Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

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)

60 Wall Street

New York, New York 10005

(Address of principal executive offices) (Zip code)

Alex Depetris

DBX ETF Trust

60 Wall Street

New York, New York 10005

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 250-4352

Date of fiscal year end: May 31, 2012

Date of reporting period: November 30, 2012

Item 1. Report to Stockholders.

The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

SEMI-ANNUAL REPORT

November 30, 2012

Unaudited

DBX ETF Trust

db-X MSCI Brazil Currency-Hedged Equity Fund (DBBR)

db-X MSCI Canada Currency-Hedged Equity Fund (DBCN)

db-X MSCI EAFE Currency-Hedged Equity Fund (DBEF)

db-X MSCI Emerging Markets Currency-Hedged Equity Fund (DBEM)

db-X MSCI Japan Currency-Hedged Equity Fund (DBJP)

DBX ETF Trust

TABLE OF CONTENTS


	Page
Shareholder Letter		1
Fees and Expenses		3
Schedules of Investments
db-X MSCI Brazil Currency-Hedged Equity Fund		4
db-X MSCI Canada Currency-Hedged Equity Fund		6
db-X MSCI EAFE Currency-Hedged Equity Fund		8
db-X MSCI Emerging Markets Currency-Hedged Equity Fund		16
db-X MSCI Japan Currency-Hedged Equity Fund		23
Statements of Assets and Liabilities		28
Statements of Operations		30
Statements of Changes in Net Assets		32
Financial Highlights		35
Notes to Financial Statements		38
Additional Information		51

TO OUR SHAREHOLDERS:

Dear Shareholder,

We are pleased to present this Annual Report for DBX ETF Trust, which covers the period from June 1, 2012 through November 30, 2012.

During the semi-annual period, global equity markets increased significantly, despite declines from October through early November, due to improving economic conditions and reduced concern over the European Union. While equities rallied, the US dollar declined as measured by the DXY index, an index measuring the value of the dollar against a basket of currencies including the Euro, Great British pound, Japanese yen, Canadian dollar, Swedish krona and the Swiss franc.

The db-X MSCI Brazil Currency-Hedged Equity Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Brazil US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Brazilian equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Brazilian real. For the period June 1, 2012 to November 30, 2012, the db-X MSCI Brazil Currency-Hedged Equity Shares returned 2.22% (based on net asset value or “NAV”), compared with the Underlying Index return of 2.68%.

The db-X MSCI Canada Currency-Hedged Equity Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Canada US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Canadian equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Canadian dollar. For the period June 1, 2012 to November 30, 2012, the db-X MSCI Canada Currency-Hedged Equity Shares returned 7.47% (based on NAV), compared with the Underlying Index return of 7.65%.

The db-X MSCI EAFE Currency-Hedged Equity Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. As of November 30, 2012, the Index included securities from the following 22 countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. For the period June 1, 2012 to November 30, 2012, the db-X MSCI EAFE Currency-Hedged Equity Shares returned 14.59% (based on NAV), compared with the Underlying Index return of 14.67%.

The db-X MSCI Emerging Markets Currency-Hedged Equity Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies. As of November 30, 2011, the Index included securities from the following 21 countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. For the period June 1, 2012 to November 30, 2012, the db-X MSCI Emerging Markets Currency-Hedged Equity Shares returned 6.83% (based on NAV), compared with the Underlying Index return of 8.00%.

The db-X MSCI Japan Currency-Hedged Equity Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. For the period June 1, 2012 to November 30, 2012, the db-X MSCI Japan Currency-Hedged Equity Shares returned 9.79% (based on NAV), compared with the Underlying Index return of 9.95%.

Deutsche Bank, a leading global banking institution, has managed and operated a successful and growing platform of exchange-traded products since 2006. Our team at Deutsche Bank values the trust

that you have placed in us and we look forward to meeting your investment needs by continuing to offer innovative index-driven strategies.

Very truly yours,

LOGO

Alex Depetris

Chairman, President and Chief Executive Officer

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

Performance quoted above represents past performance, assumes reinvestment of all dividends and capital gains distributions at net asset value (“NAV”), and does not guarantee future results. A Fund’s NAV return is based on the changes in the Fund’s NAV per share for the period indicated. A Fund’s NAV per share is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. Current Fund performance may be higher or lower than the performance quoted. Fund performance data current to the most recent month end may be obtained by visiting www.dbxetf.com .

An index is a statistical measure of a specified financial market or sector. An index is unmanaged and one cannot invest directly in an index. An index does not actually hold a portfolio of securities, incur expenses, or pay any transaction costs. Therefore, index returns do not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.

The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk. Investment in the Funds poses investment risk, including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost.

DBX ETF Trust

FEES AND EXPENSES (Unaudited)

As a shareholder of one or more of the funds of the DBX ETF Trust (each, a “Fund” and collectively, the “Funds”), you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held through the six month period ended November 30, 2012.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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


	Beginning Account Value June 1, 2012		Ending Account Value November 30, 2012		Annualized Expense Ratio ⁽¹⁾ based on the number of days in the period			Expenses Paid During the Period ⁽²⁾ June 1, 2012 to November 30, 2012
db-X MSCI Brazil Currency-Hedged Equity Fund
Actual	$	1,000.00	$	1,022.20		0.76	%	$	3.85
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.26		0.76	%	$	3.85
db-X MSCI Canada Currency-Hedged Equity Fund
Actual	$	1,000.00	$	1,074.70		0.66	%	$	3.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.76		0.66	%	$	3.35
db-X MSCI EAFE Currency-Hedged Equity Fund
Actual	$	1,000.00	$	1,145.90		0.72	%	$	3.87
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.46		0.72	%	$	3.65
db-X MSCI Emerging Markets Currency-Hedged Equity Fund
Actual	$	1,000.00	$	1,068.80		0.81	%	$	4.20
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01		0.81	%	$	4.10
db-X MSCI Japan Currency-Hedged Equity Fund
Actual	$	1,000.00	$	1,097.90		0.66	%	$	3.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.76		0.66	%	$	3.35

(1) DBX Advisors LLC (the “Advisor”), has contractually agreed to reduce its fees and/or pay Fund operating expenses (excluding, among other things, acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit each Fund’s net annual operating expenses for shares of each Fund to 0.65% (with respect to db-X MSCI Emerging Markets Fund), 0.35% (with respect to db-X MSCI EAFE Fund), 0.60% (with respect to db-X MSCI Brazil Fund), 0.50% (with respect to db-X MSCI Canada Fund) and 0.50% (with respect db-X MSCI Japan Fund) of its average net assets (the “Expense Cap”). The Expense Cap will remain in effect until September 30, 2013.

(2) Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period June 1, 2012 to November 30, 2012. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period; then multiplying the result by 183 days and then dividing the result by 365.

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Brazil Currency-Hedged Equity Fund

November 30, 2012 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 47.9%
Basic Materials — 7.8%
Cia Siderurgica Nacional SA		6,900	$	33,874
Fibria Celulose SA*		2,300		22,614
Ultrapar Participacoes SA		2,900		59,715
Vale SA		12,100		212,916

				329,119

Communications — 0.9%
Oi SA		2,300		9,709
Tim Participacoes SA		8,071		28,404

				38,113

Consumer, Cyclical — 2.7%
Cia Hering		1,300		29,105
Lojas Americanas SA		1,100		9,086
Lojas Renner SA		1,100		40,231
MRV Engenharia e Participacoes SA		2,900		15,350
Raia Drogasil SA		1,800		17,690

				111,462

Consumer, Non-cyclical — 13.5%
Amil Participacoes SA		1,200		17,314
Anhanguera Educacional Participacoes SA		1,200		18,123
BRF — Brasil Foods SA		6,000		108,948
CCR SA		8,300		71,316
Cia de Bebidas das Americas		1,200		43,635
Cielo SA		2,740		71,360
Cosan SA Industria e Comercio		1,100		20,226
Diagnosticos da America SA		2,200		12,787
Ecorodovias Infraestrutura e Logistica SA		1,600		12,774
Hypermarcas SA*		3,300		23,783
JBS SA*		3,900		9,874
Kroton Educacional SA*		600		11,636
Localiza Rent a Car SA		1,100		18,300
Multiplus SA		300		6,950
Natura Cosmeticos SA		1,600		42,351
Obrascon Huarte Lain Brasil SA		1,200		10,670
Qualicorp SA*		1,300		12,624
Souza Cruz SA		3,600		52,346

				565,017

Energy — 6.4%
OGX Petroleo e Gas Participacoes SA*		12,200		24,779
Petroleo Brasileiro SA		27,300		244,024

				268,803

Financial — 10.5%
Banco Bradesco SA		5,300		80,487
Banco do Brasil SA		5,400		55,370
Banco Santander Brasil SA		7,200		48,858
BM&FBovespa SA		16,400		98,547
BR Malls Participacoes SA		3,600		46,247
BR Properties SA		1,800		21,228
CETIP SA — Balcao Organizado de Ativos e Derivativos		1,900		19,518
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,800		23,350
Odontoprev SA		2,500		12,636


	Number of Shares		Value

Financial (Continued)
PDG Realty SA Empreendimentos e Participacoes		10,600	$	14,932
Porto Seguro SA		1,000		10,544
Sul America SA		1,017		7,377

				439,094

Industrial — 2.6%
All America Latina Logistica SA		4,200		15,489
Duratex SA		2,300		15,877
Embraer SA		5,300		32,517
Multiplan Empreendimentos Imobiliarios SA		700		19,328
WEG SA		1,900		24,230

				107,441

Technology — 0.4%
Totvs SA		1,000		18,715

Utilities — 3.1%
Centrais Eletricas Brasileiras SA		2,500		8,950
Cia de Saneamento Basico do Estado de Sao Paulo		1,000		40,481
Cia de Saneamento de Minas Gerais-Copasa		400		8,424
CPFL Energia SA		2,300		24,595
EDP — Energias do Brasil SA		2,300		13,046
Light SA		500		5,546
MPX Energia SA*		1,200		6,262
Tractebel Energia SA		1,400		22,833

				130,137

TOTAL COMMON STOCKS (Cost $2,537,405)				2,007,901

PREFERRED STOCKS — 50.4%
Basic Materials — 11.1%
Braskem SA		1,400		9,028
Gerdau SA		7,900		65,513
Klabin SA		4,200		23,665
Metalurgica Gerdau SA, Class A		2,600		27,317
Usinas Siderurgicas de Minas Gerais SA		3,600		21,060
Vale SA		18,500		317,741

				464,324

Communications — 2.1%
Oi SA		7,900		29,762
Telefonica Brasil SA		2,700		58,630

				88,392

Consumer, Cyclical — 1.1%
Lojas Americanas SA		3,823		33,636
Marcopolo SA		2,000		11,756

				45,392

Consumer, Non-cyclical — 7.7%
Cia Brasileira de Distribuicao Grupo Pao de Acucar		900		38,328
Cia de Bebidas das Americas		6,900		285,778

				324,106

Diversified — 2.5%
Itausa — Investimentos Itau SA		23,190		104,511


See Notes to Financial Statements.		4

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Brazil Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value

Energy — 8.0%
Petroleo Brasileiro SA		38,500	$	336,208

Financial — 15.5%
Banco Bradesco SA		17,700		293,978
Banco do Estado do Rio Grande do Sul		1,700		12,061
Bradespar SA		2,100		28,009
Itau Unibanco Holding SA		20,900		314,361

				648,409

Utilities — 2.4%
AES Tiete SA		1,000		10,670
Centrais Eletricas Brasileiras SA		2,100		9,484
Cia Energetica de Minas Gerais		4,325		51,957
Cia Energetica de Sao Paulo		1,500		12,250
Cia Paranaense de Energia		900		12,004
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		900		5,724

				102,089

TOTAL PREFERRED STOCKS (Cost $2,675,051)				2,113,431


TOTAL INVESTMENTS — 98.3% (Cost $5,212,456)			$	4,121,332
Other assets less liabilities — 1.7%				69,769

NET ASSETS — 100.0%			$	4,191,101

INDUSTRY BREAKDOWN AS OF NOVEMBER 30, 2012

(Unaudited)


	Value		% of Net Assets
Financial	$	1,087,503		26.0	%
Consumer, Non-cyclical		889,123		21.2
Basic Materials		793,443		18.9
Energy		605,011		14.4
Utilities		232,226		5.5
Consumer, Cyclical		156,854		3.8
Communications		126,505		3.0
Industrial		107,441		2.6
Diversified		104,511		2.5
Technology		18,715		0.4

TOTAL INVESTMENTS		4,121,332		98.3
Other assets less liabilities		69,769		1.7

NET ASSETS	$	4,191,101		100.0	%

As of November 30, 2012, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
HSBC	12/5/2012	BRL	66,500	USD	32,579	$	1,481
HSBC	12/5/2012	BRL	4,273,000	USD	2,095,892		97,687
JP Morgan & Chase Co.	12/5/2012	BRL	4,273,000	USD	2,096,303		98,098
The Bank of New York Mellon	12/5/2012	BRL	60,000	USD	28,463		405
HSBC	12/5/2012	USD	2,058,586	BRL	4,339,500		(29,283	)
JP Morgan & Chase Co.	12/5/2012	USD	2,027,232	BRL	4,273,000		(29,027	)
The Bank of New York Mellon	12/5/2012	USD	29,390	BRL	60,000		(1,332	)
HSBC	1/4/2013	BRL	4,402,000	USD	2,078,670		29,436
JP Morgan & Chase Co.	1/4/2013	BRL	4,402,000	USD	2,078,768		29,534

						$	196,999

Currency Abbreviations

BRL – Brazilian Real

USD – U.S. Dollar

* Non-Income producing securities.


See Notes to Financial Statements.		5

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Canada Currency-Hedged Equity Fund

November 30, 2012 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 96.9%
Basic Materials — 18.9%
Agnico-Eagle Mines Ltd.		600	$	33,456
Agrium, Inc.		540		55,144
Barrick Gold Corp.		3,690		128,121
Cameco Corp.		1,500		27,362
Centerra Gold, Inc.		600		5,382
Eldorado Gold Corp.		2,400		34,671
First Quantum Minerals Ltd.		1,650		33,885
Franco-Nevada Corp.		500		28,298
Goldcorp, Inc.		2,950		114,959
IAMGOLD Corp.		1,400		16,546
Inmet Mining Corp.		200		13,641
Kinross Gold Corp.		4,200		42,535
New Gold, Inc.*		1,600		16,993
Osisko Mining Corp.*		1,300		10,600
Pan American Silver Corp.		530		10,265
Potash Corp. of Saskatchewan, Inc.		3,150		121,865
Silver Wheaton Corp.		1,300		47,859
Sino-Forest Corp.*		900		—
Teck Resources Ltd., Class B		2,050		69,403
Turquoise Hill Resources Ltd.*		1,500		11,295
Yamana Gold, Inc.		2,800		52,767

				875,047

Communications — 4.7%
BCE, Inc.		900		38,107
Bell Aliant, Inc.		300		8,212
Rogers Communications, Inc., Class B		1,450		64,037
Shaw Communications, Inc., Class B		1,400		30,865
TELUS Corp. — Non Vote, Class A		600		39,183
Thomson Reuters Corp.		1,400		38,547

				218,951

Consumer, Cyclical — 3.8%
Alimentation Couche Tard, Inc., Class B		500		24,699
Canadian Tire Corp. Ltd., Class A		300		19,903
Dollarama, Inc.		300		19,162
Gildan Activewear, Inc.		400		14,005
Magna International, Inc., Class A		800		37,328
Shoppers Drug Mart Corp.		800		33,671
Tim Hortons, Inc.		600		27,906

				176,674

Consumer, Non-cyclical — 3.9%
Catamaran Corp.*		700		34,361
Empire Co. Ltd., Class A		100		5,803
George Weston Ltd.		200		12,664
Loblaw Cos. Ltd.		400		13,478
Metro, Inc., Class A		400		24,628
Ritchie Bros Auctioneers, Inc.		300		6,862
Saputo, Inc.		500		23,174
Valeant Pharmaceuticals International, Inc.*		1,050		58,496

				179,466

Energy — 25.1%
ARC Resources Ltd.		1,100		27,551
Athabasca Oil Corp.*		1,200		13,433
Baytex Energy Corp.		400		17,758


	Number of Shares		Value

Energy (Continued)
Bonavista Energy Corp.		500	$	8,295
Canadian Natural Resources Ltd.		4,060		116,852
Canadian Oil Sands Ltd.		1,650		33,487
Cenovus Energy, Inc.		2,775		93,194
Crescent Point Energy Corp.		1,225		48,107
Enbridge, Inc.		2,700		109,321
EnCana Corp.		2,750		60,075
Enerplus Corp.		700		9,358
Husky Energy, Inc.		1,300		36,487
Imperial Oil Ltd.		1,050		44,765
MEG Energy Corp.*		500		18,020
Nexen, Inc.		2,000		49,107
Pacific Rubiales Energy Corp.		1,100		23,997
Pembina Pipeline Corp.		1,100		31,150
Pengrowth Energy Corp.		1,800		9,368
Penn West Petroleum Ltd.		1,650		18,438
Progress Energy Resources Corp.		700		14,221
Suncor Energy, Inc.		5,710		186,587
Talisman Energy, Inc.		3,800		42,768
Tourmaline Oil Corp.*		450		14,958
TransCanada Corp.		2,550		118,034
Vermilion Energy, Inc.		300		15,264

				1,160,595

Financial — 32.2%
Bank of Montreal		2,360		141,764
Bank of Nova Scotia		4,280		241,285
Brookfield Asset Management, Inc., Class A		2,050		71,364
Brookfield Office Properties, Inc.		900		14,859
Canadian Imperial Bank of Commerce		1,450		117,069
CI Financial Corp.		600		14,496
Great-West Lifeco, Inc.		1,050		24,861
H&R Real Estate Investment Trust REIT		300		7,022
IGM Financial, Inc.		400		16,349
Industrial Alliance Insurance & Financial Services, Inc.		300		8,755
Intact Financial Corp.		500		32,265
Manulife Financial Corp.		6,600		84,912
National Bank of Canada		590		46,079
Onex Corp.		300		12,292
Power Corp. of Canada		1,200		30,201
Power Financial Corp.		900		24,019
RioCan Real Estate Investment Trust REIT		500		13,575
Royal Bank of Canada		5,220		309,515
Sun Life Financial, Inc.		2,150		58,850
Toronto-Dominion Bank (The) (a)		2,640		220,534

				1,490,066

Industrial — 6.1%
Bombardier, Inc., Class B		5,200		18,374
CAE, Inc.		1,000		9,946
Canadian National Railway Co.		1,600		143,901
Canadian Pacific Railway Ltd.		600		55,992
Finning International, Inc.		600		13,747
SNC-Lavalin Group, Inc.		550		21,815
Viterra, Inc.		1,200		18,785

				282,560


See Notes to Financial Statements.		6

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Canada Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value

Technology — 1.1%
CGI Group, Inc., Class A*		750	$	17,214
Open Text Corp.*		200		11,490
Research In Motion Ltd.*		1,800		21,002

				49,706

Utilities —1.1%
Canadian Utilities Ltd., Class A		200		13,538
Fortis, Inc.		700		23,522
TransAlta Corp.		800		12,040

				49,100

TOTAL COMMON STOCKS (Cost $4,763,661)				4,482,165


TOTAL INVESTMENTS — 96.9% (Cost $4,763,661)			$	4,482,165
Other assets less liabilities — 3.1%				145,147

NET ASSETS — 100.0%			$	4,627,312

INDUSTRY BREAKDOWN AS OF NOVEMBER 30, 2012

(Unaudited)


	Value		% of Net Assets
Financial	$	1,490,066		32.2	%
Energy		1,160,595		25.1
Basic Materials		875,047		18.9
Industrial		282,560		6.1
Communications		218,951		4.7
Consumer, Non-cyclical		179,466		3.9
Consumer, Cyclical		176,674		3.8
Technology		49,706		1.1
Utilities		49,100		1.1

TOTAL INVESTMENTS		4,482,165		96.9
Other assets less liabilities		145,147		3.1

NET ASSETS	$	4,627,312		100.0	%

As of November 30, 2012, the Fund had the following futures contracts open:


Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Depreciation
S&P/TSX 60 IX Futures		1	$	141,320		12/20/2012	$	(2,370	)

As of November 30, 2012, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
HSBC	12/5/2012	CAD	35,000	USD	35,130	$	(100	)
HSBC	12/5/2012	CAD	2,246,000	USD	2,245,719		(15,082	)
JP Morgan & Chase Co.	12/5/2012	CAD	2,246,000	USD	2,245,540		(15,261	)
The Bank of New York Mellon	12/5/2012	CAD	14,942	USD	15,041		1
HSBC	12/5/2012	USD	2,280,850	CAD	2,265,771		(147	)
JP Morgan & Chase Co.	12/5/2012	USD	2,245,540	CAD	2,230,690		(150	)
The Bank of New York Mellon	12/5/2012	USD	15,041	CAD	15,000		57
HSBC	1/4/2013	CAD	2,213,000	USD	2,226,354		186
JP Morgan & Chase Co.	1/4/2013	CAD	2,213,000	USD	2,226,354		186

						$	(30,310	)

Currency Abbreviations

CAD – Canadian Dollar

USD – U.S. Dollar

* Non-Income producing securities.

(a) Affiliated company. The Sub-Advisor is a subsidiary of The Toronto-Dominion Bank. Therefore, Toronto-Dominion Bank is considered to be affiliated with the Fund.

REIT – Real Estate Investment Trust.


See Notes to Financial Statements.		7

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI EAFE Currency-Hedged Equity Fund

November 30, 2012 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 97.8%
Australia — 8.8%
AGL Energy Ltd.		471	$	7,063
ALS Ltd.		320		3,173
Alumina Ltd.		3,854		3,821
AMP Ltd.		5,587		26,821
Asciano Ltd.		982		4,458
ASX Ltd.		228		7,005
Australia & New Zealand Banking Group Ltd.		3,396		86,334
Bendigo and Adelaide Bank Ltd.		914		7,707
BHP Billiton Ltd.		4,490		161,144
Boral Ltd.		973		4,082
Brambles Ltd.		1,339		10,117
Caltex Australia Ltd.		598		11,408
Centro Retail Australia REIT		2,007		4,566
Cochlear Ltd.		60		4,721
Commonwealth Bank of Australia		2,161		134,615
Computershare Ltd.		559		5,075
Crown Ltd.		892		9,542
CSL Ltd.		829		44,728
Dexus Property Group REIT		3,880		4,069
Fortescue Metals Group Ltd.		753		3,073
Goodman Group REIT		1,718		8,283
GPT Group REIT		1,354		4,932
Harvey Norman Holdings Ltd.		1,315		2,477
Iluka Resources Ltd.		598		5,136
Incitec Pivot Ltd.		1,525		5,013
Leighton Holdings Ltd.		884		15,895
Lend Lease Group		553		4,963
Macquarie Group Ltd.		850		29,060
Mirvac Group REIT		4,242		6,508
National Australia Bank Ltd.		3,113		78,944
Newcrest Mining Ltd.		1,144		30,623
Orica Ltd.		469		11,786
Origin Energy Ltd.		1,743		19,973
Oz Minerals Ltd.		340		2,608
QBE Insurance Group Ltd.		1,739		19,854
Ramsay Health Care Ltd.		159		4,410
Rio Tinto Ltd.		745		45,677
Santos Ltd.		1,977		22,984
Shopping Centres Australasia Property Group REIT*		356		539
Sims Metal Management Ltd.		186		1,743
Sonic Healthcare Ltd.		435		6,102
SP AusNet		8,399		9,291
Stockland REIT		2,142		7,578
Suncorp Group Ltd.		1,209		12,226
Sydney Airport		2,088		7,736
Telstra Corp. Ltd.		9,215		41,448
Wesfarmers Ltd.		1,435		53,239
Westfield Group REIT		3,183		34,612
Westfield Retail Trust REIT		1,517		4,734
Westpac Banking Corp.		4,892		130,185
Woodside Petroleum Ltd.		804		28,360
Woolworths Ltd.		1,781		54,421
Worleyparsons Ltd.		252		6,459

				1,261,321


	Number of Shares		Value

Austria — 0.4%
Erste Group Bank AG*		433	$	12,735
OMV AG		138		4,932
Raiffeisen Bank International AG		300		12,355
Verbund AG, Class A		300		6,859
Vienna Insurance Group AG Wiener Versicherung Gruppe		300		14,241
Voestalpine AG		300		9,686

				60,808

Belgium — 0.9%
Anheuser-Busch InBev NV		1,014		88,870
Colruyt SA		100		4,601
Groupe Bruxelles Lambert SA		42		3,268
Solvay SA		84		11,384
UCB SA		300		17,029
Umicore SA		171		8,883

				134,035

Denmark — 1.4%
AP Moller — Maersk A/S, Class A		3		20,292
AP Moller — Maersk A/S, Class B		3		21,421
Carlsberg A/S, Class B		261		25,412
Danske Bank A/S*		1,435		24,603
DSV A/S		300		7,081
Novo Nordisk A/S, Class B		533		84,648
Novozymes A/S, Class B		298		8,208
TDC A/S		598		4,077

				195,742

Finland — 0.6%
Fortum OYJ		904		16,283
Kone OYJ, Class B		204		15,282
Metso OYJ		138		5,189
Nokia OYJ		6,217		20,618
Sampo OYJ, Class A		904		28,863
Wartsila OYJ Abp		24		1,012

				87,247

France — 9.9%
Aeroports de Paris		300		23,148
Air Liquide SA		537		65,586
Alstom SA		484		17,616
AXA SA		2,181		35,839
BNP Paribas SA		1,246		69,592
Bouygues SA		255		6,296
Bureau Veritas SA		300		33,285
Carrefour SA		727		17,950
Christian Dior SA		48		7,756
Cie de St-Gobain		499		19,910
Cie Generale de Geophysique — Veritas*		300		9,149
Cie Generale des Etablissements Michelin, Class B		328		30,505
Cie Generale d’Optique Essilor International SA		367		35,439
CNP Assurances		1,192		17,363
Credit Agricole SA*		1,841		13,956
Danone SA		813		51,572
Dassault Systemes SA		300		33,944
EDF SA		342		6,278


See Notes to Financial Statements.		8

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI EAFE Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value

France (Continued)
Eutelsat Communications SA		300	$	9,280
France Telecom SA		2,449		25,923
GDF Suez		1,764		39,678
Gecina SA REIT		300		33,160
Iliad SA		21		3,736
JCDecaux SA		298		6,742
Klepierre REIT		300		11,502
Lafarge SA		409		23,761
Lagardere SCA		300		9,030
Legrand SA		225		9,112
L’Oreal SA		327		44,378
LVMH Moet Hennessy Louis Vuitton SA		360		63,160
Natixis		4,162		13,332
Pernod-Ricard SA		300		33,968
PPR		177		33,010
Renault SA		255		12,753
Sanofi		1,664		148,586
Schneider Electric SA		669		47,018
Societe BIC SA		300		37,495
Societe Generale SA*		986		35,655
Sodexo		123		9,932
Suez Environnement Co.		1,192		12,991
Technip SA		129		14,986
Total SA		2,745		137,355
Unibail-Rodamco SE REIT		135		31,682
Vallourec SA		141		7,322
Vinci SA		559		24,664
Vivendi SA		1,737		37,320

				1,412,715

Germany — 8.7%
Adidas AG		403		35,441
Allianz SE		610		79,293
BASF SE		1,130		101,256
Bayer AG		1,177		106,463
Bayerische Motoren Werke AG		453		40,174
Beiersdorf AG		132		10,352
Celesio AG		300		5,096
Commerzbank AG*		4,332		7,780
Continental AG		117		12,949
Daimler AG		1,396		68,954
Deutsche Bank AG (a)		1,243		54,867
Deutsche Boerse AG		382		21,517
Deutsche Lufthansa AG		1,010		16,761
Deutsche Post AG		1,611		33,439
Deutsche Telekom AG		3,542		39,017
E.ON AG		2,422		43,626
Fraport AG Frankfurt Airport Services Worldwide		300		16,638
Fresenius Medical Care AG & Co. KGaA		412		28,291
Fresenius SE & Co. KGaA		285		32,944
GEA Group AG		210		6,862
Hannover Rueckversicherung AG		300		22,103
Heidelbergcement AG		159		8,641
Hochtief AG*		205		10,942
Infineon Technologies AG		1,484		11,379
K+S AG		376		16,988


	Number of Shares		Value

Germany (Continued)
Kabel Deutschland Holding AG		300	$	21,693
Lanxess AG		127		11,055
Linde AG		229		39,596
MAN SE		216		22,698
Merck KGaA		60		8,026
Muenchener Rueckversicherungs AG		237		40,455
RWE AG		660		27,523
SAP AG		1,256		98,074
Siemens AG		1,058		109,115
Suedzucker AG		300		11,818
ThyssenKrupp AG		535		10,833
Volkswagen AG		36		7,323

				1,239,982

Greece — 0.1%
Coca-Cola Hellenic Bottling Co. SA		892		20,742

Hong Kong — 2.9%
AIA Group Ltd.		13,800		53,685
Cathay Pacific Airways Ltd.		10,000		17,574
Cheung Kong Holdings Ltd.		2,000		30,528
CLP Holdings Ltd.		5,000		43,837
Galaxy Entertainment Group Ltd.*		5,100		19,444
Hang Lung Properties Ltd.		2,600		9,528
Hang Seng Bank Ltd.		1,000		15,277
Hong Kong Exchanges & Clearing Ltd.		1,300		20,766
Hutchison Whampoa Ltd.		2,000		20,567
Kerry Properties Ltd.		1,600		8,165
Li & Fung Ltd.		10,400		17,123
Link REIT (The)		3,100		16,820
MTR Corp.		9,000		35,941
New World Development Co. Ltd.		4,000		6,338
Power Assets Holdings Ltd.		1,900		16,720
Sands China Ltd.		3,400		14,499
Shangri-La Asia Ltd.		4,900		9,484
Sino Land Co. Ltd.		6,740		12,175
Sun Hung KAI Properties Ltd.		2,000		29,264
Swire Pacific Ltd., Class A		300		3,677
Wheelock & Co. Ltd.		2,200		10,673
Wynn Macau Ltd.		2,700		7,717

				419,802

Ireland — 1.0%
CRH PLC		1,592		29,090
Elan Corp. PLC*		514		5,161
Experian PLC		2,539		42,184
Kerry Group PLC, Class A		118		6,182
Shire PLC		961		27,806
WPP PLC		2,538		34,807

				145,230

Israel — 0.4%
Bank Hapoalim BM*		1,375		5,666
Teva Pharmaceutical Industries Ltd.		1,279		51,961

				57,627

Italy — 1.9%
Assicurazioni Generali SpA		1,465		24,578
Banca Monte dei Paschi di Siena SpA*		11,334		2,991


See Notes to Financial Statements.		9

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI EAFE Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value

Italy (Continued)
Banco Popolare SC*		2,477	$	3,650
Enel SpA		8,257		31,292
ENI SpA		3,211		75,921
Fiat Industrial SpA		591		6,318
Intesa Sanpaolo SpA		13,791		23,209
Luxottica Group SpA		300		12,310
Mediobanca SpA		819		4,529
Pirelli & C SpA		598		6,937
Prysmian SpA		300		5,673
Saipem SpA		553		24,618
Telecom Italia SpA		21,320		19,423
Unicredit SpA*		4,992		23,243
Unione di Banche Italiane SCPA		1,286		5,024

				269,716

Japan — 19.0%
Aisin Seiki Co. Ltd.		300		8,865
Asahi Kasei Corp.		800		4,561
Astellas Pharma, Inc.		1,000		50,584
Bank of Yokohama Ltd. (The)		3,000		14,229
Bridgestone Corp.		900		21,715
Canon, Inc.		1,500		52,459
Central Japan Railway Co.		300		23,764
Chubu Electric Power Co., Inc.		900		12,162
Chugai Pharmaceutical Co. Ltd.		300		5,947
Chugoku Electric Power Co., (The), Inc.		600		8,654
Credit Saison Co. Ltd.		300		6,667
Dai Nippon Printing Co. Ltd.		2,000		14,969
Dai-ichi Life Insurance Co. Ltd. (The)		12		13,596
Daiichi Sankyo Co. Ltd.		600		9,258
Daikin Industries Ltd.		300		9,433
Daito Trust Construction Co. Ltd.		200		19,385
Daiwa Securities Group, Inc.		3,000		13,283
Denso Corp.		900		29,576
Dentsu, Inc.		300		7,337
East Japan Railway Co.		700		45,938
Eisai Co. Ltd.		300		12,592
Electric Power Development Co. Ltd.		300		7,595
FamilyMart Co. Ltd.		200		8,868
Fanuc Corp.		400		67,447
Fast Retailing Co. Ltd.		200		45,418
FUJIFILM Holdings Corp.		700		12,831
Hitachi Ltd.		7,000		40,419
Hokkaido Electric Power Co., Inc.		600		5,932
Hokuriku Electric Power Co.		600		6,645
Honda Motor Co. Ltd.		2,200		72,911
Hoya Corp.		600		11,522
Ibiden Co. Ltd.		100		1,368
Inpex Corp.		3		16,085
Isetan Mitsukoshi Holdings Ltd.		900		8,014
Isuzu Motors Ltd.		1,000		5,859
ITOCHU Corp.		3,000		29,987
Japan Tobacco, Inc.		1,200		35,956
JFE Holdings, Inc.		400		6,196
JGC Corp.		700		23,055
Jupiter Telecommunications Co. Ltd.		3		3,923
JX Holdings, Inc.		3,000		16,013


	Number of Shares		Value

Japan (Continued)
Kaneka Corp.		2,000	$	10,044
Kansai Electric Power Co., (The), Inc.		1,000		9,511
Kao Corp.		400		10,981
KDDI Corp.		400		29,599
Keikyu Corp.		500		4,592
Keio Corp.		800		5,862
Keyence Corp.		110		30,718
Kirin Holdings Co. Ltd.		2,000		24,528
Kobe Steel Ltd.*		16,000		14,945
Komatsu Ltd.		1,200		26,887
Konica Minolta Holdings, Inc.		300		2,140
Kubota Corp.		1,000		10,614
Kuraray Co. Ltd.		1,500		18,469
Kyocera Corp.		300		27,622
Kyushu Electric Power Co., Inc.		600		5,619
Lawson, Inc.		100		6,769
Makita Corp.		300		12,646
Mazda Motor Corp.*		7,000		11,039
McDonald’s Holdings Co. Japan Ltd.		300		8,552
Miraca Holdings, Inc.		100		4,058
Mitsubishi Chemical Holdings Corp.		1,800		7,861
Mitsubishi Corp.		1,800		34,086
Mitsubishi Electric Corp.		3,000		23,364
Mitsubishi Estate Co. Ltd.		2,000		38,552
Mitsubishi Gas Chemical Co., Inc.		1,000		5,896
Mitsubishi Heavy Industries Ltd.		6,200		28,806
Mitsubishi Materials Corp.		10,000		28,507
Mitsubishi Tanabe Pharma Corp.		900		12,217
Mitsubishi UFJ Financial Group, Inc.		16,800		76,831
Mitsui & Co. Ltd.		2,400		33,161
Mitsui Fudosan Co. Ltd.		500		10,426
Mizuho Financial Group, Inc.		33,100		53,002
MS&AD Insurance Group Holdings		600		10,408
Murata Manufacturing Co. Ltd.		300		16,995
NEC Corp.*		4,000		6,987
Nikon Corp.		300		8,312
Nintendo Co. Ltd.		300		35,956
Nippon Electric Glass Co. Ltd.		3,000		17,104
Nippon Steel Corp.		12,000		27,513
Nippon Telegraph & Telephone Corp.		900		40,232
Nishi-Nippon City Bank Ltd. (The)		4,000		9,608
Nissan Motor Co. Ltd.		3,300		31,985
Nisshin Steel Holdings Co. Ltd.		100		711
Nissin Foods Holdings Co. Ltd.		300		11,828
Nitori Holdings Co. Ltd.		50		3,718
Nitto Denko Corp.		200		10,420
Nomura Holdings, Inc.		6,300		26,061
NTT Data Corp.		3		8,690
NTT DoCoMo, Inc.		21		30,289
OJI Paper Co. Ltd.		600		1,892
Olympus Corp.*		100		1,668
Omron Corp.		200		4,433
Oriental Land Co. Ltd.		300		38,612
ORIX Corp.		150		15,048
Otsuka Holdings Co. Ltd.		400		11,874
Panasonic Corp.		3,000		14,666
Rakuten, Inc.		900		7,588


See Notes to Financial Statements.		10

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI EAFE Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value

Japan (Continued)
Resona Holdings, Inc.		2,400	$	10,044
Ricoh Co. Ltd.		2,000		18,560
Rinnai Corp.		300		20,890
Sankyo Co. Ltd.		300		12,283
Secom Co. Ltd.		300		15,358
Sega Sammy Holdings, Inc.		300		4,993
Sekisui Chemical Co. Ltd.		2,000		15,673
Sekisui House Ltd.		800		7,502
Seven & I Holdings Co. Ltd.		1,200		34,965
Sharp Corp.		1,000		2,086
Shikoku Electric Power Co., Inc.		300		4,080
Shin-Etsu Chemical Co. Ltd.		600		35,300
Shiseido Co. Ltd.		300		4,349
SMC Corp.		200		33,772
Softbank Corp.		1,200		44,981
Sony Corp.		1,800		17,490
Sumitomo Corp.		2,400		29,783
Sumitomo Mitsui Financial Group, Inc.		1,900		61,171
Sumitomo Mitsui Trust Holdings, Inc.		1,000		3,033
Sumitomo Realty & Development Co. Ltd.		2,100		57,140
Suzuki Motor Corp.		300		7,118
T&D Holdings, Inc.		900		9,673
Taisho Pharmaceutical Holdings Co. Ltd.		34		2,504
Takeda Pharmaceutical Co. Ltd.		1,000		45,733
Terumo Corp.		100		4,234
Toho Gas Co. Ltd.		2,000		11,621
Tohoku Electric Power Co., Inc.*		600		5,437
Tokio Marine Holdings, Inc.		1,200		30,774
Tokyo Electric Power Co., Inc. (The)*		2,700		4,258
Tokyo Electron Ltd.		300		13,374
Tokyo Gas Co. Ltd.		1,000		4,913
Tokyu Corp.		600		3,079
Toppan Printing Co. Ltd.		2,000		12,373
Toray Industries, Inc.		2,200		13,024
Toshiba Corp.		10,000		34,088
Toyota Industries Corp.		300		8,978
Toyota Motor Corp.		3,700		158,665
Toyota Tsusho Corp.		300		6,907
Trend Micro, Inc.		100		2,607
Unicharm Corp.		300		15,321
West Japan Railway Co.		100		3,997
Yahoo Japan Corp.		18		6,044
Yakult Honsha Co. Ltd.		300		13,155
Yamaguchi Financial Group, Inc.		2,000		18,220
Yamaha Corp.		400		3,634
Yamaha Motor Co. Ltd.		400		4,197
Yamato Holdings Co. Ltd.		400		5,988

				2,714,889

Luxembourg — 0.0% (b)
Millicom International Cellular SA		39		3,347

Netherlands — 4.8%
Aegon NV		1,433		8,243
Akzo Nobel NV		418		23,887
ASML Holding NV		436		27,240
European Aeronautic Defence & Space Co. NV		1,076		36,230
Fugro NV		300		18,000


	Number of Shares		Value
Netherlands (Continued)
Heineken Holding NV		448	$	24,255
Heineken NV		493		32,514
ING Groep NV*		5,494		49,373
Koninklijke Ahold NV		2,097		26,607
Koninklijke DSM NV		210		12,095
Koninklijke KPN NV		2,037		11,524
Koninklijke Philips Electronics NV		1,234		31,873
Randstad Holding NV		300		9,756
Royal Dutch Shell PLC, Class A		4,756		159,218
Royal Dutch Shell PLC, Class B		3,581		123,610
Tenaris SA		244		4,839
TNT Express NV		598		5,833
Unilever NV		2,115		80,250

				685,347

New Zealand — 0.1%
Contact Energy Ltd.*		1,507		6,582
Fletcher Building Ltd.		576		3,745

				10,327

Norway — 1.1%
Arcelormittal		1,075		16,337
DNB ASA		1,998		24,885
Seadrill Ltd.		642		24,708
Statoil ASA		1,525		37,287
Telenor ASA		1,794		36,422
Yara International ASA		234		11,736

				151,375

Portugal — 0.2%
Galp Energia SGPS SA, Class B		892		13,678
Jeronimo Martins SGPS SA		598		11,156

				24,834

Singapore — 2.1%
Capitaland Ltd.		3,100		8,965
City Developments Ltd.		2,000		19,204
DBS Group Holdings Ltd.		3,000		35,515
Global Logistic Properties Ltd.		21,000		48,345
Golden Agri-Resources Ltd.		5,000		2,704
Hutchison Port Holdings Trust, Class U		53,787		41,685
Jardine Cycle & Carriage Ltd.		300		11,992
Olam International Ltd.		4,000		5,161
Oversea-Chinese Banking Corp. Ltd.		4,000		30,837
SembCorp Industries Ltd.		2,100		8,912
SembCorp Marine Ltd.		2,200		8,219
Singapore Technologies Engineering Ltd.		2,800		8,419
Singapore Telecommunications Ltd.		6,000		16,271
United Overseas Bank Ltd.		3,000		46,010

				292,239

Spain — 2.5%
Acciona SA		150		9,725
Amadeus It Holding SA, Class A		298		6,957
Banco Bilbao Vizcaya Argentaria SA		2,011		17,063
Banco Popular Espanol SA*		4,238		3,539
Banco Santander SA		14,120		108,602
Bankia SA*		4,230		3,944


See Notes to Financial Statements.		11

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI EAFE Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value
Spain (Continued)
Distribuidora Internacional de Alimentacion SA		727	$	4,512
Enagas SA		388		7,940
Ferrovial SA		694		10,285
Gas Natural SDG SA		418		6,488
Iberdrola SA		6,184		30,723
Inditex SA		334		45,784
Red Electrica Corp. SA		208		9,638
Repsol YPF SA		991		21,021
Telefonica SA		5,570		73,092
Zardoya Otis SA		300		4,108

				363,421

Sweden — 2.9%
ASSA Abloy AB, Class B		435		15,737
Atlas Copco AB, Class A		1,159		29,858
Atlas Copco AB, Class B		219		5,053
Boliden AB		300		5,307
Hennes & Mauritz AB, Class B		1,504		48,805
Hexagon AB, Class B		438		10,836
Husqvarna AB, Class B		892		5,360
Investment AB Kinnevik, Class B		291		5,668
Investor AB, Class B		168		3,891
Lundin Petroleum AB*		297		7,017
Nordea Bank AB		3,293		30,142
Sandvik AB		1,727		25,814
Scania AB, Class B		225		4,670
Securitas AB, Class B		324		2,535
Skandinaviska Enskilda Banken AB, Class A		3,413		27,470
Skanska AB, Class B		334		5,306
SKF AB, Class B		526		12,649
Svenska Handelsbanken AB, Class A		901		32,027
Swedbank AB, Class A		1,674		30,922
Swedish Match AB		397		13,975
Telefonaktiebolaget LM Ericsson, Class B		4,068		37,908
Teliasonera AB		3,910		26,222
Volvo AB, Class B		2,199		31,150

				418,322

Switzerland — 9.7%
ABB Ltd.		2,871		55,952
Adecco SA		108		5,336
Aryzta AG		90		4,550
Baloise Holding AG		300		25,170
Cie Financiere Richemont SA		723		55,745
Credit Suisse Group AG		1,698		40,201
Geberit AG		48		10,142
Givaudan SA		7		7,029
Glencore International PLC		4,370		24,190
Holcim Ltd.		385		26,381
Julius Baer Group Ltd.		270		9,248
Kuehne + Nagel International AG		72		8,671
Lonza Group AG		66		3,180
Nestle SA		4,189		274,159
Novartis AG		3,053		188,938
Pargesa Holding SA		150		10,076
Roche Holding AG		933		183,640
Schindler Holding AG		300		41,955


	Number of Shares		Value
Switzerland (Continued)
Schindler Holding AG Participation Certificates		63	$	8,838
SGS SA		6		13,461
Sika AG		3		6,588
Sonova Holding AG		66		7,208
Sulzer AG		22		3,407
Swatch Group AG (The)		63		30,429
Swiss Life Holding AG		186		24,888
Swiss Re AG		526		37,888
Swisscom AG		30		12,632
Syngenta AG		126		50,511
Transocean Ltd.		448		20,517
UBS AG		5,152		80,612
Wolseley PLC		264		12,253
Xstrata PLC		3,478		57,617
Zurich Financial Services AG		204		52,062

				1,393,474

United Kingdom — 18.4%
3i Group PLC		1,439		4,878
Aggreko PLC		168		6,008
Anglo American PLC		1,793		49,769
Antofagasta PLC		198		4,086
ARM Holdings PLC		2,189		27,145
Associated British Foods PLC		204		4,831
AstraZeneca PLC		2,056		97,717
Aviva PLC		4,807		26,994
Babcock International Group PLC		223		3,560
BAE Systems PLC		5,630		29,523
Barclays PLC		18,320		72,205
BG Group PLC		4,316		73,989
BHP Billiton PLC		2,674		84,055
BP PLC		25,138		173,827
British American Tobacco PLC		2,505		131,398
British Land Co. PLC REIT		1,339		11,799
British Sky Broadcasting Group PLC		2,187		26,595
BT Group PLC, Class A		9,732		36,408
Burberry Group PLC		267		5,505
Capita PLC		474		5,791
Carnival PLC		153		6,190
Centrica PLC		6,462		33,741
Cobham PLC		585		1,987
Compass Group PLC		3,099		35,797
Diageo PLC		3,167		94,224
Eurasian Natural Resources Corp. PLC		598		2,589
Fresnillo PLC		300		9,555
G4s PLC		610		2,416
GKN PLC		2,091		7,437
GlaxoSmithKline PLC		6,632		141,797
Hammerson PLC REIT		666		5,028
HSBC Holdings PLC		24,416		249,458
IMI PLC		211		3,563
Imperial Tobacco Group PLC		1,352		54,088
Intercontinental Hotels Group PLC		191		5,104
Intertek Group PLC		81		4,010
Invensys PLC		1,192		6,025
Investec PLC		848		5,186
ITV PLC		2,358		3,736


See Notes to Financial Statements.		12

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI EAFE Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value
United Kingdom (Continued)
J Sainsbury PLC		634	$	3,468
Johnson Matthey PLC		286		10,993
Kazakhmys PLC		300		3,429
Kingfisher PLC		2,403		10,703
Land Securities Group PLC REIT		1,321		17,101
Legal & General Group PLC		4,745		11,076
Lloyds Banking Group PLC*		59,824		44,564
Marks & Spencer Group PLC		1,532		9,587
Meggitt PLC		373		2,327
National Grid PLC		4,966		56,092
Next PLC		157		9,209
Old Mutual PLC		4,239		11,634
Pearson PLC		1,598		30,159
Prudential PLC		3,710		53,794
Randgold Resources Ltd.		90		9,611
Reckitt Benckiser Group PLC		875		55,024
Reed Elsevier PLC		901		9,275
Rexam PLC		1,192		8,359
Rio Tinto PLC		1,698		84,157
Rolls-Royce Holdings PLC		3,166		45,170
Royal Bank of Scotland Group PLC*		3,364		15,910
SABMiller PLC		1,339		60,658
Sage Group PLC (The)		1,102		5,502
Segro PLC REIT		606		2,294
Serco Group PLC		243		2,130
Severn Trent PLC		300		7,762
Smith & Nephew PLC		267		2,813
Smiths Group PLC		342		6,000
SSE PLC		1,333		30,433
Standard Chartered PLC		3,235		75,412
Standard Life PLC		1,484		7,608
Subsea 7 SA		382		8,733
Tate & Lyle PLC		762		9,437
Tesco PLC		10,852		56,523
TUI Travel PLC		2,088		9,076
Tullow Oil PLC		1,223		26,981
Unilever PLC		2,088		80,387
Vedanta Resources PLC		300		5,148
Vodafone Group PLC		63,712		164,496
Weir Group PLC (The)		321		9,721
Whitbread PLC		300		11,531
WM Morrison Supermarkets PLC		1,874		8,071

				2,640,372

TOTAL COMMON STOCKS (Cost $13,370,015)				14,002,914


	Number of Shares		Value
PREFERRED STOCKS — 0.7%
Germany — 0.7%
Henkel AG & Co. KGaA		421	$	35,179
Porsche Automobil Holding SE		177		13,121
RWE AG — Non Vote		300		11,338
Volkswagen AG		184		39,831

				99,469

United Kingdom — 0.0% (b)
Rolls-Royce Holdings PLC				385

TOTAL PREFERRED STOCKS (Cost $81,242)				99,854


TOTAL INVESTMENTS — 98.5% (Cost $13,451,257)			$	14,102,768
Other assets less liabilities — 1.5%				209,954

NET ASSETS — 100.0%			$	14,312,722

INDUSTRY BREAKDOWN AS OF NOVEMBER 30, 2012 (Unaudited)


	Value		% of Net Assets
Financial	$	3,408,214		23.8	%
Consumer, Non-cyclical		3,208,634		22.4
Consumer, Cyclical		1,693,318		11.8
Industrial		1,685,305		11.8
Basic Materials		1,191,745		8.3
Energy		1,070,396		7.5
Communications		933,801		6.5
Utilities		568,579		4.0
Technology		308,401		2.2
Diversified		34,375		0.2

TOTAL INVESTMENTS		14,102,768		98.5
Other assets less liabilities		209,954		1.5

NET ASSETS	$	14,312,722		100.0	%

As of November 30, 2012, the Fund had the following futures contracts open:


Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Appreciation
E-mini MSCI Emerging Markets Index Futures		2	$	155,930		12/21/2012	$	1,280


See Notes to Financial Statements.		13

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI EAFE Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)

As of November 30, 2012, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
HSBC	12/5/2012	AUD	613,000	USD	634,050	$	(5,422	)
JP Morgan & Chase Co.	12/5/2012	AUD	613,000	USD	633,976		(5,496	)
The Bank of New York Mellon	12/5/2012	AUD	7,000	USD	7,302		—
HSBC	12/5/2012	CHF	580,000	USD	623,120		(2,805	)
JP Morgan & Chase Co.	12/5/2012	CHF	580,000	USD	623,143		(2,782	)
The Bank of New York Mellon	12/5/2012	CHF	20,000	USD	21,204		(380	)
HSBC	12/5/2012	DKK	565,000	USD	98,194		(314	)
JP Morgan & Chase Co.	12/5/2012	DKK	565,000	USD	98,195		(313	)
The Bank of New York Mellon	12/5/2012	DKK	40,000	USD	6,974		—
HSBC	12/5/2012	EUR	1,595,000	USD	2,067,327		(7,155	)
JP Morgan & Chase Co.	12/5/2012	EUR	1,595,000	USD	2,067,382		(7,100	)
The Bank of New York Mellon	12/5/2012	EUR	7,000	USD	9,104		—
HSBC	12/5/2012	GBP	963,000	USD	1,551,316		8,451
JP Morgan & Chase Co.	12/5/2012	GBP	963,000	USD	1,551,255		8,390
The Bank of New York Mellon	12/5/2012	GBP	7,000	USD	11,177		(38	)
HSBC	12/5/2012	HKD	1,541,000	USD	198,844		9
JP Morgan & Chase Co.	12/5/2012	HKD	1,541,000	USD	198,846		12
HSBC	12/5/2012	ILS	114,000	USD	29,298		(576	)
JP Morgan & Chase Co.	12/5/2012	ILS	114,000	USD	29,296		(578	)
HSBC	12/5/2012	JPY	105,332,000	USD	1,318,116		40,277
JP Morgan & Chase Co.	12/5/2012	JPY	105,332,000	USD	1,318,098		40,258
The Bank of New York Mellon	12/5/2012	JPY	600,000	USD	7,477		199
HSBC	12/5/2012	NOK	416,000	USD	72,782		(644	)
JP Morgan & Chase Co.	12/5/2012	NOK	416,000	USD	72,774		(653	)
HSBC	12/5/2012	NZD	6,000	USD	4,922		(2	)
JP Morgan & Chase Co.	12/5/2012	NZD	6,000	USD	4,922		(2	)
HSBC	12/5/2012	SEK	1,373,000	USD	206,731		400
JP Morgan & Chase Co.	12/5/2012	SEK	1,373,000	USD	206,714		382
HSBC	12/5/2012	SGD	173,000	USD	141,786		52
JP Morgan & Chase Co.	12/5/2012	SGD	173,000	USD	141,793		59
The Bank of New York Mellon	12/5/2012	SGD	10,000	USD	8,194		1
HSBC	12/5/2012	USD	639,461	AUD	613,000		12
HSBC	12/5/2012	USD	626,086	CHF	580,000		(160	)
HSBC	12/5/2012	USD	98,506	DKK	565,000		2
HSBC	12/5/2012	USD	2,074,473	EUR	1,595,000		9
HSBC	12/5/2012	USD	1,543,345	GBP	963,000		(480	)
HSBC	12/5/2012	USD	198,838	HKD	1,541,000		(3	)
HSBC	12/5/2012	USD	29,913	ILS	114,000		(39	)
HSBC	12/5/2012	USD	1,277,224	JPY	105,332,000		616
HSBC	12/5/2012	USD	73,451	NOK	416,000		(24	)
HSBC	12/5/2012	USD	4,924	NZD	6,000		1
HSBC	12/5/2012	USD	206,190	SEK	1,373,000		141
HSBC	12/5/2012	USD	24,505	SGD	30,000		73
HSBC	12/5/2012	USD	117,170	SGD	143,000		(15	)
JP Morgan & Chase Co.	12/5/2012	USD	639,462	AUD	613,000		10
JP Morgan & Chase Co.	12/5/2012	USD	626,088	CHF	580,000		(162	)
JP Morgan & Chase Co.	12/5/2012	USD	98,507	DKK	565,000		1
JP Morgan & Chase Co.	12/5/2012	USD	2,074,471	EUR	1,595,000		11
JP Morgan & Chase Co.	12/5/2012	USD	1,543,344	GBP	963,000		(479	)
JP Morgan & Chase Co.	12/5/2012	USD	198,838	HKD	1,541,000		(4	)
JP Morgan & Chase Co.	12/5/2012	USD	29,911	ILS	114,000		(38	)
JP Morgan & Chase Co.	12/5/2012	USD	1,277,227	JPY	105,332,000		613
JP Morgan & Chase Co.	12/5/2012	USD	73,451	NOK	416,000		(25	)
JP Morgan & Chase Co.	12/5/2012	USD	4,924	NZD	6,000		—
JP Morgan & Chase Co.	12/5/2012	USD	206,191	SEK	1,373,000		140
JP Morgan & Chase Co.	12/5/2012	USD	141,752	SGD	173,000		(18	)


See Notes to Financial Statements.		14

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI EAFE Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	12/5/2012	USD	7,239	AUD	7,000	$	62
The Bank of New York Mellon	12/5/2012	USD	21,589	CHF	20,000		(6	)
The Bank of New York Mellon	12/5/2012	USD	6,861	DKK	40,000		113
The Bank of New York Mellon	12/5/2012	USD	8,953	EUR	7,000		151
The Bank of New York Mellon	12/5/2012	USD	11,219	GBP	7,000		(3	)
The Bank of New York Mellon	12/5/2012	USD	7,275	JPY	600,000		4
The Bank of New York Mellon	12/5/2012	USD	8,167	SGD	10,000		26
HSBC	1/4/2013	AUD	5,000	USD	5,201		(3	)
HSBC	1/4/2013	AUD	609,000	USD	633,813		39
JP Morgan & Chase Co.	1/4/2013	AUD	609,000	USD	633,816		42
HSBC	1/4/2013	CHF	611,000	USD	659,834		151
JP Morgan & Chase Co.	1/4/2013	CHF	611,000	USD	659,839		155
HSBC	1/4/2013	DKK	566,000	USD	98,751		(2	)
JP Morgan & Chase Co.	1/4/2013	DKK	566,000	USD	98,743		(10	)
HSBC	1/4/2013	EUR	1,632,000	USD	2,123,289		(20	)
JP Morgan & Chase Co.	1/4/2013	EUR	1,632,000	USD	2,123,292		(17	)
HSBC	1/4/2013	GBP	987,000	USD	1,581,751		506
JP Morgan & Chase Co.	1/4/2013	GBP	987,000	USD	1,581,750		505
HSBC	1/4/2013	HKD	1,660,000	USD	214,198		—
JP Morgan & Chase Co.	1/4/2013	HKD	1,660,000	USD	214,197		(1	)
HSBC	1/4/2013	ILS	111,000	USD	29,089		38
JP Morgan & Chase Co.	1/4/2013	ILS	111,000	USD	29,091		40
HSBC	1/4/2013	JPY	113,058,000	USD	1,371,414		(649	)
JP Morgan & Chase Co.	1/4/2013	JPY	113,058,000	USD	1,371,409		(654	)
HSBC	1/4/2013	NOK	412,000	USD	72,664		26
JP Morgan & Chase Co.	1/4/2013	NOK	412,000	USD	72,661		23
HSBC	1/4/2013	NZD	6,000	USD	4,914		—
JP Morgan & Chase Co.	1/4/2013	NZD	6,000	USD	4,914		—
HSBC	1/4/2013	SEK	1,423,000	USD	213,512		(144	)
JP Morgan & Chase Co.	1/4/2013	SEK	1,423,000	USD	213,503		(153	)
HSBC	1/4/2013	SGD	175,000	USD	143,388		17
JP Morgan & Chase Co.	1/4/2013	SGD	175,000	USD	143,386		16
HSBC	1/4/2013	USD	3,901	EUR	3,000		2
HSBC	1/4/2013	USD	49,672	GBP	31,000		(8	)
HSBC	1/4/2013	USD	15,097	HKD	117,000		—
HSBC	1/4/2013	USD	8,923	JPY	736,000		9
HSBC	1/4/2013	USD	7,051	SEK	47,000		6

						$	64,673

Currency Abbreviations

AUD – Australian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – Pound Sterling

HKD – Hong Kong Dollar

ILS – Israeli New Sheqel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – U.S. Dollar

* Non-Income producing securities.

(a) Affiliated company. The Sub-Advisor is a subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund.

(b) Less than 0.1%.

REIT – Real Estate Investment Trust.


See Notes to Financial Statements.		15

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Emerging Markets Currency-Hedged Equity Fund

November 30, 2012 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 91.9%
Brazil — 5.3%
Banco Bradesco SA		600	$	9,111
Banco do Brasil SA		700		7,178
Banco Santander Brasil SA		1,000		6,786
BM&FBovespa SA		2,300		13,821
BR Malls Participacoes SA		900		11,562
BRF — Brasil Foods SA		800		14,526
CCR SA		1,600		13,747
Centrais Eletricas Brasileiras SA		800		2,864
Cia Siderurgica Nacional SA		900		4,418
Cielo SA		480		12,501
Cosan SA Industria e Comercio		200		3,677
CPFL Energia SA		400		4,277
Duratex SA		400		2,761
Ecorodovias Infraestrutura e Logistica SA		400		3,194
EDP — Energias do Brasil SA		300		1,702
Embraer SA		1,300		7,976
JBS SA*		900		2,279
Localiza Rent a Car SA		200		3,327
Lojas Renner SA		200		7,315
Multiplan Empreendimentos Imobiliarios SA		100		2,761
Natura Cosmeticos SA		400		10,588
OGX Petroleo e Gas Participacoes SA*		1,500		3,047
Oi SA		39		165
PDG Realty SA Empreendimentos e Participacoes		1,700		2,395
Petroleo Brasileiro SA		3,600		32,178
Souza Cruz SA		300		4,362
Tim Participacoes SA		1,000		3,519
Totvs SA		200		3,743
Tractebel Energia SA		200		3,262
Ultrapar Participacoes SA		600		12,355
Vale SA		1,600		28,155

				239,552

Chile — 1.8%
AES Gener SA		5,200		3,364
Banco de Credito e Inversiones		103		6,805
Banco Santander Chile		60,375		4,072
Capital SA		100		3,284
Cencosud SA		1,355		7,052
Colbun SA*		10,500		2,848
Corpbanca		190,700		2,513
E.CL SA		1,100		2,548
Empresa Nacional de Electricidad SA		5,337		7,971
Empresas CMPC SA		1,950		7,074
Empresas COPEC SA		543		7,500
Enersis SA		22,969		7,743
ENTEL Chile SA		200		4,106
Lan Airlines SA		384		8,468
SACI Falabella		460		4,587

				79,935

China — 18.2%
Agile Property Holdings Ltd.		1,800		2,425
Agricultural Bank of China Ltd., Class H		20,000		8,774
Air China Ltd., Class H		3,100		2,076


	Number of Shares		Value
China (Continued)
Angang Steel Co. Ltd., Class H*		2,900	$	1,826
Anhui Conch Cement Co. Ltd., Class H		2,500		8,321
Anta Sports Products Ltd.		6,000		4,382
Bank of China Ltd., Class H		100,000		42,192
Bank of Communications Co. Ltd., Class H		11,000		8,062
Beijing Enterprises Holdings Ltd.		900		5,801
Belle International Holdings Ltd., Class A		5,000		10,503
Brilliance China Automotive Holdings Ltd.*		3,400		4,137
Byd Co. Ltd., Class H*		3,500		8,978
China Citic Bank Corp. Ltd., Class H		10,000		5,161
China Coal Energy Co. Ltd., Class H		8,000		8,072
China Communications Construction Co. Ltd., Class H		6,000		5,466
China Construction Bank Corp., Class H		88,000		67,445
China Life Insurance Co. Ltd., Class H		9,000		26,534
China Longyuan Power Group Corp., Class H		10,000		6,607
China Mengniu Dairy Co. Ltd.		2,000		5,600
China Merchants Bank Co. Ltd., Class H		4,500		8,617
China Minsheng Banking Corp. Ltd., Class H		8,500		8,335
China Mobile Ltd.		6,500		74,308
China National Building Material Co. Ltd., Class H		6,000		7,835
China Overseas Land & Investment Ltd.		6,000		17,767
China Pacific Insurance Group Co. Ltd., Class H		2,400		7,866
China Petroleum & Chemical Corp., Class H		20,000		21,212
China Resources Cement Holdings Ltd.		3,300		2,074
China Resources Enterprise Ltd.		2,000		7,135
China Resources Power Holdings Co. Ltd.		2,900		6,503
China Shanshui Cement Group Ltd.		10,000		6,826
China Shenhua Energy Co. Ltd., Class H		4,000		16,387
China State Construction International Holdings Ltd.		2,900		3,663
China Telecom Corp. Ltd., Class H		18,000		9,801
China Unicom Hong Kong Ltd.		8,000		12,469
CNOOC Ltd.		19,000		40,647
Country Garden Holdings Co. Ltd.*		24,129		11,519
Dongfeng Motor Group Co. Ltd., Class H		6,000		8,438
ENN Energy Holdings Ltd.		900		4,053
Fosun International Ltd.		12,500		7,403
GOME Electrical Appliances Holding Ltd.		13,000		1,308
Guangdong Investment Ltd.		6,100		4,959
Hengan International Group Co. Ltd.		500		4,516
Industrial & Commercial Bank of China, Class H		74,000		49,937
Intime Department Store Group Co. Ltd.		1,700		1,943
Kunlun Energy Co. Ltd.		4,000		8,144
Lee & Man Paper Manufacturing Ltd.		17,000		10,221
Lenovo Group Ltd.		8,000		7,535
Longfor Properties Co. Ltd.		3,200		6,136
Minmetals Resources Ltd.*		4,000		1,559
Nine Dragons Paper Holdings Ltd.		11,000		8,062
Parkson Retail Group Ltd.		7,000		5,049
PetroChina Co. Ltd., Class H		30,000		40,180
PICC Property & Casualty Co. Ltd., Class H		6,000		7,719
Ping An Insurance Group Co., Class H		2,000		15,135
Poly Hong Kong Investments Ltd.*		15,000		10,374
Shanghai Industrial Holdings Ltd.		3,000		9,812


See Notes to Financial Statements.		16

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Emerging Markets Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value
China (Continued)
Shougang Fushan Resources Group Ltd		4,900	$	1,827
Sinopharm Group Co. Ltd., Class H		900		2,793
Soho China Ltd.		12,000		9,058
Tencent Holdings Ltd.		1,300		42,471
Tingyi Cayman Islands Holding Corp.		4,000		11,690
Tsingtao Brewery Co. Ltd., Class H		800		4,501
Uni-President China Holdings Ltd.		5,900		7,735
Want Want China Holdings Ltd.		11,000		16,066
Wumart Stores, Inc., Class H		2,300		4,790
Yanzhou Coal Mining Co. Ltd., Class H		4,000		6,121
Zhongsheng Group Holdings Ltd.		3,100		3,820

				818,681

Colombia — 1.3%
Almacenes Exito SA		200		3,967
BanColombia SA, ADR		200		12,854
Cementos Argos SA		500		2,513
Ecopetrol SA, ADR		300		17,441
Grupo Argos SA		155		1,639
Grupo de Inversiones Suramericana SA		450		8,731
Interconexion Electrica SA Esp		800		4,187
Isagen SA Esp		3,800		5,359

				56,691

Czech Republic — 0.2%
CEZ AS		200		6,645
Telefonica Czech Republic AS		100		1,783

				8,428

Egypt — 0.2%
Orascom Construction Industries		222		7,869

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		78		6,627

India — 7.0%
Axis Bank Ltd. GDR		1,300		31,967
Dr Reddy’s Laboratories Ltd., ADR		1,100		36,894
HDFC Bank Ltd., ADR		1,400		58,968
ICICI Bank Ltd., ADR		800		32,792
Infosys Ltd., ADR		500		22,225
Larsen & Toubro Ltd. GDR		1,200		36,852
Reliance Industries Ltd. GDR, 144A		1,500		44,145
Sterlite Industries India Ltd., ADR		2,200		17,358
Tata Motors Ltd., ADR		600		15,042
Wipro Ltd., ADR		2,400		21,000

				317,243

Indonesia — 3.2%
Adaro Energy Tbk PT		29,500		4,121
Astra Agro Lestari Tbk PT		1,000		1,876
Astra International Tbk PT		25,000		18,893
Bank Central Asia Tbk PT		14,500		13,300
Bank Danamon Indonesia Tbk PT		14,000		7,880
Bank Mandiri Tbk PT		12,500		10,749
Bank Negara Indonesia Persero Tbk PT		9,500		3,664
Bank Rakyat Indonesia Persero Tbk PT		13,500		9,921
Bumi Resources Tbk PT		20,000		1,230
Charoen Pokphand Indonesia Tbk PT		17,900		6,391


	Number of Shares		Value
Indonesia (Continued)
Gudang Garam Tbk PT		1,000	$	5,509
Indo Tambangraya Megah PT		2,000		8,182
Indosat Tbk PT		16,500		9,546
Perusahaan Gas Negara PT		21,500		10,141
Semen Gresik Persero Tbk PT		4,000		6,171
Telekomunikasi Indonesia Tbk PT		12,000		11,258
Unilever Indonesia Tbk PT		2,000		5,493
United Tractors Tbk PT		4,000		7,109
XL Axiata Tbk PT		4,400		2,362

				143,796

Malaysia — 3.6%
AirAsia Bhd		3,100		2,906
AMMB Holdings Bhd		2,200		4,617
Axiata Group Bhd		3,300		6,427
British American Tobacco Malaysia Bhd		200		3,500
CIMB Group Holdings Bhd		5,800		14,253
DiGi.Com Bhd		4,000		6,356
Genting Bhd		6,600		12,566
Hong Leong Bank Bhd		700		3,376
IOI Corp. Bhd		5,700		9,301
Kuala Lumpur Kepong Bhd		700		4,753
Lafarge Malayan Cement Bhd		1,300		4,093
Malayan Banking Bhd		3,900		11,611
Malaysia Marine & Heavy Engineering Holdings Bhd		1,200		1,741
Maxis Bhd		2,900		6,134
MMC Corp. Bhd		3,300		2,920
Petronas Chemicals Group Bhd		4,300		8,417
Petronas Dagangan Bhd		600		4,564
Petronas Gas Bhd		1,000		6,053
Public Bank Bhd		2,300		11,758
RHB Capital Bhd		900		2,221
Sime Darby Bhd		3,300		9,738
Telekom Malaysia Bhd		2,400		4,319
Tenaga Nasional Bhd		4,400		10,046
UMW Holdings Bhd		1,300		4,542
YTL Corp. Bhd		6,293		3,664
YTL Power International Bhd		4,300		2,235

				162,111

Mexico — 4.7%
Alfa SAB de CV, Class A		4,000		8,291
America Movil SAB de CV		40,700		48,085
Arca Continental SAB de CV		1,000		7,282
Cemex SAB de CV*		12,688		11,301
Coca-Cola Femsa SAB de CV		400		5,753
Fomento Economico Mexicano SAB de CV		2,300		22,525
Grupo Bimbo SAB de CV		2,200		5,188
Grupo Carso SAB de CV		900		3,673
Grupo Financiero Banorte SAB de CV, Class O		2,200		12,608
Grupo Financiero Inbursa SA, Class O		4,200		11,642
Grupo Mexico SAB de CV		4,611		15,002
Grupo Modelo SAB de CV		900		8,063
Grupo Televisa SAB de CV		2,800		13,260
Industrias Penoles SAB de CV		270		13,489


See Notes to Financial Statements.		17

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Emerging Markets Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value
Mexico (Continued)
Minera Frisco SAB de CV*		800	$	3,201
Wal-Mart de Mexico SAB de CV		7,500		23,526

				212,889

Peru — 0.8%
Cia de Minas Buenaventura SA, Class B, ADR		300		9,831
Credicorp Ltd.		100		13,990
Southern Copper Corp.		304		11,035

				34,856

Philippines — 1.0%
Aboitiz Power Corp.		4,600		3,988
Ayala Land, Inc.		8,700		5,106
Bank of the Philippine Islands		2,300		5,006
BDO Unibank, Inc.		2,369		4,140
Energy Development Corp.		20,200		3,488
Manila Electric Co.		500		3,204
Metropolitan Bank & Trust		1,900		4,637
Philippine Long Distance Telephone Co.		100		6,324
San Miguel Corp.		1,900		5,064
SM Investments Corp.		200		4,290

				45,247

Poland — 1.4%
Bank Pekao SA		163		8,157
Enea SA		400		1,980
Grupa Lotos SA*		200		2,396
Kernel Holding SA*		100		2,158
KGHM Polska Miedz SA		167		9,470
PGE SA		1,094		6,367
Polski Koncern Naftowy Orlen SA*		521		7,555
Powszechna Kasa Oszczednosci Bank Polski SA		746		8,237
Powszechny Zaklad Ubezpieczen SA		70		8,767
Synthos SA		1,600		2,894
Tauron Polska Energia SA		1,300		1,786
Telekomunikacja Polska SA		1,489		5,575

				65,342

Russia — 6.2%
Gazprom OAO, ADR		2,800		24,892
LSR Group GDR		6,424		26,981
Lukoil OAO, ADR		700		44,065
Magnit OJSC GDR		173		6,103
Mechel, ADR		100		610
MMC Norilsk Nickel OJSC, ADR		1,892		29,931
Mobile Telesystems OJSC, ADR		400		6,972
NovaTek OAO GDR		286		31,374
Novolipetsk Steel OJSC GDR		194		3,853
Rosneft Oil Co. GDR		5,600		43,680
Severstal OAO GDR		300		3,414
Sistema JSFC GDR		336		6,357
Surgutneftegas OJSC, ADR		1,700		14,323
Tatneft, ADR		400		15,832
TMK OAO GDR		189		2,909
VTB Bank OJSC GDR		5,000		16,650

				277,946


	Number of Shares		Value
South Africa — 7.1%
AngloGold Ashanti Ltd., ADR		2,100	$	65,037
Gold Fields Ltd., ADR		5,400		66,312
Harmony Gold Mining Co. Ltd., ADR		3,700		28,897
Impala Platinum Holdings Ltd., ADR		2,100		34,125
Sappi Ltd., ADR*		8,000		26,240
Sasol Ltd., ADR		2,300		97,405

				318,016

South Korea — 15.0%
Amorepacific Corp.		5		5,661
Celltrion, Inc.		289		6,939
Cheil Industries, Inc.		81		7,159
Daewoo Engineering & Construction Co. Ltd.*		300		2,632
Daewoo International Corp.		100		3,689
DGB Financial Group, Inc.		200		2,493
Doosan Corp.		26		3,037
Doosan Heavy Industries & Construction Co. Ltd.		100		3,754
Doosan Infracore Co. Ltd.*		100		1,501
E-Mart Co. Ltd.		27		5,436
GS Engineering & Construction Corp.		46		2,268
Hana Financial Group, Inc.		280		8,688
Hankook Tire Co. Ltd.*		81		3,430
Hanwha Corp.		100		2,941
Honam Petrochemical Corp.		28		5,546
Hynix Semiconductor, Inc.*		600		13,519
Hyundai Department Store Co. Ltd.		18		2,502
Hyundai Engineering & Construction Co. Ltd.		129		8,101
Hyundai Heavy Industries Co. Ltd.		50		9,743
Hyundai Merchant Marine Co. Ltd.*		100		2,096
Hyundai Mipo Dockyard		18		1,878
Hyundai Mobis		81		21,356
Hyundai Motor Co.		195		40,608
Hyundai Steel Co.		92		6,822
Hyundai Wia Corp.		23		3,866
Kangwon Land, Inc.		100		2,858
KB Financial Group, Inc.		562		18,503
KIA Motors Corp.		365		20,865
Korea Electric Power Corp.*		380		9,370
Korea Exchange Bank*		400		2,693
Korea Gas Corp.		100		7,240
Korea Kumho Petrochemical		14		1,448
Korea Life Insurance Co. Ltd.		400		2,778
Korean Air Lines Co. Ltd.*		100		4,151
KT&G Corp.		165		13,059
LG Chem Ltd.		55		15,847
LG Corp.		133		7,984
LG Display Co. Ltd.*		320		10,225
LG Electronics, Inc.		117		8,244
LG Household & Health Care Ltd.		13		7,755
LG Uplus Corp.		600		4,139
Lotte Shopping Co. Ltd.		22		7,283
LS Corp.		100		8,727
NCSoft Corp.		20		2,983
NHN Corp.		57		13,265
OCI Co. Ltd.		26		3,626
POSCO		78		23,303


See Notes to Financial Statements.		18

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Emerging Markets Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value
South Korea (Continued)
Samsung C&T Corp.		149	$	8,174
Samsung Card Co.		100		3,357
Samsung Electro-Mechanics Co. Ltd.		117		11,399
Samsung Electronics Co. Ltd.		133		172,690
Samsung Engineering Co. Ltd.		44		6,583
Samsung Fire & Marine Insurance Co. Ltd.		49		9,910
Samsung Heavy Industries Co. Ltd.		240		8,079
Samsung Life Insurance Co. Ltd.		117		10,048
Samsung SDI Co. Ltd.		66		9,478
Shinhan Financial Group Co. Ltd.		510		16,319
SK C&C Co. Ltd.		25		2,293
SK Holdings Co. Ltd.		53		8,786
SK Innovation Co. Ltd.		100		15,284
SK Networks Co. Ltd.		300		2,291
SK Telecom Co. Ltd., ADR		200		3,054
S-Oil Corp.		74		6,690
Woongjin Coway Co. Ltd.		100		3,685
Woori Finance Holdings Co. Ltd.		790		7,405

				677,536

Taiwan — 11.4%
Advanced Semiconductor Engineering, Inc., ADR		14,521		59,972
AU Optronics Corp., ADR*		10,800		44,496
Chunghwa Telecom Co. Ltd., ADR		2,100		67,515
Hon Hai Precision Industry Co. Ltd. GDR		22,645		142,664
Siliconware Precision Industries Co., ADR		8,700		46,980
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		6,600		113,981
United Microelectronics Corp., ADR		19,700		37,627

				513,235

Thailand — 1.6%
Bangkok Bank PCL, NVDR		1,700		10,137
Bank of Ayudhya PCL, NVDR		3,400		3,434
Indorama Ventures PCL, NVDR		2,200		1,828
IRPC PCL, NVDR		16,900		2,291
Kasikornbank PCL, NVDR		2,300		14,014
Krung Thai Bank PCL, NVDR		5,200		3,118
PTT Exploration & Production PCL, NVDR		1,800		9,326
PTT PCL, NVDR		1,000		10,426
Siam Commercial Bank PCL, NVDR		2,900		15,355
Thai Oil PCL, NVDR		1,300		2,796

				72,725

Turkey — 1.8%
Akbank TAS		2,182		10,233
Arcelik AS		600		3,643
Bim Birlesik Magazalar AS		198		9,003
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		1,700		2,664
Enka Insaat ve Sanayi AS		1,120		2,984
Eregli Demir ve Celik Fabrikalari TAS		1,725		2,172
Haci Omer Sabanci Holding AS		700		3,612
Turk Hava Yollari*		1,320		3,886
Turk Telekomunikasyon AS		600		2,243
Turkcell Iletisim Hizmetleri AS*		1,768		10,637
Turkiye Garanti Bankasi AS		2,508		11,902


	Number of Shares		Value
Turkey (Continued)
Turkiye Halk Bankasi AS		400	$	3,873
Turkiye Is Bankasi, Class C		3,168		10,212
Turkiye Vakiflar Bankasi Tao, Class D		1,300		3,150
Yapi ve Kredi Bankasi AS*		1,200		3,163

				83,377

TOTAL COMMON STOCKS (Cost $4,464,349)				4,142,102

PREFERRED STOCKS — 6.7%
Brazil — 6.1%
AES Tiete SA		200		2,134
Banco Bradesco SA		2,300		38,201
Bradespar SA		500		6,669
Braskem SA		200		1,290
Cia Brasileira de Distribuicao Grupo Pao de Acucar		200		8,517
Cia de Bebidas das Americas		900		37,275
Cia Energetica de Minas Gerais		750		9,010
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		100		636
Gerdau SA		1,000		8,293
Itau Unibanco Holding SA		2,700		40,612
Itausa — Investimentos Itau SA		3,080		13,881
Klabin SA		900		5,071
Metalurgica Gerdau SA, Class A		500		5,253
Oi SA		400		1,507
Petroleo Brasileiro SA		4,900		42,790
Telefonica Brasil SA		500		10,857
Vale SA		2,400		41,220

				273,216

Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B		165		9,336

South Korea — 0.4%
Samsung Electronics Co. Ltd.		25		19,024

TOTAL PREFERRED STOCKS (Cost $367,535)				301,576

RIGHTS 0.0 % (a)
South Korea — 0.0% (a)
Hyundai Merchant Marine Co. Ltd.*, expires 12/28/12		6		14

Thailand — 0.0% (a)
PTT Exploration & Production PCL*, expires 12/30/12		352		195

TOTAL RIGHTS 0.0% (Cost $0)		358		209


TOTAL INVESTMENTS — 98.6% (Cost $4,831,884)			$	4,443,887
Other assets less liabilities — 1.4%				61,075

NET ASSETS — 100.0%			$	4,504,962


See Notes to Financial Statements.		19

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Emerging Markets Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)

INDUSTRY BREAKDOWN AS OF NOVEMBER 30, 2012 (Unaudited)


	Value		% of Net Assets
Financial	$	1,010,627		22.4	%
Basic Materials		655,373		14.5
Energy		552,882		12.3
Technology		520,591		11.5
Industrial		417,530		9.3
Communications		407,274		9.0
Consumer, Non-cyclical		347,153		7.7
Consumer, Cyclical		313,623		7.0
Utilities		151,762		3.4
Diversified		67,072		1.5

TOTAL INVESTMENTS		4,443,887		98.6
Other assets less liabilities		61,075		1.4

NET ASSETS	$	4,504,962		100.0	%

As of November 30, 2012, the Fund had the following futures contracts open:


Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Depreciation
E-mini MSCI Emerging Markets Index Futures		1	$	50,265		12/21/2012	$	(70	)

As of November 30, 2012, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
HSBC	12/5/2012	BRL	546,000	USD	267,811	$	12,481
HSBC	12/5/2012	BRL	10,000	USD	4,874		198
JP Morgan & Chase Co.	12/5/2012	BRL	546,000	USD	267,864		12,535
The Bank of New York Mellon	12/5/2012	BRL	10,000	USD	4,744		67
JP Morgan & Chase Co.	12/5/2012	CLP	44,669,000	USD	92,253		(560	)
JP Morgan & Chase Co.	12/5/2012	COP	104,840,000	USD	56,918		(802	)
JP Morgan & Chase Co.	12/5/2012	CZK	183,000	USD	9,445		16
JP Morgan & Chase Co.	12/5/2012	EGP	52,000	USD	8,435		(55	)
HSBC	12/5/2012	HKD	6,124,000	USD	790,214		36
The Bank of New York Mellon	12/5/2012	HKD	30,000	USD	3,871		—
JP Morgan & Chase Co.	12/5/2012	HUF	1,508,000	USD	6,869		(100	)
HSBC	12/5/2012	IDR	1,467,373,000	USD	152,097		(771	)
HSBC	12/5/2012	INR	17,185,000	USD	317,654		2,029
HSBC	12/5/2012	KRW	368,796,000	USD	337,756		(2,739	)
JP Morgan & Chase Co.	12/5/2012	KRW	368,796,000	USD	337,772		(2,724	)
HSBC	12/5/2012	MXN	50,000	USD	3,822		(42	)
JP Morgan & Chase Co.	12/5/2012	MXN	2,765,000	USD	210,606		(3,080	)
The Bank of New York Mellon	12/5/2012	MXN	80,000	USD	6,190		8
HSBC	12/5/2012	MYR	514,000	USD	168,434		(597	)
HSBC	12/5/2012	PHP	1,796,000	USD	43,624		(305	)
JP Morgan & Chase Co.	12/5/2012	PLN	199,000	USD	62,062		(1,049	)
JP Morgan & Chase Co.	12/5/2012	RUB	7,696,000	USD	244,047		(5,202	)
HSBC	12/5/2012	TRY	149,000	USD	82,695		(639	)
HSBC	12/5/2012	TWD	13,896,000	USD	476,464		(1,823	)
HSBC	12/5/2012	TWD	300,000	USD	10,350		24
HSBC	12/5/2012	USD	263,757	BRL	556,000		(3,752	)
HSBC	12/5/2012	USD	790,192	HKD	6,124,000		(14	)
HSBC	12/5/2012	USD	152,931	IDR	1,467,373,000		(63	)
HSBC	12/5/2012	USD	11,000	INR	602,221		61
HSBC	12/5/2012	USD	304,943	INR	16,582,779		(379	)


See Notes to Financial Statements.		20

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Emerging Markets Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
HSBC	12/5/2012	USD	340,346	KRW	368,796,000	$	149
HSBC	12/5/2012	USD	3,869	MXN	50,000		(5	)
HSBC	12/5/2012	USD	169,213	MYR	514,000		(181	)
HSBC	12/5/2012	USD	44,122	PHP	1,796,000		(193	)
HSBC	12/5/2012	USD	83,406	TRY	149,000		(72	)
HSBC	12/5/2012	USD	488,507	TWD	14,196,000		106
JP Morgan & Chase Co.	12/5/2012	USD	259,038	BRL	546,000		(3,709	)
JP Morgan & Chase Co.	12/5/2012	USD	92,867	CLP	44,669,000		(54	)
JP Morgan & Chase Co.	12/5/2012	USD	57,827	COP	104,840,000		(106	)
JP Morgan & Chase Co.	12/5/2012	USD	9,420	CZK	183,000		8
JP Morgan & Chase Co.	12/5/2012	USD	8,511	EGP	52,000		(21	)
JP Morgan & Chase Co.	12/5/2012	USD	6,974	HUF	1,508,000		(4	)
JP Morgan & Chase Co.	12/5/2012	USD	340,847	KRW	368,796,000		(351	)
JP Morgan & Chase Co.	12/5/2012	USD	213,960	MXN	2,765,000		(274	)
JP Morgan & Chase Co.	12/5/2012	USD	62,935	PLN	199,000		177
JP Morgan & Chase Co.	12/5/2012	USD	248,868	RUB	7,696,000		380
JP Morgan & Chase Co.	12/5/2012	USD	316,556	ZAR	2,812,000		(509	)
The Bank of New York Mellon	12/5/2012	USD	4,898	BRL	10,000		(222	)
The Bank of New York Mellon	12/5/2012	USD	3,871	HKD	30,000		—
The Bank of New York Mellon	12/5/2012	USD	6,117	MXN	80,000		66
JP Morgan & Chase Co.	12/5/2012	ZAR	2,812,000	USD	321,685		5,638
HSBC	12/6/2012	THB	2,232,000	USD	72,680		(21	)
HSBC	12/6/2012	USD	72,681	THB	2,232,000		20
HSBC	1/4/2013	BRL	555,000	USD	262,077		3,711
JP Morgan & Chase Co.	1/4/2013	BRL	555,000	USD	262,089		3,724
JP Morgan & Chase Co.	1/4/2013	CLP	43,435,000	USD	89,928		48
JP Morgan & Chase Co.	1/4/2013	COP	103,255,000	USD	56,734		92
JP Morgan & Chase Co.	1/4/2013	CZK	169,000	USD	8,702		(9	)
JP Morgan & Chase Co.	1/4/2013	EGP	43,000	USD	6,935		6
HSBC	1/4/2013	HKD	6,339,000	USD	817,954		1
JP Morgan & Chase Co.	1/4/2013	HUF	1,401,000	USD	6,455		5
HSBC	1/4/2013	IDR	1,438,000,000	USD	149,792		504
HSBC	1/4/2013	INR	17,309,000	USD	316,395		317
HSBC	1/4/2013	KRW	383,032,000	USD	352,879		(239	)
JP Morgan & Chase Co.	1/4/2013	KRW	383,032,000	USD	353,514		396
JP Morgan & Chase Co.	1/4/2013	MXN	2,808,000	USD	216,674		286
HSBC	1/4/2013	MYR	498,000	USD	163,703		293
HSBC	1/4/2013	PHP	132,000	USD	3,237		6
HSBC	1/4/2013	PHP	1,748,000	USD	42,949		160
JP Morgan & Chase Co.	1/4/2013	PLN	208,000	USD	65,573		(180	)
HSBC	1/4/2013	THB	2,236,000	USD	72,700		(5	)
HSBC	1/4/2013	TRY	150,000	USD	83,654		81
HSBC	1/4/2013	TWD	15,040,000	USD	518,013		309
HSBC	1/4/2013	USD	7,029	BRL	15,000		(46	)
HSBC	1/4/2013	USD	3,613	HKD	28,000		—
JP Morgan & Chase Co.	1/4/2013	ZAR	2,870,000	USD	321,530		466
JP Morgan & Chase Co.	1/9/2013	RUB	7,495,000	USD	240,974		(200	)

						$	13,307

Currency Abbreviations

BRL – Brazilian Real

CLP – Chilean Peso

COP – Colombian Peso

CZK – Czech Kronua

EGP – Egyptian Pound

HKD – Hong Kong Dollar


See Notes to Financial Statements.		21

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Emerging Markets Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

PHP – Philippine Peso

PLN – Polish Zloty

RUB – Russian Ruble

THB – Thai Baht

TRY – Turkish New Lira

TWD – New Taiwan Dollar

USD – U.S. Dollar

ZAR – South African Rand

* Non-Income producing securities.

144A — Security is exempt from registration under Rule 144A of the securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012 the aggregate market value of this security amounted to $44,145 or 1.0% of net assets.

(a) Less than 0.1%.

ADR – American Depositary Receipt.

GDR – Global Depositary Receipt.

NVDR – Non Voting Depositary Receipt.

REIT – Real Estate Investment Trust.


See Notes to Financial Statements.		22

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Japan Currency-Hedged Equity Fund

November 30, 2012 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.1%
Basic Materials — 5.7%
Asahi Kasei Corp.		3,000	$	17,104
Daido Steel Co. Ltd.		1,000		4,319
Denki Kagaku Kogyo KK		2,000		6,526
Hitachi Chemical Co. Ltd.		300		4,287
Hitachi Metals Ltd.		600		4,454
JFE Holdings, Inc.		1,000		15,491
JSR Corp.		600		11,092
Kobe Steel Ltd.*		5,000		4,670
Kuraray Co. Ltd.		600		7,388
Mitsubishi Chemical Holdings Corp.		3,000		13,101
Mitsubishi Materials Corp.		4,000		11,403
Nippon Steel Corp.		16,145		37,015
Nitto Denko Corp.		400		20,842
OJI Paper Co. Ltd.		3,000		9,462
Shin-Etsu Chemical Co. Ltd.		1,000		58,835
Showa Denko KK		6,000		8,661
Sumitomo Chemical Co. Ltd.		3,000		8,552
Sumitomo Metal Mining Co. Ltd.		1,000		13,696
Taiyo Nippon Sanso Corp.		1,000		5,544
Ube Industries Ltd.		4,000		8,297

				270,739

Communications — 5.6%
Dena Co. Ltd.		213		7,816
Dentsu, Inc.		400		9,783
Gree, Inc.		200		3,477
Jupiter Telecommunications Co. Ltd.		5		6,538
KDDI Corp.		600		44,399
Nippon Telegraph & Telephone Corp.		900		40,232
NTT DoCoMo, Inc.		34		49,040
Rakuten, Inc.		1,600		13,489
Softbank Corp.		2,000		74,968
Trend Micro, Inc.		200		5,214
Yahoo Japan Corp.		32		10,745

				265,701

Consumer, Cyclical — 26.7%
ABC-Mart, Inc.		100		4,258
Aeon Co. Ltd.		1,300		14,540
Aisin Seiki Co. Ltd.		400		11,820
All Nippon Airways Co. Ltd.		2,000		4,294
Asics Corp.		600		8,836
Bridgestone Corp.		1,500		36,192
Daiwa House Industry Co. Ltd.		1,000		15,285
Denso Corp.		1,200		39,434
Don Quijote Co. Ltd.		100		3,888
FamilyMart Co. Ltd.		100		4,434
Fast Retailing Co. Ltd.		100		22,709
Fuji Heavy Industries Ltd.		1,000		11,221
Hino Motors Ltd.		1,000		8,589
Hitachi High-Technologies Corp.		300		6,663
Honda Motor Co. Ltd.		3,500		115,995
Isetan Mitsukoshi Holdings Ltd.		1,200		10,685
Isuzu Motors Ltd.		3,000		17,577
ITOCHU Corp.		3,500		34,985
J Front Retailing Co. Ltd.		2,000		9,656


	Number of Shares		Value
Consumer, Cyclical (Continued)
Japan Airlines Co. Ltd.*		200	$	9,195
JTEKT Corp.		800		6,463
Lawson, Inc.		200		13,538
Marubeni Corp.		4,000		26,348
Mazda Motor Corp.*		5,000		7,885
McDonald’s Holdings Co. Japan Ltd.		200		5,701
Mitsubishi Corp.		3,000		56,809
Mitsubishi Motors Corp.*		9,000		8,407
Mitsui & Co. Ltd.		3,700		51,123
Namco Bandai Holdings, Inc.		500		7,018
NGK Insulators Ltd.		1,000		10,699
NGK Spark Plug Co. Ltd.		1,000		12,094
Nintendo Co. Ltd.		200		23,970
Nissan Motor Co. Ltd.		5,600		54,278
Nitori Holdings Co. Ltd.		50		3,718
NOK Corp.		300		4,589
Oriental Land Co. Ltd.		100		12,871
Panasonic Corp.		4,500		22,000
Sankyo Co. Ltd.		200		8,188
Sega Sammy Holdings, Inc.		500		8,322
Sekisui Chemical Co. Ltd.		1,000		7,836
Sekisui House Ltd.		2,000		18,754
Seven & I Holdings Co. Ltd.		1,700		49,534
Sharp Corp.		2,000		4,173
Shimamura Co. Ltd.		100		10,105
Shimano, Inc.		200		13,223
Sony Corp.		1,900		18,462
Stanley Electric Co. Ltd.		300		4,211
Sumitomo Corp.		2,600		32,265
Sumitomo Electric Industries Ltd.		1,600		17,255
Suzuki Motor Corp.		700		16,609
Teijin Ltd.		3,000		6,878
Toho Co. Ltd.		300		5,044
Toray Industries, Inc.		3,000		17,759
Toyoda Gosei Co. Ltd.		200		4,183
Toyota Industries Corp.		400		11,971
Toyota Motor Corp.		6,200		265,871
Toyota Tsusho Corp.		700		16,117
USS Co. Ltd.		60		6,390
Yamada Denki Co. Ltd.		180		6,365
Yamaha Motor Co. Ltd.		600		6,296

				1,273,578

Consumer, Non-cyclical — 12.8%
Ajinomoto Co., Inc.		1,000		14,302
Asahi Group Holdings Ltd.		800		17,983
Astellas Pharma, Inc.		1,100		55,644
Benesse Holdings, Inc.		200		8,734
Chugai Pharmaceutical Co. Ltd.		700		13,875
Dai Nippon Printing Co. Ltd.		1,000		7,485
Daiichi Sankyo Co. Ltd.		1,500		23,146
Dainippon Sumitomo Pharma Co. Ltd.		600		7,060
Eisai Co. Ltd.		500		20,986
Japan Tobacco, Inc.		2,200		65,919
Kao Corp.		1,200		32,942
Kirin Holdings Co. Ltd.		2,000		24,528
MEIJI Holdings Co. Ltd.		200		8,892


See Notes to Financial Statements.		23

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Japan Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value
Consumer, Non-cyclical (Continued)
Miraca Holdings, Inc.		200	$	8,116
Mitsubishi Tanabe Pharma Corp.		600		8,145
Nippon Meat Packers, Inc.		1,000		14,909
Nisshin Seifun Group, Inc.		500		6,393
Nissin Foods Holdings Co. Ltd.		100		3,943
Ono Pharmaceutical Co. Ltd.		200		10,954
Otsuka Holdings Co. Ltd.		800		23,747
Santen Pharmaceutical Co. Ltd.		300		12,865
Secom Co. Ltd.		500		25,596
Shionogi & Co. Ltd.		700		11,854
Shiseido Co. Ltd.		800		11,597
Suzuken Co. Ltd.		200		5,956
Sysmex Corp.		300		13,556
Takeda Pharmaceutical Co. Ltd.		1,800		82,319
Terumo Corp.		400		16,935
Toppan Printing Co. Ltd.		2,000		12,373
Tsumura & Co.		200		6,497
Unicharm Corp.		300		15,321
Yakult Honsha Co. Ltd.		400		17,540

				610,112

Energy — 1.6%
Idemitsu Kosan Co. Ltd.		100		8,200
Inpex Corp.		5		26,809
Japan Petroleum Exploration Co.		100		3,484
JX Holdings, Inc.		5,200		27,756
TonenGeneral Sekiyu KK		1,000		9,280

				75,529

Financial — 18.0%
Acom Co. Ltd.*		200		5,459
Aeon Credit Service Co. Ltd.		200		3,909
Aozora Bank Ltd.		1,000		3,081
Bank of Kyoto Ltd. (The)		1,000		8,528
Bank of Yokohama Ltd. (The)		3,000		14,229
Chiba Bank Ltd. (The)		2,000		11,937
Credit Saison Co. Ltd.		400		8,889
Dai-ichi Life Insurance Co. Ltd. (The)		20		22,660
Daito Trust Construction Co. Ltd.		200		19,385
Daiwa Securities Group, Inc.		4,000		17,711
Fukuoka Financial Group, Inc.		3,000		11,828
Gunma Bank Ltd. (The)		1,000		4,804
Hachijuni Bank Ltd. (The)		1,000		5,059
Hiroshima Bank Ltd. (The)		1,100		4,590
Iyo Bank Ltd. (The)		1,000		7,764
Japan Prime Realty Investment Corp., REIT		2		5,915
Japan Real Estate Investment Corp., REIT		1		9,826
Japan Retail Fund Investment Corp., REIT		4		7,278
Joyo Bank Ltd. (The)		2,000		9,753
Mitsubishi Estate Co. Ltd.		3,000		57,827
Mitsubishi UFJ Financial Group, Inc.		27,700		126,679
Mitsubishi UFJ Lease & Finance Co. Ltd.		80		3,484
Mitsui Fudosan Co. Ltd.		3,000		62,559
Mizuho Financial Group, Inc.		50,940		81,568
MS&AD Insurance Group Holdings		1,200		20,816
Nippon Building Fund, Inc., REIT		1		10,469
NKSJ Holdings, Inc.		750		14,220


	Number of Shares		Value
Financial (Continued)
Nomura Holdings, Inc.		8,100	$	33,506
ORIX Corp.		230		23,074
Resona Holdings, Inc.		4,100		17,159
Seven Bank Ltd.		1,800		4,695
Shinsei Bank Ltd.		2,000		3,397
Shizuoka Bank Ltd. (The)		1,000		9,887
Sony Financial Holdings, Inc.		500		8,589
Sumitomo Mitsui Financial Group, Inc.		2,900		93,366
Sumitomo Mitsui Trust Holdings, Inc.		7,000		21,229
Sumitomo Realty & Development Co. Ltd.		1,000		27,209
T&D Holdings, Inc.		1,300		13,972
Tokio Marine Holdings, Inc.		1,500		38,467
Yamaguchi Financial Group, Inc.		500		4,555

				859,332

Industrial — 20.3%
Advantest Corp.		500		6,672
Asahi Glass Co. Ltd.		2,000		15,236
Brother Industries Ltd.		800		7,754
Central Japan Railway Co.		300		23,764
Daikin Industries Ltd.		500		15,722
East Japan Railway Co.		800		52,502
Fanuc Corp.		400		67,447
FUJIFILM Holdings Corp.		1,000		18,330
GS Yuasa Corp.		2,000		7,739
Hamamatsu Photonics KK		200		7,048
Hankyu Hanshin Holdings, Inc.		3,000		15,831
Hirose Electric Co. Ltd.		100		11,379
Hitachi Ltd.		10,000		57,743
Hoya Corp.		900		17,283
Ibiden Co. Ltd.		400		5,473
IHI Corp.		3,000		6,660
JGC Corp.		1,000		32,935
Kajima Corp.		3,000		8,625
Kamigumi Co. Ltd.		1,000		7,727
Kawasaki Heavy Industries Ltd.		3,000		6,951
Keikyu Corp.		1,000		9,183
Keio Corp.		1,000		7,327
Keyence Corp.		110		30,718
Kintetsu Corp.		4,000		15,916
Komatsu Ltd.		2,100		47,052
Konica Minolta Holdings, Inc.		1,000		7,133
Kubota Corp.		3,000		31,843
Kurita Water Industries Ltd.		400		8,710
Kyocera Corp.		300		27,622
LIXIL Group Corp.		600		12,708
Makita Corp.		300		12,646
Maruichi Steel Tube Ltd.		200		4,319
Mitsubishi Electric Corp.		5,000		38,939
Mitsubishi Heavy Industries Ltd.		6,000		27,877
Mitsui OSK Lines Ltd.		2,000		5,022
Murata Manufacturing Co. Ltd.		400		22,660
NEC Corp.*		6,000		10,481
Nidec Corp.		200		12,131
Nikon Corp.		700		19,394
Nippon Electric Glass Co. Ltd.		1,000		5,701
Nippon Express Co. Ltd.		3,000		10,772


See Notes to Financial Statements.		24

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Japan Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)


	Number of Shares		Value
Industrial (Continued)
Nippon Yusen KK		3,000	$	6,369
NSK Ltd.		1,000		5,944
Obayashi Corp.		2,000		9,438
Odakyu Electric Railway Co. Ltd.		1,000		10,202
Olympus Corp.*		500		8,340
Omron Corp.		400		8,865
Rinnai Corp.		100		6,963
SMC Corp.		100		16,886
Sumitomo Heavy Industries Ltd.		2,000		8,394
Taiheiyo Cement Corp.		3,000		6,696
THK Co. Ltd.		500		8,595
Tobu Railway Co. Ltd.		3,000		15,503
Tokyu Corp.		3,000		15,394
Toshiba Corp.		9,000		30,679
Toyo Seikan Kaisha Ltd.		400		4,775
Ushio, Inc.		300		3,425
West Japan Railway Co.		400		15,988
Yamato Holdings Co. Ltd.		900		13,472
Yaskawa Electric Corp.		1,000		7,982
Yokogawa Electric Corp.		600		6,354

				971,239

Technology — 3.6%
Canon, Inc.		2,400		83,935
Fujitsu Ltd.		4,000		15,139
Konami Corp.		200		4,826
Nexon Co. Ltd.*		400		4,484
Nomura Research Institute Ltd.		300		5,790
NTT Data Corp.		4		11,587
Oracle Corp.		100		4,197
Ricoh Co. Ltd.		1,000		9,280
Rohm Co. Ltd.		200		5,699
TDK Corp.		200		7,824
Tokyo Electron Ltd.		400		17,832

				170,593

Utilities — 2.8%
Chubu Electric Power Co., Inc.		1,500		20,270
Chugoku Electric Power Co., (The), Inc.		800		11,539
Electric Power Development Co. Ltd.		200		5,063


	Number of Shares		Value
Utilities (Continued)
Hokuriku Electric Power Co.		700	$	7,753
Kansai Electric Power Co., (The), Inc.		1,600		15,216
Kyushu Electric Power Co., Inc.		900		8,428
Osaka Gas Co. Ltd.		4,000		15,721
Shikoku Electric Power Co., Inc.		200		2,720
Toho Gas Co. Ltd.		1,000		5,811
Tohoku Electric Power Co., Inc.*		1,000		9,062
Tokyo Electric Power Co., (The), Inc.*		3,100		4,889
Tokyo Gas Co. Ltd.		6,000		29,478

				135,950

TOTAL COMMON STOCKS (Cost $4,966,330)				4,632,773


TOTAL INVESTMENTS — 97.1% (Cost $4,966,330)				4,632,773
Other assets less liabilities — 2.9%				140,498

NET ASSETS — 100.0%			$	4,773,271

INDUSTRY BREAKDOWN AS OF NOVEMBER 30, 2012

(Unaudited)


	Value		% of Net Assets
Consumer, Cyclical	$	1,273,578		26.7	%
Industrial		971,239		20.3
Financial		859,332		18.0
Consumer, Non-cyclical		610,112		12.8
Basic Materials		270,739		5.7
Communications		265,701		5.6
Technology		170,593		3.6
Utilities		135,950		2.8
Energy		75,529		1.6

TOTAL INVESTMENTS		4,632,773		97.1
Other assets less liabilities		140,498		2.9

NET ASSETS	$	4,773,271		100	%


See Notes to Financial Statements.		25

DBX ETF Trust

SCHEDULE OF INVESTMENTS

db-X MSCI Japan Currency-Hedged Equity Fund (Continued)

November 30, 2012 (Unaudited)

As of November 30, 2012, the Fund had the following futures contracts open:


Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Appreciation
TOPIX Index Futures		1	$	94,741		12/13/2012	$	6,078

As of November 30, 2012, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
HSBC	12/5/2012	JPY	176,067,000	USD	2,203,289	$	67,323
JP Morgan & Chase Co.	12/5/2012	JPY	176,067,000	USD	2,203,258		67,294
HSBC	12/5/2012	USD	2,153,532	JPY	177,600,689		1,039
HSBC	12/5/2012	USD	49,757	JPY	4,000,000		(1,230	)
JP Morgan & Chase Co.	12/5/2012	USD	2,203,258	JPY	181,701,172		1,058
HSBC	1/8/2013	JPY	191,552,000	USD	2,323,631		(1,106	)
JP Morgan & Chase Co.	1/8/2013	JPY	191,552,000	USD	2,323,622		(1,114	)

						$	133,264

Currency Abbreviations

JPY – Japanese Yen

USD – U.S. Dollar

* Non-income producing security.

REIT – Real Estate Investment Trust.


See Notes to Financial Statements.		26

This Page is Intentionally Left Blank

DBX ETF Trust

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2012 (Unaudited)


	db-X MSCI Brazil Currency-Hedged Equity Fund			db-X MSCI Canada Currency-Hedged Equity Fund			db-X MSCI EAFE Currency-Hedged Equity Fund
Assets
Investments at fair value	$	4,121,332		$	4,261,631		$	14,047,901
Investments in Affiliates at fair value (See Note 5)		—			220,534			54,867
Cash		7,797			133,065			98,778
Foreign currency at value		4,320			22,319			50,489
Unrealized appreciation on futures contracts		—			—			1,280
Unrealized appreciation on forward foreign currency contracts		256,641			430			102,050
Receivables:
Dividends		6,541			6,849			48,130
Investment securities sold		34,086			49,574			26,636
Foreign tax reclaim		—			—			27,109
Reimbursement due from advisor		2,183			2,294			12,608
Prepaid expenses		1,699			1,691			—

Total Assets	$	4,434,599		$	4,698,387		$	14,469,848


Liabilities
Unrealized depreciation on futures contracts	$	—		$	2,370		$	—
Unrealized depreciation on forward foreign currency contracts		59,642			30,740			37,377
Payables:
Investment advisory fees		2,058			1,884			4,013
Investment securities purchased		181,798			36,081			107,936
Accrued expenses and other liabilities		—			—			7,800

Total Liabilities		243,498			71,075			157,126


Net Assets	$	4,191,101		$	4,627,312		$	14,312,722


Net Assets Consist of
Paid-in capital	$	5,030,749		$	5,020,806		$	13,650,318
Undistributed net investment income		31,427			37,317			115,226
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		23,742			(116,694	)		(169,757	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(894,817	)		(314,117	)		716,935


Net Assets	$	4,191,101		$	4,627,312		$	14,312,722


Number of Common Shares outstanding		200,800			200,800			600,800


Net Assets Value	$	20.87		$	23.04		$	23.82


Investments at cost	$	5,212,456		$	4,550,868		$	13,398,678

Investments in Affiliates at cost	$	—		$	212,793		$	52,579

Foreign currency at cost	$	4,509		$	22,276		$	49,837


See Notes to Financial Statements.		28

DBX ETF Trust

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

November 30, 2012 (Unaudited)


	db-X MSCI Emerging Markets Currency-Hedged Equity Fund			db-X MSCI Japan Currency-Hedged Equity Fund
Assets
Investments at fair value	$	4,443,887		$	4,632,773
Investments in Affiliates at fair value (See Note 5)		—			—
Cash		34,016			89,400
Foreign currency at value		22,383			21,375
Unrealized appreciation on futures contracts		—			6,078
Unrealized appreciation on forward foreign currency contracts		44,404			136,714
Receivables:
Dividends		2,038			27,235
Investment securities sold		9,983			7,226
Foreign tax reclaim		—			—
Reimbursement due from advisor		2,230			2,312
Prepaid expenses		1,719			1,789

Total Assets	$	4,560,660		$	4,924,902


Liabilities
Unrealized depreciation on futures contracts	$	70		$	—
Unrealized depreciation on forward foreign currency contracts		31,097			3,450
Payables:
Investment advisory fees		2,373			1,882
Investment securities purchased		22,158			146,299
Accrued expenses and other liabilities		—			—

Total Liabilities		55,698			151,631


Net Assets	$	4,504,962		$	4,773,271


Net Assets Consist of
Paid-in capital	$	5,040,490		$	5,022,636
Undistributed net investment income		23,296			37,095
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		(184,561	)		(90,427	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(374,263	)		(196,033	)


Net Assets	$	4,504,962		$	4,773,271


Number of Common Shares outstanding		200,800			200,800


Net Assets Value	$	22.44		$	23.77


Investments at cost	$	4,831,884		$	4,966,330

Investments in Affiliates at cost	$	—		$	—

Foreign currency at cost	$	21,808		$	21,524


See Notes to Financial Statements.		29

DBX ETF Trust

STATEMENTS OF OPERATIONS

For the Six Months Ended November 30, 2012 (Unaudited)


	db-X MSCI Brazil Currency-Hedged Equity Fund			db-X MSCI Canada Currency-Hedged Equity Fund			db-X MSCI EAFE Currency-Hedged Equity Fund
Investment income
Dividend income*	$	50,130		$	55,125		$	173,877

Total Investment Income		50,130			55,125			173,877


Expenses
Trustees fees		5,661			5,931			38,541
Advisory fees		12,677			11,265			24,751

Total Expenses		18,338			17,196			63,292

Less fees waived and expenses reimbursed: (See Note 3)
Waiver		(2,183	)		(2,294	)		(12,608	)

Net Expenses		16,155			14,902			50,684

Net Investment Income		33,975			40,223			123,193


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(75,893	)		(37,182	)		(99,255	)
In-kind redemptions		—			—			(875,927	)
Futures contracts		—			2,774			(28,865	)
Foreign currency transactions		177,828			39,727			739,985

Net realized gain (loss)		101,935			5,319			(264,062	)
Net change in unrealized appreciation (depreciation) on:
Investments		31,872			489,018			3,189,555
Futures contracts		—			7,771			52,740
Foreign currency translations		(76,594	)		(219,858	)		(1,294,343	)

Net change in unrealized appreciation (depreciation)		(44,722	)		276,931			1,947,952

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		57,213			282,250			1,683,890


Net Increase in Net Assets from Operations	$	91,188		$	322,473		$	1,807,083

* Foreign taxes withheld	$	3,359		$	9,767		$	9,409


See Notes to Financial Statements.		30

DBX ETF Trust

STATEMENTS OF OPERATIONS (Continued)

For the Six Months Ended November 30, 2012 (Unaudited)


	db-X MSCI Emerging Markets Currency-Hedged Equity Fund			db-X MSCI Japan Currency-Hedged Equity Fund
Investment income
Dividend income*	$	55,396		$	49,041

Total Investment Income		55,396			49,041


Expenses
Trustees fees		5,767			5,991
Advisory fees		14,214			11,305

Total Expenses		19,981			17,296

Less fees waived and expenses reimbursed: (See Note 3)
Waiver		(2,230	)		(2,312	)

Net Expenses		17,751			14,984

Net Investment Income		37,645			34,057


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(38,315	)		(17,477	)
In-kind redemptions		—			—
Futures contracts		(2,895	)		(10,434	)
Foreign currency transactions		18,432			465

Net realized gain (loss)		(22,778	)		(27,446	)
Net change in unrealized appreciation (depreciation) on:
Investments		458,660			181,815
Futures contracts		8,070			19,541
Foreign currency translations		(191,955	)		218,814

Net change in unrealized appreciation (depreciation)		274,775			420,170

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		251,997			392,724


Net Increase in Net Assets from Operations	$	289,642		$	426,781

* Foreign taxes withheld	$	8,606		$	3,694


See Notes to Financial Statements.		31

DBX ETF Trust

STATEMENTS OF CHANGES IN NET ASSETS


	db-X MSCI Brazil Currency-Hedged Equity Fund						db-X MSCI Canada Currency-Hedged Equity Fund
	For the Six Months Ended November 30, 2012 (Unaudited)			For the Period Ended June 9, 2011 ⁽¹⁾ to May 31, 2012			For the Six Months Ended November 30, 2012 (Unaudited)			For the Period Ended June 9, 2011 ⁽¹⁾ to May 31, 2012
Increase (Decrease) in Net Assets from Operations
Net investment income	$	33,975		$	128,400		$	40,223		$	54,519
Net realized gain (loss) on investments, futures and foreign currency related transactions		101,935			726			5,319			(72,972	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(44,722	)		(850,095	)		276,931			(591,048	)

Net increase (decrease) in net assets from operations		91,188			(720,969	)		322,473			(609,501	)


Distributions to Shareholders from
Net investment income		(65,423	)		(57,834	)		(26,379	)		(23,076	)
Net realized gains on investments, futures and foreign currency transactions		—			(86,687	)		—			(57,011	)

Total distributions		(65,423	)		(144,521	)		(26,379	)		(80,087	)


Fund Shares Transactions
Proceeds from shares sold		—			5,010,826			—			5,000,806
Value of shares redeemed		—			—			—			—

Net increase (decrease) in net assets resulting from fund share transactions		—			5,010,826			—			5,000,806

Total increase (decrease) in Net Assets		25,765			4,145,336			296,094			4,311,218

Net Assets
Beginning of period		4,165,336			20,000			4,331,218			20,000

End of period	$	4,191,101		$	4,165,336		$	4,627,312		$	4,331,218

Undistributed net investment income	$	31,427		$	62,875		$	37,317		$	23,473


Changes in Shares Outstanding
Shares outstanding, beginning of period		200,800			800			200,800			800
Shares sold		—			200,000			—			200,000
Shares redeemed		—			—			—			—

Shares outstanding, end of period		200,800			200,800			200,800			200,800

⁽¹⁾	Commencement of operations.


See Notes to Financial Statements.		32

DBX ETF Trust

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	db-X MSCI EAFE Currency-Hedged Equity Fund						db-X MSCI Emerging Markets Currency-Hedged Equity Fund
	For the Six Months Ended November 30, 2012 (Unaudited)			For the Period Ended June 9, 2011 ⁽¹⁾ to May 31, 2012			For the Six Months Ended November 30, 2012 (Unaudited)			For the Period Ended June 9, 2011 ⁽¹⁾ to May 31, 2012
Increase (Decrease) in Net Assets from Operations
Net investment income	$	123,193		$	644,207		$	37,645		$	43,072
Net realized gain (loss) on investments, futures and foreign currency related transactions		(264,062	)		(9,838	)		(22,778	)		(44,021	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		1,947,952			(1,231,017	)		274,775			(649,038	)

Net increase (decrease) in net assets from operations		1,807,083			(596,648	)		289,642			(649,987	)


Distributions to Shareholders from
Net investment income		(552,932	)		(133,281	)		(45,487	)		(11,326	)
Net realized gains on investments, futures and foreign currency transactions		—			—			—			(118,447	)

Total distributions		(552,932	)		(133,281	)		(45,487	)		(129,773	)


Fund Shares Transactions
Proceeds from shares sold		4,380,906			36,042,169			—			5,020,567
Value of shares redeemed		(22,301,352	)		(4,353,223	)		—			—

Net increase (decrease) in net assets resulting from fund share transactions		(17,920,446	)		31,688,946			—			5,020,567

Total increase (decrease) in Net Assets		(16,666,295	)		30,959,017			244,155			4,240,807

Net Assets
Beginning of period		30,979,017			20,000			4,260,807			20,000

End of period	$	14,312,722		$	30,979,017		$	4,504,962		$	4,260,807

Undistributed net investment income	$	115,226		$	544,965		$	23,296		$	31,138


Changes in Shares Outstanding
Shares outstanding, beginning of period		1,400,800			800			200,800			800
Shares sold		200,000			1,600,000			—			200,000
Shares redeemed		(1,000,000	)		(200,000	)		—			—

Shares outstanding, end of period		600,800			1,400,800			200,800			200,800

⁽¹⁾	Commencement of operations.


See Notes to Financial Statements.		33

DBX ETF Trust

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	db-X MSCI Japan Currency-Hedged Equity Fund
	For the Six Months Ended November 30, 2012 (Unaudited)			For the Period Ended June 9, 2011 ⁽¹⁾ to May 31, 2012
Increase (Decrease) in Net Assets from Operations
Net investment income	$	34,057		$	53,253
Net realized gain (loss) on investments, futures and foreign currency related transactions		(27,446	)		(49,599	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		420,170			(616,203	)

Net increase (decrease) in net assets from operations		426,781			(612,549	)


Distributions to Shareholders from
Net investment income		(29,251	)		(34,346	)
Net realized gains on investments, futures and foreign currency transactions		—			—

Total distributions		(29,251	)		(34,346	)


Fund Shares Transactions
Proceeds from shares sold		—			5,002,636
Value of shares redeemed		—			—

Net increase (decrease) in net assets resulting from fund share transactions		—			5,002,636

Total increase (decrease) in Net Assets		397,530			4,355,741

Net Assets
Beginning of period		4,375,741			20,000

End of period	$	4,773,271		$	4,375,741

Undistributed net investment income	$	37,095		$	32,289


Changes in Shares Outstanding
Shares outstanding, beginning of period		200,800			800
Shares sold		—			200,000
Shares redeemed		—			—

Shares outstanding, end of period		200,800			200,800

⁽¹⁾	Commencement of operations.


See Notes to Financial Statements.		34

DBX ETF Trust

FINANCIAL HIGHLIGHTS

For a Share outstanding throughout the period


db-X MSCI Brazil Currency-Hedged Equity Fund	For the Six Months Ended November 30, 2012 (Unaudited)			For the Period June 9, 2011* to May 31, 2012
Net Asset Value, beginning of period	$	20.74			$25.00

Income from Investment Operations:
Net investment income**		0.17			0.64
Net realized and unrealized gain (loss) on investments and foreign currency transactions**		0.29			(4.18	)

Net increase (decrease) in net asset value from operations		0.46			(3.54	)

Distributions paid to shareholders from:
Net investment income		(0.33	)		(0.29	)
Net realized capital gains		—			(0.43	)

Total distributions		(0.33	)		(0.72	)

Net Asset Value, end of period	$	20.87			$20.74


Total Return***		2.22	%		(14.28	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	4,191			$4,165
Ratios to average net assets:
Expenses, net of expense reimbursements		0.76	%†		1.13	%†
Expenses, prior to expense reimbursements		0.87	%†		—
Net investment income		1.61	%†		2.89	%†
Portfolio turnover rate††		7	%		34	%

db-X MSCI Canada Currency-Hedged Equity Fund	For the Six Months Ended November 30, 2012 (Unaudited)			For the Period June 9, 2011* to May 31, 2012
Net Asset Value, beginning of period	$	21.57			$25.00

Income from Investment Operations:
Net investment income**		0.20			0.27
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions**		1.40			(3.30	)

Net increase (decrease) in net asset value from operations		1.60			(3.03	)

Distributions paid to shareholders from:
Net investment income		(0.13	)		(0.12	)
Net realized capital gains		—			(0.28	)

Total distributions		(0.13	)		(0.40	)

Net Asset Value, end of period	$	23.04			$21.57


Total Return***		7.47	%		(12.14	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	4,627			$4,331
Ratios to average net assets:
Expenses, net of expense reimbursements		0.66	%†		1.04	%†
Expenses, prior to expense reimbursements		0.76	%†		—
Net investment income		1.79	%†		1.20	%†
Portfolio turnover rate††		3	%		17	%

*	Commencement of operations.

**	Based on average shares outstanding.

***

Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized.

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.


See Notes to Financial Statements.		35

DBX ETF Trust

FINANCIAL HIGHLIGHTS (Continued)

For a Share outstanding throughout the period


db-X MSCI EAFE Currency-Hedged Equity Fund	For the Six Months Ended November 30, 2012 (Unaudited)			For the Period June 9, 2011* to May 31, 2012
Net Asset Value, beginning of period		$22.12			$25.00

Income from Investment Operations:
Net investment income**		0.21			0.70
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions**		2.87			(3.48	)

Net increase (decrease) in net asset value from operations		3.08			(2.78	)

Distributions paid to shareholders from:
Net investment income		(1.38	)		(0.10	)
Net realized capital gains		—			—

Total distributions		(1.38	)		(0.10	)

Net Asset Value, end of period		$23.82			$22.12


Total Return***		14.59	%		(11.14	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	14,313		$	30,979
Ratios to average net assets:
Expenses, net of expense reimbursements		0.72	%†		0.57	%†
Expenses, prior to expense reimbursements		0.90	%†		—
Net investment income		1.74	%†		3.04	%†
Portfolio turnover rate††		4	%		14	%



db-X MSCI Emerging Markets Currency-Hedged Equity Fund	For the Six Months Ended November 30, 2012 (Unaudited)			For the Period June 9, 2011* to May 31, 2012
Net Asset Value, beginning of period		$21.22			$25.00

Income from Investment Operations:
Net investment income**		0.19			0.21
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions**		1.26			(3.34	)

Net increase (decrease) in net asset value from operations		1.45			(3.13	)

Distributions paid to shareholders from:
Net investment income		(0.23	)		(0.06	)
Net realized capital gains		—			(0.59	)

Total distributions		(0.23	)		(0.65	)

Net Asset Value, end of period		$22.44			$21.22


Total Return***		6.88	%		(12.52	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)		$4,505			$4,261
Ratios to average net assets:
Expenses, net of expense reimbursements		0.81	%†		1.19	%†
Expenses, prior to expense reimbursements		0.91	%†		—
Net investment income		1.72	%†		0.97	%†
Portfolio turnover rate††		2	%		19	%

*	Commencement of operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.


See Notes to Financial Statements.		36

DBX ETF Trust

FINANCIAL HIGHLIGHTS (Continued)

For a Share outstanding throughout the period


db-X MSCI Japan Currency-Hedged Equity Fund	For the Six Months Ended November 30, 2012 (Unaudited)			For the Period June 9, 2011* to May 31, 2012
Net Asset Value, beginning of period	$	21.79			$25.00

Income from Investment Operations:
Net investment income**		0.17			0.27
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions**		1.96			(3.31	)

Net increase (decrease) in net asset value from operations		2.13			(3.04	)

Distributions paid to shareholders from:
Net investment income		(0.15	)		(0.17	)
Net realized capital gains		—			—

Total distributions		(0.15	)		(0.17	)

Net Asset Value, end of period	$	23.77			$21.79


Total Return***		9.79	%		(12.16	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	4,773			$4,376
Ratios to average net assets:
Expenses, net of expense reimbursements		0.66	%†		1.03	%†
Expenses, prior to expense reimbursements		0.76	%†		—
Net investment income		1.51	%†		1.15	%†
Portfolio turnover rate††		5	%		16	%

*	Commencement of operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.


See Notes to Financial Statements.		37

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization

DBX ETF Trust (the “Trust”) was organized as a Delaware statutory trust on October 7, 2010 and commenced operations on June 9, 2011, and is registered under the Investment Company Act of 1940, as amended (the “Act”).

As of November 30, 2012, there were five (5) series of exchange-traded funds (“ETF”) (each, a “Fund,” and collectively, the “Funds”) in operation and trading:


db-X MSCI Brazil Currency-Hedged Equity Fund		“db-X MSCI Brazil Fund”
db-X MSCI Canada Currency-Hedged Equity Fund		“db-X MSCI Canada Fund”
db-X MSCI EAFE Currency-Hedged Equity Fund		“db-X MSCI EAFE Fund”
db-X MSCI Emerging Markets Currency-Hedged Equity Fund		“db-X MSCI Emerging Markets Fund”
db-X MSCI Japan Currency-Hedged Equity Fund		“db-X MSCI Japan Fund”

On January 16, 2013, the Board of Trustees approved a change in the Funds’ names. Effective January 31, 2013, each of these Funds’ names will be changed as follows:


Current Fund Name		New Fund Name
db-X MSCI Brazil Currency-Hedged Equity Fund		db X-trackers MSCI Brazil Hedged Equity Fund
db-X MSCI Canada Currency-Hedged Equity Fund		db X-trackers MSCI Canada Hedged Equity Fund
db-X MSCI EAFE Currency-Hedged Equity Fund		db X-trackers MSCI EAFE Hedged Equity Fund
db-X MSCI Emerging Markets Currency-Hedged Equity Fund		db X-trackers MSCI Emerging Markets Hedged Equity Fund
db-X MSCI Japan Currency-Hedged Equity Fund		db X-trackers MSCI Japan Hedged Equity Fund

DBX Advisors LLC (“DBX” or the “Advisor”) 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.

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, only in large specified lots consisting of 200,000 shares, each called a “Creation Unit.” Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). MSCI is the creator of each Underlying Index. Each Underlying Index is comprised of securities listed in countries in the MSCI Global Index Series. All listed equity securities and listed securities that exhibit characteristics of equity securities, except mutual funds, exchange traded funds, equity derivatives, limited partnerships and most investment trusts, are eligible for inclusion in the equity universe. REITs in some countries and certain income trusts in Canada are also eligible for inclusion. Each company and its securities (i.e., share classes) are classified in only one country, which allows for a distinctive sorting of each company by its respective country.

The underlying indices for the Funds are:


Fund		Underlying Index
db-X MSCI Brazil Fund		MSCI Brazil US Dollar Hedged Index
db-X MSCI Canada Fund		MSCI Canada US Dollar Hedged Index
db-X MSCI EAFE Fund		MSCI EAFE US Dollar Hedged Index
db-X MSCI Emerging Markets Fund		MSCI EM US Dollar Hedged Index
db-X MSCI Japan Fund		MSCI Japan US Dollar Hedged Index

The MSCI Hedged 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 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 MSCI and DBX. There is no charge to the Funds in connection with these licensing agreements.

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Each Fund is non-diversified and will generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

Each Fund may invest in securities of non-U.S. issuers that may trade in non-U.S. Markets. This may involve certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets and the risk of war.

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. The following is a summary of significant accounting policies followed by the Funds.

Investment Valuation The Net Asset Value (“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. Any assets or securities for which market quotations are not readily available are valued at fair-value in accordance with procedures adopted by the Board of Trustees. The Board of Trustees has delegated to the Advisor the responsibility to exercise oversight in the administration of these procedures.

Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Funds may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

In general, the market value of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price.

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Fair Value Measurement The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows:

•

Level 1 — quoted prices in active markets for identical securities

•

Level 2 — inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means

•

Level 3 — significant unobservable inputs (including a Fund’s own assumption in determining the fair value of investments)

The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. However, the determination of what constitutes an

“observable” input may require significant judgment by the Funds. The Funds consider observable inputs to be market data that is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Funds’ perceived risk of that instrument.

Level 1 investments consist of active listed equities.

Level 2 investments generally include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Forward currency contracts and rights are included in Level 2.

Level 3 investments may include unlisted securities related to corporate actions, securities whose trading have been suspended or which have been de-listed from their primary trading exchange and less liquid corporate debt securities. When observable prices are not available for these securities, the Funds use one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within Level 3 of the fair value hierarchy, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

The inputs used by the Funds in estimating the value of investments classified as Level 3 may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 securities may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Funds in the absence of market information. The fair value measurement of Level 3 securities does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations. There are no securities classified as Level 3 at November 30, 2012.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value 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.

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

The following table summarizes the valuation of each Fund’s investments by the above fair value hierarchy levels as of November 30, 2012 (see the Schedule of Investments for security categories). For the six-month period ended November 30, 2012, there were no transfers between investment levels.


	Investments in Securities
	Level 1			Level 2			Level 3		Fair Value at 11/30/2012
db-X MSCI Brazil Fund
Investments in Securities*
Common Stocks	$	2,007,901		$	—		$	—	$	2,007,901
Preferred Stocks		2,113,431			—			—		2,113,431
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—			256,641			—		256,641
Unrealized Depreciation on Forward Foreign Currency Contracts		—			(59,642	)		—		(59,642	)

Total Investments	$	4,121,332		$	196,999		$	—	$	4,318,331

db-X MSCI Canada Fund
Investments in Securities*
Common Stocks	$	4,482,165		$	—		$	—	$	4,482,165
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—			430			—		430
Unrealized Depreciation on Forward Foreign Currency Contracts		—			(30,740	)		—		(30,740	)
Futures Contracts		(2,370	)		—			—		(2,370	)

Total Investments	$	4,479,795		$	(30,310	)	$	—	$	4,449,485

db-X MSCI EAFE Fund
Investments in Securities*
Common Stocks	$	14,002,914		$	—		$	—	$	14,002,914
Preferred Stocks		99,854			—			—		99,854
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—			102,050			—		102,050
Unrealized Depreciation on Forward Foreign Currency Contracts		—			(37,377	)		—		(37,377	)
Futures Contracts		1,280			—			—		1,280

Total Investments	$	14,104,048		$	64,673		$	—	$	14,168,721

db-X MSCI Emerging Markets Fund
Investments in Securities*
Common Stocks	$	4,142,102		$	—		$	—	$	4,142,102
Preferred Stocks		301,576			—			—		301,576
Rights		14			195			—		209
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—			44,404			—		44,404
Unrealized Depreciation on Forward Foreign Currency Contracts		—			(31,097	)		—		(31,097	)
Futures Contracts		(70	)		—			—		(70	)

Total Investments	$	4,443,622		$	13,502		$	—	$	4,457,124

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


	Investments in Securities
	Level 1		Level 2			Level 3		Fair Value at 11/30/2012
db-X MSCI Japan Fund
Investments in Securities*
Common Stocks	$	4,632,773	$	—		$	—	$	4,632,773
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		136,714			—		136,714
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(3,450	)		—		(3,450	)
Futures Contracts		6,078		—			—		6,078

Total Investments	$	4,638,851	$	133,264		$	—	$	4,772,115

*	See Schedule of Investments for Industry or Country Classification.

In December 2011, FASB issued ASU No. 2011-11 related to Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. The Advisor is currently evaluating the impact ASU 2011-11 will have on the financial statement disclosures.

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

The db-X MSCI Brazil Fund, db-X MSCI Canada Fund and db-X MSCI Japan Fund each invest in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against the Brazilian real, Canadian dollar and the Japanese yen, respectively. Similarly, the db-X MSCI EAFE Fund and db-X MSCI Emerging Markets Fund invest in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. 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 foreign currency transactions. 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.

Forward contracts are valued daily and the Fund’s net equity therein, represents unrealized appreciation or depreciation on the contracts as measured by the difference between the contracted price or rate and the forward price or rate at the reporting date which is included in the statement of assets and liabilities. Generally, the key inputs for most forward contracts include notional, maturity, forward rate, and spot rate.

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. Each Fund may enter into futures contracts to purchase securities indexes when the Advisor and/or Sub-Advisor anticipate purchasing the underlying securities and believe prices will rise before the purchase will be made. To the extent required by law, liquid assets committed to futures contracts will be maintained.

Open futures contracts are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used.

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 effected. 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.

Cash Cash consists of cash held at banks.

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. 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, if any, to investors semi-annually sufficient to relieve it from all, or substantially all, Federal income and excise taxes. 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. Each Fund pays out dividends from its net investment income to investors semi-annually. Each Fund distributes any net capital gains annually.

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

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 foreign taxes on other corporate events are reflected in “Other foreign taxes.” Foreign taxes payable as of November 30, 2012, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Expenses Expenses that are directly related to a specific Fund are charged to that respective Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Foreign Currency Translation The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars using an exchange rate deemed appropriate by the investment advisor. The effects of changes in foreign currency exchange rates on investments in securities are not segregated in the Statements of Operations from the

effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investments in securities. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on foreign currency translations” on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase trade date and subsequent sale trade date is included in “Net realized gain (loss) from foreign currency related transactions” on the Statements of Operations. Certain foreign exchange gains and losses included in realized and unrealized gains or losses are included in or are a reduction of ordinary income in accordance with U.S. Federal income tax regulations.

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Derivatives The fair value of derivative instruments as of November 30, 2012 by risk category:

The fair value of derivative instruments as of November 30, 2012 by risk category:


		Asset Derivatives			Liability Derivatives
	Derivative Type	Statement of Asset and Liabilities Location	Fair Value		Statement of Asset and Liabilities Location	Fair Value
db-X MSCI Brazil Fund

	Equity contracts	Unrealized appreciation on futures contracts	$	—	Unrealized depreciation on futures contracts	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		256,641	Unrealized depreciation on forward foreign currency contracts		59,642

	Total		$	256,641		$	59,642

db-X MSCI Canada Fund

	Equity contracts	Unrealized appreciation on futures contracts	$	—	Unrealized depreciation on futures contracts	$	2,370
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		430	Unrealized depreciation on forward foreign currency contracts		30,740

	Total		$	430		$	33,110

db-X MSCI EAFE Fund

	Equity contracts	Unrealized appreciation on futures contracts	$	1,280	Unrealized depreciation on futures contracts	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		102,050	Unrealized depreciation on forward foreign currency contracts		37,377

	Total		$	103,330		$	37,377

db-X MSCI Emerging Markets Fund

	Equity contracts	Unrealized appreciation on futures contracts	$	—	Unrealized depreciation on futures contracts	$	70
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		44,404	Unrealized depreciation on forward foreign currency contracts		31,097

	Total		$	44,404		$	31,167

db-X MSCI Japan Fund

	Equity contracts	Unrealized appreciation on futures contracts	$	6,078	Unrealized depreciation on futures contracts	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		136,714	Unrealized depreciation on forward foreign currency contracts		3,450

	Total		$	142,792		$	3,450

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

The effects of derivative instruments on the Statements of Operations for the six month period ended November 30, 2012 are as follows:


Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income

	Equity Futures Contracts			Forward Foreign Currency Contracts			Total
db-X MSCI Brazil Fund	$	—		$	180,669		$	180,669
db-X MSCI Canada Fund		2,774			38,097			40,871
db-X MSCI EAFE Fund		(28,865	)		734,011			705,146
db-X MSCI Emerging Markets Fund		(2,895	)		12,221			9,326
db-X MSCI Japan Fund		(10,434	)		(427	)		(10,861	)

Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

	Equity Futures Contracts			Forward Foreign Currency Contracts			Total
db-X MSCI Brazil Fund	$	—		$	(71,996	)	$	(71,996	)
db-X MSCI Canada Fund		7,771			(219,982	)		(212,211	)
db-X MSCI EAFE Fund		52,740			(1,299,086	)		(1,246,346	)
db-X MSCI Emerging Markets Fund		8,070			(192,836	)		(184,766	)
db-X MSCI Japan Fund		19,541			223,856			243,397

For the six month period ended November 30, 2012 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Market Value)
db-X MSCI Brazil Fund	$	—	$	4,154,369
db-X MSCI Canada Fund		137,822		4,360,981
db-X MSCI EAFE Fund		136,348		12,811,354
db-X MSCI Emerging Markets Fund		48,557		4,272,199
db-X MSCI Japan Fund		94,115		4,423,064

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 Fund’s 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. The Advisor is also responsible for employing any sampling strategy for the Funds.

TDAM USA Inc. (“TDAM”) acts as investment sub-advisor to the Funds (“Sub-Advisor”). TDAM is a direct, wholly-owned subsidiary of The Toronto-Dominion Bank. The Sub-Advisor is responsible for the day-to-day management of the Funds, subject to the supervision of the Advisor and the Funds’ Board of Trustees. In this regard, the Sub-Advisor is responsible for implementing the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and Sub Advisor from time to time.

For its investment advisory services to each Fund, the Advisor is entitled to receive a unitary management fee from each Fund at an annual rate equal to 0.60% (with respect to db-X MSCI Brazil Fund), 0.50% (with respect to db-X MSCI Canada Fund), 0.35% (with respect to db-X MSCI EAFE Fund), 0.65% (with respect to db-X MSCI Emerging Markets Fund) and 0.50% (with respect db-X MSCI Japan Fund) of its average daily net assets. Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the Sub-Advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services. Each Fund is responsible for the payment of, interest expense, taxes, brokerage expenses, expenses of the Disinterested Trustees and extraordinary expenses.

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Effective September 28, 2012, the Advisor has contractually agreed through September 30, 2013 to waive fees and/or reimburse the Fund’s expenses in order to limit the Fund’s net annual operating expenses to 0.60% (with respect to db-X MSCI Brazil Fund), 0.50% (with respect to db-X MSCI Canada Fund), 0.35% (with respect to db-X MSCI EAFE Fund), 0.65% (with respect to db-X MSCI Emerging Markets Fund) and 0.50% (with respect db-X MSCI Japan Fund) of its average daily net assets, except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses (the “Expense Cap”). In accordance with and as required by the Expense Cap, the Advisor will reimburse the Fund for the Independent Trustee Fees. The Expense Cap will remain in effect until at least September 30, 2013. Prior to September 28, 2012 the Funds did not have an Expense Cap.

The Advisor pays TDAM, out of its own resources, a fee based on a percentage of the average daily net assets of each Fund as set forth below:

db-X MSCI Brazil Fund

•

20 basis points (0.20%) of the first $100 million in daily net assets; and

•

12 basis points (0.12%) of the next $400 million in daily net assets; and

•

6 basis points (0.06%) of the daily net assets in excess of $500 million.

db-X MSCI Canada Fund

•

15 basis points (0.15%) of the first $100 million in daily net assets; and

•

7 basis points (0.07%) of the next $400 million in daily net assets; and

•

4 basis points (0.04%) of the daily net assets in excess of $500 million.

db-X MSCI EAFE Fund

•

12 basis points (0.12%) of the first $100 million in daily net assets; and

•

8 basis points (0.08%) of the next $400 million in daily net assets; and

•

4 basis points (0.04%) of the daily net assets in excess of $500 million.

db-X MSCI Emerging Markets Fund

•

20 basis points (0.20%) of the first $100 million in daily net assets; and

•

15 basis points (0.15%) of the next $400 million in daily net assets; and

•

6 basis points (0.06%) of the daily net assets in excess of $500 million.

db-X MSCI Japan Fund

•

15 basis points (0.15%) of the first $100 million in daily net assets; and

•

7 basis points (0.07%) of the next $400 million in daily net assets; and

•

4 basis points (0.04%) of the daily net assets in excess of $500 million.

The total aggregate fees paid by the Advisor to the Sub-Advisor will be at least $300,000 per year.

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. 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 four Trustees, of whom three are Independent Trustees. The Trust pays each Independent Trustee an annual fee of $25,000, plus a fee of $2,500 per meeting attended in-person or $1,500 per meeting attended telephonically. Each Independent Trustee also receives $1,500 per Audit Committee meeting. The Audit Committee Chairman receives $2,000 as an annual retainer fee. The Trust reimburses each Trustee for their costs and expenses associated with the performance of their duties hereunder, including the cost and expenses associated with attendance at meetings of the Board. Trustees’ fees and expenses are allocated among the Funds based on each Fund’s relative average daily net assets.

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

4. Federal Income Taxes

As of May 31, 2012, the components of accumulated earnings (losses) were as follows:


	Undistributed Net Investment Income		Undistributed Long-Term Capital Gains		Net Accumulated Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
db-X MSCI Brazil Fund	$	70,463	$	254,690	$	—		$	(1,190,566	)	$	(865,413	)
db-X MSCI Canada Fund		23,473		85,500		(2,583	)		(795,978	)		(689,588	)
db-X MSCI EAFE Fund		936,106		1,053,575		—			(2,581,428	)		(591,747	)
db-X MSCI Emerging Markets Fund		31,138		50,049		(44,818	)		(816,052	)		(779,683	)
db-X MSCI Japan Fund		32,289		—		(142,863	)		(536,321	)		(646,895	)

The tax character of dividends and distributions declared during the period June 9, 2011 to May 31, 2012 were as follows:


	Ordinary Income		Long-Term
db-X MSCI Brazil Fund	$	93,513	$	51,008
db-X MSCI Canada Fund		38,447		41,640
db-X MSCI EAFE Fund		133,281		—
db-X MSCI Emerging Markets Fund		52,035		77,738
db-X MSCI Japan Fund		34,346		—

At May 31, 2012, 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. 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.


	Post-effective-no expiration ST		Post-effective-no expiration LT		Total Amount
db-X MSCI Brazil Fund	$	—	$	—	$	—
db-X MSCI Canada Fund		—		—		—
db-X MSCI EAFE Fund		—		—		—
db-X MSCI Emerging Markets Fund		—		—		—
db-X MSCI Japan Fund		52,666		80,951		133,617

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the “Act”), the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period.

Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year.

During the period June 9, 2011 to May 31, 2012, the Funds incurred and elected to defer net capital losses as follows:


	Post-October Losses on Capital
db-X MSCI Brazil Fund	$	—
db-X MSCI Canada Fund		2,583
db-X MSCI EAFE Fund		—
db-X MSCI Emerging Markets Fund		44,818
db-X MSCI Japan Fund		9,246

In order to present paid-in capital and accumulated net realized gains or losses on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital,

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to currency gain/(loss) and redemptions-in-kind. For the period June 9, 2011 to May 31, 2012, the adjustments were as follows:


	Undistributed Net Investment Income (Loss)			Undistributed Capital Gains (Accumulated Losses)			Paid-in Capital
db-X MSCI Brazil Fund	$	(7,691	)	$	7,768		$	(77	)
db-X MSCI Canada Fund		(7,970	)		7,970			—
db-X MSCI EAFE Fund		34,039			104,143			(138,182	)
db-X MSCI Emerging Markets Fund		(608	)		685			(77	)
db-X MSCI Japan Fund		13,382			(13,382	)		—

As of November 30, 2012, the cost of investments for Federal income tax purposes and the aggregated gross unrealized appreciation/depreciation on investments was as follows:


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
db-X MSCI Brazil Fund	$	5,278,865	$	159,640	$	(1,317,173	)	$	(1,157,533	)
db-X MSCI Canada Fund		4,778,919		246,921		(543,675	)		(296,754	)
db-X MSCI EAFE Fund		13,563,226		1,256,255		(716,713	)		539,542
db-X MSCI Emerging Markets Fund		4,851,012		342,566		(749,691	)		(407,125	)
db-X MSCI Japan Fund		4,977,040		246,726		(590,993	)		(344,267	)

5. Investments in Affiliates

The Advisor is a wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Funds. The table below shows the transactions in and earnings from investments in Deutsche Bank AG Securities for the six-month period ended November 30, 2012.


	Fair Value 5/31/2012		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation/ (Depreciation)			Realized Gain		Fair Value 11/30/2012
db-X MSCI EAFE
Deutsche Bank AG (Common Stock)	$	104,799	$	—	$	—	$	(49,932	)	$	—	$	54,867

The Sub-Advisor is a wholly-owned subsidiary of The Toronto-Dominion Bank. Therefore, The Toronto-Dominion Bank is considered to be affiliated with the Funds. The table below shows the transactions in and earnings from investments in The Toronto-Dominion Bank Securities for the six-month period ended November 30, 2012.


	Fair Value 5/31/2012		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation/ (Depreciation)			Realized Gain		Fair Value 11/30/2012		Dividend Income
db-X MSCI Canada
Toronto-Dominion Bank (The)	$	209,761	$	11,389	$	—	$	(616	)	$	—	$	220,534	$	3,934

6. Investment Portfolio Transactions

For the six-month period ended November 30, 2012, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
db-X MSCI Brazil Fund	$	303,234	$	304,780
db-X MSCI Canada Fund		125,821		293,151
db-X MSCI EAFE Fund		540,979		1,239,140
db-X MSCI Emerging Markets Fund		104,111		259,922
db-X MSCI Japan Fund		410,002		216,093

DBX ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

For the six-month period ended November 30, 2012, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
db-X MSCI EAFE Fund	$	4,236,659	$	22,035,295

7. Fund Share Transactions

As of November 30, 2012, there were unlimited Fund shares of $0.0001 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. 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.

8. Subsequent Events

The Trust evaluated the need for disclosure and/or adjustment resulting from subsequent events through the date the financial statements were available to be issued. This evaluation did not result in any subsequent events that necessitated disclosure and/or adjustment.

DBX ETF Trust

ADDITIONAL INFORMATION (Unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Company uses to determine how to vote proxies related to each Fund’s portfolio securities, (and information on how the Funds voted proxies during the period ended June 30, 2011 on Form N-PX) is available without charge, upon request, (i) by calling 855-329-3837; (ii) on the Company’s website at www.dbxetf.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Company at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

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

DBX ETF Trust

This report is intended for the shareholders of the DBX ETF Trust. It may not be distributed to prospective Investors unless it is preceded or accompanied by the current prospectus.

An Investor should consider the fund’s investment objective, risks, charges and expenses carefully before investing. For this and more complete information about the fund call 855-329-3837 or visit the website www.dbxetf.com. Please read the prospectus carefully before investing.

There are risks involved with investing in exchange-traded funds including possible loss of money. DBX ETF Trust Funds are not actively managed and are subject to risks similar to stocks, including those related to short selling and margin maintenance. Losses from short sales may be unlimited, and losses from purchases on margin may exceed original investment.

Investing involves risk, including possible loss of principal. Investing in funds that invest in specific countries or geographic regions may be more volatile than investing in broadly diversified funds. Securities focusing on a single country may be subject to higher volatility.

In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.

Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume.

Investments in currency involve additional special risks, such as credit risk, interest rate fluctuations, derivative investment risk which can be volatile and may be less liquid than other securities and the effect of varied economic conditions.

The prospectus is not an offer to buy or sell the portfolio shares, nor is the fund soliciting an offer to buy its shares in any jurisdiction where the offer or sale is not permitted.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc., member of FINRA, which is neither affiliated with DBX ETF Trust or any other affiliate, nor is it affiliated with The Bank of New York Mellon, or TDAM USA Inc.

MSCI and MSCI Index are servicemarks of MSCI Inc. and have been licensed for use by Deutsche Bank AG. db-X Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. Nor does this company make any representation regarding the advisability of investing in db-X Funds. Index data source: MSCI Inc.

DBX ETF Trust

INVESTMENT ADVISOR

DBX Advisors LLC

60 Wall Street

New York, NY 10005

INVESTMENT SUB-ADVISOR

TDAM USA Inc.

161 Bay Street, 35th Floor

TD Canada Trust Tower

Toronto, Ontario Canada M5J 2T2

ADMINISTRATOR, CUSTODIAN, FUND ACCOUNTANT & TRANSFER AGENT

The Bank of New York Mellon

101 Barclay Street

New York, NY 10286

DISTRIBUTOR

ALPS Distributors, Inc.

1290 Broadway

Suite 1100

Denver, CO 80203

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

5 Times Square

New York, NY 10036

LEGAL COUNSEL

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

Item 2. Code of Ethics.

Not required for a semi-annual period.

Item 3. Audit Committee Financial Expert.

Not required for a semi-annual period.

Item 4. Principal Accountant Fees and Services.

Not required for a semi-annual period.

Items 5. Audit Committee of Listed Registrants.

Not required for a semi-annual period.

Item 6. Schedule of Investments.

(a) The schedule is included as a part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3-(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized and reported on a timely basis.

There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(2) Certifications of the Registrant’s Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 302CERT.

(b) Certifications of the Registrant’s Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 906CERT.

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:		/s/ Alex Depetris
Name:		Alex Depetris
Title:		President and Chief Executive Officer
Date:		January 30, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Alex Depetris
Name:		Alex Depetris
Title:		President and Chief Executive Officer
Date:		January 30, 2013

By:		/s/ Michael Gilligan
Name:		Michael Gilligan
Title:		Treasurer, Chief Financial Officer and Controller
Date:		January 30, 2013

Grafico Azioni Jacksam (PK) (USOTC:JKSM)
Storico
Da Mag 2024 a Giu 2024

Clicca qui per i Grafici di Jacksam (PK)

Grafico Azioni Jacksam (PK) (USOTC:JKSM)
Storico
Da Giu 2023 a Giu 2024

JKSM Jacksam Corporation (PK)

Notizie Dbx Etf Trust - JKSM

La tua Cronologia

Più Attivi

Toplist

JKSM Jacksam Corporation (PK)

Notizie Dbx Etf Trust - JKSM

La tua Cronologia