 25000 | 27253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/45 | 85000 | 82744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/46 | 30000 | 29536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/50 | 100000 | 77065 |
|  State of California Department of Water Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 5.00%, 12/1/26 | 130000 | 133665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AX, 5.00%, 12/1/27 | 45000 | 47578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 5.00%, 12/1/33 | 25000 | 28377 |
|  Sweetwater Union High School District<br>4.00%, 8/1/42 | 100000 | 99308 |
|  University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AY, 5.00%, 5/15/28 | 70000 | 72759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BQ, 5.00%, 5/15/29 | 25000 | 27411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AY, 5.00%, 5/15/30 | 25000 | 25980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BQ, 5.00%, 5/15/31 | 30000 | 34384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BQ, 5.00%, 5/15/33 | 25000 | 29697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BQ, 5.00%, 5/15/35 | 40000 | 46911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 5.00%, 5/15/35 | 75000 | 77554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AY, 5.00%, 5/15/36 | 50000 | 51615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BE, 5.00%, 5/15/36 | 170000 | 186758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BE, 5.00%, 5/15/42 | 25000 | 26625 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5**

------

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BN, 5.00%, 5/15/42 | 30000 | 33107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BS, 5.00%, 5/15/43 | 25000 | 27598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.00%, 5/15/46 | 50000 | 48636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 5.00%, 5/15/46 | 15000 | 15819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 4.00%, 5/15/47 | 100000 | 96836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, 5.00%, 5/15/47 | 50000 | 54167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AZ, 5.00%, 5/15/48 | 100000 | 102759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 3.00%, 5/15/51 | 50000 | 38312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/52 | 100000 | 104482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 5.00%, 5/15/58 | 150000 | 152560 |
|  Ventura County Community College District<br>3.125%, 8/1/31 | 100000 | 100015 |
|  Ventura Unified School District<br>Series A, 4.00%, 8/1/52 | 50000 | 47988 |
|  West Contra Costa Unified School District<br>Series B, 5.00%, 8/1/49 | 100000 | 106395 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  William S Hart Union High School District<br>Series C, 3.50%, 8/1/38 | 75000 | 74785 |
|  (Cost $20,899,465) |  | **20751115** |
|  **TOTAL MUNICIPAL BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,899,465) |  | **20751115** |
|  | **Number<br>of Shares** |  |
|  **CASH EQUIVALENTS – 1.8%** |  |  |
|  DWS Government Money Market<br>Series "Institutional Shares",<br>3.94% (b)<br>(Cost $377,668) | 377668 | **377668** |
|  **TOTAL INVESTMENTS – 98.9%** |  |  |
|  (Cost $21,277,133) |  | **21128783** |
|  **Other assets and liabilities,<br>net – 1.1%** | **Other assets and liabilities,<br>net – 1.1%** | **224475** |
|  **NET ASSETS – 100.0%** |  | **21353258** |

---

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2025** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income<br>($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>11/30/2025** | **Value ($) at<br>11/30/2025** |
|  CASH EQUIVALENTS – 1.8% | CASH EQUIVALENTS – 1.8% | CASH EQUIVALENTS – 1.8% | CASH EQUIVALENTS – 1.8% |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) |  |  |  |  |
| 424491  | 1731384 | (1778207) |  |  | 10540 |  | 377668 | 377668 |

---

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

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

#### 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, 2025 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** |
|  Municipal Bonds (a) | $— | $20751115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $20751115 |
|  Short-Term Investments (a) | 377668 |  |  | 377668 |
|  **TOTAL** | $**377668** | $**20751115** | $**—** | $**21128783** |

---

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

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **MUNICIPAL BONDS – 98.4%** |  |  |
|  **Arizona – 2.6%** |  |  |
|  City of Phoenix Civic Improvement Corp., Intergovernmental,<br>Series A, 5.00%, 7/1/45 | 705000 | 739565 |
|  Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue,<br>Series B, 5.25%, 1/1/53 | 2650000 | 2822106 |
|  (Cost $3,644,603) |  | **3561671** |
|  **California – 16.8%** |  |  |
|  Bay Area Toll Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series S-8, 3.00%, 4/1/54 | 535000 | 399915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-1, 5.00%, 4/1/54 | 500000 | 526311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-2, 2.60%, 4/1/56 | 160000 | 108832 |
|  California Enterprise Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/1/49 | 500000 | 536936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/1/54 | 100000 | 106672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/1/59 | 550000 | 596347 |
|  City of Los Angeles Department of Airports, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 5/15/45 | 260000 | 276242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 5/15/45 | 50000 | 51213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 5/15/46 | 600000 | 616724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 5/15/48 | 250000 | 261013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 5/15/51 | 135000 | 137516 |
|  City of Riverside CA Electric Revenue, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/49 | 150000 | 161228 |
|  City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue,<br>Series D, 3.00%, 11/1/50 | 340000 | 257875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/1/50 | 600000 | 573581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/50 | 500000 | 518503 |
|  East Bay Municipal Utility District Water System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/1/50 | 500000 | 539640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/1/55 | 300000 | 321332 |
|  Los Angeles Department of Water & Power Water System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/41 | 270000 | 284125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/50 | 210000 | 214915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 7/1/53 | 800000 | 841366 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Los Angeles Department of Water & Power, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 7/1/38 | 500000 | 552561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/45 | 45000 | 46516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 7/1/47 | 500000 | 523983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/48 | 500000 | 513504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/51 | 1000000 | 1027426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/51 | 280000 | 287065 |
|  Metropolitan Water District of Southern California, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 4/1/48 | 265000 | 283764 |
|  Riverside County Transportation Commission, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.00%, 6/1/46 | 10000 | 9161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 3.00%, 6/1/49 | 650000 | 482787 |
|  Sacramento Municipal Utility District, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 8/15/50 | 40000 | 41664 |
|  San Diego County Regional Airport Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/49 | 200000 | 205294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 7/1/51 | 700000 | 630454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/51 | 500000 | 518216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 7/1/51 | 1100000 | 1118200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/56 | 865000 | 811369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/56 | 1300000 | 1340842 |
|  San Francisco City & County Airport Comm-San Francisco International Airport, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 5/1/44 | 510000 | 519320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 5/1/49 | 990000 | 894073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 5/1/49 | 400000 | 404289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 5/1/50 | 370000 | 373926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 5/1/52 | 500000 | 520017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 5/1/55 | 800000 | 838772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 5/1/55 | 600000 | 645656 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, Sewer Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/1/49 | 200000 | 213741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/1/54 | 700000 | 739391 |
|  San Francisco Municipal Transportation Agency, Transit Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 3/1/51 | 40000 | 38047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 3/1/51 | 500000 | 518419 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **7**

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Southern California Public Power Authority, Intergovernmental,<br>5.00%, 7/1/53 | 1400000 | 1453489 |
|  (Cost $24,298,951) |  | **22882232** |
|  **Colorado – 3.1%** |  |  |
|  City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/15/35 | 400000 | 455287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/36 | 265000 | 289413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 12/1/36 | 300000 | 337555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 12/1/43 | 650000 | 607569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/47 | 100000 | 102748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/1/48 | 700000 | 704443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/53 | 600000 | 612028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/15/53 | 300000 | 316661 |
|  City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 8/1/51 | 700000 | 644146 |
|  City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/15/51 | 100000 | 92915 |
|  (Cost $4,426,801) |  | **4162765** |
|  **District of Columbia – 1.7%** |  |  |
|  District of Columbia, Income Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 5/1/45 | 500000 | 480313 |
|  Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/1/46 | 600000 | 614618 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/1/47 | 500000 | 506318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/1/53 | 900000 | 780211 |
|  (Cost $2,692,824) |  | **2381460** |
|  **Florida – 7.8%** |  |  |
|  Broward County FL Water & Sewer Utility Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/1/47 | 240000 | 229565 |
|  City of Fort Lauderdale Fl Water & Sewer Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.50%, 9/1/48 | 400000 | 437550 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  City of Gainesville Fl Utilities System Revenue, Multiple Utility Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/47 | 215000 | 220810 |
|  City of Miami Fl, Miscellaneous Taxes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 3/1/48 | 200000 | 207602 |
|  City of Tampa FL Water & Wastewater System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/54 | 1000000 | 1034720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/1/57 | 300000 | 317809 |
|  County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/1/44 | 100000 | 93248 |
|  County of Lee Fl Airport Revenue, Private Airport & Marina Revenue,<br>5.25%, 10/1/54 | 400000 | 412252 |
|  County of Manatee FL Public Utilities Revenue, Water Revenue<br>4.00%, 10/1/48 | 550000 | 519397 |
|  County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/1/44 | 400000 | 367276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/1/49 | 380000 | 383194 |
|  County of Miami-Dade FL Transit System, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/49 | 500000 | 450535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/50 | 90000 | 80752 |
|  County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue,<br>4.00%, 10/1/46 | 255000 | 239261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/48 | 450000 | 415069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/1/49 | 500000 | 458393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/51 | 275000 | 248360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/51 | 100000 | 88395 |
|  County of Miami-Dade Seaport Department, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/1/52 | 1200000 | 1227718 |
|  Greater Orlando Aviation Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/1/44 | 165000 | 167768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/1/52 | 300000 | 265257 |
|  Hillsborough County Aviation Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/1/52 | 200000 | 179068 |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  JEA Water & Sewer System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/1/49 | 1250000 | 1333188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 10/1/54 | 125000 | 135159 |
|  Orlando Utilities Commission, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/48 | 200000 | 209265 |
|  State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 7/1/51 | 500000 | 461143 |
|  Tampa Bay Water, Water Revenue,<br>5.00%, 10/1/52 | 400000 | 416941 |
|  (Cost $11,375,752) |  | **10599695** |
|  **Georgia – 1.8%** |  |  |
|  City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 7/1/49 | 200000 | 179490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 7/1/49 | 540000 | 569424 |
|  Georgia Ports Authority, Private Airport & Marina Revenue,<br>4.00%, 7/1/51 | 765000 | 722855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/52 | 200000 | 211853 |
|  Municipal Electric Authority of Georgia, Nuclear Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 7/1/63 | 750000 | 768702 |
|  (Cost $2,500,652) |  | **2452324** |
|  **Hawaii – 1.2%** |  |  |
|  State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 7/1/51 | 500000 | 508411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 7/1/51 | 500000 | 522211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 7/1/54 | 500000 | 536175 |
|  (Cost $1,588,014) |  | **1566797** |
|  **Illinois – 5.5%** |  |  |
|  Chicago O'Hare International Airport, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 1/1/43 | 115000 | 108135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 1/1/48 | 570000 | 555916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 1/1/48 | 1000000 | 1034524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 1/1/53 | 110000 | 116077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 1/1/55 | 1000000 | 1000518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.50%, 1/1/56 | 350000 | 336096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 1/1/56 | 200000 | 206381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 1/1/59 | 1150000 | 1196387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.50%, 1/1/59 | 1000000 | 1074865 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/52 | 160000 | 163160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/57 | 600000 | 609969 |
|  City of Chicago IL Wastewater Transmission Revenue, Sewer Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 1/1/48 | 85000 | 88609 |
|  City of Chicago IL Waterworks Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/1/62 | 200000 | 212625 |
|  Illinois State Toll Highway Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/41 | 30000 | 31706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/45 | 775000 | 804063 |
|  (Cost $7,757,623) |  | **7539031** |
|  **Kentucky – 0.8%** |  |  |
|  Kenton County Airport Board, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 1/1/49 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,067,053) | 1000000 | **1039617** |
|  **Louisiana – 0.9%** |  |  |
|  East Baton Rouge Sewerage Commission, Sewer Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 2/1/45 | 245000 | 238426 |
|  Jefferson Sales Tax District, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/1/42 | 115000 | 112710 |
|  Louisiana Stadium & Exposition District, Hotel Occupancy Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/48 | 450000 | 462851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 7/1/53 | 420000 | 435527 |
|  (Cost $1,315,937) |  | **1249514** |
|  **Maryland – 0.6%** |  |  |
|  Maryland State Transportation Authority, Highway Revenue Tolls,<br>4.00%, 7/1/50 | 650000 | 610305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/51 | 255000 | 263650 |
|  (Cost $983,106) |  | **873955** |
|  **Massachusetts – 1.5%** |  |  |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 7/1/51 | 605000 | 570778 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9**

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Massachusetts Port Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 7/1/44 | 400000 | 406315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 7/1/46 | 500000 | 510249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 7/1/51 | 505000 | 512859 |
|  (Cost $2,162,088) |  | **2000201** |
|  **Michigan – 0.6%** |  |  |
|  State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/15/45 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $833,948) | 800000 | **770979** |
|  **Minnesota – 0.0%** |  |  |
|  Minneapolis-St Paul Metropolitan Airports Commission, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/52 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $42,737) | 40000 | **41729** |
|  **Nebraska – 0.3%** |  |  |
|  Omaha Airport Authority, Private Airport & Marina Revenue,<br>5.25%, 12/15/54 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $421,756) | 400000 | **417865** |
|  **Nevada – 0.6%** |  |  |
|  County of Clark NV, Fuel Sales Tax Revenue,<br>4.00%, 7/1/40 | 500000 | 507463 |
|  Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 7/1/49 | 290000 | 265300 |
|  (Cost $775,801) |  | **772763** |
|  **New Jersey – 1.4%** |  |  |
|  New Jersey Turnpike Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 1/1/48 | 45000 | 43105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/48 | 140000 | 143296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 1/1/52 | 1005000 | 1067134 |
|  South Jersey Transportation Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.625%, 11/1/47 | 100000 | 100453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/1/52 | 500000 | 518815 |
|  (Cost $1,868,855) |  | **1872803** |
|  **New York – 24.1%** |  |  |
|  Battery Park City Authority, Miscellaneous Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/48 | 65000 | 68925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/53 | 225000 | 237348 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Long Island Power Authority, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 9/1/48 | 350000 | 366587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 9/1/54 | 300000 | 313010 |
|  Metropolitan Transportation Authority Dedicated Tax Fund, Fuel Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, 5.00%, 11/15/46 | 1000000 | 1057729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, 5.00%, 11/15/47 | 400000 | 421699 |
|  Metropolitan Transportation Authority, Transit Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 11/15/45 | 1000000 | 920637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 4.75%, 11/15/45 | 500000 | 501905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 11/15/46 | 790000 | 718042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-2, 4.00%, 11/15/48 | 630000 | 578383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1-GROUP 1, 5.00%, 11/15/48 | 600000 | 611724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-3, 4.00%, 11/15/49 | 140000 | 127962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-3, 4.00%, 11/15/50 | 250000 | 227205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 11/15/55 | 500000 | 514586 |
|  New York City Municipal Water Finance Authority, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA-2, 4.00%, 6/15/42 | 100000 | 98903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB2, 4.00%, 6/15/42 | 40000 | 39561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 5.00%, 6/15/44 | 140000 | 148011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 4.00%, 6/15/45 | 255000 | 243068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG-1, 5.00%, 6/15/48 | 210000 | 217147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 4.00%, 6/15/49 | 200000 | 183895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 4.00%, 6/15/49 | 200000 | 183895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF-1, 4.00%, 6/15/49 | 15000 | 13792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 5.00%, 6/15/49 | 270000 | 277899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 4.00%, 6/15/50 | 285000 | 263034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series DD-1, 4.00%, 6/15/50 | 600000 | 553755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA-1, 5.00%, 6/15/50 | 140000 | 145010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA-1, 3.00%, 6/15/51 | 300000 | 222497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 5.00%, 6/15/51 | 250000 | 259285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 4.00%, 6/15/52 | 850000 | 782156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 5.00%, 6/15/52 | 400000 | 415290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA-1, 5.25%, 6/15/52 | 505000 | 535602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series AA-1, 5.25%, 6/15/53 | 200000 | 211617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, Sub-Series BB-1, 5.25%, 6/15/54 | 400000 | 422402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, Sub-Series CC-1, 5.25%, 6/15/54 | 900000 | 952338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 5.25%, 6/15/55 | 700000 | 743733 |
|  New York City Transitional Finance Authority, Income Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, Sub Series F-1, 5.00%, 11/1/39 | 180000 | 201261 |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  New York Power Authority, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/47 | 115000 | 107857 |
|  New York State Environmental Facilities Corp., Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/15/51 | 500000 | 524399 |
|  New York Transportation Development Corp., Private Airport & Marina Revenue,<br>5.00%, 6/30/49 | 450000 | 453561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/30/49 | 500000 | 502907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/30/54 | 1000000 | 1040275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/30/59 | 700000 | 744347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/30/60 | 800000 | 775757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/30/60 | 1000000 | 1005534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 6/30/60 | 800000 | 802858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/30/60 | 1300000 | 1317679 |
|  Port Authority of New York & New Jersey, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 224, 4.00%, 7/15/51 | 15000 | 13853 |
|  Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 5/15/48 | 360000 | 337044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-2, 5.50%, 5/15/52 | 650000 | 692274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/53 | 95000 | 98016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 5/15/57 | 1000000 | 908585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.25%, 5/15/58 | 600000 | 566777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 5/15/63 | 450000 | 443635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-3, 5.25%, 5/15/64 | 300000 | 313500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.25%, 5/15/64 | 1400000 | 1463216 |
|  Triborough Bridge & Tunnel Authority, Fuel Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1A, 5.00%, 11/15/39 | 510000 | 559528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-2, 5.25%, 5/15/47 | 1000000 | 1055327 |
|  Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1A, 4.00%, 5/15/46 | 600000 | 562481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-3, 3.00%, 5/15/51 | 600000 | 442851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 5/15/51 | 2000000 | 2063618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1A, 5.00%, 5/15/51 | 225000 | 232495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/1/54 | 850000 | 901593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/1/59 | 1000000 | 1078282 |
|  (Cost $34,551,202) |  | **32788142** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **North Carolina – 2.5%** |  |  |
|  City of Charlotte NC Airport Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/48 | 1310000 | 1377376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 7/1/55 | 400000 | 431557 |
|  City of Charlotte Nc Water & Sewer System Revenue, Water Revenue,<br>5.00%, 7/1/49 | 1010000 | 1074755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/54 | 250000 | 264480 |
|  County of Union NC Enterprise System Revenue, Water Revenue,<br>3.00%, 6/1/51 | 300000 | 219180 |
|  (Cost $3,335,657) |  | **3367348** |
|  **Ohio – 1.5%** |  |  |
|  Columbus Regional Airport Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 1/1/50 | 1000000 | 1063174 |
|  Franklin County Convention Facilities Authority, Industrial Revenue,<br>5.00%, 12/1/51 | 100000 | 97594 |
|  Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 2/15/39 | 350000 | 388696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 2/15/46 | 275000 | 286898 |
|  Ohio Water Development Authority, Intergovernmental,<br>5.00%, 6/1/46 | 225000 | 237120 |
|  (Cost $2,089,844) |  | **2073482** |
|  **Oklahoma – 0.8%** |  |  |
|  Oklahoma City Water Utilities Trust, Water Revenue,<br>5.25%, 7/1/64 | 500000 | 532326 |
|  Oklahoma Turnpike Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 1/1/50 | 265000 | 285011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/1/53 | 320000 | 340701 |
|  (Cost $1,173,597) |  | **1158038** |
|  **Oregon – 1.2%** |  |  |
|  Port of Portland Or Airport Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28, AMT, 5.00%, 7/1/52 | 100000 | 101569 |
|  Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 25B, AMT, 5.00%, 7/1/44 | 315000 | 319557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28, AMT, 4.00%, 7/1/47 | 500000 | 455714 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11**

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  State of Oregon Department of Transportation, Fuel Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/40 | 700000 | 748606 |
|  (Cost $1,662,669) |  | **1625446** |
|  **Pennsylvania – 4.9%** |  |  |
|  Allegheny County Airport Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 1/1/46 | 700000 | 635124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 1/1/51 | 500000 | 501999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 1/1/53 | 500000 | 522958 |
|  City of Philadelphia PA Water & Wastewater, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/45 | 515000 | 535927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/50 | 500000 | 516107 |
|  Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/48 | 480000 | 491253 |
|  Pennsylvania Turnpike Commission, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/1/46 | 20000 | 18679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/1/46 | 390000 | 366257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/1/46 | 45000 | 47332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/47 | 55000 | 57650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, 4.00%, 12/1/49 | 285000 | 264780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/49 | 15000 | 15513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/1/50 | 255000 | 232435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/1/50 | 1705000 | 1763661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/1/51 | 65000 | 59652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/1/51 | 300000 | 273318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/1/51 | 15000 | 15562 |
|  Philadelphia Gas Works Co., Natural Gas Revenue,<br>Series A, 5.25%, 8/1/54 | 300000 | 316956 |
|  (Cost $7,199,094) |  | **6635163** |
|  **South Carolina – 1.1%** |  |  |
|  Charleston County Airport District, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 7/1/54 | 200000 | 208130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 7/1/54 | 300000 | 318514 |
|  South Carolina Public Service Authority, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/1/42 | 475000 | 458299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/1/52 | 600000 | 537039 |
|  (Cost $1,587,146) |  | **1521982** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **Tennessee – 1.6%** |  |  |
|  City of Clarksville TN Water Sewer & Gas Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 2/1/51 | 380000 | 354837 |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/46 | 245000 | 255568 |
|  Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 7/1/47 | 400000 | 415653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 7/1/49 | 125000 | 126548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 7/1/54 | 550000 | 488264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 7/1/54 | 500000 | 504477 |
|  (Cost $2,323,627) |  | **2145347** |
|  **Texas – 10.8%** |  |  |
|  Central Texas Regional Mobility Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 1/1/45 | 100000 | 102767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 1/1/46 | 300000 | 309363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 1/1/51 | 50000 | 45566 |
|  City of Austin TX Airport System Revenue, Private Airport & Marina Revenue,<br>5.25%, 11/15/47 | 100000 | 103923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/52 | 200000 | 203292 |
|  City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/44 | 125000 | 128824 |
|  City of Austin TX Water & Wastewater System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/50 | 305000 | 315560 |
|  City of Corpus Christi TX Utility System Revenue, Water Revenue,<br>4.25%, 7/15/54 | 635000 | 616608 |
|  City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 10/1/49 | 110000 | 101138 |
|  City of El Paso TX Water & Sewer Revenue, Water Revenue,<br>5.25%, 3/1/49 | 400000 | 424016 |
|  City of Georgetown TX Utility System Revenue, Multiple Utility Revenue,<br>4.25%, 8/15/47 | 500000 | 482386 |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  City of Houston TX Airport System Revenue, Private Airport & Marina Revenue,<br>Sub-Series A, AMT, 4.00%, 7/1/46 | 575000 | 526597 |
|  City of Houston TX Combined Utility System, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/43 | 165000 | 161005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 11/15/47 | 145000 | 110598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/49 | 55000 | 50298 |
|  City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 2/1/46 | 260000 | 269471 |
|  County of Harris TX Toll Road Revenue, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 8/15/49 | 500000 | 535446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 8/15/54 | 200000 | 212779 |
|  Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/1/47 | 600000 | 631009 |
|  Dallas Fort Worth International Airport, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/1/45 | 105000 | 100218 |
|  Harris County Toll Road Authority, Highway Revenue Tolls,<br>4.00%, 8/15/50 | 670000 | 615857 |
|  Harris County-Houston Sports Authority, Hotel Occupancy Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.125%, 11/15/56 | 110000 | 78923 |
|  Lower Colorado River Authority, Intergovernmental,<br>5.00%, 5/15/47 | 250000 | 256709 |
|  North Texas Tollway Authority, Highway Revenue Tolls,<br>4.125%, 1/1/39 | 500000 | 510139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/40 | 120000 | 129351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/1/49 | 30000 | 27869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.00%, 1/1/51 | 250000 | 183669 |
|  Port Authority of Houston of Harris County Texas, Private Airport & Marina Revenue,<br>5.00%, 10/1/53 | 650000 | 674744 |
|  San Antonio Water System, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/46 | 325000 | 338538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 5/15/51 | 335000 | 315647 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Texas Water Development Board, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/44 | 275000 | 296066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/45 | 320000 | 309586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/49 | 540000 | 567381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/51 | 525000 | 486398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/15/51 | 450000 | 477370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/52 | 400000 | 408447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/53 | 1000000 | 1042968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/57 | 940000 | 968074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/58 | 1100000 | 1135386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/60 | 400000 | 414837 |
|  (Cost $15,533,428) |  | **14668823** |
|  **Utah – 0.8%** |  |  |
|  Intermountain Power Agency, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/42 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,094,013) | 1000000 | **1051222** |
|  **Virginia – 0.7%** |  |  |
|  Hampton Roads Transportation Accountability Commission, Appropriations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/45 | 275000 | 265399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/50 | 40000 | 41227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/55 | 700000 | 630321 |
|  (Cost $1,115,423) |  | **936947** |
|  **Washington – 1.0%** |  |  |
|  Central Puget Sound Regional Transit Authority, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 4.00%, 11/1/46 | 700000 | 680160 |
|  Energy Northwest, Nuclear Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/39 | 105000 | 118272 |
|  Port of Seattle WA, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 8/1/47 | 500000 | 512501 |
|  (Cost $1,438,003) |  | **1310933** |
|  **West Virginia – 0.2%** |  |  |
|  West Virginia Parkways Authority, Highway Revenue Tolls,<br>5.00%, 6/1/47 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $295,320) | 250000 | **260203** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13**

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **TOTAL MUNICIPAL BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $141,155,524) |  | **133728477** |
|  **TOTAL INVESTMENTS – 98.4%** |  |  |
|  (Cost $141,155,524) |  | **133728477** |
|  **Other assets and liabilities,<br>net – 1.6%** | **Other assets and liabilities,<br>net – 1.6%** | **2149699** |
|  **NET ASSETS – 100.0%** |  | **135878176** |

---

AMT: Alternative Minimum

#### Tax 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, 2025 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** |
|  Municipal Bonds (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $133728477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $133728477 |
|  **TOTAL** | $**—** | $**133728477** | $**—** | $**133728477** |

---

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

See Notes to Financial Statements.

**14** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS – 98.5%** |  |  |
|  **Australia – 3.4%** |  |  |
|  Coles Group Ltd. | 776991 | 11373173 |
|  Insurance Australia Group Ltd. | 1370509 | 6974532 |
|  Medibank Pvt Ltd. | 1590043 | 4953064 |
|  QBE Insurance Group Ltd. | 873145 | 11022714 |
|  Santos Ltd. | 1882378 | 7949946 |
|  Suncorp Group Ltd. | 626327 | 7212687 |
|  Telstra Group Ltd. | 2334646 | 7532820 |
|  Woodside Energy Group Ltd. | 1102296 | 18021542 |
|  (Cost $78,379,556) |  | **75040478** |
|  **Austria – 0.3%** |  |  |
|  OMV AG | 84937 | 4699993 |
|  Verbund AG | 39292 | 2895623 |
|  (Cost $7,277,146) |  | **7595616** |
|  **Belgium – 0.3%** |  |  |
|  Ageas SA/NV |  |  |
|  (Cost $4,292,037) | 87427 | **5976198** |
|  **China – 0.2%** |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. |  |  |
|  (Cost $2,538,434) | 1496633 | **3871151** |
|  **Denmark – 0.2%** |  |  |
|  Tryg A/S |  |  |
|  (Cost $4,211,068) | 194910 | **4830727** |
|  **Finland – 1.3%** |  |  |
|  Elisa OYJ (a) | 82219 | 3599216 |
|  Kesko OYJ, Class B (a) | 157401 | 3352028 |
|  Kone OYJ, Class B | 196881 | 13375825 |
|  UPM-Kymmene OYJ | 305129 | 8325306 |
|  (Cost $25,953,155) |  | **28652375** |
|  **France – 12.7%** |  |  |
|  Amundi SA, 144A | 35685 | 2857583 |
|  AXA SA | 1005456 | 45391730 |
|  Bouygues SA | 111163 | 5550022 |
|  Cie Generale des Etablissements Michelin SCA | 387770 | 12668251 |
|  Edenred SE | 138996 | 2982657 |
|  FDJ UNITED | 63916 | 1799552 |
|  Pernod Ricard SA | 116873 | 10522721 |
|  Publicis Groupe SA | 132613 | 12924866 |
|  Sanofi SA | 640100 | 63708396 |
|  TotalEnergies SE | 1151001 | 75873148 |
|  Vinci SA | 289182 | 41028363 |
|  (Cost $237,793,061) |  | **275307289** |
|  **Germany – 9.1%** |  |  |
|  Allianz SE | 223840 | 96715215 |
|  Bayerische Motoren Werke AG | 162877 | 16641937 |
|  Brenntag SE | 70762 | 4060976 |
|  Deutsche Lufthansa AG | 344997 | 3311196 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Deutsche Post AG | 555815 | 28917655 |
|  Muenchener Rueckversicherungs– Gesellschaft AG in Muenchen | 75699 | 47791769 |
|  (Cost $147,029,722) |  | **197438748** |
|  **Hong Kong – 2.2%** |  |  |
|  CK Infrastructure Holdings Ltd. | 364864 | 2525967 |
|  CLP Holdings Ltd. | 949999 | 8297361 |
|  Hang Seng Bank Ltd. | 434444 | 8492907 |
|  Henderson Land Development Co. Ltd. | 842757 | 3175926 |
|  HKT Trust & HKT Ltd. (b) | 2194079 | 3353568 |
|  Hong Kong & China Gas Co. Ltd. | 6502238 | 6046574 |
|  Power Assets Holdings Ltd. | 802864 | 5367483 |
|  Sino Land Co. Ltd. | 2123932 | 2848059 |
|  SITC International Holdings Co. Ltd. | 785722 | 2698598 |
|  WH Group Ltd., 144A | 4846928 | 5067560 |
|  (Cost $37,704,301) |  | **47874003** |
|  **Ireland – 0.8%** |  |  |
|  AIB Group PLC | 1238570 | 12721195 |
|  DCC PLC | 56106 | 3712564 |
|  (Cost $13,368,769) |  | **16433759** |
|  **Israel – 1.8%** |  |  |
|  Bank Hapoalim BM | 723956 | 15626118 |
|  Bank Leumi Le-Israel BM | 862281 | 18037024 |
|  Mizrahi Tefahot Bank Ltd. | 90709 | 6338708 |
|  (Cost $19,735,713) |  | **40001850** |
|  **Italy – 2.4%** |  |  |
|  Banca Mediolanum SpA (a) | 129574 | 2772955 |
|  FinecoBank Banca Fineco SpA | 353875 | 8686090 |
|  Generali | 494080 | 19598977 |
|  Snam SpA | 1171238 | 7794117 |
|  Terna–Rete Elettrica Nazionale (a) | 816226 | 8608804 |
|  Unipol Assicurazioni SpA | 208539 | 4781106 |
|  (Cost $33,488,171) |  | **52242049** |
|  **Japan – 7.7%** |  |  |
|  AGC, Inc. | 113441 | 3926273 |
|  Astellas Pharma, Inc. | 1048100 | 13224664 |
|  Canon, Inc. | 501700 | 14808268 |
|  Dai-ichi Life Holdings, Inc. | 2033600 | 15879152 |
|  Daito Trust Construction Co. Ltd. | 169965 | 3252262 |
|  Daiwa House Industry Co. Ltd. | 325085 | 11097262 |
|  Eisai Co. Ltd. | 152353 | 4780985 |
|  Honda Motor Co. Ltd. | 2142534 | 21583233 |
|  Isuzu Motors Ltd. | 310403 | 4721189 |
|  Komatsu Ltd. | 551317 | 18095775 |
|  Mitsui OSK Lines Ltd. | 199932 | 5679581 |
|  Obayashi Corp. | 369706 | 7543376 |
|  Sekisui House Ltd. | 346040 | 7754578 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15**

------

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  SoftBank Corp. | 16644150 | 23806307 |
|  Subaru Corp. | 340188 | 7649597 |
|  Yamaha Motor Co. Ltd. | 531770 | 3855801 |
|  (Cost $145,957,084) |  | **167658303** |
|  **Netherlands – 2.4%** |  |  |
|  ASR Nederland NV | 91060 | 6146333 |
|  Koninklijke Ahold Delhaize NV | 519535 | 21495048 |
|  Koninklijke KPN NV | 2251095 | 10293288 |
|  NN Group NV | 155901 | 11304568 |
|  Randstad NV | 62553 | 2433415 |
|  (Cost $37,126,723) |  | **51672652** |
|  **New Zealand – 0.1%** |  |  |
|  Contact Energy Ltd. |  |  |
|  (Cost $2,667,621) | 489253 | **2704640** |
|  **Norway – 1.0%** |  |  |
|  Aker BP ASA | 184018 | 4481986 |
|  Equinor ASA | 444113 | 10237207 |
|  Gjensidige Forsikring ASA | 116219 | 3254739 |
|  Orkla ASA | 406270 | 4350999 |
|  (Cost $22,408,649) |  | **22324931** |
|  **Singapore – 5.4%** |  |  |
|  DBS Group Holdings Ltd. | 1233731 | 51629711 |
|  Oversea-Chinese Banking Corp. Ltd. | 1963114 | 28041238 |
|  Singapore Telecommunications Ltd. | 4303900 | 15718215 |
|  United Overseas Bank Ltd. | 726645 | 19064508 |
|  Wilmar International Ltd. | 1113934 | 2786663 |
|  (Cost $79,026,244) |  | **117240335** |
|  **Spain – 4.4%** |  |  |
|  Iberdrola SA | 3679227 | 77648658 |
|  Mapfre SA | 535286 | 2477451 |
|  Naturgy Energy Group SA | 112311 | 3456686 |
|  Repsol SA | 654076 | 12130231 |
|  (Cost $68,364,312) |  | **95713026** |
|  **Sweden – 1.7%** |  |  |
|  Evolution AB, 144A | 76614 | 5240952 |
|  H & M Hennes & Mauritz AB, Class B (a) | 285747 | 5189754 |
|  Volvo AB, Class B | 921032 | 27616068 |
|  (Cost $27,407,867) |  | **38046774** |
|  **Switzerland – 21.7%** |  |  |
|  Baloise Holding AG | 23871 | 6249062 |
|  Helvetia Holding AG | 21496 | 5579135 |
|  Kuehne + Nagel International AG | 27956 | 5608956 |
|  Nestle SA | 1053183 | 104708386 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Novartis AG | 821558 | 106901276 |
|  Partners Group Holding AG | 13163 | 15619536 |
|  Roche Holding AG | 296232 | 113408951 |
|  SGS SA | 95940 | 11011682 |
|  Swiss Re AG | 173132 | 30520997 |
|  Swisscom AG | 15043 | 10800535 |
|  Zurich Insurance Group AG | 84835 | 60983576 |
|  (Cost $353,010,262) |  | **471392092** |
|  **United Kingdom – 19.4%** |  |  |
|  Barratt Redrow PLC | 787300 | 4114275 |
|  British American Tobacco PLC | 1265709 | 74143066 |
|  Diageo PLC | 1289425 | 29650830 |
|  Hikma Pharmaceuticals PLC | 95642 | 1969318 |
|  Imperial Brands PLC | 442892 | 18825579 |
|  Kingfisher PLC | 1006903 | 4077154 |
|  National Grid PLC | 2872590 | 43637902 |
|  Reckitt Benckiser Group PLC | 390885 | 30308851 |
|  Schroders PLC | 398228 | 2049402 |
|  Shell PLC | 2824200 | 104160446 |
|  Tesco PLC | 3761644 | 22443769 |
|  Unilever PLC | 1419590 | 85470729 |
|  (Cost $326,795,976) |  | **420851321** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,674,535,871) |  | **2142868317** |
|  **PREFERRED STOCKS – 0.3%** |  |  |
|  **Germany – 0.3%** |  |  |
|  Bayerische Motoren Werke AG | 31020 | 2925023 |
|  Dr Ing hc F Porsche AG, 144A | 65820 | 3409935 |
|  (Cost $5,941,491) |  | **6334958** |
| **SECURITIES LENDING<br>COLLATERAL – 1.0%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $22,436,426) | 22436426 | **22436426** |
|  **CASH EQUIVALENTS – 0.3%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $6,415,310) | 6415310 | **6415310** |
|  **TOTAL INVESTMENTS – 100.1%** | **TOTAL INVESTMENTS – 100.1%** |  |
|  (Cost $1,709,329,098) |  | **2178055011** |
|  **Other assets and liabilities,<br>net – (0.1%)** | **Other assets and liabilities,<br>net – (0.1%)** | **(3157007)** |
|  **NET ASSETS – 100.0%** |  | **2174898004** |

---

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2025** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>11/30/2025** | **Value ($) at<br>11/30/2025** |
|  SECURITIES LENDING COLLATERAL **–** 1.0% | SECURITIES LENDING COLLATERAL **–** 1.0% | SECURITIES LENDING COLLATERAL **–** 1.0% | SECURITIES LENDING COLLATERAL **–** 1.0% |  |  |  |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) |  |  |
| 25966095 |  | (3529669) (e) |  |  | 88523 |  | 22436426 | 22436426 |
|  CASH EQUIVALENTS **–** 0.3% | CASH EQUIVALENTS **–** 0.3% | CASH EQUIVALENTS **–** 0.3% |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) |  |  |  |  |
| 5250803 | 93179817 | (92015310) |  |  | 69293 |  | 6415310 | 6415310 |
| **31216898** | **93179817** | **(95544979)** |  |  | **157816** |  | **28851736** | **28851736** |

---

(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, 2025 amounted to $21,292,901, which is 1.0% 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) 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, 2025.

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

Securities are listed in country of domicile.

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of** <br> **Contracts**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount ($)**  | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  CAC 40 Index | EUR | 16 | 1512726 | 1509087 | 12/19/2025 | (3639) |
|  EURO STOXX 50 Index | EUR | 20 | 1252067 | 1316993 | 12/19/2025 | 64926 |
|  FTSE 100 Index | GBP | 20 | 2533459 | 2582692 | 12/19/2025 | 49233 |
|  FTSE MIB Index | EUR | 1 | 248063 | 251868 | 12/19/2025 | 3805 |
|  IBEX 35 Index | EUR | 2 | 376450 | 380250 | 12/19/2025 | 3800 |
|  MSCI EAFE INDEX | USD | 95 | 13189535 | 13389775 | 12/19/2025 | 200240 |
|  MSCI Singapore Index | SGD | 36 | 1213575 | 1231780 | 12/30/2025 | 18205 |
|  SMI Index | CHF | 21 | 3201668 | 3361778 | 12/19/2025 | 160110 |
|  SPI 200 Index | AUD | 4 | 580719 | 565562 | 12/18/2025 | (15157) |
|  **Total net unrealized appreciation** |  |  |  |  |  | **481523** |

---

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

#### Currency Abbreviations
AUD Australian Dollar

CHF Swiss Franc

---

| | |
|:---|:---|
| EUR | Euro  |

---

GBP Pound Sterling

SGD Singapore Dollar

USD U.S. Dollar

See Notes to Financial Statements.

DBX ETF Trust \| **17**

------

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2025 (Unaudited)

#### 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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks (a) | $2142868317 | $— | $— | $2142868317 |
|  Preferred Stocks | 6334958 |  |  | 6334958 |
|  Short-Term Investments (a) | 28851736 |  |  | 28851736 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 500319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 500319 |
|  **TOTAL** | $**2178555330** | $**—** | $**—** | $**2178555330** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | $(18796) | $— | $— | $(18796) |
|  **TOTAL** | $**(18796)** | $**—** | $**—** | $**(18796)** |

---

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

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

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
| **U.S. TREASURY OBLIGATIONS – 99.3%** |  |  |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.963%, 12/2/25 (a) | 14000 | 13998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.917%, 12/4/25 (a) | 22400 | 22393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.943%, 12/9/25 (a) | 14500 | 14487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969%, 12/11/25 (a) | 22400 | 22376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960%, 12/16/25 (a) | 14500 | 14476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.964%, 12/18/25 (a) | 13700 | 13675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.957%, 12/23/25 (a) | 14500 | 14466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.952%, 12/26/25 (a) | 19400 | 19348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.937%, 12/30/25 (a) | 5900 | 5882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.951%, 1/2/26 (a) | 774100 | 771485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.863%, 1/6/26 (a) | 496500 | 494620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.926%, 1/8/26 (a) | 756600 | 753568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.857%, 1/13/26 (a) | 496500 | 494264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.919%, 1/15/26 (a) | 501600 | 499231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.871%, 1/20/26 (a) | 496500 | 493880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.962%, 1/22/26 (a) | 651200 | 647653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.869%, 1/27/26 (a) | 218500 | 217184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.928%, 1/29/26 (a) | 487600 | 484560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.837%, 2/3/26 (a) | 212000 | 210594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.860%, 2/5/26 (a) | 494300 | 490911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828%, 2/10/26 (a) | 212000 | 210458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.829%, 2/12/26 (a) | 492300 | 488616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828%, 2/17/26 (a) | 212000 | 210308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.890%, 2/19/26 (a) | 647200 | 641878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.835%, 2/24/26 (a) | 212000 | 210158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830%, 2/26/26 (a) | 493800 | 489381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.776%, 3/3/26 (a) | 211000 | 209010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.820%, 3/5/26 (a) | 243500 | 241160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.781%, 3/10/26 (a) | 211000 | 208858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.820%, 3/12/26 (a) | 229500 | 227131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803%, 3/17/26 (a) | 211000 | 208697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.869%, 3/19/26 (a) | 373900 | 369752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.808%, 3/24/26 (a) | 211000 | 208541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.821%, 3/26/26 (a) | 243500 | 240621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.802%, 4/2/26 (a) | 226000 | 223184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.802%, 4/9/26 (a) | 233000 | 229943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830%, 4/16/26 (a) | 395100 | 389639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.793%, 4/23/26 (a) | 237000 | 233563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%, 4/30/26 (a) | 237000 | 233392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.756%, 5/7/26 (a) | 236000 | 232248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.826%, 5/14/26 (a) | 387500 | 381059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.759%, 5/21/26 (a) | 236000 | 231914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 5/28/26 (a) | 236000 | 231752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.761%, 6/11/26 (a) | 160500 | 157466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.747%, 7/9/26 (a) | 150400 | 147206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.704%, 8/6/26 (a) | 164800 | 160829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.662%, 9/3/26 (a) | 153500 | 149421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.702%, 10/1/26 (a) | 148000 | 143648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.693%, 10/29/26 (a) | 169800 | 164365 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.628%, 11/27/26 (a) | 153000 | 147709 |
|  (Cost $13,318,504) |  | **13320958** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.035%, 12/15/25 | 3800 | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828%, 12/31/25 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 12/31/25 | 5400 | 5385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.968%, 12/31/25 | 2300 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 1/15/26 | 123300 | 123302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.976%, 1/31/26 | 185200 | 185298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.997%, 1/31/26 | 189900 | 188777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.003%, 1/31/26 | 75100 | 74939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.945%, 2/15/26 | 107400 | 107445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.951%, 2/15/26 | 151800 | 151110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.072%, 2/15/26 | 21400 | 21483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.940%, 2/28/26 | 167100 | 165732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.941%, 2/28/26 | 79000 | 78746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959%, 2/28/26 | 182900 | 183222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.868%, 3/15/26 | 122800 | 123108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.861%, 3/31/26 | 167900 | 166253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870%, 3/31/26 | 193300 | 193724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 3/31/26 | 77300 | 76915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.793%, 4/15/26 | 133300 | 133305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.799%, 4/30/26 | 210300 | 211245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.860%, 4/30/26 | 69200 | 68803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.864%, 4/30/26 | 175700 | 173520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.876%, 5/15/26 | 106300 | 106238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.293%, 5/15/26 | 158700 | 157178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.839%, 5/31/26 | 206200 | 207293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.861%, 5/31/26 | 171000 | 168486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.864%, 5/31/26 | 80700 | 80045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.746%, 6/15/26 | 121200 | 121473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.802%, 6/30/26 | 211500 | 212548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.813%, 6/30/26 | 159100 | 156502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.821%, 6/30/26 | 75100 | 74301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.823%, 7/15/26 | 131400 | 132035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%, 7/31/26 | 175300 | 171770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.818%, 7/31/26 | 194900 | 195705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.820%, 7/31/26 | 75600 | 74697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.685%, 8/15/26 | 12500 | 12761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.747%, 8/15/26 | 133900 | 134514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.763%, 8/15/26 | 175100 | 172395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.738%, 8/31/26 | 72100 | 70884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.740%, 8/31/26 | 212600 | 212664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.744%, 8/31/26 | 185400 | 181407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.720%, 9/15/26 | 131000 | 131972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.695%, 9/30/26 | 215000 | 214712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.696%, 9/30/26 | 58500 | 57532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 9/30/26 | 188000 | 183729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.690%, 10/15/26 | 142000 | 143167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.694%, 10/31/26 | 169000 | 165182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.697%, 10/31/26 | 77200 | 75802 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19**

------

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.706%, 10/31/26 | 226200 | 227125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.196%, 11/15/26 | 13000 | 13355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.643%, 11/15/26 | 146000 | 147347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.661%, 11/15/26 | 153000 | 150649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/30/26 | 210000 | 211244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.636%, 11/30/26 | 177000 | 172902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.637%, 11/30/26 | 64000 | 62753 |
|  (Cost $7,039,300) |  | **7043779** |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,357,804) |  | **20364737** |
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **CASH EQUIVALENTS – 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares",<br>3.94% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,978) | 12978 | **12978** |
|  **TOTAL INVESTMENTS – 99.4%** |  |  |
|  (Cost $20,370,782) |  | **20377715** |
|  **Other assets and liabilities,<br>net – 0.6%** |  | **126905** |
|  **NET ASSETS – 100.0%** |  | **20504620** |

---

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2025** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>11/30/2025** | **Value ($) at<br>11/30/2025** |
|  CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) |  |  |  |
| 9530 | 642269 | (638821) |  |  | 599 |  | 12978 | 12978 |

---

(a) Annualized yield at time of purchase; not a coupon rate.

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

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF (Continued)

November 30, 2025 (Unaudited)

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, 2025 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** |
|  U.S. Treasury Obligations (a) | $— | $20364737 | $— | $20364737 |
|  Short-Term Investments (a) | 12978 |  |  | 12978 |
|  **TOTAL** | $**12978** | $**20364737** | $**—** | $**20377715** |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| **21**

------

Statements of Assets and Liabilities

November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers<br>California<br>Municipal Bond<br>ETF** | **Xtrackers<br>Municipal<br>Infrastructure<br>Revenue Bond<br>ETF** | **Xtrackers MSCI<br>EAFE High<br>Dividend Yield<br>Equity ETF** | **Xtrackers<br>US 0-1 Year<br>Treasury ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $20751115 | $133728477 | $2149203275 | $20364737 |
|  Investment in DWS Government Money Market Series | 377668 |  | 6415310 | 12978 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  |  | 22436426 |  |
|  Cash |  | 275582 | 223580 |  |
|  Foreign currency at value |  |  | 4218028 |  |
|  Deposit with broker for futures contracts |  |  | 1132358 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  |  |  | 5237114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  |  | 603078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  | 1161096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |  | 4932863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 225663 | 1890857 | 7915 | 46158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  |  | 19436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim |  |  | 7742587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $21354446 | $135894916 | $2197492874 | $26264065 |
|  **Liabilities** |  |  |  |  |
|  Payable upon return of securities loaned | $— | $— | $22436426 | $— |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  |  |  | 5758533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1188 | 16740 | 158444 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1188 | 16740 | 22594870 | 5759445 |
|  **Net Assets, at value** | $**21353258** | $**135878176** | $**2174898004** | $**20504620** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $21475076 | $152712193 | $1822130492 | $20434881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (121818) | (16834017) | 352767512 | 69739 |
|  **Net Assets, at value** | $**21353258** | $**135878176** | $**2174898004** | $**20504620** |
|  Number of Common Shares outstanding | 850001 | 5450001 | 71350001 | 680001 |
|  **Net Asset Value** | $25.12 | $24.93 | $30.48 | $30.15 |
|  Investment in non-affiliated securities at cost | $20899465 | $141155524 | $1680477362 | $20357804 |
|  Value of securities loaned | $— | $— | $21292901 | $— |
|  Investment in DWS Government Money Market Series at cost | $377668 | $— | $6415310 | $12978 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $— | $22436426 | $— |
|  Foreign currency at cost | $— | $— | $4115627 | $— |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

**22** \| DBX ETF Trust

------

Statements of Operations

For the Six Months Ended November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers**<br> **California**<br> **Municipal Bond**<br> **ETF** | **Xtrackers**<br> **Municipal**<br> **Infrastructure**<br> **Revenue Bond**<br> **ETF** | **Xtrackers MSCI**<br> **EAFE High**<br> **Dividend Yield**<br> **Equity ETF** | **Xtrackers**<br> **US 0-1 Year**<br> **Treasury ETF** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest income | $337475 | $2445545 | $— | $400730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* |  |  | 28281049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 10540 |  | 69293 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  |  | 88523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 348015 | 2445545 | 28438865 | 401329 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 7363 | 99516 | 944247 | 5877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 83 | 58 | 1150 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7446 | 99574 | 945397 | 5935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (317) |  | (2502) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7129 | 99574 | 942895 | 5916 |
|  Net investment income (loss) | 340886 | 2345971 | 27495970 | 395413 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (26035) | (1837297) | 1034928 | (216) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  |  | 47576333 | 3517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 781934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | 566015 |  |
|  Net realized gain (loss) | (26035) | (1837297) | 49959210 | 3301 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 746271 | 6765360 | 111480571 | 13407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 263818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | (408610) |  |
|  Net change in unrealized appreciation (depreciation) | 746271 | 6765360 | 111335779 | 13407 |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 720236 | 4928063 | 161294989 | 16708 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7274034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188790959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412121 |
|  \* Unaffiliated foreign tax withheld | $— | $— | $1880037 | $— |

---

See Notes to Financial Statements.

DBX ETF Trust \| **23**

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers California Municipal**<br> **Bond ETF** | **Xtrackers California Municipal**<br> **Bond ETF** | **Xtrackers Municipal**<br> **Infrastructure Revenue Bond ETF** | **Xtrackers Municipal**<br> **Infrastructure Revenue Bond ETF** |
|  | **For the Six<br>Months Ended<br>November 30,<br>2025<br>(Unaudited)** | **Year Ended<br>May 31, 2025** | **For the Six<br>Months Ended<br>November 30,<br>2025<br>(Unaudited)** | **Year Ended<br>May 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $340886 | $691606 | $2345971 | $4388951 |
|  Net realized gain (loss) | (26035) | (3241) | (1837297) | (2731222) |
|  Net change in net unrealized appreciation (depreciation) | 746271 | (349471) | 6765360 | (2973001) |
|  Net increase (decrease) in net assets resulting from operations | 1061122 | 338894 | 7274034 | (1315272) |
|  **Distributions to Shareholders** | (344001) | (706123) | (2338977) | (4326490) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold |  |  |  | 8966614 |
|  Value of shares redeemed | (1199484) |  |  |  |
|  Net increase (decrease) in net assets resulting from fund share transactions | (1199484) |  |  | 8966614 |
|  Total net increase (decrease) in Net Assets | (482363) | (367229) | 4935057 | 3324852 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 21835621 | 22202850 | 130943119 | 127618267 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21353258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21835621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135878176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130943119 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 900001 | 900001 | 5450001 | 5100001 |
|  Shares sold |  |  |  | 350000 |
|  Shares redeemed | (50000) |  |  |  |
|  Shares outstanding, end of period | 850001 | 900001 | 5450001 | 5450001 |

---

See Notes to Financial Statements.

**24** \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI EAFE High**<br> **Dividend Yield Equity ETF** | **Xtrackers MSCI EAFE High**<br> **Dividend Yield Equity ETF** | **Xtrackers US 0-1 Year Treasury**<br> **ETF** | **Xtrackers US 0-1 Year Treasury**<br> **ETF** |
|  | **For the Six**<br> **Months Ended**<br> **November 30,<br>2025<br>(Unaudited)** | **Year Ended<br>May 31, 2025** | **For the Six<br>Months Ended<br>November 30,<br>2025<br>(Unaudited)** | **For the Period<br>October 9, 2024<sup>(1)</sup>to<br>May 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $27495970 | $80021038 | $395413 | $204216 |
|  Net realized gain (loss) | 49959210 | 9562876 | 3301 | (1391) |
|  Net change in net unrealized appreciation (depreciation) | 111335779 | 192013682 | 13407 | (6474) |
|  Net increase (decrease) in net assets resulting from operations | 188790959 | 281597596 | 412121 | 196351 |
|  **Distributions to Shareholders** | (59671183) | (69349174) | (430294) | (109697) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 137873703 | 393551341 | 9030242 | 33076380 |
|  Value of shares redeemed | (103208152) | (160491090) | (15651303) | (6019210) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 34665551 | 233060251 | (6621061) | 27057170 |
|  Total net increase (decrease) in Net Assets | 163785327 | 445308673 | (6639234) | 27143824 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 2011112677 | 1565804004 | 27143854 | 30 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174898004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011112677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20504620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27143854 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 70150001 | 61300001 | 900001 | 1 |
|  Shares sold | 4650000 | 14850000 | 300000 | 1100000 |
|  Shares redeemed | (3450000) | (6000000) | (520000) | (200000) |
|  Shares outstanding, end of period | 71350001 | 70150001 | 680001 | 900001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust \| **25**

------

Financial Highlights

Xtrackers California Municipal Bond ETF

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six<br>Months<br>Ended<br>11/30/2025<br>(Unaudited)** | **Year Ended<br>5/31/2025** | **Period Ended<br>5/31/2024(a)** |
|  **Selected Per Share Data** |  |  |  |
|  Net Asset Value, beginning of period | $24.26 | $24.67 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.40 | 0.77 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.86 | (0.40) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.26 | 0.37 | (0.10) |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.78) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.40) | (0.78) | (0.23) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 5.24 | 1.48 | (0.40) |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | 21 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.07 | 0.09 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.07 | 0.07 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 3.24 | 3.08 | 3.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 7 | 5 | 2 |

---

(a) For the period December 14, 2023 (commencement of operations) through May 31, 2024.

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers Municipal Infrastructure Revenue Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **Months** | | | | | |
|  | **Ended** | | | | | |
|  | **11/30/2025** | | | | | |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $24.03 | $25.02 | $24.96 | $25.88 | $29.35 | $27.75 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.43 | 0.81 | 0.73 | 0.69 | 0.63 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.90 | (1.00) | 0.05 | (0.91) | (3.48) | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.33 | (0.19) | 0.78 | (0.22) | (2.85) | 2.33 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.80) | (0.72) | (0.70) | (0.62) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.43) | (0.80) | (0.72) | (0.70) | (0.62) | (0.73) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.02 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)** | 5.61 | (0.90) | 3.25 | (0.79) | (9.87) | 8.50 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 136 | 131 | 128 | 112 | 162 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 3.54 | 3.22 | 2.94 | 2.79 | 2.24 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(b) | 12 | 18 | 9 | 12 | 27 | 10 |

---

(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.

DBX ETF Trust \| **27**

------

Financial Highlights (Continued)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **Months** | | | | | |
|  | **Ended** | | | | | |
|  | **11/30/2025** | | | | | |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $28.67 | $25.54 | $22.46 | $23.47 | $25.00 | $19.89 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.39 | 1.21 | 1.09 | 1.15 | 1.17 | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.26 | 3.00 | 3.20 | (1.14) | (1.60) | 4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.65 | 4.21 | 4.29 | 0.01 | (0.43) | 6.15 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.84) | (1.08) | (1.21) | (1.02) | (1.10) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.84) | (1.08) | (1.21) | (1.02) | (1.10) | (1.04) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 9.49 | 17.13 | 19.79 | 0.46 | (1.72) | 31.74 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 2175 | 2011 | 1566 | 1249 | 955 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.09 | 0.11 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.09 | 0.09 | 0.12 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.62 | 4.66 | 4.62 | 5.32 | 4.92 | 5.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 15 | 22 | 26 | 29 | 30 | 57 |

---

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**28** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers US 0-1 Year Treasury ETF

---

| | | |
|:---|:---|:---|
|  | **For the Six<br>Months<br>Ended<br>11/30/2025<br>(Unaudited)** | **Period Ended<br>5/31/2025(a)** |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $30.16 | $30.00 |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.61 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.63 | 0.83 |
|  Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.64) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.64) | (0.67) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(d)** | 2.13 | 2.78 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets, end of period ($ millions) | 21 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.06 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.06 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 4.04 | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(e) | 0 | 0 |

---

(a) For the period October 9, 2024 (commencement of operations) through May 31, 2025.

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

(c) 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.

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **29**

------

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2025, the Trust consists of forty-two investment series of exchange-traded funds ("ETFs") (each a "Fund" and collectively, the "Funds") in operation and trading. These financial statements report on the Funds listed below:

Xtrackers California Municipal Bond ETF

Xtrackers Municipal Infrastructure Revenue Bond ETF

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Xtrackers US 0-1 Year Treasury ETF

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

Xtrackers California Municipal Bond ETF offer shares that are listed and traded on the Nasdaq Stock Market ("NASDAQ"). Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Xtrackers US 0-1 Year Treasury ETF offer shares that are listed and traded on the Cboe BZX Exchange, Inc. (Cboe). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large specified lots consisting of 50,000 shares except for Xtrackers US 0-1 Year Treasury ETF which lots consist of 20,000 shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Funds' distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

---

| | |
|:---|:---|
| **Fund** | **Underlying Index** |
|  Xtrackers California Municipal Bond ETF | ICE AMT-Free Broad Liquid California Municipal Index |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | Solactive Municipal Infrastructure Revenue Bond Index |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | MSCI EAFE High Dividend Yield Index |
|  Xtrackers US 0-1 Year Treasury ETF | ICE U.S. Treasury Short Bond Index |

---

The ICE AMT-Free Broad Liquid California Municipal Index is designed to track the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by the state of California and its political subdivisions. The ICE AMT-Free Broad Liquid California Municipal Index is rebalanced monthly on the last business day of each month.

The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the performance of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). Under normal circumstances, the Solactive Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month.

The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. Under normal circumstances, the MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.

**30** \| DBX ETF Trust

------

The ICE U.S. Treasury Short Bond Index is designed to track the performance of certain U.S. Treasury securities that have a remaining maturity between one month and one year. The term "U.S. Treasury securities" refers to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. The ICE U.S. Treasury Short Bond Index is rebalanced on the last calendar day of the month.

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

Xtrackers California Municipal Bond ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund's investment portfolio. This may adversely affect the Fund's performance or subject the Fund's shares to greater price volatility than that experienced by more diversified investment companies. Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF and Xtrackers US 0-1 Year Treasury ETF are diversified series of the Trust. In addition, Xtrackers MSCI EAFE High Dividend Yield Equity ETF may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index the Fund tracks.

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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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.

Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

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

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

DBX ETF Trust \| **31**

------

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.

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

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

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

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

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

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

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

Disclosure about the classification of the fair value measurements is included in a table following each Fund's Schedule of

Investments.

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

**Tax Information and Dividends and Distributions to Shareholders.** It is each Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the policy of Xtrackers California Municipal Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers US 0-1 Year Treasury ETF to pay out dividends from its net investment income monthly and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced

**32** \| DBX ETF Trust

------

by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2025 (or since the Fund's inception if the Fund commenced operations less than four years prior to May 31, 2025), remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2025, the Funds did not incur any interest or penalties.

At May 31, 2025, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total Amount** |
|  Xtrackers California Municipal Bond ETF | $3273 | $580 | $3853 |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | 2333252 | 5628822 | 7962074 |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 30200818 | 121037785 | 151238603 |

---

As of May 31, 2025, 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 <br>Appreciation<br>(Depreciation)** | **Aggregate Gross <br>Unrealized<br>Appreciation** | **Aggregate Gross <br>Unrealized<br>(Depreciation)** |
|  Xtrackers California Municipal Bond ETF | $22494587 | $(894756) | $755 | $(895511) |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | 142044549 | (14192407) | 10161 | (14202568) |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 1693904098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331018669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359645339 | (28626670) |
|  Xtrackers US 0-1 Year Treasury ETF | 27009932 | (6929) | 1679 | (8608) |

---

**Foreign Taxes.** The Xtrackers MSCI EAFE High Dividend Yield Equity ETF may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2025, if any, are disclosed in the Fund's Statements of Assets and Liabilities.

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

DBX ETF Trust \| **33**

------

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

**Securities Lending.** The Funds, except the Xtrackers California Municipal Bond ETF and the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI EAFE High Dividend Yield Equity ETF. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2025, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.14% annualized effective rate as of November 30, 2025) 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, 2025, 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, 2025** | **Remaining Contractual Maturity of the Agreements, as of November 30, 2025** | **Remaining Contractual Maturity of the Agreements, as of November 30, 2025** | **Remaining Contractual Maturity of the Agreements, as of November 30, 2025** | **Remaining Contractual Maturity of the Agreements, as of November 30, 2025** | **Remaining Contractual Maturity of the Agreements, as of November 30, 2025** |
| **Securities Lending Transactions** | **Overnight<br>and<br>Continuous** | **<30 Days** | **Between<br>30 & 90<br>Days** | **>90 Days** | **Total** |
|  **Xtrackers MSCI EAFE High Dividend Yield Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $22436426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $22436426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $22436426 |

---

For the period ended November 30, 2025, Xtrackers US 0-1 Year Treasury ETF had no securities on loan.

#### Derivatives
**Futures Contracts.** Xtrackers MSCI EAFE High Dividend Yield Equity ETF may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2025, Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

**34** \| DBX ETF Trust

------

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, 2025 is included in a table following the Fund's Schedule of Investments.

The following tables summarize the value of the Funds' derivative instruments held as of November 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | | **Liability Derivatives** | |
|  **Xtrackers MSCI EAFE High Dividend Yield Equity ETF** | **Xtrackers MSCI EAFE High Dividend Yield Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500319 | Unrealized depreciation on futures contracts\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18796 |
|  | Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500319 | Total | $18796 |

---

\* Futures contracts are reported in the table above using cumulative appreciation or cumulative depreciation of futures contracts, as reported in the futures contracts table following each Fund's Schedule of Investments; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) variation margin on futures contracts. 

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds' earnings during the period ended November 30, 2025 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<br>– Equity Contracts** |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | $781934 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **Futures Contracts<br>– Equity Contracts** |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;263818 |

---

For the period ended November 30, 2025 the average monthly volume of derivatives was as follows:

---

| | |
|:---|:---|
|  | **Futures Contracts<br>(Contract Value)** |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | $17450412 |

---

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

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

3. Investment Advisory and Other Agreements

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

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

DBX ETF Trust \| **35**

------

---

| | |
|:---|:---|
|  | **Unitary Advisory<br>Fee** |
|  Xtrackers California Municipal Bond ETF | 0.07% |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | 0.15% |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 0.09% |
|  Xtrackers US 0-1 Year Treasury ETF | 0.06% |

---

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund's fees and expenses attributable to the Funds' investments in affiliated cash management vehicles. For the period ended November 30, 2025, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | **Expenses Waived** |
|  Xtrackers California Municipal Bond ETF | $317 |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 2502 |
|  Xtrackers US 0-1 Year Treasury ETF | 19 |

---

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer 2838.00 agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses distribution fees or expenses (if any), litigation expenses and extraordinary expenses.

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

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

The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and 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, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Xtrackers California Municipal Bond ETF | $1337384 | $2376633 |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | 17659269 | 15989419 |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 305597956 | 323644123 |

---

For the period ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | $116053203 | $104369224 |
|  Xtrackers US 0-1 Year Treasury ETF | 8922843 | 15474904 |

---

5. Fund Share Transactions

As of November 30, 2025, 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.

**36** \| DBX ETF Trust

------

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, 2025, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

---

| | |
|:---|:---|
|  | **Approximate<br>Percent of<br>Outstanding<br>Shares Held** |
|  Xtrackers California Municipal Bond ETF | 44% |
|  Xtrackers US 0-1 Year Treasury ETF | 12% |

---

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI EAFE High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund's status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2025.

DBX ETF Trust \| **37**

------

![LOGO](g40851dsp_039.jpg)

------

![LOGO](g39478dsp1.jpg)

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

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

![LOGO](g39478dsp1a.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  **[Schedule of Investments](#fin39478_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI All World ex US Hedged Equity ETF](#fin39478_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI EAFE Hedged Equity ETF](#fin39478_3) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Emerging Markets Hedged Equity ETF](#fin39478_4) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Europe Hedged Equity ETF](#fin39478_5) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Eurozone Hedged Equity ETF](#fin39478_6) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Japan Hedged Equity ETF](#fin39478_7) | 84 |
|  **[Statements of Assets and Liabilities](#fin39478_8)** | **89** |
|  **[Statements of Operations](#fin39478_9)** | **91** |
|  **[Statements of Changes in Net Assets](#fin39478_10)** | **93** |
|  **[Financial Highlights](#fin39478_11)** | **96** |
|  **[Notes to Financial Statements](#fin39478_12)** | **102** |

---

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

DBX ETF Trust \| **1** 

------

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS** – **96.3%** |  |  |
|  **Australia** – **3.7%** |  |  |
|  ANZ Group Holdings Ltd. | 19427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440783 |
|  APA Group (a) | 7376 | 44738 |
|  Aristocrat Leisure Ltd. | 3780 | 144444 |
|  ASX Ltd. | 1139 | 43420 |
|  BHP Group Ltd. | 32835 | 896194 |
|  Brambles Ltd. | 10414 | 164117 |
|  CAR Group Ltd. | 2398 | 54613 |
|  Cochlear Ltd. | 434 | 79329 |
|  Coles Group Ltd. | 9576 | 139997 |
|  Commonwealth Bank of Australia | 10719 | 1070764 |
|  Computershare Ltd. | 3597 | 84582 |
|  CSL Ltd. | 3044 | 371449 |
|  Evolution Mining Ltd. | 12484 | 97143 |
|  Fortescue Ltd. | 10997 | 154217 |
|  Goodman Group REIT | 12646 | 245843 |
|  Insurance Australia Group Ltd. | 12818 | 65151 |
|  Lottery Corp. Ltd. | 15511 | 55574 |
|  Lynas Rare Earths Ltd. \* | 5966 | 56545 |
|  Macquarie Group Ltd. | 2258 | 291420 |
|  Medibank Pvt Ltd. | 17792 | 55355 |
|  MMG Ltd. \* | 43050 | 38208 |
|  National Australia Bank Ltd. | 19456 | 511022 |
|  Northern Star Resources Ltd. | 9024 | 160535 |
|  Origin Energy Ltd. | 9691 | 74140 |
|  Pro Medicus Ltd. | 286 | 49931 |
|  Qantas Airways Ltd. | 6160 | 40267 |
|  QBE Insurance Group Ltd. | 9894 | 124751 |
|  REA Group Ltd. | 227 | 29129 |
|  Rio Tinto Ltd. | 2273 | 196941 |
|  Santos Ltd. | 21110 | 89046 |
|  Scentre Group REIT | 33020 | 88243 |
|  SGH Ltd. | 1385 | 42900 |
|  Sigma Healthcare Ltd. | 29100 | 54894 |
|  Sonic Healthcare Ltd. | 3003 | 45889 |
|  South32 Ltd. | 28762 | 60662 |
|  Stockland REIT | 17714 | 69848 |
|  Suncorp Group Ltd. | 7133 | 82042 |
|  Telstra Group Ltd. | 26555 | 85576 |
|  Transurban Group (a) | 20397 | 199465 |
|  Vicinity Ltd. REIT | 26140 | 42119 |
|  Washington H Soul Pattinson & Co. Ltd. | 2175 | 53879 |
|  Wesfarmers Ltd. | 7404 | 397087 |
|  Westpac Banking Corp. | 21657 | 533227 |
|  WiseTech Global Ltd. | 1228 | 58733 |
|  Woodside Energy Group Ltd. | 12320 | 201175 |
|  Woolworths Group Ltd. | 7935 | 152389 |
|  (Cost $6,912,036) |  | **8037776** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Austria** – **0.2%** |  |  |
|  Erste Group Bank AG | 2145 | 234264 |
|  OMV AG | 923 | 51050 |
|  Verbund AG | 441 | 32484 |
|  (Cost $175,367) |  | **317798** |
|  **Belgium** – **0.5%** |  |  |
|  Ageas SA/NV | 944 | 64498 |
|  Anheuser-Busch InBev SA/NV | 6073 | 373509 |
|  D'ieteren Group | 165 | 28710 |
|  Elia Group SA/NV | 469 | 56635 |
|  Groupe Bruxelles Lambert NV | 549 | 47476 |
|  KBC Group NV | 1469 | 180884 |
|  Lotus Bakeries NV | 2 | 17957 |
|  Sofina SA | 106 | 29904 |
|  Syensqo SA | 482 | 39284 |
|  UCB SA | 853 | 237970 |
|  (Cost $924,724) |  | **1076827** |
|  **Brazil** – **1.0%** |  |  |
|  Ambev SA | 34734 | 90249 |
|  Axia Energia | 7669 | 89856 |
|  B3 SA - Brasil Bolsa Balcao | 39937 | 112004 |
|  Banco Bradesco SA | 9033 | 28347 |
|  Banco BTG Pactual S.A | 7111 | 71987 |
|  Banco do Brasil SA | 11870 | 50001 |
|  BB Seguridade Participacoes SA | 3790 | 24235 |
|  Caixa Seguridade Participacoes S/A | 4395 | 13339 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 3208 | 84791 |
|  CPFL Energia SA | 1773 | 16210 |
|  Embraer SA | 5352 | 84320 |
|  Energisa SA | 2838 | 26240 |
|  Engie Brasil Energia SA | 1826 | 10486 |
|  Equatorial Energia SA | 10583 | 78883 |
|  Jbs NV \* | 2300 | 33890 |
|  Klabin SA | 4054 | 13482 |
|  Localiza Rent a Car SA | 4682 | 39717 |
|  MBRF Global Foods Company SA | 2906 | 10529 |
|  Motiva Infraestrutura de Mobilidade SA | 5360 | 16047 |
|  NU Holdings Ltd., Class A \* | 22562 | 392353 |
|  Petroleo Brasileiro SA | 22434 | 140385 |
|  PRIO SA \* | 4575 | 31914 |
|  Raia Drogasil SA | 6829 | 30738 |
|  Rede D'Or Sao Luiz SA, 144A | 5327 | 46567 |
|  Rumo SA | 6691 | 21136 |
|  Suzano SA | 4441 | 39612 |
|  Telefonica Brasil SA | 4778 | 31735 |
|  TIM SA | 9900 | 47011 |
|  TOTVS SA | 4076 | 32704 |
|  Ultrapar Participacoes SA | 3444 | 14198 |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Vale SA | 22840 | 288591 |
|  Vibra Energia SA | 5841 | 27244 |
|  WEG SA | 11175 | 92702 |
|  XP, Inc., Class A | 3328 | 65595 |
|  (Cost $1,652,503) |  | **2197098** |
|  **Canada** – **8.0%** |  |  |
|  Agnico Eagle Mines Ltd. | 3167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552613 |
|  Alamos Gold, Inc., Class A | 2401 | 90668 |
|  Alimentation Couche-Tard, Inc. | 4702 | 256883 |
|  AltaGas Ltd. | 2176 | 67158 |
|  ARC Resources Ltd. | 3949 | 70690 |
|  AtkinsRealis Group Inc. | 1051 | 65242 |
|  Bank of Montreal | 4567 | 578283 |
|  Bank of Nova Scotia | 7816 | 542306 |
|  Barrick Mining Corp. | 10755 | 449783 |
|  BCE, Inc. | 651 | 15339 |
|  Bombardier, Inc., Class B \* | 558 | 92693 |
|  Brookfield Corp. | 12826 | 605704 |
|  CAE, Inc. \* | 2066 | 56532 |
|  Cameco Corp. \* | 2885 | 255947 |
|  Canadian Imperial Bank of Commerce | 6137 | 530747 |
|  Canadian National Railway Co. | 3452 | 330660 |
|  Canadian Natural Resources Ltd. | 13185 | 446279 |
|  Canadian Pacific Kansas City Ltd. | 5865 | 424946 |
|  Canadian Tire Corp. Ltd., Class A | 338 | 41131 |
|  Canadian Utilities Ltd., Class A | 912 | 27566 |
|  CCL Industries, Inc., Class B | 946 | 57858 |
|  Celestica, Inc. \* | 805 | 276626 |
|  Cenovus Energy, Inc. | 8761 | 156327 |
|  CGI, Inc. | 1355 | 120715 |
|  China Gold International Resources Corp. Ltd. | 1565 | 29870 |
|  Constellation Software, Inc. | 126 | 305023 |
|  Descartes Systems Group, Inc. \* | 428 | 35162 |
|  Dollarama, Inc. | 1776 | 254168 |
|  Element Fleet Management Corp. | 2522 | 67204 |
|  Emera, Inc. | 1811 | 87909 |
|  Empire Co. Ltd., Class A | 866 | 31890 |
|  Enbridge, Inc. | 13916 | 676602 |
|  Fairfax Financial Holdings Ltd. | 126 | 217012 |
|  First Quantum Minerals Ltd. \* | 4503 | 102620 |
|  FirstService Corp. | 290 | 45610 |
|  Fortis, Inc. | 1136 | 59567 |
|  Franco-Nevada Corp. | 1134 | 237124 |
|  George Weston Ltd. | 1164 | 79838 |
|  GFL Environmental, Inc. | 1575 | 71673 |
|  Gildan Activewear, Inc. | 1000 | 57395 |
|  Great-West Lifeco, Inc. | 1627 | 75449 |
|  Hydro One Ltd., 144A | 2337 | 91563 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  iA Financial Corp., Inc. | 645 | 76201 |
|  IGM Financial, Inc. | 916 | 37403 |
|  Imperial Oil Ltd. | 1023 | 102289 |
|  Intact Financial Corp. | 1127 | 230216 |
|  Ivanhoe Mines Ltd., Class A \* | 4988 | 52195 |
|  Keyera Corp. | 1476 | 47698 |
|  Kinross Gold Corp. | 7999 | 225459 |
|  Loblaw Cos. Ltd. | 3649 | 161928 |
|  Lundin Gold, Inc. | 687 | 57909 |
|  Lundin Mining Corp. | 4520 | 84470 |
|  Magna International, Inc. | 1545 | 75627 |
|  Manulife Financial Corp. | 11211 | 396957 |
|  Metro, Inc. | 1221 | 87619 |
|  National Bank of Canada | 2422 | 292880 |
|  Nutrien Ltd. | 2983 | 173580 |
|  Open Text Corp. | 1746 | 58798 |
|  Pan American Silver Corp. | 2881 | 130611 |
|  Pembina Pipeline Corp. | 3795 | 147139 |
|  Power Corp. of Canada | 3752 | 191071 |
|  Restaurant Brands International, Inc. | 1977 | 143682 |
|  Rogers Communications, Inc., Class B | 2450 | 95798 |
|  Royal Bank of Canada | 8997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391842 |
|  Saputo, Inc. | 1679 | 47601 |
|  Shopify, Inc., Class A \* | 7816 | 1248747 |
|  Stantec, Inc. | 758 | 72911 |
|  Sun Life Financial, Inc. | 3566 | 211410 |
|  Suncor Energy, Inc. | 8166 | 367284 |
|  TC Energy Corp. | 6788 | 366814 |
|  Teck Resources Ltd., Class B | 2940 | 125184 |
|  TELUS Corp. | 3171 | 41625 |
|  TFI International, Inc. | 506 | 44137 |
|  Thomson Reuters Corp. | 1030 | 139739 |
|  TMX Group Ltd. | 1916 | 70351 |
|  Toromont Industries Ltd. | 385 | 45029 |
|  Toronto-Dominion Bank | 10786 | 908258 |
|  Tourmaline Oil Corp. | 2433 | 112007 |
|  Wheaton Precious Metals Corp. | 2878 | 316134 |
|  Whitecap Resources, Inc. | 7999 | 66928 |
|  WSP Global, Inc. | 892 | 156067 |
|  (Cost $10,721,481) |  | **17239973** |
|  **Chile** – **0.2%** |  |  |
|  Antofagasta PLC | 2468 | 90155 |
|  Banco de Chile | 308688 | 58223 |
|  Banco de Credito e Inversiones SA | 497 | 28855 |
|  Banco Santander Chile | 358448 | 26893 |
|  Cencosud SA | 8366 | 26296 |
|  Empresas CMPC SA | 7004 | 9783 |
|  Empresas Copec SA | 2082 | 14905 |
|  Enel Americas SA | 107638 | 10447 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Enel Chile SA | 123794 | 9652 |
|  Falabella SA | 4501 | 29090 |
|  Latam Airlines Group SA | 2471175 | 59387 |
|  (Cost $264,383) |  | **363686** |
|  **China** – **6.8%** |  |  |
|  360 Security Technology, Inc., Class A | 3700 | 7128 |
|  37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1900 | 5531 |
|  3SBio, Inc., 144A \* | 11065 | 44426 |
|  AAC Technologies Holdings, Inc. | 6275 | 29579 |
|  Advanced Micro-Fabrication Equipment, Inc., China, Class A | 350 | 13272 |
|  Agricultural Bank of China Ltd., Class A | 30000 | 34116 |
|  Agricultural Bank of China Ltd., Class H | 202852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151895 |
|  Aier Eye Hospital Group Co. Ltd., Class A | 4061 | 6606 |
|  Air China Ltd., Class A \* | 6900 | 7837 |
|  Akeso, Inc., 144A \* | 5273 | 83235 |
|  Aluminum Corp. of China Ltd., Class A | 7300 | 10852 |
|  Aluminum Corp. of China Ltd., Class H | 33188 | 44715 |
|  Anhui Conch Cement Co. Ltd., Class A | 6900 | 22301 |
|  Anhui Conch Cement Co. Ltd., Class H | 6511 | 19585 |
|  Anhui Gujing Distillery Co. Ltd., Class A | 100 | 2352 |
|  Anhui Gujing Distillery Co. Ltd., Class B | 1726 | 21725 |
|  Anhui Jianghuai Automobile Group Corp. Ltd., Class A \* | 1600 | 11089 |
|  ANTA Sports Products Ltd. | 8527 | 92928 |
|  Autohome, Inc., ADR | 1263 | 30009 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 1900 | 12128 |
|  AviChina Industry & Technology Co. Ltd., Class H | 21910 | 10919 |
|  BAIC BluePark New Energy Technology Co. Ltd., Class A \* | 7100 | 7873 |
|  Baidu, Inc., Class A \* | 15648 | 228717 |
|  Bank of Beijing Co. Ltd., Class A | 11100 | 8918 |
|  Bank of China Ltd., Class A | 7300 | 6268 |
|  Bank of China Ltd., Class H | 453371 | 272519 |
|  Bank of Communications Co. Ltd., Class A | 11800 | 12668 |
|  Bank of Communications Co. Ltd., Class H | 49737 | 45612 |
|  Bank of Hangzhou Co. Ltd., Class A | 3100 | 6836 |
|  Bank of Jiangsu Co. Ltd., Class A | 5500 | 8340 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Bank of Nanjing Co. Ltd., Class A | 3100 | 5073 |
|  Bank of Ningbo Co. Ltd., Class A | 2210 | 8868 |
|  Bank of Shanghai Co. Ltd., Class A | 5590 | 7812 |
|  Baoshan Iron & Steel Co. Ltd., Class A | 10200 | 10460 |
|  Beijing Enlight Media Co. Ltd., Class A | 7000 | 16248 |
|  Beijing Kingsoft Office Software, Inc., Class A | 468 | 20608 |
|  Beijing Tong Ren Tang Co. Ltd., Class A | 4000 | 18925 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A \* | 203 | 1379 |
|  Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 21700 | 15623 |
|  Bilibili, Inc., Class Z \* | 2128 | 56413 |
|  BOE Technology Group Co. Ltd., Class A | 15500 | 8463 |
|  BYD Co. Ltd., Class A | 3400 | 45768 |
|  BYD Co. Ltd., Class H | 23410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293159 |
|  BYD Electronic International Co. Ltd. | 4758 | 20264 |
|  Cambricon Technologies Corp. Ltd., Class A \* | 200 | 37653 |
|  Capital Securities Co. Ltd., Class A | 2700 | 7986 |
|  CGN Power Co. Ltd., Class A | 5389 | 2874 |
|  CGN Power Co. Ltd., Class H, 144A | 57302 | 22300 |
|  Changchun High-Tech Industry Group Co. Ltd., Class A | 200 | 2808 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 1100 | 6846 |
|  China CITIC Bank Corp. Ltd., Class H | 53922 | 49657 |
|  China Coal Energy Co. Ltd., Class H | 10449 | 14105 |
|  China Communications Services Corp. Ltd., Class H | 14234 | 8903 |
|  China Construction Bank Corp., Class A | 4300 | 5875 |
|  China Construction Bank Corp., Class H | 628383 | 659391 |
|  China CSSC Holdings Ltd., Class A | 1300 | 6320 |
|  China Eastern Airlines Corp. Ltd., Class A \* | 8400 | 5988 |
|  China Energy Engineering Corp. Ltd., Class A | 17700 | 5883 |
|  China Everbright Bank Co. Ltd., Class A | 14000 | 7149 |
|  China Feihe Ltd., 144A | 21663 | 11519 |
|  China Galaxy Securities Co. Ltd., Class A | 1470 | 3306 |
|  China Galaxy Securities Co. Ltd., Class H | 18478 | 24160 |

---

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China Hongqiao Group Ltd. | 21461 | 85063 |
|  China International Capital Corp. Ltd., Class A (b) | 1700 | 8390 |
|  China International Capital Corp. Ltd., Class H, 144A (b) | 8796 | 21420 |
|  China Jushi Co. Ltd., Class A | 4400 | 9279 |
|  China Life Insurance Co. Ltd., Class A | 700 | 4309 |
|  China Life Insurance Co. Ltd., Class H | 49831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171910 |
|  China Literature Ltd., 144A \* | 6048 | 29161 |
|  China Longyuan Power Group Corp. Ltd., Class H | 18611 | 16446 |
|  China Mengniu Dairy Co. Ltd. | 17013 | 32799 |
|  China Merchants Bank Co. Ltd., Class A | 8300 | 50423 |
|  China Merchants Bank Co. Ltd., Class H | 26613 | 178769 |
|  China Merchants Energy Shipping Co. Ltd., Class A | 6700 | 8349 |
|  China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 5300 | 7459 |
|  China Merchants Securities Co. Ltd., Class A | 4100 | 9447 |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 2300 | 3012 |
|  China Minsheng Banking Corp. Ltd., Class A | 13500 | 7810 |
|  China Minsheng Banking Corp. Ltd., Class H | 63898 | 35700 |
|  China National Building Material Co. Ltd., Class H | 31644 | 21256 |
|  China National Nuclear Power Co. Ltd., Class A | 5600 | 6836 |
|  China National Software & Service Co. Ltd., Class A \* | 1100 | 7037 |
|  China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 1300 | 8275 |
|  China Oilfield Services Ltd., Class H | 10996 | 10239 |
|  China Pacific Insurance Group Co. Ltd., Class A | 2100 | 10322 |
|  China Pacific Insurance Group Co. Ltd., Class H | 17172 | 68107 |
|  China Petroleum & Chemical Corp., Class A | 9200 | 7521 |
|  China Petroleum & Chemical Corp., Class H | 147037 | 83284 |
|  China Railway Group Ltd., Class A | 6200 | 4762 |
|  China Railway Group Ltd., Class H | 18491 | 9286 |
|  China Resources Microelectronics Ltd., Class A | 622 | 4085 |
|  China Resources Mixc Lifestyle Services Ltd., 144A | 3535 | 20123 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China Shenhua Energy Co. Ltd., Class A | 2516 | 14641 |
|  China Shenhua Energy Co. Ltd., Class H | 22188 | 113479 |
|  China State Construction Engineering Corp. Ltd., Class A | 13900 | 10224 |
|  China Three Gorges Renewables Group Co. Ltd., Class A | 12800 | 7568 |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 800 | 8943 |
|  China Tower Corp. Ltd., Class H, 144A | 29305 | 46334 |
|  China United Network Communications Ltd., Class A | 10000 | 7638 |
|  China Vanke Co. Ltd., Class A \* | 3300 | 2511 |
|  China Vanke Co. Ltd., Class H \* | 11678 | 5460 |
|  China Yangtze Power Co. Ltd., Class A | 9000 | 35619 |
|  Chongqing Changan Automobile Co. Ltd., Class A | 3040 | 5134 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class A | 7100 | 6528 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A | 1200 | 3490 |
|  CITIC Ltd. | 29802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46584 |
|  CITIC Securities Co. Ltd., Class A | 3430 | 13385 |
|  CITIC Securities Co. Ltd., Class H | 15556 | 53426 |
|  CMOC Group Ltd., Class A | 6163 | 14148 |
|  CMOC Group Ltd., Class H | 22651 | 47014 |
|  CNPC Capital Co. Ltd., Class A | 7900 | 10236 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 1686 | 88999 |
|  Contemporary Amperex Technology Co. Ltd., Class H | 809 | 49044 |
|  COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 2600 | 4443 |
|  COSCO SHIPPING Holdings Co. Ltd., Class A | 6330 | 13081 |
|  COSCO SHIPPING Holdings Co. Ltd., Class H | 20749 | 35311 |
|  CRRC Corp. Ltd., Class A | 8000 | 8226 |
|  CRRC Corp. Ltd., Class H | 22253 | 17663 |
|  CSC Financial Co. Ltd., Class A | 1960 | 6873 |
|  CSPC Pharmaceutical Group Ltd. | 53598 | 54453 |
|  Daqin Railway Co. Ltd., Class A | 7700 | 5968 |
|  Dongfang Electric Corp. Ltd., Class A | 100 | 304 |
|  East Money Information Co. Ltd., Class A | 5434 | 17985 |
|  Eastroc Beverage Group Co. Ltd., Class A | 100 | 3729 |
|  Ecovacs Robotics Co. Ltd., Class A | 200 | 2223 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  ENN Energy Holdings Ltd. | 5160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47022 |
|  Eoptolink Technology, Inc. Ltd., Class A | 700 | 34436 |
|  Eve Energy Co. Ltd., Class A | 900 | 9091 |
|  Everbright Securities Co. Ltd., Class A | 1800 | 4412 |
|  Flat Glass Group Co. Ltd., Class A | 8300 | 18948 |
|  Focus Media Information Technology Co. Ltd., Class A | 3200 | 3327 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 1821 | 9520 |
|  Fosun International Ltd. | 21044 | 13136 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 4400 | 37790 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 1100 | 10250 |
|  Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 3288 | 28442 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 3100 | 27427 |
|  GDS Holdings Ltd., Class A \* | 6239 | 26668 |
|  Genscript Biotech Corp. \* | 16892 | 32349 |
|  GF Securities Co. Ltd., Class A | 2000 | 5980 |
|  Giant Biogene Holding Co. Ltd., 144A | 5758 | 26757 |
|  GigaDevice Semiconductor, Inc., Class A | 168 | 4824 |
|  GoerTek, Inc., Class A | 1500 | 6371 |
|  Goldwind Science & Technology Co. Ltd., Class A | 4300 | 9373 |
|  Gotion High-tech Co. Ltd., Class A | 1500 | 8294 |
|  Great Wall Motor Co. Ltd., Class A | 1200 | 3717 |
|  Great Wall Motor Co. Ltd., Class H | 12420 | 23880 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 1000 | 5709 |
|  Guangdong Haid Group Co. Ltd., Class A | 400 | 3157 |
|  Guanghui Energy Co. Ltd., Class A | 2500 | 1768 |
|  Guangzhou Automobile Group Co. Ltd., Class A | 3800 | 4972 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 800 | 4668 |
|  Guolian Minsheng Securities Co. Ltd., Class A | 12600 | 18232 |
|  Guosen Securities Co. Ltd., Class A | 5900 | 10815 |
|  Guotai Haitong Securities Co. Ltd. | 5600 | 15176 |
|  Guotai Haitong Securities Co. Ltd., Class H, 144A | 8614 | 17204 |
|  H World Group Ltd., ADR | 1451 | 66891 |
|  Haidilao International Holding Ltd., 144A | 9239 | 16316 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Haier Smart Home Co. Ltd., Class A | 2100 | 8192 |
|  Haier Smart Home Co. Ltd., Class H | 14627 | 49935 |
|  Haitian International Holdings Ltd. | 4489 | 12581 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 1097 | 2189 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A | 800 | 3160 |
|  Hansoh Pharmaceutical Group Co. Ltd., 144A | 11153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57614 |
|  Henan Shuanghui Investment & Development Co. Ltd., Class A | 1100 | 4199 |
|  Hengan International Group Co. Ltd. | 3819 | 13764 |
|  Hengli Petrochemical Co. Ltd., Class A | 1800 | 4815 |
|  Hithink RoyalFlush Information Network Co. Ltd., Class A | 400 | 18173 |
|  Horizon Robotics \* | 51838 | 52465 |
|  Hoshine Silicon Industry Co. Ltd., Class A | 500 | 3982 |
|  Hua Hong Semiconductor Ltd., Class H, 144A \* | 5234 | 50083 |
|  Huadian Power International Corp. Ltd., Class A | 8000 | 5828 |
|  Huadong Medicine Co. Ltd., Class A | 700 | 4158 |
|  Huaneng Power International, Inc., Class A | 3500 | 3852 |
|  Huaneng Power International, Inc., Class H | 33381 | 26625 |
|  Huatai Securities Co. Ltd., Class A | 1700 | 5074 |
|  Huatai Securities Co. Ltd., Class H, 144A | 9693 | 22783 |
|  Huaxia Bank Co. Ltd., Class A | 2800 | 2745 |
|  Huayu Automotive Systems Co. Ltd., Class A | 1700 | 4670 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 300 | 4667 |
|  Hundsun Technologies, Inc., Class A | 1456 | 6038 |
|  Hygon Information Technology Co. Ltd., Class A | 1321 | 40602 |
|  Iflytek Co. Ltd., Class A | 900 | 6304 |
|  Imeik Technology Development Co. Ltd., Class A | 140 | 2879 |
|  Industrial & Commercial Bank of China Ltd., Class A | 18571 | 21303 |
|  Industrial & Commercial Bank of China Ltd., Class H | 413411 | 341952 |
|  Industrial Bank Co. Ltd., Class A | 8900 | 26574 |
|  Industrial Securities Co. Ltd., Class A | 1950 | 1867 |
|  Ingenic Semiconductor Co. Ltd., Class A | 300 | 3369 |

---

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 32600 | 11205 |
|  Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 2600 | 1795 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 2100 | 8727 |
|  Inner Mongolia Yitai Coal Co. Ltd., Class B | 6200 | 11799 |
|  Innovent Biologics, Inc., 144A \* | 9447 | 114177 |
|  J&T Global Express Ltd. \* | 15679 | 19292 |
|  JA Solar Technology Co. Ltd., Class A \* | 1764 | 3012 |
|  JD Health International, Inc., 144A \* | 5760 | 45202 |
|  JD Logistics, Inc., 144A \* | 11237 | 17565 |
|  JD.com, Inc., Class A | 15258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228308 |
|  Jiangsu Eastern Shenghong Co. Ltd., Class A \* | 2200 | 2990 |
|  Jiangsu Expressway Co. Ltd., Class H | 8873 | 11408 |
|  Jiangsu Hengli Hydraulic Co. Ltd., Class A | 2300 | 32955 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 2100 | 18440 |
|  Jiangsu King's Luck Brewery JSC Ltd., Class A | 1100 | 5880 |
|  Jiangsu Yanghe Distillery Co. Ltd., Class A | 700 | 6555 |
|  Jiangsu Zhongtian Technology Co. Ltd., Class A | 1300 | 2911 |
|  Jiangxi Copper Co. Ltd., Class A | 2200 | 11647 |
|  Jiangxi Copper Co. Ltd., Class H | 9121 | 35941 |
|  Jinko Solar Co. Ltd., Class A \* | 4383 | 3490 |
|  Kanzhun Ltd., ADR | 2738 | 60510 |
|  KE Holdings, Inc., ADR | 4006 | 69023 |
|  Kingdee International Software Group Co. Ltd. \* | 18079 | 32787 |
|  Kingsoft Corp. Ltd. | 5555 | 20434 |
|  Kuaishou Technology, 144A | 18298 | 159342 |
|  Kuang-Chi Technologies Co. Ltd., Class A \* | 1500 | 9581 |
|  Kunlun Tech Co. Ltd., Class A \* | 1400 | 8614 |
|  Kweichow Moutai Co. Ltd., Class A | 400 | 82066 |
|  Lenovo Group Ltd. | 45486 | 56552 |
|  Lens Technology Co. Ltd., Class A | 2610 | 10152 |
|  Li Auto, Inc., Class A \* | 7875 | 72774 |
|  Li Ning Co. Ltd. | 12295 | 27414 |
|  Lingyi iTech Guangdong Co., Class A | 3100 | 6095 |
|  Longfor Group Holdings Ltd., 144A | 10313 | 12875 |
|  LONGi Green Energy Technology Co. Ltd., Class A \* | 2240 | 5884 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Luxshare Precision Industry Co. Ltd., Class A | 2249 | 18380 |
|  Luzhou Laojiao Co. Ltd., Class A | 1700 | 32673 |
|  Mango Excellent Media Co. Ltd., Class A | 1200 | 4399 |
|  Maxscend Microelectronics Co. Ltd., Class A | 160 | 1566 |
|  Meitu, Inc., 144A \* | 20450 | 22589 |
|  Meituan, Class B, 144A \* | 31428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413749 |
|  Metallurgical Corp. of China Ltd., Class A | 5900 | 2654 |
|  Midea Group Co. Ltd. | 1939 | 22040 |
|  Midea Group Co. Ltd., Class A | 1200 | 13555 |
|  MINISO Group Holding Ltd. | 6367 | 31779 |
|  Montage Technology Co. Ltd., Class A | 617 | 10342 |
|  Muyuan Foods Co. Ltd., Class A | 4734 | 33982 |
|  NARI Technology Co. Ltd., Class A | 4191 | 13136 |
|  NAURA Technology Group Co. Ltd., Class A | 270 | 16342 |
|  NetEase, Inc. | 11000 | 302345 |
|  New China Life Insurance Co. Ltd., Class A | 1300 | 12075 |
|  New China Life Insurance Co. Ltd., Class H | 4257 | 25359 |
|  New Hope Liuhe Co. Ltd., Class A | 1400 | 1863 |
|  New Oriental Education & Technology Group, Inc. | 8269 | 42801 |
|  Ningbo Deye Technology Co. Ltd., Class A | 352 | 4033 |
|  Ningbo Tuopu Group Co. Ltd., Class A | 725 | 6462 |
|  Ningxia Baofeng Energy Group Co. Ltd., Class A | 4466 | 11370 |
|  NIO, Inc., Class A \* | 11338 | 63376 |
|  Nongfu Spring Co. Ltd., Class H, 144A | 13013 | 81597 |
|  OmniVision Integrated Circuits Group, Inc. | 540 | 9125 |
|  Orient Securities Co. Ltd., Class A | 2048 | 3016 |
|  People's Insurance Co. Group of China Ltd., Class A | 5600 | 6860 |
|  People's Insurance Co. Group of China Ltd., Class H | 46177 | 41813 |
|  PetroChina Co. Ltd., Class A | 7700 | 10619 |
|  PetroChina Co. Ltd., Class H | 142302 | 158645 |
|  Pharmaron Beijing Co. Ltd., Class A | 900 | 3685 |
|  PICC Property & Casualty Co. Ltd., Class H | 45835 | 103964 |
|  Ping An Bank Co. Ltd., Class A | 6600 | 10838 |
|  Ping An Insurance Group Co. of China Ltd., Class A | 4900 | 40885 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **7** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Ping An Insurance Group Co. of China Ltd., Class H | 43671 | 318034 |
|  Poly Developments and Holdings Group Co. Ltd., Class A | 3900 | 3729 |
|  Pop Mart International Group Ltd., 144A | 3456 | 99785 |
|  Postal Savings Bank of China Co. Ltd., Class A | 14000 | 11248 |
|  Postal Savings Bank of China Co. Ltd., Class H, 144A | 44002 | 31084 |
|  Power Construction Corp. of China Ltd., Class A | 5900 | 4531 |
|  Qfin Holdings, Inc., ADR | 593 | 11581 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A \* | 2400 | 8979 |
|  Range Intelligent Computing Technology Group Co. Ltd., Class A | 2800 | 18899 |
|  Rongsheng Petrochemical Co. Ltd., Class A | 2550 | 3506 |
|  SAIC Motor Corp. Ltd., Class A | 2400 | 5082 |
|  Sanan Optoelectronics Co. Ltd., Class A | 1700 | 3174 |
|  Sany Heavy Industry Co. Ltd., Class A | 2300 | 6611 |
|  Satellite Chemical Co. Ltd., Class A | 2937 | 7004 |
|  SDIC Power Holdings Co. Ltd., Class A | 2500 | 4869 |
|  Seres Group Co. Ltd., Class A | 500 | 8924 |
|  SF Holding Co. Ltd., Class A | 1860 | 10095 |
|  SG Micro Corp., Class A | 253 | 2330 |
|  Shaanxi Coal Industry Co. Ltd., Class A | 4600 | 14757 |
|  Shandong Gold Mining Co. Ltd., Class A | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11346 |
|  Shandong Gold Mining Co. Ltd., Class H, 144A | 9326 | 41421 |
|  Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 900 | 3599 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 13432 | 9575 |
|  Shanghai Baosight Software Co. Ltd., Class A | 1310 | 3956 |
|  Shanghai Electric Group Co. Ltd., Class A \* | 6400 | 7921 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1100 | 4221 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1300 | 3275 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 9300 | 15101 |
|  Shanghai Putailai New Energy Technology Group Co. Ltd. | 1160 | 4374 |
|  Shanghai Rural Commercial Bank Co. Ltd., Class A | 7000 | 9327 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Shanghai United Imaging Healthcare Co. Ltd., Class A | 246 | 4631 |
|  Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 2100 | 12273 |
|  Shanxi Coking Coal Energy Group Co. Ltd., Class A | 1600 | 1523 |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 420 | 11543 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 11900 | 8668 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 1050 | 10494 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 1190 | 34339 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 368 | 3337 |
|  Shenzhou International Group Holdings Ltd. | 4510 | 40114 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 1900 | 3918 |
|  Sichuan Road & Bridge Group Co. Ltd., Class A | 3920 | 5229 |
|  Sinopharm Group Co. Ltd., Class H | 7555 | 19446 |
|  Sinotruk Hong Kong Ltd. | 4034 | 14020 |
|  Smoore International Holdings Ltd., 144A | 10110 | 17270 |
|  Sungrow Power Supply Co. Ltd., Class A | 700 | 18109 |
|  Sunny Optical Technology Group Co. Ltd. | 6096 | 49718 |
|  SUPCON Technology Co. Ltd., Class A | 248 | 1748 |
|  Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 2100 | 22295 |
|  TAL Education Group, ADR \* | 2372 | 26092 |
|  TBEA Co. Ltd., Class A | 1950 | 6013 |
|  TCL Technology Group Corp., Class A | 1280 | 740 |
|  TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A \* | 1375 | 1826 |
|  Tencent Holdings Ltd. | 41274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241677 |
|  Tencent Music Entertainment Group, ADR | 3657 | 67472 |
|  Tianqi Lithium Corp., Class A \* | 800 | 6227 |
|  Tingyi Cayman Islands Holding Corp. | 13114 | 20094 |
|  Tongcheng Travel Holdings Ltd. | 12989 | 36569 |
|  TongFu Microelectronics Co. Ltd., Class A | 2000 | 10357 |
|  Tongwei Co. Ltd., Class A \* | 1700 | 5502 |
|  Trina Solar Co. Ltd., Class A \* | 1184 | 3030 |
|  Tsingtao Brewery Co. Ltd., Class A | 200 | 1798 |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Tsingtao Brewery Co. Ltd., Class H | 3845 | 25976 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A | 475 | 5110 |
|  Unisplendour Corp. Ltd., Class A | 1880 | 6627 |
|  Vipshop Holdings Ltd., ADR | 2285 | 44877 |
|  Wanhua Chemical Group Co. Ltd., Class A | 1021 | 9693 |
|  Weichai Power Co. Ltd., Class A | 2100 | 5142 |
|  Weichai Power Co. Ltd., Class H | 12780 | 31631 |
|  Wens Foodstuff Group Co. Ltd., Class A | 2440 | 6240 |
|  Wingtech Technology Co. Ltd., Class A \* | 397 | 2298 |
|  Wuliangye Yibin Co. Ltd., Class A | 1200 | 20003 |
|  WUS Printed Circuit Kunshan Co. Ltd., Class A | 1500 | 14735 |
|  WuXi AppTec Co. Ltd., Class A | 2520 | 32504 |
|  WuXi AppTec Co. Ltd., Class H, 144A | 1801 | 23409 |
|  Wuxi Biologics Cayman, Inc., 144A \* | 22900 | 91649 |
|  XCMG Construction Machinery Co. Ltd., Class A | 15400 | 22480 |
|  Xiaomi Corp., Class B, 144A \* | 109977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579421 |
|  Xinjiang Daqo New Energy Co. Ltd., Class A \* | 1551 | 6290 |
|  Xinyi Solar Holdings Ltd. | 24900 | 10298 |
|  XPeng, Inc., Class A \* | 7706 | 83040 |
|  Yadea Group Holdings Ltd., 144A | 6987 | 11074 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 17700 | 45758 |
|  Yankuang Energy Group Co. Ltd., Class A | 1365 | 2686 |
|  Yankuang Energy Group Co. Ltd., Class H | 17253 | 22514 |
|  Yealink Network Technology Corp. Ltd., Class A | 1600 | 7640 |
|  Yonghui Superstores Co. Ltd., Class A \* | 24300 | 13955 |
|  Yonyou Network Technology Co. Ltd., Class A \* | 1700 | 3429 |
|  YTO Express Group Co. Ltd., Class A | 900 | 2170 |
|  Yum China Holdings, Inc. | 2590 | 124879 |
|  Yunnan Baiyao Group Co. Ltd., Class A | 560 | 4440 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 200 | 4862 |
|  Zhaojin Mining Industry Co. Ltd., Class H | 8109 | 30266 |
|  Zhejiang China Commodities City Group Co. Ltd., Class A | 7300 | 16996 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 1200 | 4770 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Zhejiang Dahua Technology Co. Ltd., Class A | 2500 | 6697 |
|  Zhejiang Expressway Co. Ltd., Class H | 8028 | 7785 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 3150 | 27548 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 600 | 3098 |
|  Zhejiang Leapmotor Technology Co. Ltd., Class H, 144A \* | 5532 | 37658 |
|  Zhejiang Zheneng Electric Power Co. Ltd., Class A | 10700 | 7613 |
|  Zhongji Innolight Co. Ltd., Class A | 740 | 53852 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3305 | 16385 |
|  Zijin Mining Group Co. Ltd., Class A | 6500 | 26276 |
|  Zijin Mining Group Co. Ltd., Class H | 43133 | 170077 |
|  Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 4400 | 5029 |
|  ZTE Corp., Class A | 1512 | 9002 |
|  ZTE Corp., Class H | 3477 | 14032 |
|  ZTO Express Cayman, Inc. | 2677 | 54841 |
|  (Cost $11,593,054) |  | **14699156** |
|  **Colombia** – **0.0%** |  |  |
|  Grupo Cibest SA | 2773 | 47258 |
|  Interconexion Electrica SA ESP | 2692 | 18065 |
|  (Cost $44,513) |  | **65323** |
|  **Czech Republic** – **0.1%** |  |  |
|  CEZ AS | 856 | 52368 |
|  Komercni Banka AS | 479 | 26799 |
|  Moneta Money Bank AS, 144A | 2109 | 19186 |
|  (Cost $51,138) |  | **98353** |
|  **Denmark** – **1.1%** |  |  |
|  A.P. Moller – Maersk A/S, Class A | 15 | 30055 |
|  A.P. Moller – Maersk A/S, Class B | 26 | 51994 |
|  Carlsberg AS, Class B | 649 | 80603 |
|  Coloplast A/S, Class B | 791 | 71357 |
|  Danske Bank A/S | 4538 | 208637 |
|  Demant A/S \* | 688 | 23424 |
|  DSV A/S | 1306 | 297685 |
|  Genmab A/S \* | 400 | 126681 |
|  Novo Nordisk A/S, Class B | 20364 | 1002670 |
|  Novonesis (Novozymes) B, Class B | 2438 | 152077 |
|  Orsted AS, 144A \* | 3948 | 83857 |
|  Pandora A/S | 548 | 65472 |
|  ROCKWOOL A/S, Class B | 361 | 12193 |
|  Tryg A/S | 2303 | 57055 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Vestas Wind Systems A/S | 6374 | 151623 |
|  (Cost $2,006,361) |  | **2415383** |
|  **Egypt – 0.0%** |  |  |
|  Commercial International Bank - Egypt (CIB) | 9967 | 22415 |
|  Eastern Co. SAE \* | 8112 | 7822 |
|  Talaat Moustafa Group | 5332 | 8029 |
|  (Cost $31,265) |  | **38266** |
|  **Finland – 0.7%** |  |  |
|  Elisa OYJ | 1051 | 45987 |
|  Fortum OYJ | 2934 | 60224 |
|  Kesko OYJ, Class B | 1858 | 39549 |
|  Kone OYJ, Class B | 2315 | 157203 |
|  Metso Corp. | 4464 | 73428 |
|  Neste OYJ | 2647 | 51094 |
|  Nokia OYJ | 36191 | 220067 |
|  Nordea Bank Abp | 18775 | 331912 |
|  Orion OYJ, Class B | 725 | 51848 |
|  Sampo OYJ, Class A | 14473 | 170153 |
|  Stora Enso OYJ, Class R | 3808 | 44747 |
|  UPM-Kymmene OYJ | 3466 | 94523 |
|  Wartsila OYJ Abp | 3319 | 107455 |
|  (Cost $1,174,204) |  | **1448190** |
|  **France – 6.3%** |  |  |
|  Accor SA | 1715 | 92746 |
|  Aeroports de Paris SA | 200 | 29302 |
|  Air Liquide SA | 3695 | 707738 |
|  Airbus SE | 3848 | 912600 |
|  Alstom SA \* | 2324 | 60764 |
|  Amundi SA, 144A | 430 | 34417 |
|  AXA SA | 11451 | 516715 |
|  BioMerieux | 277 | 34670 |
|  BNP Paribas SA | 6309 | 539296 |
|  Bollore SE | 4098 | 22723 |
|  Bouygues SA | 1182 | 58986 |
|  Bureau Veritas SA | 2002 | 64050 |
|  Capgemini SE | 1017 | 159026 |
|  Carrefour SA | 3598 | 55364 |
|  Cie de Saint-Gobain SA | 2901 | 289202 |
|  Cie Generale des Etablissements Michelin SCA | 4387 | 143253 |
|  Covivio SA REIT | 492 | 31789 |
|  Credit Agricole SA | 6862 | 131498 |
|  Danone SA | 4396 | 392651 |
|  Dassault Aviation SA | 130 | 40807 |
|  Dassault Systemes SE | 4596 | 128539 |
|  Edenred SE | 1637 | 35111 |
|  Eiffage SA | 503 | 69434 |
|  Engie SA | 12045 | 305991 |
|  EssilorLuxottica SA | 1919 | 687179 |
|  FDJ UNITED | 603 | 16969 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Gecina SA REIT | 305 | 28269 |
|  Getlink SE | 2197 | 39706 |
|  Hermes International SCA | 202 | 492072 |
|  Ipsen SA | 232 | 33452 |
|  Kering SA | 490 | 166428 |
|  Klepierre SA REIT | 1427 | 55553 |
|  Legrand SA | 1741 | 263654 |
|  L'Oreal SA | 1535 | 668794 |
|  LVMH Moet Hennessy Louis Vuitton SE | 1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176540 |
|  Orange SA | 11650 | 191764 |
|  Pernod Ricard SA | 1358 | 122210 |
|  Publicis Groupe SA | 1324 | 128980 |
|  Renault SA | 1331 | 53220 |
|  Rexel SA | 1575 | 59907 |
|  Safran SA | 2338 | 787317 |
|  Sanofi SA | 7095 | 705822 |
|  Sartorius Stedim Biotech | 280 | 67331 |
|  Schneider Electric SE | 3460 | 927142 |
|  Societe Generale SA | 4301 | 299050 |
|  Sodexo SA | 590 | 31168 |
|  Thales SA | 559 | 146159 |
|  TotalEnergies SE | 12859 | 847254 |
|  Unibail-Rodamco-Westfield REIT \* | 813 | 86405 |
|  Veolia Environnement SA | 3776 | 128295 |
|  Vinci SA | 3178 | 450672 |
|  (Cost $9,361,475) |  | **13517984** |
|  **Germany – 5.5%** |  |  |
|  adidas AG | 1133 | 210811 |
|  Allianz SE | 2464 | 1064123 |
|  BASF SE | 5750 | 299483 |
|  Bayer AG | 5999 | 212140 |
|  Bayerische Motoren Werke AG | 1865 | 190466 |
|  Beiersdorf AG | 621 | 66749 |
|  Brenntag SE | 593 | 34016 |
|  Commerzbank AG | 4912 | 193046 |
|  Continental AG | 742 | 55551 |
|  Covestro AG \* | 257 | 18454 |
|  CTS Eventim AG & Co. KGaA | 419 | 40998 |
|  Daimler Truck Holding AG | 3042 | 128692 |
|  Delivery Hero SE, 144A \* | 1286 | 29984 |
|  Deutsche Bank AG (c) | 11920 | 423251 |
|  Deutsche Boerse AG | 1233 | 329680 |
|  Deutsche Lufthansa AG | 4088 | 39217 |
|  Deutsche Post AG | 5991 | 311549 |
|  Deutsche Telekom AG | 23509 | 757028 |
|  E.ON SE | 13725 | 244387 |
|  Evonik Industries AG | 1746 | 26877 |
|  Fresenius Medical Care AG | 1321 | 63210 |
|  Fresenius SE & Co. KGaA | 2727 | 149720 |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  GEA Group AG | 1022 | 69234 |
|  Hannover Rueck SE | 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100803 |
|  Heidelberg Materials AG | 931 | 238995 |
|  Henkel AG & Co. KGaA | 807 | 60567 |
|  Hensoldt AG | 403 | 31952 |
|  HOCHTIEF AG | 102 | 36064 |
|  Infineon Technologies AG | 8166 | 344138 |
|  Knorr-Bremse AG | 491 | 52058 |
|  LEG Immobilien SE | 473 | 35554 |
|  Mercedes-Benz Group AG | 4469 | 301504 |
|  Merck KGaA | 848 | 114107 |
|  MTU Aero Engines AG | 312 | 127504 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 814 | 513667 |
|  Nemetschek SE | 392 | 43767 |
|  Rational AG | 23 | 17182 |
|  Rheinmetall AG | 294 | 504910 |
|  RWE AG | 4269 | 216602 |
|  SAP SE | 6723 | 1626416 |
|  Scout24 SE, 144A | 492 | 50280 |
|  Siemens AG | 4877 | 1291567 |
|  Siemens Energy AG \* | 4963 | 663792 |
|  Siemens Healthineers AG, 144A | 2077 | 103215 |
|  Symrise AG | 1101 | 91240 |
|  Talanx AG | 401 | 52098 |
|  Vonovia SE | 5054 | 153132 |
|  Zalando SE, 144A \* | 1527 | 41095 |
|  (Cost $8,074,367) |  | **11770875** |
|  **Greece** – **0.2%** |  |  |
|  Alpha Bank SA | 13726 | 55950 |
|  Eurobank Ergasias Services and Holdings SA | 12688 | 50144 |
|  Hellenic Telecommunications Organization SA | 1256 | 24929 |
|  JUMBO SA | 839 | 26628 |
|  National Bank of Greece SA | 5695 | 89184 |
|  OPAP SA | 1149 | 23485 |
|  Piraeus Financial Holdings SA \* | 7164 | 58753 |
|  Public Power Corp. SA | 1332 | 26885 |
|  (Cost $201,558) |  | **355958** |
|  **Hong Kong** – **2.6%** |  |  |
|  AIA Group Ltd. | 67267 | 696360 |
|  Alibaba Group Holding Ltd. | 111126 | 2162345 |
|  Alibaba Health Information Technology Ltd. \* | 39279 | 28100 |
|  Beijing Enterprises Holdings Ltd. | 2297 | 10043 |
|  BOC Hong Kong Holdings Ltd. | 26435 | 127187 |
|  Bosideng International Holdings Ltd. | 27462 | 17495 |
|  C&D International Investment Group Ltd. | 5572 | 11844 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China Gas Holdings Ltd. | 17761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19618 |
|  China Merchants Port Holdings Co. Ltd. | 8916 | 17945 |
|  China Overseas Land & Investment Ltd. | 31932 | 54507 |
|  China Power International Development Ltd. | 30065 | 13245 |
|  China Resources Beer Holdings Co. Ltd. | 8215 | 29333 |
|  China Resources Gas Group Ltd. | 5155 | 15109 |
|  China Resources Land Ltd. | 25413 | 98443 |
|  China Resources Power Holdings Co. Ltd. | 10908 | 26031 |
|  China Ruyi Holdings Ltd. \* | 57428 | 17997 |
|  China State Construction International Holdings Ltd. | 10251 | 12232 |
|  China Taiping Insurance Holdings Co. Ltd. | 8417 | 18778 |
|  Chow Tai Fook Jewellery Group Ltd. | 11774 | 20642 |
|  CK Asset Holdings Ltd. | 10958 | 56185 |
|  CK Hutchison Holdings Ltd. | 17442 | 123101 |
|  CK Infrastructure Holdings Ltd. | 3282 | 22721 |
|  CLP Holdings Ltd. | 10332 | 90238 |
|  Far East Horizon Ltd. | 11701 | 11963 |
|  Futu Holdings Ltd., ADR | 329 | 55818 |
|  Galaxy Entertainment Group Ltd. | 12560 | 64915 |
|  GCL Technology Holdings Ltd. \* | 116245 | 17319 |
|  Geely Automobile Holdings Ltd. | 40785 | 88738 |
|  Guangdong Investment Ltd. | 16239 | 15601 |
|  Hang Seng Bank Ltd. | 5031 | 98348 |
|  Henderson Land Development Co. Ltd. | 7689 | 28975 |
|  HKT Trust & HKT Ltd. (a) | 34048 | 52040 |
|  Hong Kong & China Gas Co. Ltd. | 73206 | 68074 |
|  Hong Kong Exchanges & Clearing Ltd. | 7547 | 398394 |
|  Hongkong Land Holdings Ltd. | 8443 | 53613 |
|  Jardine Matheson Holdings Ltd. | 1238 | 81213 |
|  Kunlun Energy Co. Ltd. | 21049 | 20087 |
|  Link REIT | 17287 | 81886 |
|  MTR Corp. Ltd. | 7835 | 31075 |
|  Orient Overseas International Ltd. | 824 | 13377 |
|  Power Assets Holdings Ltd. | 8222 | 54966 |
|  Prudential PLC | 16462 | 238426 |
|  Sino Biopharmaceutical Ltd. | 91081 | 82473 |
|  Sino Land Co. Ltd. | 28349 | 38013 |
|  SITC International Holdings Co. Ltd. | 7015 | 24093 |
|  Sun Hung Kai Properties Ltd. | 9319 | 118017 |
|  Swire Pacific Ltd., Class A | 1744 | 14952 |
|  Techtronic Industries Co. Ltd. | 9508 | 111251 |
|  Want Want China Holdings Ltd. | 25127 | 15039 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  WH Group Ltd., 144A | 52200 | 54575 |
|  Wharf Holdings Ltd. | 4979 | 15092 |
|  Wharf Real Estate Investment Co. Ltd. | 9609 | 30311 |
|  (Cost $4,585,716) |  | **5668143** |
|  **Hungary** – **0.1%** |  |  |
|  MOL Hungarian Oil & Gas PLC | 2589 | 22905 |
|  OTP Bank Nyrt | 1524 | 158505 |
|  Richter Gedeon Nyrt | 1119 | 33119 |
|  (Cost $127,896) |  | **214529** |
|  **India** – **4.2%** |  |  |
|  ABB India Ltd. | 258 | 14927 |
|  Adani Enterprises Ltd. | 813 | 20725 |
|  Adani Ports & Special Economic Zone Ltd. | 3001 | 50893 |
|  Adani Power Ltd. \* | 24344 | 40141 |
|  Alkem Laboratories Ltd. | 221 | 14046 |
|  Ambuja Cements Ltd. | 3510 | 21590 |
|  APL Apollo Tubes Ltd. | 732 | 14067 |
|  Apollo Hospitals Enterprise Ltd. | 595 | 48795 |
|  Ashok Leyland Ltd. | 15910 | 28125 |
|  Asian Paints Ltd. | 2403 | 77221 |
|  AU Small Finance Bank Ltd., 144A | 2202 | 23516 |
|  Aurobindo Pharma Ltd. | 1299 | 17815 |
|  Avenue Supermarts Ltd., 144A \* | 990 | 44233 |
|  Axis Bank Ltd. | 14056 | 201095 |
|  Bajaj Auto Ltd. | 379 | 38446 |
|  Bajaj Finance Ltd. | 17388 | 201683 |
|  Bajaj Finserv Ltd. | 2424 | 56747 |
|  Bajaj Holdings & Investment Ltd. | 173 | 22240 |
|  Balkrishna Industries Ltd. | 396 | 10222 |
|  Bank of Baroda | 4431 | 14356 |
|  Bharat Electronics Ltd. | 22395 | 103090 |
|  Bharat Forge Ltd. | 1373 | 22009 |
|  Bharat Heavy Electricals Ltd. | 12586 | 40925 |
|  Bharat Petroleum Corp. Ltd. | 10394 | 41728 |
|  Bharti Airtel Ltd. | 14564 | 342186 |
|  Bosch Ltd. | 76 | 30681 |
|  Britannia Industries Ltd. | 915 | 59801 |
|  CG Power & Industrial Solutions Ltd. | 3365 | 25314 |
|  Cholamandalam Investment and Finance Co. Ltd. | 2413 | 46832 |
|  Cipla Ltd. | 3126 | 53516 |
|  Coal India Ltd. | 10072 | 42355 |
|  Colgate-Palmolive India Ltd. | 646 | 15662 |
|  Cummins India Ltd. | 904 | 45270 |
|  Dabur India Ltd. | 2240 | 12957 |
|  Divi's Laboratories Ltd. | 790 | 57205 |
|  Dixon Technologies India Ltd. | 176 | 28729 |
|  DLF Ltd. | 3768 | 30482 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Dr Reddy's Laboratories Ltd. | 3129 | 44035 |
|  Eicher Motors Ltd. | 817 | 64426 |
|  Eternal Ltd. \* | 15387 | 51624 |
|  Fortis Healthcare Ltd. | 3232 | 33210 |
|  GAIL India Ltd. | 10749 | 21161 |
|  GE Vernova T&D India Ltd. | 818 | 26350 |
|  GMR Airports Ltd. \* | 13971 | 16923 |
|  Godrej Consumer Products Ltd. | 2054 | 26307 |
|  Godrej Properties Ltd. \* | 708 | 16738 |
|  Grasim Industries Ltd. | 1551 | 47501 |
|  Havells India Ltd. | 1336 | 21536 |
|  HCL Technologies Ltd. | 5640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102412 |
|  HDFC Asset Management Co. Ltd., 144A | 878 | 26238 |
|  HDFC Bank Ltd. | 66535 | 749497 |
|  HDFC Life Insurance Co. Ltd., 144A | 5070 | 43321 |
|  Hero MotoCorp Ltd. | 672 | 46388 |
|  Hindalco Industries Ltd. | 8122 | 73404 |
|  Hindustan Aeronautics Ltd. | 1227 | 62311 |
|  Hindustan Petroleum Corp. Ltd. | 5541 | 28341 |
|  Hindustan Unilever Ltd. | 4950 | 136501 |
|  Hyundai Motor India Ltd. | 1669 | 43401 |
|  ICICI Bank Ltd. | 31669 | 491706 |
|  ICICI Lombard General Insurance Co. Ltd., 144A | 1439 | 31701 |
|  ICICI Prudential Life Insurance Co. Ltd., 144A | 2347 | 16262 |
|  IDFC First Bank Ltd. | 21661 | 19405 |
|  Indian Hotels Co. Ltd. | 5199 | 43261 |
|  Indian Oil Corp. Ltd. | 18837 | 34063 |
|  Indian Railway Catering & Tourism Corp. Ltd. | 1366 | 10487 |
|  Indus Towers Ltd. \* | 6987 | 31327 |
|  Info Edge India Ltd. | 1700 | 25281 |
|  Infosys Ltd. | 20277 | 353662 |
|  InterGlobe Aviation Ltd., 144A | 1070 | 70596 |
|  ITC Ltd. | 18449 | 83379 |
|  Jindal Stainless Ltd. | 2345 | 20214 |
|  Jindal Steel Ltd. | 1718 | 20060 |
|  Jio Financial Services Ltd. | 16533 | 56596 |
|  JSW Energy Ltd. | 2972 | 16236 |
|  JSW Steel Ltd. | 3250 | 42159 |
|  Jubilant Foodworks Ltd. | 2498 | 16798 |
|  Kotak Mahindra Bank Ltd. | 6913 | 164185 |
|  Larsen & Toubro Ltd. | 4226 | 192271 |
|  Lodha Developers Ltd., 144A | 1607 | 20628 |
|  LTIMindtree Ltd., 144A | 340 | 23173 |
|  Lupin Ltd. | 1262 | 29377 |
|  Mahindra & Mahindra Ltd. | 5849 | 245691 |
|  Mankind Pharma Ltd. | 1484 | 37346 |
|  Marico Ltd. | 3062 | 24558 |
|  Maruti Suzuki India Ltd. | 795 | 141318 |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Max Healthcare Institute Ltd. | 4854 | 63101 |
|  Mphasis Ltd. | 664 | 20870 |
|  MRF Ltd. | 13 | 22152 |
|  Muthoot Finance Ltd. | 777 | 32525 |
|  Nestle India Ltd. | 3471 | 48937 |
|  NHPC Ltd. | 19812 | 16997 |
|  NMDC Ltd. | 13836 | 11434 |
|  NTPC Ltd. | 27354 | 99832 |
|  Oberoi Realty Ltd. | 674 | 12412 |
|  Oil & Natural Gas Corp. Ltd. | 17045 | 46353 |
|  One 97 Communications Ltd. \* | 2525 | 37279 |
|  Page Industries Ltd. | 75 | 32131 |
|  PB Fintech Ltd. \* | 1707 | 34712 |
|  Persistent Systems Ltd. | 488 | 34660 |
|  Petronet LNG Ltd. | 3652 | 11099 |
|  Phoenix Mills Ltd. | 552 | 10718 |
|  PI Industries Ltd. | 474 | 17994 |
|  Pidilite Industries Ltd. | 1454 | 23892 |
|  Polycab India Ltd. | 304 | 25388 |
|  Power Finance Corp. Ltd. | 8078 | 32755 |
|  Power Grid Corp. of India Ltd. | 29150 | 87974 |
|  Punjab National Bank | 13880 | 19319 |
|  REC Ltd. | 6625 | 26730 |
|  Reliance Industries Ltd., GDR, 144A | 2641 | 186455 |
|  Reliance Industries Ltd. | 23844 | 417848 |
|  Samvardhana Motherson International Ltd. | 32422 | 42159 |
|  SBI Cards & Payment Services Ltd. | 667 | 6563 |
|  SBI Life Insurance Co. Ltd., 144A | 3425 | 75279 |
|  Shree Cement Ltd. | 27 | 7969 |
|  Shriram Finance Ltd. | 8591 | 81797 |
|  Siemens Ltd. | 511 | 18835 |
|  Solar Industries India Ltd. | 291 | 43178 |
|  SRF Ltd. | 1263 | 41334 |
|  State Bank of India | 10994 | 120329 |
|  Sun Pharmaceutical Industries Ltd. | 5742 | 117578 |
|  Sundaram Finance Ltd. | 404 | 21357 |
|  Supreme Industries Ltd. | 453 | 17176 |
|  Suzlon Energy Ltd. \* | 47210 | 28506 |
|  Tata Consultancy Services Ltd. | 5669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198848 |
|  Tata Consumer Products Ltd. | 3424 | 44879 |
|  Tata Motors Ltd. \* | 12218 | 48081 |
|  Tata Motors Passenger Vehicles Ltd. | 12218 | 48737 |
|  Tata Power Co. Ltd. | 8039 | 35060 |
|  Tata Steel Ltd. | 45016 | 84529 |
|  Tech Mahindra Ltd. | 3130 | 53094 |
|  Titan Co. Ltd. | 2087 | 91175 |
|  Torrent Pharmaceuticals Ltd. | 430 | 17886 |
|  Torrent Power Ltd. | 1113 | 16356 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Trent Ltd. | 1060 | 50369 |
|  Tube Investments of India Ltd. | 584 | 18179 |
|  TVS Motor Co. Ltd. | 1791 | 70711 |
|  UltraTech Cement Ltd. | 709 | 91947 |
|  United Spirits Ltd. | 1825 | 29617 |
|  UPL Ltd. | 4308 | 36538 |
|  Varun Beverages Ltd. | 9325 | 50202 |
|  Vedanta Ltd. | 7425 | 43663 |
|  Voltas Ltd. | 1270 | 19541 |
|  Wipro Ltd. | 22629 | 63128 |
|  Yes Bank Ltd. \* | 52644 | 13495 |
|  Zydus Lifesciences Ltd. | 1681 | 17713 |
|  (Cost $6,237,632) |  | **9042365** |
|  **Indonesia** – **0.4%** |  |  |
|  Amman Mineral Internasional PT \* | 91915 | 36424 |
|  Dian Swastatika Sentosa TBK PT \* | 8489 | 56041 |
|  GoTo Gojek Tokopedia Tbk PT \* | 6003871 | 23071 |
|  PT Astra International Tbk | 147001 | 57812 |
|  PT Bank Central Asia Tbk | 382774 | 190180 |
|  PT Bank Mandiri Persero Tbk | 238547 | 69179 |
|  PT Bank Negara Indonesia Persero Tbk | 94478 | 24165 |
|  PT Bank Rakyat Indonesia Persero Tbk | 453589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100223 |
|  PT Barito Pacific Tbk \* | 163012 | 35040 |
|  PT Chandra Asri Pacific Tbk | 53586 | 23809 |
|  PT Charoen Pokphand Indonesia Tbk | 52546 | 14607 |
|  PT Indofood Sukses Makmur Tbk | 61256 | 27033 |
|  PT Sumber Alfaria Trijaya Tbk | 124575 | 13464 |
|  PT Telkom Indonesia Persero Tbk | 315711 | 66535 |
|  PT United Tractors Tbk | 12785 | 21494 |
|  (Cost $783,552) |  | **759077** |
|  **Ireland** – **0.8%** |  |  |
|  AerCap Holdings NV | 1274 | 170716 |
|  AIB Group PLC | 13990 | 143621 |
|  Bank of Ireland Group PLC | 6591 | 122023 |
|  DCC PLC | 649 | 42929 |
|  Experian PLC | 5720 | 251755 |
|  Kerry Group PLC, Class A | 1083 | 100440 |
|  Kingspan Group PLC | 1015 | 86951 |
|  PDD Holdings, Inc., ADR \* | 4702 | 545808 |
|  Ryanair Holdings PLC | 5273 | 172613 |
|  (Cost $1,193,650) |  | **1636856** |
|  **Israel** – **0.6%** |  |  |
|  Azrieli Group Ltd. | 288 | 29144 |
|  Bank Hapoalim BM | 7899 | 170160 |
|  Bank Leumi Le-Israel BM | 9900 | 206680 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Check Point Software Technologies Ltd. \* | 532 | 99362 |
|  CyberArk Software Ltd. \* | 288 | 132074 |
|  Elbit Systems Ltd. | 169 | 79050 |
|  ICL Group Ltd. | 4726 | 26078 |
|  Israel Discount Bank Ltd., Class A | 9026 | 94078 |
|  Mizrahi Tefahot Bank Ltd. | 997 | 69533 |
|  Monday.com Ltd. \* | 302 | 43446 |
|  Nice Ltd. \* | 441 | 45898 |
|  Nova Ltd. \* | 187 | 58158 |
|  Phoenix Financial Ltd. | 1433 | 57461 |
|  Teva Pharmaceutical Industries Ltd., ADR \* | 7504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201783 |
|  Wix.com Ltd. \* | 321 | 30723 |
|  (Cost $895,517) |  | **1343628** |
|  **Italy** – **1.8%** |  |  |
|  Banca Mediolanum SpA | 1162 | 24856 |
|  Banca Monte dei Paschi di Siena SpA | 12545 | 118644 |
|  Banco BPM SpA | 6829 | 98347 |
|  BPER Banca SPA | 9215 | 110956 |
|  Davide Campari-Milano NV | 3901 | 26545 |
|  Enel SpA | 53059 | 548274 |
|  Eni SpA | 13047 | 244150 |
|  Ferrari NV | 804 | 315046 |
|  FinecoBank Banca Fineco SpA | 4017 | 98553 |
|  Generali | 5605 | 222232 |
|  Infrastrutture Wireless Italiane SpA, 144A | 2442 | 22336 |
|  Intesa Sanpaolo SpA | 90826 | 588531 |
|  Leonardo SpA | 2575 | 140120 |
|  Moncler SpA | 1481 | 99848 |
|  Nexi SpA, 144A | 3687 | 17189 |
|  Poste Italiane SpA, 144A | 3264 | 78034 |
|  Prysmian SpA | 1797 | 179894 |
|  Recordati Industria Chimica e Farmaceutica SpA | 715 | 42217 |
|  Snam SpA | 13482 | 89675 |
|  Telecom Italia SpA \* | 67977 | 38228 |
|  Terna - Rete Elettrica Nazionale | 8577 | 90419 |
|  UniCredit SpA | 8950 | 665383 |
|  Unipol Assicurazioni SpA | 2515 | 57633 |
|  (Cost $2,227,287) |  | **3917110** |
|  **Japan** – **13.5%** |  |  |
|  Advantest Corp. | 5200 | 685218 |
|  Aeon Co. Ltd. | 15000 | 271631 |
|  AGC, Inc. | 1000 | 34591 |
|  Aisin Corp. | 3100 | 55194 |
|  Ajinomoto Co., Inc. | 6034 | 140010 |
|  ANA Holdings, Inc. | 1000 | 18871 |
|  Asahi Group Holdings Ltd. | 9900 | 114921 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Asahi Kasei Corp. | 6500 | 54285 |
|  Asics Corp. | 4720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113088 |
|  Astellas Pharma, Inc. | 12000 | 151326 |
|  Bandai Namco Holdings, Inc. | 3400 | 99666 |
|  Bridgestone Corp. | 3600 | 168841 |
|  Canon, Inc. | 6400 | 188795 |
|  Capcom Co. Ltd. | 2100 | 51417 |
|  Central Japan Railway Co. | 5500 | 150339 |
|  Chiba Bank Ltd. | 2700 | 28437 |
|  Chubu Electric Power Co., Inc. | 3400 | 53132 |
|  Chugai Pharmaceutical Co. Ltd. | 4681 | 251048 |
|  Dai Nippon Printing Co. Ltd. | 2000 | 33816 |
|  Daifuku Co. Ltd. | 1800 | 56960 |
|  Dai-ichi Life Holdings, Inc. | 22300 | 174027 |
|  Daiichi Sankyo Co. Ltd. | 10874 | 269099 |
|  Daikin Industries Ltd. | 1613 | 209554 |
|  Daito Trust Construction Co. Ltd. | 1500 | 28686 |
|  Daiwa House Industry Co. Ltd. | 3471 | 118419 |
|  Daiwa Securities Group, Inc. | 9100 | 75445 |
|  Denso Corp. | 12400 | 163557 |
|  Disco Corp. | 623 | 174483 |
|  East Japan Railway Co. | 6910 | 179056 |
|  Ebara Corp. | 2500 | 65454 |
|  Eisai Co. Ltd. | 1200 | 37635 |
|  ENEOS Holdings, Inc. | 18993 | 125108 |
|  FANUC Corp. | 6025 | 193939 |
|  Fast Retailing Co. Ltd. | 1167 | 427068 |
|  Fuji Electric Co. Ltd. | 800 | 55745 |
|  FUJIFILM Holdings Corp. | 7300 | 157090 |
|  Fujikura Ltd. | 1600 | 183937 |
|  Fujitsu Ltd. | 11100 | 294810 |
|  Hankyu Hanshin Holdings, Inc. | 1900 | 47713 |
|  Hikari Tsushin, Inc. | 100 | 27821 |
|  Hitachi Ltd. | 29440 | 936710 |
|  Honda Motor Co. Ltd. | 23448 | 236072 |
|  Hoya Corp. | 2140 | 321397 |
|  Hulic Co. Ltd. | 2500 | 27579 |
|  Idemitsu Kosan Co. Ltd. | 7460 | 55279 |
|  IHI Corp. | 6700 | 119526 |
|  Inpex Corp. | 5900 | 125867 |
|  Isuzu Motors Ltd. | 3400 | 51684 |
|  ITOCHU Corp. | 7700 | 461586 |
|  Japan Airlines Co. Ltd. | 900 | 16791 |
|  Japan Exchange Group, Inc. | 7200 | 82610 |
|  Japan Post Bank Co. Ltd. | 11900 | 143091 |
|  Japan Post Holdings Co. Ltd. | 12699 | 124843 |
|  Japan Post Insurance Co. Ltd. | 1100 | 30610 |
|  Japan Tobacco, Inc. | 8029 | 301692 |
|  JFE Holdings, Inc. | 5300 | 65003 |
|  JX Advanced Metals Corp. | 2400 | 25654 |
|  Kajima Corp. | 2200 | 82003 |

---

See Notes to Financial Statements.

**14** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Kansai Electric Power Co., Inc. | 6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117946 |
|  Kao Corp. | 2611 | 105584 |
|  Kawasaki Heavy Industries Ltd. | 900 | 56960 |
|  Kawasaki Kisen Kaisha Ltd. | 2100 | 27955 |
|  KDDI Corp. | 19000 | 327274 |
|  Keyence Corp. | 1258 | 428142 |
|  Kikkoman Corp. | 3000 | 27475 |
|  Kioxia Holdings Corp. \* | 800 | 48193 |
|  Kirin Holdings Co. Ltd. | 5225 | 82103 |
|  Kobe Bussan Co. Ltd. | 800 | 19429 |
|  Komatsu Ltd. | 6300 | 206664 |
|  Konami Group Corp. | 600 | 91591 |
|  Kubota Corp. | 7400 | 106825 |
|  Kyocera Corp. | 8718 | 119318 |
|  Kyowa Kirin Co. Ltd. | 1200 | 20216 |
|  Lasertec Corp. | 462 | 83085 |
|  LY Corp. | 17900 | 48206 |
|  M3, Inc. | 3742 | 61760 |
|  Makita Corp. | 1400 | 40680 |
|  Marubeni Corp. | 9400 | 247974 |
|  MatsukiyoCocokara & Co. | 1800 | 33316 |
|  MINEBEA MITSUMI, Inc. | 2800 | 56864 |
|  Mitsubishi Chemical Group Corp. | 8600 | 48541 |
|  Mitsubishi Corp. | 21519 | 510205 |
|  Mitsubishi Electric Corp. | 12300 | 332669 |
|  Mitsubishi Estate Co. Ltd. | 7200 | 169924 |
|  Mitsubishi HC Capital, Inc. | 6500 | 52016 |
|  Mitsubishi Heavy Industries Ltd. | 20500 | 518211 |
|  Mitsubishi UFJ Financial Group, Inc. | 73700 | 1143922 |
|  Mitsui & Co. Ltd. | 16000 | 424952 |
|  Mitsui Fudosan Co. Ltd. | 18013 | 211521 |
|  Mitsui OSK Lines Ltd. | 2300 | 65300 |
|  Mizuho Financial Group, Inc. | 15647 | 548457 |
|  MonotaRO Co. Ltd. | 1200 | 17619 |
|  MS&AD Insurance Group Holdings, Inc. | 8727 | 193666 |
|  Murata Manufacturing Co. Ltd. | 11165 | 229750 |
|  NEC Corp. | 8325 | 314094 |
|  Nexon Co. Ltd. | 1960 | 47688 |
|  Nidec Corp. | 5728 | 72233 |
|  Nintendo Co. Ltd. | 7386 | 628193 |
|  Nippon Building Fund, Inc. REIT | 61 | 58328 |
|  Nippon Paint Holdings Co. Ltd. | 7800 | 50854 |
|  Nippon Sanso Holdings Corp. | 1000 | 32554 |
|  Nippon Steel Corp. | 28950 | 117161 |
|  Nippon Yusen KK | 2400 | 76086 |
|  Nissan Motor Co. Ltd. \* | 12800 | 31496 |
|  Nitori Holdings Co. Ltd. | 2005 | 34696 |
|  Nitto Denko Corp. | 5100 | 126112 |
|  Nomura Holdings, Inc. | 19900 | 150072 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Nomura Research Institute Ltd. | 2156 | 86080 |
|  NTT, Inc. | 179800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179408 |
|  Obayashi Corp. | 4500 | 91764 |
|  Obic Co. Ltd. | 2000 | 64327 |
|  Olympus Corp. | 6887 | 92626 |
|  Oracle Corp. | 200 | 17196 |
|  Oriental Land Co. Ltd. | 7825 | 150697 |
|  ORIX Corp. | 7084 | 192503 |
|  Osaka Gas Co. Ltd. | 2308 | 81062 |
|  Otsuka Corp. | 1716 | 33927 |
|  Otsuka Holdings Co. Ltd. | 2483 | 140673 |
|  Pan Pacific International Holdings Corp. | 10800 | 65510 |
|  Panasonic Holdings Corp. | 15081 | 189454 |
|  Rakuten Group, Inc. \* | 9600 | 58686 |
|  Recruit Holdings Co. Ltd. | 9100 | 466598 |
|  Renesas Electronics Corp. | 11265 | 133580 |
|  Resona Holdings, Inc. | 12700 | 129286 |
|  Ryohin Keikaku Co. Ltd. | 3000 | 59543 |
|  Sanrio Co. Ltd. | 1000 | 35763 |
|  SBI Holdings, Inc. | 3034 | 63890 |
|  SCREEN Holdings Co. Ltd. | 400 | 32932 |
|  SCSK Corp. | 900 | 32786 |
|  Secom Co. Ltd. | 2310 | 78100 |
|  Seibu Holdings, Inc. | 1000 | 31055 |
|  Sekisui Chemical Co. Ltd. | 2200 | 37458 |
|  Sekisui House Ltd. | 4500 | 100785 |
|  Seven & i Holdings Co. Ltd. | 13883 | 190987 |
|  SG Holdings Co. Ltd. | 1900 | 18989 |
|  Shimadzu Corp. | 1400 | 39981 |
|  Shimano, Inc. | 453 | 47856 |
|  Shin-Etsu Chemical Co. Ltd. | 11395 | 343149 |
|  Shionogi & Co. Ltd. | 5127 | 88017 |
|  Shiseido Co. Ltd. | 1927 | 27410 |
|  SMC Corp. | 414 | 145512 |
|  SoftBank Corp. | 175900 | 251447 |
|  SoftBank Group Corp. | 6300 | 678862 |
|  Sompo Holdings, Inc. | 5900 | 187157 |
|  Sony Financial Group, Inc. \* | 39500 | 37390 |
|  Sony Group Corp. | 39500 | 1157375 |
|  Subaru Corp. | 4400 | 98883 |
|  Sumitomo Corp. | 7200 | 225859 |
|  Sumitomo Electric Industries Ltd. | 5000 | 196650 |
|  Sumitomo Metal Mining Co. Ltd. | 1528 | 50222 |
|  Sumitomo Mitsui Financial Group, Inc. | 23000 | 692033 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 3920 | 113503 |
|  Sumitomo Realty & Development Co. Ltd. | 1656 | 79989 |
|  Suntory Beverage & Food Ltd. | 800 | 25372 |
|  Suzuki Motor Corp. | 10500 | 164151 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Sysmex Corp. | 3600 | 34262 |
|  T&D Holdings, Inc. | 2500 | 54326 |
|  Taisei Corp. | 800 | 68400 |
|  Takeda Pharmaceutical Co. Ltd. | 10053 | 290117 |
|  TDK Corp. | 12575 | 206134 |
|  Terumo Corp. | 8000 | 125016 |
|  TIS, Inc. | 1500 | 49580 |
|  Toho Co. Ltd. | 700 | 40326 |
|  Tokio Marine Holdings, Inc. | 11753 | 414674 |
|  Tokyo Electron Ltd. | 2864 | 583292 |
|  Tokyo Gas Co. Ltd. | 1900 | 77051 |
|  Tokyo Metro Co. Ltd. | 1600 | 16452 |
|  Tokyu Corp. | 3400 | 39696 |
|  TOPPAN Holdings, Inc. | 1800 | 58079 |
|  Toray Industries, Inc. | 9347 | 60761 |
|  Toyota Industries Corp. | 900 | 100756 |
|  Toyota Motor Corp. | 60520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214353 |
|  Toyota Tsusho Corp. | 4600 | 148895 |
|  Trend Micro, Inc. | 786 | 39245 |
|  Tsuruha Holdings, Inc. | 1800 | 31921 |
|  Unicharm Corp. | 7915 | 46423 |
|  West Japan Railway Co. | 2441 | 48589 |
|  Yamaha Motor Co. Ltd. | 6700 | 48553 |
|  Yokogawa Electric Corp. | 1461 | 46710 |
|  Yokohama Financial Group, Inc. | 7400 | 58507 |
|  Zensho Holdings Co. Ltd. | 600 | 36144 |
|  ZOZO, Inc. | 2199 | 18956 |
|  (Cost $19,232,451) |  | **28965810** |
|  **Kazakhstan** – **0.0%** |  |  |
|  Solidcore Resources PLC \* (b) |  |  |
|  (Cost $24,991) | 1592 | **0** |
|  **Kuwait** – **0.2%** |  |  |
|  Boubyan Bank KSCP | 15550 | 35816 |
|  Gulf Bank KSCP | 8088 | 9380 |
|  Kuwait Finance House KSCP | 71358 | 185050 |
|  Mabanee Co KPSC | 4089 | 14334 |
|  Mobile Telecommunications Co. KSCP | 10296 | 17442 |
|  National Bank of Kuwait SAKP | 53430 | 174764 |
|  (Cost $329,842) |  | **436786** |
|  **Luxembourg** – **0.1%** |  |  |
|  ArcelorMittal SA | 3066 | 132233 |
|  CVC Capital Partners PLC, 144A | 1420 | 23456 |
|  Eurofins Scientific SE | 866 | 58907 |
|  Reinet Investments SCA | 923 | 31230 |
|  Tenaris SA | 2967 | 59817 |
|  (Cost $227,050) |  | **305643** |
|  **Macau** – **0.0%** |  |  |
|  Sands China Ltd. |  |  |
|  (Cost $52,154) | 14169 | **38581** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Malaysia** – **0.4%** |  |  |
|  AMMB Holdings Bhd | 24587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35401 |
|  Axiata Group Bhd | 11876 | 6926 |
|  Celcomdigi Bhd | 20644 | 16385 |
|  CIMB Group Holdings Bhd | 49418 | 91482 |
|  Gamuda Bhd | 38936 | 50407 |
|  Hong Leong Bank Bhd | 3524 | 18027 |
|  IHH Healthcare Bhd | 20591 | 41157 |
|  IOI Corp. Bhd | 12200 | 11779 |
|  Kuala Lumpur Kepong Bhd | 2217 | 10837 |
|  Malayan Banking Bhd | 37523 | 89983 |
|  Maxis Bhd | 12100 | 11683 |
|  MISC Bhd | 5400 | 9813 |
|  MR DIY Group M Bhd, 144A | 17400 | 6358 |
|  Nestle Malaysia Bhd | 300 | 7760 |
|  Petronas Chemicals Group Bhd | 20457 | 14851 |
|  Petronas Dagangan Bhd | 1500 | 7194 |
|  Petronas Gas Bhd | 4741 | 20100 |
|  Press Metal Aluminium Holdings Bhd | 20000 | 32474 |
|  Public Bank Bhd | 94400 | 99368 |
|  QL Resources Bhd | 12700 | 12447 |
|  RHB Bank Bhd | 10331 | 17375 |
|  SD Guthrie Bhd | 12711 | 16025 |
|  Sunway Bhd | 11200 | 14771 |
|  Telekom Malaysia Bhd | 4400 | 7900 |
|  Tenaga Nasional Bhd | 18200 | 58046 |
|  YTL Corp. Bhd | 25200 | 12989 |
|  YTL Power International Bhd | 24000 | 18933 |
|  (Cost $648,743) |  | **740471** |
|  **Mexico** – **0.6%** |  |  |
|  Alfa SAB de CV, Class A | 26962 | 21360 |
|  America Movil SAB de CV, Series B | 122793 | 140954 |
|  Arca Continental SAB de CV | 3455 | 35252 |
|  Cemex SAB de CV, Series CPO | 91084 | 96394 |
|  Coca-Cola Femsa SAB de CV | 3367 | 29183 |
|  Fibra Uno Administracion SA de CV REIT | 5477 | 7966 |
|  Fomento Economico Mexicano SAB de CV | 10133 | 97742 |
|  Fresnillo PLC | 1401 | 48877 |
|  Gruma SAB de CV, Class B | 1021 | 18050 |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 1442 | 19346 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2582 | 62955 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 611 | 18481 |
|  Grupo Bimbo SAB de CV, Series A | 7481 | 23768 |
|  Grupo Carso SAB de CV, Series A1 | 3911 | 26676 |

---

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Grupo Comercial Chedraui SA de CV | 2804 | 20489 |
|  Grupo Financiero Banorte SAB de CV, Class O | 16705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159712 |
|  Grupo Financiero Inbursa SAB de CV, Class O | 19606 | 46447 |
|  Grupo Mexico SAB de CV, Series B | 20560 | 179168 |
|  Industrias Penoles SAB de CV \* | 1496 | 63163 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 9037 | 19246 |
|  Prologis Property Mexico SA de CV REIT | 7060 | 30114 |
|  Promotora y Operadora de Infraestructura SAB de CV | 1241 | 17044 |
|  Wal-Mart de Mexico SAB de CV | 35123 | 118957 |
|  (Cost $919,712) |  | **1301344** |
|  **Netherlands** – **3.2%** |  |  |
|  ABN AMRO Bank NV CVA, 144A | 3695 | 124943 |
|  Adyen NV, 144A \* | 175 | 272142 |
|  Aegon Ltd. | 8981 | 72447 |
|  Akzo Nobel NV | 1151 | 74822 |
|  Argenx SE \* | 407 | 369387 |
|  ASM International NV | 306 | 168393 |
|  ASML Holding NV | 2507 | 2627197 |
|  ASR Nederland NV | 942 | 63553 |
|  BE Semiconductor Industries NV | 514 | 77452 |
|  Euronext NV, 144A | 471 | 72283 |
|  EXOR NV | 640 | 53898 |
|  Ferrovial SE | 3498 | 229097 |
|  Heineken Holding NV | 824 | 58832 |
|  Heineken NV | 1653 | 134569 |
|  IMCD NV | 339 | 30390 |
|  ING Groep NV | 19258 | 499283 |
|  JDE Peet's NV | 627 | 22998 |
|  Koninklijke Ahold Delhaize NV | 5788 | 239357 |
|  Koninklijke KPN NV | 25949 | 118597 |
|  Koninklijke Philips NV | 4914 | 138288 |
|  Nebius Group N.V., Class A \* (b) | 1576 | 0 |
|  Nebius Group NV \* | 1396 | 132439 |
|  NEPI Rockcastle NV \* | 4399 | 37683 |
|  NN Group NV | 1737 | 125892 |
|  Prosus NV \* | 8559 | 538717 |
|  QIAGEN NV | 1474 | 70317 |
|  Randstad NV | 832 | 32351 |
|  Stellantis NV | 11468 | 122293 |
|  Universal Music Group NV | 6905 | 176856 |
|  Wolters Kluwer NV | 1553 | 165016 |
|  (Cost $4,320,347) |  | **6849492** |
|  **New Zealand** – **0.2%** |  |  |
|  Auckland International Airport Ltd. | 11685 | 53639 |
|  Contact Energy Ltd. | 5673 | 31347 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Fisher & Paykel Healthcare Corp. Ltd. | 3741 | 80067 |
|  Infratil Ltd. | 6279 | 42046 |
|  Meridian Energy Ltd. | 8919 | 28813 |
|  Xero Ltd. \* | 1043 | 83517 |
|  (Cost $298,543) |  | **319429** |
|  **Norway** – **0.3%** |  |  |
|  Aker BP ASA | 2018 | 49106 |
|  DNB Bank ASA | 5745 | 153536 |
|  Equinor ASA | 5443 | 125353 |
|  Gjensidige Forsikring ASA | 1182 | 33072 |
|  Kongsberg Gruppen ASA | 2708 | 64131 |
|  Mowi ASA | 2896 | 65694 |
|  Norsk Hydro ASA | 8401 | 60076 |
|  Orkla ASA | 4997 | 53468 |
|  Salmar ASA | 540 | 31531 |
|  Telenor ASA | 3880 | 56006 |
|  Yara International ASA | 1289 | 47056 |
|  (Cost $619,567) |  | **739029** |
|  **Peru** – **0.1%** |  |  |
|  Cia de Minas Buenaventura SAA, ADR | 1362 | 33750 |
|  Credicorp Ltd. | 429 | 110343 |
|  (Cost $91,425) |  | **144093** |
|  **Philippines** – **0.1%** |  |  |
|  Ayala Corp. | 1320 | 10691 |
|  Ayala Land, Inc. | 41600 | 14435 |
|  Bank of the Philippine Islands | 11915 | 23670 |
|  BDO Unibank, Inc. | 15209 | 33974 |
|  International Container Terminal Services, Inc. | 8100 | 74930 |
|  Jollibee Foods Corp. | 1940 | 6252 |
|  Manila Electric Co. | 1820 | 18357 |
|  Metropolitan Bank & Trust Co. | 10741 | 12088 |
|  PLDT, Inc. | 455 | 10024 |
|  SM Investments Corp. | 2305 | 29085 |
|  SM Prime Holdings, Inc. | 65700 | 25767 |
|  (Cost $253,729) |  | **259273** |
|  **Poland** – **0.3%** |  |  |
|  Allegro.eu SA, 144A \* | 3991 | 35031 |
|  Bank Millennium SA \* | 4619 | 19756 |
|  Bank Polska Kasa Opieki SA | 1236 | 67673 |
|  Budimex SA | 105 | 17970 |
|  CCC SA \* | 331 | 12245 |
|  CD Projekt SA | 436 | 30611 |
|  Dino Polska SA, 144A \* | 3418 | 38214 |
|  InPost SA \* | 1316 | 15418 |
|  KGHM Polska Miedz SA \* | 1009 | 58491 |
|  LPP SA | 6 | 27947 |
|  mBank SA \* | 115 | 32309 |
|  ORLEN SA | 3456 | 88975 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **17** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  PGE Polska Grupa Energetyczna SA \* | 5988 | 16177 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 5781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122523 |
|  Powszechny Zaklad Ubezpieczen SA | 4168 | 71743 |
|  Santander Bank Polska SA | 277 | 39063 |
|  (Cost $480,267) |  | **694146** |
|  **Portugal** – **0.1%** |  |  |
|  Banco Comercial Portugues SA, Class R | 52681 | 50196 |
|  EDP SA | 22217 | 99118 |
|  Galp Energia SGPS SA | 3069 | 61820 |
|  Jeronimo Martins SGPS SA | 1601 | 37960 |
|  (Cost $211,062) |  | **249094** |
|  **Qatar** – **0.2%** |  |  |
|  Al Rayan Bank | 37307 | 22347 |
|  Barwa Real Estate Co. | 7266 | 5121 |
|  Commercial Bank PSQC | 17134 | 18960 |
|  Dukhan Bank | 10103 | 9648 |
|  Industries Qatar QSC | 7879 | 26292 |
|  Mesaieed Petrochemical Holding Co. | 25772 | 8310 |
|  Ooredoo QPSC | 5108 | 17887 |
|  Qatar Electricity & Water Co. QSC | 2691 | 10953 |
|  Qatar Fuel QSC | 2870 | 11792 |
|  Qatar Gas Transport Co. Ltd. | 15797 | 19580 |
|  Qatar International Islamic Bank QSC | 7580 | 23005 |
|  Qatar Islamic Bank QPSC | 13140 | 83907 |
|  Qatar National Bank QPSC | 28577 | 142061 |
|  (Cost $355,023) |  | **399863** |
|  **Russia** – **0.0%** |  |  |
|  Alrosa PJSC \* (b) | 15266 | 0 |
|  Gazprom PJSC \* (b) | 63321 | 0 |
|  GMK Norilskiy Nickel PAO \* (b) | 35200 | 0 |
|  Inter RAO UES PJSC \* (b) | 208853 | 0 |
|  LUKOIL PJSC \* (b) | 2194 | 0 |
|  Magnit PJSC \* (b) | 443 | 0 |
|  Mobile TeleSystems PJSC, ADR \* (b) | 3019 | 0 |
|  Moscow Exchange MICEX-RTS PJSC \* (b) | 8105 | 0 |
|  Novatek PJSC \* (b) | 5150 | 0 |
|  Novolipetsk Steel PJSC \* (b) | 7219 | 0 |
|  Ozon Holdings PLC, ADR \* (b) | 322 | 0 |
|  PhosAgro PJSC \* (b) | 217 | 0 |
|  PhosAgro PJSC \* (b) | 4 | 0 |
|  Polyus PJSC \* (b) | 2040 | 0 |
|  Rosneft Oil Co. PJSC \* (b) | 6103 | 0 |
|  Sberbank of Russia PJSC \* (b) | 57586 | 0 |
|  Severstal PAO \* (b) | 1243 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Surgutneftegas PAO \* (b) | 29592 | 0 |
|  Tatneft PJSC \* (b) | 7874 | 0 |
|  TKS Holding MKPAO JSC \* (b) | 70 | 0 |
|  United Co. RUSAL International PJSC \* (b) | 21438 | 0 |
|  VK IPJSC \* (b) | 417 | 0 |
|  VK IPJSC, GDR \* (b) | 35 | 0 |
|  VTB Bank PJSC \* (b) | 3389 | 0 |
|  X5 Retail Group NV, GDR \* (b) | 635 | 0 |
|  (Cost $1,047,597) |  | **0** |
|  **Saudi Arabia** – **0.9%** |  |  |
|  ACWA Power Co. \* | 1065 | 54223 |
|  Ades Holding Co. | 1878 | 8515 |
|  Al Rajhi Bank | 13310 | 340072 |
|  Alinma Bank | 7593 | 49022 |
|  Almarai Co. JSC | 3540 | 42181 |
|  Arab National Bank | 7416 | 43846 |
|  Arabian Internet & Communications Services Co. | 132 | 7910 |
|  Bank AlBilad | 4006 | 27956 |
|  Bank Al-Jazira \* | 3888 | 11981 |
|  Banque Saudi Fransi | 7210 | 31596 |
|  Bupa Arabia for Cooperative Insurance Co. | 387 | 15165 |
|  Co. for Cooperative Insurance | 415 | 13330 |
|  Dallah Healthcare Co. | 193 | 6688 |
|  Dar Al Arkan Real Estate Development Co. \* | 3148 | 13158 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 474 | 30552 |
|  Elm Co. | 162 | 33078 |
|  Etihad Etisalat Co. | 2196 | 36762 |
|  Jarir Marketing Co. | 3200 | 10833 |
|  Mouwasat Medical Services Co. | 497 | 9194 |
|  Riyad Bank | 10942 | 75252 |
|  SABIC Agri-Nutrients Co. | 2002 | 62171 |
|  Sahara International Petrochemical Co. | 1801 | 8065 |
|  SAL Saudi Logistics Services | 155 | 7020 |
|  Saudi Arabian Mining Co. \* | 8090 | 131546 |
|  Saudi Arabian Oil Co., 144A | 40037 | 262861 |
|  Saudi Awwal Bank | 7966 | 65020 |
|  Saudi Basic Industries Corp. | 6630 | 97468 |
|  Saudi Electricity Co. | 3192 | 12006 |
|  Saudi Investment Bank | 3382 | 11684 |
|  Saudi National Bank | 19882 | 195563 |
|  Saudi Research & Media Group \* | 223 | 8471 |
|  Saudi Tadawul Group Holding Co. | 210 | 9427 |
|  Saudi Telecom Co. | 13792 | 156837 |
|  Yanbu National Petrochemical Co. | 1411 | 11457 |
|  (Cost $1,789,899) |  | **1900910** |

---

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Singapore** – **1.1%** |  |  |
|  BOC Aviation Ltd., 144A | 1235 | 11238 |
|  CapitaLand Ascendas REIT | 23308 | 50542 |
|  CapitaLand Integrated Commercial Trust REIT | 34507 | 62578 |
|  CapitaLand Investment Ltd. | 16657 | 34063 |
|  DBS Group Holdings Ltd. | 13546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566573 |
|  Grab Holdings Ltd., Class A \* | 14719 | 80219 |
|  Keppel Ltd. | 9800 | 77441 |
|  Oversea-Chinese Banking Corp. Ltd. | 22366 | 319305 |
|  Sea Ltd., ADR \* | 2401 | 333763 |
|  Sembcorp Industries Ltd. | 7800 | 36898 |
|  Singapore Airlines Ltd. | 7550 | 37813 |
|  Singapore Exchange Ltd. | 5493 | 71468 |
|  Singapore Technologies Engineering Ltd. | 10730 | 68726 |
|  Singapore Telecommunications Ltd. | 49700 | 181411 |
|  Trip.com Group Ltd. | 3870 | 265926 |
|  United Overseas Bank Ltd. | 8722 | 228710 |
|  Wilmar International Ltd. | 12537 | 31346 |
|  (Cost $1,723,616) |  | **2458020** |
|  **South Africa** – **0.9%** |  |  |
|  Absa Group Ltd. | 5590 | 68037 |
|  Bid Corp. Ltd. | 2289 | 54640 |
|  Bidvest Group Ltd. | 1981 | 26449 |
|  Capitec Bank Holdings Ltd. | 582 | 132073 |
|  Clicks Group Ltd. | 1338 | 27147 |
|  Discovery Ltd. | 3453 | 44295 |
|  FirstRand Ltd. | 33340 | 158727 |
|  Gold Fields Ltd. | 5780 | 242812 |
|  Harmony Gold Mining Co. Ltd. | 3732 | 72841 |
|  Impala Platinum Holdings Ltd. | 6507 | 81525 |
|  MTN Group Ltd. | 10853 | 100130 |
|  Naspers Ltd., Class N | 5142 | 321534 |
|  Nedbank Group Ltd. | 3047 | 45522 |
|  Northam Platinum Holdings Ltd. | 1870 | 33384 |
|  OUTsurance Group Ltd. | 6510 | 27581 |
|  Pepkor Holdings Ltd., 144A | 22103 | 33763 |
|  Remgro Ltd. | 3935 | 39979 |
|  Sanlam Ltd. | 11258 | 60361 |
|  Sasol Ltd. \* | 3808 | 24767 |
|  Shoprite Holdings Ltd. | 3640 | 58402 |
|  Sibanye Stillwater Ltd. \* | 17938 | 58576 |
|  Standard Bank Group Ltd. | 8136 | 125336 |
|  Valterra Platinum Ltd. | 870 | 60612 |
|  Valterra Platinum Ltd. | 935 | 65043 |
|  Vodacom Group Ltd. | 3226 | 25295 |
|  (Cost $1,327,512) |  | **1988831** |
|  **South Korea** – **3.5%** |  |  |
|  Alteogen, Inc. \* | 264 | 95680 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Amorepacific Corp. | 157 | 13270 |
|  Celltrion, Inc. | 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145133 |
|  Coway Co. Ltd. | 301 | 17602 |
|  DB Insurance Co. Ltd. | 269 | 22773 |
|  Doosan Bobcat, Inc. \* | 160 | 6005 |
|  Doosan Enerbility Co. Ltd. \* | 2884 | 149823 |
|  Ecopro BM Co. Ltd. \* | 468 | 47702 |
|  Ecopro Co. Ltd. | 529 | 30395 |
|  Hana Financial Group, Inc. | 1813 | 115019 |
|  Hanjin Kal Corp. | 155 | 10792 |
|  Hankook Tire & Technology Co. Ltd. | 342 | 14302 |
|  Hanmi Semiconductor Co. Ltd. | 251 | 21095 |
|  Hanwha Aerospace Co. Ltd. | 219 | 126874 |
|  Hanwha Ocean Co. Ltd. \* | 989 | 72495 |
|  Hanwha Systems Co. Ltd. | 510 | 16021 |
|  HD Hyundai Co. Ltd. | 276 | 36878 |
|  HD Hyundai Electric Co. Ltd. | 160 | 84316 |
|  HD Hyundai Heavy Industries Co. Ltd. | 244 | 88763 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 303 | 84473 |
|  HLB, Inc. \* | 676 | 21558 |
|  HMM Co. Ltd. | 1723 | 22424 |
|  HYBE Co. Ltd. \* | 104 | 21180 |
|  Hyosung Heavy Industries Corp. | 49 | 63339 |
|  Hyundai Glovis Co. Ltd. | 217 | 24258 |
|  Hyundai Mobis Co. Ltd. | 361 | 75973 |
|  Hyundai Motor Co. | 923 | 164121 |
|  Hyundai Rotem Co. Ltd. | 494 | 59019 |
|  Industrial Bank of Korea | 1244 | 17383 |
|  Kakao Corp. | 1856 | 74081 |
|  KakaoBank Corp. | 701 | 10320 |
|  KB Financial Group, Inc. | 2509 | 212915 |
|  Kia Corp. | 1573 | 122041 |
|  Korea Aerospace Industries Ltd. | 416 | 30804 |
|  Korea Electric Power Corp. | 1540 | 54976 |
|  Korea Investment Holdings Co. Ltd. | 321 | 35011 |
|  Korea Zinc Co. Ltd. | 50 | 45626 |
|  Korean Air Lines Co. Ltd. | 983 | 14605 |
|  Krafton, Inc. \* | 171 | 29941 |
|  KT&G Corp. | 700 | 69255 |
|  LG Chem Ltd. | 314 | 79853 |
|  LG Corp. | 574 | 30756 |
|  LG Display Co. Ltd. \* | 1760 | 15007 |
|  LG Electronics, Inc. | 613 | 35680 |
|  LG Energy Solution Ltd. \* | 283 | 78512 |
|  LG H&H Co. Ltd. | 41 | 7708 |
|  LG Uplus Corp. | 922 | 9442 |
|  LIG Nex1 Co. Ltd. | 82 | 21355 |
|  LS Electric Co. Ltd. | 164 | 51297 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Meritz Financial Group, Inc. | 589 | 43495 |
|  Mirae Asset Securities Co. Ltd. | 1783 | 26491 |
|  NAVER Corp. | 950 | 157617 |
|  NH Investment & Securities Co. Ltd. | 1593 | 22368 |
|  POSCO Future M Co. Ltd. \* | 196 | 27521 |
|  POSCO Holdings, Inc. | 473 | 99543 |
|  Posco International Corp. | 477 | 17385 |
|  Samsung Biologics Co. Ltd., 144A \* | 68 | 74305 |
|  Samsung C&T Corp. | 494 | 75579 |
|  Samsung Electro-Mechanics Co. Ltd. | 348 | 59394 |
|  Samsung Electronics Co. Ltd. | 30730 | 2100000 |
|  Samsung Episholdings Co. Ltd. \* | 35 | 10210 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 259 | 84798 |
|  Samsung Heavy Industries Co. Ltd. \* | 4208 | 70388 |
|  Samsung Life Insurance Co. Ltd. | 433 | 45018 |
|  Samsung SDI Co. Ltd. | 380 | 77388 |
|  Samsung SDS Co. Ltd. | 257 | 29446 |
|  Samyang Foods Co. Ltd. | 23 | 22599 |
|  Shinhan Financial Group Co. Ltd. | 2690 | 142672 |
|  SK Biopharmaceuticals Co. Ltd. \* | 140 | 13308 |
|  SK hynix, Inc. | 3608 | 1300269 |
|  SK Innovation Co. Ltd. | 341 | 26665 |
|  SK Square Co. Ltd. \* | 584 | 118337 |
|  SK Telecom Co. Ltd. | 188 | 6839 |
|  SK, Inc. | 196 | 35384 |
|  S-Oil Corp. \* | 343 | 17889 |
|  Woori Financial Group, Inc. | 3797 | 68548 |
|  Yuhan Corp. | 418 | 34676 |
|  (Cost $4,097,076) |  | **7505983** |
|  **Spain** – **2.1%** |  |  |
|  Acciona SA | 178 | 35700 |
|  ACS Actividades de<br>Construccion y Servicios SA | 1171 | 108193 |
|  Aena Sme SA, 144A | 5105 | 138926 |
|  Amadeus IT Group SA | 2835 | 208300 |
|  Banco Bilbao Vizcaya Argentaria SA | 37310 | 803486 |
|  Banco de Sabadell SA | 37060 | 134901 |
|  Banco Santander SA | 94539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013636 |
|  Bankinter SA | 4513 | 70988 |
|  CaixaBank SA | 24085 | 268658 |
|  Cellnex Telecom SA, 144A \* | 2901 | 87023 |
|  EDP Renovaveis SA | 1939 | 25799 |
|  Endesa SA | 2162 | 78398 |
|  Grifols SA | 2021 | 24686 |
|  Iberdrola SA | 39985 | 843468 |
|  Industria de Diseno Textil SA | 7121 | 398563 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naturgy Energy Group SA | 1277 | 39285 |
|  Redeia Corp. SA | 3707 | 66136 |
|  Repsol SA | 6725 | 124660 |
|  Telefonica SA | 22183 | 96110 |
|  (Cost $2,637,287) |  | **4566916** |
|  **Sweden – 2.2%** |  |  |
|  AddTech AB, Class B | 1658 | 56970 |
|  Alfa Laval AB | 1810 | 85449 |
|  Assa Abloy AB, Class B | 6603 | 250805 |
|  Atlas Copco AB, Class A | 16914 | 287007 |
|  Atlas Copco AB, Class B | 9891 | 151179 |
|  Beijer Ref AB | 2337 | 37217 |
|  Boliden AB \* | 1810 | 86618 |
|  Epiroc AB, Class A | 4503 | 96633 |
|  Epiroc AB, Class B | 1699 | 32735 |
|  EQT AB | 2981 | 103251 |
|  Essity AB, Class B | 3968 | 109782 |
|  Evolution AB, 144A | 838 | 57269 |
|  Fastighets AB Balder, Class B \* | 4332 | 31165 |
|  H & M Hennes & Mauritz AB, Class B | 3518 | 63832 |
|  Hexagon AB, Class B | 14140 | 165350 |
|  Holmen AB, Class B | 490 | 17937 |
|  Industrivarden AB, Class A | 828 | 34766 |
|  Industrivarden AB, Class C | 1178 | 49499 |
|  Indutrade AB | 1708 | 42370 |
|  Investment AB Latour, Class B | 1011 | 24169 |
|  Investor AB, Class B | 11280 | 384007 |
|  L E Lundbergforetagen AB, Class B | 512 | 27224 |
|  Lifco AB, Class B | 1440 | 52957 |
|  Nibe Industrier AB, Class B | 9465 | 34989 |
|  Saab AB, Class B | 2076 | 104581 |
|  Sagax AB, Class B | 1236 | 26446 |
|  Sandvik AB | 7052 | 212958 |
|  Securitas AB, Class B | 3316 | 50578 |
|  Skandinaviska Enskilda Banken AB, Class A | 10487 | 208664 |
|  Skanska AB, Class B | 2150 | 55157 |
|  SKF AB, Class B | 2099 | 54915 |
|  Spotify Technology SA \* | 977 | 585096 |
|  Svenska Cellulosa AB SCA, Class B | 4079 | 52991 |
|  Svenska Handelsbanken AB, Class A | 8887 | 123219 |
|  Swedbank AB, Class A | 5212 | 165785 |
|  Swedish Orphan Biovitrum AB \* | 1179 | 42310 |
|  Tele2 AB, Class B | 3935 | 62604 |
|  Telefonaktiebolaget LM Ericsson, Class B | 17832 | 172031 |
|  Telia Co. AB | 11644 | 46744 |
|  Trelleborg AB, Class B | 1422 | 59766 |

---

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Volvo AB, Class B | 10069 | 301613 |
|  (Cost $3,491,883) |  | **4608638** |
|  **Switzerland** – **5.9%** |  |  |
|  ABB Ltd. | 9806 | 704596 |
|  Alcon, Inc. | 3377 | 268462 |
|  Avolta AG \* | 627 | 34437 |
|  Baloise Holding AG | 317 | 82950 |
|  Banque Cantonale Vaudoise | 202 | 24492 |
|  Barry Callebaut AG | 17 | 27236 |
|  Belimo Holding AG | 65 | 63560 |
|  BKW AG | 84 | 17526 |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 12 | 176572 |
|  Cie Financiere Richemont SA, Class A | 3449 | 731190 |
|  Coca-Cola HBC AG \* | 1727 | 86647 |
|  DSM-Firmenich AG | 1045 | 85775 |
|  EMS-Chemie Holding AG | 59 | 40249 |
|  Galderma Group AG | 1032 | 205552 |
|  Geberit AG | 216 | 168218 |
|  Givaudan SA | 62 | 261414 |
|  Glencore PLC \* | 63245 | 302235 |
|  Helvetia Holding AG | 266 | 69008 |
|  Holcim AG \* | 3405 | 318840 |
|  Julius Baer Group Ltd. | 1270 | 90748 |
|  Kuehne + Nagel International AG | 339 | 67986 |
|  Logitech International SA | 972 | 109264 |
|  Lonza Group AG | 458 | 313582 |
|  Nestle SA | 16498 | 1639531 |
|  Novartis AG | 12191 | 1585604 |
|  Partners Group Holding AG | 150 | 177916 |
|  Roche Holding AG | 204 | 81112 |
|  Roche Holding AG | 4530 | 1733502 |
|  Sandoz Group AG | 2843 | 200741 |
|  Schindler Holding AG | 173 | 58686 |
|  Schindler Holding AG Participation Certificates | 225 | 80387 |
|  SGS SA | 1015 | 116448 |
|  Sika AG | 929 | 183013 |
|  Sonova Holding AG | 338 | 84195 |
|  STMicroelectronics NV | 3901 | 89490 |
|  STMicroelectronics NV, Class Y | 1134 | 26071 |
|  Straumann Holding AG | 737 | 84040 |
|  Swatch Group AG – Bearer | 186 | 37545 |
|  Swiss Life Holding AG | 174 | 190787 |
|  Swiss Prime Site AG | 626 | 92345 |
|  Swiss Re AG | 1814 | 319646 |
|  Swisscom AG | 185 | 132768 |
|  UBS Group AG | 20728 | 800426 |
|  VAT Group AG, 144A | 125 | 54992 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Zurich Insurance Group AG | 928 | 666801 |
|  (Cost $9,041,099) |  | **12686585** |
|  **Taiwan** – **6.0%** |  |  |
|  Accton Technology Corp. | 3655 | 119368 |
|  Advantech Co. Ltd. | 2495 | 22895 |
|  Airtac International Group | 754 | 21694 |
|  Alchip Technologies Ltd. | 444 | 46755 |
|  ASE Technology Holding Co. Ltd. | 20791 | 152032 |
|  Asia Cement Corp. | 11867 | 14671 |
|  Asia Vital Components Co. Ltd. | 1955 | 85650 |
|  Asustek Computer, Inc. | 4222 | 80848 |
|  Bizlink Holding, Inc. | 1436 | 73665 |
|  Caliway Biopharmaceuticals Co. Ltd. \* | 6000 | 30014 |
|  Catcher Technology Co. Ltd. | 3236 | 20724 |
|  Cathay Financial Holding Co. Ltd. | 65171 | 133311 |
|  Chailease Holding Co. Ltd. | 14681 | 48180 |
|  Chang Hwa Commercial Bank Ltd. | 50075 | 32229 |
|  Cheng Shin Rubber Industry Co. Ltd. | 9594 | 9721 |
|  China Airlines Ltd. | 17656 | 10801 |
|  China Steel Corp. | 63181 | 36739 |
|  Chroma ATE, Inc. | 2060 | 53756 |
|  Chunghwa Telecom Co. Ltd. | 28810 | 119793 |
|  Compal Electronics, Inc. | 44399 | 41520 |
|  CTBC Financial Holding Co. Ltd. | 110162 | 152510 |
|  Delta Electronics, Inc. | 12843 | 381382 |
|  E Ink Holdings, Inc. | 4643 | 28404 |
|  E.Sun Financial Holding Co. Ltd. | 90273 | 87296 |
|  Eclat Textile Co. Ltd. | 1052 | 14698 |
|  Elite Material Co. Ltd. | 2127 | 103351 |
|  eMemory Technology, Inc. | 612 | 39877 |
|  Eva Airways Corp. | 15674 | 17030 |
|  Evergreen Marine Corp. Taiwan Ltd. | 5997 | 34299 |
|  Far Eastern New Century Corp. | 19992 | 17963 |
|  Far EasTone Telecommunications Co. Ltd. | 15788 | 44318 |
|  Feng TAY Enterprise Co. Ltd. | 2494 | 10251 |
|  First Financial Holding Co. Ltd. | 78481 | 69016 |
|  Formosa Chemicals & Fibre Corp. | 18084 | 19245 |
|  Formosa Plastics Corp. | 21834 | 28975 |
|  Fortune Electric Co. Ltd. | 766 | 17085 |
|  Fubon Financial Holding Co. Ltd. | 55691 | 164314 |
|  Gigabyte Technology Co. Ltd. | 2797 | 21701 |
|  Global Unichip Corp. | 812 | 58471 |
|  Globalwafers Co. Ltd. | 1991 | 23853 |
|  Gold Circuit Electronics Ltd. | 2040 | 41145 |
|  Hon Hai Precision Industry Co. Ltd. | 81013 | 582075 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **21** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Hotai Motor Co. Ltd. | 2132 | 41438 |
|  Hua Nan Financial Holdings Co. Ltd. | 63560 | 59641 |
|  Innolux Corp. | 39143 | 16899 |
|  International Games System Co. Ltd. | 1167 | 27627 |
|  Inventec Corp. | 19349 | 26880 |
|  Jentech Precision Industrial Co. Ltd. | 532 | 49242 |
|  KGI Financial Holding Co. Ltd. | 100009 | 50188 |
|  King Slide Works Co. Ltd. | 362 | 44003 |
|  King Yuan Electronics Co. Ltd. | 10261 | 74869 |
|  Largan Precision Co. Ltd. | 614 | 43138 |
|  Lite-On Technology Corp. | 12051 | 61052 |
|  Lotes Co. Ltd. | 502 | 20953 |
|  MediaTek, Inc. | 9934 | 441546 |
|  Mega Financial Holding Co. Ltd. | 73025 | 93303 |
|  Nan Ya Plastics Corp. | 32919 | 61884 |
|  Nien Made Enterprise Co. Ltd. | 740 | 8783 |
|  Novatek Microelectronics Corp. | 3822 | 47433 |
|  Pegatron Corp. | 9681 | 22240 |
|  PharmaEssentia Corp. | 2266 | 37255 |
|  President Chain Store Corp. | 2846 | 21718 |
|  Quanta Computer, Inc. | 17706 | 159092 |
|  Realtek Semiconductor Corp. | 2935 | 48722 |
|  Shanghai Commercial & Savings Bank Ltd. | 36428 | 45383 |
|  SinoPac Financial Holdings Co. Ltd. | 72854 | 62559 |
|  Taiwan Business Bank | 38405 | 19395 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 77118 | 58603 |
|  Taiwan High Speed Rail Corp. | 9687 | 8627 |
|  Taiwan Mobile Co. Ltd. | 14599 | 50237 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 159420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7314475 |
|  TCC Group Holdings Co. Ltd. | 42719 | 31102 |
|  TS Financial Holding Co. Ltd. | 133892 | 77003 |
|  Unimicron Technology Corp. | 7285 | 43290 |
|  Uni-President Enterprises Corp. | 30752 | 74957 |
|  United Microelectronics Corp. | 71120 | 103785 |
|  Vanguard International Semiconductor Corp. | 5210 | 15023 |
|  Wan Hai Lines Ltd. | 4590 | 11788 |
|  Wistron Corp. | 21128 | 97276 |
|  Wiwynn Corp. | 812 | 118236 |
|  Yageo Corp. | 9390 | 70309 |
|  Yang Ming Marine Transport Corp. | 9320 | 15442 |
|  Yuanta Financial Holding Co. Ltd. | 63933 | 73538 |
|  Zhen Ding Technology Holding Ltd. | 3857 | 17881 |
|  (Cost $5,829,685) |  | **12878440** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Thailand** – **0.3%** |  |  |
|  Advanced Info Service PCL, NVDR | 5100 | 48632 |
|  Airports of Thailand PCL, NVDR | 29130 | 39359 |
|  Bangkok Dusit Medical Services PCL, NVDR | 70000 | 41311 |
|  Bumrungrad Hospital PCL, NVDR | 5900 | 31062 |
|  Central Pattana PCL, NVDR | 12400 | 20606 |
|  Charoen Pokphand Foods PCL, NVDR | 27500 | 17340 |
|  CP ALL PCL, NVDR | 37700 | 50645 |
|  CP AXTRA PCL | 20181 | 10155 |
|  Delta Electronics Thailand PCL, NVDR | 20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127986 |
|  Gulf Development PCL \* | 30238 | 38273 |
|  Kasikornbank PCL, NVDR | 5400 | 31281 |
|  Krung Thai Bank PCL, NVDR | 30100 | 25711 |
|  Minor International PCL, NVDR | 21794 | 14893 |
|  PTT Exploration & Production PCL, NVDR | 9593 | 31733 |
|  PTT PCL, NVDR | 72400 | 69150 |
|  SCB X PCL, NVDR | 8500 | 34322 |
|  Siam Cement PCL | 6800 | 39391 |
|  TMBThanachart Bank PCL, NVDR | 331400 | 19866 |
|  True Corp. PCL, NVDR | 74812 | 25096 |
|  (Cost $697,946) |  | **716812** |
|  **Turkey** – **0.1%** |  |  |
|  Akbank TAS | 18479 | 28152 |
|  Aselsan Elektronik Sanayi Ve Ticaret AS | 11819 | 51001 |
|  BIM Birlesik Magazalar AS | 2817 | 35593 |
|  Eregli Demir ve Celik Fabrikalari TAS | 19255 | 10810 |
|  Ford Otomotiv Sanayi AS | 3261 | 7258 |
|  Haci Omer Sabanci Holding AS | 7960 | 15339 |
|  KOC Holding AS | 5705 | 22604 |
|  Turk Hava Yollari AO | 3739 | 23995 |
|  Turkcell Iletisim Hizmetleri AS | 10382 | 22852 |
|  Turkiye Is Bankasi AS, Class C | 52167 | 16656 |
|  Turkiye Petrol Rafinerileri AS | 6272 | 28747 |
|  Yapi ve Kredi Bankasi AS \* | 15660 | 13007 |
|  (Cost $216,858) |  | **276014** |
|  **United Arab Emirates** – **0.4%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 20003 | 76791 |
|  Abu Dhabi Islamic Bank PJSC | 10183 | 55173 |
|  Abu Dhabi National Oil Co. for Distribution PJSC | 15036 | 15761 |
|  ADNOC Drilling Co. PJSC | 18107 | 25784 |
|  Adnoc Gas PLC | 36266 | 32190 |
|  Aldar Properties PJSC | 24990 | 55452 |

---

See Notes to Financial Statements.

**22** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Americana Restaurants International PLC - Foreign Co. | 14047 | 6616 |
|  Dubai Electricity & Water Authority PJSC | 32203 | 23936 |
|  Dubai Islamic Bank PJSC | 25203 | 62924 |
|  Emaar Development PJSC | 5442 | 21781 |
|  Emaar Properties PJSC | 45764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165719 |
|  Emirates NBD Bank PJSC | 14050 | 93339 |
|  Emirates Telecommunications Group Co. PJSC | 22007 | 107853 |
|  First Abu Dhabi Bank PJSC | 27759 | 119717 |
|  Salik Co PJSC | 10937 | 17093 |
|  Two Point Zero Group PJSC \* | 20274 | 14131 |
|  (Cost $692,794) |  | **894260** |
|  **United Kingdom** – **8.5%** |  |  |
|  3i Group PLC | 6315 | 264142 |
|  Admiral Group PLC | 1749 | 73481 |
|  Anglo American PLC | 6859 | 259006 |
|  Anglogold Ashanti PLC | 3198 | 270107 |
|  Ashtead Group PLC | 2859 | 182824 |
|  Associated British Foods PLC | 2300 | 65070 |
|  AstraZeneca PLC | 9943 | 1840307 |
|  Auto Trader Group PLC, 144A | 6273 | 53092 |
|  Aviva PLC | 19254 | 166222 |
|  BAE Systems PLC | 18939 | 414023 |
|  Barclays PLC | 89628 | 510760 |
|  Barratt Redrow PLC | 9125 | 47667 |
|  BP PLC | 100212 | 602864 |
|  British American Tobacco PLC | 14010 | 820372 |
|  BT Group PLC | 42520 | 101907 |
|  Bunzl PLC | 2200 | 63057 |
|  Centrica PLC | 33423 | 75921 |
|  Coca-Cola Europacific Partners PLC | 1466 | 134418 |
|  Compass Group PLC | 10502 | 329943 |
|  Diageo PLC | 14185 | 326066 |
|  Endeavour Mining PLC | 980 | 45301 |
|  Entain PLC | 5680 | 58455 |
|  GSK PLC | 26423 | 626801 |
|  Haleon PLC | 56781 | 278941 |
|  Halma PLC | 2422 | 114203 |
|  Hikma Pharmaceuticals PLC | 969 | 19945 |
|  HSBC Holdings PLC | 110323 | 1563807 |
|  Imperial Brands PLC | 4804 | 204122 |
|  Informa PLC | 8695 | 110536 |
|  InterContinental Hotels Group PLC | 898 | 119119 |
|  International Consolidated Airlines Group SA | 8016 | 42113 |
|  Intertek Group PLC | 869 | 53245 |
|  J Sainsbury PLC | 11925 | 50890 |
|  JD Sports Fashion PLC | 16769 | 17160 |
|  Kingfisher PLC | 12893 | 52187 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Land Securities Group PLC REIT | 4688 | 37566 |
|  Legal & General Group PLC | 37315 | 122027 |
|  Lloyds Banking Group PLC | 384886 | 490104 |
|  London Stock Exchange Group PLC | 2859 | 337323 |
|  M&G PLC | 18806 | 67851 |
|  Marks & Spencer Group PLC | 13621 | 62729 |
|  Melrose Industries PLC | 8921 | 70304 |
|  National Grid PLC | 30622 | 465007 |
|  NatWest Group PLC | 51370 | 430146 |
|  Next PLC | 763 | 142696 |
|  Pearson PLC | 4111 | 54320 |
|  Phoenix Group Holdings PLC | 4323 | 39852 |
|  Reckitt Benckiser Group PLC | 4214 | 326626 |
|  RELX PLC | 11646 | 467536 |
|  Rentokil Initial PLC | 17938 | 98885 |
|  Rio Tinto PLC | 7088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509021 |
|  Rolls-Royce Holdings PLC | 53892 | 762338 |
|  Sage Group PLC | 6147 | 87483 |
|  Schroders PLC | 4783 | 24605 |
|  Segro PLC REIT | 8215 | 77754 |
|  Severn Trent PLC | 1408 | 52553 |
|  Shell PLC | 36934 | 1361663 |
|  Smith & Nephew PLC | 4926 | 81850 |
|  Smiths Group PLC | 2314 | 74906 |
|  Spirax Group PLC | 441 | 39164 |
|  SSE PLC | 7470 | 217471 |
|  Standard Chartered PLC | 12779 | 283253 |
|  Tesco PLC | 44443 | 265068 |
|  Unilever PLC | 15893 | 956525 |
|  United Utilities Group PLC | 4305 | 70533 |
|  Vodafone Group PLC | 122121 | 152077 |
|  Whitbread PLC | 1180 | 38916 |
|  Wise PLC, Class A \* | 4391 | 51354 |
|  (Cost $13,282,592) |  | **18277580** |
|  **United States** – **0.3%** |  |  |
|  BeOne Medicines Ltd., Class H \* | 5818 | 153039 |
|  Brookfield Asset Management Ltd., Class A | 2489 | 131099 |
|  Brookfield Renewable Corp. | 894 | 37164 |
|  Legend Biotech Corp., ADR \* | 524 | 14520 |
|  RB Global, Inc. | 1263 | 123755 |
|  Southern Copper Corp. | 588 | 79251 |
|  (Cost $376,781) |  | **538828** |
|  **TOTAL COMMON STOCKS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $143,557,210) |  | **206965225** |
|  **PREFERRED STOCKS** – **0.7%** |  |  |
|  **Brazil** – **0.4%** |  |  |
|  Axia Energia | 958 | 12038 |
|  Banco Bradesco SA | 34697 | 127815 |
|  Cia Energetica de Minas Gerais | 9615 | 20729 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **23** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Cia Paranaense de Energia - Copel | 3634 | 9776 |
|  Gerdau SA | 7372 | 26313 |
|  Itau Unibanco Holding SA | 34275 | 267556 |
|  Itausa SA | 42718 | 98742 |
|  Petroleo Brasileiro SA | 30556 | 182102 |
|  (Cost $515,980) |  | **745071** |
|  **Chile** – **0.0%** |  |  |
|  Sociedad Quimica y Minera de Chile SA, Class B \* |  |  |
|  (Cost $26,482) | 791 | **51123** |
|  **Colombia** – **0.0%** |  |  |
|  Grupo Cibest SA |  |  |
|  (Cost $23,151) | 2431 | **38180** |
|  **Germany** – **0.2%** |  |  |
|  Bayerische Motoren Werke AG | 381 | 35909 |
|  Dr Ing hc F Porsche AG, 144A | 804 | 41633 |
|  Henkel AG & Co. KGaA | 1077 | 86928 |
|  Porsche Automobil Holding SE | 934 | 40228 |
|  Sartorius AG | 127 | 37007 |
|  Volkswagen AG | 1387 | 158286 |
|  (Cost $515,983) |  | **399991** |
|  **India** – **0.0%** |  |  |
|  TVS Motor Co. Ltd. \* (b) |  |  |
|  (Cost $0) | 4704 | 526 |
|  **Russia** – **0.0%** |  |  |
|  Surgutneftegas PAO \* (b) |  |  |
|  (Cost $22,480) | 41062 | 0 |
|  **South Korea** – **0.1%** |  |  |
|  Hyundai Motor Co. | 104 | 13613 |
|  Hyundai Motor Co. - 2nd Preferred | 210 | 27802 |
|  Samsung Electronics Co. Ltd. | 5346 | 272634 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(**Cost $156,115) |  | **314049** |
|  **TOTAL PREFERRED STOCKS** |  |  |
|  (Cost $1,260,191) |  | **1548940** |
|  **RIGHTS** – **0.0%** |  |  |
|  **India** – **0.0%** |  |  |
|  Adani Enterprises Ltd.\*, expires 12/17/25 |  |  |
|  (Cost $0) | 97 | **480** |
|  **Taiwan** – **0.0%** |  |  |
|  Unimicron Technology Corp.\*, expires 1/19/26 |  |  |
|  (Cost $0) | 159 | **357** |
|  **TOTAL RIGHTS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) |  | **837** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **WARRANTS** – **0.0%** |  |  |
|  **Canada** – **0.0%** |  |  |
|  Constellation Software, Inc.\* (b), expires 3/31/40 |  |  |
|  (Cost $0) | 108 | **0** |
|  **Thailand** – **0.0%** |  |  |
|  BTS Group Holdings PCL\*, expires 11/20/26 |  |  |
|  (Cost $0) | 7920 | **5** |
|  **TOTAL WARRANTS** |  |  |
|  (Cost $0) |  | **5** |
|  EXCHANGE-TRADED FUNDS – 0.2% |  |  |
|  Xtrackers Harvest CSI 300 China A-Shares ETF (d)(e) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $349,628) | 12000 | **390960** |
|  **SECURITIES LENDING COLLATERAL** – **0.2%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (f)(g) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $356,400) | 356400 | **356400** |
|  **CASH EQUIVALENTS** – **3.3%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (f) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,064,178) | 7064178 | **7064178** |
|  **TOTAL INVESTMENTS** – **100.7%** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $152,587,607) |  | **216326545** |
|  **Other assets and liabilities, net** – **(0.7%)** |  | **(1486938)** |
|  **NET ASSETS** – **100.0%** |  | **214839607** |

---

See Notes to Financial Statements.

**24** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **5/31/2025** | **Purchases Cost<br>($)** | **Sales Proceeds**<br> **($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>11/30/2025** | **Value ($) at <br>11/30/2025** |
|  COMMON STOCKS **—** 0.2% | COMMON STOCKS **—** 0.2% | COMMON STOCKS **—** 0.2% | COMMON STOCKS **—** 0.2% | COMMON STOCKS **—** 0.2% | COMMON STOCKS **—** 0.2% | COMMON STOCKS **—** 0.2% | COMMON STOCKS **—** 0.2% | COMMON STOCKS **—** 0.2% |
|  Germany **—** 0.2% | Germany **—** 0.2% | Germany **—** 0.2% | Germany **—** 0.2% | Germany **—** 0.2% | Germany **—** 0.2% | Germany **—** 0.2% | Germany **—** 0.2% | Germany **—** 0.2% |
|  Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) |
| 305389  | 50593 | (18676) | 1381 | 84564 |  |  | 11920 | 423251 |
|  EXCHANGE-TRADED FUNDS **—** 0.2% | EXCHANGE-TRADED FUNDS **—** 0.2% | EXCHANGE-TRADED FUNDS **—** 0.2% | EXCHANGE-TRADED FUNDS **—** 0.2% | EXCHANGE-TRADED FUNDS **—** 0.2% | EXCHANGE-TRADED FUNDS **—** 0.2% | EXCHANGE-TRADED FUNDS **—** 0.2% | EXCHANGE-TRADED FUNDS **—** 0.2% | EXCHANGE-TRADED FUNDS **—** 0.2% |
|  Xtrackers Harvest CSI 300 China A-Shares ETF (e) | Xtrackers Harvest CSI 300 China A-Shares ETF (e) | Xtrackers Harvest CSI 300 China A-Shares ETF (e) | Xtrackers Harvest CSI 300 China A-Shares ETF (e) | Xtrackers Harvest CSI 300 China A-Shares ETF (e) | Xtrackers Harvest CSI 300 China A-Shares ETF (e) | Xtrackers Harvest CSI 300 China A-Shares ETF (e) | Xtrackers Harvest CSI 300 China A-Shares ETF (e) | Xtrackers Harvest CSI 300 China A-Shares ETF (e) |
| 158040  | 190148 |  |  | 42772 |  |  | 12000 | 390960 |
|  SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (f)(g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (f)(g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (f)(g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (f)(g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (f)(g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (f)(g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (f)(g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (f)(g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (f)(g) |
|  —  | 356,400 (h) |  |  |  | 1712 |  | 356400 | 356400 |
|  CASH EQUIVALENTS **—** 3.3% | CASH EQUIVALENTS **—** 3.3% | CASH EQUIVALENTS **—** 3.3% | CASH EQUIVALENTS **—** 3.3% | CASH EQUIVALENTS **—** 3.3% | CASH EQUIVALENTS **—** 3.3% | CASH EQUIVALENTS **—** 3.3% | CASH EQUIVALENTS **—** 3.3% | CASH EQUIVALENTS **—** 3.3% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (f) | DWS Government Money Market Series "Institutional Shares", 3.94% (f) | DWS Government Money Market Series "Institutional Shares", 3.94% (f) | DWS Government Money Market Series "Institutional Shares", 3.94% (f) | DWS Government Money Market Series "Institutional Shares", 3.94% (f) | DWS Government Money Market Series "Institutional Shares", 3.94% (f) | DWS Government Money Market Series "Institutional Shares", 3.94% (f) | DWS Government Money Market Series "Institutional Shares", 3.94% (f) | DWS Government Money Market Series "Institutional Shares", 3.94% (f) |
| 1734283  | 15469199 | (10139304) |  |  | 75749 |  | 7064178 | 7064178 |
| **2197712**  | **16066340** | **(10157980)** | **1381** | **127336** | **77461** |  | **7444498** | **8234789** |

---

\* Non-income producing security.

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

(b) Investment was valued using significant unobservable inputs.

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

(d) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at November 30, 2025 amounted to $348,840, which is 0.2% of net assets.

(e) Affiliated fund advised by DBX Advisors LLC.

(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.

(h) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2025.

---

| | |
|:---|:---|
|  ADR: | American Depositary Receipt |
|  CPO: | Ordinary Participation Certificates |
|  CVA: | Certificaten Van Aandelen (Dutch Certificate) |
|  GDR: | Global Depositary Receipt |
|  JSC: | Joint Stock Company |
|  KSCP: | Kuwait Shareholding Company Public |
|  NVDR: | Non Voting Depositary Receipt |
|  PJSC: | Public Joint Stock Company |
|  PSQC: | Public Shareholders Qatari Company |
|  QPSC: | Qatari Public Shareholders Company |
|  QSC: | Qatari Shareholders Company |
|  REIT: | Real Estate Investment Trust |
|  SAE: | Societe Anonyme Egyptienne |
|  144A: | Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| <br> Securities are listed in country of domicile. | <br> Securities are listed in country of domicile. |

---

See Notes to Financial Statements.

DBX ETF Trust \| **25** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  MSCI EAFE Index | USD | 24 | 3355325 | 3382680 | 12/19/2025 | 27355 |
|  MSCI Emerging Markets Index | USD | 15 | 1056840 | 1033200 | 12/19/2025 | (23640) |
|  MSCI India Index | USD | 9 | 1155145 | 1171710 | 12/19/2025 | 16565 |
|  S&P/TSX 60 Index Mini | CAD | 9 | 566800 | 593215 | 12/18/2025 | 26415 |
|  **Total net unrealized appreciation** |  |  |  |  |  | **46695** |

---

At November 30, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  RBC Capital Markets | 12/2/2025 | AUD | 143000 | USD | 93646 |  | (19) |
|  RBC Capital Markets | 12/2/2025 | AUD | 382300 | USD | 247259 |  | (3147) |
|  RBC Capital Markets | 12/2/2025 | AUD | 12854600 | USD | 8418079 |  | (1684) |
|  JP Morgan & Chase Co. | 12/2/2025 | CAD | 461000 | USD | 329499 |  | (458) |
|  JP Morgan & Chase Co. | 12/2/2025 | CAD | 12186000 | USD | 8710036 |  | (12006) |
|  RBC Capital Markets | 12/2/2025 | CAD | 704500 | USD | 499746 |  | (4494) |
|  RBC Capital Markets | 12/2/2025 | CAD | 11306100 | USD | 8079248 |  | (13011) |
|  Morgan Stanley Capital | 12/2/2025 | CHF | 376000 | USD | 469733 | 1664 |  |
|  Morgan Stanley Capital | 12/2/2025 | CHF | 9369600 | USD | 11710039 | 46152 |  |
|  Morgan Stanley Capital | 12/2/2025 | CHF | 286600 | USD | 355043 |  | (1735) |
|  JP Morgan & Chase Co. | 12/2/2025 | CNH | 635000 | USD | 89331 |  | (486) |
|  JP Morgan & Chase Co. | 12/2/2025 | CNH | 18293500 | USD | 2573573 |  | (13946) |
|  JP Morgan & Chase Co. | 12/2/2025 | CNH | 556700 | USD | 78594 |  | (148) |
|  RBC Capital Markets | 12/2/2025 | CZK | 2471400 | USD | 117210 |  | (1374) |
|  Morgan Stanley Capital | 12/2/2025 | DKK | 178000 | USD | 27557 |  | (91) |
|  Morgan Stanley Capital | 12/2/2025 | DKK | 15299600 | USD | 2369267 |  | (7112) |
|  Morgan Stanley Capital | 12/2/2025 | DKK | 455200 | USD | 70505 |  | (198) |
|  RBC Capital Markets | 12/2/2025 | EUR | 1161600 | USD | 1343689 |  | (3767) |
|  RBC Capital Markets | 12/2/2025 | EUR | 37785100 | USD | 43680331 |  | (150408) |
|  RBC Capital Markets | 12/2/2025 | EUR | 1708000 | USD | 1974458 |  | (6823) |
|  The Bank of New York Mellon | 12/2/2025 | GBP | 13636800 | USD | 17918032 |  | (143918) |
|  The Bank of New York Mellon | 12/2/2025 | GBP | 425800 | USD | 560450 |  | (3523) |
|  The Bank of New York Mellon | 12/2/2025 | GBP | 842000 | USD | 1106312 |  | (8917) |
|  RBC Capital Markets | 12/2/2025 | HKD | 137698500 | USD | 17726606 | 40755 |  |
|  RBC Capital Markets | 12/2/2025 | HKD | 4050000 | USD | 520859 | 681 |  |
|  JP Morgan & Chase Co. | 12/2/2025 | HUF | 11872000 | USD | 35265 |  | (829) |
|  JP Morgan & Chase Co. | 12/2/2025 | HUF | 56205800 | USD | 166959 |  | (3919) |
|  JP Morgan & Chase Co. | 12/2/2025 | ILS | 2533000 | USD | 778283 | 1766 |  |
|  JP Morgan & Chase Co. | 12/2/2025 | ILS | 172000 | USD | 52845 | 116 |  |
|  The Bank of New York Mellon | 12/2/2025 | JPY | 4124161000 | USD | 26844197 | 430972 |  |
|  The Bank of New York Mellon | 12/2/2025 | JPY | 131265500 | USD | 841214 | 523 |  |
|  The Bank of New York Mellon | 12/2/2025 | JPY | 338867000 | USD | 2205644 | 35367 |  |
|  JP Morgan & Chase Co. | 12/2/2025 | KWD | 136000 | USD | 443358 | 289 |  |
|  Goldman Sachs & Co. | 12/2/2025 | NOK | 7794800 | USD | 770466 | 346 |  |
|  JP Morgan & Chase Co. | 12/2/2025 | NZD | 57000 | USD | 32678 |  | (29) |
|  JP Morgan & Chase Co. | 12/2/2025 | NZD | 362300 | USD | 207708 |  | (180) |

---

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  JP Morgan & Chase Co. | 12/2/2025 | PHP | 15144900 | USD | 257667 |  | (580) |
|  RBC Capital Markets | 12/2/2025 | PLN | 216000 | USD | 58522 |  | (624) |
|  RBC Capital Markets | 12/2/2025 | PLN | 2367000 | USD | 641421 |  | (6726) |
|  JP Morgan & Chase Co. | 12/2/2025 | QAR | 1554600 | USD | 426912 |  | (59) |
|  Citigroup Global Markets | 12/2/2025 | SAR | 7671200 | USD | 2043664 |  | (1198) |
|  Citigroup Global Markets | 12/2/2025 | SAR | 229000 | USD | 61007 |  | (36) |
|  Morgan Stanley Capital | 12/2/2025 | SEK | 1129800 | USD | 118574 |  | (1096) |
|  Morgan Stanley Capital | 12/2/2025 | SEK | 35972600 | USD | 3795862 |  | (14412) |
|  Morgan Stanley Capital | 12/2/2025 | SEK | 2439000 | USD | 257264 |  | (1079) |
|  RBC Capital Markets | 12/2/2025 | SGD | 2217000 | USD | 1707207 |  | (3639) |
|  RBC Capital Markets | 12/2/2025 | SGD | 126000 | USD | 97023 |  | (211) |
|  JP Morgan & Chase Co. | 12/2/2025 | THB | 22112700 | USD | 684427 |  | (2410) |
|  JP Morgan & Chase Co. | 12/2/2025 | THB | 1852000 | USD | 57321 |  | (203) |
|  Goldman Sachs & Co. | 12/2/2025 | TRY | 12957800 | USD | 300940 |  | (3940) |
|  RBC Capital Markets | 12/2/2025 | USD | 8774538 | AUD | 13379900 |  | (10704) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 9072597 | CAD | 12647000 |  | (20599) |
|  RBC Capital Markets | 12/2/2025 | USD | 8616098 | CAD | 12010600 |  | (19598) |
|  The Bank of New York Mellon | 12/2/2025 | USD | 12494178 | CHF | 10032200 |  | (5444) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 2756449 | CNH | 19485200 |  | (370) |
|  RBC Capital Markets | 12/2/2025 | USD | 118652 | CZK | 2471400 |  | (69) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 2475730 | DKK | 15932800 |  | (1001) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 47181121 | EUR | 40654700 |  | (21643) |
|  RBC Capital Markets | 12/2/2025 | USD | 19748595 | GBP | 14904600 |  | (7442) |
|  The Bank of New York Mellon | 12/2/2025 | USD | 18206497 | HKD | 141748500 |  | (468) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 207112 | HUF | 68077800 |  | (140) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 830876 | ILS | 2705000 |  | (1630) |
|  RBC Capital Markets | 12/2/2025 | USD | 29441163 | JPY | 4594293500 |  | (16970) |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 770816 | NOK | 7794800 |  | (697) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 240699 | NZD | 419300 |  | (105) |
|  RBC Capital Markets | 12/2/2025 | USD | 257613 | PHP | 15144900 | 634 |  |
|  RBC Capital Markets | 12/2/2025 | USD | 708555 | PLN | 2583000 |  | (1261) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 4192309 | SEK | 39541400 |  | (4023) |
|  RBC Capital Markets | 12/2/2025 | USD | 1809057 | SGD | 2343000 |  | (977) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 746145 | THB | 23964700 |  | (1785) |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 304764 | TRY | 12957800 | 117 |  |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 2278085 | ZAR | 39017900 | 1997 |  |
|  Goldman Sachs & Co. | 12/2/2025 | ZAR | 36881100 | USD | 2123772 |  | (31442) |
|  Goldman Sachs & Co. | 12/2/2025 | ZAR | 1022000 | USD | 58851 |  | (871) |
|  Goldman Sachs & Co. | 12/2/2025 | ZAR | 1114800 | USD | 64695 |  | (451) |
|  JP Morgan & Chase Co. | 12/3/2025 | BRL | 314000 | USD | 57889 |  | (937) |
|  JP Morgan & Chase Co. | 12/3/2025 | BRL | 363000 | USD | 67388 |  | (617) |
|  JP Morgan & Chase Co. | 12/3/2025 | BRL | 4100100 | USD | 755938 |  | (12189) |
|  RBC Capital Markets | 12/3/2025 | BRL | 7927400 | USD | 1461571 |  | (23575) |
|  Goldman Sachs & Co. | 12/3/2025 | CLP | 224554700 | USD | 238390 |  | (3511) |
|  Goldman Sachs & Co. | 12/3/2025 | CLP | 40250000 | USD | 42730 |  | (629) |
|  JP Morgan & Chase Co. | 12/3/2025 | COP | 340817000 | USD | 87712 |  | (3011) |
|  Citigroup Global Markets | 12/3/2025 | EGP | 1686000 | USD | 35250 | 21 |  |
|  RBC Capital Markets | 12/3/2025 | IDR | 628986000 | USD | 37762 |  | (2) |
|  RBC Capital Markets | 12/3/2025 | IDR | 11572735200 | USD | 695372 | 545 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | INR | 22550800 | USD | 252826 | 753 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | INR | 719962400 | USD | 8096543 | 48807 |  |

---

See Notes to Financial Statements.

DBX ETF Trust \| **27** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  JP Morgan & Chase Co. | 12/3/2025 | INR | 46766000 | USD | 525957 | 3207 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | KRW | 9435591400 | USD | 6630029 | 213024 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | KRW | 2281949000 | USD | 1599022 | 47103 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | KRW | 344633500 | USD | 235137 | 757 |  |
|  Bank of America | 12/3/2025 | MXN | 482000 | USD | 25902 |  | (425) |
|  Bank of America | 12/3/2025 | MXN | 22793300 | USD | 1223840 |  | (21096) |
|  RBC Capital Markets | 12/3/2025 | MYR | 3144400 | USD | 751019 |  | (9961) |
|  JP Morgan & Chase Co. | 12/3/2025 | TWD | 47433000 | USD | 1541634 | 29984 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | TWD | 11986400 | USD | 381210 |  | (786) |
|  RBC Capital Markets | 12/3/2025 | TWD | 360103800 | USD | 11713626 | 237416 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | USD | 893703 | BRL | 4777100 | 1256 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 1483383 | BRL | 7927400 | 1764 |  |
|  Goldman Sachs & Co. | 12/3/2025 | USD | 285076 | CLP | 264804700 | 183 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | USD | 91006 | COP | 340817000 |  | (283) |
|  Citigroup Global Markets | 12/3/2025 | USD | 35341 | EGP | 1686000 |  | (111) |
|  RBC Capital Markets | 12/3/2025 | USD | 730459 | IDR | 12201721200 | 2132 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 8819757 | INR | 789279200 | 2802 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 8206163 | KRW | 12062173900 |  | (2860) |
|  Bank of America | 12/3/2025 | USD | 1270158 | MXN | 23275300 | 1104 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 762457 | MYR | 3144400 |  | (1477) |
|  RBC Capital Markets | 12/3/2025 | USD | 11469735 | TWD | 360103800 | 6475 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 1892579 | TWD | 59419400 | 1068 |  |
|  Citigroup Global Markets | 12/8/2025 | AED | 219000 | USD | 59629 | 2 |  |
|  Citigroup Global Markets | 12/8/2025 | AED | 1439400 | USD | 391924 | 17 |  |
|  JP Morgan & Chase Co. | 12/8/2025 | AED | 1978200 | USD | 538614 | 7 |  |
|  Citigroup Global Markets | 12/8/2025 | USD | 451531 | AED | 1658400 | 3 |  |
|  JP Morgan & Chase Co. | 12/8/2025 | USD | 538607 | AED | 1978200 |  |  |
|  Citigroup Global Markets | 1/5/2026 | AED | 1658400 | USD | 451542 |  | (18) |
|  JP Morgan & Chase Co. | 1/5/2026 | AED | 1978200 | USD | 538586 |  | (51) |
|  RBC Capital Markets | 1/5/2026 | AUD | 13379900 | USD | 8776947 | 10486 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | CAD | 12647000 | USD | 9088293 | 18583 |  |
|  RBC Capital Markets | 1/5/2026 | CAD | 12010600 | USD | 8631169 | 17850 |  |
|  RBC Capital Markets | 1/5/2026 | CAD | 775000 | USD | 556931 | 1145 |  |
|  The Bank of New York Mellon | 1/5/2026 | CHF | 10032200 | USD | 12545896 |  | (2055) |
|  The Bank of New York Mellon | 1/5/2026 | CHF | 219000 | USD | 273855 |  | (63) |
|  RBC Capital Markets | 1/5/2026 | CZK | 2471400 | USD | 118749 | 46 |  |
|  Morgan Stanley Capital | 1/5/2026 | DKK | 15932800 | USD | 2481240 | 349 |  |
|  Morgan Stanley Capital | 1/5/2026 | EUR | 40654700 | USD | 47269342 | 13763 |  |
|  RBC Capital Markets | 1/5/2026 | GBP | 14904600 | USD | 19749012 | 7724 |  |
|  The Bank of New York Mellon | 1/5/2026 | HKD | 141748500 | USD | 18224521 |  | (1707) |
|  JP Morgan & Chase Co. | 1/5/2026 | HUF | 68077800 | USD | 206686 | 221 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | ILS | 117000 | USD | 35945 | 63 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | ILS | 2705000 | USD | 831101 | 1524 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | KWD | 136000 | USD | 443320 |  | (211) |
|  Bank of America | 1/5/2026 | MXN | 23275300 | USD | 1265826 |  | (946) |
|  Goldman Sachs & Co. | 1/5/2026 | NOK | 7794800 | USD | 770740 | 708 |  |
|  RBC Capital Markets | 1/5/2026 | PHP | 15144900 | USD | 257372 |  | (667) |
|  RBC Capital Markets | 1/5/2026 | PLN | 2583000 | USD | 708252 | 1239 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | QAR | 1554600 | USD | 426596 |  | (343) |
|  Citigroup Global Markets | 1/5/2026 | SAR | 7900200 | USD | 2103782 | 265 |  |
|  Morgan Stanley Capital | 1/5/2026 | SEK | 39541400 | USD | 4201178 | 3339 |  |

---

See Notes to Financial Statements.

**28** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  RBC Capital Markets | 1/5/2026 | SGD | 67000 | USD | 51864 | 15 |  |
|  RBC Capital Markets | 1/5/2026 | SGD | 2343000 | USD | 1813713 | 546 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | THB | 23964700 | USD | 747289 | 685 |  |
|  Goldman Sachs & Co. | 1/5/2026 | TRY | 12957800 | USD | 296799 | 848 |  |
|  Citigroup Global Markets | 1/5/2026 | USD | 75968 | AED | 279000 |  |  |
|  RBC Capital Markets | 1/5/2026 | USD | 389660 | AUD | 594000 |  | (474) |
|  Morgan Stanley Capital | 1/5/2026 | USD | 283579 | EUR | 244000 | 38 |  |
|  RBC Capital Markets | 1/5/2026 | USD | 208025 | GBP | 157000 |  | (77) |
|  The Bank of New York Mellon | 1/5/2026 | USD | 111848 | HKD | 870000 | 18 |  |
|  Citigroup Global Markets | 1/5/2026 | USD | 145694 | SAR | 547000 |  | (49) |
|  Morgan Stanley Capital | 1/5/2026 | USD | 34945 | SEK | 329000 |  | (17) |
|  Goldman Sachs & Co. | 1/5/2026 | USD | 14957 | TRY | 653000 |  | (43) |
|  Goldman Sachs & Co. | 1/5/2026 | ZAR | 39017900 | USD | 2272274 |  | (1443) |
|  Goldman Sachs & Co. | 1/5/2026 | ZAR | 789000 | USD | 45949 |  | (29) |
|  JP Morgan & Chase Co. | 1/6/2026 | BRL | 4777100 | USD | 887460 |  | (664) |
|  RBC Capital Markets | 1/6/2026 | BRL | 963000 | USD | 178810 |  | (224) |
|  RBC Capital Markets | 1/6/2026 | BRL | 7927400 | USD | 1472732 |  | (1073) |
|  Goldman Sachs & Co. | 1/6/2026 | CLP | 264804700 | USD | 285236 |  | (180) |
|  JP Morgan & Chase Co. | 1/6/2026 | CNH | 19485200 | USD | 2762865 |  | (604) |
|  JP Morgan & Chase Co. | 1/6/2026 | COP | 340817000 | USD | 90583 | 245 |  |
|  RBC Capital Markets | 1/6/2026 | IDR | 12201721200 | USD | 729819 |  | (2565) |
|  RBC Capital Markets | 1/6/2026 | INR | 7515000 | USD | 83915 | 67 |  |
|  RBC Capital Markets | 1/6/2026 | INR | 789279200 | USD | 8800149 |  | (6107) |
|  RBC Capital Markets | 1/6/2026 | JPY | 4594293500 | USD | 29547918 | 2462 |  |
|  RBC Capital Markets | 1/6/2026 | JPY | 60669000 | USD | 390179 | 23 |  |
|  RBC Capital Markets | 1/6/2026 | KRW | 12062173900 | USD | 8218438 | 69 |  |
|  RBC Capital Markets | 1/6/2026 | MYR | 3144400 | USD | 762637 | 726 |  |
|  JP Morgan & Chase Co. | 1/6/2026 | NZD | 419300 | USD | 241037 | 30 |  |
|  RBC Capital Markets | 1/6/2026 | TWD | 360103800 | USD | 11446038 |  | (57929) |
|  RBC Capital Markets | 1/6/2026 | TWD | 59419400 | USD | 1888669 |  | (9559) |
|  JP Morgan & Chase Co. | 1/6/2026 | USD | 409664 | CNH | 2889000 | 65 |  |
|  RBC Capital Markets | 1/6/2026 | USD | 245387 | KRW | 359436000 |  | (491) |
|  RBC Capital Markets | 1/6/2026 | USD | 515589 | TWD | 16175000 | 1142 |  |
|  Citigroup Global Markets | 1/8/2026 | EGP | 1686000 | USD | 34826 | 26 |  |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **1244119** | **(735184)** |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| **29** 

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

#### Currency Abbreviations

---

| | |
|:---|:---|
|  AED | Arab Emirates Dirham |
|  AUD | Australian Dollar |
|  BRL | Brazilian Real |
|  CAD | Canadian Dollar |
|  CHF | Swiss Franc |
|  CLP | Chilean Peso |
|  CNH | Chinese Yuan |
|  COP | Colombian Peso |
|  CZK | Czech Koruna |
|  DKK | Danish Krone |
|  EGP | Egyptian Pound |
|  EUR | Euro |
|  GBP | Pound Sterling |
|  HKD | Hong Kong Dollar |
|  HUF | Hungarian Forint |
|  IDR | Indonesian Rupiah |
|  ILS | Israeli Shekel |
|  INR | Indian Rupee |
|  JPY | Japanese Yen |
|  KRW | South Korean Won |
|  KWD | Kuwaiti Dinar |
|  MXN | Mexican Peso |
|  MYR | Malaysian Ringgit |
|  NOK | Norwegian Krone |
|  NZD | New Zealand Dollar |
|  PHP | Philippine Peso |
|  PLN | Polish Zloty |
|  QAR | Qatari Rial |
|  SAR | Saudi Riyal |
|  SEK | Swedish Krona |
|  SGD | Singapore Dollar |
|  THB | Thai Baht |
|  TRY | Turkish Lira |
|  TWD | New Taiwan Dollar |
|  USD | U.S. Dollar |
|  ZAR | South African Rand |

---

See Notes to Financial Statements.

**30** \| DBX ETF Trust

------

Schedule of Investments

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

November 30, 2025 (Unaudited)

#### 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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks (a) | $206935415 | $— | $29810 | $206965225 |
|  Preferred Stocks (a) | 1548414 |  | 526 | 1548940 |
|  Rights (a) | 480 | 357 |  | 837 |
|  Warrants (a) | 5 |  |  | 5 |
|  Exchange-Traded Funds | 390960 |  |  | 390960 |
|  Short-Term Investments (a) | 7420578 |  |  | 7420578 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 1244119 |  | 1244119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 70335 |  |  | 70335 |
|  **TOTAL** | $**216366187** | $**1244476** | $**30336** | $**217640999** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(735184) | $— | $(735184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (23640) |  |  | (23640) |
|  **TOTAL** | $**(23640)** | $**(735184)** | $**—** | $**(758824)** |

---

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

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

During the period ended November 30, 2025, the amount of transfers from Level 3 to Level 1 was $12,073. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. The amount of transfers from Level 1 to Level 3 was $24,230. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust \| **31** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** |
|  **Australia – 6.2%** |  |  |
|  ANZ Group Holdings Ltd. | 1247979 | 28315646 |
|  APA Group (a) | 591548 | 3587916 |
|  Aristocrat Leisure Ltd. | 228448 | 8729615 |
|  ASX Ltd. | 76458 | 2914656 |
|  BHP Group Ltd. | 2115651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57744263 |
|  Brambles Ltd. | 555065 | 8747436 |
|  CAR Group Ltd. | 176080 | 4010108 |
|  Cochlear Ltd. | 26860 | 4909587 |
|  Coles Group Ltd. | 570089 | 8334474 |
|  Commonwealth Bank of |  |  |
|  Australia | 697059 | 69632049 |
|  Computershare Ltd. | 208335 | 4898894 |
|  CSL Ltd. | 202643 | 24727817 |
|  Evolution Mining Ltd. | 866895 | 6745657 |
|  Fortescue Ltd. | 713208 | 10001708 |
|  Goodman Group REIT | 868947 | 16892678 |
|  Insurance Australia Group Ltd. | 967269 | 4916435 |
|  Lottery Corp. Ltd. | 889308 | 3186257 |
|  Lynas Rare Earths Ltd. \* | 367871 | 3486626 |
|  Macquarie Group Ltd. | 152994 | 19745590 |
|  Medibank Pvt Ltd. | 1139145 | 3544165 |
|  National Australia Bank Ltd. | 1278776 | 33587692 |
|  Northern Star Resources Ltd. | 567914 | 10103077 |
|  Origin Energy Ltd. | 696354 | 5327387 |
|  Pro Medicus Ltd. | 23411 | 4087179 |
|  Qantas Airways Ltd. | 278542 | 1820801 |
|  QBE Insurance Group Ltd. | 611344 | 7708284 |
|  REA Group Ltd. | 21015 | 2696667 |
|  Rio Tinto Ltd. | 158988 | 13775261 |
|  Santos Ltd. | 1298238 | 5476228 |
|  Scentre Group REIT | 2121722 | 5670090 |
|  SGH Ltd. | 82371 | 2551438 |
|  Sigma Healthcare Ltd. | 2035748 | 3840235 |
|  Sonic Healthcare Ltd. | 182565 | 2789803 |
|  South32 Ltd. | 1821877 | 3842521 |
|  Stockland REIT | 980540 | 3866367 |
|  Suncorp Group Ltd. | 443759 | 5104028 |
|  Telstra Group Ltd. | 1690507 | 5447828 |
|  Transurban Group (a) | 1285517 | 12571264 |
|  Vicinity Ltd. REIT | 1615455 | 2602983 |
|  Washington H Soul Pattinson & |  |  |
|  Co. Ltd. | 139790 | 3462892 |
|  Wesfarmers Ltd. | 476973 | 25580731 |
|  Westpac Banking Corp. | 1427739 | 35153006 |
|  WiseTech Global Ltd. | 80594 | 3854658 |
|  Woodside Energy Group Ltd. | 798045 | 13031397 |
|  Woolworths Group Ltd. | 508488 | 9765309 |
|  (Cost $440,604,037) |  | **518788703** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **Austria – 0.3%** |  |  |
|  Erste Group Bank AG | 127033 | 13873790 |
|  OMV AG | 61822 | 3419302 |
|  Raiffeisen Bank International AG | 53434 | 2165703 |
|  Verbund AG | 30185 | 2223428 |
|  (Cost $11,835,257) |  | **21682223** |
|  **Belgium – 0.9%** |  |  |
|  Ageas SA/NV | 65436 | 4470852 |
|  Anheuser-Busch InBev SA/NV | 412318 | 25358890 |
|  D'ieteren Group | 8922 | 1552429 |
|  Elia Group SA/NV | 17645 | 2130741 |
|  Financiere de Tubize SA | 8135 | 1981687 |
|  Groupe Bruxelles Lambert NV | 36511 | 3157400 |
|  KBC Group NV | 96503 | 11882807 |
|  Lotus Bakeries NV | 172 | 1544285 |
|  Sofina SA | 6601 | 1862222 |
|  Syensqo SA | 28364 | 2311713 |
|  UCB SA | 52928 | 14765861 |
|  (Cost $55,926,155) |  | **71018887** |
|  **Chile – 0.1%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $3,109,369) | 168006 | **6137214** |
|  **China – 0.0%** |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. |  |  |
|  (Cost $1,937,665) | 984200 | **2544330** |
|  **Denmark – 1.9%** |  |  |
|  A.P. Moller – Maersk A/S, Class A (b) | 1076 | 2155944 |
|  A.P. Moller – Maersk A/S, Class B (b) | 1762 | 3523617 |
|  Carlsberg AS, Class B | 38555 | 4788385 |
|  Coloplast A/S, Class B | 51802 | 4673139 |
|  Danske Bank A/S | 284537 | 13081754 |
|  Demant A/S \* | 37011 | 1260105 |
|  DSV A/S | 85836 | 19565147 |
|  Genmab A/S \* | 25752 | 8155747 |
|  Novo Nordisk A/S, Class B (b) | 1342495 | 66100916 |
|  Novonesis (Novozymes) B, Class B | 146174 | 9117995 |
|  Orsted AS, 144A \* | 211050 | 4482788 |
|  Pandora A/S | 31474 | 3760337 |
|  ROCKWOOL A/S, Class B | 39145 | 1322121 |
|  Tryg A/S | 140521 | 3481268 |
|  Vestas Wind Systems A/S | 422760 | 10056490 |
|  (Cost $143,345,603) |  | **155525753** |
|  **Finland – 1.1%** |  |  |
|  Elisa OYJ (b) | 59652 | 2610087 |
|  Fortum OYJ | 176099 | 3614645 |
|  Kesko OYJ, Class B (b) | 108204 | 2303232 |
|  Kone OYJ, Class B | 141019 | 9576098 |

---

See Notes to Financial Statements.

**32** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Metso Corp. | 284917 | 4686545 |
|  Neste OYJ | 172133 | 3322582 |
|  Nokia OYJ | 2209022 | 13432451 |
|  Nordea Bank Abp | 1278800 | 22607150 |
|  Orion OYJ, Class B | 42821 | 3062303 |
|  Sampo OYJ, Class A | 1003634 | 11799330 |
|  Stora Enso OYJ, Class R | 240060 | 2820898 |
|  UPM-Kymmene OYJ | 218548 | 5960157 |
|  Wartsila OYJ Abp | 216720 | 7016444 |
|  (Cost $69,751,785) |  | **92811922** |
|  **France – 10.3%** |  |  |
|  Accor SA | 78389 | 4239217 |
|  Aeroports de Paris SA | 14880 | 2180040 |
|  Air Liquide SA | 241186 | 46196598 |
|  Airbus SE | 247552 | 58709959 |
|  Alstom SA \* | 137902 | 3605643 |
|  Amundi SA, 144A | 25048 | 2004843 |
|  AXA SA | 723529 | 32648540 |
|  BioMerieux | 16643 | 2083106 |
|  BNP Paribas SA | 418908 | 35808443 |
|  Bollore SE | 296517 | 1644128 |
|  Bouygues SA | 74990 | 3742243 |
|  Bureau Veritas SA | 147820 | 4729178 |
|  Capgemini SE | 66226 | 10355633 |
|  Carrefour SA | 240421 | 3699456 |
|  Cie de Saint-Gobain SA | 185580 | 18500554 |
|  Cie Generale des Etablissements Michelin SCA | 283423 | 9254900 |
|  Covivio SA REIT | 28694 | 1853978 |
|  Credit Agricole SA | 445549 | 8538149 |
|  Danone SA | 270291 | 24142405 |
|  Dassault Aviation SA | 8150 | 2558254 |
|  Dassault Systemes SE | 272115 | 7610408 |
|  Edenred SE | 94975 | 2037063 |
|  Eiffage SA | 28222 | 3895767 |
|  Engie SA | 757688 | 19248316 |
|  EssilorLuxottica SA | 125713 | 45016844 |
|  FDJ UNITED | 44467 | 1251373 |
|  Gecina SA REIT | 19588 | 1815495 |
|  Getlink SE | 123431 | 2230745 |
|  Hermes International SCA | 13218 | 32199065 |
|  Ipsen SA | 14851 | 2141337 |
|  Kering SA | 30561 | 10379988 |
|  Klepierre SA REIT | 87854 | 3420123 |
|  Legrand SA | 109966 | 16653040 |
|  L'Oreal SA | 100229 | 43669398 |
|  LVMH Moet Hennessy Louis Vuitton SE | 104094 | 76736056 |
|  Orange SA | 775321 | 12762101 |
|  Pernod Ricard SA | 82805 | 7451858 |
|  Publicis Groupe SA | 93556 | 9113931 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Renault SA | 76210 | 3047274 |
|  Rexel SA | 98797 | 3757884 |
|  Safran SA | 150222 | 50586985 |
|  Sanofi SA | 461080 | 45869001 |
|  Sartorius Stedim Biotech | 11289 | 2714645 |
|  Schneider Electric SE | 228387 | 61198614 |
|  Societe Generale SA | 291588 | 20274241 |
|  Sodexo SA | 37177 | 1963928 |
|  Thales SA | 38915 | 10174877 |
|  TotalEnergies SE | 827043 | 54492239 |
|  Unibail-Rodamco-Westfield REIT \* | 49878 | 5300997 |
|  Veolia Environnement SA | 263638 | 8957475 |
|  Vinci SA | 208558 | 29575626 |
|  (Cost $598,687,054) |  | **872041961** |
|  **Germany – 9.1%** |  |  |
|  adidas AG | 71877 | 13373729 |
|  Allianz SE | 160696 | 69399498 |
|  BASF SE | 376444 | 19606720 |
|  Bayer AG | 413715 | 14630046 |
|  Bayerische Motoren Werke AG | 116428 | 11890379 |
|  Beiersdorf AG | 40479 | 4350912 |
|  Brenntag SE | 50497 | 2896610 |
|  Commerzbank AG | 299021 | 11751771 |
|  Continental AG | 44333 | 3319054 |
|  CTS Eventim AG & Co. KGaA | 24919 | 2438226 |
|  Daimler Truck Holding AG | 199771 | 8451357 |
|  Delivery Hero SE, 144A \* | 77159 | 1799040 |
|  Deutsche Bank AG (c) | 774292 | 27493265 |
|  Deutsche Boerse AG | 78897 | 21095491 |
|  Deutsche Lufthansa AG | 254465 | 2441135 |
|  Deutsche Post AG | 400770 | 20841173 |
|  Deutsche Telekom AG | 1530419 | 49281967 |
|  E.ON SE | 935508 | 16657664 |
|  Evonik Industries AG | 109109 | 1679538 |
|  Fresenius Medical Care AG | 89871 | 4300330 |
|  Fresenius SE & Co. KGaA | 172669 | 9480017 |
|  GEA Group AG | 59135 | 4006044 |
|  Hannover Rueck SE | 25054 | 7538853 |
|  Heidelberg Materials AG | 56225 | 14433415 |
|  Henkel AG & Co. KGaA | 42629 | 3199393 |
|  Hensoldt AG | 27344 | 2167997 |
|  HOCHTIEF AG | 6312 | 2231722 |
|  Infineon Technologies AG | 545747 | 22999319 |
|  Knorr-Bremse AG | 28281 | 2998466 |
|  LEG Immobilien SE | 30300 | 2277592 |
|  Mercedes-Benz Group AG | 301658 | 20351549 |
|  Merck KGaA | 55189 | 7426236 |
|  MTU Aero Engines AG | 22762 | 9302106 |
|  Muenchener<br>Rueckversicherungs-<br>Gesellschaft AG in Muenchen | 54387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34320391 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **33** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Nemetschek SE | 24830 | 2772271 |
|  Rational AG | 2192 | 1637512 |
|  Rheinmetall AG | 19181 | 32941084 |
|  RWE AG | 263871 | 13388400 |
|  SAP SE | 434559 | &nbsp;&nbsp;&nbsp;&nbsp;105127701 |
|  Scout24 SE, 144A | 30161 | 3082335 |
|  Siemens AG | 316775 | 83890935 |
|  Siemens Energy AG \* | 322822 | 43176820 |
|  Siemens Healthineers AG, 144A | 136732 | 6794818 |
|  Symrise AG | 54489 | 4515528 |
|  Talanx AG | 27476 | 3569684 |
|  Vonovia SE | 319761 | 9688508 |
|  Zalando SE, 144A \* | 90678 | 2440328 |
|  (Cost $505,806,781) |  | **763456929** |
|  **Hong Kong** – **2.2%** |  |  |
|  AIA Group Ltd. | 4387046 | 45415488 |
|  BOC Hong Kong Holdings Ltd. | 1513755 | 7283165 |
|  CK Asset Holdings Ltd. | 768362 | 3939609 |
|  CK Hutchison Holdings Ltd. | 1148732 | 8107429 |
|  CK Infrastructure Holdings Ltd. | 257925 | 1785579 |
|  CLP Holdings Ltd. | 665211 | 5809852 |
|  Futu Holdings Ltd., ADR | 23979 | 4068277 |
|  Galaxy Entertainment Group Ltd. | 852169 | 4404336 |
|  Hang Seng Bank Ltd. | 315384 | 6165255 |
|  Henderson Land Development Co. Ltd. | 578762 | 2181006 |
|  HKT Trust & HKT Ltd. (a) | 1476205 | 2256266 |
|  Hong Kong & China Gas Co. Ltd. | 4488716 | 4174048 |
|  Hong Kong Exchanges & Clearing Ltd. | 508437 | 26839581 |
|  Hongkong Land Holdings Ltd. | 444646 | 2823502 |
|  Jardine Matheson Holdings Ltd. | 65547 | 4299883 |
|  Link REIT | 1046735 | 4958204 |
|  MTR Corp. Ltd. | 650093 | 2578396 |
|  Power Assets Holdings Ltd. | 600881 | 4017038 |
|  Prudential PLC | 1060213 | 15355505 |
|  Sino Land Co. Ltd. | 1589095 | 2130822 |
|  SITC International Holdings Co. Ltd. | 557991 | 1916396 |
|  Sun Hung Kai Properties Ltd. | 593799 | 7519919 |
|  Swire Pacific Ltd., Class A | 141074 | 1209470 |
|  Techtronic Industries Co. Ltd. | 598053 | 6997692 |
|  WH Group Ltd., 144A | 3319175 | 3470175 |
|  Wharf Holdings Ltd. | 420140 | 1273511 |
|  Wharf Real Estate Investment Co. Ltd. | 707017 | 2230257 |
|  (Cost $147,181,523) |  | **183210661** |
|  **Ireland** – **0.8%** |  |  |
|  AerCap Holdings NV | 72911 | 9770074 |
|  AIB Group PLC | 880029 | 9034383 |
|  Bank of Ireland Group PLC | 406369 | 7523357 |
|  DCC PLC | 38483 | 2545480 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Experian PLC | 378157 | 16643884 |
|  Kerry Group PLC, Class A | 67533 | 6263149 |
|  Kingspan Group PLC | 62010 | 5312151 |
|  Ryanair Holdings PLC | 339908 | 11126962 |
|  (Cost $46,251,168) |  | **68219440** |
|  **Israel** – **1.0%** |  |  |
|  Azrieli Group Ltd. | 18156 | 1837307 |
|  Bank Hapoalim BM | 526462 | 11341044 |
|  Bank Leumi Le-Israel BM | 623422 | 13015033 |
|  Check Point Software |  |  |
|  Technologies Ltd. \* | 35010 | 6538818 |
|  CyberArk Software Ltd. \* | 21904 | 10044955 |
|  Elbit Systems Ltd. | 11253 | 5263589 |
|  ICL Group Ltd. | 291634 | 1609262 |
|  Israel Discount Bank Ltd., Class A | 509573 | 5311306 |
|  Mizrahi Tefahot Bank Ltd. | 65757 | 4586057 |
|  Monday.com Ltd. \* | 18408 | 2648175 |
|  Nice Ltd. \* | 26215 | 2728385 |
|  Nova Ltd. \* | 12752 | 3965942 |
|  Phoenix Financial Ltd. | 97969 | 3928371 |
|  Teva Pharmaceutical Industries Ltd., ADR \* | 479010 | 12880579 |
|  Wix.com Ltd. \* | 21239 | 2032785 |
|  (Cost $53,975,776) |  | **87731608** |
|  **Italy** – **3.0%** |  |  |
|  Banca Mediolanum SpA | 87147 | 1864110 |
|  Banca Monte dei Paschi di Siena SpA | 804549 | 7609010 |
|  Banco BPM SpA (b) | 460263 | 6628435 |
|  BPER Banca SPA | 600008 | 7224580 |
|  Buzzi SpA | 31291 | 1927402 |
|  Davide Campari-Milano NV | 237343 | 1615016 |
|  Enel SpA | 3393136 | 35062243 |
|  Eni SpA | 851832 | 15940443 |
|  Ferrari NV | 52650 | 20630808 |
|  FinecoBank Banca Fineco SpA | 248186 | 6088999 |
|  Generali | 350345 | 13890766 |
|  Infrastrutture Wireless Italiane SpA, 144A (b) | 113897 | 1041771 |
|  Intesa Sanpaolo SpA | 5988576 | 38804556 |
|  Leonardo SpA | 163520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898044 |
|  Moncler SpA | 95252 | 6421817 |
|  Nexi SpA, 144A | 209016 | 974442 |
|  Poste Italiane SpA, 144A | 186327 | 4454634 |
|  Prysmian SpA | 114890 | 11501414 |
|  Recordati Industria Chimica e Farmaceutica SpA | 50695 | 2993237 |
|  Snam SpA | 812322 | 5403114 |
|  Telecom Italia SpA \* | 4544807 | 2555855 |
|  Terna - Rete Elettrica Nazionale | 575971 | 6071936 |
|  UniCredit SpA | 586461 | 43600115 |

---

See Notes to Financial Statements.

**34** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Unipol Assicurazioni SpA | 145481 | 3333815 |
|  (Cost $144,595,303) |  | **254536562** |
|  **Japan** – **22.2%** |  |  |
|  Advantest Corp. | 319199 | 42061736 |
|  Aeon Co. Ltd. | 916900 | 16603912 |
|  AGC, Inc. | 81600 | 2822605 |
|  Aisin Corp. | 215162 | 3830859 |
|  Ajinomoto Co., Inc. | 365994 | 8492355 |
|  ANA Holdings, Inc. | 64900 | 1224720 |
|  Asahi Group Holdings Ltd. | 656810 | 7624364 |
|  Asahi Kasei Corp. | 516200 | 4311034 |
|  Asics Corp. | 296680 | 7108235 |
|  Astellas Pharma, Inc. | 768763 | 9694469 |
|  Bandai Namco Holdings, Inc. | 239200 | 7011774 |
|  Bridgestone Corp. | 244290 | 11457254 |
|  Canon, Inc. | 357286 | 10539640 |
|  Capcom Co. Ltd. | 142000 | 3476790 |
|  Central Japan Railway Co. | 323870 | 8852806 |
|  Chiba Bank Ltd. | 216300 | 2278118 |
|  Chubu Electric Power Co., Inc. | 292609 | 4572601 |
|  Chugai Pharmaceutical Co. Ltd. | 276100 | 14807618 |
|  Dai Nippon Printing Co. Ltd. | 159600 | 2698501 |
|  Daifuku Co. Ltd. | 129263 | 4090486 |
|  Dai-ichi Life Holdings, Inc. | 1474252 | 11504906 |
|  Daiichi Sankyo Co. Ltd. | 752188 | 18614413 |
|  Daikin Industries Ltd. | 111036 | 14425293 |
|  Daito Trust Construction Co. Ltd. | 120765 | 2309493 |
|  Daiwa House Industry Co. Ltd. | 243818 | 8318294 |
|  Daiwa Securities Group, Inc. | 549887 | 4558913 |
|  Denso Corp. | 732612 | 9663215 |
|  Disco Corp. | 37900 | 10614621 |
|  East Japan Railway Co. | 407493 | 10559220 |
|  Ebara Corp. | 187700 | 4914292 |
|  Eisai Co. Ltd. | 107452 | 3370004 |
|  ENEOS Holdings, Inc. | 1084528 | 7143826 |
|  FANUC Corp. | 391185 | 12591878 |
|  Fast Retailing Co. Ltd. | 79869 | 29228351 |
|  Fuji Electric Co. Ltd. | 57300 | 3992724 |
|  FUJIFILM Holdings Corp. | 473472 | 10188715 |
|  Fujikura Ltd. | 103300 | 11875464 |
|  Fujitsu Ltd. | 722820 | 19197736 |
|  Hankyu Hanshin Holdings, Inc. | 94640 | 2376607 |
|  Hikari Tsushin, Inc. | 7400 | 2058768 |
|  Hitachi Ltd. | 1909285 | 60748866 |
|  Honda Motor Co. Ltd. | 1551303 | 15618345 |
|  Hoya Corp. | 141274 | 21217339 |
|  Hulic Co. Ltd. | 186500 | 2057424 |
|  Idemitsu Kosan Co. Ltd. | 327720 | 2428411 |
|  IHI Corp. | 425200 | 7585466 |
|  Inpex Corp. | 381507 | 8138849 |
|  Isuzu Motors Ltd. | 218100 | 3315360 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  ITOCHU Corp. | 496520 | 29764488 |
|  Japan Airlines Co. Ltd. | 65373 | 1219621 |
|  Japan Exchange Group, Inc. | 411256 | 4718619 |
|  Japan Post Bank Co. Ltd. | 724958 | 8717232 |
|  Japan Post Holdings Co. Ltd. | 768260 | 7552703 |
|  Japan Post Insurance Co. Ltd. | 67900 | 1889493 |
|  Japan Tobacco, Inc. | 494341 | 18574988 |
|  JFE Holdings, Inc. | 235685 | 2890590 |
|  JX Advanced Metals Corp. | 226200 | 2417880 |
|  Kajima Corp. | 170200 | 6344076 |
|  Kansai Electric Power Co., Inc. | 388567 | 6642022 |
|  Kao Corp. | 189804 | 7675307 |
|  Kawasaki Heavy Industries Ltd. | 63900 | 4044190 |
|  Kawasaki Kisen Kaisha Ltd. | 130300 | 1734524 |
|  KDDI Corp. | 1225720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21112937 |
|  Keyence Corp. | 81472 | 27727822 |
|  Kikkoman Corp. | 280110 | 2565373 |
|  Kioxia Holdings Corp. \* | 54800 | 3301196 |
|  Kirin Holdings Co. Ltd. | 315823 | 4962673 |
|  Kobe Bussan Co. Ltd. | 61600 | 1496011 |
|  Komatsu Ltd. | 403336 | 13230991 |
|  Konami Group Corp. | 39966 | 6100869 |
|  Kubota Corp. | 404581 | 5840435 |
|  Kyocera Corp. | 545316 | 7463432 |
|  Kyowa Kirin Co. Ltd. | 98300 | 1656066 |
|  Lasertec Corp. | 32700 | 5880722 |
|  LY Corp. | 1155800 | 3112680 |
|  M3, Inc. | 173842 | 2869161 |
|  Makita Corp. | 89400 | 2597719 |
|  Marubeni Corp. | 596805 | 15743818 |
|  MatsukiyoCocokara & Co. | 133000 | 2461701 |
|  MINEBEA MITSUMI, Inc. | 148020 | 3006093 |
|  Mitsubishi Chemical Group Corp. | 519900 | 2934468 |
|  Mitsubishi Corp. | 1327975 | 31485612 |
|  Mitsubishi Electric Corp. | 779979 | 21095500 |
|  Mitsubishi Estate Co. Ltd. | 434351 | 10250951 |
|  Mitsubishi HC Capital, Inc. | 339600 | 2717626 |
|  Mitsubishi Heavy Industries Ltd. | 1337111 | 33800289 |
|  Mitsubishi UFJ Financial Group, Inc. | 4777548 | 74153885 |
|  Mitsui & Co. Ltd. | 1033132 | 27439467 |
|  Mitsui Fudosan Co. Ltd. | 1111103 | 13047312 |
|  Mitsui OSK Lines Ltd. | 138700 | 3937858 |
|  Mizuho Financial Group, Inc. | 1039931 | 36451533 |
|  MonotaRO Co. Ltd. | 100000 | 1468234 |
|  MS&AD Insurance Group Holdings, Inc. | 542613 | 12041463 |
|  Murata Manufacturing Co. Ltd. | 694531 | 14291841 |
|  NEC Corp. | 540878 | 20406765 |
|  Nexon Co. Ltd. | 141045 | 3431728 |
|  Nidec Corp. | 346592 | 4370691 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **35** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Nintendo Co. Ltd. | 461359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39239449 |
|  Nippon Building Fund, Inc. REIT | 3206 | 3065555 |
|  Nippon Paint Holdings Co. Ltd. | 384610 | 2507576 |
|  Nippon Sanso Holdings Corp. | 68600 | 2233212 |
|  Nippon Steel Corp. | 2064184 | 8353771 |
|  Nippon Yusen KK | 177400 | 5623991 |
|  Nissan Motor Co. Ltd. \* | 918642 | 2260422 |
|  Nitori Holdings Co. Ltd. (b) | 166905 | 2888288 |
|  Nitto Denko Corp. | 292720 | 7238324 |
|  Nomura Holdings, Inc. | 1296019 | 9773680 |
|  Nomura Research Institute Ltd. | 158143 | 6313971 |
|  NTT, Inc. | 12662915 | 12635341 |
|  Obayashi Corp. | 269000 | 5485436 |
|  Obic Co. Ltd. | 136200 | 4380661 |
|  Olympus Corp. | 489716 | 6586420 |
|  Oracle Corp. | 16600 | 1427277 |
|  Oriental Land Co. Ltd. | 436800 | 8412051 |
|  ORIX Corp. | 476546 | 12949819 |
|  Osaka Gas Co. Ltd. | 149600 | 5254300 |
|  Otsuka Corp. | 93700 | 1852516 |
|  Otsuka Holdings Co. Ltd. | 178867 | 10133582 |
|  Pan Pacific International Holdings Corp. | 786160 | 4768619 |
|  Panasonic Holdings Corp. | 969385 | 12177845 |
|  Rakuten Group, Inc. \* | 623786 | 3813268 |
|  Recruit Holdings Co. Ltd. | 589018 | 30201602 |
|  Renesas Electronics Corp. | 718000 | 8514007 |
|  Resona Holdings, Inc. | 839525 | 8546337 |
|  Ryohin Keikaku Co. Ltd. | 204100 | 4050890 |
|  Sanrio Co. Ltd. | 75300 | 2692937 |
|  SBI Holdings, Inc. | 236050 | 4970747 |
|  SCREEN Holdings Co. Ltd. | 33700 | 2774520 |
|  SCSK Corp. | 59600 | 2171159 |
|  Secom Co. Ltd. | 176000 | 5950455 |
|  Seibu Holdings, Inc. | 85400 | 2652137 |
|  Sekisui Chemical Co. Ltd. | 154000 | 2622064 |
|  Sekisui House Ltd. | 244951 | 5486062 |
|  Seven & i Holdings Co. Ltd. | 874334 | 12028112 |
|  SG Holdings Co. Ltd. | 127200 | 1271267 |
|  Shimadzu Corp. | 92500 | 2641588 |
|  Shimano, Inc. | 29194 | 3084123 |
|  Shin-Etsu Chemical Co. Ltd. | 707117 | 21294122 |
|  Shionogi & Co. Ltd. | 325122 | 5581462 |
|  Shiseido Co. Ltd. | 160057 | 2276717 |
|  SMC Corp. | 24192 | 8502991 |
|  SoftBank Corp. | 12153516 | 17373285 |
|  SoftBank Group Corp. | 398194 | 42907737 |
|  Sompo Holdings, Inc. | 360305 | 11429427 |
|  Sony Financial Group, Inc. \* | 2511180 | 2377049 |
|  Sony Group Corp. | 2562480 | 75082272 |
|  Subaru Corp. | 242034 | 5439332 |
|  Sumitomo Corp. | 451576 | 14165616 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sumitomo Electric Industries Ltd. | 290100 | 11409659 |
|  Sumitomo Metal Mining Co. Ltd. | 99700 | 3276934 |
|  Sumitomo Mitsui Financial Group, Inc. | 1528266 | 45983052 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 258562 | 7486607 |
|  Sumitomo Realty & Development Co. Ltd. | 124503 | 6013844 |
|  Suntory Beverage & Food Ltd. | 70685 | 2241784 |
|  Suzuki Motor Corp. | 642104 | 10038272 |
|  Sysmex Corp. | 201321 | 1915992 |
|  T&D Holdings, Inc. | 195100 | 4239620 |
|  Taisei Corp. | 64915 | 5550245 |
|  Takeda Pharmaceutical Co. Ltd. | 653311 | 18853717 |
|  TDK Corp. | 821941 | 13473536 |
|  Terumo Corp. | 575705 | 8996543 |
|  TIS, Inc. | 81600 | 2697179 |
|  Toho Co. Ltd. | 41500 | 2390755 |
|  Tokio Marine Holdings, Inc. | 769375 | 27145426 |
|  Tokyo Electron Ltd. | 186634 | 38010511 |
|  Tokyo Gas Co. Ltd. | 127680 | 5177852 |
|  Tokyo Metro Co. Ltd. (b) | 129600 | 1332604 |
|  Tokyu Corp. | 195110 | 2277991 |
|  TOPPAN Holdings, Inc. | 96389 | 3110079 |
|  Toray Industries, Inc. | 562743 | 3658154 |
|  Toyota Industries Corp. (b) | 68542 | 7673333 |
|  Toyota Motor Corp. | 3950843 | 79274953 |
|  Toyota Tsusho Corp. | 284233 | 9200164 |
|  Trend Micro, Inc. | 51476 | 2570174 |
|  Tsuruha Holdings, Inc. | 112700 | 1998631 |
|  Unicharm Corp. | 463800 | 2720303 |
|  West Japan Railway Co. | 182912 | 3640902 |
|  Yamaha Motor Co. Ltd. | 371922 | 2695208 |
|  Yokogawa Electric Corp. | 102575 | 3279457 |
|  Yokohama Financial Group, Inc. | 431815 | 3414087 |
|  Zensho Holdings Co. Ltd. | 40300 | 2427705 |
|  ZOZO, Inc. | 165991 | 1430920 |
|  (Cost $1,258,217,040) |  | **1871886909** |
|  **Luxembourg** – **0.2%** |  |  |
|  ArcelorMittal SA | 193121 | 8329081 |
|  CVC Capital Partners PLC, 144A | 89369 | 1476234 |
|  Eurofins Scientific SE | 46742 | 3179505 |
|  Tenaris SA | 148616 | 2996219 |
|  (Cost $11,340,776) |  | **15981039** |
|  **Macau** – **0.0%** |  |  |
|  Sands China Ltd. |  |  |
|  (Cost $3,330,727) | 997632 | **2716458** |
|  **Mexico** – **0.0%** |  |  |
|  Fresnillo PLC |  |  |
|  (Cost $2,023,016) | 85316 | **2976449** |

---

See Notes to Financial Statements.

**36** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **Netherlands** – **5.2%** |  |  |
|  ABN AMRO Bank NV CVA, 144A | 237817 | 8041548 |
|  Adyen NV, 144A \* | 10644 | 16552451 |
|  Aegon Ltd. | 526690 | 4248621 |
|  Akzo Nobel NV | 75067 | 4879838 |
|  Argenx SE \* | 25741 | 23362132 |
|  ASM International NV | 19722 | 10853101 |
|  ASML Holding NV | 161473 | 169214753 |
|  ASR Nederland NV | 63929 | 4313011 |
|  BE Semiconductor Industries NV | 30377 | 4577330 |
|  Euronext NV, 144A | 30267 | 4645019 |
|  EXOR NV | 38136 | 3211663 |
|  Ferrovial SE (b) | 211424 | 13846926 |
|  Heineken Holding NV | 58219 | 4156722 |
|  Heineken NV | 121724 | 9909410 |
|  IMCD NV | 23660 | 2120997 |
|  ING Groep NV | 1261418 | 32703541 |
|  JDE Peet's NV | 68583 | 2515571 |
|  Koninklijke Ahold Delhaize NV | 374951 | 15505732 |
|  Koninklijke KPN NV | 1652159 | 7551032 |
|  Koninklijke Philips NV | 317914 | 8946613 |
|  Nebius Group NV \* (b) | 88911 | 8434987 |
|  NN Group NV | 115525 | 8372887 |
|  Prosus NV \* | 549280 | 34572581 |
|  QIAGEN NV | 87387 | 4168799 |
|  Randstad NV | 39596 | 1539620 |
|  Stellantis NV | 835185 | 8906317 |
|  Universal Music Group NV | 454312 | 11636209 |
|  Wolters Kluwer NV | 96251 | 10227252 |
|  (Cost $265,258,316) |  | **439014663** |
|  **New Zealand** – **0.2%** |  |  |
|  Auckland International Airport Ltd. | 701829 | 3221676 |
|  Contact Energy Ltd. | 333556 | 1843128 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 239742 | 5131136 |
|  Infratil Ltd. | 431152 | 2887100 |
|  Meridian Energy Ltd. | 590378 | 1907212 |
|  Xero Ltd. \* | 66125 | 5294877 |
|  (Cost $18,818,193) |  | **20285129** |
|  **Norway** – **0.6%** |  |  |
|  Aker BP ASA | 133036 | 3237327 |
|  DNB Bank ASA | 361915 | 9672235 |
|  Equinor ASA | 333840 | 7688359 |
|  Gjensidige Forsikring ASA | 77115 | 2157670 |
|  Kongsberg Gruppen ASA | 175298 | 4151432 |
|  Mowi ASA | 190923 | 4330949 |
|  Norsk Hydro ASA | 568902 | 4068263 |
|  Orkla ASA | 276848 | 2962258 |
|  Salmar ASA | 27772 | 1621615 |
|  Telenor ASA | 266236 | 3842996 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Yara International ASA | 64024 | 2337277 |
|  (Cost $38,195,852) |  | **46070381** |
|  **Poland** – **0.0%** |  |  |
|  InPost SA \* (b) |  |  |
|  (Cost $1,709,656) | 96436 | **1129845** |
|  **Portugal** – **0.2%** |  |  |
|  Banco Comercial Portugues SA, |  |  |
|  Class R | 3492837 | 3328061 |
|  EDP SA | 1285970 | 5737178 |
|  Galp Energia SGPS SA | 175945 | 3544132 |
|  Jeronimo Martins SGPS SA | 111594 | 2645940 |
|  (Cost $12,531,784) |  | **15255311** |
|  **Singapore** – **1.7%** |  |  |
|  CapitaLand Ascendas REIT | 1535499 | 3329670 |
|  CapitaLand Integrated Commercial Trust REIT | 2547381 | 4619628 |
|  CapitaLand Investment Ltd. (b) | 1072500 | 2193252 |
|  DBS Group Holdings Ltd. | 890544 | 37247741 |
|  Grab Holdings Ltd., Class A \* | 1009907 | 5503993 |
|  Keppel Ltd. | 627900 | 4961759 |
|  Oversea-Chinese Banking Corp. Ltd. | 1395187 | 19918169 |
|  Sea Ltd., ADR \* | 157447 | 21886707 |
|  Sembcorp Industries Ltd. (b) | 425100 | 2010930 |
|  Singapore Airlines Ltd. | 633850 | 3174508 |
|  Singapore Exchange Ltd. | 363300 | 4726811 |
|  Singapore Technologies Engineering Ltd. | 641500 | 4108847 |
|  Singapore Telecommunications Ltd. | 3082289 | 11250706 |
|  United Overseas Bank Ltd. | 521254 | 13668411 |
|  Wilmar International Ltd. | 844832 | 2112325 |
|  (Cost $92,973,862) |  | **140713457** |
|  **Spain** – **3.5%** |  |  |
|  Acciona SA | 10286 | 2063002 |
|  ACS Actividades de Construccion y Servicios SA | 71877 | 6641007 |
|  Aena Sme SA, 144A | 320832 | 8730999 |
|  Amadeus IT Group SA | 192925 | 14175056 |
|  Banco Bilbao Vizcaya Argentaria SA | 2401135 | 51709431 |
|  Banco de Sabadell SA | 2076331 | 7558015 |
|  Banco Santander SA | 6209059 | 66572822 |
|  Bankinter SA | 297593 | 4681021 |
|  CaixaBank SA | 1600451 | 17852336 |
|  Cellnex Telecom SA, 144A \* | 201769 | 6052589 |
|  EDP Renovaveis SA | 125123 | 1664788 |
|  Endesa SA | 130249 | 4723040 |
|  Grifols SA | 128298 | 1567135 |
|  Iberdrola SA | 2636917 | 55624739 |
|  Industria de Diseno Textil SA | 457089 | 25583285 |
|  Mapfre SA | 375186 | 1735641 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **37** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Naturgy Energy Group SA | 78753 | 2422696 |
|  Redeia Corp. SA | 162635 | 2901540 |
|  Repsol SA | 470186 | 8715749 |
|  Telefonica SA (b) | 1511923 | 6550561 |
|  (Cost $173,780,853) |  | **297525452** |
|  **Sweden** – **3.6%** |  |  |
|  AddTech AB, Class B | 105416 | 3622194 |
|  Alfa Laval AB | 129133 | 6096270 |
|  Assa Abloy AB, Class B | 417448 | 15856122 |
|  Atlas Copco AB, Class A | 1132033 | 19209051 |
|  Atlas Copco AB, Class B | 644110 | 9844886 |
|  Beijer Ref AB | 188901 | 3008306 |
|  Boliden AB \* | 118012 | 5647506 |
|  Epiroc AB, Class A | 270621 | 5807447 |
|  Epiroc AB, Class B | 166923 | 3216127 |
|  EQT AB (b) | 201465 | 6978011 |
|  Essity AB, Class B | 243278 | 6730701 |
|  Evolution AB, 144A | 56943 | 3891518 |
|  Fastighets AB Balder, Class B \* | 273276 | 1966000 |
|  H & M Hennes & Mauritz AB, Class B (b) | 201462 | 3655399 |
|  Hexagon AB, Class B | 876959 | 10254929 |
|  Holmen AB, Class B (b) | 33418 | 1223315 |
|  Industrivarden AB, Class A | 50996 | 2141184 |
|  Industrivarden AB, Class C | 63580 | 2671573 |
|  Indutrade AB | 119509 | 2964639 |
|  Investment AB Latour, Class B | 59672 | 1426548 |
|  Investor AB, Class B | 770000 | 26213252 |
|  L E Lundbergforetagen AB, Class B | 31453 | 1672438 |
|  Lifco AB, Class B | 100663 | 3701978 |
|  Nibe Industrier AB, Class B | 630647 | 2331289 |
|  Saab AB, Class B | 133207 | 6710474 |
|  Sagax AB, Class B | 94991 | 2032442 |
|  Sandvik AB | 454979 | 13739561 |
|  Securitas AB, Class B (b) | 196062 | 2990475 |
|  Skandinaviska Enskilda Banken AB, Class A | 616049 | 12257750 |
|  Skanska AB, Class B | 136384 | 3498822 |
|  SKF AB, Class B | 134934 | 3530227 |
|  Spotify Technology SA \* | 65364 | 39144539 |
|  Svenska Cellulosa AB SCA, Class B | 264992 | 3442585 |
|  Svenska Handelsbanken AB, Class A | 589459 | 8172926 |
|  Swedbank AB, Class A | 360134 | 11455229 |
|  Swedish Orphan Biovitrum AB \* | 77953 | 2797438 |
|  Tele2 AB, Class B | 222885 | 3545970 |
|  Telefonaktiebolaget LM Ericsson, Class B | 1170671 | 11293854 |
|  Telia Co. AB | 966150 | 3878538 |
|  Trelleborg AB, Class B | 79880 | 3357330 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Volvo AB, Class B | 650736 | 19492545 |
|  (Cost $219,176,759) |  | **301471388** |
|  **Switzerland** – **9.7%** |  |  |
|  ABB Ltd. | 654374 | 47019130 |
|  Alcon, Inc. | 211597 | 16821343 |
|  Avolta AG \* | 33708 | 1851359 |
|  Baloise Holding AG | 16757 | 4384814 |
|  Banque Cantonale Vaudoise | 11161 | 1353270 |
|  Barry Callebaut AG (b) | 1335 | 2138859 |
|  Belimo Holding AG | 3981 | 3892787 |
|  BKW AG | 8420 | 1756743 |
|  Chocoladefabriken Lindt & Spruengli AG | 45 | 6699863 |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 376 | 5532578 |
|  Cie Financiere Richemont SA, Class A | 224318 | 47555528 |
|  Coca-Cola HBC AG \* | 88478 | 4439126 |
|  DSM-Firmenich AG | 70498 | 5786592 |
|  EMS-Chemie Holding AG | 2879 | 1964013 |
|  Galderma Group AG | 63059 | 12559990 |
|  Geberit AG | 14442 | 11247249 |
|  Givaudan SA | 3876 | 16342602 |
|  Glencore PLC \* | 4179969 | 19975229 |
|  Helvetia Holding AG | 14983 | 3887038 |
|  Holcim AG \* | 209424 | 19610200 |
|  Julius Baer Group Ltd. | 84700 | 6052259 |
|  Kuehne + Nagel International AG | 21446 | 4300947 |
|  Logitech International SA | 62576 | 7034250 |
|  Lonza Group AG | 29412 | 20137682 |
|  Nestle SA | 1072780 | 106610267 |
|  Novartis AG | 791643 | 102963850 |
|  Partners Group Holding AG | 9415 | 11167200 |
|  Roche Holding AG | 13297 | 5287018 |
|  Roche Holding AG | 292417 | 111899646 |
|  Sandoz Group AG | 170079 | 12009064 |
|  Schindler Holding AG | 9923 | 3366137 |
|  Schindler Holding AG Participation Certificates | 17449 | 6234113 |
|  SGS SA | 70523 | 8090875 |
|  Sika AG | 63165 | 12443497 |
|  Sonova Holding AG | 20428 | 5088563 |
|  STMicroelectronics NV | 169503 | 3888428 |
|  STMicroelectronics NV, Class Y | 110403 | 2538165 |
|  Straumann Holding AG | 45639 | 5204198 |
|  Swatch Group AG – Bearer | 11972 | 2416606 |
|  Swiss Life Holding AG | 11817 | 12957069 |
|  Swiss Prime Site AG | 36154 | 5333311 |
|  Swiss Re AG | 124713 | 21975756 |
|  Swisscom AG | 10852 | 7788097 |
|  UBS Group AG | 1324450 | 51144577 |

---

See Notes to Financial Statements.

**38** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  VAT Group AG, 144A | 11150 | 4905278 |
|  Zurich Insurance Group AG | 60892 | 43753097 |
|  (Cost $580,091,243) |  | **819408263** |
|  **United Kingdom** – **13.8%** |  |  |
|  3i Group PLC | 414792 | 17349809 |
|  Admiral Group PLC | 105452 | 4430372 |
|  Anglo American PLC | 469259 | 17719930 |
|  Ashtead Group PLC | 174872 | 11182521 |
|  Associated British Foods PLC | 131298 | 3714596 |
|  AstraZeneca PLC | 645451 | 119463766 |
|  Auto Trader Group PLC, 144A | 359481 | 3042489 |
|  Aviva PLC | 1298023 | 11205956 |
|  BAE Systems PLC | 1254635 | 27427430 |
|  Barclays PLC | 5856823 | 33376067 |
|  Barratt Redrow PLC | 545336 | 2848743 |
|  BP PLC | 6562759 | 39480784 |
|  British American Tobacco PLC | 910531 | 53317213 |
|  BT Group PLC | 2454871 | 5883550 |
|  Bunzl PLC | 131881 | 3779999 |
|  Centrica PLC | 2059601 | 4678422 |
|  Coca-Cola Europacific Partners PLC | 84698 | 7765960 |
|  Compass Group PLC | 716497 | 22510298 |
|  Diageo PLC | 932470 | 21434417 |
|  Endeavour Mining PLC | 78437 | 3625756 |
|  Entain PLC | 239245 | 2462159 |
|  GSK PLC | 1695332 | 40216339 |
|  Haleon PLC | 3655977 | 17960254 |
|  Halma PLC | 155386 | 7326796 |
|  Hikma Pharmaceuticals PLC | 64197 | 1321350 |
|  HSBC Holdings PLC | 7167365 | 101596010 |
|  Imperial Brands PLC | 316628 | 13453518 |
|  Informa PLC | 530414 | 6742919 |
|  InterContinental Hotels Group PLC | 60840 | 8070350 |
|  International Consolidated Airlines Group SA | 489304 | 2570628 |
|  Intertek Group PLC | 64670 | 3962422 |
|  J Sainsbury PLC | 741569 | 3164676 |
|  JD Sports Fashion PLC | 1015520 | 1039191 |
|  Kingfisher PLC | 716705 | 2900988 |
|  Land Securities Group PLC REIT | 293404 | 2351113 |
|  Legal & General Group PLC | 2497694 | 8167939 |
|  Lloyds Banking Group PLC | 24686170 | 31434751 |
|  London Stock Exchange Group PLC | 193311 | 22808092 |
|  M&G PLC | 941819 | 3398026 |
|  Marks & Spencer Group PLC | 809856 | 3729621 |
|  Melrose Industries PLC | 505097 | 3980558 |
|  National Grid PLC | 2066151 | 31375330 |
|  NatWest Group PLC | 3352162 | 28069306 |
|  Next PLC | 49015 | 9166761 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Pearson PLC | 244121 | 3225624 |
|  Phoenix Group Holdings PLC | 267837 | 2469062 |
|  Reckitt Benckiser Group PLC | 282229 | 21875508 |
|  RELX PLC | 763005 | 30631305 |
|  Rentokil Initial PLC | 1031049 | 5683732 |
|  Rio Tinto PLC | 463872 | 33312702 |
|  Rolls-Royce Holdings PLC | 3511910 | 49678310 |
|  Sage Group PLC | 395799 | 5632916 |
|  Schroders PLC | 278834 | 1434423 |
|  Segro PLC REIT | 523270 | 4952689 |
|  Severn Trent PLC | 119780 | 4470720 |
|  Shell PLC | 2410285 | 88861125 |
|  Smith & Nephew PLC | 334780 | 5562658 |
|  Smiths Group PLC | 137370 | 4446776 |
|  Spirax Group PLC | 28589 | 2538925 |
|  SSE PLC | 502618 | 14632479 |
|  Standard Chartered PLC | 817180 | 18113219 |
|  Tesco PLC | 2687654 | 16029777 |
|  Unilever PLC | 1020458 | 61416582 |
|  United Utilities Group PLC | 281534 | 4612674 |
|  Vodafone Group PLC | 8090277 | 10074786 |
|  Whitbread PLC | 70632 | 2329448 |
|  Wise PLC, Class A \* | 268944 | 3145392 |
|  (Cost $853,839,849) |  | **1166638007** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,754,295,402) |  | **8238778944** |
|  **PREFERRED STOCKS** – **0.3%** |  |  |
|  **Germany** – **0.3%** |  |  |
|  Bayerische Motoren Werke AG | 22511 | 2121663 |
|  Dr Ing hc F Porsche AG, 144A (b) | 43548 | 2255021 |
|  Henkel AG & Co. KGaA | 67121 | 5417527 |
|  Porsche Automobil Holding SE | 59650 | 2569175 |
|  Sartorius AG (b) | 10269 | 2992306 |
|  Volkswagen AG | 86971 | 9925205 |
|  (Cost $28,317,161) |  | **25280897** |
|  **EXCHANGE-TRADED FUNDS** – **0.0%** |  |  |
|  iShares Currency Hedged MSCI EAFE ETF (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,605,500) | 75000 | **3096750** |
|  **SECURITIES LENDING COLLATERAL** – **0.6%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $51,095,379) | 51095379 | **51095379** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **39** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **CASH EQUIVALENTS** – **2.8%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $240,291,690) | 240291690 | **240291690** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **TOTAL INVESTMENTS** – **101.5%** |  |  |
|  (Cost $6,076,605,132) |  | **8558543660** |
|  **Other assets and liabilities,<br>net** – **(1.5%)** |  | **(123309446)** |
|  **NET ASSETS** – **100.0%** |  | **8435234214** |

---

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **5/31/2025** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>11/30/2025** | **Value ($) at<br>11/30/2025** |
|  COMMON STOCKS – 0.4% | COMMON STOCKS – 0.4% | COMMON STOCKS – 0.4% | COMMON STOCKS – 0.4% | COMMON STOCKS – 0.4% | COMMON STOCKS – 0.4% | COMMON STOCKS – 0.4% | COMMON STOCKS – 0.4% | COMMON STOCKS – 0.4% |
|  Germany – 0.4% | Germany – 0.4% | Germany – 0.4% | Germany – 0.4% | Germany – 0.4% | Germany – 0.4% | Germany – 0.4% | Germany – 0.4% | Germany – 0.4% |
|  Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21674545 | 1836840 | (2103156) | 931977 | 5153059 |  |  | 774292 | 27493265 |
|  SECURITIES LENDING COLLATERAL – 0.6% | SECURITIES LENDING COLLATERAL – 0.6% | SECURITIES LENDING COLLATERAL – 0.6% | SECURITIES LENDING COLLATERAL – 0.6% | SECURITIES LENDING COLLATERAL – 0.6% | SECURITIES LENDING COLLATERAL – 0.6% | SECURITIES LENDING COLLATERAL – 0.6% | SECURITIES LENDING COLLATERAL – 0.6% | SECURITIES LENDING COLLATERAL – 0.6% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87680530 |  | (36585151) (f) |  |  | 296901 |  | 51095379 | 51095379 |
|  CASH EQUIVALENTS – 2.8% | CASH EQUIVALENTS – 2.8% | CASH EQUIVALENTS – 2.8% | CASH EQUIVALENTS – 2.8% | CASH EQUIVALENTS – 2.8% | CASH EQUIVALENTS – 2.8% | CASH EQUIVALENTS – 2.8% | CASH EQUIVALENTS – 2.8% | CASH EQUIVALENTS – 2.8% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95373226 | 561224747 | (416306283) |  |  | 2260947 |  | 240291690 | 240291690 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204728301** | **563061587** | **(454994590)** | **931977** | **5153059** | **2557848** |  | **292161361** | **318880334** |

---

\* 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, 2025 amounted to $49,612,719, which is 0.6% of net assets.

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

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $740,899.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2025.

---

| | |
|:---|:---|
| ADR: | American Depositary Receipt |
| CVA: | Certificaten Van Aandelen (Dutch Certificate) |
| REIT: | Real Estate Investment Trust |
| 144A: | Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| Securities are listed in country of domicile. | Securities are listed in country of domicile. |

---

See Notes to Financial Statements.

**40** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  CAC 40 Index | EUR | 70 | 6612228 | 6599128 | 12/19/2025 | (13100) |
|  DAX Index | EUR | 2 | 1394701 | 1384345 | 12/19/2025 | (10356) |
|  EURO STOXX 50 Index | EUR | 403 | 26514361 | 26524829 | 12/19/2025 | 10468 |
|  FTSE 100 Index | GBP | 178 | 22983099 | 22977279 | 12/19/2025 | (5820) |
|  FTSE MIB Index | EUR | 4 | 994859 | 1006996 | 12/19/2025 | 12137 |
|  IBEX 35 Index | EUR | 27 | 5052504 | 5130939 | 12/19/2025 | 78435 |
|  MSCI EAFE Index | USD | 169 | 23569570 | 23819705 | 12/19/2025 | 250135 |
|  MSCI Singapore Index | SGD | 189 | 6367797 | 6463352 | 12/30/2025 | 95555 |
|  OMXS30 Index | SEK | 323 | 9408640 | 9559017 | 12/19/2025 | 150377 |
|  SMI Index | CHF | 60 | 9254769 | 9600896 | 12/19/2025 | 346127 |
|  SPI 200 Index | AUD | 136 | 19792615 | 19205649 | 12/18/2025 | (586966) |
|  TOPIX Index | JPY | 197 | 42106195 | 42638754 | 12/11/2025 | 532559 |
|  **Total net unrealized appreciation** |  |  |  |  |  | **859551** |

---

At November 30, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency To**<br> **Deliver** | **Currency To**<br> **Deliver** | **Currency To**<br> **Receive** | **Currency To**<br> **Receive** | **Unrealized<br>Appreciation ($)** | **Unrealized<br>Depreciation ($)** |
|  RBC Capital Markets | 12/2/2025 | AUD | 832029442 | USD | 544870289 |  | (109016) |
|  Morgan Stanley Capital | 12/2/2025 | CHF | 602358600 | USD | 752822152 | 2967055 |  |
|  Morgan Stanley Capital | 12/2/2025 | CHF | 17637000 | USD | 22033746 | 78063 |  |
|  Morgan Stanley Capital | 12/2/2025 | DKK | 976920400 | USD | 151284017 |  | (454108) |
|  Morgan Stanley Capital | 12/2/2025 | DKK | 368000 | USD | 56971 |  | (188) |
|  RBC Capital Markets | 12/2/2025 | EUR | 2421762700 | USD | 2799606116 |  | (9640133) |
|  RBC Capital Markets | 12/2/2025 | EUR | 81799000 | USD | 94560135 |  | (326756) |
|  The Bank of New York Mellon | 12/2/2025 | GBP | 45120000 | USD | 59283619 |  | (477851) |
|  The Bank of New York Mellon | 12/2/2025 | GBP | 877995000 | USD | 1153638896 |  | (9266078) |
|  RBC Capital Markets | 12/2/2025 | HKD | 1202831700 | USD | 154846445 | 356001 |  |
|  JP Morgan & Chase Co. | 12/2/2025 | ILS | 170748600 | USD | 52463774 | 119017 |  |
|  JP Morgan & Chase Co. | 12/2/2025 | ILS | 2882000 | USD | 885539 | 2032 |  |
|  The Bank of New York Mellon | 12/2/2025 | JPY | 267003952200 | USD | 1737930881 | 27901727 |  |
|  The Bank of New York Mellon | 12/2/2025 | JPY | 18688903000 | USD | 121643798 | 1950555 |  |
|  Goldman Sachs & Co. | 12/2/2025 | NOK | 254254000 | USD | 25131363 | 11297 |  |
|  JP Morgan & Chase Co. | 12/2/2025 | NOK | 7366900 | USD | 728147 | 304 |  |
|  RBC Capital Markets | 12/2/2025 | NOK | 211411000 | USD | 20897802 | 10586 |  |
|  JP Morgan & Chase Co. | 12/2/2025 | NZD | 2328000 | USD | 1334626 |  | (1180) |
|  JP Morgan & Chase Co. | 12/2/2025 | NZD | 13080700 | USD | 7499206 |  | (6500) |
|  RBC Capital Markets | 12/2/2025 | NZD | 10227000 | USD | 5860511 |  | (7742) |
|  Morgan Stanley Capital | 12/2/2025 | SEK | 132043000 | USD | 13927803 |  | (58395) |
|  Morgan Stanley Capital | 12/2/2025 | SEK | 2325626000 | USD | 245402190 |  | (931707) |
|  Goldman Sachs & Co. | 12/2/2025 | SGD | 55553300 | USD | 42778060 |  | (92102) |
|  Goldman Sachs & Co. | 12/2/2025 | SGD | 4210000 | USD | 3241853 |  | (6980) |
|  RBC Capital Markets | 12/2/2025 | SGD | 89492300 | USD | 68913810 |  | (146884) |
|  RBC Capital Markets | 12/2/2025 | USD | 542957768 | AUD | 827931942 |  | (662325) |
|  RBC Capital Markets | 12/2/2025 | USD | 1243989 | AUD | 1899600 | 249 |  |
|  RBC Capital Markets | 12/2/2025 | USD | 1242426 | AUD | 1898900 | 1353 |  |

---

See Notes to Financial Statements.

DBX ETF Trust \| **41** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency To**<br> **Deliver** | **Currency To**<br> **Deliver** | **Currency To**<br> **Receive** | **Currency To**<br> **Receive** | **Unrealized<br>Appreciation ($)** | **Unrealized<br>Depreciation ($)** |
|  RBC Capital Markets | 12/2/2025 | USD | 195805 | AUD | 299000 | 40 |  |
|  Morgan Stanley Capital | 12/2/2025 | USD | 1718712 | CHF | 1375200 |  | (6774) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 1777543 | CHF | 1415600 |  | (15313) |
|  The Bank of New York Mellon | 12/2/2025 | USD | 768671524 | CHF | 617204800 |  | (334912) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 346752 | DKK | 2231300 |  | (180) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 345395 | DKK | 2230400 | 1037 |  |
|  Morgan Stanley Capital | 12/2/2025 | USD | 151163396 | DKK | 972826700 |  | (61116) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 2892415313 | EUR | 2492316300 |  | (1326843) |
|  RBC Capital Markets | 12/2/2025 | USD | 6391750 | EUR | 5529100 | 22009 |  |
|  RBC Capital Markets | 12/2/2025 | USD | 6632594 | EUR | 5716300 |  | (1682) |
|  RBC Capital Markets | 12/2/2025 | USD | 1217678445 | GBP | 919002600 |  | (458877) |
|  The Bank of New York Mellon | 12/2/2025 | USD | 2633938 | GBP | 2004600 | 21156 |  |
|  The Bank of New York Mellon | 12/2/2025 | USD | 2767809 | GBP | 2107800 | 23973 |  |
|  RBC Capital Markets | 12/2/2025 | USD | 353532 | HKD | 2746200 |  | (813) |
|  RBC Capital Markets | 12/2/2025 | USD | 351606 | HKD | 2731000 |  | (839) |
|  RBC Capital Markets | 12/2/2025 | USD | 855360 | HKD | 6644000 |  | (2012) |
|  The Bank of New York Mellon | 12/2/2025 | USD | 152937539 | HKD | 1190710500 |  | (3929) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 53332903 | ILS | 173630600 |  | (104638) |
|  RBC Capital Markets | 12/2/2025 | USD | 1822690757 | JPY | 284430892700 |  | (1050609) |
|  The Bank of New York Mellon | 12/2/2025 | USD | 4223394 | JPY | 652364400 |  | (45320) |
|  The Bank of New York Mellon | 12/2/2025 | USD | 3967879 | JPY | 609598100 |  | (63703) |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 1264110 | NOK | 12789000 |  | (568) |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 23878110 | NOK | 241465000 |  | (21586) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 728502 | NOK | 7366900 |  | (659) |
|  RBC Capital Markets | 12/2/2025 | USD | 20906115 | NOK | 211411000 |  | (18899) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 8845364 | NZD | 15408700 |  | (3852) |
|  RBC Capital Markets | 12/2/2025 | USD | 5870809 | NZD | 10227000 |  | (2557) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 594584 | SEK | 5611800 |  | (174) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 259412201 | SEK | 2446747600 |  | (248917) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 560274 | SEK | 5309600 | 2127 |  |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 46143922 | SGD | 59763300 |  | (24926) |
|  RBC Capital Markets | 12/2/2025 | USD | 69098020 | SGD | 89492300 |  | (37326) |
|  RBC Capital Markets | 1/5/2026 | AUD | 827931942 | USD | 543106795 | 648868 |  |
|  The Bank of New York Mellon | 1/5/2026 | CHF | 26626000 | USD | 33295319 |  | (7620) |
|  The Bank of New York Mellon | 1/5/2026 | CHF | 617204800 | USD | 771853334 |  | (126438) |
|  Morgan Stanley Capital | 1/5/2026 | DKK | 31044000 | USD | 4833040 |  | (812) |
|  Morgan Stanley Capital | 1/5/2026 | DKK | 972826700 | USD | 151499841 | 21284 |  |
|  Morgan Stanley Capital | 1/5/2026 | EUR | 39381000 | USD | 45768913 |  | (6161) |
|  Morgan Stanley Capital | 1/5/2026 | EUR | 2492316300 | USD | 2897823639 | 843759 |  |
|  RBC Capital Markets | 1/5/2026 | GBP | 12712000 | USD | 16843439 | 6271 |  |
|  RBC Capital Markets | 1/5/2026 | GBP | 919002600 | USD | 1217704177 | 476225 |  |
|  The Bank of New York Mellon | 1/5/2026 | HKD | 1190710500 | USD | 153088944 |  | (14343) |
|  The Bank of New York Mellon | 1/5/2026 | HKD | 60397000 | USD | 7764690 |  | (1244) |
|  JP Morgan & Chase Co. | 1/5/2026 | ILS | 173630600 | USD | 53347323 | 97839 |  |
|  Goldman Sachs & Co. | 1/5/2026 | NOK | 241465000 | USD | 23875749 | 21937 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | NOK | 7366900 | USD | 728431 | 671 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | NOK | 8911000 | USD | 881100 | 801 |  |
|  RBC Capital Markets | 1/5/2026 | NOK | 211411000 | USD | 20903930 | 19089 |  |
|  Morgan Stanley Capital | 1/5/2026 | SEK | 2446747600 | USD | 259960991 | 206605 |  |
|  Morgan Stanley Capital | 1/5/2026 | SEK | 60502000 | USD | 6426223 | 3142 |  |
|  Goldman Sachs & Co. | 1/5/2026 | SGD | 59763300 | USD | 46263049 | 14281 |  |

---

See Notes to Financial Statements.

**42** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency To**<br> **Deliver** | **Currency To**<br> **Deliver** | **Currency To**<br> **Receive** | **Currency To**<br> **Receive** | **Unrealized<br>Appreciation ($)** | **Unrealized<br>Depreciation ($)** |
|  RBC Capital Markets | 1/5/2026 | SGD | 1757000 | USD | 1360070 | 388 |  |
|  RBC Capital Markets | 1/5/2026 | SGD | 89492300 | USD | 69275869 | 20849 |  |
|  RBC Capital Markets | 1/5/2026 | USD | 9723140 | AUD | 14822000 |  | (11821) |
|  RBC Capital Markets | 1/6/2026 | JPY | 10036827000 | USD | 64549588 | 3727 |  |
|  RBC Capital Markets | 1/6/2026 | JPY | 284430892700 | USD | 1829299917 | 152436 |  |
|  JP Morgan & Chase Co. | 1/6/2026 | NZD | 15408700 | USD | 8857788 | 1094 |  |
|  RBC Capital Markets | 1/6/2026 | NZD | 10227000 | USD | 5879431 | 1101 |  |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **36008948** | **(26193408)** |

---

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

#### 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 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **43** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

#### 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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks (a) | $8238778944 | $— | $— | $8238778944 |
|  Preferred Stocks | 25280897 |  |  | 25280897 |
|  Exchange-Traded Funds | 3096750 |  |  | 3096750 |
|  Short-Term Investments (a) | 291387069 |  |  | 291387069 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 36008948 |  | 36008948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 1475793 |  |  | 1475793 |
|  **TOTAL** | $**8560019453** | $**36008948** | $**—** | $**8596028401** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(26193408) | $— | $(26193408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (616242) |  |  | (616242) |
|  **TOTAL** | $**(616242)** | $**(26193408)** | $**—** | $**(26809650)** |

---

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

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

See Notes to Financial Statements.

**44** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS – 96.3%** |  |  |
|  **Australia – 0.0%** |  |  |
|  MMG Ltd. \* |  |  |
|  (Cost $14,352) | 29350 | **26048** |
|  **Brazil – 3.4%** |  |  |
|  Ambev SA | 37325 | 96982 |
|  Axia Energia | 9506 | 111379 |
|  B3 SA – Brasil Bolsa Balcao | 39667 | 111247 |
|  Banco Bradesco SA | 14139 | 44371 |
|  Banco BTG Pactual S.A | 9367 | 94825 |
|  Banco do Brasil SA | 12837 | 54075 |
|  BB Seguridade Participacoes SA | 5166 | 33034 |
|  Caixa Seguridade Participacoes S/A | 5437 | 16502 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 3582 | 94676 |
|  CPFL Energia SA | 2098 | 19182 |
|  Embraer SA | 5399 | 85060 |
|  Energisa SA | 2563 | 23697 |
|  Eneva SA \* | 6793 | 25304 |
|  Engie Brasil Energia SA | 2395 | 13759 |
|  Equatorial Energia SA | 8571 | 63886 |
|  Jbs NV \* | 3015 | 44426 |
|  Klabin SA | 5807 | 19312 |
|  Localiza Rent a Car SA | 7356 | 62400 |
|  MBRF Global Foods Company SA | 5160 | 18697 |
|  Motiva Infraestrutura de Mobilidade SA | 8375 | 25074 |
|  NU Holdings Ltd., Class A \* | 26029 | 452644 |
|  Petroleo Brasileiro SA | 28193 | 176423 |
|  Porto Seguro SA | 1854 | 16402 |
|  PRIO SA \* | 5823 | 40619 |
|  Raia Drogasil SA | 9302 | 41869 |
|  Rede D'Or Sao Luiz SA, 144A | 6170 | 53936 |
|  Rumo SA | 8438 | 26654 |
|  StoneCo Ltd., Class A \* | 1726 | 29083 |
|  Suzano SA | 5596 | 49915 |
|  Telefonica Brasil SA | 5996 | 39825 |
|  TIM SA | 7302 | 34674 |
|  TOTVS SA | 4069 | 32648 |
|  Ultrapar Participacoes SA | 4665 | 19231 |
|  Vale SA | 27821 | 351528 |
|  Vibra Energia SA | 8593 | 40079 |
|  WEG SA | 12944 | 107376 |
|  XP, Inc., Class A | 3190 | 62875 |
|  (Cost $1,577,887) |  | **2633669** |
|  **Canada – 0.0%** |  |  |
|  China Gold International Resources Corp. Ltd. |  |  |
|  (Cost $32,780) | 1837 | **35061** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Chile – 0.4%** |  |  |
|  Banco de Chile | 337432 | 63645 |
|  Banco de Credito e Inversiones SA | 652 | 37854 |
|  Banco Santander Chile | 469750 | 35243 |
|  Cencosud SA | 9413 | 29587 |
|  Empresas CMPC SA | 9695 | 13542 |
|  Empresas Copec SA | 3581 | 25636 |
|  Enel Americas SA | 183232 | 17783 |
|  Enel Chile SA | 168928 | 13171 |
|  Falabella SA | 4857 | 31391 |
|  Latam Airlines Group SA | 2426543 | 58314 |
|  Plaza SA | 6358 | 21916 |
|  (Cost $256,648) |  | **348082** |
|  **China** – **22.3%** |  |  |
|  360 Security Technology, Inc., Class A | 6016 | 11590 |
|  37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1600 | 4658 |
|  3SBio, Inc., 144A \* | 13824 | 55503 |
|  AAC Technologies Holdings, Inc. | 6233 | 29381 |
|  Advanced Micro-Fabrication Equipment, Inc., China, Class A | 139 | 5271 |
|  AECC Aviation Power Co. Ltd., Class A | 1200 | 6311 |
|  Agricultural Bank of China Ltd., Class A | 41600 | 47308 |
|  Agricultural Bank of China Ltd., Class H | 212305 | 158974 |
|  Aier Eye Hospital Group Co. Ltd., Class A | 4684 | 7619 |
|  Air China Ltd., Class A \* | 7800 | 8859 |
|  Akeso, Inc., 144A \* | 4693 | 74080 |
|  Aluminum Corp. of China Ltd., Class A | 7412 | 11019 |
|  Aluminum Corp. of China Ltd., Class H | 29608 | 39892 |
|  Anhui Conch Cement Co. Ltd., Class A | 1500 | 4848 |
|  Anhui Conch Cement Co. Ltd., Class H | 10009 | 30107 |
|  Anhui Gujing Distillery Co. Ltd., Class A | 272 | 6398 |
|  Anhui Gujing Distillery Co. Ltd., Class B | 645 | 8119 |
|  Anhui Jianghuai Automobile Group Corp. Ltd., Class A \* | 1300 | 9010 |
|  Anker Innovations Technology Co. Ltd., Class A | 200 | 3127 |
|  ANTA Sports Products Ltd. | 9773 | 106507 |
|  Autohome, Inc., ADR | 658 | 15634 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 730 | 4660 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 45** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  AviChina Industry & Technology Co. Ltd., Class H | 24216 | 12068 |
|  BAIC BluePark New Energy Technology Co. Ltd., Class A \* | 5000 | 5545 |
|  Baidu, Inc., Class A \* | 17230 | 251840 |
|  Bank of Beijing Co. Ltd., Class A | 12500 | 10043 |
|  Bank of Changsha Co. Ltd., Class A | 4992 | 6807 |
|  Bank of Chengdu Co. Ltd., Class A | 2451 | 5849 |
|  Bank of China Ltd., Class A | 22900 | 19661 |
|  Bank of China Ltd., Class H | 539970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324573 |
|  Bank of Communications Co. Ltd., Class A | 25100 | 26946 |
|  Bank of Communications Co. Ltd., Class H | 70329 | 64496 |
|  Bank of Hangzhou Co. Ltd., Class A | 3560 | 7850 |
|  Bank of Jiangsu Co. Ltd., Class A | 5354 | 8118 |
|  Bank of Nanjing Co. Ltd., Class A | 5700 | 9328 |
|  Bank of Ningbo Co. Ltd., Class A | 4070 | 16332 |
|  Bank of Shanghai Co. Ltd., Class A | 8040 | 11236 |
|  Baoshan Iron & Steel Co. Ltd., Class A | 5300 | 5435 |
|  Beijing Compass Technology Development Co. Ltd., Class A \* | 500 | 8672 |
|  Beijing Kingsoft Office Software, Inc., Class A | 252 | 11096 |
|  Beijing New Building Materials PLC, Class A | 1470 | 5263 |
|  Beijing Tiantan Biological Products Corp. Ltd., Class A | 44 | 108 |
|  Beijing Tong Ren Tang Co. Ltd., Class A | 900 | 4258 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A \* | 609 | 4136 |
|  Beijing Yanjing Brewery Co. Ltd., Class A | 3600 | 6136 |
|  Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 20550 | 14795 |
|  Bilibili, Inc., Class Z \* | 1882 | 49891 |
|  BOC International China Co. Ltd., Class A | 2100 | 3838 |
|  BOE Technology Group Co. Ltd., Class A | 18900 | 10319 |
|  BYD Co. Ltd., Class A | 2500 | 33653 |
|  BYD Co. Ltd., Class H | 28310 | 354520 |
|  BYD Electronic International Co. Ltd. | 6024 | 25656 |
|  Caitong Securities Co. Ltd., Class A | 3204 | 3698 |
|  Cambricon Technologies Corp. Ltd., Class A \* | 210 | 39535 |
|  CCOOP Group Co. Ltd., Class A \* | 13900 | 5073 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  CGN Power Co. Ltd., Class A | 5565 | 2968 |
|  CGN Power Co. Ltd., Class H, 144A | 72745 | 28310 |
|  Changchun High-Tech Industry Group Co. Ltd., Class A | 360 | 5054 |
|  Changjiang Securities Co. Ltd., Class A | 1400 | 1572 |
|  Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 328 | 5589 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 64 | 398 |
|  Chifeng Jilong Gold Mining Co. Ltd., Class A | 1800 | 8147 |
|  China CITIC Bank Corp. Ltd., Class A | 6700 | 7354 |
|  China CITIC Bank Corp. Ltd., Class H | 62781 | 57815 |
|  China CITIC Financial Asset Management Co. Ltd., Class H, 144A \* | 109885 | 14537 |
|  China Coal Energy Co. Ltd., Class H | 15501 | 20925 |
|  China Communications Services Corp. Ltd., Class H | 22221 | 13899 |
|  China Construction Bank Corp., Class A | 12700 | 17353 |
|  China Construction Bank Corp., Class H | 725704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761515 |
|  China CSSC Holdings Ltd., Class A | 2212 | 10754 |
|  China Eastern Airlines Corp. Ltd., Class A \* | 11535 | 8223 |
|  China Energy Engineering Corp. Ltd., Class A | 23540 | 7825 |
|  China Everbright Bank Co. Ltd., Class A | 8200 | 4187 |
|  China Feihe Ltd., 144A | 27507 | 14627 |
|  China Galaxy Securities Co. Ltd., Class A | 3700 | 8321 |
|  China Galaxy Securities Co. Ltd., Class H | 24752 | 32363 |
|  China Greatwall Technology Group Co. Ltd., Class A \* | 700 | 1485 |
|  China Hongqiao Group Ltd. | 21661 | 85856 |
|  China International Capital Corp. Ltd., Class A (a) | 1549 | 7644 |
|  China International Capital Corp. Ltd., Class H, 144A (a) | 12377 | 30141 |
|  China Jushi Co. Ltd., Class A | 3804 | 8022 |
|  China Life Insurance Co. Ltd., Class A | 400 | 2462 |
|  China Life Insurance Co. Ltd., Class H | 57260 | 197540 |
|  China Literature Ltd., 144A \* | 3254 | 15689 |
|  China Longyuan Power Group Corp. Ltd., Class H | 17761 | 15695 |
|  China Mengniu Dairy Co. Ltd. | 22796 | 43948 |

---

See Notes to Financial Statements.

**46** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China Merchants Bank Co. Ltd., Class A | 10163 | 61741 |
|  China Merchants Bank Co. Ltd., Class H | 28913 | 194219 |
|  China Merchants Energy Shipping Co. Ltd., Class A | 4324 | 5388 |
|  China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 4300 | 6052 |
|  China Merchants Securities Co. Ltd., Class A | 3700 | 8525 |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 3800 | 4977 |
|  China Minsheng Banking Corp. Ltd., Class A | 6300 | 3645 |
|  China Minsheng Banking Corp. Ltd., Class H | 53859 | 30092 |
|  China National Building Material Co. Ltd., Class H | 28239 | 18969 |
|  China National Chemical Engineering Co. Ltd., Class A | 4000 | 4215 |
|  China National Nuclear Power Co. Ltd., Class A | 11900 | 14526 |
|  China National Software & Service Co. Ltd., Class A \* | 10 | 64 |
|  China Nonferrous Mining Corp. Ltd. | 11041 | 21201 |
|  China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 1400 | 8911 |
|  China Oilfield Services Ltd., Class H | 15326 | 14271 |
|  China Pacific Insurance Group Co. Ltd., Class A | 3700 | 18186 |
|  China Pacific Insurance Group Co. Ltd., Class H | 20222 | 80204 |
|  China Petroleum & Chemical Corp., Class A | 11300 | 9238 |
|  China Petroleum & Chemical Corp., Class H | 179311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101565 |
|  China Railway Group Ltd., Class A | 12300 | 9447 |
|  China Railway Group Ltd., Class H | 28478 | 14302 |
|  China Railway Signal & Communication Corp. Ltd., Class A | 1147 | 844 |
|  China Rare Earth Resources And Technology Co. Ltd., Class A \* | 100 | 662 |
|  China Resources Microelectronics Ltd., Class A | 893 | 5865 |
|  China Resources Mixc Lifestyle Services Ltd., 144A | 5339 | 30392 |
|  China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 429 | 1705 |
|  China Shenhua Energy Co. Ltd., Class A | 3329 | 19372 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China Shenhua Energy Co. Ltd., Class H | 25557 | 130710 |
|  China Southern Airlines Co. Ltd., Class A \* | 7700 | 7384 |
|  China State Construction Engineering Corp. Ltd., Class A | 22600 | 16623 |
|  China Three Gorges Renewables Group Co. Ltd., Class A | 14675 | 8676 |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 1200 | 13414 |
|  China Tower Corp. Ltd., Class H, 144A | 32215 | 50935 |
|  China United Network Communications Ltd., Class A | 18499 | 14130 |
|  China Vanke Co. Ltd., Class A \* | 9300 | 7077 |
|  China Vanke Co. Ltd., Class H \* | 17568 | 8213 |
|  China Yangtze Power Co. Ltd., Class A | 11600 | 45908 |
|  China Zheshang Bank Co. Ltd., Class A | 5070 | 2202 |
|  Chongqing Changan Automobile Co. Ltd., Class A | 362 | 611 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class A | 2544 | 2339 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class H | 20477 | 16517 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A | 1435 | 4173 |
|  CITIC Ltd. | 32301 | 50490 |
|  CITIC Securities Co. Ltd., Class A | 4310 | 16820 |
|  CITIC Securities Co. Ltd., Class H | 12619 | 43339 |
|  CMOC Group Ltd., Class A | 5400 | 12397 |
|  CMOC Group Ltd., Class H | 30516 | 63338 |
|  CNGR Advanced Material Co. Ltd., Class A | 840 | 4997 |
|  CNPC Capital Co. Ltd., Class A | 7300 | 9458 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 1953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103093 |
|  Contemporary Amperex Technology Co. Ltd., Class H | 623 | 37768 |
|  COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 2100 | 3588 |
|  COSCO SHIPPING Holdings Co. Ltd., Class A | 3930 | 8121 |
|  COSCO SHIPPING Holdings Co. Ltd., Class H | 21074 | 35864 |
|  CRRC Corp. Ltd., Class A | 5100 | 5244 |
|  CRRC Corp. Ltd., Class H | 35022 | 27799 |
|  CSC Financial Co. Ltd., Class A | 2433 | 8531 |
|  CSPC Pharmaceutical Group Ltd. | 63820 | 64838 |
|  Daqin Railway Co. Ltd., Class A | 7015 | 5437 |
|  Dongfang Electric Corp. Ltd., Class A | 2280 | 6921 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 47** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Dongfeng Motor Group Co. Ltd., Class H \* | 16979 | 20063 |
|  Dongxing Securities Co. Ltd., Class A (a) | 600 | 1114 |
|  East Money Information Co. Ltd., Class A | 7188 | 23791 |
|  Eastroc Beverage Group Co. Ltd., Class A | 263 | 9808 |
|  Ecovacs Robotics Co. Ltd., Class A | 500 | 5557 |
|  Empyrean Technology Co. Ltd., Class A | 400 | 5918 |
|  ENN Energy Holdings Ltd. | 5761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52499 |
|  ENN Natural Gas Co. Ltd., Class A | 2700 | 8134 |
|  Eoptolink Technology, Inc. Ltd., Class A | 460 | 22629 |
|  Eve Energy Co. Ltd., Class A | 728 | 7353 |
|  Everbright Securities Co. Ltd., Class A | 2000 | 4902 |
|  Flat Glass Group Co. Ltd., Class A | 700 | 1598 |
|  Focus Media Information Technology Co. Ltd., Class A | 8020 | 8338 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 2251 | 11768 |
|  Fosun International Ltd. | 18480 | 11535 |
|  Founder Securities Co. Ltd., Class A | 1900 | 2083 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 6143 | 52759 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 600 | 5591 |
|  Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 5033 | 43537 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 480 | 4247 |
|  Ganfeng Lithium Group Co. Ltd., Class H, 144A | 3610 | 22710 |
|  GD Power Development Co. Ltd., Class A | 7854 | 6254 |
|  GDS Holdings Ltd., Class A \* | 8041 | 34371 |
|  Genscript Biotech Corp. \* | 9771 | 18712 |
|  GF Securities Co. Ltd., Class A | 1200 | 3588 |
|  GF Securities Co. Ltd., Class H | 7136 | 15435 |
|  Giant Biogene Holding Co. Ltd., 144A | 2411 | 11204 |
|  Giant Network Group Co. Ltd., Class A | 1500 | 8729 |
|  GigaDevice Semiconductor, Inc., Class A | 433 | 12433 |
|  GoerTek, Inc., Class A | 1900 | 8070 |
|  Goldwind Science & Technology Co. Ltd., Class A | 1138 | 2480 |
|  Goneo Group Co. Ltd., Class A | 697 | 4224 |
|  Gotion High-tech Co. Ltd., Class A | 1200 | 6635 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Great Wall Motor Co. Ltd., Class A | 1576 | 4882 |
|  Great Wall Motor Co. Ltd., Class H | 18191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34976 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 800 | 4567 |
|  Guangdong Haid Group Co. Ltd., Class A | 901 | 7111 |
|  Guanghui Energy Co. Ltd., Class A | 3641 | 2575 |
|  Guangzhou Automobile Group Co. Ltd., Class A | 2900 | 3794 |
|  Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 600 | 2190 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1940 | 11319 |
|  Guolian Minsheng Securities Co. Ltd., Class A | 1900 | 2749 |
|  Guosen Securities Co. Ltd., Class A | 4200 | 7699 |
|  Guotai Haitong Securities Co. Ltd. | 4692 | 12716 |
|  Guotai Haitong Securities Co. Ltd., Class H, 144A | 16038 | 32032 |
|  Guoyuan Securities Co. Ltd., Class A | 30 | 35 |
|  H World Group Ltd., ADR | 1578 | 72746 |
|  Haidilao International Holding Ltd., 144A | 13148 | 23220 |
|  Haier Smart Home Co. Ltd., Class A | 1900 | 7412 |
|  Haier Smart Home Co. Ltd., Class H | 17838 | 60897 |
|  Hainan Airlines Holding Co. Ltd., Class A \* | 33864 | 8287 |
|  Haitian International Holdings Ltd. | 5773 | 16179 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 1600 | 3193 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A | 1300 | 5136 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class A | 174 | 1255 |
|  Hansoh Pharmaceutical Group Co. Ltd., 144A | 11713 | 60507 |
|  Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | 621 | 2154 |
|  Henan Shuanghui Investment & Development Co. Ltd., Class A | 1808 | 6902 |
|  Hengan International Group Co. Ltd. | 5160 | 18597 |
|  Hengli Petrochemical Co. Ltd., Class A | 3502 | 9367 |
|  Hengtong Optic-electric Co. Ltd., Class A | 1900 | 5316 |
|  Hithink RoyalFlush Information Network Co. Ltd., Class A | 195 | 8859 |

---

See Notes to Financial Statements.

**48** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Horizon Robotics \* | 38386 | 38850 |
|  Hoshine Silicon Industry Co. Ltd., Class A | 500 | 3982 |
|  Hua Hong Semiconductor Ltd., Class H, 144A \* | 5388 | 51556 |
|  Huadian Power International Corp. Ltd., Class A | 6600 | 4808 |
|  Huadong Medicine Co. Ltd., Class A | 1300 | 7723 |
|  Huafon Chemical Co. Ltd., Class A | 2500 | 3327 |
|  Huaibei Mining Holdings Co. Ltd., Class A | 2156 | 3751 |
|  Huaneng Power International, Inc., Class A | 6000 | 6603 |
|  Huaneng Power International, Inc., Class H | 32712 | 26091 |
|  Huaqin Technology Co. Ltd., Class A | 500 | 6204 |
|  Huatai Securities Co. Ltd., Class A | 3400 | 10147 |
|  Huatai Securities Co. Ltd., Class H, 144A | 9762 | 22945 |
|  Huaxia Bank Co. Ltd., Class A | 2800 | 2745 |
|  Huayu Automotive Systems Co. Ltd., Class A | 1600 | 4395 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 400 | 6223 |
|  Humanwell Healthcare Group Co. Ltd., Class A | 1500 | 4101 |
|  Hunan Valin Steel Co. Ltd., Class A | 4600 | 3624 |
|  Hundsun Technologies, Inc., Class A | 389 | 1613 |
|  Hygon Information Technology Co. Ltd., Class A | 1117 | 34332 |
|  IEIT Systems Co. Ltd., Class A | 921 | 8023 |
|  Iflytek Co. Ltd., Class A | 1250 | 8755 |
|  Imeik Technology Development Co. Ltd., Class A | 232 | 4770 |
|  Industrial & Commercial Bank of China Ltd., Class A | 29300 | 33611 |
|  Industrial & Commercial Bank of China Ltd., Class H | 495928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410205 |
|  Industrial Bank Co. Ltd., Class A | 9359 | 27945 |
|  Industrial Securities Co. Ltd., Class A | 6700 | 6416 |
|  Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 13600 | 4674 |
|  Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 8 | 29 |
|  Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 2800 | 1933 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 3500 | 14545 |
|  Inner Mongolia Yitai Coal Co. Ltd., Class B | 7863 | 14963 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Innovent Biologics, Inc., 144A \* | 11143 | 134675 |
|  Isoftstone Information Technology Group Co. Ltd., Class A | 330 | 2224 |
|  J&T Global Express Ltd. \* | 18284 | 22497 |
|  JA Solar Technology Co. Ltd., Class A \* | 2276 | 3886 |
|  JCET Group Co. Ltd., Class A | 1300 | 6603 |
|  JD Health International, Inc., 144A \* | 9028 | 70848 |
|  JD Logistics, Inc., 144A \* | 15508 | 24241 |
|  JD.com, Inc., Class A | 18461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276234 |
|  Jiangsu Eastern Shenghong Co. Ltd., Class A \* | 1992 | 2708 |
|  Jiangsu Expressway Co. Ltd., Class H | 6781 | 8718 |
|  Jiangsu Hengli Hydraulic Co. Ltd., Class A | 804 | 11520 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 3278 | 28784 |
|  Jiangsu Hoperun Software Co. Ltd., Class A \* | 800 | 5817 |
|  Jiangsu King's Luck Brewery JSC Ltd., Class A | 778 | 4159 |
|  Jiangsu Yanghe Distillery Co. Ltd., Class A | 800 | 7491 |
|  Jiangsu Zhongtian Technology Co. Ltd., Class A | 2496 | 5589 |
|  Jiangxi Copper Co. Ltd., Class A | 1400 | 7412 |
|  Jiangxi Copper Co. Ltd., Class H | 7648 | 30137 |
|  Jinko Solar Co. Ltd., Class A \* | 5688 | 4530 |
|  Kanzhun Ltd., ADR | 2838 | 62720 |
|  KE Holdings, Inc., ADR | 3325 | 57290 |
|  KE Holdings, Inc., Class A | 5249 | 30378 |
|  Kingdee International Software Group Co. Ltd. \* | 22896 | 41523 |
|  Kingsoft Corp. Ltd. | 7384 | 27162 |
|  Kuaishou Technology, 144A | 19107 | 166387 |
|  Kuang-Chi Technologies Co. Ltd., Class A \* | 1500 | 9581 |
|  Kunlun Tech Co. Ltd., Class A \* | 200 | 1231 |
|  Kweichow Moutai Co. Ltd., Class A | 539 | 110584 |
|  Laopu Gold Co. Ltd., Class H | 215 | 18571 |
|  LB Group Co. Ltd., Class A | 1916 | 4976 |
|  Lenovo Group Ltd. | 59733 | 74265 |
|  Lens Technology Co. Ltd., Class A | 3076 | 11965 |
|  Li Auto, Inc., Class A \* | 9600 | 88715 |
|  Li Ning Co. Ltd. | 16128 | 35961 |
|  Lingyi iTech Guangdong Co., Class A | 2590 | 5092 |
|  Longfor Group Holdings Ltd., 144A | 14325 | 17884 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 49** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  LONGi Green Energy Technology Co. Ltd., Class A \* | 3054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 |
|  Luxshare Precision Industry Co. Ltd., Class A | 3070 | 25090 |
|  Luzhou Laojiao Co. Ltd., Class A | 400 | 7688 |
|  Mango Excellent Media Co. Ltd., Class A | 1803 | 6610 |
|  Maxscend Microelectronics Co. Ltd., Class A | 448 | 4386 |
|  Meitu, Inc., 144A \* | 31309 | 34583 |
|  Meituan, Class B, 144A \* | 37608 | 495109 |
|  Metallurgical Corp. of China Ltd., Class A | 16000 | 7197 |
|  Midea Group Co. Ltd. | 3602 | 40943 |
|  Midea Group Co. Ltd., Class A | 1100 | 12425 |
|  MINISO Group Holding Ltd. | 3151 | 15727 |
|  Montage Technology Co. Ltd., Class A | 489 | 8196 |
|  Muyuan Foods Co. Ltd., Class A | 1664 | 11945 |
|  NARI Technology Co. Ltd., Class A | 4223 | 13237 |
|  National Silicon Industry Group Co. Ltd., Class A \* | 907 | 2718 |
|  NAURA Technology Group Co. Ltd., Class A | 317 | 19186 |
|  NetEase, Inc. | 13226 | 363529 |
|  New China Life Insurance Co. Ltd., Class A | 300 | 2787 |
|  New China Life Insurance Co. Ltd., Class H | 7756 | 46202 |
|  New Hope Liuhe Co. Ltd., Class A | 2400 | 3194 |
|  New Oriental Education & Technology Group, Inc. | 10639 | 55068 |
|  Nexchip Semiconductor Corp., Class A | 1745 | 7849 |
|  Ningbo Deye Technology Co. Ltd., Class A | 705 | 8077 |
|  Ningbo Orient Wires & Cables Co. Ltd., Class A | 600 | 4905 |
|  Ningbo Tuopu Group Co. Ltd., Class A | 1078 | 9608 |
|  Ningxia Baofeng Energy Group Co. Ltd., Class A | 3956 | 10072 |
|  NIO, Inc., Class A \* | 13990 | 78199 |
|  Nongfu Spring Co. Ltd., Class H, 144A | 16042 | 100590 |
|  OFILM Group Co. Ltd., Class A \* | 3200 | 5106 |
|  OmniVision Integrated Circuits Group, Inc. | 586 | 9902 |
|  Orient Securities Co. Ltd., Class A | 3238 | 4768 |
|  People's Insurance Co. Group of China Ltd., Class A | 6700 | 8207 |
|  People's Insurance Co. Group of China Ltd., Class H | 64167 | 58103 |
|  PetroChina Co. Ltd., Class A | 7632 | 10525 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  PetroChina Co. Ltd., Class H | 163993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182828 |
|  Pharmaron Beijing Co. Ltd., Class A | 1575 | 6449 |
|  PICC Property & Casualty Co. Ltd., Class H | 54733 | 124147 |
|  Ping An Bank Co. Ltd., Class A | 10700 | 17571 |
|  Ping An Insurance Group Co. of China Ltd., Class A | 4917 | 41027 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 51565 | 375522 |
|  Piotech, Inc., Class A | 94 | 4033 |
|  Poly Developments and Holdings Group Co. Ltd., Class A | 7100 | 6789 |
|  Pop Mart International Group Ltd., 144A | 4154 | 119939 |
|  Postal Savings Bank of China Co. Ltd., Class A | 16616 | 13349 |
|  Postal Savings Bank of China Co. Ltd., Class H, 144A | 68863 | 48646 |
|  Power Construction Corp. of China Ltd., Class A | 7801 | 5992 |
|  Qfin Holdings, Inc., ADR | 798 | 15585 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A \* | 1900 | 7108 |
|  Range Intelligent Computing Technology Group Co. Ltd., Class A | 800 | 5400 |
|  Remegen Co. Ltd., Class H, 144A \* | 1463 | 17466 |
|  Rockchip Electronics Co. Ltd., Class A | 400 | 10351 |
|  Rongsheng Petrochemical Co. Ltd., Class A | 6975 | 9590 |
|  SAIC Motor Corp. Ltd., Class A | 4500 | 9528 |
|  Sailun Group Co. Ltd., Class A | 2700 | 6091 |
|  Sanan Optoelectronics Co. Ltd., Class A | 3400 | 6348 |
|  Sany Heavy Industry Co. Ltd., Class A | 3164 | 9094 |
|  Satellite Chemical Co. Ltd., Class A | 2190 | 5223 |
|  SDIC Capital Co. Ltd., Class A | 1400 | 1450 |
|  SDIC Power Holdings Co. Ltd., Class A | 4100 | 7986 |
|  Seres Group Co. Ltd., Class A | 830 | 14815 |
|  SF Holding Co. Ltd., Class A | 1575 | 8548 |
|  SG Micro Corp., Class A | 256 | 2357 |
|  Shaanxi Coal Industry Co. Ltd., Class A | 4200 | 13473 |
|  Shandong Gold Mining Co. Ltd., Class A | 1736 | 8953 |
|  Shandong Gold Mining Co. Ltd., Class H, 144A | 7222 | 32076 |
|  Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 1296 | 5182 |
|  Shandong Nanshan Aluminum Co. Ltd., Class A | 6800 | 4530 |

---

See Notes to Financial Statements.

**50** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Shandong Sun Paper Industry JSC Ltd., Class A | 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 20420 | 14556 |
|  Shanghai Baosight Software Co. Ltd., Class A | 1004 | 3032 |
|  Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 44 | 824 |
|  Shanghai Electric Group Co. Ltd., Class A \* | 6300 | 7797 |
|  Shanghai Electric Power Co. Ltd., Class A | 2200 | 7176 |
|  Shanghai International Airport Co. Ltd., Class A | 900 | 4030 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1900 | 4786 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 12700 | 20622 |
|  Shanghai Putailai New Energy Technology Group Co. Ltd. | 942 | 3552 |
|  Shanghai RAAS Blood Products Co. Ltd., Class A | 5600 | 5252 |
|  Shanghai Rural Commercial Bank Co. Ltd., Class A | 1988 | 2649 |
|  Shanghai United Imaging Healthcare Co. Ltd., Class A | 494 | 9300 |
|  Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 1700 | 9936 |
|  Shanjin International Gold Co. Ltd., Class A | 1992 | 5982 |
|  Shanxi Coking Coal Energy Group Co. Ltd., Class A | 1740 | 1656 |
|  Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 2300 | 4242 |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 580 | 15940 |
|  Shengyi Technology Co. Ltd., Class A | 1135 | 9260 |
|  Shennan Circuits Co. Ltd., Class A | 455 | 12585 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 14400 | 10490 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 1183 | 11823 |
|  Shenzhen Longsys Electronics Co. Ltd., Class A \* | 300 | 10574 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 383 | 11052 |
|  Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 314 | 2615 |
|  Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 200 | 1750 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 441 | 3999 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Shenzhou International Group Holdings Ltd. | 6501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57822 |
|  Sichuan Changhong Electric Co. Ltd., Class A | 3600 | 4817 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 1900 | 3918 |
|  Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 400 | 1947 |
|  Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H \* | 382 | 22393 |
|  Sichuan Road & Bridge Group Co. Ltd., Class A | 5708 | 7613 |
|  Sinopharm Group Co. Ltd., Class H | 10979 | 28259 |
|  Sinotruk Hong Kong Ltd. | 6281 | 21830 |
|  Smoore International Holdings Ltd., 144A | 13763 | 23510 |
|  SooChow Securities Co. Ltd., Class A | 1352 | 1708 |
|  Sungrow Power Supply Co. Ltd., Class A | 1153 | 29828 |
|  Sunny Optical Technology Group Co. Ltd. | 5688 | 46391 |
|  SUPCON Technology Co. Ltd., Class A | 582 | 4103 |
|  Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 898 | 9534 |
|  Suzhou TFC Optical Communication Co. Ltd., Class A | 200 | 4470 |
|  TAL Education Group, ADR \* | 3226 | 35486 |
|  TBEA Co. Ltd., Class A | 2130 | 6568 |
|  TCL Technology Group Corp., Class A | 11716 | 6778 |
|  TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A \* | 3361 | 4464 |
|  Tencent Holdings Ltd. | 49066 | 3853664 |
|  Tencent Music Entertainment Group, ADR | 4419 | 81531 |
|  Tianqi Lithium Corp., Class A \* | 1200 | 9340 |
|  Tianshan Aluminum Group Co. Ltd., Class A | 4874 | 8804 |
|  Tingyi Cayman Islands Holding Corp. | 16114 | 24691 |
|  Tongcheng Travel Holdings Ltd. | 9564 | 26926 |
|  TongFu Microelectronics Co. Ltd., Class A | 340 | 1761 |
|  Tongling Nonferrous Metals Group Co. Ltd., Class A | 2600 | 1876 |
|  Tongwei Co. Ltd., Class A \* | 3200 | 10356 |
|  Trina Solar Co. Ltd., Class A \* | 1708 | 4370 |
|  Tsingtao Brewery Co. Ltd., Class A | 500 | 4494 |
|  Tsingtao Brewery Co. Ltd., Class H | 4875 | 32935 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 51** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  UBTech Robotics Corp. Ltd., Class H \* | 1526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22148 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A | 773 | 8316 |
|  Unisplendour Corp. Ltd., Class A | 1954 | 6887 |
|  Victory Giant Technology Huizhou Co. Ltd., Class A | 400 | 15316 |
|  Vipshop Holdings Ltd., ADR | 2620 | 51457 |
|  Wanhua Chemical Group Co. Ltd., Class A | 1758 | 16690 |
|  Weichai Power Co. Ltd., Class A | 3100 | 7590 |
|  Weichai Power Co. Ltd., Class H | 15097 | 37365 |
|  Wens Foodstuff Group Co. Ltd., Class A | 3606 | 9222 |
|  Western Securities Co. Ltd., Class A | 900 | 1021 |
|  Western Superconducting Technologies Co. Ltd., Class A | 789 | 7385 |
|  Wingtech Technology Co. Ltd., Class A \* | 1014 | 5869 |
|  Wolong Electric Group Co. Ltd., Class A | 1300 | 7640 |
|  Wuliangye Yibin Co. Ltd., Class A | 1407 | 23454 |
|  WUS Printed Circuit Kunshan Co. Ltd., Class A | 632 | 6208 |
|  WuXi AppTec Co. Ltd., Class A | 1382 | 17826 |
|  WuXi AppTec Co. Ltd., Class H, 144A | 3075 | 39969 |
|  Wuxi Biologics Cayman, Inc., 144A \* | 27232 | 108987 |
|  WuXi XDC Cayman, Inc. \* | 2346 | 19721 |
|  XCMG Construction Machinery Co. Ltd., Class A | 1900 | 2773 |
|  Xiamen Tungsten Co. Ltd., Class A | 1800 | 8758 |
|  Xiaomi Corp., Class B, 144A \* | 131210 | 691289 |
|  Xinjiang Daqo New Energy Co. Ltd., Class A \* | 1567 | 6355 |
|  Xinyi Solar Holdings Ltd. | 33110 | 13693 |
|  XPeng, Inc., Class A \* | 9664 | 104140 |
|  XtalPi Holdings Ltd. \* | 13230 | 17009 |
|  Yadea Group Holdings Ltd., 144A | 10206 | 16176 |
|  Yankuang Energy Group Co. Ltd., Class A | 3273 | 6440 |
|  Yankuang Energy Group Co. Ltd., Class H | 25458 | 33221 |
|  Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 100 | 798 |
|  Yealink Network Technology Corp. Ltd., Class A | 1044 | 4985 |
|  Yonghui Superstores Co. Ltd., Class A \* | 3300 | 1895 |
|  Yonyou Network Technology Co. Ltd., Class A \* | 2697 | 5440 |
|  Youngor Fashion Co. Ltd., Class A | 500 | 546 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  YTO Express Group Co. Ltd., Class A | 2500 | 6029 |
|  Yum China Holdings, Inc. | 2863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138042 |
|  Yunnan Aluminium Co. Ltd., Class A | 464 | 1621 |
|  Yunnan Baiyao Group Co. Ltd., Class A | 400 | 3172 |
|  Yunnan Yuntianhua Co. Ltd., Class A | 1500 | 6571 |
|  Yutong Bus Co. Ltd., Class A | 1700 | 7481 |
|  Zangge Mining Co. Ltd., Class A | 400 | 3439 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 300 | 7293 |
|  Zhaojin Mining Industry Co. Ltd., Class H | 12443 | 46443 |
|  Zhejiang China Commodities City Group Co. Ltd., Class A | 3300 | 7683 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 1900 | 7552 |
|  Zhejiang Dahua Technology Co. Ltd., Class A | 1632 | 4372 |
|  Zhejiang Expressway Co. Ltd., Class H | 10818 | 10490 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 927 | 8107 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 1100 | 5681 |
|  Zhejiang Juhua Co. Ltd., Class A | 1740 | 8250 |
|  Zhejiang Leapmotor Technology Co. Ltd., Class H, 144A \* | 3875 | 26378 |
|  Zhejiang NHU Co. Ltd., Class A | 1483 | 5114 |
|  Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 1300 | 7903 |
|  Zhejiang Weiming Environment Protection Co. Ltd., Class A | 1500 | 4795 |
|  Zhejiang Zheneng Electric Power Co. Ltd., Class A | 9300 | 6617 |
|  Zheshang Securities Co. Ltd., Class A | 2100 | 3253 |
|  Zhongji Innolight Co. Ltd., Class A | 511 | 37187 |
|  Zhongjin Gold Corp. Ltd., Class A | 1800 | 5723 |
|  Zhongtai Securities Co. Ltd., Class A | 4000 | 3751 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class A | 771 | 5432 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class H | 2995 | 14848 |
|  Zijin Mining Group Co. Ltd., Class A | 10400 | 42042 |
|  Zijin Mining Group Co. Ltd., Class H | 46090 | 181736 |
|  Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 5076 | 5801 |
|  ZTE Corp., Class A | 500 | 2977 |
|  ZTE Corp., Class H | 7153 | 28866 |

---

See Notes to Financial Statements.

**52** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  ZTO Express Cayman, Inc. | 3079 | 63076 |
|  (Cost $11,333,996) |  | **17346703** |
|  **Colombia – 0.1%** |  |  |
|  Grupo Cibest SA | 1905 | 32466 |
|  Interconexion Electrica SA ESP | 4027 | 27023 |
|  (Cost $35,274) |  | **59489** |
|  **Czech Republic – 0.1%** |  |  |
|  CEZ AS | 1055 | 64542 |
|  Komercni Banka AS | 602 | 33680 |
|  Moneta Money Bank AS, 144A | 1731 | 15748 |
|  (Cost $51,659) |  | **113970** |
|  **Egypt – 0.1%** |  |  |
|  Commercial International Bank - Egypt (CIB) | 17129 | 38521 |
|  Eastern Co. SAE \* | 9146 | 8819 |
|  Talaat Moustafa Group | 8338 | 12557 |
|  (Cost $46,343) |  | **59897** |
|  **Greece – 0.5%** |  |  |
|  Alpha Bank SA | 16418 | 66924 |
|  Eurobank Ergasias Services and Holdings SA | 20510 | 81058 |
|  Hellenic Telecommunications Organization SA | 1236 | 24532 |
|  JUMBO SA | 891 | 28278 |
|  National Bank of Greece SA | 6378 | 99879 |
|  OPAP SA | 1313 | 26837 |
|  Piraeus Financial Holdings SA \* | 8466 | 69431 |
|  Public Power Corp. SA | 1563 | 31548 |
|  (Cost $218,498) |  | **428487** |
|  **Hong Kong – 4.4%** |  |  |
|  Alibaba Group Holding Ltd. | 123674 | 2406511 |
|  Alibaba Group Holding Ltd., ADR | 1053 | 165637 |
|  Alibaba Health Information Technology Ltd. \* | 44438 | 31791 |
|  Beijing Enterprises Holdings Ltd. | 3616 | 15809 |
|  Bosideng International Holdings Ltd. | 32596 | 20766 |
|  C&D International Investment Group Ltd. | 7164 | 15228 |
|  China Gas Holdings Ltd. | 20048 | 22145 |
|  China Merchants Port Holdings Co. Ltd. | 7523 | 15141 |
|  China Overseas Land & Investment Ltd. | 29059 | 49602 |
|  China Power International Development Ltd. | 26014 | 11460 |
|  China Resources Beer Holdings Co. Ltd. | 11308 | 40376 |
|  China Resources Gas Group Ltd. | 6953 | 20379 |
|  China Resources Land Ltd. | 23456 | 90862 |
|  China Resources Power Holdings Co. Ltd. | 15685 | 37431 |
|  China Ruyi Holdings Ltd. \* | 90312 | 28303 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China State Construction International Holdings Ltd. | 9842 | 11743 |
|  China Taiping Insurance Holdings Co. Ltd. | 12454 | 27785 |
|  Chow Tai Fook Jewellery Group Ltd. | 15528 | 27224 |
|  Far East Horizon Ltd. | 12346 | 12622 |
|  GCL Technology Holdings Ltd. \* | 188899 | 28144 |
|  Geely Automobile Holdings Ltd. | 48283 | 105052 |
|  Guangdong Investment Ltd. | 24084 | 23138 |
|  Kunlun Energy Co. Ltd. | 29793 | 28431 |
|  NetEase Cloud Music, Inc., 144A \* | 680 | 16874 |
|  Orient Overseas International Ltd. | 1049 | 17030 |
|  Sino Biopharmaceutical Ltd. | 80180 | 72603 |
|  Want Want China Holdings Ltd. | 33898 | 20289 |
|  Zijin Gold International Co. Ltd. \* | 1633 | 29196 |
|  (Cost $2,345,485) |  | **3391572** |
|  **Hungary – 0.3%** |  |  |
|  MOL Hungarian Oil & Gas PLC | 3386 | 29956 |
|  OTP Bank Nyrt | 1712 | 178059 |
|  Richter Gedeon Nyrt | 998 | 29537 |
|  (Cost $96,666) |  | **237552** |
|  **India – 15.5%** |  |  |
|  ABB India Ltd. | 387 | 22390 |
|  Adani Enterprises Ltd. | 1147 | 29239 |
|  Adani Ports & Special Economic Zone Ltd. | 3990 | 67665 |
|  Adani Power Ltd. \* | 23570 | 38865 |
|  Alkem Laboratories Ltd. | 357 | 22690 |
|  Ambuja Cements Ltd. | 4393 | 27022 |
|  APL Apollo Tubes Ltd. | 1363 | 26193 |
|  Apollo Hospitals Enterprise Ltd. | 809 | 66345 |
|  Ashok Leyland Ltd. | 22000 | 38890 |
|  Asian Paints Ltd. | 3044 | 97819 |
|  Astral Ltd. | 717 | 11549 |
|  AU Small Finance Bank Ltd., 144A | 3062 | 32700 |
|  Aurobindo Pharma Ltd. | 2148 | 29458 |
|  Avenue Supermarts Ltd., 144A \* | 1281 | 57235 |
|  Axis Bank Ltd. | 17314 | 247706 |
|  Bajaj Auto Ltd. | 515 | 52241 |
|  Bajaj Finance Ltd. | 21628 | 250863 |
|  Bajaj Finserv Ltd. | 2838 | 66439 |
|  Bajaj Holdings & Investment Ltd. | 186 | 23911 |
|  Balkrishna Industries Ltd. | 557 | 14378 |
|  Bank of Baroda | 8860 | 28705 |
|  Bharat Electronics Ltd. | 27455 | 126382 |
|  Bharat Forge Ltd. | 1882 | 30168 |
|  Bharat Heavy Electricals Ltd. | 7001 | 22765 |
|  Bharat Petroleum Corp. Ltd. | 12651 | 50789 |
|  Bharti Airtel Ltd. | 19503 | 458230 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 53** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Bosch Ltd. | 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 |
|  Britannia Industries Ltd. | 862 | 56338 |
|  BSE Ltd. | 1575 | 51106 |
|  Canara Bank | 15649 | 26519 |
|  CG Power & Industrial Solutions Ltd. | 5325 | 40059 |
|  Cholamandalam Investment and Finance Co. Ltd. | 3111 | 60378 |
|  Cipla Ltd. | 4303 | 73665 |
|  Coal India Ltd. | 14261 | 59971 |
|  Colgate-Palmolive India Ltd. | 1089 | 26402 |
|  Coromandel International Ltd. | 907 | 24155 |
|  Cummins India Ltd. | 976 | 48876 |
|  Dabur India Ltd. | 3916 | 22652 |
|  Divi's Laboratories Ltd. | 944 | 68356 |
|  Dixon Technologies India Ltd. | 276 | 45053 |
|  DLF Ltd. | 5842 | 47260 |
|  Dr Reddy's Laboratories Ltd. | 4059 | 57123 |
|  Eicher Motors Ltd. | 1094 | 86269 |
|  Eternal Ltd. \* | 18349 | 61562 |
|  Fortis Healthcare Ltd. | 3750 | 38532 |
|  FSN E-Commerce Ventures Ltd. \* | 8889 | 26564 |
|  GAIL India Ltd. | 15031 | 29591 |
|  GE Vernova T&D India Ltd. | 1006 | 32407 |
|  GMR Airports Ltd. \* | 23095 | 27976 |
|  Godrej Consumer Products Ltd. | 3021 | 38691 |
|  Godrej Properties Ltd. \* | 1262 | 29835 |
|  Grasim Industries Ltd. | 2064 | 63212 |
|  Havells India Ltd. | 1682 | 27114 |
|  HCL Technologies Ltd. | 7351 | 133480 |
|  HDFC Asset Management Co. Ltd., 144A | 1484 | 44347 |
|  HDFC Bank Ltd. | 86704 | 976695 |
|  HDFC Life Insurance Co. Ltd., 144A | 7193 | 61462 |
|  Hero MotoCorp Ltd. | 958 | 66130 |
|  Hindalco Industries Ltd. | 9879 | 89283 |
|  Hindustan Aeronautics Ltd. | 1535 | 77952 |
|  Hindustan Petroleum Corp. Ltd. | 7582 | 38780 |
|  Hindustan Unilever Ltd. | 6434 | 177424 |
|  Hitachi Energy India Ltd. | 101 | 24905 |
|  Hyundai Motor India Ltd. | 1281 | 33311 |
|  ICICI Bank Ltd. | 39983 | 620793 |
|  ICICI Lombard General Insurance Co. Ltd., 144A | 2011 | 44302 |
|  ICICI Prudential Life Insurance Co. Ltd., 144A | 2093 | 14502 |
|  IDFC First Bank Ltd. | 23354 | 20921 |
|  Indian Hotels Co. Ltd. | 6334 | 52706 |
|  Indian Oil Corp. Ltd. | 22599 | 40866 |
|  Indian Railway Catering & Tourism Corp. Ltd. | 1549 | 11892 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Indus Towers Ltd. \* | 10214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45796 |
|  IndusInd Bank Ltd. \* | 4686 | 44978 |
|  Info Edge India Ltd. | 2761 | 41060 |
|  Infosys Ltd. | 25590 | 446328 |
|  InterGlobe Aviation Ltd., 144A | 1486 | 98042 |
|  ITC Ltd. | 23185 | 104783 |
|  Jindal Stainless Ltd. | 2384 | 20550 |
|  Jindal Steel Ltd. | 2616 | 30545 |
|  Jio Financial Services Ltd. | 22414 | 76728 |
|  JSW Energy Ltd. | 3733 | 20393 |
|  JSW Steel Ltd. | 4669 | 60566 |
|  Jubilant Foodworks Ltd. | 2997 | 20154 |
|  Kalyan Jewellers India Ltd. | 3561 | 20118 |
|  Kotak Mahindra Bank Ltd. | 8446 | 200595 |
|  Larsen & Toubro Ltd. | 4994 | 227212 |
|  Lodha Developers Ltd., 144A | 2170 | 27855 |
|  LTIMindtree Ltd., 144A | 583 | 39736 |
|  Lupin Ltd. | 1807 | 42064 |
|  Mahindra & Mahindra Ltd. | 7063 | 296686 |
|  Mankind Pharma Ltd. | 1038 | 26122 |
|  Marico Ltd. | 4302 | 34503 |
|  Maruti Suzuki India Ltd. | 966 | 171714 |
|  Max Healthcare Institute Ltd. | 5838 | 75893 |
|  Mphasis Ltd. | 818 | 25710 |
|  MRF Ltd. | 19 | 32376 |
|  Muthoot Finance Ltd. | 847 | 35455 |
|  Nestle India Ltd. | 5240 | 73878 |
|  NHPC Ltd. | 24205 | 20766 |
|  NMDC Ltd. | 18974 | 15680 |
|  NTPC Ltd. | 33171 | 121062 |
|  Oberoi Realty Ltd. | 1075 | 19796 |
|  Oil & Natural Gas Corp. Ltd. | 23027 | 62621 |
|  Oil India Ltd. | 4107 | 18972 |
|  One 97 Communications Ltd. \* | 2956 | 43642 |
|  Oracle Financial Services Software Ltd. | 184 | 16677 |
|  Page Industries Ltd. | 48 | 20564 |
|  PB Fintech Ltd. \* | 2682 | 54538 |
|  Persistent Systems Ltd. | 799 | 56749 |
|  Petronet LNG Ltd. | 5900 | 17931 |
|  Phoenix Mills Ltd. | 1589 | 30854 |
|  PI Industries Ltd. | 564 | 21410 |
|  Pidilite Industries Ltd. | 2228 | 36610 |
|  Polycab India Ltd. | 437 | 36495 |
|  Power Finance Corp. Ltd. | 10969 | 44478 |
|  Power Grid Corp. of India Ltd. | 35254 | 106396 |
|  Prestige Estates Projects Ltd. | 1441 | 27021 |
|  Punjab National Bank | 14967 | 20832 |
|  Rail Vikas Nigam Ltd. | 4271 | 15475 |
|  REC Ltd. | 9604 | 38750 |
|  Reliance Industries Ltd., GDR, 144A | 1234 | 87120 |

---

See Notes to Financial Statements.

**54** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Reliance Industries Ltd. | 42108 | 737911 |
|  Samvardhana Motherson International Ltd. | 30540 | 39712 |
|  SBI Cards & Payment Services Ltd. | 2332 | 22946 |
|  SBI Life Insurance Co. Ltd., 144A | 3598 | 79082 |
|  Shree Cement Ltd. | 73 | 21546 |
|  Shriram Finance Ltd. | 10792 | 102753 |
|  Siemens Energy India Ltd. \* | 677 | 23914 |
|  Siemens Ltd. | 738 | 27202 |
|  Solar Industries India Ltd. | 202 | 29972 |
|  SRF Ltd. | 1050 | 34363 |
|  State Bank of India | 14352 | 157082 |
|  Sun Pharmaceutical Industries Ltd. | 7383 | 151180 |
|  Sundaram Finance Ltd. | 555 | 29340 |
|  Supreme Industries Ltd. | 445 | 16873 |
|  Suzlon Energy Ltd. \* | 73704 | 44504 |
|  Swiggy Ltd. \* | 6524 | 27592 |
|  Tata Communications Ltd. | 951 | 19299 |
|  Tata Consultancy Services Ltd. | 6849 | 240239 |
|  Tata Consumer Products Ltd. | 4632 | 60712 |
|  Tata Motors Ltd. \* | 15193 | 59789 |
|  Tata Motors Passenger Vehicles Ltd. | 15193 | 60604 |
|  Tata Power Co. Ltd. | 11068 | 48270 |
|  Tata Steel Ltd. | 56315 | 105745 |
|  Tech Mahindra Ltd. | 3985 | 67598 |
|  Titan Co. Ltd. | 2698 | 117868 |
|  Torrent Pharmaceuticals Ltd. | 860 | 35772 |
|  Torrent Power Ltd. | 1145 | 16827 |
|  Trent Ltd. | 1414 | 67191 |
|  Tube Investments of India Ltd. | 876 | 27269 |
|  TVS Motor Co. Ltd. | 1797 | 70948 |
|  UltraTech Cement Ltd. | 934 | 121126 |
|  Union Bank of India Ltd. | 13496 | 23126 |
|  United Spirits Ltd. | 2119 | 34388 |
|  UPL Ltd. | 3339 | 28320 |
|  Varun Beverages Ltd. | 10349 | 55715 |
|  Vedanta Ltd. | 11037 | 64904 |
|  Vishal Mega Mart Ltd. \* | 15326 | 23268 |
|  Vodafone Idea Ltd. \* | 206018 | 22940 |
|  Voltas Ltd. | 1728 | 26588 |
|  WAAREE Energies Ltd. | 790 | 28019 |
|  Wipro Ltd. | 9812 | 27372 |
|  Wipro Ltd., ADR (b) | 11330 | 30818 |
|  Yes Bank Ltd. \* | 118097 | 30274 |
|  Zydus Lifesciences Ltd. | 1637 | 17249 |
|  (Cost $6,826,597) |  | **12014343** |
|  **Indonesia – 1.2%** |  |  |
|  Amman Mineral Internasional PT \* | 111046 | 44005 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Barito Renewables Energy Tbk PT | 61390 | 35293 |
|  Bumi Resources Minerals Tbk PT \* | 442624 | 25912 |
|  Dian Swastatika Sentosa TBK PT \* | 8144 | 53764 |
|  GoTo Gojek Tokopedia Tbk PT \* | 6888096 | 26469 |
|  Petrindo Jaya Kreasi TBK PT | 174573 | 28091 |
|  PT Astra International Tbk | 163384 | 64255 |
|  PT Bank Central Asia Tbk | 425797 | 211556 |
|  PT Bank Mandiri Persero Tbk | 279314 | 81002 |
|  PT Bank Negara Indonesia Persero Tbk | 111926 | 28628 |
|  PT Bank Rakyat Indonesia Persero Tbk | 515155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113826 |
|  PT Barito Pacific Tbk \* | 197477 | 42448 |
|  PT Chandra Asri Pacific Tbk | 65787 | 29230 |
|  PT Charoen Pokphand Indonesia Tbk | 39682 | 11031 |
|  PT Indofood Sukses Makmur Tbk | 32639 | 14404 |
|  PT Sumber Alfaria Trijaya Tbk | 135154 | 14607 |
|  PT Telkom Indonesia Persero Tbk | 388837 | 81946 |
|  PT United Tractors Tbk | 11025 | 18535 |
|  (Cost $936,553) |  | **925002** |
|  **Ireland – 0.8%** |  |  |
|  PDD Holdings, Inc., ADR \* |  |  |
|  (Cost $526,250) | 5369 | **623233** |
|  **Kazakhstan – 0.0%** |  |  |
|  Solidcore Resources PLC \* (a) |  |  |
|  (Cost $66,377) | 4065 | **0** |
|  **Kuwait – 0.7%** |  |  |
|  Boubyan Bank KSCP | 10412 | 23982 |
|  Gulf Bank KSCP | 14631 | 16969 |
|  Kuwait Finance House KSCP | 85432 | 221547 |
|  Mabanee Co KPSC | 3923 | 13752 |
|  Mobile Telecommunications Co. KSCP | 16288 | 27594 |
|  National Bank of Kuwait SAKP | 64322 | 210390 |
|  Warba Bank KSCP \* | 19586 | 18568 |
|  (Cost $337,697) |  | **532802** |
|  **Luxembourg – 0.1%** |  |  |
|  Reinet Investments SCA | 1158 | 39181 |
|  Zabka Group SA \* | 2388 | 15216 |
|  (Cost $38,509) |  | **54397** |
|  **Malaysia – 1.1%** |  |  |
|  AMMB Holdings Bhd | 16846 | 24255 |
|  Axiata Group Bhd | 13699 | 7989 |
|  Celcomdigi Bhd | 24660 | 19573 |
|  CIMB Group Holdings Bhd | 60289 | 111606 |
|  Gamuda Bhd | 33491 | 43358 |
|  Hong Leong Bank Bhd | 5441 | 27834 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 55** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  IHH Healthcare Bhd | 15750 | 31481 |
|  IOI Corp. Bhd | 25694 | 24808 |
|  Kuala Lumpur Kepong Bhd | 4839 | 23653 |
|  Malayan Banking Bhd | 48218 | 115630 |
|  Maxis Bhd | 15696 | 15155 |
|  MISC Bhd | 12100 | 21989 |
|  MR DIY Group M Bhd, 144A | 21900 | 8002 |
|  Nestle Malaysia Bhd | 483 | 12494 |
|  Petronas Chemicals Group Bhd | 25324 | 18384 |
|  Petronas Dagangan Bhd | 1704 | 8173 |
|  Petronas Gas Bhd | 6990 | 29635 |
|  Press Metal Aluminium Holdings Bhd | 26250 | 42623 |
|  Public Bank Bhd | 114710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120747 |
|  QL Resources Bhd | 9350 | 9163 |
|  RHB Bank Bhd | 13681 | 23009 |
|  SD Guthrie Bhd | 12523 | 15788 |
|  Sunway Bhd | 15800 | 20837 |
|  Telekom Malaysia Bhd | 10645 | 19113 |
|  Tenaga Nasional Bhd | 19905 | 63484 |
|  YTL Corp. Bhd | 35400 | 18246 |
|  YTL Power International Bhd | 18100 | 14279 |
|  (Cost $682,896) |  | **891308** |
|  **Mexico – 1.9%** |  |  |
|  Alfa SAB de CV, Class A | 29403 | 23294 |
|  America Movil SAB de CV, Series B | 138751 | 159272 |
|  Arca Continental SAB de CV | 3719 | 37946 |
|  Cemex SAB de CV, Series CPO | 112278 | 118823 |
|  Coca-Cola Femsa SAB de CV | 4181 | 36239 |
|  Fibra Uno Administracion SA de CV REIT | 19781 | 28770 |
|  Fomento Economico Mexicano SAB de CV | 13414 | 129391 |
|  Gruma SAB de CV, Class B | 1191 | 21055 |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 2075 | 27839 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 3028 | 73830 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 1369 | 41407 |
|  Grupo Bimbo SAB de CV, Series A | 10966 | 34840 |
|  Grupo Carso SAB de CV, Series A1 | 4547 | 31014 |
|  Grupo Comercial Chedraui SA de CV | 1878 | 13723 |
|  Grupo Financiero Banorte SAB de CV, Class O | 19222 | 183776 |
|  Grupo Financiero Inbursa SAB de CV, Class O | 12957 | 30695 |
|  Grupo Mexico SAB de CV, Series B | 24293 | 211699 |
|  Industrias Penoles SAB de CV \* | 1601 | 67597 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 11387 | 24251 |
|  Prologis Property Mexico SA de CV REIT | 8690 | 37066 |
|  Promotora y Operadora de Infraestructura SAB de CV | 1373 | 18856 |
|  Wal-Mart de Mexico SAB de CV | 38799 | 131407 |
|  (Cost $1,077,242) |  | **1482790** |
|  **Netherlands – 0.1%** |  |  |
|  Nebius Group N.V., Class A \* (a) | 4277 | 0 |
|  NEPI Rockcastle NV \* | 4828 | 41358 |
|  (Cost $357,576) |  | **41358** |
|  **Peru – 0.2%** |  |  |
|  Cia de Minas Buenaventura SAA, ADR | 1333 | 33032 |
|  Credicorp Ltd. | 500 | 128605 |
|  (Cost $99,831) |  | **161637** |
|  **Philippines – 0.4%** |  |  |
|  Ayala Corp. | 2174 | 17608 |
|  Ayala Land, Inc. | 44324 | 15381 |
|  Bank of the Philippine Islands | 12066 | 23969 |
|  BDO Unibank, Inc. | 15930 | 35584 |
|  International Container Terminal |  |  |
|  Services, Inc. | 8021 | 74199 |
|  Jollibee Foods Corp. | 2653 | 8550 |
|  Manila Electric Co. | 2310 | 23299 |
|  Metropolitan Bank & Trust Co. | 15642 | 17604 |
|  PLDT, Inc. | 446 | 9826 |
|  SM Investments Corp. | 1803 | 22751 |
|  SM Prime Holdings, Inc. | 84179 | 33014 |
|  (Cost $267,586) |  | **281785** |
|  **Poland – 1.0%** |  |  |
|  Allegro.eu SA, 144A \* | 5548 | 48698 |
|  Bank Millennium SA \* | 4506 | 19273 |
|  Bank Polska Kasa Opieki SA | 1412 | 77309 |
|  Budimex SA | 92 | 15745 |
|  CCC SA \* | 406 | 15019 |
|  CD Projekt SA | 480 | 33700 |
|  Dino Polska SA, 144A \* | 3612 | 40383 |
|  KGHM Polska Miedz SA \* | 1140 | 66085 |
|  LPP SA | 8 | 37262 |
|  mBank SA \* | 115 | 32309 |
|  ORLEN SA | 4475 | 115210 |
|  PGE Polska Grupa Energetyczna SA \* | 7058 | 19068 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 6735 | 142743 |
|  Powszechny Zaklad Ubezpieczen SA | 4572 | 78697 |
|  Santander Bank Polska SA | 316 | 44562 |
|  (Cost $579,100) |  | **786063** |

---

See Notes to Financial Statements.

**56** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Qatar – 0.6%** |  |  |
|  Al Rayan Bank | 46187 | 27666 |
|  Barwa Real Estate Co. | 19846 | 13986 |
|  Commercial Bank PSQC | 22351 | 24733 |
|  Dukhan Bank | 18726 | 17883 |
|  Industries Qatar QSC | 10797 | 36030 |
|  Mesaieed Petrochemical Holding Co. | 39417 | 12710 |
|  Ooredoo QPSC | 7018 | 24575 |
|  Qatar Electricity & Water Co. QSC | 1846 | 7514 |
|  Qatar Fuel QSC | 3714 | 15260 |
|  Qatar Gas Transport Co. Ltd. | 20565 | 25490 |
|  Qatar International Islamic Bank QSC | 8489 | 25763 |
|  Qatar Islamic Bank QPSC | 14250 | 90995 |
|  Qatar National Bank QPSC | 35615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177048 |
|  (Cost $397,531) |  | **499653** |
|  **Russia – 0.0%** |  |  |
|  Alrosa PJSC \* (a) | 34709 | 0 |
|  Gazprom PJSC \* (a) | 164723 | 0 |
|  GMK Norilskiy Nickel PAO \* (a) | 88300 | 0 |
|  Inter RAO UES PJSC \* (a) | 490959 | 0 |
|  LUKOIL PJSC \* (a) | 5651 | 0 |
|  Magnit PJSC \* (a) | 933 | 0 |
|  Mobile TeleSystems PJSC, ADR \* (a) | 6594 | 0 |
|  Moscow Exchange MICEX-RTS PJSC \* (a) | 20735 | 0 |
|  Novatek PJSC \* (a) | 12810 | 0 |
|  Novolipetsk Steel PJSC \* (a) | 21183 | 0 |
|  Ozon Holdings PLC, ADR \* (a) | 700 | 0 |
|  PhosAgro PJSC \* (a) | 713 | 0 |
|  PhosAgro PJSC, GDR \* (a) | 13 | 0 |
|  Polyus PJSC \* (a) | 4760 | 0 |
|  Rosneft Oil Co. PJSC \* (a) | 14582 | 0 |
|  Sberbank of Russia PJSC \* (a) | 146997 | 0 |
|  Severstal PAO \* (a) | 707 | 0 |
|  Severstal PAO, GDR \* (a) | 2248 | 0 |
|  Surgutneftegas PAO \* (a) | 68300 | 0 |
|  Surgutneftegas PAO, ADR \* (a) | 2000 | 0 |
|  Tatneft PJSC \* (a) | 17973 | 0 |
|  TKS Holding MKPAO JSC \* (a) | 58 | 0 |
|  United Co. RUSAL International PJSC \* (a) | 39327 | 0 |
|  VK IPJSC, GDR \* (a) | 1643 | 0 |
|  VK IPJSC \* (a) | 48 | 0 |
|  VTB Bank PJSC \* (a) | 9756 | 0 |
|  X5 Retail Group NV, GDR \* (a) | 1749 | 0 |
|  (Cost $2,514,228) |  | **0** |
|  **Saudi Arabia – 2.9%** |  |  |
|  ACWA Power Co. \* | 1191 | 60638 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Ades Holding Co. | 3069 | 13916 |
|  Al Rajhi Bank | 15046 | 384427 |
|  Alinma Bank | 9606 | 62018 |
|  Almarai Co. JSC | 3840 | 45755 |
|  Arab National Bank | 7285 | 43072 |
|  Arabian Internet & Communications Services Co. | 212 | 12704 |
|  Bank AlBilad | 5042 | 35186 |
|  Bank Al-Jazira \* | 4880 | 15038 |
|  Banque Saudi Fransi | 9111 | 39927 |
|  Bupa Arabia for Cooperative Insurance Co. | 680 | 26646 |
|  Co. for Cooperative Insurance | 457 | 14679 |
|  Dallah Healthcare Co. | 315 | 10916 |
|  Dar Al Arkan Real Estate Development Co. \* | 4069 | 17007 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 630 | 40607 |
|  Elm Co. | 172 | 35120 |
|  Etihad Etisalat Co. | 3118 | 52196 |
|  Jarir Marketing Co. | 5461 | 18487 |
|  Mouwasat Medical Services Co. | 925 | 17112 |
|  Riyad Bank | 11264 | 77466 |
|  SABIC Agri-Nutrients Co. | 1864 | 57886 |
|  Sahara International Petrochemical Co. | 3209 | 14371 |
|  SAL Saudi Logistics Services | 227 | 10281 |
|  Saudi Arabian Mining Co. \* | 10669 | 173482 |
|  Saudi Arabian Oil Co., 144A | 45958 | 301735 |
|  Saudi Awwal Bank | 8149 | 66514 |
|  Saudi Basic Industries Corp. | 7046 | 103583 |
|  Saudi Electricity Co. | 5648 | 21243 |
|  Saudi Investment Bank | 5435 | 18776 |
|  Saudi National Bank | 22671 | 222996 |
|  Saudi Research & Media Group \* | 302 | 11472 |
|  Saudi Tadawul Group Holding Co. | 291 | 13063 |
|  Saudi Telecom Co. | 15312 | 174122 |
|  Yanbu National Petrochemical Co. | 1784 | 14485 |
|  (Cost $1,808,582) |  | **2226926** |
|  **Singapore – 0.4%** |  |  |
|  BOC Aviation Ltd., 144A | 1683 | 15315 |
|  Trip.com Group Ltd. | 4685 | 321929 |
|  (Cost $175,953) |  | **337244** |
|  **South Africa – 3.0%** |  |  |
|  Absa Group Ltd. | 6492 | 79016 |
|  Bid Corp. Ltd. | 2683 | 64046 |
|  Bidvest Group Ltd. | 2381 | 31790 |
|  Capitec Bank Holdings Ltd. | 685 | 155447 |
|  Clicks Group Ltd. | 1844 | 37413 |
|  Discovery Ltd. | 4160 | 53365 |
|  FirstRand Ltd. | 39449 | 187811 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 57** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Gold Fields Ltd. | 6764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284149 |
|  Harmony Gold Mining Co. Ltd. | 4467 | 87186 |
|  Impala Platinum Holdings Ltd. | 6917 | 86662 |
|  MTN Group Ltd. | 12887 | 118896 |
|  Naspers Ltd., Class N | 5902 | 369057 |
|  Nedbank Group Ltd. | 3544 | 52947 |
|  Northam Platinum Holdings Ltd. | 2763 | 49326 |
|  OUTsurance Group Ltd. | 7283 | 30856 |
|  Pepkor Holdings Ltd., 144A | 26736 | 40840 |
|  Remgro Ltd. | 4192 | 42590 |
|  Sanlam Ltd. | 13329 | 71465 |
|  Sasol Ltd. \* | 4635 | 30146 |
|  Shoprite Holdings Ltd. | 3688 | 59172 |
|  Sibanye Stillwater Ltd. \* | 21996 | 71827 |
|  Standard Bank Group Ltd. | 9827 | 151386 |
|  Valterra Platinum Ltd. | 2033 | 141424 |
|  Vodacom Group Ltd. | 5120 | 40146 |
|  (Cost $1,864,985) |  | **2336963** |
|  **South Korea – 11.5%** |  |  |
|  Alteogen, Inc. \* | 310 | 112352 |
|  Amorepacific Corp. | 226 | 19102 |
|  APR Corp. \* | 190 | 33009 |
|  Celltrion, Inc. | 1137 | 143492 |
|  Coway Co. Ltd. | 475 | 27777 |
|  DB Insurance Co. Ltd. | 384 | 32508 |
|  Doosan Bobcat, Inc. \* | 333 | 12499 |
|  Doosan Co. Ltd. | 61 | 36335 |
|  Doosan Enerbility Co. Ltd. \* | 3506 | 182136 |
|  Ecopro BM Co. Ltd. \* | 347 | 35369 |
|  Ecopro Co. Ltd. | 838 | 48149 |
|  Hana Financial Group, Inc. | 2126 | 134876 |
|  Hanjin Kal Corp. | 173 | 12046 |
|  Hankook Tire & Technology Co. Ltd. | 508 | 21244 |
|  Hanmi Semiconductor Co. Ltd. | 363 | 30508 |
|  Hanwha Aerospace Co. Ltd. | 255 | 147731 |
|  Hanwha Ocean Co. Ltd. \* | 1055 | 77332 |
|  Hanwha Systems Co. Ltd. | 609 | 19132 |
|  HD Hyundai Co. Ltd. | 295 | 39416 |
|  HD Hyundai Electric Co. Ltd. | 186 | 98018 |
|  HD Hyundai Heavy Industries Co. Ltd. | 290 | 105498 |
|  HD Hyundai Marine Solution Co. Ltd. | 121 | 15312 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 326 | 90885 |
|  HLB, Inc. \* | 832 | 26533 |
|  HMM Co. Ltd. | 2094 | 27253 |
|  HYBE Co. Ltd. \* | 164 | 33399 |
|  Hyosung Heavy Industries Corp. | 41 | 52998 |
|  Hyundai Glovis Co. Ltd. | 272 | 30406 |
|  Hyundai Mobis Co. Ltd. | 474 | 99754 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hyundai Motor Co. | 1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181369 |
|  Hyundai Rotem Co. Ltd. | 610 | 72877 |
|  Industrial Bank of Korea | 2377 | 33215 |
|  Kakao Corp. | 2310 | 92202 |
|  KakaoBank Corp. | 1478 | 21758 |
|  KB Financial Group, Inc. | 2745 | 232942 |
|  Kia Corp. | 1828 | 141825 |
|  Korea Aerospace Industries Ltd. | 534 | 39542 |
|  Korea Electric Power Corp. | 1878 | 67042 |
|  Korea Investment Holdings Co. Ltd. | 348 | 37955 |
|  Korea Zinc Co. Ltd. | 32 | 29201 |
|  Korean Air Lines Co. Ltd. | 1522 | 22613 |
|  Krafton, Inc. \* | 224 | 39221 |
|  KT&G Corp. | 731 | 72322 |
|  LG Chem Ltd. | 389 | 98926 |
|  LG Corp. | 741 | 39704 |
|  LG Display Co. Ltd. \* | 2523 | 21513 |
|  LG Electronics, Inc. | 863 | 50231 |
|  LG Energy Solution Ltd. \* | 362 | 100429 |
|  LG H&H Co. Ltd. | 67 | 12597 |
|  LG Uplus Corp. | 1806 | 18494 |
|  LIG Nex1 Co. Ltd. | 105 | 27345 |
|  LS Electric Co. Ltd. | 116 | 36283 |
|  Meritz Financial Group, Inc. | 619 | 45710 |
|  Mirae Asset Securities Co. Ltd. | 1655 | 24589 |
|  NAVER Corp. | 1101 | 182670 |
|  NH Investment & Securities Co. Ltd. | 1085 | 15235 |
|  POSCO Future M Co. Ltd. \* | 250 | 35104 |
|  POSCO Holdings, Inc. | 555 | 116800 |
|  Posco International Corp. | 431 | 15708 |
|  Samsung Biologics Co. Ltd., 144A \* | 91 | 99437 |
|  Samsung C&T Corp. | 649 | 99293 |
|  Samsung Electro-Mechanics Co. Ltd. | 442 | 75437 |
|  Samsung Electronics Co. Ltd. | 36259 | 2477836 |
|  Samsung Episholdings Co. Ltd. \* | 46 | 13419 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 235 | 76940 |
|  Samsung Heavy Industries Co. Ltd. \* | 5174 | 86547 |
|  Samsung Life Insurance Co. Ltd. | 590 | 61341 |
|  Samsung SDI Co. Ltd. | 461 | 93883 |
|  Samsung SDS Co. Ltd. | 323 | 37008 |
|  Samyang Foods Co. Ltd. | 31 | 30459 |
|  Shinhan Financial Group Co. Ltd. | 3397 | 180169 |
|  SK Biopharmaceuticals Co. Ltd. \* | 207 | 19677 |
|  SK hynix, Inc. | 4151 | 1495958 |
|  SK Innovation Co. Ltd. | 550 | 43008 |
|  SK Square Co. Ltd. \* | 725 | 146908 |

---

See Notes to Financial Statements.

**58** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  SK Telecom Co. Ltd. | 676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24592 |
|  SK, Inc. | 280 | 50549 |
|  S-Oil Corp. \* | 343 | 17889 |
|  Woori Financial Group, Inc. | 4945 | 89273 |
|  Yuhan Corp. | 422 | 35008 |
|  (Cost $3,608,523) |  | **8925122** |
|  **Taiwan — 19.7%** |  |  |
|  Accton Technology Corp. | 3877 | 126619 |
|  Advantech Co. Ltd. | 4002 | 36724 |
|  Airtac International Group | 1153 | 33174 |
|  Alchip Technologies Ltd. | 591 | 62235 |
|  ASE Technology Holding Co. Ltd. | 25554 | 186861 |
|  Asia Cement Corp. | 18997 | 23485 |
|  Asia Vital Components Co. Ltd. | 2523 | 110534 |
|  ASPEED Technology, Inc. | 233 | 54306 |
|  Asustek Computer, Inc. | 5666 | 108500 |
|  Bizlink Holding, Inc. | 1349 | 69202 |
|  Caliway Biopharmaceuticals Co. Ltd. \* | 8000 | 40019 |
|  Catcher Technology Co. Ltd. | 4710 | 30164 |
|  Cathay Financial Holding Co. Ltd. | 74255 | 151893 |
|  Chailease Holding Co. Ltd. | 12067 | 39602 |
|  Chang Hwa Commercial Bank Ltd. | 58008 | 37335 |
|  Cheng Shin Rubber Industry Co. Ltd. | 11914 | 12072 |
|  China Airlines Ltd. | 18002 | 11013 |
|  China Steel Corp. | 84734 | 49272 |
|  Chroma ATE, Inc. | 3000 | 78286 |
|  Chunghwa Telecom Co. Ltd. | 30057 | 124978 |
|  Compal Electronics, Inc. | 32847 | 30717 |
|  CTBC Financial Holding Co. Ltd. | 127246 | 176162 |
|  Delta Electronics, Inc. | 14818 | 440031 |
|  E Ink Holdings, Inc. | 6676 | 40841 |
|  E.Sun Financial Holding Co. Ltd. | 114313 | 110543 |
|  Eclat Textile Co. Ltd. | 1653 | 23095 |
|  Elite Material Co. Ltd. | 2371 | 115207 |
|  eMemory Technology, Inc. | 511 | 33296 |
|  Eva Airways Corp. | 18937 | 20575 |
|  Evergreen Marine Corp. Taiwan Ltd. | 8187 | 46824 |
|  Far Eastern New Century Corp. | 17694 | 15898 |
|  Far EasTone Telecommunications Co. Ltd. | 14725 | 41334 |
|  Feng TAY Enterprise Co. Ltd. | 4388 | 18036 |
|  First Financial Holding Co. Ltd. | 88283 | 77636 |
|  Formosa Chemicals & Fibre Corp. | 22831 | 24297 |
|  Formosa Plastics Corp. | 24969 | 33136 |
|  Fortune Electric Co. Ltd. | 1292 | 28816 |
|  Fubon Financial Holding Co. Ltd. | 65113 | 192113 |
|  Gigabyte Technology Co. Ltd. | 4311 | 33447 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Global Unichip Corp. | 744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53575 |
|  Globalwafers Co. Ltd. | 2281 | 27327 |
|  Gold Circuit Electronics Ltd. | 2550 | 51431 |
|  Hon Hai Precision Industry Co. Ltd. | 94776 | 680962 |
|  Hotai Motor Co. Ltd. | 2417 | 46977 |
|  Hua Nan Financial Holdings Co. Ltd. | 69415 | 65135 |
|  Innolux Corp. | 62392 | 26937 |
|  International Games System Co. Ltd. | 1704 | 40340 |
|  Inventec Corp. | 22239 | 30894 |
|  Jentech Precision Industrial Co. Ltd. | 712 | 65903 |
|  KGI Financial Holding Co. Ltd. | 118206 | 59320 |
|  King Slide Works Co. Ltd. | 445 | 54092 |
|  King Yuan Electronics Co. Ltd. | 8000 | 58372 |
|  Largan Precision Co. Ltd. | 839 | 58945 |
|  Lite-On Technology Corp. | 14642 | 74178 |
|  Lotes Co. Ltd. | 711 | 29677 |
|  MediaTek, Inc. | 11642 | 517463 |
|  Mega Financial Holding Co. Ltd. | 91956 | 117490 |
|  Nan Ya Plastics Corp. | 39211 | 73712 |
|  Nien Made Enterprise Co. Ltd. | 1519 | 18029 |
|  Novatek Microelectronics Corp. | 4679 | 58068 |
|  Pegatron Corp. | 13965 | 32081 |
|  PharmaEssentia Corp. | 2239 | 36811 |
|  President Chain Store Corp. | 4808 | 36690 |
|  Quanta Computer, Inc. | 20835 | 187206 |
|  Realtek Semiconductor Corp. | 4034 | 66966 |
|  Shanghai Commercial & Savings Bank Ltd. | 27401 | 34137 |
|  SinoPac Financial Holdings Co. Ltd. | 94408 | 81067 |
|  Taiwan Business Bank | 60734 | 30672 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 88975 | 67614 |
|  Taiwan High Speed Rail Corp. | 10015 | 8919 |
|  Taiwan Mobile Co. Ltd. | 13891 | 47801 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 188628 | 8654590 |
|  TCC Group Holdings Co. Ltd. | 53102 | 38661 |
|  Teco Electric and Machinery Co. Ltd. | 9000 | 25149 |
|  TS Financial Holding Co. Ltd. | 153344 | 88191 |
|  Unimicron Technology Corp. | 10411 | 61866 |
|  Uni-President Enterprises Corp. | 35477 | 86474 |
|  United Microelectronics Corp. | 87299 | 127395 |
|  Vanguard International Semiconductor Corp. | 8642 | 24920 |
|  Wan Hai Lines Ltd. | 4683 | 12026 |
|  Wistron Corp. | 23283 | 107197 |
|  Wiwynn Corp. | 874 | 127264 |
|  Yageo Corp. | 13324 | 99765 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 59** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Yang Ming Marine Transport Corp. | 13703 | 22704 |
|  Yuanta Financial Holding Co. Ltd. | 79861 | 91859 |
|  Zhen Ding Technology Holding Ltd. | 5688 | 26369 |
|  (Cost $4,262,210) |  | **15321499** |
|  **Thailand – 1.0%** |  |  |
|  Advanced Info Service PCL, NVDR | 7973 | 76028 |
|  Airports of Thailand PCL, NVDR | 32700 | 44182 |
|  Bangkok Dusit Medical Services PCL, NVDR | 85500 | 50458 |
|  Bumrungrad Hospital PCL, NVDR | 4900 | 25797 |
|  Central Pattana PCL, NVDR | 16400 | 27253 |
|  Charoen Pokphand Foods PCL, NVDR | 32169 | 20284 |
|  CP ALL PCL, NVDR | 39349 | 52861 |
|  CP AXTRA PCL | 16116 | 8109 |
|  Delta Electronics Thailand PCL, NVDR | 24080 | 150336 |
|  Gulf Development PCL \* | 32111 | 40644 |
|  Kasikornbank PCL, NVDR | 5203 | 30140 |
|  Krung Thai Bank PCL, NVDR | 30529 | 26077 |
|  Minor International PCL, NVDR | 25947 | 17731 |
|  PTT Exploration & Production PCL, NVDR | 9183 | 30377 |
|  PTT PCL | 500 | 478 |
|  PTT PCL, NVDR | 75280 | 71901 |
|  SCB X PCL, NVDR | 6398 | 25834 |
|  Siam Cement PCL | 2578 | 14934 |
|  Siam Cement PCL | 2558 | 14818 |
|  TMBThanachart Bank PCL, NVDR | 194800 | 11678 |
|  True Corp. PCL, NVDR | 85872 | 28806 |
|  (Cost $751,375) |  | **768726** |
|  **Turkey – 0.4%** |  |  |
|  Akbank TAS | 25607 | 39012 |
|  Aselsan Elektronik Sanayi Ve Ticaret AS | 9464 | 40839 |
|  BIM Birlesik Magazalar AS | 3494 | 44146 |
|  Eregli Demir ve Celik Fabrikalari TAS | 30870 | 17330 |
|  Ford Otomotiv Sanayi AS | 5407 | 12035 |
|  Haci Omer Sabanci Holding AS | 8739 | 16840 |
|  KOC Holding AS | 5645 | 22367 |
|  Pegasus Hava Tasimaciligi AS \* | 0 | 2 |
|  Turk Hava Yollari AO | 4242 | 27223 |
|  Turkcell Iletisim Hizmetleri AS | 9482 | 20871 |
|  Turkiye Is Bankasi AS, Class C | 50235 | 16039 |
|  Turkiye Petrol Rafinerileri AS | 7975 | 36553 |
|  Yapi ve Kredi Bankasi AS \* | 24310 | 20191 |
|  (Cost $283,994) |  | **313448** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **United Arab Emirates – 1.4%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 26372 | 101242 |
|  Abu Dhabi Islamic Bank PJSC | 10477 | 56766 |
|  Abu Dhabi National Oil Co. for Distribution PJSC | 26420 | 27694 |
|  ADNOC Drilling Co. PJSC | 25008 | 35610 |
|  Adnoc Gas PLC | 48274 | 42848 |
|  ADNOC Logistics & Services | 13410 | 20592 |
|  Aldar Properties PJSC | 30420 | 67501 |
|  Americana Restaurants International PLC - Foreign Co. | 18057 | 8505 |
|  Dubai Electricity & Water Authority PJSC | 44947 | 33409 |
|  Dubai Islamic Bank PJSC | 22611 | 56453 |
|  Emaar Development PJSC | 8485 | 33960 |
|  Emaar Properties PJSC | 51086 | 184991 |
|  Emirates NBD Bank PJSC | 14210 | 94402 |
|  Emirates Telecommunications Group Co. PJSC | 26292 | 128852 |
|  First Abu Dhabi Bank PJSC | 33297 | 143601 |
|  Salik Co PJSC | 14495 | 22653 |
|  Two Point Zero Group PJSC \* | 25358 | 17675 |
|  (Cost $676,912) |  | **1076754** |
|  **United Kingdom – 0.4%** |  |  |
|  Anglogold Ashanti PLC |  |  |
|  (Cost $60,463) | 3833 | **323739** |
|  **United States – 0.4%** |  |  |
|  BeOne Medicines Ltd., Class H \* | 6643 | 174739 |
|  Legend Biotech Corp., ADR \* | 543 | 15047 |
|  Southern Copper Corp. | 707 | 95289 |
|  (Cost $169,822) |  | **285075** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $44,380,380) |  | **74890397** |
|  **PREFERRED STOCKS – 1.8%** |  |  |
|  **Brazil – 1.1%** |  |  |
|  Axia Energia | 1548 | 19452 |
|  Banco Bradesco SA | 38821 | 143007 |
|  Cia Energetica de Minas Gerais | 13680 | 29493 |
|  Cia Paranaense de Energia - Copel | 7311 | 19668 |
|  Gerdau SA | 9312 | 33238 |
|  Itau Unibanco Holding SA | 40570 | 316696 |
|  Itausa SA | 46511 | 107509 |
|  Klabin SA | 2 | 1 |
|  Petroleo Brasileiro SA | 36306 | 216369 |
|  (Cost $535,326) |  | **885433** |
|  **Chile — 0.1%** |  |  |
|  Sociedad Quimica y Minera de |  |  |
|  Chile SA, Class B \* |  |  |
|  (Cost $19,116) | 1042 | **67345** |

---

See Notes to Financial Statements.

**60** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Colombia – 0.1%** |  |  |
|  Grupo Cibest SA |  |  |
|  (Cost $29,454) | 3190 | **50101** |
|  **India – 0.0%** |  |  |
|  TVS Motor Co. Ltd. \* (a) |  |  |
|  (Cost $0) | 7188 | **804** |
|  **Russia – 0.0%** |  |  |
|  Surgutneftegas PAO \* (a) |  |  |
|  (Cost $55,823) | 101715 | **0** |
|  **South Korea – 0.5%** |  |  |
|  Hyundai Motor Co. | 182 | 23823 |
|  Hyundai Motor Co. - 2nd Preferred | 251 | 33230 |
|  Samsung Electronics Co. Ltd. | 6194 | 315880 |
|  (Cost $125,217) |  | **372933** |
|  **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $764,936) |  | **1376616** |
|  **RIGHTS – 0.0%** |  |  |
|  **India – 0.0%** |  |  |
|  Adani Enterprises Ltd.\* , expires 12/17/25 |  |  |
|  (Cost $0) | 137 | 678 |
|  **Taiwan – 0.0%** |  |  |
|  Unimicron Technology Corp.\* , expires 1/19/26 |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  (Cost $0) | 212 | 476 |
|  **TOTAL RIGHTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) |  | **1154** |
|  **WARRANTS – 0.0%** |  |  |
|  **Thailand – 0.0%** |  |  |
|  BTS Group Holdings PCL\* , expires 11/20/26 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) | 23669 | **14** |
| **SECURITIES LENDING COLLATERAL – 0.1%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $28,042) | 28042 | **28042** |
|  **CASH EQUIVALENTS – 2.9%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,273,010) | 2273010 | **2273010** |
|  **TOTAL INVESTMENTS – 101.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $47,446,368) |  | **78569233** |
|  **Other assets and liabilities,<br>net – (1.1%)** |  | **(840468)** |
|  **NET ASSETS – 100.0%** |  | **77728765** |

---

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **5/31/2025** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>11/30/2025** | **Value ($) at<br>11/30/2025** |
|  SECURITIES LENDING COLLATERAL **–** 0.1% | SECURITIES LENDING COLLATERAL **–** 0.1% | SECURITIES LENDING COLLATERAL **–** 0.1% | SECURITIES LENDING COLLATERAL **–** 0.1% | SECURITIES LENDING COLLATERAL **–** 0.1% | SECURITIES LENDING COLLATERAL **–** 0.1% | SECURITIES LENDING COLLATERAL **–** 0.1% | SECURITIES LENDING COLLATERAL **–** 0.1% | SECURITIES LENDING COLLATERAL **–** 0.1% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) |
|  — | 28042 (e) |  |  |  | 133 |  | 28042 | 28042 |
|  CASH EQUIVALENTS **–** 2.9% | CASH EQUIVALENTS **–** 2.9% | CASH EQUIVALENTS **–** 2.9% | CASH EQUIVALENTS **–** 2.9% | CASH EQUIVALENTS **–** 2.9% | CASH EQUIVALENTS **–** 2.9% | CASH EQUIVALENTS **–** 2.9% | CASH EQUIVALENTS **–** 2.9% | CASH EQUIVALENTS **–** 2.9% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) |
| 855034 | 7446441 | (6028465) |  |  | 32037 |  | 2273010 | 2273010 |
| **855034** | **7474483** | **(6028465)** |  |  | **32170** |  | **2301052** | **2301052** |

---

\* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

(b) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at November 30, 2025 amounted to $27,430, 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, 2025.

See Notes to Financial Statements.

DBX ETF Trust \| **61** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  ADR: | American Depositary Receipt |
|  CPO: | Ordinary Participation Certificates |
|  GDR: | Global Depositary Receipt |
|  JSC: | Joint Stock Company |
|  KSCP: | Kuwait Shareholding Company Public |
|  NVDR: | Non Voting Depositary Receipt |
|  PJSC: | Public Joint Stock Company |
|  PSQC: | Public Shareholders Qatari Company |
|  QPSC: | Qatari Public Shareholders Company |
|  QSC: | Qatari Shareholders Company |
|  REIT: | Real Estate Investment Trust |
|  SAE: | Societe Anonyme Egyptienne |
|  144A: | Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |

---

Securities are listed in country of domicile.

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration Date** | **Unrealized<br>Appreciation ($)** |
|  MSCI Emerging Markets Index | USD | 30 | 2024836 | 2066400 | 12/19/2025 | 41564 |

---

At November 30, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  JP Morgan & Chase Co. | 12/2/2025 | CNH | 472000 | USD | 66401 |  | (361) |
|  JP Morgan & Chase Co. | 12/2/2025 | CNH | 21728900 | USD | 3056873 |  | (16565) |
|  RBC Capital Markets | 12/2/2025 | CZK | 2354610 | USD | 111671 |  | (1309) |
|  RBC Capital Markets | 12/2/2025 | EUR | 409800 | USD | 473737 |  | (1631) |
|  RBC Capital Markets | 12/2/2025 | HKD | 148433400 | USD | 19108562 | 43932 |  |
|  RBC Capital Markets | 12/2/2025 | HUF | 74040600 | USD | 219701 |  | (5400) |
|  JP Morgan & Chase Co. | 12/2/2025 | KWD | 4000 | USD | 13043 | 12 |  |
|  JP Morgan & Chase Co. | 12/2/2025 | KWD | 170000 | USD | 554197 | 361 |  |
|  JP Morgan & Chase Co. | 12/2/2025 | PHP | 17875200 | USD | 304119 |  | (685) |
|  RBC Capital Markets | 12/2/2025 | PLN | 2824700 | USD | 765451 |  | (8026) |
|  RBC Capital Markets | 12/2/2025 | PLN | 236000 | USD | 63949 |  | (674) |
|  JP Morgan & Chase Co. | 12/2/2025 | QAR | 1914000 | USD | 525608 |  | (72) |
|  Citigroup Global Markets | 12/2/2025 | SAR | 181000 | USD | 48220 |  | (28) |
|  Citigroup Global Markets | 12/2/2025 | SAR | 9235000 | USD | 2460272 |  | (1443) |
|  JP Morgan & Chase Co. | 12/2/2025 | THB | 22003000 | USD | 681031 |  | (2398) |
|  JP Morgan & Chase Co. | 12/2/2025 | THB | 1057000 | USD | 32715 |  | (116) |
|  RBC Capital Markets | 12/2/2025 | THB | 3559100 | USD | 109987 |  | (561) |
|  Goldman Sachs & Co. | 12/2/2025 | TRY | 14678900 | USD | 340912 |  | (4464) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 3140622 | CNH | 22200900 |  | (422) |
|  RBC Capital Markets | 12/2/2025 | USD | 113045 | CZK | 2354610 |  | (65) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 475586 | EUR | 409800 |  | (218) |
|  RBC Capital Markets | 12/2/2025 | USD | 240490 | HKD | 1868000 |  | (566) |
|  The Bank of New York Mellon | 12/2/2025 | USD | 18825190 | HKD | 146565400 |  | (484) |
|  RBC Capital Markets | 12/2/2025 | USD | 225252 | HUF | 74040600 |  | (151) |
|  RBC Capital Markets | 12/2/2025 | USD | 304055 | PHP | 17875200 | 748 |  |
|  RBC Capital Markets | 12/2/2025 | USD | 839595 | PLN | 3060700 |  | (1494) |
|  JP Morgan & Chase Co. | 12/2/2025 | USD | 717977 | THB | 23060000 |  | (1717) |

---

See Notes to Financial Statements.

**62** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  RBC Capital Markets | 12/2/2025 | USD | 110831 | THB | 3559100 |  | (282) |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 330379 | TRY | 14046900 | 126 |  |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 14684 | TRY | 632000 | 186 |  |
|  Citigroup Global Markets | 12/2/2025 | USD | 790250 | ZAR | 13535000 | 693 |  |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 1957244 | ZAR | 33522700 | 1716 |  |
|  Citigroup Global Markets | 12/2/2025 | ZAR | 12426000 | USD | 715519 |  | (10617) |
|  Citigroup Global Markets | 12/2/2025 | ZAR | 1109000 | USD | 63877 |  | (930) |
|  Goldman Sachs & Co. | 12/2/2025 | ZAR | 33522700 | USD | 1930381 |  | (28579) |
|  JP Morgan & Chase Co. | 12/3/2025 | BRL | 7847700 | USD | 1446885 |  | (23331) |
|  JP Morgan & Chase Co. | 12/3/2025 | BRL | 263000 | USD | 48481 |  | (790) |
|  RBC Capital Markets | 12/3/2025 | BRL | 7258000 | USD | 1338154 |  | (21585) |
|  Goldman Sachs & Co. | 12/3/2025 | CLP | 186931400 | USD | 198448 |  | (2922) |
|  RBC Capital Markets | 12/3/2025 | CLP | 149006200 | USD | 158092 |  | (2424) |
|  Goldman Sachs & Co. | 12/3/2025 | COP | 388992400 | USD | 100364 |  | (3182) |
|  Goldman Sachs & Co. | 12/3/2025 | COP | 50761000 | USD | 13097 |  | (415) |
|  Citigroup Global Markets | 12/3/2025 | EGP | 2317000 | USD | 48443 | 28 |  |
|  RBC Capital Markets | 12/3/2025 | IDR | 558405000 | USD | 33525 |  | (2) |
|  RBC Capital Markets | 12/3/2025 | IDR | 14588258400 | USD | 876567 | 687 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | INR | 51931000 | USD | 583855 | 3371 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | INR | 1018554200 | USD | 11454442 | 69048 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | KRW | 2744851000 | USD | 1922932 | 56200 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | KRW | 11796777800 | USD | 8289144 | 266332 |  |
|  Bank of America | 12/3/2025 | MXN | 27945700 | USD | 1500487 |  | (25864) |
|  Bank of America | 12/3/2025 | MXN | 365000 | USD | 19614 |  | (321) |
|  RBC Capital Markets | 12/3/2025 | MYR | 3956700 | USD | 945032 |  | (12534) |
|  JP Morgan & Chase Co. | 12/3/2025 | TWD | 53570000 | USD | 1740642 | 33410 |  |
|  RBC Capital Markets | 12/3/2025 | TWD | 449848800 | USD | 14632893 | 296585 |  |
|  JP Morgan & Chase Co. | 12/3/2025 | USD | 1517355 | BRL | 8110700 | 2132 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 1358124 | BRL | 7258000 | 1615 |  |
|  Goldman Sachs & Co. | 12/3/2025 | USD | 201242 | CLP | 186931400 | 129 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 160665 | CLP | 149006200 |  | (149) |
|  Goldman Sachs & Co. | 12/3/2025 | USD | 117522 | COP | 439753400 |  | (464) |
|  Citigroup Global Markets | 12/3/2025 | USD | 48567 | EGP | 2317000 |  | (153) |
|  RBC Capital Markets | 12/3/2025 | USD | 21048 | IDR | 350284000 |  | (17) |
|  RBC Capital Markets | 12/3/2025 | USD | 885789 | IDR | 14796379400 | 2586 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 11962078 | INR | 1070485200 | 3800 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 9892991 | KRW | 14541628800 |  | (3448) |
|  Bank of America | 12/3/2025 | USD | 1544945 | MXN | 28310700 | 1343 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 959425 | MYR | 3956700 |  | (1859) |
|  RBC Capital Markets | 12/3/2025 | USD | 1706268 | TWD | 53570000 | 963 |  |
|  RBC Capital Markets | 12/3/2025 | USD | 14328220 | TWD | 449848800 | 8088 |  |
|  Citigroup Global Markets | 12/8/2025 | AED | 1242000 | USD | 338175 | 15 |  |
|  Citigroup Global Markets | 12/8/2025 | AED | 291000 | USD | 79233 | 2 |  |
|  JP Morgan & Chase Co. | 12/8/2025 | AED | 2805800 | USD | 763948 | 10 |  |
|  Citigroup Global Markets | 12/8/2025 | USD | 417389 | AED | 1533000 | 3 |  |
|  JP Morgan & Chase Co. | 12/8/2025 | USD | 763939 | AED | 2805800 |  | (1) |
|  Citigroup Global Markets | 1/5/2026 | AED | 1533000 | USD | 417398 |  | (16) |
|  JP Morgan & Chase Co. | 1/5/2026 | AED | 2805800 | USD | 763909 |  | (72) |
|  RBC Capital Markets | 1/5/2026 | CZK | 2354610 | USD | 113137 | 44 |  |
|  Morgan Stanley Capital | 1/5/2026 | EUR | 409800 | USD | 476476 | 139 |  |
|  The Bank of New York Mellon | 1/5/2026 | HKD | 146565400 | USD | 18843827 |  | (1766) |

---

See Notes to Financial Statements.

DBX ETF Trust \| **63** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  RBC Capital Markets | 1/5/2026 | HUF | 74040600 | USD | 224772 | 223 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | KWD | 174000 | USD | 567189 |  | (270) |
|  Bank of America | 1/5/2026 | MXN | 28310700 | USD | 1539677 |  | (1150) |
|  RBC Capital Markets | 1/5/2026 | PHP | 17875200 | USD | 303771 |  | (787) |
|  RBC Capital Markets | 1/5/2026 | PLN | 3060700 | USD | 839236 | 1468 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | QAR | 1914000 | USD | 525218 |  | (422) |
|  Citigroup Global Markets | 1/5/2026 | SAR | 9416000 | USD | 2507432 | 316 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | THB | 23060000 | USD | 719078 | 659 |  |
|  RBC Capital Markets | 1/5/2026 | THB | 3559100 | USD | 110956 | 74 |  |
|  Goldman Sachs & Co. | 1/5/2026 | TRY | 14046900 | USD | 321745 | 920 |  |
|  JP Morgan & Chase Co. | 1/5/2026 | USD | 81961 | AED | 301000 |  | (3) |
|  RBC Capital Markets | 1/5/2026 | USD | 476003 | HKD | 3702000 | 5 |  |
|  Bank of America | 1/5/2026 | USD | 43346 | MXN | 797000 | 32 |  |
|  Citigroup Global Markets | 1/5/2026 | USD | 238916 | SAR | 897000 |  | (80) |
|  RBC Capital Markets | 1/5/2026 | USD | 38684 | THB | 1240000 |  | (52) |
|  Citigroup Global Markets | 1/5/2026 | ZAR | 13535000 | USD | 788240 |  | (495) |
|  Goldman Sachs & Co. | 1/5/2026 | ZAR | 911000 | USD | 53054 |  | (34) |
|  Goldman Sachs & Co. | 1/5/2026 | ZAR | 33522700 | USD | 1952252 |  | (1240) |
|  JP Morgan & Chase Co. | 1/6/2026 | BRL | 8110700 | USD | 1506756 |  | (1128) |
|  RBC Capital Markets | 1/6/2026 | BRL | 972000 | USD | 180481 |  | (226) |
|  RBC Capital Markets | 1/6/2026 | BRL | 7258000 | USD | 1348373 |  | (982) |
|  Goldman Sachs & Co. | 1/6/2026 | CLP | 186931400 | USD | 201354 |  | (127) |
|  RBC Capital Markets | 1/6/2026 | CLP | 65454000 | USD | 70577 | 29 |  |
|  RBC Capital Markets | 1/6/2026 | CLP | 149006200 | USD | 160739 | 135 |  |
|  JP Morgan & Chase Co. | 1/6/2026 | CNH | 22200900 | USD | 3147932 |  | (688) |
|  Goldman Sachs & Co. | 1/6/2026 | COP | 439753400 | USD | 117089 | 527 |  |
|  RBC Capital Markets | 1/6/2026 | IDR | 14796379400 | USD | 885013 |  | (3110) |
|  RBC Capital Markets | 1/6/2026 | IDR | 889991000 | USD | 53427 | 7 |  |
|  RBC Capital Markets | 1/6/2026 | INR | 1070485200 | USD | 11935484 |  | (8282) |
|  RBC Capital Markets | 1/6/2026 | INR | 29931000 | USD | 334218 | 268 |  |
|  RBC Capital Markets | 1/6/2026 | KRW | 14541628800 | USD | 9907789 | 83 |  |
|  RBC Capital Markets | 1/6/2026 | MYR | 3956700 | USD | 959651 | 913 |  |
|  RBC Capital Markets | 1/6/2026 | TWD | 53570000 | USD | 1702743 |  | (8618) |
|  RBC Capital Markets | 1/6/2026 | TWD | 449848800 | USD | 14298617 |  | (72366) |
|  JP Morgan & Chase Co. | 1/6/2026 | USD | 173848 | CNH | 1226000 | 28 |  |
|  RBC Capital Markets | 1/6/2026 | USD | 281760 | KRW | 412714000 |  | (564) |
|  RBC Capital Markets | 1/6/2026 | USD | 39153 | MYR | 159000 |  | (626) |
|  RBC Capital Markets | 1/6/2026 | USD | 516641 | TWD | 16208000 | 1144 |  |
|  Citigroup Global Markets | 1/8/2026 | EGP | 2317000 | USD | 47860 | 35 |  |
|  Citigroup Global Markets | 1/8/2026 | EGP | 625000 | USD | 12915 | 15 |  |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **801185** | **(291823)** |

---

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

See Notes to Financial Statements.

**64** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

#### Currency Abbreviations

---

| | |
|:---|:---|
|  AED | Arab Emirates Dirham |
|  BRL | Brazilian Real |
|  CLP | Chilean Peso |
|  CNH | Chinese Yuan |
|  COP | Colombian Peso |
|  CZK | Czech Koruna |
|  EGP | Egyptian Pound |
|  EUR | Euro |
|  HKD | Hong Kong Dollar |
|  HUF | Hungarian Forint |
|  IDR | Indonesian Rupiah |
|  INR | Indian Rupee |
|  KRW | South Korean Won |
|  KWD | Kuwaiti Dinar |
|  MXN | Mexican Peso |
|  MYR | Malaysian Ringgit |
|  PHP | Philippine Peso |
|  PLN | Polish Zloty |
|  QAR | Qatari Rial |
|  SAR | Saudi Riyal |
|  THB | Thai Baht |
|  TRY | Turkish Lira |
|  TWD | New Taiwan Dollar |
|  USD | U.S. Dollar |
|  ZAR | South African Rand |

---

See Notes to Financial Statements.

DBX ETF Trust \| **65** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

#### 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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks (a) | $74851498 | $— | $38899 | $74890397 |
|  Preferred Stocks (a) | 1375812 |  | 804 | 1376616 |
|  Rights (a) | 678 | 476 |  | 1154 |
|  Warrants | 14 |  |  | 14 |
|  Short-Term Investments (a) | 2301052 |  |  | 2301052 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 801185 |  | 801185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 41564 |  |  | 41564 |
|  **TOTAL** | $**78570618** | $**801661** | $**39703** | $**79411982** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(291823) | $— | $(291823) |
|  **TOTAL** | $**—** | $**(291823)** | $**—** | $**(291823)** |

---

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

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

During the period ended November 30, 2025, the amount of transfers from Level 3 to Level 1 was $44,213. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. The amount of transfers from Level 1 to Level 3 was $32,487. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

**66** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS** – **98.0%** |  |  |
|  **Austria** – **0.4%** |  |  |
|  Erste Group Bank AG | 14482 | 1581638 |
|  OMV AG | 7375 | 407903 |
|  Raiffeisen Bank International AG | 6317 | 256031 |
|  Verbund AG | 3314 | 244109 |
|  (Cost $1,568,261) |  | **2489681** |
|  **Belgium** – **1.3%** |  |  |
|  Ageas SA/NV | 6936 | 473896 |
|  Anheuser-Busch InBev SA/NV | 47299 | 2909041 |
|  D'ieteren Group | 919 | 159906 |
|  Elia Group SA/NV | 1844 | 222674 |
|  Financiere de Tubize SA | 946 | 230446 |
|  Groupe Bruxelles Lambert NV | 3748 | 324120 |
|  KBC Group NV | 10934 | 1346348 |
|  Lotus Bakeries NV | 21 | 188546 |
|  Sofina SA | 843 | 237821 |
|  Syensqo SA | 3581 | 291857 |
|  UCB SA | 5930 | 1654352 |
|  (Cost $7,357,619) |  | **8039007** |
|  **Chile** – **0.1%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $429,257) | 18992 | **693773** |
|  **Denmark** – **2.8%** |  |  |
|  A.P. Moller - Maersk A/S, Class A (a) | 163 | 326598 |
|  A.P. Moller - Maersk A/S, Class B | 163 | 325965 |
|  Carlsberg AS, Class B | 4395 | 545842 |
|  Coloplast A/S, Class B | 6006 | 541811 |
|  Danske Bank A/S | 32601 | 1498850 |
|  Demant A/S \* | 4764 | 162199 |
|  DSV A/S | 9700 | 2210983 |
|  Genmab A/S \* | 2859 | 905455 |
|  Novo Nordisk A/S, Class B | 153885 | 7576892 |
|  Novonesis (Novozymes) B, Class B | 16615 | 1036405 |
|  Orsted AS, 144A \* | 26035 | 552994 |
|  Pandora A/S | 3574 | 427001 |
|  ROCKWOOL A/S, Class B | 4038 | 136383 |
|  Tryg A/S | 16264 | 402924 |
|  Vestas Wind Systems A/S | 47752 | 1135911 |
|  (Cost $21,911,113) |  | **17786213** |
|  **Finland** – **1.7%** |  |  |
|  Elisa OYJ | 6566 | 287297 |
|  Fortum OYJ | 22293 | 457591 |
|  Kesko OYJ, Class B | 12193 | 259540 |
|  Kone OYJ, Class B | 15942 | 1082564 |
|  Metso Corp. | 31516 | 518401 |
|  Neste OYJ | 19835 | 382863 |
|  Nokia OYJ | 252727 | 1536763 |
|  Nordea Bank Abp  | 146797 | 2595137 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Orion OYJ, Class B | 5459 | 390395 |
|  Sampo OYJ, Class A | 115603 | 1359099 |
|  Stora Enso OYJ, Class R | 28329 | 332889 |
|  UPM-Kymmene OYJ | 25609 | 698399 |
|  Wartsila OYJ Abp | 24278 | 786015 |
|  (Cost $9,682,319) |  | **10686953** |
|  **France** – **15.8%** |  |  |
|  Accor SA | 9363 | 506344 |
|  Aeroports de Paris SA | 1635 | 239541 |
|  Air Liquide SA | 27685 | 5302766 |
|  Airbus SE | 28395 | 6734219 |
|  Alstom SA \* | 17104 | 447208 |
|  Amundi SA, 144A | 2958 | 236758 |
|  AXA SA | 82910 | 3741233 |
|  BioMerieux | 1740 | 217786 |
|  BNP Paribas SA | 48031 | 4105711 |
|  Bollore SE | 34983 | 193974 |
|  Bouygues SA | 9389 | 468541 |
|  Bureau Veritas SA | 16111 | 515436 |
|  Capgemini SE | 7197 | 1125381 |
|  Carrefour SA | 28369 | 436525 |
|  Cie de Saint-Gobain SA | 21613 | 2154610 |
|  Cie Generale des Etablissements Michelin SCA | 32088 | 1047802 |
|  Covivio SA REIT | 2854 | 184403 |
|  Credit Agricole SA | 50868 | 974794 |
|  Danone SA | 30875 | 2757757 |
|  Dassault Aviation SA | 882 | 276856 |
|  Dassault Systemes SE | 31724 | 887245 |
|  Edenred SE | 11004 | 236018 |
|  Eiffage SA | 3330 | 459673 |
|  Engie SA | 87094 | 2212537 |
|  EssilorLuxottica SA | 14376 | 5147933 |
|  FDJ UNITED | 4692 | 132040 |
|  Gecina SA REIT | 2325 | 215490 |
|  Getlink SE | 15110 | 273080 |
|  Hermes International SCA | 1515 | 3690542 |
|  Ipsen SA | 1757 | 253338 |
|  Kering SA | 3567 | 1211525 |
|  Klepierre SA REIT | 10692 | 416236 |
|  Legrand SA | 12377 | 1874349 |
|  L'Oreal SA | 11472 | 4998307 |
|  LVMH Moet Hennessy Louis Vuitton SE | 11940 | 8801934 |
|  Orange SA | 87947 | 1447644 |
|  Pernod Ricard SA | 9527 | 857362 |
|  Publicis Groupe SA | 10910 | 1062818 |
|  Renault SA | 8726 | 348911 |
|  Rexel SA | 11117 | 422851 |
|  Safran SA | 17216 | 5797457 |
|  Sanofi SA | 52797 | 5252333 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **67** 

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Sartorius Stedim Biotech | 1318 | 316937 |
|  Schneider Electric SE | 26190 | 7017876 |
|  Societe Generale SA | 33369 | 2320161 |
|  Sodexo SA | 4381 | 231433 |
|  Thales SA | 4466 | 1167699 |
|  TotalEnergies SE | 94961 | 6256794 |
|  Unibail-Rodamco-Westfield REIT \* | 5810 | 617483 |
|  Veolia Environnement SA | 30318 | 1030097 |
|  Vinci SA | 23907 | 3390254 |
|  (Cost $84,634,849) |  | **100016002** |
|  **Germany** – **13.8%** |  |  |
|  adidas AG | 8211 | 1527772 |
|  Allianz SE | 18449 | 7967537 |
|  BASF SE | 42356 | 2206071 |
|  Bayer AG | 46980 | 1661336 |
|  Bayerische Motoren Werke AG | 13024 | 1330095 |
|  Beiersdorf AG | 4728 | 508192 |
|  Brenntag SE | 5674 | 325472 |
|  Commerzbank AG | 34581 | 1359062 |
|  Continental AG | 5487 | 410792 |
|  CTS Eventim AG & Co. KGaA | 3166 | 309781 |
|  Daimler Truck Holding AG | 22718 | 961090 |
|  Delivery Hero SE, 144A \* | 9190 | 214274 |
|  Deutsche Bank AG (b) | 88564 | 3144697 |
|  Deutsche Boerse AG | 8910 | 2382357 |
|  Deutsche Lufthansa AG | 26740 | 256522 |
|  Deutsche Post AG | 46009 | 2392598 |
|  Deutsche Telekom AG | 175933 | 5665327 |
|  E.ON SE | 107112 | 1907237 |
|  Evonik Industries AG | 12642 | 194601 |
|  Fresenius Medical Care AG | 10582 | 506349 |
|  Fresenius SE & Co. KGaA | 19886 | 1091798 |
|  GEA Group AG | 7004 | 474479 |
|  Hannover Rueck SE | 2835 | 853063 |
|  Heidelberg Materials AG | 6426 | 1649607 |
|  Henkel AG & Co. KGaA | 4853 | 364228 |
|  Hensoldt AG | 3047 | 241585 |
|  HOCHTIEF AG | 742 | 262348 |
|  Infineon Technologies AG | 62092 | 2616732 |
|  Knorr-Bremse AG | 3540 | 375325 |
|  LEG Immobilien SE | 3662 | 275265 |
|  Mercedes-Benz Group AG | 34180 | 2305975 |
|  Merck KGaA | 6049 | 813954 |
|  MTU Aero Engines AG | 2598 | 1061720 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 6187 | 3904247 |
|  Nemetschek SE | 2707 | 302237 |
|  Rational AG | 255 | 190495 |
|  Rheinmetall AG | 2198 | 3774803 |
|  RWE AG | 29930 | 1518601 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  SAP SE | 49884 | 12067844 |
|  Scout24 SE, 144A | 3663 | 374344 |
|  Siemens AG | 36329 | 9620942 |
|  Siemens Energy AG \* | 37012 | 4950284 |
|  Siemens Healthineers AG, 144A | 16352 | 812603 |
|  Symrise AG | 6202 | 513963 |
|  Talanx AG | 3161 | 410677 |
|  Vonovia SE | 36053 | 1092378 |
|  Zalando SE, 144A \* | 10703 | 288039 |
|  (Cost $71,655,536) |  | **87438698** |
|  **Hong Kong** – **0.3%** |  |  |
|  Prudential PLC |  |  |
|  (Cost $2,146,680) | 120997 | **1752450** |
|  **Ireland** – **1.2%** |  |  |
|  AerCap Holdings NV | 8404 | 1126136 |
|  AIB Group PLC | 103362 | 1061115 |
|  Bank of Ireland Group PLC | 44390 | 821819 |
|  DCC PLC | 4273 | 282640 |
|  Experian PLC | 43743 | 1925268 |
|  Kerry Group PLC, Class A | 7843 | 727376 |
|  Kingspan Group PLC | 7569 | 648406 |
|  Ryanair Holdings PLC | 40477 | 1325023 |
|  (Cost $6,283,937) |  | **7917783** |
|  **Italy** – **4.6%** |  |  |
|  Banca Mediolanum SpA | 11209 | 239765 |
|  Banca Monte dei Paschi di Siena SpA | 93122 | 880700 |
|  Banco BPM SpA | 54930 | 791069 |
|  BPER Banca SPA | 71181 | 857077 |
|  Buzzi SpA | 3670 | 226057 |
|  Davide Campari-Milano NV | 28525 | 194100 |
|  Enel SpA | 388591 | 4015422 |
|  Eni SpA | 97692 | 1828123 |
|  Ferrari NV | 5975 | 2341293 |
|  FinecoBank Banca Fineco SpA | 29291 | 718626 |
|  Generali | 40621 | 1610575 |
|  Infrastrutture Wireless Italiane SpA, 144A | 13432 | 122857 |
|  Intesa Sanpaolo SpA | 683966 | 4431938 |
|  Leonardo SpA | 19466 | 1059255 |
|  Moncler SpA | 11076 | 746735 |
|  Nexi SpA, 144A | 23115 | 107763 |
|  Poste Italiane SpA, 144A | 22408 | 535722 |
|  Prysmian SpA | 13464 | 1347855 |
|  Recordati Industria Chimica e Farmaceutica SpA | 5066 | 299117 |
|  Snam SpA | 96450 | 641532 |
|  Telecom Italia SpA \* | 537370 | 302200 |
|  Terna - Rete Elettrica Nazionale | 64483 | 679785 |
|  UniCredit SpA | 67080 | 4987025 |

---

See Notes to Financial Statements.

**68** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Unipol Assicurazioni SpA | 16263 | 372680 |
|  (Cost $19,245,405) |  | **29337271** |
|  **Luxembourg** – **0.3%** |  |  |
|  ArcelorMittal SA | 22298 | 961686 |
|  CVC Capital Partners PLC, 144A | 10498 | 173410 |
|  Eurofins Scientific SE | 5335 | 362900 |
|  Tenaris SA | 17990 | 362693 |
|  (Cost $1,466,807) |  | **1860689** |
|  **Mexico** – **0.0%** |  |  |
|  Fresnillo PLC |  |  |
|  (Cost $245,140) | 10366 | **361642** |
|  **Netherlands** – **7.9%** |  |  |
|  ABN AMRO Bank NV CVA, 144A | 27674 | 935769 |
|  Adyen NV, 144A \* | 1195 | 1858341 |
|  Aegon Ltd. | 60110 | 484886 |
|  Akzo Nobel NV | 8431 | 548069 |
|  Argenx SE \* | 2945 | 2672836 |
|  ASM International NV | 2252 | 1239285 |
|  ASML Holding NV | 18527 | 19415269 |
|  ASR Nederland NV | 7398 | 499111 |
|  BE Semiconductor Industries NV | 3322 | 500572 |
|  Euronext NV, 144A | 3762 | 577347 |
|  EXOR NV | 4379 | 368782 |
|  Ferrovial SE (a) | 24252 | 1588352 |
|  Heineken Holding NV | 6239 | 445452 |
|  Heineken NV | 13682 | 1113836 |
|  IMCD NV | 2783 | 249482 |
|  ING Groep NV | 144469 | 3745505 |
|  JDE Peet's NV | 8394 | 307885 |
|  Koninklijke Ahold Delhaize NV | 42874 | 1773012 |
|  Koninklijke KPN NV | 189024 | 863916 |
|  Koninklijke Philips NV | 36410 | 1024636 |
|  Nebius Group NV \* (a) | 10016 | 950218 |
|  NN Group NV | 12884 | 933792 |
|  Prosus NV \* | 62609 | 3940713 |
|  QIAGEN NV | 10465 | 499233 |
|  Randstad NV | 4659 | 181157 |
|  Stellantis NV | 94810 | 1011043 |
|  Universal Music Group NV | 52993 | 1357300 |
|  Wolters Kluwer NV | 11055 | 1174661 |
|  (Cost $38,905,500) |  | **50260460** |
|  **Norway** – **0.8%** |  |  |
|  Aker BP ASA | 14105 | 343234 |
|  DNB Bank ASA | 42480 | 1135285 |
|  Equinor ASA | 36651 | 844075 |
|  Gjensidige Forsikring ASA | 9633 | 269530 |
|  Kongsberg Gruppen ASA | 20933 | 495738 |
|  Mowi ASA | 21195 | 480793 |
|  Norsk Hydro ASA | 66433 | 475068 |
|  Orkla ASA | 33235 | 355613 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Salmar ASA | 3530 | 206118 |
|  Telenor ASA | 28282 | 408238 |
|  Yara International ASA | 7923 | 289239 |
|  (Cost $4,977,255) |  | **5302931** |
|  **Poland** – **0.0%** |  |  |
|  InPost SA \* |  |  |
|  (Cost $205,623) | 12667 | **148407** |
|  **Portugal** – **0.3%** |  |  |
|  Banco Comercial Portugues SA, Class R | 349042 | 332576 |
|  EDP SA | 152062 | 678404 |
|  Galp Energia SGPS SA | 20227 | 407441 |
|  Jeronimo Martins SGPS SA | 14181 | 336237 |
|  (Cost $1,648,282) |  | **1754658** |
|  **Spain** – **5.4%** |  |  |
|  Acciona SA | 1229 | 246493 |
|  ACS Actividades de Construccion y Servicios SA | 8272 | 764283 |
|  Aena Sme SA, 144A | 35400 | 963362 |
|  Amadeus IT Group SA | 21566 | 1584550 |
|  Banco Bilbao Vizcaya Argentaria SA | 275210 | 5926761 |
|  Banco de Sabadell SA | 242236 | 881759 |
|  Banco Santander SA | 711420 | 7627764 |
|  Bankinter SA | 32395 | 509561 |
|  CaixaBank SA | 186856 | 2084297 |
|  Cellnex Telecom SA, 144A \* | 23515 | 705394 |
|  EDP Renovaveis SA | 15051 | 200257 |
|  Endesa SA | 15364 | 557123 |
|  Grifols SA | 15945 | 194765 |
|  Iberdrola SA | 302514 | 6381415 |
|  Industria de Diseno Textil SA | 51959 | 2908147 |
|  Mapfre SA | 45714 | 211477 |
|  Naturgy Energy Group SA | 8948 | 275269 |
|  Redeia Corp. SA | 19594 | 349573 |
|  Repsol SA | 53269 | 987437 |
|  Telefonica SA (a) | 174694 | 756880 |
|  (Cost $22,954,015) |  | **34116567** |
|  **Sweden** – **5.4%** |  |  |
|  AddTech AB, Class B | 12150 | 417486 |
|  Alfa Laval AB | 13301 | 627930 |
|  Assa Abloy AB, Class B | 47390 | 1800036 |
|  Atlas Copco AB, Class A | 130417 | 2212998 |
|  Atlas Copco AB, Class B | 73159 | 1118197 |
|  Beijer Ref AB | 20767 | 330721 |
|  Boliden AB \* | 13721 | 656623 |
|  Epiroc AB, Class A | 31162 | 668727 |
|  Epiroc AB, Class B | 18373 | 353995 |
|  EQT AB | 23128 | 801069 |
|  Essity AB, Class B | 29247 | 809168 |
|  Evolution AB, 144A | 6039 | 412709 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **69** 

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Fastighets AB Balder, Class B \* | 36751 | 264394 |
|  H & M Hennes & Mauritz AB, Class B (a) | 24208 | 439239 |
|  Hexagon AB, Class B | 100026 | 1169678 |
|  Holmen AB, Class B | 3998 | 146353 |
|  Industrivarden AB, Class A | 5458 | 229167 |
|  Industrivarden AB, Class C | 7795 | 327539 |
|  Indutrade AB | 13448 | 333602 |
|  Investment AB Latour, Class B | 7073 | 169091 |
|  Investor AB, Class B | 87858 | 2990966 |
|  L E Lundbergforetagen AB, Class B | 3745 | 199131 |
|  Lifco AB, Class B | 10425 | 383389 |
|  Nibe Industrier AB, Class B | 69993 | 258740 |
|  Saab AB, Class B | 14831 | 747131 |
|  Sagax AB, Class B | 11242 | 240536 |
|  Sandvik AB | 50411 | 1522323 |
|  Securitas AB, Class B | 24022 | 366400 |
|  Skandinaviska Enskilda Banken AB, Class A | 71735 | 1427337 |
|  Skanska AB, Class B | 16834 | 431863 |
|  SKF AB, Class B | 15628 | 408869 |
|  Spotify Technology SA \* | 7476 | 4477152 |
|  Svenska Cellulosa AB SCA, Class B | 27207 | 353454 |
|  Svenska Handelsbanken AB, Class A | 70328 | 975107 |
|  Swedbank AB, Class A | 39933 | 1270198 |
|  Swedish Orphan Biovitrum AB \* | 9700 | 348096 |
|  Tele2 AB, Class B | 27189 | 432561 |
|  Telefonaktiebolaget LM Ericsson, Class B | 134051 | 1293235 |
|  Telia Co. AB | 116143 | 466248 |
|  Trelleborg AB, Class B | 9648 | 405502 |
|  Volvo AB, Class B | 75826 | 2271339 |
|  (Cost $29,793,628) |  | **34558299** |
|  **Switzerland** – **14.8%** |  |  |
|  ABB Ltd. | 75020 | 5390457 |
|  Alcon, Inc. | 23986 | 1906817 |
|  Avolta AG \* | 3846 | 211236 |
|  Baloise Holding AG | 2039 | 533546 |
|  Banque Cantonale Vaudoise | 1455 | 176419 |
|  Barry Callebaut AG (a) | 173 | 277170 |
|  Belimo Holding AG | 459 | 448829 |
|  BKW AG | 1097 | 228877 |
|  Chocoladefabriken Lindt & Spruengli AG | 5 | 744429 |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 45 | 662144 |
|  Cie Financiere Richemont SA, Class A | 25692 | 5446717 |
|  Coca-Cola HBC AG \* | 10544 | 529015 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  DSM-Firmenich AG | 8037 | 659690 |
|  EMS-Chemie Holding AG | 335 | 228532 |
|  Galderma Group AG | 7305 | 1454998 |
|  Geberit AG | 1639 | 1276433 |
|  Givaudan SA | 444 | 1872063 |
|  Glencore PLC \* | 475029 | 2270068 |
|  Helvetia Holding AG | 1667 | 432470 |
|  Holcim AG \* | 24155 | 2261844 |
|  Julius Baer Group Ltd. | 9946 | 710694 |
|  Kuehne + Nagel International AG | 2239 | 449026 |
|  Logitech International SA | 7165 | 805427 |
|  Lonza Group AG | 3316 | 2270385 |
|  Nestle SA | 123020 | 12225428 |
|  Novartis AG | 90813 | 11811456 |
|  Partners Group Holding AG | 1079 | 1279810 |
|  Roche Holding AG | 1551 | 616693 |
|  Roche Holding AG | 33514 | 12824852 |
|  Sandoz Group AG | 19991 | 1411539 |
|  Schindler Holding AG | 1122 | 380611 |
|  Schindler Holding AG Participation Certificates | 1903 | 679897 |
|  SGS SA | 7828 | 898081 |
|  Sika AG | 7254 | 1429037 |
|  Sonova Holding AG | 2405 | 599079 |
|  STMicroelectronics NV | 21339 | 489520 |
|  STMicroelectronics NV, Class Y | 11386 | 261764 |
|  Straumann Holding AG | 5444 | 620777 |
|  Swatch Group AG – Bearer | 1487 | 300158 |
|  Swiss Life Holding AG | 1367 | 1498884 |
|  Swiss Prime Site AG | 3645 | 537698 |
|  Swiss Re AG | 14299 | 2519636 |
|  Swisscom AG | 1256 | 901387 |
|  UBS Group AG | 151778 | 5861015 |
|  VAT Group AG, 144A | 1302 | 572796 |
|  Zurich Insurance Group AG | 6998 | 5028315 |
|  (Cost $77,079,313) |  | **93995719** |
|  **United Kingdom** – **21.1%** |  |  |
|  3i Group PLC | 47274 | 1977364 |
|  Admiral Group PLC | 12452 | 523148 |
|  Anglo American PLC | 53460 | 2018731 |
|  Ashtead Group PLC | 19942 | 1275229 |
|  Associated British Foods PLC | 14449 | 408781 |
|  AstraZeneca PLC | 74018 | 13699675 |
|  Auto Trader Group PLC, 144A | 38634 | 326981 |
|  Aviva PLC | 147613 | 1274357 |
|  BAE Systems PLC | 142428 | 3113602 |
|  Barclays PLC | 669599 | 3815820 |
|  Barratt Redrow PLC | 66426 | 346998 |
|  BP PLC | 752249 | 4525441 |
|  British American Tobacco PLC | 104388 | 6112562 |
|  BT Group PLC | 280964 | 673382 |

---

See Notes to Financial Statements.

**70** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Bunzl PLC | 14933 | 428012 |
|  Centrica PLC | 231584 | 526047 |
|  Coca-Cola Europacific Partners PLC | 9840 | 902230 |
|  Compass Group PLC | 80636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533354 |
|  Diageo PLC | 106680 | 2452222 |
|  Endeavour Mining PLC | 8847 | 408953 |
|  Entain PLC | 26757 | 275366 |
|  GSK PLC | 194324 | 4609716 |
|  Haleon PLC | 425972 | 2092619 |
|  Halma PLC | 18405 | 867837 |
|  Hikma Pharmaceuticals PLC | 8407 | 173039 |
|  HSBC Holdings PLC | 821862 | 11649735 |
|  Imperial Brands PLC | 36361 | 1544978 |
|  Informa PLC | 61474 | 781492 |
|  InterContinental Hotels Group PLC | 7016 | 930664 |
|  International Consolidated Airlines Group SA | 60715 | 318975 |
|  Intertek Group PLC | 7291 | 446730 |
|  J Sainsbury PLC | 76473 | 326352 |
|  JD Sports Fashion PLC | 126583 | 129534 |
|  Kingfisher PLC | 78688 | 318503 |
|  Land Securities Group PLC REIT | 34892 | 279598 |
|  Legal & General Group PLC | 279963 | 915533 |
|  Lloyds Banking Group PLC | 2829248 | 3602693 |
|  London Stock Exchange Group PLC | 22333 | 2634993 |
|  M&G PLC | 113649 | 410039 |
|  Marks & Spencer Group PLC | 99378 | 457664 |
|  Melrose Industries PLC | 57014 | 449315 |
|  National Grid PLC | 236980 | 3598636 |
|  NatWest Group PLC | 382279 | 3201011 |
|  Next PLC | 5579 | 1043382 |
|  Pearson PLC | 27563 | 364196 |
|  Phoenix Group Holdings PLC | 33358 | 307512 |
|  Reckitt Benckiser Group PLC | 32014 | 2481398 |
|  RELX PLC | 87449 | 3510694 |
|  Rentokil Initial PLC | 121182 | 668024 |
|  Rio Tinto PLC | 54056 | 3882001 |
|  Rolls-Royce Holdings PLC | 402347 | 5691467 |
|  Sage Group PLC | 44530 | 633740 |
|  Schroders PLC | 38739 | 199287 |
|  Segro PLC REIT | 62914 | 595474 |
|  Severn Trent PLC | 13211 | 493093 |
|  Shell PLC | 276898 | 10208530 |
|  Smith & Nephew PLC | 39559 | 657307 |
|  Smiths Group PLC | 16180 | 523759 |
|  Spirax Group PLC | 3671 | 326013 |
|  SSE PLC | 56820 | 1654174 |
|  Standard Chartered PLC | 91834 | 2035548 |
|  Tesco PLC | 310477 | 1851755 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Unilever PLC | 117076 | 7046255 |
|  United Utilities Group PLC | 30996 | 507841 |
|  Vodafone Group PLC | 904773 | 1126710 |
|  Whitbread PLC | 8021 | 264533 |
|  Wise PLC, Class A \* | 33506 | 391864 |
|  (Cost $112,113,099) |  | **133822468** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $514,303,638) |  | **622339671** |
|  **PREFERRED STOCKS** – **0.5%** |  |  |
|  **Germany** – **0.5%** |  |  |
|  Bayerische Motoren Werke AG | 2840 | 267670 |
|  Dr Ing hc F Porsche AG, 144A (a) | 5744 | 297438 |
|  Henkel AG & Co. KGaA | 7793 | 628995 |
|  Porsche Automobil Holding SE | 7483 | 322299 |
|  Sartorius AG (a) | 1310 | 381724 |
|  Volkswagen AG | 9788 | 1117015 |
|  (Cost $4,532,256) |  | **3015141** |
| **SECURITIES LENDING COLLATERAL** – **0.4%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,458,170) | 2458170 | **2458170** |
|  **CASH EQUIVALENTS** – **1.9%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,175,567) | 12175567 | **12175567** |
|  **TOTAL INVESTMENTS** – **100.8%** |  |  |
|  (Cost $533,469,631) |  | **639988549** |
|  **Other assets and liabilities,net** – **(0.8%)** |  | **(5377210)** |
|  **NET ASSETS** – **100.0%** |  | **634611339** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **71** 

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value ($) at** <br> **5/31/2025** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)**<br> **($)** | **Income<br>($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>11/30/2025** | **Value ($) at <br>11/30/2025** |
| COMMON STOCKS **–** 0.5% | COMMON STOCKS **–** 0.5% | COMMON STOCKS **–** 0.5% | COMMON STOCKS **–** 0.5% | COMMON STOCKS **–** 0.5% | COMMON STOCKS **–** 0.5% | COMMON STOCKS **–** 0.5% | COMMON STOCKS **–** 0.5% | COMMON STOCKS **–** 0.5% |
| Germany **–** 0.5% | Germany **–** 0.5% | Germany **–** 0.5% | Germany **–** 0.5% | Germany **–** 0.5% | Germany **–** 0.5% | Germany **–** 0.5% | Germany **–** 0.5% | Germany **–** 0.5% |
| Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) |
| 2760841 | 203700 | (588910) | 326412 | 442654 |  |  | 88564 | 3144697 |
| SECURITIES LENDING COLLATERAL **–** 0.4% | SECURITIES LENDING COLLATERAL **–** 0.4% | SECURITIES LENDING COLLATERAL **–** 0.4% | SECURITIES LENDING COLLATERAL **–** 0.4% | SECURITIES LENDING COLLATERAL **–** 0.4% | SECURITIES LENDING COLLATERAL **–** 0.4% | SECURITIES LENDING COLLATERAL **–** 0.4% | SECURITIES LENDING COLLATERAL **–** 0.4% | SECURITIES LENDING COLLATERAL **–** 0.4% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) |
| 5319270 |  | (2861100) (e) |  |  | 22288 |  | 2458170 | 2458170 |
| CASH EQUIVALENTS **–** 1.9% | CASH EQUIVALENTS **–** 1.9% | CASH EQUIVALENTS **–** 1.9% | CASH EQUIVALENTS **–** 1.9% | CASH EQUIVALENTS **–** 1.9% | CASH EQUIVALENTS **–** 1.9% | CASH EQUIVALENTS **–** 1.9% | CASH EQUIVALENTS **–** 1.9% | CASH EQUIVALENTS **–** 1.9% |
| DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) |
| 14028943 | 43021115 | (44874491) |  |  | 162029 |  | 12175567 | 12175567 |
| **22109054** | **43224815** | **(48324501)** | **326412** | **442654** | **184317** |  | **14722301** | **17778434** |

---

\* 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, 2025 amounted to $2,363,924, 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, 2025.

---

| | |
|:---|:---|
| CVA: | Certificaten Van Aandelen (Dutch Certificate) |
| REIT: | Real Estate Investment Trust |
| 144A: | Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |

---

Securities are listed in country of domicile.

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  CAC 40 Index | EUR | 16 | 1511978 | 1508372 | 12/19/2025 | (3606) |
|  DAX Index | EUR | 2 | 1394701 | 1384345 | 12/19/2025 | (10356) |
|  EURO STOXX 50 Index | EUR | 25 | 1644075 | 1645461 | 12/19/2025 | 1386 |
|  FTSE 100 Index | GBP | 16 | 2065759 | 2065373 | 12/19/2025 | (386) |
|  FTSE MIB Index | EUR | 2 | 497430 | 503498 | 12/19/2025 | 6068 |
|  IBEX 35 Index | EUR | 2 | 376307 | 380070 | 12/19/2025 | 3763 |
|  OMXS30 Index | SEK | 22 | 640838 | 651079 | 12/19/2025 | 10241 |
|  SMI Index | CHF | 8 | 1219676 | 1280119 | 12/19/2025 | 60443 |
|  **Total net unrealized appreciation** |  |  |  |  |  | **67553** |

---

At November 30, 2025, the Fund had the following forward foreign currency contracts outstanding:

See Notes to Financial Statements.

**72** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  Morgan Stanley Capital | 12/2/2025 | CHF | 69793639 | USD | 87227438 | 343784 |  |
|  Morgan Stanley Capital | 12/2/2025 | CHF | 2197000 | USD | 2744692 | 9724 |  |
|  Morgan Stanley Capital | 12/2/2025 | DKK | 112549542 | USD | 17429206 |  | (52317) |
|  RBC Capital Markets | 12/2/2025 | EUR | 9435000 | USD | 10906917 |  | (37689) |
|  RBC Capital Markets | 12/2/2025 | EUR | 279605896 | USD | 323230008 |  | (1113007) |
|  The Bank of New York Mellon | 12/2/2025 | GBP | 5141000 | USD | 6754811 |  | (54447) |
|  The Bank of New York Mellon | 12/2/2025 | GBP | 101639724 | USD | 133549210 |  | (1072673) |
|  Goldman Sachs & Co. | 12/2/2025 | NOK | 55683791 | USD | 5503983 | 2474 |  |
|  Morgan Stanley Capital | 12/2/2025 | SEK | 268453386 | USD | 28327448 |  | (107549) |
|  Morgan Stanley Capital | 12/2/2025 | SEK | 15148000 | USD | 1597800 |  | (6699) |
|  The Bank of New York Mellon | 12/2/2025 | USD | 89657686 | CHF | 71990639 |  | (39064) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 17488594 | DKK | 112549542 |  | (7071) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 335441498 | EUR | 289040896 |  | (153878) |
|  RBC Capital Markets | 12/2/2025 | USD | 141484459 | GBP | 106780724 |  | (53318) |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 5300699 | NOK | 53602791 |  | (4792) |
|  Goldman Sachs & Co. | 12/2/2025 | USD | 205693 | NOK | 2081000 |  | (92) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 30068349 | SEK | 283601386 |  | (28852) |
|  The Bank of New York Mellon | 1/5/2026 | CHF | 71990639 | USD | 90028812 |  | (14748) |
|  The Bank of New York Mellon | 1/5/2026 | CHF | 2270000 | USD | 2838593 |  | (650) |
|  Morgan Stanley Capital | 1/5/2026 | DKK | 2439000 | USD | 379712 |  | (64) |
|  Morgan Stanley Capital | 1/5/2026 | DKK | 112549542 | USD | 17527518 | 2462 |  |
|  Morgan Stanley Capital | 1/5/2026 | EUR | 1576000 | USD | 1831640 |  | (246) |
|  Morgan Stanley Capital | 1/5/2026 | EUR | 289040896 | USD | 336068717 | 97853 |  |
|  RBC Capital Markets | 1/5/2026 | GBP | 106780724 | USD | 141487449 | 55334 |  |
|  RBC Capital Markets | 1/5/2026 | GBP | 129000 | USD | 170925 | 64 |  |
|  Goldman Sachs & Co. | 1/5/2026 | NOK | 651000 | USD | 64370 | 59 |  |
|  Goldman Sachs & Co. | 1/5/2026 | NOK | 53602791 | USD | 5300175 | 4870 |  |
|  Morgan Stanley Capital | 1/5/2026 | SEK | 5178000 | USD | 549982 | 269 |  |
|  Morgan Stanley Capital | 1/5/2026 | SEK | 283601386 | USD | 30131959 | 23948 |  |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **540841** | **(2747156)** |

---

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

#### Currency Abbreviations

---

| | |
|:---|:---|
|  CHF | Swiss Franc |
|  DKK | Danish Krone |
|  EUR | Euro |
|  GBP | Pound Sterling |
|  NOK | Norwegian Krone |
|  SEK | Swedish Krona |
|  USD | U.S. Dollar |

---

See Notes to Financial Statements.

DBX ETF Trust \| **73** 

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

#### 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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks (a) | $622339671 | $— | $— | $622339671 |
|  Preferred Stocks | 3015141 |  |  | 3015141 |
|  Short-Term Investments (a) | 14633737 |  |  | 14633737 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 540841 |  | 540841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 81901 |  |  | 81901 |
|  **TOTAL** | $**640070450** | $**540841** | $**—** | $**640611291** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(2747156) | $— | $(2747156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (14348) |  |  | (14348) |
|  **TOTAL** | $**(14348)** | $**(2747156)** | $**—** | $**(2761504)** |

---

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

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

See Notes to Financial Statements.

**74** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS – 96.6%** |  |  |
|  **Austria** – **1.1%** |  |  |
|  ANDRITZ AG | 588 | 42459 |
|  AT&S Austria Technologie & Systemtechnik AG \* | 214 | 8093 |
|  BAWAG Group AG, 144A \* | 676 | 90492 |
|  CA Immobilien Anlagen AG | 362 | 10221 |
|  CPI Europe AG \* | 315 | 5719 |
|  DO & CO AG | 71 | 15698 |
|  Erste Group Bank AG | 2744 | 299683 |
|  EVN AG | 315 | 9701 |
|  Kontron AG | 334 | 9345 |
|  Lenzing AG \* | 178 | 4873 |
|  Oesterreichische Post AG | 329 | 11640 |
|  OMV AG | 1266 | 70021 |
|  Palfinger AG | 127 | 4803 |
|  Porr AG | 275 | 9682 |
|  Raiffeisen Bank International AG | 1234 | 50015 |
|  UNIQA Insurance Group AG | 937 | 16326 |
|  Verbund AG | 584 | 43017 |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 306 | 17517 |
|  voestalpine AG | 1007 | 43407 |
|  Wienerberger AG | 925 | 31675 |
|  (Cost $560,671) |  | **794387** |
|  **Belgium** – **2.8%** |  |  |
|  Ackermans & van Haaren NV | 202 | 51644 |
|  Aedifica SA REIT | 434 | 33479 |
|  Ageas SA/NV | 1301 | 88890 |
|  Anheuser-Busch InBev SA/NV | 8784 | 540244 |
|  Azelis Group NV | 1480 | 15940 |
|  Barco NV | 565 | 8061 |
|  Bekaert SA | 327 | 13997 |
|  Cofinimmo SA REIT | 326 | 29534 |
|  Colruyt Group NV | 333 | 12801 |
|  Deme Group NV | 69 | 11142 |
|  D'ieteren Group | 199 | 34626 |
|  Elia Group SA/NV | 384 | 46370 |
|  Euronav NV | 1090 | 11999 |
|  Fagron | 598 | 14775 |
|  Financiere de Tubize SA | 185 | 45066 |
|  Galapagos NV \* | 308 | 9661 |
|  Gimv NV | 185 | 9700 |
|  Groupe Bruxelles Lambert NV | 683 | 59064 |
|  KBC Ancora | 309 | 25772 |
|  KBC Group NV | 2028 | 249716 |
|  Kinepolis Group NV | 127 | 4604 |
|  Lotus Bakeries NV | 4 | 35914 |
|  Melexis NV | 197 | 12112 |
|  Montea NV REIT | 157 | 13040 |
|  Ontex Group NV \* | 598 | 4502 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Proximus SADP | 1127 | 9694 |
|  Recticel SA | 363 | 3828 |
|  Retail Estates NV REIT | 112 | 8237 |
|  Sofina SA | 136 | 38367 |
|  Solvay SA | 681 | 21724 |
|  Syensqo SA | 645 | 52569 |
|  Tessenderlo Group SA | 193 | 6157 |
|  UCB SA | 1133 | 316084 |
|  Umicore SA | 1932 | 33953 |
|  Vastned NV REIT \* | 101 | 3632 |
|  VGP NV | 103 | 12378 |
|  Warehouses De Pauw CVA REIT | 1795 | 46600 |
|  X-Fab Silicon Foundries SE, 144A \* | 392 | 2235 |
|  Xior Student Housing NV REIT | 286 | 9704 |
|  (Cost $1,688,382) |  | **1947815** |
|  **Finland** – **3.3%** |  |  |
|  Citycon OYJ \* | 1097 | 5090 |
|  Elisa OYJ | 1291 | 56488 |
|  Finnair OYJ \* | 616 | 2104 |
|  Fortum OYJ | 4058 | 83295 |
|  Harvia OYJ | 157 | 7558 |
|  Hiab OYJ | 358 | 20556 |
|  Huhtamaki OYJ | 812 | 27975 |
|  Kalmar OYJ, Class B | 358 | 15448 |
|  Kemira OYJ | 1106 | 24710 |
|  Kempower OYJ \* | 156 | 2617 |
|  Kesko OYJ, Class B | 2397 | 51023 |
|  Kojamo OYJ \* | 1210 | 14864 |
|  Kone OYJ, Class B | 2979 | 202293 |
|  Konecranes OYJ | 588 | 60194 |
|  Mandatum OYJ | 3648 | 27438 |
|  Marimekko OYJ | 233 | 3443 |
|  Metsa Board OYJ, Class B | 1598 | 5524 |
|  Metso Corp. | 5933 | 97591 |
|  Neste OYJ | 3809 | 73523 |
|  Nokia OYJ | 46965 | 285581 |
|  Nokian Renkaat OYJ | 1079 | 10520 |
|  Nordea Bank Abp | 27620 | 488278 |
|  Orion OYJ, Class B | 974 | 69655 |
|  Outokumpu OYJ | 4004 | 18792 |
|  Puuilo OYJ | 839 | 14365 |
|  QT Group OYJ \* | 182 | 6768 |
|  Revenio Group OYJ | 199 | 5148 |
|  Sampo OYJ, Class A | 21390 | 251474 |
|  Stora Enso OYJ, Class R | 5134 | 60329 |
|  TietoEVRY OYJ | 967 | 20079 |
|  Tokmanni Group Corp. | 435 | 3848 |
|  UPM-Kymmene OYJ | 4821 | 131476 |
|  Valmet OYJ | 1233 | 40205 |
|  Wartsila OYJ Abp | 4563 | 147730 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **75** 

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  YIT OYJ \* | 1066 | 3907 |
|  (Cost $1,976,288) |  | **2339889** |
|  **France** – **28.1%** |  |  |
|  Accor SA | 1792 | 96910 |
|  Aeroports de Paris SA | 294 | 43073 |
|  Air France-KLM \* | 1009 | 12348 |
|  Air Liquide SA | 5146 | 985661 |
|  Airbus SE | 5296 | 1256011 |
|  Alstom SA \* | 3158 | 82570 |
|  Altarea SCA REIT | 61 | 7458 |
|  Alten SA | 253 | 19737 |
|  Amundi SA, 144A | 535 | 42821 |
|  Antin Infrastructure Partners SA | 323 | 3837 |
|  ARGAN SA REIT | 88 | 6676 |
|  Arkema SA | 509 | 30969 |
|  Assystem SA | 10 | 499 |
|  Aubay | 32 | 1889 |
|  AXA SA | 15471 | 698114 |
|  Beneteau SACA | 181 | 1701 |
|  BioMerieux | 394 | 49315 |
|  BNP Paribas SA | 8947 | 764794 |
|  Bollore SE | 6642 | 36829 |
|  Bouygues SA | 1706 | 85135 |
|  Bureau Veritas SA | 3014 | 96426 |
|  Capgemini SE | 1366 | 213599 |
|  Carmila SA REIT \* | 613 | 12174 |
|  Carrefour SA | 5329 | 82000 |
|  Cie de Saint-Gobain SA | 3981 | 396868 |
|  Cie des Alpes | 183 | 4670 |
|  Cie Generale des Etablissements Michelin SCA | 5900 | 192659 |
|  Clariane SE \* | 1376 | 5947 |
|  Coface SA | 1052 | 18524 |
|  Covivio SA REIT | 445 | 28752 |
|  Credit Agricole SA | 9434 | 180786 |
|  Danone SA | 5745 | 513144 |
|  Dassault Aviation SA | 183 | 57443 |
|  Dassault Systemes SE | 6090 | 170323 |
|  Derichebourg SA | 910 | 6782 |
|  Edenred SE | 2205 | 47294 |
|  Eiffage SA | 619 | 85447 |
|  Elior Group SA, 144A \* | 802 | 2501 |
|  Elis SA | 1472 | 41834 |
|  Emeis SA \* | 772 | 11973 |
|  Engie SA | 16230 | 412307 |
|  Equasens | 61 | 3039 |
|  Eramet SA (a) | 72 | 4477 |
|  EssilorLuxottica SA | 2682 | 960403 |
|  Etablissements Maurel et Prom SA | 412 | 2304 |
|  Eurazeo SE | 390 | 24724 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Eutelsat Communications SACA \* | 1567 | 3963 |
|  Exail Technologies SA \* | 74 | 6507 |
|  Exosens SAS | 247 | 12020 |
|  FDJ UNITED | 1002 | 28198 |
|  Fnac Darty SA | 127 | 4154 |
|  Forvia SE \* | 1396 | 19594 |
|  Gaztransport Et Technigaz SA | 319 | 63758 |
|  Gecina SA REIT | 409 | 37908 |
|  Getlink SE | 2878 | 52014 |
|  Havas NV \* | 372 | 6250 |
|  Hermes International SCA | 283 | 689388 |
|  ICADE REIT | 329 | 8098 |
|  ID Logistics Group SACA \* | 31 | 13845 |
|  Imerys SA | 286 | 7836 |
|  Interparfums SA | 228 | 6469 |
|  Ipsen SA | 357 | 51475 |
|  IPSOS SA | 359 | 13359 |
|  JCDecaux SE | 545 | 9704 |
|  Kaufman & Broad SA | 100 | 3480 |
|  Kering SA | 660 | 224168 |
|  Klepierre SA REIT | 1857 | 72292 |
|  Legrand SA | 2331 | 353002 |
|  LISI SA | 130 | 7397 |
|  L'Oreal SA | 2138 | 931519 |
|  Louis Hachette Group | 5446 | 9587 |
|  LVMH Moet Hennessy Louis Vuitton SE | 2229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643175 |
|  Manitou BF SA | 69 | 1494 |
|  Medincell SA \* | 201 | 6566 |
|  Mercialys SA REIT | 874 | 11112 |
|  Mersen SA | 183 | 4617 |
|  Metropole Television SA | 199 | 2890 |
|  Nanobiotix SA \* | 316 | 6363 |
|  Nexans SA | 334 | 48314 |
|  Nexity SA \* | 329 | 3545 |
|  Opmobility | 461 | 7845 |
|  Orange SA | 16721 | 275235 |
|  Pernod Ricard SA | 1767 | 159017 |
|  Peugeot Invest SA | 32 | 2732 |
|  Pierre Et Vacances SA \* | 646 | 1186 |
|  Planisware SA | 177 | 4373 |
|  Pluxee NV | 823 | 13213 |
|  Publicis Groupe SA | 2011 | 195905 |
|  Quadient SA | 286 | 4757 |
|  Remy Cointreau SA | 204 | 9385 |
|  Renault SA | 1742 | 69654 |
|  Rexel SA | 2007 | 76339 |
|  Robertet SA | 7 | 7146 |
|  Rubis SCA | 731 | 27881 |
|  Safran SA | 3209 | 1080625 |
|  Sanofi SA | 9816 | 976512 |

---

See Notes to Financial Statements.

**76** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Sartorius Stedim Biotech | 257 | 61800 |
|  Schneider Electric SE | 4886 | 1309253 |
|  SCOR SE | 1519 | 48950 |
|  SEB SA | 199 | 11247 |
|  Seche Environnement SACA | 24 | 2018 |
|  Societe BIC SA | 157 | 8969 |
|  Societe Generale SA | 6300 | 438042 |
|  Sodexo SA | 798 | 42155 |
|  SOITEC \* | 214 | 6591 |
|  Sopra Steria Group | 143 | 21846 |
|  SPIE SA | 1295 | 70183 |
|  Technip Energies NV | 1219 | 47625 |
|  Teleperformance SE | 460 | 31610 |
|  Television Francaise 1 SA | 326 | 3146 |
|  Thales SA | 831 | 217277 |
|  TotalEnergies SE | 17669 | 1164176 |
|  Trigano SA | 68 | 13567 |
|  Ubisoft Entertainment SA \* | 1059 | 8894 |
|  Unibail-Rodamco-Westfield REIT \* | 1090 | 115844 |
|  Valeo SE | 1787 | 22574 |
|  Vallourec SACA | 1478 | 26926 |
|  Valneva SE \* | 1531 | 7146 |
|  Veolia Environnement SA | 5517 | 187448 |
|  Vicat SACA | 161 | 13204 |
|  Vinci SA | 4458 | 632189 |
|  Virbac SACA | 36 | 15368 |
|  Vivendi SE \* | 5267 | 15372 |
|  Voltalia SA \* | 257 | 2170 |
|  VusionGroup | 64 | 15501 |
|  Wavestone | 61 | 3534 |
|  Wendel SE | 188 | 17534 |
|  Worldline SA, 144A \* (a) | 2228 | 3954 |
|  (Cost $17,556,375) |  | **19664726** |
|  **Germany** – **24.9%** |  |  |
|  1&1 AG | 332 | 9339 |
|  Adesso SE | 28 | 3118 |
|  adidas AG | 1510 | 280957 |
|  AIXTRON SE | 1010 | 21018 |
|  Allianz SE | 3434 | 1483035 |
|  AlzChem Group AG | 51 | 7620 |
|  Atoss Software SE | 62 | 8285 |
|  Aumovio SE \* | 495 | 21303 |
|  Aurubis AG | 292 | 40375 |
|  Auto1 Group SE \* | 1188 | 33405 |
|  BASF SE | 7886 | 410735 |
|  Bayer AG | 8648 | 305816 |
|  Bayerische Motoren Werke AG | 2469 | 252150 |
|  Bechtle AG | 769 | 39607 |
|  Beiersdorf AG | 847 | 91040 |
|  Bilfinger SE | 322 | 37950 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Brenntag SE | 1119 | 64188 |
|  CANCOM SE | 222 | 6876 |
|  Carl Zeiss Meditec AG | 361 | 18652 |
|  CECONOMY AG \* | 1402 | 7253 |
|  Cewe Stiftung & Co. KGaA | 32 | 3831 |
|  Commerzbank AG | 6508 | 255770 |
|  Continental AG | 990 | 74118 |
|  CTS Eventim AG & Co. KGaA | 559 | 54696 |
|  CureVac NV \* | 1066 | 5866 |
|  Daimler Truck Holding AG | 4167 | 176286 |
|  Delivery Hero SE, 144A \* | 1709 | 39847 |
|  Dermapharm Holding SE | 156 | 6822 |
|  Deutsche Bank AG (b) | 16464 | 584597 |
|  Deutsche Boerse AG | 1667 | 445723 |
|  Deutsche Lufthansa AG | 5333 | 51161 |
|  Deutsche Pfandbriefbank AG, 144A | 1109 | 5830 |
|  Deutsche Post AG | 8514 | 442752 |
|  Deutsche Telekom AG | 32689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052639 |
|  Deutz AG | 1147 | 10578 |
|  Douglas AG \* | 314 | 4509 |
|  Duerr AG | 455 | 10282 |
|  E.ON SE | 19874 | 353877 |
|  Eckert & Ziegler SE | 381 | 7142 |
|  Elmos Semiconductor SE | 70 | 7925 |
|  Energiekontor AG | 58 | 2304 |
|  Evonik Industries AG | 2500 | 38483 |
|  Evotec SE \* | 1329 | 8942 |
|  Fielmann Group AG | 183 | 9308 |
|  flatexDEGIRO AG | 804 | 30889 |
|  Fraport AG Frankfurt Airport Services Worldwide \* | 329 | 27612 |
|  Freenet AG | 1024 | 33877 |
|  Fresenius Medical Care AG | 1975 | 94504 |
|  Fresenius SE & Co. KGaA | 3775 | 207258 |
|  Friedrich Vorwerk Group SE | 65 | 6055 |
|  GEA Group AG | 1343 | 90980 |
|  Gerresheimer AG | 323 | 9944 |
|  GFT Technologies SE | 156 | 3424 |
|  GRENKE AG | 229 | 4181 |
|  Hannover Rueck SE | 545 | 163993 |
|  Heidelberg Materials AG | 1198 | 307536 |
|  HelloFresh SE \* | 1470 | 10555 |
|  Henkel AG & Co. KGaA | 938 | 70399 |
|  Hensoldt AG | 582 | 46144 |
|  HOCHTIEF AG | 136 | 48085 |
|  Hornbach Holding AG & Co. KGaA | 76 | 7811 |
|  HUGO BOSS AG | 357 | 15844 |
|  Hypoport SE \* | 27 | 3902 |
|  Infineon Technologies AG | 11586 | 488267 |
|  IONOS Group SE \* | 438 | 14150 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **77** 

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Jenoptik AG | 548 | 12548 |
|  JOST Werke SE, 144A | 100 | 6020 |
|  K+S AG | 1364 | 18560 |
|  KION Group AG | 676 | 50618 |
|  Kloeckner & Co. SE | 552 | 3874 |
|  Knorr-Bremse AG | 656 | 69552 |
|  Krones AG | 127 | 19240 |
|  LANXESS AG | 808 | 16374 |
|  LEG Immobilien SE | 687 | 51640 |
|  MBB SE | 3 | 634 |
|  Mercedes-Benz Group AG | 6434 | 434074 |
|  Merck KGaA | 1163 | 156493 |
|  MTU Aero Engines AG | 475 | 194117 |
|  Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 1162 | 733269 |
|  Mutares SE & Co. KGaA (a) | 134 | 4422 |
|  Nagarro SE | 69 | 5887 |
|  Nemetschek SE | 520 | 58058 |
|  Nordex SE \* | 1180 | 35342 |
|  Norma Group SE | 201 | 3106 |
|  Northern Data AG \* (a) | 128 | 2190 |
|  PATRIZIA SE | 334 | 3018 |
|  Pfisterer Holding SE \* | 77 | 6583 |
|  PNE AG (a) | 289 | 3419 |
|  ProSiebenSat.1 Media SE | 1091 | 6161 |
|  Puma SE | 839 | 19416 |
|  Rational AG | 45 | 33617 |
|  RENK Group AG | 757 | 44301 |
|  Rheinmetall AG | 410 | 704126 |
|  RWE AG | 5602 | 284237 |
|  SAF-Holland SE | 449 | 7552 |
|  Salzgitter AG | 262 | 10826 |
|  SAP SE | 9298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249355 |
|  Schaeffler AG | 1911 | 14764 |
|  Schott Pharma AG & Co. KGaA | 361 | 8007 |
|  Scout24 SE, 144A | 696 | 71128 |
|  Secunet Security Networks AG | 28 | 6035 |
|  Siemens AG | 6765 | 1791562 |
|  Siemens Energy AG \* | 6905 | 923530 |
|  Siemens Healthineers AG, 144A | 3040 | 151071 |
|  Siltronic AG | 157 | 8946 |
|  Sixt SE | 127 | 10349 |
|  SMA Solar Technology AG \* | 168 | 6743 |
|  Stabilus SE | 204 | 4958 |
|  Stroeer SE & Co. KGaA | 331 | 13669 |
|  Suedzucker AG (a) | 547 | 6164 |
|  SUSS MircoTec SE | 177 | 7014 |
|  Symrise AG | 1142 | 94638 |
|  TAG Immobilien AG | 1859 | 31700 |
|  Talanx AG | 577 | 74964 |
|  TeamViewer SE, 144A \* | 1202 | 8052 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  thyssenkrupp AG | 4541 | 49568 |
|  Thyssenkrupp Nucera AG & Co. KGaA, 144A \* | 258 | 2215 |
|  Tkms AG& Co KGaA \* | 227 | 17261 |
|  TUI AG \* | 3925 | 37453 |
|  United Internet AG | 872 | 26158 |
|  Verbio SE | 360 | 7446 |
|  Vonovia SE | 6808 | 206277 |
|  Vossloh AG | 74 | 5940 |
|  Wacker Chemie AG (a) | 183 | 14074 |
|  Wacker Neuson SE | 228 | 5025 |
|  Wuestenrot & Wuerttembergische AG | 156 | 2559 |
|  Zalando SE, 144A \* | 2068 | 55654 |
|  (Cost $14,646,232) |  | **17392973** |
|  **Ireland** – **1.6%** |  |  |
|  AerCap Holdings NV | 1559 | 208906 |
|  AIB Group PLC | 19085 | 195927 |
|  Bank of Ireland Group PLC | 8535 | 158014 |
|  Cairn Homes PLC | 5950 | 14045 |
|  Glanbia PLC | 1858 | 31877 |
|  Glenveagh Properties PLC, 144A \* | 5706 | 12933 |
|  Irish Residential Properties REIT PLC REIT | 4284 | 4805 |
|  Kerry Group PLC, Class A | 1460 | 135403 |
|  Kingspan Group PLC | 1402 | 120104 |
|  Ryanair Holdings PLC | 7502 | 245580 |
|  Uniphar PLC | 2132 | 9324 |
|  (Cost $889,435) |  | **1136918** |
|  **Italy** – **9.1%** |  |  |
|  A2A SpA | 14827 | 40574 |
|  ACEA SpA | 416 | 10829 |
|  AMCO - Asset Management Co SpA, Class B \* (c) | 13 | 0 |
|  Amplifon SpA | 1281 | 19674 |
|  Ariston Holding NV | 436 | 2156 |
|  Arnoldo Mondadori Editore SpA | 722 | 1725 |
|  Ascopiave SpA | 387 | 1468 |
|  Avio SpA | 241 | 6975 |
|  Azimut Holding SpA | 956 | 39546 |
|  Banca Generali SpA | 552 | 35122 |
|  Banca IFIS SpA | 203 | 5840 |
|  Banca Mediolanum SpA | 2063 | 44128 |
|  Banca Monte dei Paschi di Siena SpA | 17837 | 168693 |
|  Banca Popolare di Sondrio SpA | 843 | 14546 |
|  Banco BPM SpA | 10309 | 148464 |
|  BFF Bank SpA, 144A \* | 1672 | 21238 |
|  BPER Banca SPA | 13388 | 161202 |
|  Brembo NV | 1283 | 13662 |
|  Brunello Cucinelli SpA | 295 | 31366 |

---

See Notes to Financial Statements.

**78** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Buzzi SpA | 740 | 45581 |
|  Carel Industries SpA, 144A | 353 | 10217 |
|  Cembre SpA | 22 | 1710 |
|  Cementir Holding NV | 412 | 8306 |
|  CIR SpA-Compagnie Industriali \* | 5896 | 4856 |
|  Credito Emiliano SpA | 693 | 11817 |
|  Danieli & C Officine Meccaniche SpA | 98 | 5479 |
|  Danieli & C Officine Meccaniche SpA-RSP | 327 | 12806 |
|  Davide Campari-Milano NV | 5629 | 38303 |
|  De' Longhi SpA | 557 | 23661 |
|  DiaSorin SpA | 208 | 14906 |
|  El.En. SpA | 361 | 5318 |
|  Enav SpA, 144A | 2293 | 12172 |
|  Enel SpA | 72317 | 747272 |
|  Eni SpA | 18050 | 337772 |
|  ERG SpA | 592 | 15053 |
|  Ferrari NV | 1119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438478 |
|  Ferretti SpA (a) | 1355 | 4492 |
|  Fila SpA | 185 | 2103 |
|  Fincantieri SpA \* | 718 | 14167 |
|  FinecoBank Banca Fineco SpA | 5550 | 136164 |
|  Generali | 7667 | 303987 |
|  GVS SpA, 144A \* | 523 | 2457 |
|  Hera SpA | 7433 | 35558 |
|  Industrie De Nora SpA | 286 | 2355 |
|  Infrastrutture Wireless Italiane SpA, 144A | 2772 | 25354 |
|  Intercos SpA | 462 | 6184 |
|  Interpump Group SpA | 634 | 32212 |
|  Intesa Sanpaolo SpA | 126486 | 819599 |
|  Iren SpA | 5103 | 15876 |
|  Italgas SpA | 5471 | 61718 |
|  Italmobiliare SpA | 215 | 7021 |
|  Iveco Group NV | 1957 | 42054 |
|  Juventus Football Club SpA \* (a) | 1093 | 2941 |
|  Leonardo SpA | 3601 | 195951 |
|  Lottomatica Group SpA | 2189 | 55914 |
|  LU-VE SpA | 5 | 231 |
|  Maire SpA | 1209 | 17797 |
|  MARR SpA | 286 | 2959 |
|  MFE-MediaForEurope NV, Class A | 3164 | 11407 |
|  MFE-MediaForEurope NV, Class B | 392 | 1863 |
|  Moncler SpA | 2123 | 143131 |
|  Newprinces SpA \* | 293 | 6016 |
|  Nexi SpA, 144A | 4910 | 22891 |
|  OVS SpA, 144A | 1775 | 9204 |
|  Pharmanutra SpA | 31 | 2086 |
|  Piaggio & C SpA | 1311 | 2838 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Pirelli & C SpA, 144A | 3304 | 22958 |
|  Poste Italiane SpA, 144A | 4142 | 99025 |
|  Prysmian SpA | 2496 | 249870 |
|  RAI Way SpA, 144A | 822 | 5302 |
|  Recordati Industria Chimica e Farmaceutica SpA | 1021 | 60284 |
|  Reply SpA | 193 | 25657 |
|  Saipem SpA | 10655 | 29008 |
|  Salvatore Ferragamo SpA \* | 746 | 6875 |
|  Sanlorenzo SpA | 100 | 3526 |
|  Sesa SpA | 69 | 6747 |
|  Snam SpA | 18184 | 120950 |
|  SOL SpA | 307 | 17753 |
|  Tamburi Investment Partners SpA | 872 | 9205 |
|  Technogym SpA, 144A | 1076 | 20183 |
|  Technoprobe SpA \* | 1352 | 19855 |
|  Telecom Italia SpA \* | 104296 | 58653 |
|  Terna - Rete Elettrica Nazionale | 12645 | 133305 |
|  UniCredit SpA | 12480 | 927819 |
|  Unipol Assicurazioni SpA | 3170 | 72643 |
|  Webuild SpA | 3115 | 12221 |
|  Wiit SpA | 56 | 1249 |
|  Zignago Vetro SpA | 286 | 2399 |
|  (Cost $4,684,311) |  | **6392932** |
|  **Luxembourg** – **0.7%** |  |  |
|  APERAM SA | 421 | 16194 |
|  ArcelorMittal SA | 4104 | 177001 |
|  Aroundtown SA \* | 7603 | 26176 |
|  Befesa SA, 144A | 312 | 9946 |
|  CVC Capital Partners PLC, 144A | 1876 | 30989 |
|  d'Amico International Shipping SA | 444 | 2653 |
|  Eurofins Scientific SE | 1086 | 73872 |
|  Grand City Properties SA \* | 618 | 7828 |
|  RTL Group SA | 313 | 12363 |
|  SES SA | 3516 | 22656 |
|  Shurgard Self Storage Ltd. REIT | 335 | 12532 |
|  Tenaris SA | 3410 | 68748 |
|  (Cost $416,392) |  | **460958** |
|  **Netherlands** – **13.9%** |  |  |
|  Aalberts NV | 832 | 26734 |
|  ABN AMRO Bank NV CVA, 144A | 5161 | 174514 |
|  Adyen NV, 144A \* | 223 | 346787 |
|  Aegon Ltd. | 11899 | 95985 |
|  Akzo Nobel NV | 1549 | 100695 |
|  AMG Critical Materials NV | 257 | 7882 |
|  Arcadis NV | 608 | 26885 |
|  Argenx SE \* | 548 | 497356 |
|  ASM International NV | 416 | 228927 |
|  ASML Holding NV | 3460 | 3625888 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **79** 

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  ASR Nederland NV | 1419 | 95734 |
|  Basic-Fit NV, 144A \* | 435 | 14311 |
|  BE Semiconductor Industries NV | 671 | 101109 |
|  Corbion NV | 488 | 10908 |
|  Eurocommercial Properties NV REIT | 363 | 11180 |
|  Euronext NV, 144A | 665 | 102056 |
|  EXOR NV | 873 | 73521 |
|  Ferrovial SE (a) | 4594 | 300878 |
|  Flow Traders Ltd. \* | 257 | 7125 |
|  Fugro NV | 1220 | 12291 |
|  Heineken Holding NV | 1179 | 84178 |
|  Heineken NV | 2596 | 211337 |
|  IMCD NV | 540 | 48408 |
|  ING Groep NV | 26911 | 697695 |
|  JDE Peet's NV | 1477 | 54175 |
|  Koninklijke Ahold Delhaize NV | 7989 | 330377 |
|  Koninklijke BAM Group NV | 2033 | 20163 |
|  Koninklijke Heijmans N.V. | 264 | 18405 |
|  Koninklijke KPN NV | 33948 | 155156 |
|  Koninklijke Philips NV | 6969 | 196119 |
|  Koninklijke Vopak NV | 465 | 21058 |
|  Nebius Group NV \* (a) | 1888 | 179115 |
|  NN Group NV | 2381 | 172567 |
|  OCI NV \* | 951 | 3746 |
|  Pharming Group NV \* | 7286 | 12171 |
|  Pharvaris NV \* | 179 | 5080 |
|  PostNL NV | 4228 | 4978 |
|  Prosus NV \* | 11653 | 733459 |
|  QIAGEN NV | 1877 | 89542 |
|  Randstad NV | 955 | 37134 |
|  Redcare Pharmacy NV, 144A \* | 153 | 11616 |
|  SBM Offshore NV | 1268 | 36154 |
|  Signify NV, 144A | 1082 | 25529 |
|  Sligro Food Group NV | 199 | 2276 |
|  Stellantis NV | 17641 | 188122 |
|  TKH Group NV | 362 | 16100 |
|  TomTom NV \* | 552 | 3419 |
|  Universal Music Group NV | 9719 | 248931 |
|  Van Lanschot Kempen NV | 298 | 17976 |
|  Wereldhave NV REIT | 315 | 7301 |
|  Wolters Kluwer NV | 2061 | 218994 |
|  (Cost $7,665,143) |  | **9712047** |
|  **Poland** – **0.0%** |  |  |
|  InPost SA \* |  |  |
|  (Cost $28,457) | 1953 | **22881** |
|  **Portugal** – **0.5%** |  |  |
|  Altri SGPS SA | 494 | 2613 |
|  Banco Comercial Portugues SA, Class R | 65395 | 62310 |
|  Corticeira Amorim SGPS SA | 389 | 3037 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  CTT-Correios de Portugal SA | 806 | 6592 |
|  EDP SA | 28607 | 127626 |
|  Galp Energia SGPS SA | 3669 | 73906 |
|  Jeronimo Martins SGPS SA | 2517 | 59679 |
|  Mota-Engil SGPS SA | 735 | 4046 |
|  Navigator Co. SA | 1961 | 6915 |
|  NOS SGPS SA | 2005 | 8571 |
|  REN - Redes Energeticas Nacionais SGPS SA | 3653 | 14047 |
|  Semapa-Sociedade de Investimento e Gestao | 196 | 3833 |
|  Sonae SGPS SA | 5275 | 9081 |
|  (Cost $324,320) |  | **382256** |
|  **Spain** – **9.8%** |  |  |
|  Acciona SA | 205 | 41116 |
|  Acerinox SA | 1492 | 21063 |
|  ACS Actividades de Construccion y Servicios SA | 1543 | 142564 |
|  Aedas Homes SA, 144A | 91 | 2497 |
|  Aena Sme SA, 144A | 6777 | 184427 |
|  Almirall SA | 439 | 6437 |
|  Amadeus IT Group SA | 3970 | 291694 |
|  Atresmedia Corp. de Medios de Comunicacion SA | 664 | 4159 |
|  Banco Bilbao Vizcaya Argentaria SA | 51350 | 1105843 |
|  Banco de Sabadell SA | 45516 | 165682 |
|  Banco Santander SA | 132651 | 1422269 |
|  Bankinter SA | 6211 | 97697 |
|  CaixaBank SA | 34599 | 385937 |
|  Cellnex Telecom SA, 144A \* | 4497 | 134899 |
|  CIE Automotive SA | 447 | 15374 |
|  Cirsa Enterprises SA \* | 431 | 7059 |
|  Colonial SFL Socimi SA REIT | 2655 | 16246 |
|  Construcciones y Auxiliar de Ferrocarriles SA | 156 | 9826 |
|  Distribuidora Internacional de Alimentacion SA \* | 99 | 3468 |
|  EDP Renovaveis SA | 2965 | 39450 |
|  eDreams ODIGEO SA \* | 590 | 2519 |
|  Elecnor SA | 303 | 10386 |
|  Enagas SA | 2240 | 37014 |
|  Ence Energia y Celulosa SA \* (a) | 837 | 2311 |
|  Endesa SA | 2910 | 105521 |
|  Fluidra SA | 909 | 25201 |
|  Gestamp Automocion SA, 144A | 600 | 2069 |
|  Grenergy Renovables SA \* | 160 | 12658 |
|  Grifols SA | 2525 | 30842 |
|  HBX Group International PLC \* | 700 | 5051 |
|  Iberdrola SA | 56519 | 1192246 |
|  Indra Sistemas SA | 688 | 36712 |
|  Industria de Diseno Textil SA | 9682 | 541902 |

---

See Notes to Financial Statements.

**80** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Laboratorios Farmaceuticos Rovi SA | 121 | 8344 |
|  Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 5208 | 6899 |
|  Logista Integral SA | 618 | 21105 |
|  Mapfre SA | 8277 | 38290 |
|  Melia Hotels International SA | 837 | 7078 |
|  Merlin Properties Socimi SA REIT | 3587 | 52927 |
|  Naturgy Energy Group SA | 1670 | 51375 |
|  Neinor Homes SA, 144A \* | 505 | 10767 |
|  Pharma Mar SA \* | 128 | 11173 |
|  Prosegur Cash SA, 144A | 3995 | 3059 |
|  Prosegur Cia de Seguridad SA | 938 | 3117 |
|  Redeia Corp. SA | 3543 | 63210 |
|  Repsol SA | 9924 | 183959 |
|  Sacyr SA | 5377 | 24001 |
|  Solaria Energia y Medio Ambiente SA \* | 707 | 13667 |
|  Tecnicas Reunidas SA \* | 450 | 14877 |
|  Telefonica SA | 32963 | 142816 |
|  Unicaja Banco SA, 144A | 9114 | 26748 |
|  Vidrala SA | 193 | 18761 |
|  Viscofan SA | 394 | 24497 |
|  (Cost $4,720,787) |  | **6828809** |
|  **Switzerland** – **0.4%** |  |  |
|  DSM-Firmenich AG | 1504 | 123451 |
|  STMicroelectronics NV | 3956 | 90751 |
|  STMicroelectronics NV, Class Y | 2084 | 47911 |
|  (Cost $297,507) |  | **262113** |
|  **United Kingdom** – **0.4%** |  |  |
|  Allfunds Group PLC | 2268 | 21192 |
|  Coca-Cola Europacific Partners PLC | 1860 | 170543 |
|  International Consolidated Airlines Group SA | 9876 | 51885 |
|  (Cost $198,985) |  | **243620** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $55,653,285) |  | **67582324** |
|  **PREFERRED STOCKS** – **0.9%** |  |  |
|  **Germany** – **0.9%** |  |  |
|  Bayerische Motoren Werke AG | 489 | 46088 |
|  Dr Ing hc F Porsche AG, 144A (a) | 1048 | 54268 |
|  Draegerwerk AG & Co. KGaA | 57 | 4655 |
|  FUCHS SE | 617 | 28142 |
|  Henkel AG & Co. KGaA | 1453 | 117276 |
|  Jungheinrich AG | 397 | 15934 |
|  Porsche Automobil Holding SE | 1340 | 57715 |
|  Sartorius AG (a) | 225 | 65563 |
|  Sixt SE | 200 | 12064 |
|  STO SE & Co. KGaA | 28 | 3995 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Volkswagen AG | 1868 | 213178 |
|  (Cost $697,166) |  | **618878** |
|  **RIGHTS** – **0.0%** |  |  |
|  **France** – **0.0%** |  |  |
|  Eutelsat Communications SACA\* , expires 12/16/25 |  |  |
|  (Cost $1,665) | 1567 | **1054** |
|  **Spain** – **0.0%** |  |  |
|  Viscofan SA\* , expires 12/18/25 |  |  |
|  (Cost $668) | 391 | **690** |
|  **TOTAL RIGHTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,333) |  | **1744** |
|  **WARRANTS** – **0.0%** |  |  |
|  **Italy** – **0.0%** |  |  |
|  Webuild SpA\* (c), expires 8/2/30 |  |  |
|  (Cost $0) | 38 | **119** |
| **EXCHANGE-TRADED FUNDS** – **0.2%** |  |  |
|  iShares Currency Hedged MSCI Eurozone ETF | 2300 | 99567 |
|  iShares MSCI Eurozone ETF | 1350 | 84591 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $180,257) |  | **184158** |
| **SECURITIES LENDING COLLATERAL** – **0.5%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $340,951) | 340951 | **340951** |
|  **CASH EQUIVALENTS** – **1.8%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (d) |  |  |
|  (Cost $1,278,900) | 1278900 | **1278900** |
|  **TOTAL INVESTMENTS** – **100.0%** | **TOTAL INVESTMENTS** – **100.0%** |  |
|  (Cost $58,152,892) |  | **70007074** |
|  **Other assets and liabilities,<br>net – 0.0%** |  | **21377** |
|  **NET ASSETS** – **100.0%** |  | **70028451** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **81** 

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **5/31/2025** | **Purchases Cost<br>($)** | **Sales Proceeds**<br> **($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>11/30/2025** | **Value ($) at <br>11/30/2025** |
|  COMMON STOCKS **–** 0.9% | COMMON STOCKS **–** 0.9% | COMMON STOCKS **–** 0.9% | COMMON STOCKS **–** 0.9% | COMMON STOCKS **–** 0.9% | COMMON STOCKS **–** 0.9% | COMMON STOCKS **–** 0.9% | COMMON STOCKS **–** 0.9% | COMMON STOCKS **–** 0.9% |
|  Germany **–** 0.9% | Germany **–** 0.9% | Germany **–** 0.9% | Germany **–** 0.9% | Germany **–** 0.9% | Germany **–** 0.9% | Germany **–** 0.9% | Germany **–** 0.9% | Germany **–** 0.9% |
|  Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;545004 | &nbsp;&nbsp;&nbsp;&nbsp;35383 | (150749) | 77133 | 77826 |  |  | 16464 | 584597 |
|  SECURITIES LENDING COLLATERAL **–** 0.5% | SECURITIES LENDING COLLATERAL **–** 0.5% | SECURITIES LENDING COLLATERAL **–** 0.5% | SECURITIES LENDING COLLATERAL **–** 0.5% | SECURITIES LENDING COLLATERAL **–** 0.5% | SECURITIES LENDING COLLATERAL **–** 0.5% | SECURITIES LENDING COLLATERAL **–** 0.5% | SECURITIES LENDING COLLATERAL **–** 0.5% | SECURITIES LENDING COLLATERAL **–** 0.5% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;700075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (359124) (f) |  |  | 2567 |  | 340951 | 340951 |
|  CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;166743 | 6007996 | (4895839) |  |  | 10470 |  | 1278900 | 1278900 |
| **1411822** | **6043379** | **(5405712)** | **77133** | **77826** | **13037** |  | **1636315** | **2204448** |

---

\* 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, 2025 amounted to $326,398, which is 0.5% 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) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2025.

---

| | |
|:---|:---|
|  CVA: | Certificaten Van Aandelen (Dutch Certificate) |
|  REIT: | Real Estate Investment Trust |
|  RSP: | Risparmio (Convertible Savings Shares) |
|  144A: | Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |

---

Securities are listed in country of domicile.

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized <br>Appreciation ($)** |
|  EURO STOXX 50 Index | EUR | 24 | 1577024 | 1579642 | 12/19/2025 | 2618 |

---

At November 30, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** |  | **Currency To** <br>**Deliver**  |  | **Currency To** <br>**Receive**  | **Unrealized**<br>**Appreciation ($)** | **Unrealized** <br>**Depreciation ($)**  |
|  RBC Capital Markets | 12/2/2025 | EUR | 57129830 | USD | 66043226 | – | (227412) |
|  RBC Capital Markets | 12/2/2025 | EUR | 1787000 | USD | 2065783 | – | (7138) |

---

See Notes to Financial Statements.

**82** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | | **Currency To** <br>**Deliver**  | | **Currency To** <br>**Receive**  | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  RBC Capital Markets | 12/2/2025 | EUR | 460300 | USD | 530777 |  | (3172) |
|  Morgan Stanley Capital | 12/2/2025 | USD | 68370748 | EUR | 58913230 |  | (31364) |
|  RBC Capital Markets | 12/2/2025 | USD | 536395 | EUR | 463900 | 1729 |  |
|  Morgan Stanley Capital | 1/5/2026 | EUR | 58913230 | USD | 68498589 | 19945 |  |
|  Morgan Stanley Capital | 1/5/2026 | USD | 600862 | EUR | 517000 | 81 |  |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **21755** | **(269086)** |

---

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

#### Currency Abbreviations

---

| | |
|:---|:---|
|  EUR | Euro |
|  USD | U.S. Dollar |

---

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

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks (a) | $67582324 | $— | $— | $67582324 |
|  Preferred Stocks | 618878 |  |  | 618878 |
|  Rights (a) | 1744 |  |  | 1744 |
|  Warrants |  |  | 119 | 119 |
|  Exchange-Traded Funds | 184158 |  |  | 184158 |
|  Short-Term Investments (a) | 1619851 |  |  | 1619851 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 21755 |  | 21755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 2618 |  |  | 2618 |
|  **TOTAL** | $**70009573** | $**21755** | $**119** | $**70031447** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(269086) | $— | $(269086) |
|  **TOTAL** | $**—** | $**(269086)** | $**—** | $**(269086)** |

---

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

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

See Notes to Financial Statements.

DBX ETF Trust \| **83** 

------

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS** – **97.8%** |  |  |
|  **Communication Services – 7.9%** |  |  |
|  Capcom Co. Ltd. | 31500 | 771260 |
|  KDDI Corp. | 274030 | 4720146 |
|  Konami Group Corp. | 9477 | 1446678 |
|  LY Corp. | 256028 | 689508 |
|  Nexon Co. Ltd. | 33864 | 823936 |
|  Nintendo Co. Ltd. | 102969 | 8757707 |
|  NTT, Inc. | 2765300 | 2759278 |
|  SoftBank Corp. | 2687500 | 3841744 |
|  SoftBank Group Corp. | 88971 | 9587147 |
|  Toho Co. Ltd. | 9590 | 552466 |
|  (Cost $23,224,066) |  | **33949870** |
|  **Consumer Discretionary** – **17.0%** |  |  |
|  Aisin Corp. | 45841 | 816178 |
|  Asics Corp. | 65513 | 1569643 |
|  Bandai Namco Holdings, Inc. | 54921 | 1609923 |
|  Bridgestone Corp. | 53507 | 2509490 |
|  Denso Corp. | 162940 | 2149193 |
|  Fast Retailing Co. Ltd. | 17843 | 6529711 |
|  Honda Motor Co. Ltd. | 343335 | 3456658 |
|  Isuzu Motors Ltd. | 48398 | 735703 |
|  Nissan Motor Co. Ltd. \* | 215247 | 529639 |
|  Nitori Holdings Co. Ltd. | 38035 | 658195 |
|  Oriental Land Co. Ltd. | 100925 | 1943650 |
|  Pan Pacific International Holdings Corp. | 175400 | 1063926 |
|  Panasonic Holdings Corp. | 216644 | 2721578 |
|  Rakuten Group, Inc. \* | 142339 | 870133 |
|  Ryohin Keikaku Co. Ltd. | 47800 | 948714 |
|  Sanrio Co. Ltd. | 16200 | 579357 |
|  Sekisui House Ltd. | 55187 | 1235999 |
|  Shimano, Inc. | 7084 | 748371 |
|  Sony Group Corp. | 572465 | 16773584 |
|  Subaru Corp. | 54308 | 1220486 |
|  Sumitomo Electric Industries Ltd. | 66513 | 2615962 |
|  Suzuki Motor Corp. | 146756 | 2294296 |
|  Toyota Motor Corp. | 883065 | 17718987 |
|  Yamaha Motor Co. Ltd. | 87080 | 631043 |
|  Zensho Holdings Co. Ltd. | 8800 | 530119 |
|  ZOZO, Inc. | 39895 | 343914 |
|  (Cost $59,249,087) |  | **72804452** |
|  **Consumer Staples** – **4.8%** |  |  |
|  Aeon Co. Ltd. | 207406 | 3755863 |
|  Ajinomoto Co., Inc. | 84602 | 1963065 |
|  Asahi Group Holdings Ltd. | 142242 | 1651170 |
|  Japan Tobacco, Inc. | 112189 | 4215530 |
|  Kao Corp. | 42884 | 1734146 |
|  Kikkoman Corp. | 63962 | 585793 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Kirin Holdings Co. Ltd. | 73289 | 1151624 |
|  Kobe Bussan Co. Ltd. | 13300 | 323002 |
|  MatsukiyoCocokara & Co. | 30700 | 568227 |
|  Seven & i Holdings Co. Ltd. | 194206 | 2671670 |
|  Shiseido Co. Ltd. | 35971 | 511666 |
|  Suntory Beverage & Food Ltd. | 13534 | 429233 |
|  Tsuruha Holdings, Inc. | 25200 | 446899 |
|  Unicharm Corp. | 101622 | 596038 |
|  (Cost $18,565,084) |  | **20603926** |
|  **Energy** – **0.9%** |  |  |
|  ENEOS Holdings, Inc. | 253937 | 1672693 |
|  Idemitsu Kosan Co. Ltd. | 70567 | 522903 |
|  Inpex Corp. | 82444 | 1758812 |
|  (Cost $2,733,076) |  | **3954408** |
|  **Financials** – **15.9%** |  |  |
|  Chiba Bank Ltd. | 53860 | 567265 |
|  Dai-ichi Life Holdings, Inc. | 325876 | 2543102 |
|  Daiwa Securities Group, Inc. | 123844 | 1026746 |
|  Japan Exchange Group, Inc. (a) | 92230 | 1058217 |
|  Japan Post Bank Co. Ltd. | 168125 | 2021613 |
|  Japan Post Holdings Co. Ltd. | 167970 | 1651300 |
|  Japan Post Insurance Co. Ltd. | 17700 | 492548 |
|  Mitsubishi HC Capital, Inc. | 83516 | 668331 |
|  Mitsubishi UFJ Financial Group, Inc. | 1067542 | 16569668 |
|  Mizuho Financial Group, Inc. | 232352 | 8144374 |
|  MS&AD Insurance Group Holdings, Inc. | 119067 | 2642290 |
|  Nomura Holdings, Inc. | 282377 | 2129492 |
|  ORIX Corp. | 107683 | 2926213 |
|  Resona Holdings, Inc. | 194976 | 1984849 |
|  SBI Holdings, Inc. | 51198 | 1078129 |
|  Sompo Holdings, Inc. | 83225 | 2640024 |
|  Sony Financial Group, Inc. \* | 555665 | 525985 |
|  Sumitomo Mitsui Financial Group, Inc. | 341116 | 10263629 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 58724 | 1700341 |
|  T&D Holdings, Inc. | 42149 | 915919 |
|  Tokio Marine Holdings, Inc. | 171513 | 6051397 |
|  Yokohama Financial Group, Inc. | 93238 | 737174 |
|  (Cost $44,156,004) |  | **68338606** |
|  **Health Care** – **6.5%** |  |  |
|  Astellas Pharma, Inc. | 169035 | 2131612 |
|  Chugai Pharmaceutical Co. Ltd. | 62235 | 3337747 |
|  Daiichi Sankyo Co. Ltd. | 168271 | 4164206 |
|  Eisai Co. Ltd. | 24812 | 778176 |
|  Hoya Corp. | 32001 | 4806094 |
|  Kyowa Kirin Co. Ltd. | 22860 | 385124 |
|  M3, Inc. | 41384 | 683019 |
|  Olympus Corp. | 104876 | 1410526 |

---

See Notes to Financial Statements.

**84** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Otsuka Holdings Co. Ltd. | 40500 | 2294498 |
|  Shionogi & Co. Ltd. | 69424 | 1191822 |
|  Sysmex Corp. | 48732 | 463787 |
|  Takeda Pharmaceutical Co. Ltd. | 147823 | 4265982 |
|  Terumo Corp. | 124304 | 1942499 |
|  (Cost $27,611,330) |  | **27855092** |
|  **Industrials** – **24.4%** |  |  |
|  AGC, Inc. | 18762 | 648992 |
|  ANA Holdings, Inc. | 14018 | 264532 |
|  Central Japan Railway Co. | 72360 | 1977920 |
|  Dai Nippon Printing Co. Ltd. | 36858 | 623192 |
|  Daifuku Co. Ltd. | 30402 | 962062 |
|  Daikin Industries Ltd. | 24548 | 3189165 |
|  East Japan Railway Co. | 89855 | 2328380 |
|  Ebara Corp. | 43800 | 1146755 |
|  FANUC Corp. | 86745 | 2792240 |
|  Fuji Electric Co. Ltd. | 13394 | 933308 |
|  Fujikura Ltd. | 23400 | 2690086 |
|  Hankyu Hanshin Holdings, Inc. | 21867 | 549126 |
|  Hikari Tsushin, Inc. | 1652 | 459606 |
|  Hitachi Ltd. | 426510 | 13570524 |
|  IHI Corp. | 96100 | 1714401 |
|  ITOCHU Corp. | 110579 | 6628791 |
|  Japan Airlines Co. Ltd. | 12354 | 230480 |
|  Kajima Corp. | 39176 | 1460256 |
|  Kawasaki Heavy Industries Ltd. | 13900 | 879722 |
|  Kawasaki Kisen Kaisha Ltd. | 34100 | 453931 |
|  Komatsu Ltd. | 88137 | 2891237 |
|  Kubota Corp. | 90063 | 1300128 |
|  Makita Corp. | 21503 | 624818 |
|  Marubeni Corp. | 130787 | 3450184 |
|  MINEBEA MITSUMI, Inc. | 34331 | 697218 |
|  Mitsubishi Corp. | 300373 | 7121691 |
|  Mitsubishi Electric Corp. | 176826 | 4782479 |
|  Mitsubishi Heavy Industries Ltd. | 298020 | 7533527 |
|  Mitsui & Co. Ltd. | 230642 | 6125736 |
|  Mitsui OSK Lines Ltd. | 32400 | 919874 |
|  MonotaRO Co. Ltd. | 21900 | 321543 |
|  Nidec Corp. | 77980 | 983365 |
|  Nippon Yusen KK | 38936 | 1234361 |
|  Obayashi Corp. | 60118 | 1225924 |
|  Recruit Holdings Co. Ltd. | 131291 | 6731880 |
|  Secom Co. Ltd. | 37444 | 1265959 |
|  Seibu Holdings, Inc. | 19100 | 593159 |
|  Sekisui Chemical Co. Ltd. | 34852 | 593404 |
|  SG Holdings Co. Ltd. | 26700 | 266846 |
|  SMC Corp. | 5405 | 1899746 |
|  Sumitomo Corp. | 100973 | 3167451 |
|  Taisei Corp. | 13852 | 1184349 |
|  Tokyo Metro Co. Ltd. (a) | 28100 | 288937 |
|  Tokyu Corp. | 45522 | 531488 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  TOPPAN Holdings, Inc. | 22239 | 717562 |
|  Toyota Industries Corp. (a) | 15199 | 1701540 |
|  Toyota Tsusho Corp. | 64293 | 2081061 |
|  West Japan Railway Co. | 37658 | 749591 |
|  (Cost $72,668,095) |  | **104488527** |
|  **Information Technology** – **13.7%** |  |  |
|  Advantest Corp. | 71381 | 9406072 |
|  Canon, Inc. | 80697 | 2380494 |
|  Disco Corp. | 8610 | 2411396 |
|  FUJIFILM Holdings Corp. | 104371 | 2245975 |
|  Fujitsu Ltd. | 163554 | 4343912 |
|  Keyence Corp. | 18098 | 6159394 |
|  Kioxia Holdings Corp. \* | 12600 | 759034 |
|  Kyocera Corp. | 120332 | 1646916 |
|  Lasertec Corp. | 7283 | 1309765 |
|  Murata Manufacturing Co. Ltd. | 154535 | 3179973 |
|  NEC Corp. | 121165 | 4571430 |
|  Nomura Research Institute Ltd. | 35622 | 1422234 |
|  Obic Co. Ltd. | 30635 | 985327 |
|  Oracle Corp. | 3572 | 307122 |
|  Otsuka Corp. | 21020 | 415580 |
|  Renesas Electronics Corp. | 165624 | 1963961 |
|  SCREEN Holdings Co. Ltd. | 7400 | 609242 |
|  SCSK Corp. | 14900 | 542790 |
|  Shimadzu Corp. | 22636 | 646432 |
|  TDK Corp. | 181420 | 2973898 |
|  TIS, Inc. | 19400 | 641241 |
|  Tokyo Electron Ltd. | 41764 | 8505797 |
|  Trend Micro, Inc. | 11959 | 597107 |
|  Yokogawa Electric Corp. | 20779 | 664332 |
|  (Cost $43,813,714) |  | **58689424** |
|  **Materials** – **3.2%** |  |  |
|  Asahi Kasei Corp. | 118284 | 987846 |
|  JFE Holdings, Inc. | 51825 | 635615 |
|  JX Advanced Metals Corp. | 50700 | 541939 |
|  Mitsubishi Chemical Group Corp. | 122196 | 689710 |
|  Nippon Paint Holdings Co. Ltd. | 89815 | 585575 |
|  Nippon Sanso Holdings Corp. | 15980 | 520215 |
|  Nippon Steel Corp. | 455485 | 1843352 |
|  Nitto Denko Corp. | 63655 | 1574049 |
|  Shin-Etsu Chemical Co. Ltd. | 156560 | 4714648 |
|  Sumitomo Metal Mining Co. Ltd. | 23659 | 777622 |
|  Toray Industries, Inc. | 130996 | 851549 |
|  (Cost $13,432,336) |  | **13722120** |
|  **Real Estate** – **2.4%** |  |  |
|  Daito Trust Construction Co. Ltd. | 26455 | 505922 |
|  Daiwa House Industry Co. Ltd. | 52717 | 1798536 |
|  Hulic Co. Ltd. | 41310 | 455722 |
|  Mitsubishi Estate Co. Ltd. | 99324 | 2344108 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **85** 

------

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Mitsui Fudosan Co. Ltd. | 247727 | 2908976 |
|  Nippon Building Fund, Inc. REIT | 710 | 678897 |
|  Sumitomo Realty & Development Co. Ltd. | 28200 | 1362139 |
|  (Cost $7,774,789) |  | **10054300** |
|  **Utilities – 1.1%** |  |  |
|  Chubu Electric Power Co., Inc. | 64120 | 1002003 |
|  Kansai Electric Power Co., Inc. | 89238 | 1525402 |
|  Osaka Gas Co. Ltd. | 33589 | 1179724 |
|  Tokyo Gas Co. Ltd. | 28965 | 1174628 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,483,488) |  | **4881757** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $316,711,069) |  | **419342482** |
|  **EXCHANGE-TRADED FUNDS – 0.3%** |  |  |
|  iShares Currency Hedged MSCI Japan ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,071,343) | 21250 | **1149200** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **SECURITIES LENDING COLLATERAL – 0.5%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,050,118) | 2050118 | **2050118** |
|  **CASH EQUIVALENTS – 1.8%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,680,503) | 7680503 | **7680503** |
|  **TOTAL INVESTMENTS – 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $327,513,033) |  | **430222303** |
|  **Other assets and liabilities,net – (0.4%)** |  | **(1515391)** |
|  **NET ASSETS – 100.0%** |  | **428706912** |

---

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **5/31/2025** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)**<br> **($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income<br>($)** | **Capital Gain<br>Distributions**<br> **($)** | **Number of<br>Shares at<br>11/30/2025** | **Value ($) at** <br> **11/30/2025**  |
|  SECURITIES LENDING COLLATERAL – 0.5% | SECURITIES LENDING COLLATERAL – 0.5% | SECURITIES LENDING COLLATERAL – 0.5% | SECURITIES LENDING COLLATERAL – 0.5% | SECURITIES LENDING COLLATERAL – 0.5% | SECURITIES LENDING COLLATERAL – 0.5% | SECURITIES LENDING COLLATERAL – 0.5% | SECURITIES LENDING COLLATERAL – 0.5% | SECURITIES LENDING COLLATERAL – 0.5% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) |
| 4866100 |  | (2815982) (d) |  |  | 14227 |  | 2050118 | 2050118 |
|  CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% | CASH EQUIVALENTS **–** 1.8% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) |
| 4747890 | 28990485 | (26057872) |  |  | 135289 |  | 7680503 | 7680503 |
| **9613990** | **28990485** | **(28873854)** |  |  | **149516** |  | **9730621** | **9730621** |

---

See Notes to Financial Statements.

**86** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2025 (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, 2025 amounted to $1,951,321, 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.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2025.

 <br> REIT: Real Estate Investment Trust

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  MSCI Japan Index | USD | 14 | 1491052 | 1495480 | 12/19/2025 | 4428 |
|  Nikkei 225 Index | JPY | 4 | 1116871 | 1287306 | 12/11/2025 | 170435 |
|  TOPIX Index | JPY | 30 | 6411287 | 6493211 | 12/11/2025 | 81924 |
|  **Total unrealized appreciation** |  |  |  |  |  | **256787** |

---

At November 30, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  The Bank of New York Mellon | 12/2/2025 | JPY | 58537147950 | USD | 381018769 | 6117091 |  |
|  The Bank of New York Mellon | 12/2/2025 | JPY | 5716306000 | USD | 37206741 | 596609 |  |
|  The Bank of New York Mellon | 12/2/2025 | JPY | 200000000 | USD | 1278772 |  | (2130) |
|  RBC Capital Markets | 12/2/2025 | USD | 408603374 | JPY | 63762556550 |  | (235521) |
|  The Bank of New York Mellon | 12/2/2025 | USD | 4457009 | JPY | 690897400 |  | (32150) |
|  RBC Capital Markets | 1/6/2026 | JPY | 2243030000 | USD | 14425541 | 833 |  |
|  RBC Capital Markets | 1/6/2026 | JPY | 63762556550 | USD | 410084989 | 34172 |  |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **6748705** | **(269801)** |

---

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

#### Currency Abbreviations

---

| | |
|:---|:---|
|  JPY | Japanese Yen |
|  USD | U.S. Dollar |

---

See Notes to Financial Statements.

DBX ETF Trust \| **87** 

------

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2025 (Unaudited)

#### 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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks (a) | $419342482 | $— | $— | $419342482 |
|  Exchange-Traded Funds | 1149200 |  |  | 1149200 |
|  Short-Term Investments (a) | 9730621 |  |  | 9730621 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 6748705 |  | 6748705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 256787 |  |  | 256787 |
|  **TOTAL** | $**430479090** | $**6748705** | $**—** | $**437227795** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(269801) | $— | $(269801) |
|  **TOTAL** | $**—** | $**(269801)** | $**—** | $**(269801)** |

---

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

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

See Notes to Financial Statements.

**88** \| DBX ETF Trust

------

Statements of Assets and Liabilities

November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI<br>All World ex US<br>Hedged Equity<br>ETF** | **Xtrackers MSCI<br>EAFE Hedged<br>Equity ETF** | **Xtrackers MSCI<br>Emerging<br>Markets<br>Hedged Equity<br>ETF** | **Xtrackers MSCI<br>Europe Hedged<br>Equity ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $208091756 | $8239663326 | $76268181 | $622210115 |
|  Investment in affiliated securities at value | 814211 | 27493265 |  | 3144697 |
|  Investment in DWS Government Money Market Series\* | 7064178 | 240291690 | 2273010 | 12175567 |
| Investment in DWS Government & Agency Securities Portfolio\*\* | 356400 | 51095379 | 28042 | 2458170 |
|  Cash |  | 3842132 | 7285 |  |
|  Foreign currency at value | 551439 | 17887179 | 315610 | 1687795 |
| Unrealized appreciation on forward foreign currency contracts | 1244119 | 36008948 | 801185 | 540841 |
|  Deposit with broker for futures contracts | 282441 | 10627356 | 66783 | 675263 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 209539 | 13753472 | 128708 | 1135194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 371161 | 19894459 | 53739 | 647966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 20152 | 727751 | 7071 | 33862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 840 | 48610 | 46 | 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 240241 | 13192275 |  | 1959032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $219246477 | $8674525842 | $79949660 | $646672504 |
|  **Liabilities** |  |  |  |  |
|  Due to custodian | $10500 | $— | $— | $— |
| Payable upon return of securities loaned | 356400 | 51095379 | 28042 | 2458170 |
| Payable upon return of deposit for forward foreign currency contracts | 240000 |  | 570000 |  |
|  Unrealized depreciation on forward foreign currency contracts | 735184 | 26193408 | 291823 | 2747156 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 2534300 | 159613210 | 655123 | 6424030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 67827 | 2389631 | 41759 | 231809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign tax | 462659 |  | 634148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS closing agreement fee |  |  |  | 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses |  |  |  | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4406870 | 239291628 | 2220895 | 12061165 |
|  **Net Assets, at value** | $**214839607** | $**8435234214** | $**77728765** | $**634611339** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $166473768 | $6582405296 | $63883786 | $629111015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 48365839 | 1852828918 | 13844979 | 5500324 |
|  **Net Assets, at value** | $**214839607** | $**8435234214** | $**77728765** | $**634611339** |
|  Number of Common Shares outstanding | 5250001 | 174350001 | 2450001 | 13300001 |
|  **Net Asset Value** | $40.92 | $48.38 | $31.73 | $47.72 |
|  Investment in non-affiliated securities at cost | $144632857 | $5771150987 | $45145316 | $516679528 |
|  Investment in affiliated securities at cost | $534172 | $14067076 | $– | $2156366 |
|  Value of securities loaned | $348840 | $49612719 | $27430 | $2363924 |
| Investment in DWS Government Money Market Series at cost\* | $7064178 | $240291690 | $2273010 | $12175567 |
| Investment in DWS Government & Agency Securities Portfolio at cost\*\* | $356400 | $51095379 | $28042 | $2458170 |
|  Non-cash collateral for securities on loan | $— | $740899 | $— | $— |
|  Foreign currency at cost | $546927 | $17662687 | $318269 | $1596312 |
|  \* Includes collateral held for forward foreign currency contracts | $240000 | $— | $570000 | $— |
|  \*\* Represents collateral on securities loaned. |  |  |  |  |

---

See Notes to Financial Statements.

DBX ETF Trust \| **89** 

------

Statements of Assets and Liabilities (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Xtrackers**<br> **MSCI Eurozone<br>Hedged Equity<br>ETF** | **Xtrackers MSCI<br>Japan Hedged<br>Equity ETF** |
|  **Assets** |  |  |
|  Investment in non-affiliated securities at value | $67802626 | $420491682 |
|  Investment in affiliated securities at value | 584597 |  |
|  Investment in DWS Government Money Market Series | 1278900 | 7680503 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 340951 | 2050118 |
|  Cash |  | 249327 |
|  Foreign currency at value | 428184 | 11717 |
|  Unrealized appreciation on forward foreign currency contracts | 21755 | 6748705 |
|  Deposit with broker for futures contracts | 108992 | 551881 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 78567 | 407722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 8084 | 2459734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 4051 | 26361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 156 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 59027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $70715890 | $440678668 |
|  **Liabilities** |  |  |
|  Payable upon return of securities loaned | $340951 | $2050118 |
|  Unrealized depreciation on forward foreign currency contracts | 269086 | 269801 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 51815 | 9495181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 25587 | 156656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 687439 | 11971756 |
|  **Net Assets, at value** | $**70028451** | $**428706912** |
|  **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $60402366 | $403894150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 9626085 | 24812762 |
|  **Net Assets, at value** | $**70028451** | $**428706912** |
|  Number of Common Shares outstanding | 1280001 | 4600001 |
|  **Net Asset Value** | $54.71 | $93.20 |
|  Investment in non-affiliated securities at cost | $56193617 | $317782412 |
|  Investment in affiliated securities at cost | $339424 | $– |
|  Value of securities loaned | $326398 | $1951321 |
|  Investment in DWS Government Money Market Series at cost | $1278900 | $7680503 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $340951 | $2050118 |
|  Foreign currency at cost | $427807 | $18309 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

**90** \| DBX ETF Trust

------

Statements of Operations

For the Six Month Ended November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI<br>All World ex US<br>Hedged Equity<br>ETF** | **Xtrackers MSCI<br>EAFE Hedged<br>Equity ETF** | **Xtrackers MSCI<br>Emerging<br>Markets<br>Hedged Equity<br>ETF** | **Xtrackers MSCI<br>Europe Hedged<br>Equity ETF** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $1878670 | $73808962 | $850623 | $5227179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 75749 | 2260947 | 32037 | 162029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 1712 | 296901 | 133 | 22288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated non-cash dividend income | 133281 | 5551272 | 63954 | 267618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income |  |  |  | 10329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2089412 | 81918082 | 946747 | 5689443 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 386259 | 14155894 | 240623 | 1509470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense (see note 2): | 1306 |  | 1602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 33 | 4150 | 58 | 27150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 387598 | 14160044 | 242283 | 1536620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (2845) | (67566) | (949) | (4966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 384753 | 14092478 | 241334 | 1531654 |
|  Net investment income (loss) | 1704659 | 67825604 | 705413 | 4157789 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\* | (173630) | (28624835) | 967407 | (5258888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 1381 | (54348) |  | (7712) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 187570230 | 568789 | 34623476 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in affiliates |  | 986325 |  | 334124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 484954 | 12530161 | 291129 | 542771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (36569) | 138354 | (52518) | (71350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 2904922 | 156281566 | 3026 | (631291) |
|  Net realized gain (loss) | 3181058 | 328827453 | 1777833 | 29531130 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\*\* | 20459214 | 434963475 | 10086524 | 17342864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 127336 | 5153059 |  | 442654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (188474) | (4174868) | 9535 | (270666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 16051 | (1480440) | 51485 | (22899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 890459 | (4748794) | 1258634 | (2220937) |
|  Net change in unrealized appreciation (depreciation) | 21304586 | 429712432 | 11406178 | 15271016 |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 24485644 | 758539885 | 13184011 | 44802146 |
| **Net Increase (Decrease) in Net Assets Resulting from**<br> **Operations** | $26190303 | $826365489 | $13889424 | $48959935 |
|  \* Unaffiliated foreign tax withheld | $229270 | $4965257 | $131993 | $331778 |
|  \*\* Including foreign taxes | $13375 | $— | $83353 | $— |
|  \*\*\* Net of change in deferred foreign taxes | $(68993) | $— | $(20597) | $— |

---

See Notes to Financial Statements.

DBX ETF Trust \| **91** 

------

Statements of Operations (Continued)

For the Six Month Ended November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Xtrackers**<br> **MSCI Eurozone<br>Hedged Equity<br>ETF** | **Xtrackers MSCI<br>Japan Hedged<br>Equity ETF** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $501575 | $3874567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 10470 | 135289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 2567 | 14227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated non-cash dividend income |  | 771046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 514612 | 4795129 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 167377 | 905158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 167435 | 905808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (314) | (4140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 167121 | 901668 |
|  Net investment income (loss) | 347491 | 3893461 |
|  **Realized and Unrealized Gain (Loss)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (559896) | (1641082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 4450518 | 11738317 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in affiliates | 76277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (21688) | 1474303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 5887 | (42895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (685718) | 37595311 |
|  Net realized gain (loss) | 3266236 | 49123954 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1532413 | 31084950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 77826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (21890) | (58254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (10444) | (246224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (387443) | 1901515 |
|  Net change in unrealized appreciation (depreciation) | 1190462 | 32681987 |
|  Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 4456698 | 81805941 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $4804189 | $85699402 |
|  \* Unaffiliated foreign tax withheld | $76236 | $430248 |

---

See Notes to Financial Statements.

**92** \| DBX ETF Trust

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI All World ex US** | **Xtrackers MSCI All World ex US** | **Xtrackers MSCI EAFE Hedged** | **Xtrackers MSCI EAFE Hedged** |
|  | **Hedged Equity ETF** | **Hedged Equity ETF** | **Equity ETF** | **Equity ETF** |
|  | **For the Six** | | **For the Six** | |
|  | **Months Ended** | | **Months Ended** | |
|  | **November 30,** | | **November 30,** | |
|  | **2025** | **Year Ended** | **2025** | **Year Ended** |
|  | **(Unaudited)** | **May 31, 2025** | **(Unaudited)** | **May 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $1704659 | $3857548 | $67825604 | $194628006 |
|  Net realized gain (loss) | 3181058 | (2161680) | 328827453 | (493104480) |
|  Net change in net unrealized appreciation (depreciation) | 21304586 | 14107345 | 429712432 | 959801840 |
| Net increase (decrease) in net assets resulting from operations | 26190303 | 15803213 | 826365489 | 661325366 |
|  **Distributions to Shareholders** | (3822140) | (2397520) | (252794851) | (82236139) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 15472538 | 31504679 | 218200969 | 1635716705 |
|  Value of shares redeemed |  | (21830648) | (387798057) | (167245555) |
| Net increase (decrease) in net assets resulting from fund share transactions | 15472538 | 9674031 | (169597088) | 1468471150 |
|  Total net increase (decrease) in Net Assets | 37840701 | 23079724 | 403973550 | 2047560377 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 176998906 | 153919182 | 8031260664 | 5983700287 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214839607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176998906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8435234214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8031260664 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 4850001 | 4600001 | 178150001 | 143550001 |
|  Shares sold | 400000 | 900000 | 4600000 | 38600000 |
|  Shares redeemed |  | (650000) | (8400000) | (4000000) |
|  Shares outstanding, end of period | 5250001 | 4850001 | 174350001 | 178150001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **93** 

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI Emerging** | **Xtrackers MSCI Emerging** | **Xtrackers MSCI Europe Hedged** | **Xtrackers MSCI Europe Hedged** |
|  | **Markets Hedged Equity ETF** | **Markets Hedged Equity ETF** | **Equity ETF** | **Equity ETF** |
|  | **For the Six** | | **For the Six** | |
|  | **Months Ended** | | **Months Ended** | |
|  | **November 30,** | | **November 30,** | |
|  | **2025** | **Year Ended** | **2025** | **Year Ended** |
|  | **(Unaudited)** | **May 31, 2025** | **(Unaudited)** | **May 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $705413 | $1585762 | $4157789 | $16990110 |
|  Net realized gain (loss) | 1777833 | 1841129 | 29531130 | (44906610) |
|  Net change in net unrealized appreciation (depreciation) | 11406178 | 4426040 | 15271016 | 77715875 |
|  Net increase (decrease) in net assets resulting from operations | 13889424 | 7852931 | 48959935 | 49799375 |
|  **Distributions to Shareholders** | (426998) | (1740485) | (21279084) | (390610) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold |  |  | 29408939 | 133081049 |
|  Value of shares redeemed | (4222907) | (10265473) | (106990594) | (55218970) |
| Net increase (decrease) in net assets resulting from fund share transactions | (4222907) | (10265473) | (77581655) | 77862079 |
|  Total net increase (decrease) in Net Assets | 9239519 | (4153027) | (49900804) | 127270844 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 68489246 | 72642273 | 684512143 | 557241299 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77728765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68489246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634611339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684512143 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 2600001 | 3000001 | 14950001 | 13250001 |
|  Shares sold |  |  | 650000 | 3050000 |
|  Shares redeemed | (150000) | (400000) | (2300000) | (1350000) |
|  Shares outstanding, end of period | 2450001 | 2600001 | 13300001 | 14950001 |

---

See Notes to Financial Statements.

**94** \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI Eurozone Hedged** | **Xtrackers MSCI Eurozone Hedged** | **Xtrackers MSCI Japan Hedged** | **Xtrackers MSCI Japan Hedged** |
|  | **Equity ETF** | **Equity ETF** | **Equity ETF** | **Equity ETF** |
|  | **For the Six** | | **For the Six** | |
|  | **Months Ended** | | **Months Ended** | |
|  | **November 30,** | | **November 30,** | |
|  | **2025** | **Year Ended** | **2025** | **Year Ended** |
|  | **(Unaudited)** | **May 31, 2025** | **(Unaudited)** | **May 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $347491 | $1569584 | $3893461 | $7223452 |
|  Net realized gain (loss) | 3266236 | (2091068) | 49123954 | (8777215) |
|  Net change in net unrealized appreciation (depreciation) | 1190462 | 6841495 | 32681987 | 22135447 |
|  Net increase (decrease) in net assets resulting from operations | 4804189 | 6320011 | 85699402 | 20581684 |
|  **Distributions to Shareholders** | (2333789) | (241630) | (13210053) | (12059378) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 3720679 | 38709313 |  | 48707187 |
|  Value of shares redeemed | (12590200) | (8056979) | (33691755) | (98541867) |
| Net increase (decrease) in net assets resulting from fund share transactions | (8869521) | 30652334 | (33691755) | (49834680) |
|  Total net increase (decrease) in Net Assets | (6399121) | 36730715 | 38797594 | (41312374) |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 76427572 | 39696857 | 389909318 | 431221692 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70028451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76427572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428706912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389909318 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 1450001 | 850001 | 5000001 | 5700001 |
|  Shares sold | 70000 | 760000 |  | 650000 |
|  Shares redeemed | (240000) | (160000) | (400000) | (1350000) |
|  Shares outstanding, end of period | 1280001 | 1450001 | 4600001 | 5000001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **95** 

------

Financial Highlights

Xtrackers MSCI All World ex US Hedged Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **Months** | | | | | |
|  | **Ended** | | | | | |
|  | **11/30/2025** | | | | | |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $36.49 | $33.46 | $28.89 | $31.45 | $33.37 | $25.63 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.34 | 0.90 | 0.80 | 0.81 | 0.88 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.88 | 2.71 | 4.81 | 0.25 | (2.11) | 7.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.22 | 3.61 | 5.61 | 1.06 | (1.23) | 8.37 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.79) | (0.58) | (1.04) | (0.62) | (0.69) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (3.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.79) | (0.58) | (1.04) | (3.62) | (0.69) | (0.63) |
|  Net Asset Value, end of period | $40.92 | $36.49 | $33.46 | $28.89 | $31.45 | $33.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 14.60 | 10.95 | 20.06 | 4.02 | (3.79) | 33.10 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 215 | 177 | 154 | 133 | 156 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.40 | 0.40 | 0.40 | 0.41 | 0.40 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.40 | 0.40 | 0.40 | 0.41 | 0.40 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.70 | 2.60 | 2.63 | 2.77 | 2.69 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 3 | 13 | 9 | 14 | 6 | 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.

**96** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers MSCI EAFE Hedged Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **Months** | | | | | |
|  | **Ended** | | | | | |
|  | **11/30/2025** | | | | | |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $45.08 | $41.68 | $35.47 | $37.41 | $37.54 | $29.75 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.39 | 1.20 | 1.08 | 1.05 (b) | 1.13 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.33 | 2.73 | 6.78 | 2.12 | (0.37) | 7.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.72 | 3.93 | 7.86 | 3.17 | 0.76 | 8.60 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.42) | (0.53) | (1.65) | (0.64) | (0.89) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (4.47) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.42) | (0.53) | (1.65) | (5.11) | (0.89) | (0.81) |
|  Net Asset Value, end of period | $48.38 | $45.08 | $41.68 | $35.47 | $37.41 | $37.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 10.86 | 9.53 | 23.12 | 9.62 | 2.01 | 29.41 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 8435 | 8031 | 5984 | 4049 | 4241 | 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.35 | 0.35 | 0.35 | 0.36 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.35 | 0.35 | 0.35 | 0.36 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.61 | 2.85 | 2.91 | 2.99 (b) | 2.97 | 2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 6 | 12 | 11 | 19 | 4 | 8 |

---

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

(b) Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.05 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 2.85%.

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **97** 

------

Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets Hedged Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **Months** | | | | | |
|  | **Ended** | | | | | |
|  | **11/30/2025** | | | | | |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $26.34 | $24.21 | $21.92 | $23.77 | $29.36 | $21.03 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.28 | 0.55 | 0.52 | 0.52 | 0.53 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.28 | 2.20 | 2.36 | (1.80) | (5.65) | 8.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.56 | 2.75 | 2.88 | (1.28) | (5.12) | 8.81 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.62) | (0.59) | (0.57) | (0.47) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.17) | (0.62) | (0.59) | (0.57) | (0.47) | (0.48) |
|  Net Asset Value, end of period | $31.73 | $26.34 | $24.21 | $21.92 | $23.77 | $29.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 21.21 | 11.47 | 13.39 | (5.40) | (17.67) | 42.20 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 78 | 68 | 73 | 89 | 97 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.65 | 0.66 | 0.67 | 0.66 | 0.65 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.65 | 0.66 | 0.67 | 0.66 | 0.65 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.82 | 2.17 | 2.30 | 2.33 | 2.00 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 6 | 10 | 17 | 16 | 14 | 13 |

---

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**98** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers MSCI Europe Hedged Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **Months** | | | | | |
|  | **Ended** | | | | | |
|  | **11/30/2025** | | | | | |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $45.79 | $42.06 | $36.55 | $34.31 | $34.02 | $26.91 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.28 | 1.24 | 1.04 | 1.04 (b) | 0.97 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.07 | 2.52 | 5.85 | 1.85 | (0.00)(c) | 7.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.35 | 3.76 | 6.89 | 2.89 | 0.97 | 7.84 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.42) | (0.03) | (1.38) | (0.65) | (0.68) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.42) | (0.03) | (1.38) | (0.65) | (0.68) | (0.73) |
|  Net Asset Value, end of period | $47.72 | $45.79 | $42.06 | $36.55 | $34.31 | $34.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(d)** | 7.69 | 8.86 | 19.47 | 8.77 | 2.85 | 29.68 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 635 | 685 | 557 | 459 | 527 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.48 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.48 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.16 | 2.90 | 2.77 | 3.06 (b) | 2.77 | 2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(e) | 5 | 10 | 12 | 13 | 5 | 9 |

---

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

(b) Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.13 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 2.70%.

(c) Less than 0.005.

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **99** 

------

Financial Highlights (Continued)

Xtrackers MSCI Eurozone Hedged Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **Months** | | | | | |
|  | **Ended** | | | | | |
|  | **11/30/2025** | | | | | |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $52.71 | $46.70 | $39.38 | $36.25 | $37.92 | $28.10 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.25 | 1.61 | 1.02 | 1.35 | 0.88 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.32 | 4.68 | 7.07 | 2.37 | (1.90) | 9.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.57 | 6.29 | 8.09 | 3.72 | (1.02) | 10.47 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.57) | (0.28) | (0.77) | (0.59) | (0.65) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.57) | (0.28) | (0.77) | (0.59) | (0.65) | (0.65) |
|  Net Asset Value, end of period | $54.71 | $52.71 | $46.70 | $39.38 | $36.25 | $37.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 7.04 | 13.56 | 20.95 | 10.57 | (2.77) | 37.79 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 70 | 76 | 40 | 28 | 13 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.91 | 3.38 | 2.46 | 3.65 | 2.32 | 2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 5 | 12 | 14 | 14 | 7 | 10 |

---

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**100** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers MSCI Japan Hedged Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **Months** | | | | | |
|  | **Ended** | | | | | |
|  | **11/30/2025** | | | | | |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $77.98 | $75.65 | $57.06 | $48.84 | $49.08 | $39.80 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.81 | 1.30 | 1.08 | 1.00 | 0.79 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 17.05 | 3.15 | 20.74 | 7.61 | 0.13 | 9.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 17.86 | 4.45 | 21.82 | 8.61 | 0.92 | 10.44 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (2.64) | (2.12) | (3.23) | (0.39) | (1.16) | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (2.64) | (2.12) | (3.23) | (0.39) | (1.16) | (1.16) |
|  Net Asset Value, end of period | $93.20 | $77.98 | $75.65 | $57.06 | $48.84 | $49.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 23.74 | 6.07 | 40.04 | 17.78 | 1.87 | 26.96 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 429 | 390 | 431 | 291 | 191 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.47 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.46 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.74 | 1.76 | 1.66 | 1.98 | 1.61 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 5 | 17 | 15 | 18 | 6 | 12 |

---

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **101** 

------

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2025, the Trust consists of forty-two investment series of exchange-traded funds ("ETFs") (each a "Fund" and collectively, the "Funds") in operation and trading. These financial statements report on the Funds listed below:

Xtrackers MSCI All World ex US Hedged Equity ETF

Xtrackers MSCI EAFE Hedged Equity ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

Xtrackers MSCI Japan Hedged Equity ETF

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

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large specified lots consisting of 50,000 shares, except for Xtrackers MSCI EAFE Hedged Equity ETF which lots consist of 200,000 shares and Xtrackers MSCI Eurozone Hedged Equity ETF which lots consists of 10,000 shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Funds' distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

---

| | |
|:---|:---|
| **Fund** | **Underlying Index** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | MSCI ACWI ex USA US Dollar Hedged Index |
|  Xtrackers MSCI EAFE Hedged Equity ETF | MSCI EAFE US Dollar Hedged Index |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | MSCI EM US Dollar Hedged Index |
|  Xtrackers MSCI Europe Hedged Equity ETF | MSCI Europe US Dollar Hedged Index |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | MSCI EMU IMI US Dollar Hedged Index |
|  Xtrackers MSCI Japan Hedged Equity ETF | MSCI Japan US Dollar Hedged Index |

---

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

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

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

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

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

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

**102** \| DBX ETF Trust

------

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

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

Each Fund is a diversified series of the Trust. 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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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.

Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

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

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

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes

DBX ETF Trust \| **103** 

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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.

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

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

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

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

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

**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.

**104** \| DBX ETF Trust

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The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2025, remains subject to examination by taxing authorities. Specific to foreign countries in which the Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2025, the Funds did not incur any interest or penalties.

At May 31, 2025, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;2928317 | $14349131 | $17277448 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 199324525 | 589748208 | 789072733 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 6846323 | 9093760 | 15940083 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 15798353 | 99234876 | 115033229 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 1412864 | 2718525 | 4131389 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 43989300 | 74408063 | 118397363 |

---

As of May 31, 2025, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate Tax Cost** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Aggregate Gross<br>Unrealized<br>Appreciation** | **Aggregate Gross<br>Unrealized<br>(Depreciation)** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;133633914 | $&nbsp;&nbsp;&nbsp;&nbsp;39904095 | $&nbsp;&nbsp;&nbsp;&nbsp;48624417 | $(8720322) |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 6202265565 | 1816367860 | 2041444838 | (225076978) |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 50643822 | 16531858 | 25355457 | (8823599) |
|  Xtrackers MSCI Europe Hedged Equity ETF | 609015678 | 71305698 | 120294270 | (48988572) |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 66992848 | 8981592 | 12551718 | (3570126) |
|  Xtrackers MSCI Japan Hedged Equity ETF | 333810377 | 57346651 | 77270551 | (19923900) |

---

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

**Foreign Taxes.** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

In consideration of recent decisions rendered by European courts, Xtrackers MSCI EAFE Hedged Equity ETF and Xtrackers MSCI Europe Hedged Equity ETF have filed for additional reclaims ("EU reclaims") related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Statement of Assets and Liabilities. For the period ended November 30, 2025, Xtrackers MSCI Europe Hedged Equity ETF received reclaims and interest related to EU reclaims, which is reported in unaffiliated dividend income and other income in the Statement of Operations. Expenses incurred related to filing EU reclaims are recorded in other expenses in the Statement of Operations. For U.S. income tax purposes, EU tax reclaims received by the Funds, if any, reduce the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that EU tax reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid, and a fund previously passed foreign tax credits on to its shareholders, a fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service ("IRS") in order to pay the associated tax liability on behalf of the fund's shareholders. During the fiscal year ended May 31, 2023, the EU reclaims received for Xtrackers MSCI Europe Hedged Equity ETF exceeded the foreign withholding taxes of the Fund. As a result, the Fund entered into a closing agreement with the IRS and recognized a closing agreement fee of $180,000.

DBX ETF Trust \| **105** 

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

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

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Deutsche Bank AG, serves as securities lending agent for Xtrackers MSCI All World ex US Hedged Equity ETF and Xtrackers MSCI Emerging Markets Hedged Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2025, the Funds invested the cash collateral, if any into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.14% annualized effective rate as of November 30, 2025) 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, 2025, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements, as of November 30, 2025** | **Remaining Contractual Maturity of the Agreements, as of November 30, 2025** | | | | |
| **Securities Lending Transactions** | **Overnight**<br> **and<br>Continuous** | **<30 Days** | **Between<br>30 & 90<br>Days** | **>90 Days** | **Total** |
|  **Xtrackers MSCI All World ex US Hedged Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $356400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $356400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $356400 |
|  **Xtrackers MSCI EAFE Hedged Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46336586 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46336586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $1005550 | $— | $— | $— | $1005550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $3753243 | $— | $— | $— | $3753243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Borrowing** | $51095379 | $— | $— | $— | $51095379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $51095379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $740899 | $— | $— | $— | $740899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions |  |  | $740899 |
|  **Xtrackers MSCI Emerging Markets Hedged Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $28042 | $— | $— | $— | $28042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $28042 |
|  **Xtrackers MSCI Europe Hedged Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $2013480 | $— | $— | $— | $2013480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $444690 | $— | $— | $— | $444690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Borrowing** | $2458170 | $— | $— | $— | $2458170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $2458170 |

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**106** \| DBX ETF Trust

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities Lending Transactions** | **Overnight**<br> **and<br>Continuous** | **<30 Days** | **Between<br>30 & 90<br>Days** | **>90 Days** | **Total** |
|  **Xtrackers MSCI Eurozone Hedged Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $218854 | $— | $— | $— | $218854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $122097 | $— | $— | $— | $122097 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Borrowing** | $340951 | $— | $— | $— | $340951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $340951 |
|  **Xtrackers MSCI Japan Hedged Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $2050118 |

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#### 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, 2025, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF, invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Japan Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the Japanese yen, respectively.

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

A summary of the open forward currency contracts as of November 30, 2025 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, 2025.

**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, 2025, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments in the Funds' Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of November 30, 2025 is included in a table following the Funds' Schedule of Investments.

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The following tables summarize the value of the Funds' derivative instruments held as of November 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | | **Liability Derivatives** | |
|  **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $70335 | Unrealized depreciation on futures contracts<sup>\*</sup> | $23640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1244119 | Unrealized depreciation on forward foreign currency contracts | 735184 |
|  | Total | $1314454 | Total | $758824 |
|  **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $1475793 | Unrealized depreciation on futures contracts<sup>\*</sup> | $616242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 36008948 | Unrealized depreciation on forward foreign currency contracts | 26193408 |
|  | Total | $37484741 | Total | $26809650 |
|  **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $41564 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 801185 | Unrealized depreciation on forward foreign currency contracts | 291823 |
|  | Total | $842749 | Total | $291823 |
|  **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $81901 | Unrealized depreciation on futures contracts<sup>\*</sup> | $14348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 540841 | Unrealized depreciation on forward foreign currency contracts | 2747156 |
|  | Total | $622742 | Total | $2761504 |
|  **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $2618 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 21755 | Unrealized depreciation on forward foreign currency contracts | 269086 |
|  | Total | $24373 | Total | $269086 |
|  **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $256787 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 6748705 | Unrealized depreciation on forward foreign currency contracts | 269801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $7005492 | Total | $269801 |

---

\* Futures contracts are reported in the table above using cumulative appreciation or cumulative depreciation of futures contracts, as reported in the futures contracts table following each Fund's Schedule of Investments; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) variation margin on futures contracts. 

**108** \| DBX ETF Trust

------

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds' earnings during the period ended November 30, 2025 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<br>– Equity Contracts** | **Forward Foreign<br>Currency Contracts<br>– Foreign Exchange<br>Contracts** | **Total** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $484954 | $2904922 | $3389876 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12530161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156281566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168811727 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 291129 | 3026 | 294155 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 542771 | (631291) | (88520) |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | (21688) | (685718) | (707406) |
|  Xtrackers MSCI Japan Hedged Equity ETF | 1474303 | 37595311 | 39069614 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **Futures Contracts<br>– Equity Contracts** | **Forward Foreign<br>Currency Contracts<br>– Foreign Exchange<br>Contracts** | **Total** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $(188474) | $890459 | $701985 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4174868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4748794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8923662) |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 9535 | 1258634 | 1268169 |
|  Xtrackers MSCI Europe Hedged Equity ETF | (270666) | (2220937) | (2491603) |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | (21890) | (387443) | (409333) |
|  Xtrackers MSCI Japan Hedged Equity ETF | (58254) | 1901515 | 1843261 |

---

For the period ended November 30, 2025 the average monthly volume of derivatives was as follows:

---

| | | |
|:---|:---|:---|
|  | **Futures Contracts<br>(Contract Value)** | **Forward Foreign<br>Currency Contracts<br>(Contract Value)** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $4063225 | $(187664452) |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 119790183 | (7809835815) |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 1829277 | (70368707) |
|  Xtrackers MSCI Europe Hedged Equity ETF | 9922626 | (648523911) |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 644517 | (71968242) |
|  Xtrackers MSCI Japan Hedged Equity ETF | 7613688 | (385898325) |

---

DBX ETF Trust \| **109** 

------

As of November 30, 2025, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Interest expense on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross<br>Amounts<br>of Assets<br>Presented<br>in the<br>Statement<br>of Assets<br>and<br>Liabilities<br>($)** | **Financial<br>Instruments<br>and<br>Derivatives<br>Available for<br>Offset**<br> **($)** | **Collateral<br>Received<br>($)(a)** | **Net<br>Amount of<br>Derivative<br>Assets**<br> **($)** | **Gross<br>Amounts of<br>Liabilities<br>Presented<br>in the<br>Statements<br>of Assets<br>and<br>Liabilities<br>($)** | **Financial<br>Instruments<br>and<br>Derivatives<br>Available for<br>Offset**<br> **($)** | **Collateral<br>Pledged<br>($)(a)** | **Net<br>Amount of<br>Derivatives<br>Liabilities<br>($)** |
|  **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** |
|  Bank of America | 1104 | (1104) |  |  | 22467 | (1104) |  | 21363 |
|  Citigroup Global Markets | 334 | (334) |  |  | 1412 | (334) |  | 1078 |
|  Goldman Sachs & Co. | 4199 | (4199) |  |  | 43236 | (4199) |  | 39037 |
|  JP Morgan & Chase Co. | 368485 | (79578) | 240000 | 48907 | 79578 | (79578) |  |  |
|  Morgan Stanley Capital | 65305 | (52407) |  | 12898 | 52407 | (52407) |  |  |
|  RBC Capital Markets | 337812 | (337812) |  |  | 369989 | (337812) |  | 32177 |
|  The Bank of New York Mellon | 466880 | (166095) |  | 300785 | 166095 | (166095) |  |  |
|  | 1244119 | (641529) | 240000 | 362590 | 735184 | (641529) |  | 93655 |
|  **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** |
|  Goldman Sachs & Co. | 47515 | (47515) |  |  | 146162 | (47515) |  | 98647 |
|  JP Morgan & Chase Co. | 221758 | (116829) |  | 104929 | 116829 | (116829) |  |  |
|  Morgan Stanley Capital | 4123072 | (3110688) |  | 1012384 | 3110688 | (3110688) |  |  |
|  RBC Capital Markets | 1719192 | (1719192) |  |  | 12478291 | (1719192) |  | 10759099 |
|  The Bank of New York Mellon | 29897411 | (10341438) |  | 19555973 | 10341438 | (10341438) |  |  |
|  | 36008948 | (15335662) |  | 20673286 | 26193408 | (15335662) |  | 10857746 |
|  **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** |
|  Bank of America | 1375 | (1375) |  |  | 27335 | (1375) |  | 25960 |
|  Citigroup Global Markets | 1107 | (1107) |  |  | 13762 | (1107) |  | 12655 |
|  Goldman Sachs & Co. | 3604 | (3604) |  |  | 41427 | (3604) |  | 37823 |
|  JP Morgan & Chase Co. | 431563 | (49041) | 290000 | 92522 | 49041 | (49041) |  |  |
|  Morgan Stanley Capital | 139 | (139) |  |  | 218 | (139) |  | 79 |
|  RBC Capital Markets | 363397 | (157790) | 280000 | (74393) | 157790 | (157790) |  |  |
|  The Bank of New York Mellon |  |  |  |  | 2250 |  |  | 2250 |
|  | 801185 | (213056) | 570000 | 18129 | 291823 | (213056) |  | 78767 |
|  **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** |
|  Goldman Sachs & Co. | 7403 | (4884) |  | 2519 | 4884 | (4884) |  |  |
|  Morgan Stanley Capital | 478040 | (356676) |  | 121364 | 356676 | (356676) |  |  |
|  RBC Capital Markets | 55398 | (55398) |  |  | 1204014 | (55398) |  | 1148616 |
|  The Bank of New York Mellon |  |  |  |  | 1181582 |  |  | 1181582 |
|  | 540841 | (416958) |  | 123883 | 2747156 | (416958) |  | 2330198 |
|  **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** |
|  Morgan Stanley Capital | 20026 | (20026) |  |  | 31364 | (20026) |  | 11338 |
|  RBC Capital Markets | 1729 | (1729) |  |  | 237722 | (1729) |  | 235993 |
|  | 21755 | (21755) |  |  | 269086 | (21755) |  | 247331 |
|  **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** |
|  RBC Capital Markets | 35005 | (35005) |  |  | 235521 | (35005) |  | 200516 |
|  The Bank of New York Mellon | 6713700 | (34280) |  | 6679420 | 34280 | (34280) |  |  |
|  | 6748705 | (69285) |  | 6679420 | 269801 | (69285) |  | 200516 |

---

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

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

**110** \| DBX ETF Trust

------

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

3. Investment Advisory and Other Agreements

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

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

---

| | |
|:---|:---|
|  | **Unitary Advisory** <br> **Fee** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | 0.40% |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 0.35% |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 0.65% |
|  Xtrackers MSCI Europe Hedged Equity ETF | 0.45% |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 0.45% |
|  Xtrackers MSCI Japan Hedged Equity ETF | 0.45% |

---

The Advisor for the funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund's fees and expenses attributable to the Fund's investments in affiliated cash management vehicles. For the period ended November 30, 2025, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | **Expenses Waived** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 67565 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 949 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 4966 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 314 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 4140 |

---

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

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

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).

DBX ETF Trust \| **111** 

------

**Affiliated Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended November 30, 2025, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

---

| | |
|:---|:---|
|  | **Securities Lending<br>Agent Fees** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $128 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 10 |

---

4. Investment Portfolio Transactions

For the period ended November 30, 2025, 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 | $11313210 | $6059366 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444094356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435547593 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 4205498 | 4981092 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 30560559 | 37308854 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 3371253 | 5723395 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 50392322 | 18990365 |

---

For the period ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $11085915 | $— |
|  Xtrackers MSCI EAFE Hedged Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209086764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378941265 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF |  | 1545496 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 28795744 | 105318086 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 2616293 | 12590930 |
|  Xtrackers MSCI Japan Hedged Equity ETF |  | 32207183 |

---

5. Fund Share Transactions

As of November 30, 2025, 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

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, future adverse political, social and economic developments, and US and foreign government actions such as the imposition of tariffs, economic and trade sanctions or embargoes. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds' investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may

**112** \| DBX ETF Trust

------

affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor ("QFI") or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

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 Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2025.

DBX ETF Trust \| **113** 

------

![LOGO](g39478dsp115.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI-NCSRS

------

![LOGO](g18306dsp01a.jpg)

Xtrackers Artificial Intelligence and Big Data ETF (XAIX)

Xtrackers Cybersecurity Select Equity ETF (PSWD)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Semiconductor Select Equity ETF (CHPS)

Xtrackers US Green Infrastructure Select Equity ETF (UPGR)

Xtrackers US National Critical Technologies ETF (CRTC)

![LOGO](g18306dsp01b.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  **[Schedule of Investments](#fin18306_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Artificial Intelligence and Big Data ETF](#fin18306_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Cybersecurity Select Equity ETF](#fin18306_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers International Real Estate ETF](#fin18306_4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Semiconductor Select Equity ETF](#fin18306_5) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers US Green Infrastructure Select Equity ETF](#fin18306_6) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers US National Critical Technologies ETF](#fin18306_7) | 21 |
|  **[Statements of Assets and Liabilities](#fin18306_8)** | 26 |
|  **[Statements of Operations](#fin18306_9)** | 28 |
|  **[Statements of Changes in Net Assets](#fin18306_10)** | 30 |
|  **[Financial Highlights](#fin18306_11)** | 33 |
|  **[Notes to Financial Statements](#fin18306_12)** | 39 |

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

DBX ETF Trust \| 1

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Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.2%** |  |  |
| **Communication Services — 16.3%** |  |  |
| **Diversified Telecommunication Services — 4.7%** |  |  |
|  AT&T, Inc. | 71902 | 1870890 |
|  BT Group PLC | 66342 | 159061 |
|  China Tower Corp. Ltd., Class H, 144A | 174553 | 275990 |
|  Verizon Communications, Inc. | 42328 | 1740104 |
|  (Cost $3,921,956) |  | **4046045** |
| **Entertainment — 0.1%** |  |  |
|  Kingsoft Corp. Ltd. |  |  |
|  (Cost $44,660) | 10325 | **37982** |
| **Interactive Media & Services — 11.2%** |  |  |
|  Alphabet, Inc., Class A | 19802 | 6340204 |
|  Kakao Corp. | 2961 | 118186 |
|  Meitu, Inc., 144A \* | 28799 | 31812 |
|  Meta Platforms, Inc., Class A | 4727 | 3062860 |
|  Snap, Inc., Class A \* | 11352 | 87183 |
|  (Cost $6,981,385) |  | **9640245** |
| **Internet Software & Services — 0.3%** |  |  |
|  NAVER Corp. |  |  |
|  (Cost $232,427) | 1515 | **251358** |
| **Consumer Discretionary — 4.8%** |  |  |
| **Broadline Retail — 4.8%** |  |  |
|  Amazon.com, Inc. \* | 15917 | 3712163 |
|  eBay, Inc. | 4632 | 383483 |
|  (Cost $3,781,748) |  | **4095646** |
| **Financials — 9.0%** |  |  |
| **Banks — 4.5%** |  |  |
|  Bank of America Corp. |  |  |
|  (Cost $3,320,931) | 72427 | **3885709** |
| **Commercial Banks — 4.5%** |  |  |
|  China Construction Bank Corp., Class H | 1019933 | 1070290 |
|  Wells Fargo & Co. | 32333 | 2775788 |
|  (Cost $3,693,998) |  | **3846078** |
| **Industrials — 0.1%** |  |  |
| **Ground Transportation — 0.1%** |  |  |
|  Lyft, Inc., Class A \* |  |  |
|  (Cost $60,642) | 4021 | **84562** |
| **Information Technology — 69.0%** |  |  |
| **Communications Equipment — 5.9%** |  |  |
|  Arista Networks, Inc. \* | 11291 | 1475508 |
|  Ciena Corp. \* | 1189 | 242806 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Cisco Systems, Inc. | 39413 | 3032436 |
|  NetScout Systems, Inc. \* | 631 | 16961 |
|  Nokia OYJ, ADR | 57566 | 350001 |
|  (Cost $4,048,344) |  | **5117712** |
| **Electronic Equipment, Instruments & Components — 0.3%** |  |  |
|  Itron, Inc. \* | 399 | 39517 |
|  Keysight Technologies, Inc. \* | 1519 | 300686 |
|  (Cost $290,545) |  | **340203** |
| **Internet Software & Services — 0.2%** |  |  |
|  Okta, Inc. \* |  |  |
|  (Cost $157,656) | 1662 | **133508** |
| **IT Services — 6.0%** |  |  |
|  Fujitsu Ltd. | 21800 | 579331 |
|  International Business Machines Corp. | 9245 | 2852822 |
|  Kingsoft Cloud Holdings Ltd., ADR \* | 2985 | 36895 |
|  Kyndryl Holdings, Inc. \* | 1957 | 50549 |
|  NEC Corp. | 14900 | 562486 |
|  Samsung SDS Co. Ltd. | 314 | 35977 |
|  Snowflake, Inc. \* | 3520 | 884365 |
|  Twilio, Inc., Class A \* | 1638 | 212432 |
|  (Cost $3,944,051) |  | **5214857** |
| **Semiconductors & Semiconductor — 0.0%** |  |  |
|  Via Technologies, Inc. |  |  |
|  (Cost $6,401) | 3000 | **4971** |
| **Semiconductors & Semiconductor<br>Equipment — 12.0%** |  |  |
|  Ambarella, Inc. \* | 432 | 32046 |
|  Intel Corp. \* | 43485 | 1763752 |
|  Micron Technology, Inc. | 11232 | 2656143 |
|  NVIDIA Corp. | 22126 | 3916302 |
|  Realtek Semiconductor Corp. | 5453 | 90521 |
|  SK hynix, Inc. | 5078 | 1830034 |
|  Synaptics, Inc. \* | 327 | 22403 |
|  (Cost $6,429,910) |  | **10311201** |
| **Software — 31.5%** |  |  |
|  Adobe, Inc. \* | 4219 | 1350628 |
|  Alarm.com Holdings, Inc. \* | 421 | 21875 |
|  Atlassian Corp., Class A \* | 2371 | 354512 |
|  Commvault Systems, Inc. \* | 432 | 53352 |
|  Crowdstrike Holdings, Inc., Class A \* | 2497 | 1271373 |
|  CyberArk Software Ltd. \* | 538 | 246721 |
|  Dassault Systemes SE | 7655 | 214194 |
|  Docusign, Inc. \* | 1982 | 137452 |
|  Dolby Laboratories, Inc., Class A | 821 | 55376 |

---

See Notes to Financial Statements.

2 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Dropbox, Inc., Class A \* | 2475 | 73953 |
|  Fortinet, Inc. \* | 6714 | 544707 |
|  Gen Digital, Inc. | 5641 | 148753 |
|  Intuit, Inc. | 2804 | 1777960 |
|  JFrog Ltd. \* | 1069 | 65188 |
|  Microsoft Corp. | 6997 | 3442594 |
|  Monday.com Ltd. \* | 382 | 54955 |
|  Nice Ltd., ADR \* | 666 | 70643 |
|  Nutanix, Inc., Class A \* | 2439 | 116584 |
|  Open Text Corp. | 2312 | 78031 |
|  Oracle Corp. | 15977 | 3226555 |
|  Palantir Technologies, Inc., Class A \* | 23439 | 3948300 |
|  Palo Alto Networks, Inc. \* | 6696 | 1273110 |
|  Qualys, Inc. \* | 334 | 47044 |
|  Radware Ltd. \* | 416 | 9543 |
|  Rapid7, Inc. \* | 691 | 10835 |
|  RingCentral, Inc., Class A \* | 677 | 19118 |
|  Salesforce, Inc. | 9630 | 2220100 |
|  Samsara, Inc., Class A \* | 4229 | 160829 |
|  SAP SE | 11441 | 2769097 |
|  SenseTime Group, Inc., Class B, 144A \* | 302873 | 82472 |
|  SentinelOne, Inc., Class A \* | 3493 | 56622 |
|  ServiceNow, Inc. \* | 2064 | 1676814 |
|  SoundHound AI, Inc., Class A \* | 4021 | 48453 |
|  Strategy, Inc. \* | 2796 | 495395 |
|  UiPath, Inc., Class A \* | 4733 | 65599 |
|  Zeta Global Holdings Corp., Class A \* | 2003 | 36555 |
|  Zoom Communications, Inc. \* | 3202 | 272042 |
|  Zscaler, Inc. \* | 1065 | 267848 |
|  (Cost $27,226,190) |  | **26765182** |
| **Technology Hardware, Storage & Peripherals — 13.1%** |  |  |
|  Apple, Inc. | 17026 | 4747700 |
|  Dell Technologies, Inc., Class C | 6377 | 850373 |
|  Getac Holdings Corp. | 4616 | 18458 |
|  Hewlett Packard Enterprise Co. | 13035 | 285075 |
|  Lenovo Group Ltd. | 88238 | 109708 |
|  NetApp, Inc. | 1861 | 207613 |
|  Pure Storage, Inc., Class A \* | 2627 | 233698 |
|  Samsung Electronics Co. Ltd. | 55227 | 3774055 |
|  Seagate Technology Holdings PLC | 1719 | 475630 |
|  Western Digital Corp. | 3212 | 524616 |
|  Wistron Corp. | 27667 | 127382 |
|  (Cost $8,282,691) |  | **11354308** |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $72,423,535) |  | **85129567** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **EXCHANGE-TRADED FUNDS — 0.3%** |  |  |
|  Technology Select Sector SPDR Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $209,647) | 985 | **281926** |
| **CASH EQUIVALENTS — 0.4%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $311,224) | 311224 | **311224** |
| **TOTAL INVESTMENTS — 99.9%** |  |  |
|  (Cost $72,944,406) |  | **85722717** |
|  **Other assets and liabilities, net — 0.1%** |  | **113004** |
| **NET ASSETS — 100.0%** |  | **85835721** |

---

See Notes to Financial Statements.

DBX ETF Trust \| 3

------

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

November 30, 2025 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/2025** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | Income ($) | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **11/30/2025** | **Value ($) at**<br> **11/30/2025** |
|  EXCHANGE-TRADED FUNDS **—** 0.0% | EXCHANGE-TRADED FUNDS **—** 0.0% | EXCHANGE-TRADED FUNDS **—** 0.0% | EXCHANGE-TRADED FUNDS **—** 0.0% | EXCHANGE-TRADED FUNDS **—** 0.0% | EXCHANGE-TRADED FUNDS **—** 0.0% | EXCHANGE-TRADED FUNDS **—** 0.0% | EXCHANGE-TRADED FUNDS **—** 0.0% | EXCHANGE-TRADED FUNDS **—** 0.0% |
|  Xtrackers MSCI USA Selection Equity ETF (b) | Xtrackers MSCI USA Selection Equity ETF (b) | Xtrackers MSCI USA Selection Equity ETF (b) | Xtrackers MSCI USA Selection Equity ETF (b) | Xtrackers MSCI USA Selection Equity ETF (b) | Xtrackers MSCI USA Selection Equity ETF (b) | Xtrackers MSCI USA Selection Equity ETF (b) | Xtrackers MSCI USA Selection Equity ETF (b) | Xtrackers MSCI USA Selection Equity ETF (b) |
| 122690 |  | (122614) | 7307 | (7383) | 424 |  |  |  |
|  SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(c) |
|  |  |  |  |  | 282 |  |  |  |
|  CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) |
| 107192 | 4077131 | (3873099) |  |  | 4050 |  | 311224 | 311224 |
| 229882 | 4077131 | (3995713) | 7307 | (7383) | 4756 |  | 311224 | 311224 |

---

\* Non-income producing security.

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

(b) Affiliated fund advised by DBX Advisors LLC.

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

ADR: American Depositary Receipt

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

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | **Number of**<br> **Contracts** | **Notional**<br> **Amount ($)** | **Contract Value**<br> **($)** | **Expiration**<br> **Date** | **Unrealized** <br> **Appreciation ($)**  |
|  Micro E-mini NASDAQ 100 Index | USD | 5 | 245995 | 254820 | 12/19/2025 | 8825 |
|  Micro E-Mini S&P 500 Index | USD | 4 | 134090 | 137190 | 12/19/2025 | 3100 |
| Total unrealized appreciation |  |  |  |  |  | 11925 |

---

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

#### Currency Abbreviations
USD U.S. Dollar

See Notes to Financial Statements.

4 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

November 30, 2025 (Unaudited)

#### 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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85129567 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85129567 |
|  Exchange-Traded Funds | 281926 |  |  | 281926 |
|  Short-Term Investments (a) | 311224 |  |  | 311224 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 11925 |  |  | 11925 |
| TOTAL | $85734642 | $— | $— | $85734642 |

---

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

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

See Notes to Financial Statements.

DBX ETF Trust \| 5

------

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.4%** |  |  |
| **Application Software — 6.9%** |  |  |
|  Alarm.com Holdings, Inc. \* | 1612 | 83760 |
|  Clear Secure, Inc., Class A | 2759 | 97944 |
|  Datadog, Inc., Class A \* | 510 | 81605 |
|  Dynatrace, Inc. \* | 1726 | 76911 |
|  InterDigital, Inc. | 239 | 85502 |
|  Systena Corp. | 16147 | 54220 |
|  TeamViewer SE, 144A \* | 8279 | 55487 |
|  (Cost $458,168) |  | **535429** |
| **Communications Equipment — 1.8%** |  |  |
|  F5, Inc. \* | 244 | 58355 |
|  NetScout Systems, Inc. \* | 3161 | 84968 |
|  (Cost $104,916) |  | **143323** |
| **Computer Services — 1.1%** |  |  |
|  GB Group PLC |  |  |
|  (Cost $77,602) | 24717 | **83349** |
| **Computers-Integrated Systems — 0.3%** |  |  |
|  Telos Corp. \* |  |  |
|  (Cost $26,648) | 3967 | **22929** |
| **Internet Services & Infrastructure — 24.4%** |  |  |
|  Akamai Technologies, Inc. \* | 4904 | 439006 |
|  Fastly, Inc., Class A \* | 16485 | 192215 |
|  GDS Holdings Ltd., Class A \* | 79985 | 341901 |
|  Hennge KK | 2444 | 20689 |
|  NEXTDC Ltd. \* | 34614 | 308037 |
|  Okta, Inc. \* | 4062 | 326300 |
|  OVH Groupe SA \* | 2289 | 22501 |
|  SUNeVision Holdings Ltd. (a) | 102240 | 67498 |
|  Vnet Group, Inc., ADR \* | 18455 | 164988 |
|  (Cost $1,650,872) |  | **1883135** |
| **IT Consulting & Other Services — 8.2%** |  |  |
|  Al Moammar Information Systems Co. | 1067 | 45451 |
|  Change Holdings, Inc. | 5083 | 36775 |
|  Future Corp. | 3114 | 40968 |
|  NCC Group PLC | 18215 | 35816 |
|  NEC Corp. | 2536 | 95736 |
|  Netcompany Group A/S, 144A \* | 1914 | 96124 |
|  Otsuka Corp. | 4145 | 81997 |
|  Systex Corp. | 13571 | 52105 |
|  TechMatrix Corp. | 3735 | 52034 |
|  TietoEVRY OYJ | 4590 | 95352 |
|  (Cost $524,071) |  | **632358** |
| **Research & Consulting Services — 2.2%** |  |  |
|  Zetrix Ai Bhd |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  (Cost $159,294) | 862131 | **172113** |
| **Systems Software — 54.5%** |  |  |
|  A10 Networks, Inc. | 5510 | 94882 |
|  Ahnlab, Inc. | 806 | 32993 |
|  BlackBerry Ltd. \* | 36997 | 151274 |
|  Check Point Software Technologies Ltd. \* | 1872 | 349633 |
|  Crowdstrike Holdings, Inc., Class A \* | 738 | 375760 |
|  CyberArk Software Ltd. \* | 732 | 335688 |
|  Digital Arts, Inc. | 1701 | 78156 |
|  Fortinet, Inc. \* | 4351 | 352997 |
|  N-able, Inc. \* | 7378 | 53122 |
|  OneSpan, Inc. | 3547 | 43273 |
|  Palo Alto Networks, Inc. \* | 1727 | 328354 |
|  Qualys, Inc. \* | 2901 | 408606 |
|  Radware Ltd. \* | 1302 | 29868 |
|  Rapid7, Inc. \* | 9153 | 143519 |
|  SentinelOne, Inc., Class A \* | 20915 | 339032 |
|  Tenable Holdings, Inc. \* | 10223 | 271114 |
|  Trend Micro, Inc. | 7215 | 360449 |
|  Varonis Systems, Inc. \* | 5943 | 196535 |
|  Zscaler, Inc. \* | 1199 | 301548 |
|  (Cost $3,891,261) |  | **4246803** |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $6,892,832) |  | **7719439** |
| **EXCHANGE-TRADED FUNDS — 0.0%** |  |  |
|  Global X Cybersecurity ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $6,774) | 200 | **6290** |
| **SECURITIES LENDING COLLATERAL — 0.1%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,200) | 4200 | **4200** |
| **CASH EQUIVALENTS — 0.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $15,760) | 15760 | **15760** |
| **TOTAL INVESTMENTS — 99.7%** |  |  |
|  (Cost $6,919,566) |  | **7745689** |
|  **Other assets and liabilities, net — 0.3%** |  | **19453** |
| **NET ASSETS — 100.0%** |  | **7765142** |

---

See Notes to Financial Statements.

6 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF (Continued)

November 30, 2025 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/31/2025** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | Income ($) | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **11/30/2025** | **Value ($) at**<br> **11/30/2025** |
|  SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) |
| 520072 |  | (515872) (d) |  |  | 140 |  | 4200 | 4200 |
|  CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) |
| 11360 | 91045 | (86645) |  |  | 269 |  | 15760 | 15760 |
| 531432 | 91045 | (602517) |  |  | 409 |  | 19960 | 19960 |

---

\* 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, 2025 amounted to $3,964, which is 0.1% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2025.

ADR: American Depositary Receipt

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

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | **Number of**<br> **Contracts** | **Notional**<br> **Amount ($)** | **Contract Value**<br> **($)** | **Expiration**<br> **Date** | **Unrealized** <br> **Appreciation ($)**  |
|  Micro E-Mini S&P 500 Index | USD | 1 | 33396 | 34298 | 12/19/2025 | 902 |

---

#### Currency Abbreviations
USD U.S. Dollar

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

See Notes to Financial Statements.

DBX ETF Trust \| 7

------

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF (Continued)

November 30, 2025 (Unaudited)

#### 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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7719439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7719439 |
|  Exchange-Traded Funds | 6290 |  |  | 6290 |
|  Short-Term Investments (a) | 19960 |  |  | 19960 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 902 |  |  | 902 |
| TOTAL | $7746591 | $— | $— | $7746591 |

---

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

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

See Notes to Financial Statements.

8 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers International Real Estate ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.0%** |  |  |
| **Australia — 12.8%** |  |  |
|  Abacus Storage King REIT | 144115 | 137513 |
|  Arena REIT | 411411 | 965896 |
|  BWP Property Group Ltd. | 556526 | 1390535 |
|  Centuria Industrial REIT | 505876 | 1137914 |
|  Centuria Office REIT | 468071 | 360679 |
|  Charter Hall Group REIT | 469353 | 7651951 |
|  Charter Hall Long Wale REIT | 614837 | 1653162 |
|  Charter Hall Retail REIT | 499897 | 1331000 |
|  Charter Hall Social Infrastructure REIT | 332295 | 675549 |
|  Cromwell Property Group REIT | 1623888 | 484550 |
|  Dexus REIT | 1052521 | 4942142 |
|  Dexus Industria REIT REIT | 243252 | 438693 |
|  DigiCo Infrastructure REIT REIT | 435939 | 800489 |
|  Gemlife Communities Group \* | 211003 | 718170 |
|  Goodman Group REIT | 1995242 | 38835681 |
|  GPT Group REIT | 1886245 | 6865348 |
|  Growthpoint Properties Australia Ltd. REIT | 274265 | 456852 |
|  Healthco REIT (a) | 341948 | 183885 |
|  HMC Capital Ltd. REIT (a) | 294397 | 747164 |
|  HomeCo Daily Needs REIT | 1817392 | 1608992 |
|  Ingenia Communities Group REIT | 388021 | 1320669 |
|  Lifestyle Communities Ltd. \* (a) | 100952 | 377365 |
|  Mirvac Group REIT | 3865994 | 5476289 |
|  National Storage REIT | 1287033 | 2287338 |
|  REA Group Ltd. | 50305 | 6463075 |
|  Region Group REIT | 1131042 | 1772752 |
|  Rural Funds Trust REIT (a) | 405652 | 521412 |
|  Scentre Group REIT | 5107769 | 13666675 |
|  Stockland REIT | 2353874 | 9292898 |
|  Vicinity Ltd. REIT | 3787920 | 6110931 |
|  Waypoint REIT Ltd. REIT | 649346 | 1128479 |
|  (Cost $101,818,483) |  | **119804048** |
| **Austria — 0.2%** |  |  |
|  CA Immobilien Anlagen AG | 39223 | 1107963 |
|  CPI Europe AG \* (a) | 33962 | 616839 |
|  (Cost $1,845,980) |  | **1724802** |
| **Belgium — 1.8%** |  |  |
|  Aedifica SA REIT | 46671 | 3601910 |
|  Cofinimmo SA REIT | 37375 | 3387633 |
|  Montea NV REIT | 20601 | 1711849 |
|  Retail Estates NV REIT | 12940 | 952111 |
|  VGP NV | 13334 | 1603187 |
|  Warehouses De Pauw CVA REIT | 184172 | 4783522 |
|  Xior Student Housing NV REIT | 38175 | 1295892 |
|  (Cost $18,306,478) |  | **17336104** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **Brazil — 0.7%** |  |  |
|  Allos SA | 428370 | 2272850 |
|  Cyrela Brazil Realty SA Empreendimentos e Participacoes | 276362 | 1848034 |
|  Ez Tec Empreendimentos e Participacoes SA | 101731 | 385927 |
|  Multiplan Empreendimentos Imobiliarios SA | 325486 | 1837224 |
|  (Cost $4,487,723) |  | **6344035** |
| **Canada — 5.7%** |  |  |
|  Allied Properties Real Estate Investment Trust REIT (a) | 124993 | 1165603 |
|  Altus Group Ltd. | 42413 | 1692808 |
|  Artis Real Estate Investment Trust REIT (a) | 58710 | 279642 |
|  Boardwalk Real Estate Investment Trust REIT | 40223 | 1853250 |
|  Canadian Apartment Properties REIT | 155156 | 4232691 |
|  Chartwell Retirement Residences (a) | 284632 | 4120278 |
|  Choice Properties Real Estate Investment Trust REIT (a) | 246443 | 2690623 |
|  Colliers International Group, Inc. | 42864 | 6227971 |
|  Crombie Real Estate Investment Trust REIT (a) | 107810 | 1191745 |
|  CT Real Estate Investment Trust REIT (a) | 75755 | 884139 |
|  Dream Industrial Real Estate Investment Trust REIT (a) | 281916 | 2519761 |
|  First Capital Real Estate Investment Trust REIT (a) | 190443 | 2683046 |
|  FirstService Corp. | 41884 | 6602052 |
|  Granite Real Estate Investment Trust REIT | 58990 | 3240948 |
|  H&R Real Estate Investment Trust REIT (a) | 255929 | 1894614 |
|  InterRent Real Estate Investment Trust REIT (a) | 137913 | 1308840 |
|  Killam Apartment Real Estate Investment Trust REIT (a) | 120414 | 1444225 |
|  Minto Apartment Real Estate Investment Trust REIT, 144A (a) | 36454 | 356421 |
|  Nexus Industrial REIT (a) | 39634 | 218633 |
|  Northwest Healthcare Properties Real Estate Investment Trust REIT (a) | 213632 | 839786 |
|  Primaris Real Estate Investment Trust REIT (a) | 105889 | 1156838 |
|  RioCan Real Estate Investment Trust REIT (a) | 289104 | 3927858 |
|  Slate Grocery, Class U REIT (a) | 58387 | 634109 |
|  SmartCentres Real Estate Investment Trust REIT (a) | 128249 | 2413092 |
|  (Cost $54,990,132) |  | **53578973** |

---

See Notes to Financial Statements.

DBX ETF Trust \| 9

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **Chile — 0.7%** |  |  |
|  Cencosud Shopping SA | 463192 | 1201749 |
|  Parque Arauco SA | 719168 | 2322669 |
|  Plaza SA | 768132 | 2646193 |
|  (Cost $3,287,719) |  | **6170611** |
| **China — 0.7%** |  |  |
|  A-Living Smart City Services Co. Ltd.,<br> Class H, 144A (a) | 788073 | 242933 |
|  China Resources Mixc Lifestyle Services Ltd., 144A | 618336 | 3519915 |
|  China Vanke Co. Ltd., Class H \* (a) | 2123007 | 992569 |
|  Guangzhou R&F Properties Co. Ltd.,<br>Class H \* (a) | 1916696 | 155096 |
|  Onewo, Inc., Class H | 292499 | 759650 |
|  Poly Property Services Co. Ltd., Class H | 153856 | 693237 |
|  (Cost $10,396,128) |  | **6363400** |
| **Egypt — 0.1%** |  |  |
|  Palm Hills Developments SAE \* | 957417 | 162550 |
|  Talaat Moustafa Group | 710308 | 1073288 |
|  (Cost $486,763) |  | **1235838** |
| **Finland — 0.3%** |  |  |
|  Citycon OYJ \* | 97610 | 453125 |
|  Kojamo OYJ \* | 178557 | 2194507 |
|  (Cost $3,203,369) |  | **2647632** |
| **France — 3.5%** |  |  |
|  Altarea SCA REIT | 5714 | 698948 |
|  ARGAN SA REIT | 12399 | 941084 |
|  Carmila SA REIT \* | 61832 | 1228517 |
|  Covivio SA REIT | 54140 | 3499754 |
|  Gecina SA REIT | 46704 | 4330768 |
|  ICADE REIT (a) | 31147 | 767054 |
|  Klepierre SA REIT | 219728 | 8557983 |
|  Mercialys SA REIT | 92354 | 1174709 |
|  Unibail-Rodamco-Westfield REIT \* | 105457 | 11213205 |
|  (Cost $26,919,062) |  | **32412022** |
| **Germany — 3.3%** |  |  |
|  Deutsche Wohnen SE | 51478 | 1302394 |
|  LEG Immobilien SE | 74304 | 5587934 |
|  TAG Immobilien AG | 185451 | 3163811 |
|  Vonovia SE | 700985 | 21249365 |
|  (Cost $36,106,346) |  | **31303504** |
| **Greece — 0.1%** |  |  |
|  LAMDA Development SA \* |  |  |
|  (Cost $739,174) | 98397 | **799363** |
| **Hong Kong — 10.2%** |  |  |
|  C&D International Investment Group Ltd. | 970139 | 2062243 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  China Jinmao Holdings Group Ltd. | 8042547 | 1425544 |
|  China Overseas Land & Investment Ltd. | 3629773 | 6196014 |
|  China Overseas Property Holdings Ltd. | 1241926 | 788008 |
|  China Resources Land Ltd. | 2830799 | 10966001 |
|  CK Asset Holdings Ltd. | 1999761 | 10253604 |
|  Fortune Real Estate Investment Trust REIT | 1482528 | 946384 |
|  Hang Lung Group Ltd. | 826064 | 1658367 |
|  Hang Lung Properties Ltd. | 1730510 | 2000435 |
|  Henderson Land Development Co. Ltd. | 1301003 | 4902824 |
|  Hongkong Land Holdings Ltd. | 983432 | 6244793 |
|  Hysan Development Co. Ltd. | 571707 | 1301203 |
|  Kerry Properties Ltd. | 556203 | 1503097 |
|  Link REIT | 2542314 | 12042815 |
|  New World Development Co. Ltd. \* | 1339898 | 1182324 |
|  Poly Property Group Co. Ltd. | 1889612 | 465996 |
|  Shandong Hi-Speed Holdings Group Ltd. \* (a) | 1892596 | 408390 |
|  Shanghai Industrial Holdings Ltd. | 407295 | 799356 |
|  Shenzhen Investment Ltd. \* | 2151618 | 245959 |
|  Sun Hung Kai Properties Ltd. | 1482541 | 18775501 |
|  Swire Properties Ltd. | 937101 | 2570961 |
|  Wharf Holdings Ltd. | 941240 | 2853122 |
|  Wharf Real Estate Investment Co. Ltd. | 1513533 | 4774503 |
|  Yuexiu Property Co. Ltd. (a) | 1401926 | 812100 |
|  (Cost $107,771,135) |  | **95179544** |
| **India — 1.4%** |  |  |
|  DLF Ltd. | 914136 | 7395051 |
|  Godrej Properties Ltd. \* | 151467 | 3580783 |
|  Oberoi Realty Ltd. | 115667 | 2130039 |
|  (Cost $10,392,749) |  | **13105873** |
| **Indonesia — 0.2%** |  |  |
|  Bangun Kosambi Sukses PT | 504749 | 237146 |
|  PT Bumi Serpong Damai Tbk \* | 6796441 | 383588 |
|  PT Ciputra Development Tbk | 9065592 | 473555 |
|  PT Kawasan Industri Jababeka Tbk | 14703055 | 158904 |
|  PT Pakuwon Jati Tbk | 14894352 | 341618 |
|  PT Summarecon Agung Tbk | 9691514 | 224613 |
|  (Cost $2,194,690) |  | **1819424** |
| **Ireland — 0.1%** |  |  |
|  Irish Residential Properties REIT PLC REIT |  |  |
|  (Cost $505,621) | 510713 | **573149** |
| **Israel — 2.6%** |  |  |
|  Africa Israel Residences Ltd. | 6347 | 512735 |

---

See Notes to Financial Statements.

10 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Airport City Ltd. \* | 54875 | 1030044 |
|  Alony Hetz Properties & Investments Ltd. | 157360 | 1812086 |
|  Amot Investments Ltd. | 241666 | 1802325 |
|  Aura Investments Ltd. | 147794 | 1003271 |
|  Azrieli Group Ltd. | 35753 | 3625158 |
|  Big Shopping Centers Ltd. | 15826 | 3547190 |
|  Electra Real Estate Ltd. \* | 30857 | 420166 |
|  G City Ltd. | 104681 | 325721 |
|  Gav-Yam Lands Corp. Ltd. | 49028 | 573017 |
|  Israel Canada T.R Ltd. | 171938 | 836030 |
|  Isras Investment Co. Ltd. | 1249 | 329936 |
|  Melisron Ltd. | 23339 | 2906263 |
|  Menivim- The New REIT Ltd. REIT | 710179 | 512631 |
|  Mivne Real Estate KD Ltd. | 570599 | 2451984 |
|  Prashkovsky Investments and Construction Ltd. | 7126 | 337520 |
|  Reit 1 Ltd. REIT | 188009 | 1519965 |
|  Sella Capital Real Estate Ltd. REIT | 239050 | 837072 |
|  (Cost $16,148,514) |  | **24383114** |
| **Japan — 23.5%** |  |  |
|  Activia Properties, Inc. REIT (a) | 2044 | 1878306 |
|  Advance Residence Investment Corp. REIT | 2805 | 3075524 |
|  AEON REIT Investment Corp. REIT | 1730 | 1506613 |
|  Comforia Residential REIT, Inc. REIT | 701 | 1486902 |
|  CRE Logistics REIT, Inc. REIT | 623 | 660328 |
|  Daito Trust Construction Co. Ltd. | 320685 | 6136273 |
|  Daiwa House REIT Investment Corp. REIT | 4507 | 4089658 |
|  Daiwa Office Investment Corp. REIT (a) | 544 | 1328190 |
|  Daiwa Securities Living Investments Corp. REIT | 2022 | 1473255 |
|  Dear Life Co. Ltd. | 26300 | 189603 |
|  ES-Con Japan Ltd. | 48198 | 322144 |
|  Frontier Real Estate Investment Corp. REIT | 2480 | 1509773 |
|  Fukuoka REIT Corp. REIT | 760 | 935085 |
|  Global One Real Estate Investment Corp. REIT | 968 | 880226 |
|  GLP J REIT | 4737 | 4492637 |
|  Goldcrest Co. Ltd. | 13200 | 290984 |
|  Good Com Asset Co. Ltd. (a) | 14836 | 113896 |
|  Hankyu Hanshin REIT, Inc. REIT (a) | 635 | 707635 |
|  Health Care & Medical Investment Corp. REIT | 374 | 285922 |
|  Heiwa Real Estate Co. Ltd. | 45100 | 660677 |
|  Heiwa Real Estate REIT, Inc. REIT (a) | 787 | 794817 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hoosiers Holdings Co. Ltd. | 26168 | 223698 |
|  Hoshino Resorts REIT, Inc. REIT | 588 | 954440 |
|  Hulic Co. Ltd. | 717014 | 7914493 |
|  Hulic Reit, Inc. REIT | 786 | 892529 |
|  Ichigo Hotel REIT Investment Corp. REIT | 267 | 219349 |
|  Ichigo Office REIT Investment Corp. REIT | 982 | 626139 |
|  Ichigo, Inc. | 196600 | 511500 |
|  Industrial & Infrastructure Fund Investment Corp. REIT | 2467 | 2385584 |
|  Invincible Investment Corp. REIT | 7615 | 3259737 |
|  JALCO Holdings, Inc. (a) | 69900 | 190820 |
|  Japan Excellent, Inc. REIT | 737 | 717873 |
|  Japan Hotel REIT Investment Corp. REIT | 5077 | 2807723 |
|  Japan Logistics Fund, Inc. REIT | 2002 | 1329107 |
|  Japan Metropolitan Fund Invest REIT | 7054 | 5564546 |
|  Japan Prime Realty Investment Corp. REIT | 2711 | 1846711 |
|  Japan Real Estate Investment Corp. REIT | 5098 | 4367848 |
|  JINUSHI Co. Ltd. | 16400 | 316335 |
|  Kasumigaseki Capital Co. Ltd. (a) | 15011 | 781091 |
|  KDX Realty Investment Corp. REIT | 3963 | 4522975 |
|  Ki-Star Real Estate Co. Ltd. | 9562 | 365813 |
|  LaSalle Logiport REIT | 1810 | 1801301 |
|  Leopalace21 Corp. | 178041 | 741600 |
|  Loadstar Capital KK | 12590 | 237197 |
|  MIGALO HOLDINGS, Inc. | 26100 | 66400 |
|  Mirai Corp. REIT | 1804 | 582644 |
|  Mirarth Holdings, Inc. | 101708 | 252233 |
|  Mitsubishi Estate Co. Ltd. | 1228257 | 29004339 |
|  Mitsubishi Estate Logistics REIT Investment Corp. REIT | 1425 | 1199904 |
|  Mitsui Fudosan Co. Ltd. | 2730637 | 32083454 |
|  Mitsui Fudosan Logistics Park, Inc. REIT | 3149 | 2431621 |
|  Mori Hills REIT Investment Corp. REIT | 1510 | 1452426 |
|  Mori Trust Sogo Reit, Inc. REIT | 2497 | 1276902 |
|  Mugen Estate Co. Ltd. | 13900 | 170220 |
|  Nippon Accommodations Fund, Inc. REIT | 1779 | 1515086 |
|  Nippon Building Fund, Inc. REIT | 8520 | 8151464 |
|  Nippon Prologis REIT, Inc. REIT (a) | 7004 | 4223495 |
|  NIPPON REIT Investment Corp. REIT | 1732 | 1136538 |
|  Nomura Real Estate Holdings, Inc. | 526821 | 3235197 |
|  Nomura Real Estate Master Fund, Inc. REIT | 2999 | 3274781 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 11

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  NTT UD REIT Investment Corp. REIT | 998 | 895354 |
|  One REIT, Inc. REIT | 781 | 457940 |
|  Open House Group Co. Ltd. | 73848 | 4341439 |
|  Orix JREIT, Inc. REIT | 4069 | 2795237 |
|  Relo Group, Inc. | 102708 | 1128768 |
|  Samty Residential Investment Corp. REIT | 405 | 303912 |
|  Sankei Real Estate, Inc. REIT | 523 | 343528 |
|  Sekisui House Reit, Inc. REIT | 4281 | 2183708 |
|  SOSiLA Logistics REIT, Inc. REIT (a) | 719 | 568565 |
|  SRE Holdings Corp. | 12033 | 270270 |
|  Star Asia Investment Corp. REIT | 2602 | 1042134 |
|  Star Mica Holdings Co. Ltd. | 21295 | 172352 |
|  Starts Corp., Inc. | 36236 | 1140139 |
|  Starts Proceed Investment Corp. REIT | 220 | 293239 |
|  Sumitomo Realty & Development Co. Ltd. | 459554 | 22210550 |
|  Sun Frontier Fudousan Co. Ltd. | 25900 | 404807 |
|  Takara Leben Real Estate Investment Corp. REIT | 917 | 555900 |
|  Tokyo Tatemono Co. Ltd. (a) | 205980 | 4553867 |
|  Tokyu Fudosan Holdings Corp. | 595056 | 5536824 |
|  Tokyu REIT, Inc. REIT | 569 | 747120 |
|  Tosei Corp. (a) | 55600 | 590026 |
|  Tosei Reit Investment Corp. REIT | 302 | 286421 |
|  United Urban Investment Corp. REIT (a) | 2114 | 2499410 |
|  (Cost $189,879,629) |  | **218775071** |
| **Luxembourg — 0.5%** |  |  |
|  Aroundtown SA \* | 695932 | 2397148 |
|  Grand City Properties SA \* | 64926 | 822821 |
|  Shurgard Self Storage Ltd. REIT | 30027 | 1123843 |
|  (Cost $5,168,739) |  | **4343812** |
| **Malaysia — 1.1%** |  |  |
|  Eco World Development Group Bhd | 1356483 | 722145 |
|  IGB Real Estate Investment Trust REIT | 1444000 | 960919 |
|  IOI Properties Group Bhd | 1473087 | 923241 |
|  KLCCP Stapled Group (b) | 154807 | 340145 |
|  Mah Sing Group Bhd | 1393476 | 347315 |
|  Matrix Concepts Holdings Bhd | 1303442 | 428961 |
|  Pavilion Real Estate Investment Trust REIT | 1349734 | 591172 |
|  Sime Darby Property Bhd | 2432123 | 818064 |
|  SP Setia Bhd Group | 2074797 | 406675 |
|  Sunway Bhd | 2220114 | 2927918 |
|  Sunway Real Estate Investment Trust REIT | 1172514 | 641230 |
|  Tanco Holdings Bhd \* | 2802887 | 766428 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  UEM Sunrise Bhd | 1477030 | 212664 |
|  (Cost $6,064,152) |  | **10086877** |
| **Mexico — 1.5%** |  |  |
|  Corp. Inmobiliaria Vesta SAB de CV | 887224 | 2762846 |
|  FIBRA Macquarie Mexico REIT, 144A | 788082 | 1365547 |
|  Fibra MTY SAPI de CV REIT (a) | 2394720 | 1878032 |
|  Fibra Uno Administracion SA de CV REIT | 2710167 | 3937274 |
|  Prologis Property Mexico SA de CV REIT (a) | 1054122 | 4491244 |
|  (Cost $10,763,460) |  | **14434943** |
| **Netherlands — 0.9%** |  |  |
|  CTP NV, 144A | 128569 | 2739511 |
|  Eurocommercial Properties NV REIT | 44397 | 1367988 |
|  NEPI Rockcastle NV \* | 495512 | 4240963 |
|  (Cost $6,393,556) |  | **8348462** |
| **New Zealand — 0.3%** |  |  |
|  Goodman Property Trust REIT | 1010171 | 1159777 |
|  Kiwi Property Group Ltd. | 1604317 | 990030 |
|  Precinct Properties Group (b) | 1545077 | 1086516 |
|  (Cost $3,806,514) |  | **3236323** |
| **Norway — 0.1%** |  |  |
|  Entra ASA, 144A |  |  |
|  (Cost $758,622) | 63142 | **704325** |
| **Philippines — 1.4%** |  |  |
|  AREIT, Inc. REIT | 1390561 | 1005367 |
|  Ayala Corp. | 326404 | 2643736 |
|  Ayala Land, Inc. | 7768013 | 2695525 |
|  SM Prime Holdings, Inc. | 16321813 | 6401257 |
|  (Cost $19,424,295) |  | **12745885** |
| **Russia — 0.0%** |  |  |
|  LSR Group PJSC \* (c) | 30984 | 0 |
|  PIK-Spetsializirovannyy Zastroyshchik PAO \* (c) | 192287 | 0 |
|  (Cost $2,472,023) |  | **0** |
| **Singapore — 6.5%** |  |  |
|  AIMS APAC REIT | 690227 | 778081 |
|  CapitaLand Ascendas REIT | 3706840 | 8042482 |
|  CapitaLand Ascott Trust (b) | 2659510 | 1940499 |
|  CapitaLand China Trust REIT | 1153747 | 703749 |
|  Capitaland India Trust | 982917 | 903116 |
|  CapitaLand Integrated Commercial Trust REIT | 5865603 | 10642912 |
|  CapitaLand Investment Ltd. | 2453189 | 5019458 |
|  CDL Hospitality Trusts (b) | 761565 | 490991 |
|  Centurion Corp. Ltd. (a) | 220176 | 231200 |
|  City Developments Ltd. | 469428 | 2620518 |

---

See Notes to Financial Statements.

12 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Digital Core REIT Management Pte Ltd. REIT | 859500 | 434047 |
|  ESR-REIT REIT | 747946 | 1599668 |
|  Frasers Centrepoint Trust REIT | 1280418 | 2254066 |
|  Frasers Logistics & Commercial Trust REIT | 2864278 | 2167311 |
|  Keppel REIT | 2359308 | 1930947 |
|  Keppel DC REIT | 1952956 | 3483248 |
|  Lendlease Global Commercial REIT | 1701867 | 814699 |
|  Mapletree Industrial Trust REIT | 2037224 | 3240305 |
|  Mapletree Logistics Trust REIT | 3328508 | 3392372 |
|  Mapletree Pan Asia Commercial Trust REIT (a) | 2269518 | 2558388 |
|  NTT DC REIT REIT \* | 661859 | 635385 |
|  Parkway Life Real Estate Investment Trust REIT | 430212 | 1345295 |
|  Propnex Ltd. (a) | 184696 | 285212 |
|  Suntec Real Estate Investment Trust REIT | 1774400 | 1876947 |
|  UOL Group Ltd. | 454272 | 2953303 |
|  Yanlord Land Group Ltd. \* (a) | 557000 | 296745 |
|  (Cost $59,592,636) |  | **60640944** |
| **South Africa — 1.1%** |  |  |
|  Equites Property Fund Ltd. REIT | 669812 | 715274 |
|  Fortress Real Estate Investments Ltd., Class B | 932311 | 1402209 |
|  Growthpoint Properties Ltd. REIT | 2655366 | 2713117 |
|  Hyprop Investments Ltd. REIT | 310067 | 1026104 |
|  Redefine Properties Ltd. REIT | 5553561 | 1896852 |
|  Resilient REIT Ltd. REIT | 261845 | 1179468 |
|  Vukile Property Fund Ltd. REIT | 964039 | 1372816 |
|  (Cost $6,908,219) |  | **10305840** |
| **South Korea — 0.2%** |  |  |
|  ESR Kendall Square REIT Co. Ltd. REIT | 189141 | 565243 |
|  Seobu T&D | 37848 | 284121 |
|  SK Eternix Co. Ltd. \* | 14829 | 202674 |
|  SK REITs Co. Ltd. REIT | 179845 | 643243 |
|  (Cost $1,871,900) |  | **1695281** |
| **Spain — 0.9%** |  |  |
|  Colonial SFL Socimi SA REIT | 253700 | 1553127 |
|  Merlin Properties Socimi SA REIT (a) | 371323 | 5481546 |
|  Neinor Homes SA, 144A \* | 48419 | 1032822 |
|  (Cost $6,425,484) |  | **8067495** |
| **Sweden — 3.9%** |  |  |
|  Atrium Ljungberg AB, Class B | 237016 | 841464 |
|  Castellum AB | 360199 | 4093973 |
|  Catena AB | 42423 | 1992567 |
|  Cibus Nordic Real Estate AB (a) | 80560 | 1399075 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Corem Property Group AB, Class B | 630734 | 265488 |
|  Dios Fastigheter AB | 106410 | 729388 |
|  Fabege AB | 205576 | 1787286 |
|  Fastighets AB Balder, Class B \* | 697916 | 5025839 |
|  Heba Fastighets AB, Class B | 93291 | 310088 |
|  Hemnet Group AB | 83445 | 1552691 |
|  Hufvudstaden AB, Class A | 113323 | 1521106 |
|  Logistea AB, Class B (a) | 284999 | 464133 |
|  NP3 Fastigheter AB | 33467 | 922567 |
|  Nyfosa AB | 156968 | 1270656 |
|  Pandox AB | 108187 | 2183985 |
|  Platzer Fastigheter Holding AB, Class B | 75993 | 592200 |
|  Sagax AB, Class B | 219551 | 4702129 |
|  Sagax AB, Class D | 118340 | 429107 |
|  Samhallsbyggnadsbolaget i Norden AB \* (a) | 1310770 | 589251 |
|  Swedish Logistic Property AB, Class B \* | 176160 | 776977 |
|  Wallenstam AB, Class B (a) | 484655 | 2206493 |
|  Wihlborgs Fastigheter AB | 266550 | 2600005 |
|  (Cost $37,579,710) |  | **36256468** |
| **Switzerland — 3.1%** |  |  |
|  Allreal Holding AG | 15377 | 3868428 |
|  International Workplace Group PLC | 760480 | 2335702 |
|  Mobimo Holding AG | 7261 | 3246403 |
|  PSP Swiss Property AG | 44995 | 7968477 |
|  Swiss Prime Site AG | 78729 | 11618888 |
|  (Cost $20,601,391) |  | **29037898** |
| **Taiwan — 1.1%** |  |  |
|  Advancetek Enterprise Co. Ltd. | 254068 | 268356 |
|  Cathay Real Estate Development Co. Ltd. | 632688 | 452568 |
|  Chong Hong Construction Co. Ltd. | 221480 | 548319 |
|  Da-Li Development Co. Ltd. | 372505 | 569706 |
|  Delpha Construction Co. Ltd. | 503746 | 458243 |
|  Farglory Land Development Co. Ltd. | 270840 | 521228 |
|  Highwealth Construction Corp. | 1939216 | 2344854 |
|  Huaku Development Co. Ltd. | 269783 | 902572 |
|  Huang Hsiang Construction Corp. | 132039 | 164076 |
|  Hung Sheng Construction Ltd. | 352210 | 228372 |
|  JSL Construction & Development Co Ltd. | 300280 | 464987 |
|  Kindom Development Co. Ltd. | 397488 | 417942 |
|  Radium Life Tech Co. Ltd. \* | 621340 | 211832 |
|  Ruentex Development Co. Ltd. | 1853479 | 1780544 |
|  Sakura Development Co. Ltd. | 434840 | 644259 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 13

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Taiwan Land Development Corp. \* (c) | 243531 | 0 |
|  (Cost $10,445,314) |  | **9977858** |
| **Thailand — 1.2%** |  |  |
|  Amata Corp. PCL | 792300 | 410977 |
|  Amata Corp. PCL, NVDR | 49184 | 25513 |
|  AP Thailand PCL, NVDR | 2556216 | 682822 |
|  Asset World Corp. PCL, NVDR | 7811700 | 465863 |
|  Central Pattana PCL, NVDR | 3276300 | 5444387 |
|  Land & Houses PCL, NVDR | 7386900 | 803049 |
|  MBK PCL | 975000 | 520888 |
|  Quality Houses PCL | 594900 | 23652 |
|  Quality Houses PCL, NVDR | 7243000 | 287965 |
|  Sansiri PCL | 805400 | 35273 |
|  Sansiri PCL, NVDR | 14455200 | 633075 |
|  Supalai PCL, NVDR | 1131165 | 593778 |
|  WHA Corp. PCL, NVDR | 9824096 | 988665 |
|  (Cost $12,825,003) |  | **10915907** |
| **Turkey — 0.6%** |  |  |
|  AKIS Gayrimenkul Yatirimi AS REIT | 1019334 | 177077 |
|  Avrupakent Gayrimenkul Yatirim Ortakligi AS | 104151 | 133123 |
|  Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 1890672 | 939940 |
|  Is Gayrimenkul Yatirim Ortakligi AS REIT \* | 463511 | 207520 |
|  Kiler Holding AS \* | 234050 | 870474 |
|  Kuyumcukent Gayrimenkul Yatirimlari AS REIT \* | 359370 | 359010 |
|  LYDIA HOLDING AS \* | 76478 | 313239 |
|  Peker Gayrimenkul Yatirim Ortakligi AS \* | 3485474 | 817168 |
|  Reysas Gayrimenkul Yatirim Ortakligi AS REIT \* | 556409 | 263257 |
|  Sinpas Gayrimenkul Yatirim Ortakligi AS REIT \* | 2165601 | 242647 |
|  Tera Yatirim Teknoloji Holding AS REIT \* | 1310050 | 848029 |
|  Torunlar Gayrimenkul Yatirim Ortakligi AS REIT | 152563 | 260721 |
|  Ziraat Gayrimenkul Yatirim Ortakligi AS | 876317 | 457935 |
|  (Cost $3,190,351) |  | **5890140** |
| **United Kingdom — 6.7%** |  |  |
|  Big Yellow Group PLC REIT | 196483 | 3019946 |
|  British Land Co. PLC REIT | 999132 | 5385425 |
|  Derwent London PLC REIT | 105848 | 2384228 |
|  Empiric Student Property PLC REIT | 643923 | 642458 |
|  Grainger PLC REIT | 649118 | 1591152 |
|  Great Portland Estates PLC REIT | 357394 | 1512984 |
|  Hammerson PLC REIT | 520464 | 2242629 |
|  Land Securities Group PLC REIT | 741793 | 5946402 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  LondonMetric Property PLC REIT | 2128329 | 5307311 |
|  Picton Property Income Ltd. REIT | 493576 | 493107 |
|  Primary Health Properties PLC REIT | 2333729 | 3014888 |
|  Rightmove PLC | 770036 | 5597357 |
|  Safestore Holdings PLC REIT | 213586 | 2098457 |
|  Savills PLC | 135679 | 1830107 |
|  Segro PLC REIT | 1218085 | 11533384 |
|  Shaftesbury Capital PLC REIT | 1452276 | 2788263 |
|  Tritax Big Box REIT PLC REIT | 2192271 | 4322284 |
|  UNITE Group PLC REIT, Series 6 | 374407 | 2619353 |
|  Workspace Group PLC REIT | 128692 | 650522 |
|  (Cost $68,768,798) |  | **62980257** |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $872,539,862) |  | **923225222** |
| **WARRANTS — 0.0%** |  |  |
| **Malaysia — 0.0%** |  |  |
|  Eco World Development Group Bhd\* , expires 4/12/29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) | 106640 | **26064** |
| **EXCHANGE-TRADED FUNDS — 0.0%** |  |  |
|  Vanguard Global ex-U.S. Real Estate ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $407,500) | 10000 | **478200** |
| **SECURITIES LENDING COLLATERAL — 5.9%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $54,685,958) | 54685958 | **54685958** |
| **CASH EQUIVALENTS — 0.4%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,553,249) | 3553249 | **3553249** |
| **TOTAL INVESTMENTS — 105.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $931,186,569) |  | **981968693** |
| **Other assets and liabilities, net — (5.3%)** |  | **(49703043)** |
| **NET ASSETS — 100.0%** |  | **932265650** |

---

See Notes to Financial Statements.

14 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2025 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/2025** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | Income ($) | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **11/30/2025** | **Value ($) at**<br> **11/30/2025** |
|  SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (d)(e) |
| 89001092 |  | (34315134) (f)  |  |  | 298875 |  | 54685958 | 54685958 |
|  CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) | DWS Government Money Market Series "Institutional Shares", 3.94% (d) |
| 834418 | 28196134 | (25477303) |  |  | 43317 |  | 3553249 | 3553249 |
| 89835510 | 28196134 | (59792437) |  |  | 342192 |  | 58239207 | 58239207 |

---

\* 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, 2025 amounted to $51,467,210, which is 5.5% 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) Investment was valued using significant unobservable inputs.

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

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2025.

CVA: Certificaten Van Aandelen (Dutch Certificate)

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

Securities are listed in country of domicile.

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | Number of<br>Contracts | Notional<br>Amount ($) | Contract Value<br>($) | Expiration<br>Date | **Unrealized** <br> **Appreciation** <br> (Depreciation) ($)  |
|  CAC 40 Index | EUR | 6 | 567258 | 565908 | 12/19/2025 | (1350) |
|  E-Mini S&P 500 Index | USD | 3 | 997313 | 1028925 | 12/19/2025 | 31612 |
|  E-Mini S&P Mid 400 Index | USD | 4 | 1301570 | 1325760 | 12/19/2025 | 24190 |
|  EURO STOXX 50 Index | EUR | 24 | 1526587 | 1580391 | 12/19/2025 | 53804 |
|  S&P/TSX 60 Index Mini | CAD | 2 | 124231 | 132119 | 12/18/2025 | 7888 |
|  SPI 200 Index | AUD | 10 | 1452798 | 1413905 | 12/18/2025 | (38893) |
|  TOPIX Index | JPY | 6 | 1193005 | 1299391 | 12/11/2025 | 106386 |
| Total net unrealized appreciation |  |  |  |  |  | 183637 |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| 15

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2025 (Unaudited)

#### Currency Abbreviations
AUD Australian Dollar

CAD Canadian Dollar

---

| | |
|:---|:---|
| EUR | Euro  |

---

JPY Japanese Yen

USD U.S. Dollar

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

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks (a) | $923225222 | $— | $0 | $923225222 |
|  Warrants | 26064 |  |  | 26064 |
|  Exchange-Traded Funds | 478200 |  |  | 478200 |
|  Short-Term Investments (a) | 58239207 |  |  | 58239207 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 223880 |  |  | 223880 |
| TOTAL | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982192573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982192573 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(40243) | $— | $— | $(40243) |
| TOTAL | $(40243) | $— | $— | $(40243) |

---

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

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

See Notes to Financial Statements.

16 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.7%** |  |  |
| **Electronic Components — 0.6%** |  |  |
|  Kyocera Corp. |  |  |
|  (Cost $95,326) | 7284 | **99750** |
| **Electronic Manufacturing Services — 3.0%** |  |  |
|  Fabrinet \* | 197 | 90504 |
|  TE Connectivity PLC | 1622 | 366815 |
|  (Cost $397,380) |  | **457319** |
| **Industrial Machinery & Supplies — 0.4%** |  |  |
|  VAT Group AG, 144A |  |  |
|  (Cost $59,896) | 146 | **64258** |
| **Lasers-Syst/Components — 0.7%** |  |  |
|  Coherent Corp. \* |  |  |
|  (Cost $80,030) | 692 | **113668** |
| **Semiconductor Materials & Equipment — 30.2%** |  |  |
|  Advantest Corp. | 3984 | 525285 |
|  Applied Materials, Inc. | 3072 | 774912 |
|  ASM International NV | 254 | 139844 |
|  ASML Holding NV | 676 | 708746 |
|  BE Semiconductor Industries NV | 395 | 59548 |
|  Disco Corp. | 498 | 139555 |
|  Entegris, Inc. | 828 | 63872 |
|  KLA Corp. | 628 | 738195 |
|  Lam Research Corp. | 4684 | 730704 |
|  Lasertec Corp. | 394 | 70897 |
|  MKS, Inc. | 338 | 52860 |
|  Nova Ltd. \* | 163 | 50794 |
|  Teradyne, Inc. | 878 | 159699 |
|  Tokyo Electron Ltd. | 2471 | 503542 |
|  (Cost $3,430,884) |  | **4718453** |
| **Semiconductors — 64.8%** |  |  |
|  Advanced Micro Devices, Inc. \* | 2837 | 617133 |
|  Alchip Technologies Ltd. | 433 | 45597 |
|  Analog Devices, Inc. | 2700 | 716418 |
|  ASE Technology Holding Co. Ltd. | 20531 | 150131 |
|  Astera Labs, Inc. \* | 712 | 112190 |
|  Broadcom, Inc. | 1932 | 778519 |
|  Credo Technology Group Holding Ltd. \* | 803 | 142613 |
|  First Solar, Inc. \* | 558 | 152289 |
|  Hua Hong Semiconductor Ltd., Class H, 144A \* | 3902 | 37338 |
|  Infineon Technologies AG | 7168 | 302223 |
|  Intel Corp. \* | 17841 | 723631 |
|  Lattice Semiconductor Corp. \* | 751 | 52728 |
|  Marvell Technology, Inc. | 4727 | 422594 |
|  MediaTek, Inc. | 8072 | 358784 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Microchip Technology, Inc. | 2909 | 155864 |
|  Micron Technology, Inc. | 3398 | 803559 |
|  Monolithic Power Systems, Inc. | 255 | 236683 |
|  NVIDIA Corp. | 3532 | 625164 |
|  NXP Semiconductors NV | 1382 | 269407 |
|  ON Semiconductor Corp. \* | 2242 | 112638 |
|  Qorvo, Inc. \* | 508 | 43632 |
|  QUALCOMM, Inc. | 3981 | 669166 |
|  Rambus, Inc. \* | 584 | 55813 |
|  Realtek Semiconductor Corp. | 2550 | 42331 |
|  Renesas Electronics Corp. | 9100 | 107970 |
|  SK hynix, Inc. | 2365 | 852310 |
|  Skyworks Solutions, Inc. | 825 | 54409 |
|  STMicroelectronics NV | 3164 | 72617 |
|  STMicroelectronics NV, Class Y | 423 | 9725 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 14403 | 660835 |
|  Texas Instruments, Inc. | 3677 | 618729 |
|  United Microelectronics Corp. | 64230 | 93731 |
|  (Cost $7,539,888) |  | **10096771** |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,603,404) |  | **15550219** |
| **EXCHANGE-TRADED FUNDS — 0.1%** |  |  |
|  Invesco PHLX Semiconductor ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $13,284) | 400 | **22124** |
| **CASH EQUIVALENTS — 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $8,740) | 8740 | **8740** |
| **TOTAL INVESTMENTS — 99.9%** |  |  |
|  (Cost $11,625,428) |  | **15581083** |
|  **Other assets and liabilities, net — 0.1%** |  | **13769** |
| **NET ASSETS — 100.0%** |  | **15594852** |

---

See Notes to Financial Statements.

DBX ETF Trust \| 17

------

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF (Continued)

November 30, 2025 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/2025** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | Income ($) | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **11/30/2025** | **Value ($) at**<br> **11/30/2025** |
|  SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (a)(b) |
|  |  |  |  |  | 18 |  |  |  |
|  CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) | DWS Government Money Market Series "Institutional Shares", 3.94% (a) |
| 1387 | 184713 | (177360) |  |  | 127 |  | 8740 | 8740 |
| 1387 | 184713 | (177360) |  |  | 145 |  | 8740 | 8740 |

---

\* Non-income producing security.

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

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

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

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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15550219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15550219 |
|  Exchange-Traded Funds | 22124 |  |  | 22124 |
|  Short-Term Investments (a) | 8740 |  |  | 8740 |
| TOTAL | $15581083 | $— | $— | $15581083 |

---

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

See Notes to Financial Statements.

18 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.6%** |  |  |
| **Consumer Discretionary — 12.2%** |  |  |
|  Evgo, Inc., Class A \* | 27832 | 90176 |
|  Lucid Group, Inc., Class A \* (a) | 5821 | 79340 |
|  Quantumscape Corp., Class A \* | 8524 | 104163 |
|  Rivian Automotive, Inc., Class A \* | 9948 | 167723 |
|  Solid Power, Inc. \* | 20937 | 108872 |
|  Tesla, Inc. \* | 298 | 128191 |
|  (Cost $662,049) |  | **678465** |
| **Energy — 4.6%** |  |  |
|  Gevo, Inc. \* (a) | 57243 | 122500 |
|  Green Plains, Inc. \* | 12752 | 131728 |
|  (Cost $127,375) |  | **254228** |
| **Industrials — 62.8%** |  |  |
|  Array Technologies, Inc. \* | 15458 | 116090 |
|  AZZ, Inc. | 1237 | 130405 |
|  Bloom Energy Corp., Class A \* | 1493 | 163095 |
|  Carrier Global Corp. | 2192 | 120297 |
|  Casella Waste Systems, Inc., Class A \* | 1426 | 137452 |
|  Chart Industries, Inc. \* | 655 | 133587 |
|  Clean Harbors, Inc. \* | 556 | 126523 |
|  EnerSys | 1144 | 163718 |
|  Eos Energy Enterprises, Inc. \* (a) | 8845 | 133117 |
|  Fluence Energy, Inc., Class A \* (a) | 8752 | 171889 |
|  Fuelcell Energy, Inc. \* | 12814 | 85982 |
|  GE Vernova, Inc. | 209 | 125352 |
|  Graco, Inc. | 1569 | 129348 |
|  IDEX Corp. | 785 | 136535 |
|  Ingersoll Rand, Inc. | 1616 | 129830 |
|  Lennox International, Inc. | 236 | 117733 |
|  Microvast Holdings, Inc. \* | 28910 | 101763 |
|  Montrose Environmental Group, Inc. \* | 4555 | 116836 |
|  Nextpower, Inc., Class A \* | 1658 | 151906 |
|  Parker-Hannifin Corp. | 174 | 149936 |
|  Plug Power, Inc. \* | 35865 | 72089 |
|  Republic Services, Inc. | 580 | 125895 |
|  Shoals Technologies Group, Inc., Class A \* | 14829 | 124415 |
|  Sunrun, Inc. \* | 6757 | 136829 |
|  Veralto Corp. | 1260 | 127537 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Waste Management, Inc. | 595 | 129633 |
|  Xylem, Inc. | 883 | 124212 |
|  (Cost $2,532,482) |  | **3482004** |
| **Information Technology — 4.6%** |  |  |
|  First Solar, Inc. \* | 565 | 154200 |
|  Itron, Inc. \* | 1028 | 101813 |
|  (Cost $182,267) |  | **256013** |
| **Materials — 10.9%** |  |  |
|  Ecolab, Inc. | 465 | 127949 |
|  Purecycle Technologies, Inc. \* (a) | 8821 | 77625 |
|  Reliance, Inc. | 466 | 130163 |
|  Ryerson Holding Corp. | 5576 | 127858 |
|  Worthington Steel, Inc. | 4161 | 140434 |
|  (Cost $526,840) |  | **604029** |
| **Utilities — 4.5%** |  |  |
|  Ormat Technologies, Inc. | 1221 | 137863 |
|  XPLR Infrastructure LP \* | 11774 | 112206 |
|  (Cost $271,537) |  | **250069** |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,302,550) |  | **5524808** |
| **EXCHANGE-TRADED FUNDS — 0.3%** |  |  |
|  Global X US Infrastructure Development ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $14,413) | 320 | **15533** |
| **SECURITIES LENDING COLLATERAL — 5.9%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $326,313) | 326313 | **326313** |
| **CASH EQUIVALENTS — 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,176) | 4176 | **4176** |
| **TOTAL INVESTMENTS — 105.9%** |  |  |
|  (Cost $4,647,452) |  | **5870830** |
|  **Other assets and liabilities, net — (5.9%)** |  | **(325548)** |
| **NET ASSETS — 100.0%** |  | **5545282** |

---

See Notes to Financial Statements.

DBX ETF Trust \| 19

------

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF (Continued)

November 30, 2025 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/2025** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | Income ($) | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **11/30/2025** | **Value ($) at**<br> **11/30/2025** |
|  SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% | SECURITIES LENDING COLLATERAL **—** 5.9% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (b)(c) |
| 410100 |  | (83787) (d) |  |  | 12781 |  | 326313 | 326313 |
|  CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) | DWS Government Money Market Series "Institutional Shares", 3.94% (b) |
| 1769 | 37806 | (35399) |  |  | 74 |  | 4176 | 4176 |
| 411869 | 37806 | (119186) |  |  | 12855 |  | 330489 | 330489 |

---

\* 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, 2025 amounted to $330,031, which is 6.0% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2025.

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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5524808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5524808 |
|  Exchange-Traded Funds | 15533 |  |  | 15533 |
|  Short-Term Investments (a) | 330489 |  |  | 330489 |
| TOTAL | $5870830 | $— | $— | $5870830 |

---

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

See Notes to Financial Statements.

20 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers US National Critical Technologies ETF

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.4%** |  |  |
| **Communication Services — 15.6%** |  |  |
|  Alphabet, Inc., Class A | 22240 | 7120803 |
|  AT&T, Inc. | 43266 | 1125781 |
|  Auto Trader Group PLC, 144A | 8232 | 69698 |
|  BCE, Inc. | 5766 | 136162 |
|  BT Group PLC | 33799 | 81036 |
|  CAR Group Ltd. | 3615 | 82430 |
|  Charter Communications, Inc., Class A \* | 576 | 115269 |
|  Comcast Corp., Class A | 21900 | 584511 |
|  Electronic Arts, Inc. | 1347 | 272134 |
|  Embracer Group AB, Class B \* | 7482 | 72696 |
|  Meta Platforms, Inc., Class A | 7979 | 5169993 |
|  Pinterest, Inc., Class A \* | 3639 | 95051 |
|  Quebecor, Inc., Class B | 2862 | 108112 |
|  Rightmove PLC | 9264 | 67340 |
|  ROBLOX Corp., Class A \* | 3561 | 338402 |
|  Rogers Communications, Inc., Class B | 2214 | 86762 |
|  Spark New Zealand Ltd. | 63367 | 82209 |
|  Take-Two Interactive Software, Inc. \* | 1030 | 253452 |
|  Telstra Group Ltd. | 67338 | 217269 |
|  TELUS Corp. | 9536 | 125455 |
|  T-Mobile US, Inc. | 2669 | 557848 |
|  TPG Telecom Ltd. | 25409 | 62487 |
|  Trade Desk, Inc., Class A \* | 2581 | 102104 |
|  Verizon Communications, Inc. | 25219 | 1036753 |
|  Warner Bros Discovery, Inc. \* | 14265 | 342360 |
|  (Cost $15,683,052) |  | **18306117** |
| **Consumer Discretionary — 5.4%** |  |  |
|  Amazon.com, Inc. \* | 26378 | 6151877 |
|  Expedia Group, Inc. | 700 | 178983 |
|  (Cost $5,634,484) |  | **6330860** |
| **Energy — 5.4%** |  |  |
|  Ampol Ltd. | 4134 | 83420 |
|  Chevron Corp. | 12278 | 1855574 |
|  Exxon Mobil Corp. | 25700 | 2979144 |
|  Imperial Oil Ltd. | 982 | 98408 |
|  Marathon Petroleum Corp. | 1858 | 359950 |
|  Phillips 66 | 2431 | 332950 |
|  Suncor Energy, Inc. | 7401 | 333617 |
|  Valero Energy Corp. | 1808 | 319582 |
|  (Cost $6,021,851) |  | **6362645** |
| **Financials — 0.5%** |  |  |
|  Block, Inc. \* | 3125 | 208750 |
|  Fidelity National Information Services, Inc. | 3166 | 208228 |
|  Global Payments, Inc. | 1433 | 108564 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Wise PLC, Class A \* | 6836 | 79980 |
|  (Cost $688,902) |  | **605522** |
| **Health Care — 17.0%** |  |  |
|  Abbott Laboratories | 10469 | 1349454 |
|  AbbVie, Inc. | 10621 | 2418402 |
|  Agilent Technologies, Inc. | 1677 | 257420 |
|  Alnylam Pharmaceuticals, Inc. \* | 743 | 335264 |
|  Amgen, Inc. | 3244 | 1120672 |
|  Astellas Pharma, Inc. | 9700 | 122392 |
|  Biogen, Inc. \* | 915 | 166612 |
|  Boston Scientific Corp. \* | 8927 | 906805 |
|  Bristol-Myers Squibb Co. | 12345 | 607374 |
|  CSL Ltd. | 2925 | 357364 |
|  Danaher Corp. | 3880 | 879906 |
|  Dexcom, Inc. \* | 2279 | 144648 |
|  GE HealthCare Technologies, Inc. | 2679 | 214293 |
|  Gilead Sciences, Inc. | 7520 | 946317 |
|  GSK PLC | 23688 | 562134 |
|  Haleon PLC | 52693 | 258956 |
|  Hikma Pharmaceuticals PLC | 3727 | 76741 |
|  ICON PLC \* | 496 | 91760 |
|  IDEXX Laboratories, Inc. \* | 487 | 366653 |
|  Intuitive Surgical, Inc. \* | 2125 | 1218645 |
|  IQVIA Holdings, Inc. \* | 993 | 228400 |
|  Labcorp Holdings, Inc. | 495 | 133046 |
|  Medtronic PLC | 7744 | 815676 |
|  Mettler-Toledo International, Inc. \* | 121 | 178683 |
|  Novo Nordisk A/S, Class B | 19276 | 949498 |
|  Ono Pharmaceutical Co. Ltd. | 7000 | 98709 |
|  Pfizer, Inc. | 34261 | 881878 |
|  Pro Medicus Ltd. | 468 | 81805 |
|  Quest Diagnostics, Inc. | 691 | 130723 |
|  Regeneron Pharmaceuticals, Inc. | 608 | 474356 |
|  ResMed, Inc. | 868 | 222060 |
|  Royalty Pharma PLC, Class A | 2245 | 89845 |
|  Takeda Pharmaceutical Co. Ltd. | 9200 | 265653 |
|  Teva Pharmaceutical Industries Ltd. \* | 7025 | 184213 |
|  Thermo Fisher Scientific, Inc. | 2277 | 1345320 |
|  Veeva Systems, Inc., Class A \* | 887 | 213137 |
|  Vertex Pharmaceuticals, Inc. \* | 1554 | 673830 |
|  Waters Corp. \* | 346 | 139583 |
|  Zoetis, Inc. | 2712 | 347624 |
|  (Cost $18,769,917) |  | **19855851** |
| **Industrials — 13.0%** |  |  |
|  AMETEK, Inc. | 1375 | 272099 |
|  Atlas Arteria Ltd. (a) | 27306 | 89178 |
|  Auckland International Airport Ltd. | 17994 | 82636 |
|  Automatic Data Processing, Inc. | 2460 | 628038 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 21

------

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  BAE Systems PLC | 17660 | 386209 |
|  Boeing Co. \* | 4568 | 863352 |
|  Broadridge Financial Solutions, Inc. | 720 | 164225 |
|  CAE, Inc. \* | 2882 | 79035 |
|  Carrier Global Corp. | 4817 | 264357 |
|  Dover Corp. | 856 | 158600 |
|  Eaton Corp. PLC | 2334 | 807307 |
|  Emerson Electric Co. | 3361 | 448290 |
|  Expeditors International of Washington, Inc. | 784 | 115170 |
|  Experian PLC | 5512 | 242692 |
|  Ferrovial SE | 2818 | 184649 |
|  Fortive Corp. | 1997 | 106800 |
|  GE Vernova, Inc. | 1646 | 987221 |
|  General Dynamics Corp. | 1625 | 555149 |
|  Honeywell International, Inc. | 3836 | 737241 |
|  Howmet Aerospace, Inc. | 2433 | 497767 |
|  Illinois Tool Works, Inc. | 1789 | 445962 |
|  Ingersoll Rand, Inc. | 2389 | 191932 |
|  Johnson Controls International PLC | 3934 | 457564 |
|  L3Harris Technologies, Inc. | 1121 | 312411 |
|  Leidos Holdings, Inc. | 751 | 143516 |
|  Lockheed Martin Corp. | 1391 | 636883 |
|  Mainfreight Ltd. | 2513 | 96942 |
|  Melrose Industries PLC | 10138 | 79925 |
|  Northrop Grumman Corp. | 851 | 486985 |
|  PACCAR, Inc. | 3089 | 325642 |
|  Parker-Hannifin Corp. | 757 | 652307 |
|  Rockwell Automation, Inc. | 666 | 263643 |
|  Rolls-Royce Holdings PLC | 49160 | 695664 |
|  RTX Corp. | 8107 | 1417995 |
|  Smiths Group PLC | 2453 | 79436 |
|  SS&C Technologies Holdings, Inc. | 1277 | 109745 |
|  Thomson Reuters Corp. | 831 | 112992 |
|  TransDigm Group, Inc. | 336 | 457017 |
|  Transurban Group (a) | 19198 | 187969 |
|  Vertiv Holdings Co., Class A | 2281 | 409964 |
|  (Cost $12,920,985) |  | **15234509** |
| **Information Technology — 34.6%** |  |  |
|  Adobe, Inc. \* | 2516 | 805447 |
|  Amdocs Ltd. | 982 | 75103 |
|  Analog Devices, Inc. | 2943 | 780896 |
|  Applied Materials, Inc. | 4778 | 1205250 |
|  AppLovin Corp., Class A \* | 1349 | 808698 |
|  Arista Networks, Inc. \* | 6240 | 815443 |
|  Atlassian Corp., Class A \* | 1015 | 151763 |
|  Autodesk, Inc. \* | 1269 | 384938 |
|  Cadence Design Systems, Inc. \* | 1628 | 507675 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Capgemini SE | 1062 | 166142 |
|  Celestica, Inc. \* | 688 | 236947 |
|  Cellebrite DI Ltd. \* | 4680 | 78905 |
|  CGI, Inc. | 1133 | 101162 |
|  Check Point Software Technologies Ltd. \* | 494 | 92264 |
|  Circle Internet Group, Inc. \* | 1278 | 102151 |
|  Cisco Systems, Inc. | 23738 | 1826402 |
|  Cloudflare, Inc., Class A \* | 1867 | 373792 |
|  Cognizant Technology Solutions Corp., Class A | 2918 | 226758 |
|  Constellation Software, Inc. | 121 | 293571 |
|  CoreWeave, Inc., Class A \* | 1706 | 124743 |
|  Corning, Inc. | 4723 | 397677 |
|  Crowdstrike Holdings, Inc., Class A \* | 1466 | 746429 |
|  CyberArk Software Ltd. \* | 303 | 138953 |
|  Datadog, Inc., Class A \* | 1885 | 301619 |
|  Dell Technologies, Inc., Class C | 1822 | 242964 |
|  Fair Isaac Corp. \* | 142 | 256428 |
|  Fortinet, Inc. \* | 3806 | 308781 |
|  Gen Digital, Inc. | 3222 | 84964 |
|  GLOBALFOUNDRIES, Inc. \* | 2460 | 88166 |
|  Halma PLC | 2240 | 105661 |
|  Hewlett Packard Enterprise Co. | 8031 | 175638 |
|  HubSpot, Inc. \* | 295 | 108359 |
|  International Business Machines Corp. | 5637 | 1739465 |
|  Intuit, Inc. | 1646 | 1043696 |
|  Keysight Technologies, Inc. \* | 1061 | 210025 |
|  KLA Corp. | 796 | 935674 |
|  Lam Research Corp. | 7554 | 1178424 |
|  Microchip Technology, Inc. | 3250 | 174135 |
|  Microsoft Corp. | 11263 | 5541509 |
|  Monday.com Ltd. \* | 437 | 62867 |
|  MongoDB, Inc. \* | 484 | 160867 |
|  Motorola Solutions, Inc. | 1012 | 374116 |
|  Nice Ltd., ADR \* | 97 | 10289 |
|  Nice Ltd. \* | 539 | 56208 |
|  NVIDIA Corp. | 31277 | 5536029 |
|  Open Text Corp. | 2179 | 73542 |
|  Oracle Corp. | 10141 | 2047975 |
|  Palantir Technologies, Inc., Class A \* | 13120 | 2210064 |
|  Palo Alto Networks, Inc. \* | 4057 | 771357 |
|  Roper Technologies, Inc. | 657 | 293167 |
|  Sage Group PLC | 5310 | 75599 |
|  Salesforce, Inc. | 5589 | 1288488 |
|  ServiceNow, Inc. \* | 1253 | 1017950 |
|  Shopify, Inc., Class A \* | 7344 | 1175946 |
|  Snowflake, Inc. \* | 1979 | 497204 |
|  Strategy, Inc. \* | 1588 | 281362 |
|  Synopsys, Inc. \* | 1118 | 467335 |

---

See Notes to Financial Statements.

22 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Technology One Ltd. | 3258 | 64312 |
|  Trimble, Inc. \* | 1426 | 116105 |
|  VeriSign, Inc. | 553 | 139350 |
|  WiseTech Global Ltd. | 1550 | 74224 |
|  Wix.com Ltd. \* | 640 | 61254 |
|  Workday, Inc., Class A \* | 1321 | 284834 |
|  Xero Ltd. \* | 1007 | 80733 |
|  Zoom Communications, Inc. \* | 1645 | 139759 |
|  Zscaler, Inc. \* | 591 | 148636 |
|  (Cost $35,095,293) |  | **40446189** |
| **Materials — 2.2%** |  |  |
|  Air Products and Chemicals, Inc. | 1334 | 348241 |
|  Antofagasta PLC | 2366 | 86462 |
|  BHP Group Ltd. | 28989 | 792188 |
|  Croda International PLC | 2074 | 74802 |
|  Dow, Inc. | 4523 | 107873 |
|  First Quantum Minerals Ltd. \* | 4088 | 93370 |
|  Freeport-McMoRan, Inc. | 8585 | 368983 |
|  Lundin Mining Corp. | 5606 | 104998 |
|  Lynas Rare Earths Ltd. \* | 7167 | 68011 |
|  Northern Star Resources Ltd. | 8594 | 153072 |
|  Orica Ltd. | 5787 | 90475 |
|  Solstice Advanced Materials, Inc. \* | 967 | 46107 |
|  South32 Ltd. | 43223 | 91273 |
|  Teck Resources Ltd., Class B | 2805 | 119701 |
|  (Cost $2,344,294) |  | **2545556** |
| **Real Estate — 0.2%** |  |  |
|  CoStar Group, Inc. \* |  |  |
|  (Cost $200,267) | 2529 | **173995** |
| **Utilities — 5.5%** |  |  |
|  American Electric Power Co., Inc. | 3259 | 403367 |
|  Constellation Energy Corp. | 1896 | 690827 |
|  Dominion Energy, Inc. | 5109 | 320692 |
|  Edison International | 2217 | 130559 |
|  Emera, Inc. | 1757 | 85477 |
|  Energix-Renewable Energies Ltd. | 17874 | 78071 |
|  Entergy Corp. | 2694 | 262719 |
|  Exelon Corp. | 6042 | 284699 |
|  FirstEnergy Corp. | 3338 | 159289 |
|  Fortis, Inc. | 1182 | 62116 |
|  Hydro One Ltd., 144A | 2328 | 91413 |
|  Iberdrola SA | 39886 | 841779 |
|  Mercury NZ Ltd. | 22136 | 80818 |
|  Meridian Energy Ltd. | 25391 | 82061 |
|  National Grid PLC | 28863 | 438462 |
|  NextEra Energy, Inc. | 12585 | 1085960 |
|  PPL Corp. | 4587 | 169260 |
|  Southern Co. | 6682 | 608864 |
|  SSE PLC | 6642 | 193438 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Vistra Corp. | 1997 | 357183 |
|  (Cost $5,244,178) |  | **6427054** |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $102,603,223) |  | **116288298** |
| **EXCHANGE-TRADED FUNDS — 0.1%** |  |  |
|  Xtrackers Artificial Intelligence And Big Data ETF (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $153,644) | 4475 | **188342** |
| **CASH EQUIVALENTS — 0.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $233,392) | 233392 | **233392** |
| **TOTAL INVESTMENTS — 99.7%** |  |  |
|  (Cost $102,990,259) |  | **116710032** |
|  **Other assets and liabilities, net — 0.3%** |  | **311685** |
| **NET ASSETS — 100.0%** |  | **117021717** |

---

See Notes to Financial Statements.

DBX ETF Trust \| 23

------

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2025 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/2025** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | Income ($) | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **11/30/2025** | **Value ($) at**<br> **11/30/2025** |
|  EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% |
|  Xtrackers Artificial Intelligence And Big Data ETF (b) | Xtrackers Artificial Intelligence And Big Data ETF (b) | Xtrackers Artificial Intelligence And Big Data ETF (b) | Xtrackers Artificial Intelligence And Big Data ETF (b) | Xtrackers Artificial Intelligence And Big Data ETF (b) | Xtrackers Artificial Intelligence And Big Data ETF (b) | Xtrackers Artificial Intelligence And Big Data ETF (b) | Xtrackers Artificial Intelligence And Big Data ETF (b) | Xtrackers Artificial Intelligence And Big Data ETF (b) |
| 129944 | 83580 | (58910) | 5300 | 28428 | 401 |  | 4475 | 188342 |
|  SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.91% (c)(d) |
|  |  |  |  |  | 2031 |  |  |  |
|  CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% |
|  DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) | DWS Government Money Market Series "Institutional Shares", 3.94% (c) |
| 123604 | 1712014 | (1602226) |  |  | 2770 |  | 233392 | 233392 |
| 253548 | 1795594 | (1661136) | 5300 | 28428 | 5202 |  | 237867 | 421734 |

---

\* Non-income producing security.

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

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

ADR: American Depositary Receipt

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

At November 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | **Number of**<br> **Contracts** | **Notional**<br> **Amount ($)** | **Contract Value**<br> **($)** | **Expiration**<br> **Date** | **Unrealized** <br> **Appreciation ($)**  |
|  Micro E-mini NASDAQ 100 Index | USD | 10 | 495371 | 509640 | 12/19/2025 | 14269 |

---

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

#### Currency Abbreviations
USD U.S. Dollar

See Notes to Financial Statements.

24 \|DBX ETF Trust

------

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2025 (Unaudited)

#### 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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116288298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116288298 |
|  Exchange-Traded Funds | 188342 |  |  | 188342 |
|  Short-Term Investments (a) | 233392 |  |  | 233392 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 14269 |  |  | 14269 |
| TOTAL | $116724301 | $— | $— | $116724301 |

---

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

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

See Notes to Financial Statements.

DBX ETF Trust \| 25

------

Statements of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers<br>Artificial<br>Intelligence<br>and Big Data<br>ETF** | **Xtrackers<br>Cybersecurity<br>Select Equity<br>ETF** | **Xtrackers<br>International<br>Real Estate ETF** | **Xtrackers<br>Semiconductor<br>Select Equity<br>ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $85411493 | $7725729 | $923729486 | $15572343 |
|  Investment in DWS Government Money Market Series | 311224 | 15760 | 3553249 | 8740 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  | 4200 | 54685958 |  |
|  Foreign currency at value | 34496 | 5347 | 1915005 | 31422 |
|  Deposit with broker for futures contracts | 27727 | 2462 | 511803 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  |  |  | 20401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  |  | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 28292 | 12648 | 206292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 43028 | 2496 | 2259381 | 7442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 963 | 43 | 9230 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 282 | 25 | 42913 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 2994 | 1932 | 519819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $85860499 | $7770642 | $987433136 | $15641298 |
|  **Liabilities** |  |  |  |  |
|  Due to custodian | $— | $— | $— | $500 |
|  Payable upon return of securities loaned |  | 4200 | 54685958 |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  |  |  | 44235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 24778 | 1300 | 74738 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign tax |  |  | 406790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 24778 | 5500 | 55167486 | 46446 |
|  **Net Assets, at value** | $**85835721** | $**7765142** | $**932265650** | $**15594852** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $72840129 | $6803784 | $970228028 | $11296741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 12995592 | 961358 | (37962378) | 4298111 |
|  **Net Assets, at value** | $**85835721** | $**7765142** | $**932265650** | $**15594852** |
|  Number of Common Shares outstanding | 2040001 | 225001 | 39500001 | 345001 |
|  **Net Asset Value** | $42.08 | $34.51 | $23.60 | $45.20 |
|  Investment in non-affiliated securities at cost | $72633182 | $6899606 | $872947362 | $11616688 |
|  Value of securities loaned | $— | $3964 | $51467210 | $— |
|  Investment in DWS Government Money Market Series at cost | $311224 | $15760 | $3553249 | $8740 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $4200 | $54685958 | $— |
|  Foreign currency at cost | $34816 | $5342 | $1906808 | $31420 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

26 \|DBX ETF Trust

------

Statements of Assets and Liabilities (Continued)

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Xtrackers<br>US Green<br>Infrastructure<br>Select Equity<br>ETF | Xtrackers<br>US National<br>Critical<br>Technologies<br>ETF |
|  **Assets** |  |  |
|  Investment in non-affiliated securities at value | $5540341 | $116288298 |
|  Investment in affiliated securities at value |  | 188342 |
|  Investment in DWS Government Money Market Series | 4176 | 233392 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 326313 |  |
|  Foreign currency at value |  | 82340 |
|  Deposit with broker for futures contracts |  | 36811 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 37298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1405 | 182839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 11 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 940 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim |  | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5873186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117054919 |
|  **Liabilities** |  |  |
|  Payable upon return of securities loaned | $326313 | $— |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1591 | 33202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 327904 | 33202 |
|  **Net Assets, at value** | $5545282 | $117021717 |
|  **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $6012969 | $96958938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (467687) | 20062779 |
|  **Net Assets, at value** | $5545282 | $117021717 |
|  Number of Common Shares outstanding | 225001 | 3200001 |
|  **Net Asset Value** | $24.65 | $36.57 |
|  Investment in non-affiliated securities at cost | $4316963 | $102603223 |
|  Investment in affiliated securities at cost | $— | $153644 |
|  Value of securities loaned | $330031 | $— |
|  Investment in DWS Government Money Market Series at cost | $4176 | $233392 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $326313 | $— |
|  Foreign currency at cost | $— | $81637 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust \| 27

------

Statements of Operations

For the Six Months Ended November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers<br>Artificial<br>Intelligence<br> and Big Data <br>ETF** | **Xtrackers<br> Cybersecurity <br>Select Equity<br>ETF** | **Xtrackers<br>International<br>Real Estate ETF** | **Xtrackers<br>Semiconductor<br>Select Equity<br>ETF** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $330809 | $19220 | $13685332 | $50621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 424 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 4050 | 269 | 43317 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 282 | 140 | 298875 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 335565 | 19629 | 14027524 | 50766 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 124433 | 8097 | 442347 | 7383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 122 | 58 | 1150 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 124555 | 8155 | 443497 | 7441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (123) | (8) | (1389) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 124432 | 8147 | 442108 | 7437 |
|  Net investment income (loss) | 211133 | 11482 | 13585416 | 43329 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\* | (471054) | (19879) | (10344267) | (93020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 7307 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 674468 | 221903 |  | 548120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 43897 | 16923 | 796652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2717) | 1158 | 71141 | 1777 |
|  Net realized gain (loss) | 251901 | 220105 | (9476474) | 456877 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\*\* | 10916796 | (265649) | 61851457 | 3379249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (7383) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3196) | (5275) | (162878) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (2132) | (3894) | (144472) | (104) |
|  Net change in unrealized appreciation (depreciation) | 10904085 | (274818) | 61544107 | 3379145 |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 11155986 | (54713) | 52067633 | 3836022 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $11367119 | $(43231) | $65653049 | $3879351 |
|  \* Unaffiliated foreign tax withheld | $11374 | $2108 | $1495464 | $5676 |
|  \*\* Including foreign taxes | $— | $— | $53 | $— |
|  \*\*\* Including change in deferred foreign taxes | $— | $— | $187208 | $— |

---

See Notes to Financial Statements.

28 \|DBX ETF Trust

------

Statements of Operations (Continued)

For the Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Xtrackers<br>US Green<br> Infrastructure <br>Select Equity<br>ETF** | **Xtrackers<br>US National<br>Critical<br> Technologies <br>ETF** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $10330 | $834749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income |  | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 74 | 2770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 12781 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 23185 | 839951 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 8492 | 206539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8550 | 206597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (3) | (402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8547 | 206195 |
|  Net investment income (loss) | 14638 | 633756 |
|  **Realized and Unrealized Gain (Loss)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (256216) | 32162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  | 5300 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 570020 | 7753436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 53742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 2279 |
|  Net realized gain (loss) | 313804 | 7846919 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1401989 | 7631670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  | 28428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (10483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | (1719) |
|  Net change in unrealized appreciation (depreciation) | 1401989 | 7647896 |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 1715793 | 15494815 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1730431 | $16128571 |
| \* Unaffiliated foreign tax withheld | $— | $10575 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 29

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers Artificial Intelligence** | **Xtrackers Artificial Intelligence** | **Xtrackers Cybersecurity Select** | **Xtrackers Cybersecurity Select** |
|  | **and Big Data ETF** | **and Big Data ETF** | **Equity ETF** | **Equity ETF** |
|  | **For the Six<br>Months Ended<br>November 30,<br>2025<br>(Unaudited)** | **For the Period<br>August 2, 2024<sup>(1)</sup>to<br>May 31, 2025** | **For the Six<br>Months Ended<br>November 30,<br>2025<br>(Unaudited)** | **Year Ended<br>May 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $211133 | $156138 | $11482 | $16963 |
|  Net realized gain (loss) | 251901 | (221475) | 220105 | 717567 |
|  Net change in net unrealized appreciation (depreciation) | 10904085 | 1885757 | (274818) | 791773 |
|  Net increase (decrease) in net assets resulting from operations | 11367119 | 1820420 | (43231) | 1526303 |
|  **Distributions to Shareholders** | (147656) | (19894) | (14364) | (90861) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 35226653 | 41030578 | 363129 | 2443179 |
|  Value of shares redeemed | (3094855) | (346674) | (355716) | (1718684) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 32131798 | 40683904 | 7413 | 724495 |
|  Total net increase (decrease) in Net Assets | 43351261 | 42484430 | (50182) | 2159937 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 42484460 | 30 | 7815324 | 5655387 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85835721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42484460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7765142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7815324 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 1210001 | 1 | 225001 | 200001 |
|  Shares sold | 910000 | 1220000 | 10000 | 75000 |
|  Shares redeemed | (80000) | (10000) | (10000) | (50000) |
|  Shares outstanding, end of period | 2040001 | 1210001 | 225001 | 225001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

30 \|DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers International Real** | **Xtrackers International Real** | **Xtrackers Semiconductor Select** | **Xtrackers Semiconductor Select** |
|  | **Estate ETF** | **Estate ETF** | **Equity ETF** | **Equity ETF** |
|  | **For the Six<br>Months Ended<br>November 30,<br>2025<br>(Unaudited)** | **Year Ended<br>May 31, 2025** | **For the Six<br>Months Ended<br>November 30,<br>2025<br>(Unaudited)** | **Year Ended<br>May 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $13585416 | $26934438 | $43329 | $74395 |
|  Net realized gain (loss) | (9476474) | (22234989) | 456877 | 377536 |
|  Net change in net unrealized appreciation (depreciation) | 61544107 | 71388200 | 3379145 | (1213075) |
|  Net increase (decrease) in net assets resulting from operations | 65653049 | 76087649 | 3879351 | (761144) |
|  **Distributions to Shareholders** | (17175240) | (30376054) | (44273) | (122553) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 59100027 | 84681908 | 5707381 | 2133240 |
|  Value of shares redeemed |  | (7420764) | (923386) | (1936867) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 59100027 | 77261144 | 4783995 | 196373 |
|  Total net increase (decrease) in Net Assets | 107577836 | 122972739 | 8619073 | (687324) |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 824687814 | 701715075 | 6975779 | 7663103 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932265650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824687814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15594852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6975779 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 36950001 | 33200001 | 235001 | 225001 |
|  Shares sold | 2550000 | 4100000 | 130000 | 70000 |
|  Shares redeemed |  | (350000) | (20000) | (60000) |
|  Shares outstanding, end of period | 39500001 | 36950001 | 345001 | 235001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 31

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Xtrackers US Green | Xtrackers US Green | Xtrackers US National Critical | Xtrackers US National Critical |
|  | Infrastructure Select Equity ETF | Infrastructure Select Equity ETF | Technologies ETF | Technologies ETF |
|  | For the Six<br>Months Ended<br>November 30,<br>2025<br>(Unaudited) | Year Ended<br>May 31, 2025 | For the Six<br>Months Ended<br>November 30,<br>2025<br>(Unaudited) | Year Ended<br>May 31, 2025 |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $14638 | $47493 | $633756 | $909272 |
|  Net realized gain (loss) | 313804 | (935221) | 7846919 | (508838) |
|  Net change in net unrealized appreciation (depreciation) | 1401989 | 224229 | 7647896 | 4407388 |
|  Net increase (decrease) in net assets resulting from operations | 1730431 | (663499) | 16128571 | 4807822 |
|  **Distributions to Shareholders** | (12355) | (40957) | (678687) | (722401) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 645345 | 916153 | 13853548 | 68827582 |
|  Value of shares redeemed | (647150) | (906363) | (24406271) | (4764954) |
| Net increase (decrease) in net assets resulting from fund share transactions | (1805) | 9790 | (10552723) | 64062628 |
|  Total net increase (decrease) in Net Assets | 1716271 | (694666) | 4897161 | 68148049 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 3829011 | 4523677 | 112124556 | 43976507 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117021717 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112124556 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 225001 | 225001 | 3500001 | 1500001 |
|  Shares sold | 25000 | 50000 | 390000 | 2150000 |
|  Shares redeemed | (25000) | (50000) | (690000) | (150000) |
|  Shares outstanding, end of period | 225001 | 225001 | 3200001 | 3500001 |

---

See Notes to Financial Statements.

32 \|DBX ETF Trust

------

Financial Highlights

Xtrackers Artificial Intelligence and Big Data ETF

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months<br>Ended<br>11/30/2025<br>(Unaudited)** | **Period Ended<br>5/31/2025(a)** |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $35.11 | $30.00 |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.12 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.96 | 4.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 7.08 | 5.14 |
|  Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.11) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.11) | (0.03) |
|  Net Asset Value, end of period | $42.08 | $35.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 20.20 | 17.13 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($ millions) | 86 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.59 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 12 | 11 |

---

(a) For the period August 2, 2024 (commencement of operations) through May 31, 2025. (b) Based on average shares outstanding during the period.

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| 33

------

Financial Highlights (Continued)

Xtrackers Cybersecurity Select Equity ETF

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six<br>Months<br>Ended<br>11/30/2025<br>(Unaudited)** | **Year Ended<br>5/31/2025** | **Period Ended<br>5/31/2024(a)** |
|  **Selected Per Share Data** |  |  |  |
|  Net Asset Value, beginning of period | $34.73 | $28.28 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.05 | 0.08 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.21) | 6.82 | 3.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.16) | 6.90 | 3.48 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.06) | (0.07) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (0.38) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.06) | (0.45) | (0.20) |
|  Net Asset Value, end of period | $34.51 | $34.73 | $28.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return (%)(c) | (0.47) | 24.47 | 13.87 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | 8 | 8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.28 | 0.26 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 12 | 49 | 41 |

---

(a) For the period July 13, 2023 (commencement of operations) through May 31, 2024. (b) Based on average shares outstanding during the period.

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

34 \|DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers International Real Estate ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **Months** | | | | | |
|  | **Ended** | | | | | |
|  | **11/30/2025** |  |  |  |  |  |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $22.32 | $21.14 | $20.14 | $24.67 | $29.15 | $22.85 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.36 | 0.77 | 0.80 | 0.80 | 0.92 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.38 | 1.30 | 0.97 | (4.91) | (4.05) | 6.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.74 | 2.07 | 1.77 | (4.11) | (3.13) | 7.20 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.46) | (0.89) | (0.77) | (0.42) | (1.35) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.46) | (0.89) | (0.77) | (0.42) | (1.35) | (0.90) |
|  Net Asset Value, end of period | $23.60 | $22.32 | $21.14 | $20.14 | $24.67 | $29.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return (%)(b) | 7.94 | 10.39 | 8.91 | (16.76) | (11.26) | 32.15 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 932 | 825 | 702 | 560 | 559 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.10 | 0.10 | 0.12 | 0.12 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 3.07 | 3.64 | 3.86 | 3.70 | 3.38 | 3.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 5 | 8 | 15 | 8 | 17 | 9 |

---

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| 35

------

Financial Highlights (Continued)

Xtrackers Semiconductor Select Equity ETF

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six<br>Months<br>Ended<br>11/30/2025<br>(Unaudited)** | **Year Ended<br>5/31/2025** | **Period Ended<br>5/31/2024(a)** |
|  **Selected Per Share Data** |  |  |  |
|  Net Asset Value, beginning of period | $29.68 | $34.06 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.17 | 0.32 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 15.53 | (4.17) | 8.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 15.70 | (3.85) | 9.22 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.31) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (0.22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.18) | (0.53) | (0.16) |
|  Net Asset Value, end of period | $45.20 | $29.68 | $34.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return (%)(c) | 53.05 | (11.35) | 36.98 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | 16 | 7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.15 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.88 | 1.03 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 11 | 19 | 18 |

---

(a) For the period July 13, 2023 (commencement of operations) through May 31, 2024. (b) Based on average shares outstanding during the period.

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

36 \|DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers US Green Infrastructure Select Equity ETF

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six<br>Months<br>Ended<br>11/30/2025<br>(Unaudited)** | **Year Ended<br>5/31/2025** | **Period Ended<br>5/31/2024(a)** |
|  **Selected Per Share Data** |  |  |  |
|  Net Asset Value, beginning of period | $17.02 | $20.11 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.06 | 0.21 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7.62 | (3.12) | (4.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 7.68 | (2.91) | (4.78) |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.05) | (0.18) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.05) | (0.18) | (0.11) |
|  Net Asset Value, end of period | $24.65 | $17.02 | $20.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return (%) | 45.28 | (14.51)(c) | (19.15) |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | 6 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.35 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.35 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.60 | 1.17 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 30 | 60 | 55 |

---

(a) For the period July 13, 2023 (commencement of operations) through May 31, 2024. (b) Based on average shares outstanding during the period.

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| 37

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Financial Highlights (Continued)

Xtrackers US National Critical Technologies ETF

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six<br>Months<br>Ended<br>11/30/2025<br>(Unaudited)** | **Year Ended<br>5/31/2025** | **Period Ended<br>5/31/2024(a)** |
|  **Selected Per Share Data** |  |  |  |
|  Net Asset Value, beginning of period | $32.04 | $29.32 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.19 | 0.40 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.54 | 2.68 | 4.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.73 | 3.08 | 4.42 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.20) | (0.35) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.20) | (0.36) | (0.10) |
|  Net Asset Value, end of period | $36.57 | $32.04 | $29.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return (%)(c) | 14.82 | 10.54 | 17.70 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | 117 | 112 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.35 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.35 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.07 | 1.31 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 4 | 29 | 6 |

---

(a) For the period November 16, 2023 (commencement of operations) through May 31, 2024. (b) Based on average shares outstanding during the period.

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

38 \|DBX ETF Trust

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Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2025, the Trust consists of forty-two investment series of exchange-traded funds ("ETFs") (each a "Fund" and collectively, the "Funds") in operation and trading. These financial statements report on the Funds listed below:

Xtrackers Artificial Intelligence and Big Data ETF

Xtrackers Cybersecurity Select Equity ETF

Xtrackers International Real Estate ETF

Xtrackers Semiconductor Select Equity ETF

Xtrackers US Green Infrastructure Select Equity ETF

Xtrackers US National Critical Technologies ETF

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

Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US Green Infrastructure Select Equity ETF offer shares that are listed and traded on the Nasdaq Stock Market ("NASDAQ"). Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF offer shares that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large specified lots consisting of 10,000 shares, except for Xtrackers International Real Estate ETF which lots consist of 50,000 shares and Xtrackers US Green Infrastructure Select Equity ETF which lots consist of 25,000 shares each called a "Creation Unit", to authorized participants who have entered into agreements with the Fund's distributor. Shares are not individually redeemable securities of the Fund, and owners of the shares may acquire those shares from the Fund, or tender such shares for redemption to the Fund, in Creation Units only.

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

---

| | |
|:---|:---|
| Fund | Underlying Index |
|  Xtrackers Artificial Intelligence and Big Data ETF | Nasdaq Global Artificial Intelligence and Big Data Index |
|  Xtrackers Cybersecurity Select Equity ETF | Solactive Cyber Security ESG Screened Index |
|  Xtrackers International Real Estate ETF | iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index |
|  Xtrackers Semiconductor Select Equity ETF | Solactive Semiconductor ESG Screened Index |
|  Xtrackers US Green Infrastructure Select Equity ETF | Solactive United States Green Infrastructure ESG Screened Index |
|  Xtrackers US National Critical Technologies ETF | Solactive Whitney U.S. Critical Technologies Index |

---

Nasdaq Global Artificial Intelligence and Big Data Index is comprised of a selection of companies engaged in the sub-themes of deep learning, image recognition, natural language processing (NLP), speech recognition & chatbots, big data, cloud computing and cybersecurity. The Underlying Index is rebalanced semi-annually.

The Solactive Cyber Security ESG Screened Index is comprised of companies that have business operations in the field of cybersecurity and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. The Underlying Index is rebalanced quarterly.

The Solactive Semiconductor ESG Screened Index is comprised of companies that have business operations in the semiconductor industry and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly. The Solactive United States Green Infrastructure ESG Screened Index which is comprised of companies that have business exposure in the production, generation, or distribution of green energy or are engaged in the establishment of a sustainable infrastructure to enable the use of renewable energy and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

DBX ETF Trust \| 39

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Solactive Whitney U.S. Critical Technologies Index is a market-capitalization weighted index, subject to caps on the weighting of individual companies, that is designed to track companies that support critical emerging technologies across the U.S. and its allies by selecting companies from a defined investment universe that satisfy key criteria related to their association with critical technology sectors and their geopolitical risk rating. The Underlying Index is rebalanced on the last Thursday of the months of January, April, July and October.

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

Xtrackers International Real Estate ETF is a diversified series of the Trust. Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund's investment portfolio. This may adversely affect the Fund's performance or subject the Fund's shares to greater price volatility than that experienced by more diversified investment companies.

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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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.

Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

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

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

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 \|DBX ETF Trust

------

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.

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

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

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

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

**Investment Transactions and Investment Income** Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

DBX ETF Trust \| 41

------

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2025 (or since the Fund's inception if the Fund commenced operations less than four years prior to May 31, 2025), remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2025, the Funds did not incur any interest or penalties.

At May 31, 2025, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Amount |
|  Xtrackers Artificial Intelligence and Big Data ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153942 | $— | $153942 |
|  Xtrackers International Real Estate ETF | 5917135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32541604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38458739 |
|  Xtrackers US Green Infrastructure Select Equity ETF | 1170453 | 677466 | 1847919 |
|  Xtrackers US National Critical Technologies ETF | 331702 | 171389 | 503091 |

---

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, 2025, the following Fund incurred and will elect to defer post-October capital losses.

---

| | |
|:---|:---|
|  | Post-October<br>Losses on Capital |
|  Xtrackers Semiconductor Select Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95911 |

---

As of May 31, 2025, 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<br>Appreciation<br>(Depreciation) | Aggregate Gross <br>Unrealized<br>Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Gross <br>Unrealized<br>(Depreciation) |
|  Xtrackers Artificial Intelligence and Big Data ETF | $40570039 | $1792150 | $3555865 | $(1763715) |
|  Xtrackers Cybersecurity Select Equity ETF | 7203901 | 1007305 | 1422112 | (414807) |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969249781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64269568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70057667 | (134327235) |
|  Xtrackers Semiconductor Select Equity ETF | 6424733 | 542897 | 1053121 | (510224) |
|  Xtrackers US Green Infrastructure Select Equity ETF | 4576113 | (337844) | 583311 | (921155) |
|  Xtrackers US National Critical Technologies ETF | 107063651 | 4801995 | 9802038 | (5000043) |

---

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

**Foreign Taxes** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2025, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 \|DBX ETF Trust

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realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Securities Lending** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, for Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Deutsche Bank AG serves as securities lending agent for Xtrackers Artificial Intelligence and Big Data ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2025, 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 (0.14% annualized effective rate as of November 30, 2025) 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, 2025, the Funds listed below had securities on loan. The value of the related collateral for Xtrackers Cybersecurity Select Equity ETF and Xtrackers International Real Estate ETF exceeded the value of the securities loaned at period end. The value of the related collateral for Xtrackers US Green Infrastructure Select Equity ETF was less than the value of securities on loan due to the increased market value of securities on loan as of at period end. On the next business day, additional collateral was received, and the value of collateral exceeded the value of the securities on loan.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Remaining Contractual Maturity of the Agreements, as of November 30, 2025 | Remaining Contractual Maturity of the Agreements, as of November 30, 2025 | Remaining Contractual Maturity of the Agreements, as of November 30, 2025 | Remaining Contractual Maturity of the Agreements, as of November 30, 2025 | Remaining Contractual Maturity of the Agreements, as of November 30, 2025 | Remaining Contractual Maturity of the Agreements, as of November 30, 2025 |
| Securities Lending Transactions | Overnight<br>and<br>Continuous | <30 Days | Between<br>30 & 90<br>Days | >90 Days | Total |
| Xtrackers Cybersecurity Select Equity ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $4.200 | $— | $— | $— | $4.200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |  |  | $4200 |
| Xtrackers International Real Estate ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $54685958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $54685958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |  |  | $54685958 |
| Xtrackers US Green Infrastructure Select Equity ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $326313 | $— | $— | $— | $326313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |  |  | $326313 |

---

As of November 30, 2025, Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US National Critical Technologies ETF had no securities on loan.

#### Derivatives
**Futures Contracts** Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2025, the Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select, Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF utilized futures in order to simulate investment in the Funds' Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

DBX ETF Trust \| 43

------

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, 2025 is included in a table following the Funds' Schedule of Investments.

The following table summarizes the value of the Funds' derivative instruments held as of November 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | | Liability Derivatives | |
| Xtrackers Artificial Intelligence and Big Data ETF | Xtrackers Artificial Intelligence and Big Data ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11925 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $11925 | Total | $— |
| Xtrackers Cybersecurity Select Equity ETF | Xtrackers Cybersecurity Select Equity ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $902 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $902 | Total | $— |
| Xtrackers International Real Estate ETF | Xtrackers International Real Estate ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $223880 | Unrealized depreciation on futures contracts\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40243 |
|  | Total | $223880 | Total | $40243 |
| Xtrackers US National Critical Technologies ETF | Xtrackers US National Critical Technologies ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $14269 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $14269 | Total | $— |

---

\* Futures contracts are reported in the table above using cumulative appreciation or cumulative depreciation of futures contracts, as reported in the futures contracts table following each Fund's Schedule of Investments; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) variation margin on futures contracts. 

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds' earnings during the period ended November 30, 2025 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<br>– Equity Contracts |
|  Xtrackers Artificial Intelligence and Big Data ETF | $43897 |
|  Xtrackers Cybersecurity Select Equity ETF | 16923 |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796652 |
|  Xtrackers US National Critical Technologies ETF | 53742 |

---

---

| | |
|:---|:---|
| Net Change in Unrealized Appreciation (Depreciation) on: | Futures Contracts<br>– Equity Contracts |
|  Xtrackers Artificial Intelligence and Big Data ETF | $(3196) |
|  Xtrackers Cybersecurity Select Equity ETF | (5275) |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162878) |
|  Xtrackers US National Critical Technologies ETF | (10483) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 \|DBX ETF Trust

------

For the period ended November 30, 2025 the average monthly volume of derivatives was as follows:

---

| | |
|:---|:---|
|  | **Futures Contracts**<br> **(Contract Value)** |
|  Xtrackers Artificial Intelligence and Big Data ETF | $287380 |
|  Xtrackers Cybersecurity Select Equity ETF | 71141 |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7680451 |
|  Xtrackers US National Critical Technologies ETF | 252296 |

---

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

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

3. Investment Advisory and Other Agreements

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

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

---

| | |
|:---|:---|
|  | Unitary Advisory<br>Fee |
|  Xtrackers Artificial Intelligence and Big Data ETF | 0.35% |
|  Xtrackers Cybersecurity Select Equity ETF | 0.20% |
|  Xtrackers International Real Estate ETF | 0.10% |
|  Xtrackers Semiconductor Select Equity ETF | 0.15% |
|  Xtrackers US Green Infrastructure Select Equity ETF | 0.35% |
|  Xtrackers US National Critical Technologies ETF | 0.35% |

---

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund's fees and expenses attributable to the Funds' investments in affiliated Funds. For the period ended November 30, 2025, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | Expenses Waived |
|  Xtrackers Artificial Intelligence and Big Data ETF | $123 |
|  Xtrackers Cybersecurity Select Equity ETF | 8 |
|  Xtrackers International Real Estate ETF | 1389 |
|  Xtrackers Semiconductor Select Equity ETF | 4 |
|  Xtrackers US Green Infrastructure Select Equity ETF | 3 |
|  Xtrackers US National Critical Technologies ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |

---

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

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

DBX ETF Trust \| 45

------

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).

**Affiliated Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the fund listed below. For the period ended November 30, 2025, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

---

| | |
|:---|:---|
|  | Securities Lending<br>Agent Fees |
|  Xtrackers Artificial Intelligence and Big Data ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |

---

4. Investment Portfolio Transactions

For the period ended November 30, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |
|  Xtrackers Artificial Intelligence and Big Data ETF | $11161552 | $8518078 |
|  Xtrackers Cybersecurity Select Equity ETF | 1103084 | 989691 |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47980016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39950584 |
|  Xtrackers Semiconductor Select Equity ETF | 2017742 | 1143684 |
|  Xtrackers US Green Infrastructure Select Equity ETF | 1459365 | 1453515 |
|  Xtrackers US National Critical Technologies ETF | 5201458 | 5190287 |

---

For the period ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |
|  Xtrackers Artificial Intelligence and Big Data ETF | $32478917 | $3086564 |
|  Xtrackers Cybersecurity Select Equity ETF | 350980 | 355012 |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49411689 |  |
|  Xtrackers Semiconductor Select Equity ETF | 4852695 | 955003 |
|  Xtrackers US Green Infrastructure Select Equity ETF | 645328 | 653033 |
|  Xtrackers US National Critical Technologies ETF | 13601540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24340132 |

---

5. Fund Share Transactions

As of November 30, 2025, 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. As of November 30, 2025, transaction fees for the creation or redemption of a Creation Unit of Xtrackers US National Critical Technologies ETF are paid by the Fund's Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 \|DBX ETF Trust

------

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, 2025, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

---

| | |
|:---|:---|
|  | **Approximate** <br> **Percent of** <br> **Outstanding** <br> **Shares Held**  |
|  Xtrackers Cybersecurity Select Equity ETF | 64% |
|  Xtrackers Semiconductor Select Equity ETF | 33% |
|  Xtrackers US Green Infrastructure Select Equity ETF | 89% |

---

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF, and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds' status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

DBX ETF Trust \| 47

------

![LOGO](g18306dsp49.jpg)

------

(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not Applicable. The Independent Trustees are paid by the Advisor out of the unitary advisory fee. See Note 3 to the Financial Statements under Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
|  (a)(1) | Not Applicable. |
|  (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d26359dex99cert.htm) |
| (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.](d26359dex99906cert.htm) |

---

------

#### 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 |
|  | Principal Executive Officer |
| Date | February 3, 2026 |

---

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 |
|  | Principal Executive Officer |
| Date | February 3, 2026 |
| By (Signature and Title) | /s/ Diane Kenneally |
|  | Diane Kenneally |
|  | Principal Financial Officer |
| Date | February 3, 2026 |

---

## Ex-99.Cert

**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;

3. 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;

4. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 3, 2026 | /s/ Freddi Klassen |
|  | Freddi Klassen |
|  | Principal 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;

3. 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;

4. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 3, 2026 | /s/ Diane Kenneally |
|  | Diane Kenneally |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the** 

**Sarbanes-Oxley Act** 

**Principal Executive Officer** 

**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 3, 2026 | /s/ Freddi Klassen |
|  | Freddi Klassen |
|  | Principal Executive Officer |

---

**Principal 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 3, 2026 | /s/ Diane Kenneally |
|  | Diane Kenneally |
|  | Principal Financial Officer |

---