November 30, 2023

Semi-Annual Report

DBX ETF Trust

 

Xtrackers Cybersecurity Select Equity ETF (PSWD)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Semiconductor Select Equity ETF (CHPS)

Xtrackers US Green Infrastructure Select Equity ETF (UPGR)

Xtrackers US National Critical Technologies ETF (CRTC)

 

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DBX ETF Trust

 

Table of Contents

 

     Page  

Portfolio Summary

  

Xtrackers Cybersecurity Select Equity ETF

     1  

Xtrackers International Real Estate ETF

     2  

Xtrackers Semiconductor Select Equity ETF

     3  

Xtrackers US Green Infrastructure Select Equity ETF

     4  

Xtrackers US National Critical Technologies ETF

     5  

Fees and Expenses

     6  

Schedule of Investments

  

Xtrackers Cybersecurity Select Equity ETF

     7  

Xtrackers International Real Estate ETF

     9  

Xtrackers Semiconductor Select Equity ETF

     19  

Xtrackers US Green Infrastructure Select Equity ETF

     21  

Xtrackers US National Critical Technologies ETF

     22  

Statements of Assets and Liabilities

     26  

Statements of Operations

     28  

Statements of Changes in Net Assets

     30  

Financial Highlights

     32  

Notes to Financial Statements

     35  

Other Information

     43  

Board Considerations in Approval of Investment Advisory Contracts

     44  

Additional Information

     48  


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Cybersecurity Select Equity ETF (PSWD)

 

Xtrackers Cybersecurity Select Equity ETF (the “fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Cyber Security ESG Screened Index (the “Underlying Index”). The Underlying Index is comprised of companies that have business operations in the field of cybersecurity and that fulfill certain sustainability criteria. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2023 (49.7% of Net Assets)

 

Description   % of Net Assets  

Crowdstrike Holdings, Inc.

    6.1%  

Trend Micro, Inc.

    5.8%  

Zscaler, Inc.

    5.4%  

CyberArk Software Ltd.

    5.3%  

Palo Alto Networks, Inc.

    5.3%  

Qualys, Inc.

    5.0%  

SentinelOne, Inc.

    4.8%  

Check Point Software Technologies Ltd.

    4.6%  

Fortinet, Inc.

    3.8%  

Okta, Inc.

    3.6%  
Sector Diversification* as of November 30, 2023

 

Systems Software

    60.0%  

Application Software

    13.1%  

Internet Services & Infrastructure

    11.5%  

IT Consulting & Other Services

    11.0%  

Communications Equipment

    3.4%  

Other

    1.0%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

 

1


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers International Real Estate ETF (HAUZ)

 

The Xtrackers International Real Estate ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”). The Underlying Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2023 (18.9% of Net Assets)

 

Description   % of Net Assets  

Goodman Group (Australia)

    3.1%  

Mitsui Fudosan Co. Ltd. (Japan)

    2.6%  

Vonovia SE (Germany)

    2.3%  

Mitsubishi Estate Co. Ltd. (Japan)

    2.1%  

Sun Hung Kai Properties Ltd. (Hong Kong)

    1.8%  

Sumitomo Realty & Development Co. Ltd. (Japan)

    1.6%  

Link (Hong Kong)

    1.5%  

Segro PLC (United Kingdom)

    1.4%  

China Resources Land Ltd. (Hong Kong)

    1.3%  

CK Asset Holdings Ltd. (Hong Kong)

    1.2%  
Sector Diversification* as of November 30, 2023

 

Real Estate Operations/Development

    35.4%  

Diversified

    14.9%  

Real Estate Management/Services

    11.9%  

Warehouse/Industry

    10.1%  

Shopping Centers

    8.6%  

Office Property

    5.7%  

Apartments

    3.6%  

Other

    9.8%  
 

 

 

 

Total

    100.0%  
Country Diversification* as of November 30, 2023

 

Japan

    20.8%  

Hong Kong

    11.8%  

Australia

    10.6%  

United Kingdom

    7.3%  

Singapore

    7.0%  

Canada

    6.1%  

Sweden

    4.0%  

Germany

    3.5%  

India

    3.0%  

France

    2.8%  

Thailand

    2.5%  

Switzerland

    2.4%  

Philippines

    2.2%  

Mexico

    2.1%  

Israel

    2.0%  

Belgium

    2.0%  

Other

    9.9%  
 

 

 

 

Total

    100.0%  

 

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

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

 

2


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Semiconductor Select Equity ETF (CHPS)

 

Xtrackers Semiconductor Select Equity ETF (the “fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Semiconductor ESG Screened Index (the “Underlying Index”). The Underlying Index is comprised of companies that have business operations in the semiconductor industry and that fulfill certain sustainability criteria. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2023 (45.5% of Net Assets)

 

Description   % of Net Assets  

Intel Corp.

    5.0%  

QUALCOMM, Inc.

    4.7%  

Advanced Micro Devices, Inc.

    4.7%  

ASML Holding NV

    4.7%  

Taiwan Semiconductor Manufacturing Co. Ltd.

    4.6%  

Lam Research Corp.

    4.5%  

Broadcom, Inc.

    4.5%  

Applied Materials, Inc.

    4.3%  

NVIDIA Corp.

    4.3%  

Analog Devices, Inc.

    4.2%  
Sector Diversification* as of November 30, 2023

 

Semiconductors

    67.1%  

Semiconductor Materials & Equipment

    28.7%  

Electronic Manufacturing Services

    2.4%  

Other

    1.8%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

 

3


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers US Green Infrastructure Select Equity ETF (UPGR)

 

Xtrackers US Green Infrastructure Select Equity ETF (the “fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive United States Green Infrastructure ESG Screened Index (the “Underlying Index”). The Underlying Index is comprised of companies that have business exposure in the production, generation, or distribution of green energy or are engaged in the establishment of a sustainable infrastructure to enable the use of renewable energy and that fulfill certain sustainability criteria. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2023 (26.1% of Net Assets)

 

Description   % of Net Assets  

Clearway Energy, Inc.

    2.8%  

Bloom Energy Corp.

    2.8%  

Sunrun, Inc.

    2.7%  

Sunnova Energy International, Inc.

    2.6%  

Fluence Energy, Inc.

    2.6%  

Brookfield Renewable Corp.

    2.6%  

Worthington Industries, Inc.

    2.5%  

Itron, Inc.

    2.5%  

Xylem, Inc.

    2.5%  

A O Smith Corp.

    2.5%  
Sector Diversification* as of November 30, 2023

 

Industrials

    56.2%  

Utilities

    14.9%  

Materials

    9.7%  

Consumer Discretionary

    7.9%  

Information Technology

    6.7%  

Energy

    4.6%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 21.

 

4


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers US National Critical Technologies ETF (CRTC)

 

Xtrackers US National Critical Technologies ETF (the “fund”), seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Whitney U.S. Critical Technologies Index (the “Underlying Index”). The Underlying Index is a market-capitalization weighted index, subject to caps on the weighting of individual companies, that is designed to track companies that support critical emerging technologies across the U.S. and its allies by selecting companies from a defined investment universe that satisfy key criteria related to their association with critical technology sectors and their geopolitical risk rating. It is not possible to invest directly into an index.

 

5

Ten Largest Equity Holdings
as of November 30, 2023 (33.2% of Net Assets)

 

Description   % of Net Assets  

Amazon.com, Inc.

    5.5%  

NVIDIA Corp.

    5.2%  

Microsoft Corp.

    5.2%  

Alphabet, Inc.

    4.9%  

Exxon Mobil Corp.

    3.1%  

Adobe, Inc.

    2.1%  

Chevron Corp.

    2.0%  

AbbVie, Inc.

    1.9%  

Salesforce, Inc.

    1.8%  

Cisco Systems, Inc.

    1.5%  
Sector Diversification* as of November 30, 2023

 

Information Technology

    34.8%  

Health Care

    17.9%  

Communication Services

    11.9%  

Industrials

    11.7%  

Energy

    6.9%  

Consumer Discretionary

    6.5%  

Utilities

    4.5%  

Materials

    3.0%  

Financials

    2.0%  

Consumer Staples

    0.5%  

Real Estate

    0.3%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 22.


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US National Critical Technologies ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2023 to November 30, 2023) except Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to November 30, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

 

      Beginning
Account Value
June 1, 2023
     Ending
Account Value
November 30, 2023
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers Cybersecurity Select Equity ETF           

Actual (2)

   $ 1,000.00      $ 1,107.60        0.20   $ 0.81  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,018.49        0.20   $ 1.01  
Xtrackers International Real Estate ETF           

Actual

   $ 1,000.00      $ 1,037.80        0.10   $ 0.51  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.50        0.10   $ 0.51  
Xtrackers Semiconductor Select Equity ETF           

Actual (2)

   $ 1,000.00      $ 1,028.00        0.15   $ 0.59  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,018.68        0.15   $ 0.76  
Xtrackers US Green Infrastructure Select Equity ETF

 

       

Actual (2)

   $ 1,000.00      $ 758.10        0.35   $ 1.19  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,017.91        0.35   $ 1.77  
Xtrackers US National Critical Technologies ETF           

Actual (3)

   $ 1,000.00      $ 1,020.80        0.33   $ 0.14  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,001.91        0.33   $ 1.65  

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

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 141 (the number of days in the period July 13, 2023 (commencement of operations) to November 30, 2023), then divided by 366.

(3) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 15 (the number of days in the period November 16, 2023 (commencement of operations) to November 30, 2023), then divided by 366.

 

6


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Cybersecurity Select Equity ETF

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.8%    
Application Software — 13.1%            

Alarm.com Holdings, Inc.*

    1,188     $ 64,722  

Clear Secure, Inc., Class A

    4,991       106,458  

Datadog, Inc., Class A*

    1,174       136,853  

Dynatrace, Inc.*

    2,225       119,149  

Everbridge, Inc.*

    1,821       37,075  

InterDigital, Inc.

    1,291       128,997  

Systena Corp.

    17,000       34,038  

TeamViewer SE, 144A*

    6,314       91,523  
   

 

 

 

(Cost $702,503)

      718,815  
   

 

 

 
Communications Equipment — 3.4%            

F5, Inc.*

    667       114,184  

NetScout Systems, Inc.*

    2,921       58,654  

Radware Ltd.*

    838       12,779  
   

 

 

 

(Cost $201,707)

      185,617  
   

 

 

 
Internet Services & Infrastructure — 11.5%            

Akamai Technologies, Inc.*

    975       112,642  

Chindata Group Holdings Ltd., ADR*

    4,514       38,008  

Fastly, Inc., Class A*

    5,694       94,577  

GDS Holdings Ltd., ADR*

    2,593       26,578  

NEXTDC Ltd.*

    17,140       148,082  

Okta, Inc.*

    2,997       200,949  

Vnet Group, Inc., ADR*

    5,888       16,486  
   

 

 

 

(Cost $631,091)

      637,322  
   

 

 

 
IT Consulting & Other Services — 11.0%            

Al Moammar Information Systems Co.

    725       24,080  

Change Holdings, Inc.

    2,499       26,370  

Computacenter PLC

    1,941       66,345  

DXC Technology Co.*

    4,911       113,591  

NCC Group PLC

    13,607       20,912  

NEC Corp.

    2,072       115,489  

NET One Systems Co. Ltd.

    4,950       68,842  

Netcompany Group A/S, 144A*

    1,565       50,135  

Otsuka Corp.

    2,503       102,179  

Systex Corp.

    8,339       28,295  
   

 

 

 

(Cost $648,849)

      616,238  
   

 

 

 
   

Number
of Shares

   

Value

 
Research & Consulting Services — 1.0%            

My EG Services Bhd

   

(Cost $48,605)

    312,601     $ 53,336  
   

 

 

 
Systems Software — 59.8%            

A10 Networks, Inc.

    3,309       41,329  

Ahnlab, Inc.

    373       19,978  

BlackBerry Ltd.*

    19,266       70,763  

Check Point Software Technologies Ltd.*

    1,760       256,960  

Crowdstrike Holdings, Inc., Class A*

    1,425       337,711  

CyberArk Software Ltd.*

    1,480       294,920  

Darktrace PLC*

    16,254       71,381  

Digital Arts, Inc.

    660       21,496  

Fortinet, Inc.*

    4,013       210,923  

OneSpan, Inc.*

    1,796       18,014  

Palo Alto Networks, Inc.*

    989       291,844  

Qualys, Inc.*

    1,498       276,890  

Rapid7, Inc.*

    3,645       197,377  

SentinelOne, Inc., Class A*

    14,065       268,501  

Tenable Holdings, Inc.*

    3,727       154,260  

Trend Micro, Inc.

    6,375       324,022  

Varonis Systems, Inc.*

    3,863       161,821  

Zscaler, Inc.*

    1,507       297,678  
   

 

 

 

(Cost $2,786,771)

      3,315,868  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $5,019,526)

      5,527,196  
   

 

 

 
CASH EQUIVALENTS — 0.6%    

DWS Government Money Market Series “Institutional Shares”, 5.31% (a)
(Cost $31,528)

    31,528       31,528  
   

 

 

 

TOTAL INVESTMENTS — 100.4%

   

(Cost $5,051,054)

    $ 5,558,724  

Other assets and liabilities, net — (0.4%)

      (20,808
   

 

 

 

NET ASSETS — 100.0%

    $ 5,537,916  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

 

     Value ($) at
7/13/2023
(Commencement
of Operations)
     Purchases
Cost

($)
     Sales
Proceeds

($)
    Net Realized
Gain/(Loss)

($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
11/30/2023
     Value ($) at
11/30/2023
 

CASH EQUIVALENTS0.6%

 

  

DWS Government Money Market Series “Institutional Shares”, 5.31% (a)

 

  
         —          4,715,530          (4,684,002         —            —          832            —          31,528          31,528  

 

*

Non-income producing security.

(a)

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

 

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

 

See Notes to Financial Statements.   7  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Cybersecurity Select Equity ETF (Continued)

November 30, 2023 (Unaudited)

 

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 5,527,196        $     —        $     —        $ 5,527,196  

Short-Term Investments (a)

       31,528                            31,528  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 5,558,724        $        $        $ 5,558,724  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   8  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers International Real Estate ETF

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.5%    
Australia — 10.6%            

Abacus Group REIT

    329,742     $ 237,220  

Arena REIT

    263,297       584,840  

Aspen Group Ltd./Australia REIT

    4,604       5,190  

BWP Trust REIT

    364,954       830,001  

Cedar Woods Properties Ltd.

    51,672       159,657  

Centuria Industrial REIT

    401,556       798,755  

Centuria Office REIT

    366,590       312,342  

Charter Hall Group REIT

    360,411       2,485,294  

Charter Hall Long Wale REIT

    487,590       1,086,277  

Charter Hall Retail REIT

    385,552       818,049  

Charter Hall Social Infrastructure REIT

    252,315       439,992  

Cromwell Property Group REIT

    1,184,762       345,645  

Dexus REIT

    824,968       3,850,846  

Dexus Convenience Retail REIT REIT

    104,417       171,007  

Dexus Industria REIT

    159,741       281,737  

GDI Property Group Partnership REIT

    388,653       149,464  

Goodman Group REIT

    1,305,561       19,693,593  

GPT Group REIT

    1,217,942       3,327,133  

Growthpoint Properties Australia Ltd. REIT

    215,825       331,999  

Healthco REIT

    346,522       304,434  

HMC Capital Ltd. REIT

    194,794       622,543  

HomeCo Daily Needs REIT

    1,319,901       993,307  

Hotel Property Investments Ltd. REIT

    146,868       261,954  

Ingenia Communities Group REIT

    276,200       756,345  

Lifestyle Communities Ltd.

    73,545       815,822  

Mirvac Group REIT

    2,993,177       4,088,331  

National Storage REIT

    944,508       1,352,713  

Newmark Property REIT

    123,791       84,132  

Peet Ltd.

    284,903       230,464  

REA Group Ltd.

    38,732       3,987,016  

Region RE Ltd. REIT

    862,169       1,183,339  

Rural Funds Group REIT

    297,073       377,206  

Scentre Group REIT

    3,965,220       6,967,220  

Stockland REIT

    1,815,615       4,971,875  

US Masters Residential Property Fund REIT

    586,199       104,943  

Vicinity Ltd. REIT

    3,452,411       4,337,886  

Waypoint REIT Ltd. REIT

    506,085       791,921  
   

 

 

 

(Cost $73,494,293)

      68,140,492  
   

 

 

 
Austria — 0.3%            

CA Immobilien Anlagen AG

    32,956       1,078,749  

IMMOFINANZ AG*

    24,547       507,275  

S IMMO AG*

    5,982       83,153  

UBM Development AG

    2,791       61,210  
   

 

 

 

(Cost $1,725,240)

      1,730,387  
   

 

 

 
Belgium — 1.9%            

Aedifica SA REIT

    36,319       2,280,573  

Ascencio REIT

    4,148       207,964  

Atenor (a)

    14,841       89,709  

Care Property Invest NV REIT (a)

    27,969       389,397  

Cofinimmo SA REIT

    25,625       1,806,180  

Home Invest Belgium SA REIT

    9,185       146,719  

Immobel SA (a)

    2,838       85,929  

Intervest Offices & Warehouses NV REIT

    20,659       464,345  
   

Number
of Shares

   

Value

 
Belgium (Continued)            

Montea NV REIT

    12,072     $ 1,049,790  

Nextensa SA REIT

    1,927       105,758  

Retail Estates NV REIT

    8,830       594,444  

VGP NV

    10,013       1,033,523  

Warehouses De Pauw CVA REIT

    122,592       3,448,337  

Wereldhave Belgium Comm VA REIT

    2,303       120,363  

Xior Student Housing NV REIT

    21,066       704,494  
   

 

 

 

(Cost $16,457,090)

      12,527,525  
   

 

 

 
Brazil — 0.7%            

Allos SA

    358,157       1,857,500  

Cyrela Brazil Realty SA Empreendimentos e Participacoes

    224,742       995,157  

Ez Tec Empreendimentos e Participacoes SA

    120,554       449,733  

Multiplan Empreendimentos Imobiliarios SA

    231,930       1,278,560  
   

 

 

 

(Cost $4,065,296)

      4,580,950  
   

 

 

 
Canada — 6.1%            

Allied Properties Real Estate Investment Trust REIT (a)

    96,338       1,269,728  

Altus Group Ltd.

    34,271       1,011,056  

American Hotel Income Properties REIT LP

    58,273       28,796  

Artis Real Estate Investment Trust REIT (a)

    51,860       234,467  

Boardwalk Real Estate Investment Trust REIT

    24,824       1,222,662  

BSR Real Estate Investment Trust REIT

    25,653       279,874  

Canadian Apartment Properties REIT (a)

    127,151       4,335,428  

Chartwell Retirement Residences

    178,975       1,433,542  

Choice Properties Real Estate Investment Trust REIT (a)

    189,300       1,837,363  

Colliers International Group, Inc.

    30,856       3,213,384  

Crombie Real Estate Investment Trust REIT (a)

    81,688       776,001  

CT Real Estate Investment Trust REIT (a)

    56,816       570,737  

Dream Industrial Real Estate Investment Trust REIT (a)

    199,822       1,840,747  

Dream Office Real Estate Investment Trust REIT

    18,276       118,349  

DREAM Unlimited Corp., Class A (a)

    18,102       269,557  

First Capital Real Estate Investment Trust REIT (a)

    147,659       1,523,583  

FirstService Corp.

    28,398       4,459,985  

Granite Real Estate Investment Trust REIT (a)

    48,180       2,441,248  

H&R Real Estate Investment Trust REIT (a)

    200,276       1,311,687  

InterRent Real Estate Investment Trust REIT

    106,524       949,866  

Killam Apartment Real Estate Investment Trust REIT (a)

    88,488       1,117,317  

Mainstreet Equity Corp.*

    3,614       378,499  

Minto Apartment Real Estate Investment Trust REIT, 144A (a)

    31,494       340,990  

 

See Notes to Financial Statements.   9  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Canada (Continued)            

Morguard Corp.

    3,571     $ 280,707  

Morguard North American Residential Real Estate Investment Trust REIT

    24,230       242,148  

Nexus Industrial REIT REIT (a)

    32,717       178,323  

NorthWest Healthcare Properties Real Estate Investment Trust REIT (a)

    164,716       535,751  

Primaris Real Estate Investment Trust REIT (a)

    54,986       541,404  

RioCan Real Estate Investment Trust REIT

    228,112       2,939,202  

Slate Grocery REIT REIT

    45,209       346,441  

SmartCentres Real Estate Investment Trust REIT (a)

    98,303       1,674,091  

Tricon Residential, Inc.

    206,490       1,628,040  

True North Commercial Real Estate Investment Trust REIT

    11,153       58,239  
   

 

 

 

(Cost $47,109,213)

      39,389,212  
   

 

 

 
Chile — 0.3%            

Cencosud Shopping SA

    362,223       579,999  

Parque Arauco SA

    554,030       799,567  

Plaza SA*

    224,307       312,374  
   

 

 

 

(Cost $1,740,060)

      1,691,940  
   

 

 

 
China — 0.8%            

A-Living Smart City Services Co. Ltd.,
144A*

    643,071       312,878  

China Resources Mixc Lifestyle Services Ltd., 144A

    478,412       1,810,055  

China Vanke Co. Ltd., Class H

    1,676,488       1,693,596  

Greattown Holdings Ltd., Class B*

    97,300       21,698  

Guangzhou R&F Properties Co. Ltd., Class H* (a)

    1,220,486       185,957  

Poly Property Services Co. Ltd., Class H

    110,935       426,820  

Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B

    193,100       162,590  

Shanghai Lingang Holdings Corp. Ltd.,
Class B

    95,706       58,572  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

    816,840       278,542  

Shanghai Shibei Hi-Tech Co. Ltd., Class B

    295,800       50,286  

Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B

    157,700       99,509  

Shanxi Guoxin Energy Corp. Ltd.,
Class B*

    68,300       18,441  

Shenzhen Properties & Resources Development Group Ltd., Class B

    15,300       7,581  

Sino-Ocean Group Holding Ltd.* (a)

    2,234,827       154,515  
   

 

 

 

(Cost $11,117,248)

      5,281,040  
   

 

 

 
Denmark — 0.0%            

Jeudan A/S

   

(Cost $284,472)

    7,392       234,747  
   

 

 

 
Egypt — 0.2%            

Arab Developers Holding*

    1,993,983       64,014  

Egyptians Housing Development & Reconstruction*

    2,227,878       23,937  
   

Number
of Shares

   

Value

 
Egypt (Continued)            

El Kahera Housing*

    428,198     $ 20,648  

Emaar Misr for Development SAE*

    265,430       34,875  

Heliopolis Housing

    287,265       98,544  

Madinet Masr For Housing & Development

    889,644       115,164  

Palm Hills Developments SAE*

    743,811       68,845  

Pioneers Properties*

    108,580       8,750  

Six of October Development &
Investment*

    55,509       44,030  

Talaat Moustafa Group

    653,636       470,660  

Zahraa El Maadi Investment & Development Co. SAE

    101,058       26,327  
   

 

 

 

(Cost $734,118)

      975,794  
   

 

 

 
Finland — 0.3%            

Citycon OYJ*

    59,453       337,320  

Kojamo OYJ

    139,951       1,559,073  
   

 

 

 

(Cost $2,814,629)

      1,896,393  
   

 

 

 
France — 2.8%            

Altarea SCA REIT

    3,747       280,461  

ARGAN SA REIT

    7,489       636,540  

Carmila SA REIT*

    42,880       665,302  

Covivio SA REIT

    39,609       1,937,004  

Gecina SA REIT

    36,115       4,003,557  

ICADE REIT

    24,415       886,553  

Klepierre SA REIT

    143,802       3,624,446  

Mercialys SA REIT

    70,530       697,600  

Nexity SA (a)

    29,095       439,994  

Unibail-Rodamco-Westfield REIT*

    76,872       4,896,626  
   

 

 

 

(Cost $20,806,907)

      18,068,083  
   

 

 

 
Germany — 3.5%            

BRANICKS Group AG

    28,513       98,309  

Deutsche EuroShop AG

    10,975       224,169  

Deutsche Wohnen SE

    39,101       952,241  

Hamborner REIT AG REIT

    54,186       382,522  

LEG Immobilien SE*

    56,279       4,307,019  

PATRIZIA SE

    28,956       222,737  

TAG Immobilien AG*

    134,235       1,839,586  

Vonovia SE

    527,135       14,678,011  
   

 

 

 

(Cost $32,377,262)

      22,704,594  
   

 

 

 
Greece — 0.1%            

LAMDA Development SA*

   

(Cost $437,721)

    61,476       442,705  
   

 

 

 
Hong Kong — 11.7%            

C&D International Investment Group Ltd.

    661,596       1,351,942  

Champion REIT

    1,829,433       609,007  

China Jinmao Holdings Group Ltd.

    6,279,942       715,613  

China Overseas Grand Oceans Group Ltd.

    1,329,884       446,116  

China Overseas Land & Investment Ltd.

    2,822,350       5,218,075  

China Overseas Property Holdings Ltd.

    941,585       766,741  

China Resources Land Ltd.

    2,193,563       8,032,457  

Chinese Estates Holdings Ltd.*

    302,558       55,396  

CK Asset Holdings Ltd.

    1,642,152       7,789,935  

 

See Notes to Financial Statements.   10  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Hong Kong (Continued)            

ESR Group Ltd., 144A

    2,140,118     $ 2,751,083  

Far East Consortium International Ltd.

    855,210       153,297  

Fortune Real Estate Investment Trust REIT

    1,106,412       672,888  

GR Life Style Company Ltd.*

    783,049       33,587  

Great Eagle Holdings Ltd.

    74,512       112,193  

Hang Lung Group Ltd.

    624,446       836,294  

Hang Lung Properties Ltd.

    1,365,773       1,825,624  

Henderson Land Development Co. Ltd.

    1,017,449       2,768,241  

HKR International Ltd.

    441,839       85,988  

Hong Kong Ferry Holdings Co. Ltd.

    139,508       83,237  

Hongkong Land Holdings Ltd.

    798,587       2,571,450  

Hysan Development Co. Ltd.

    452,126       848,644  

Joy City Property Ltd.

    2,384,196       75,095  

K Wah International Holdings Ltd.

    903,202       213,939  

Kerry Properties Ltd.

    437,475       737,125  

Kowloon Development Co. Ltd.

    251,649       201,376  

Lai Sun Development Co. Ltd.*

    78,672       8,864  

Langham Hospitality Investments and Langham Hospitality Investments Ltd. (b)

    628,986       54,762  

Link REIT

    1,959,458       9,684,017  

New World Development Co. Ltd.

    1,045,933       1,556,117  

Poly Property Group Co. Ltd.

    1,422,078       293,144  

Prosperity REIT

    1,108,740       191,644  

Regal Real Estate Investment Trust REIT

    731,409       58,061  

Shandong Hi-Speed Holdings Group
Ltd.* (a)

    1,460,189       1,127,350  

Shanghai Industrial Holdings Ltd.

    293,635       353,025  

Shenzhen Investment Ltd.

    1,716,718       248,376  

Shin Hwa World Ltd.*

    803,681       4,939  

Shun Tak Holdings Ltd.*

    916,974       123,276  

Sino Land Co. Ltd.

    2,825,372       2,846,968  

Sun Hung Kai Properties Ltd.

    1,167,305       11,455,889  

Sunlight Real Estate Investment Trust REIT

    649,318       164,610  

Swire Properties Ltd.

    819,600       1,592,964  

Touyun Biotech Group Ltd.*

    760,136       45,256  

Wang On Properties Ltd.

    2,950,288       18,132  

Wharf Holdings Ltd.

    730,994       1,899,950  

Wharf Real Estate Investment Co. Ltd.

    1,187,932       3,749,219  

Yuexiu Property Co. Ltd.

    1,095,264       998,461  
   

 

 

 

(Cost $108,799,384)

      75,430,367  
   

 

 

 
India — 2.9%            

Brigade Enterprises Ltd.

    115,566       1,131,149  

DLF Ltd.

    723,834       5,432,200  

Godrej Properties Ltd.*

    102,022       2,295,912  

Indiabulls Real Estate Ltd.*

    365,429       363,265  

Macrotech Developers Ltd., 144A

    197,978       2,093,169  

Mahindra Lifespace Developers Ltd.

    58,140       368,282  

NESCO Ltd.

    22,888       223,819  

Nexus Select Trust REIT

    641,378       1,010,977  

Oberoi Realty Ltd.

    88,193       1,481,468  

Omaxe Ltd.*

    52,815       49,462  

Phoenix Mills Ltd.

    73,563       2,091,542  

Prestige Estates Projects Ltd.

    129,281       1,554,744  

Privi Speciality Chemicals Ltd.*

    15,741       240,597  
   

Number
of Shares

   

Value

 
India (Continued)            

Sobha Ltd.

    28,308     $ 307,966  

Sunteck Realty Ltd.

    53,892       321,987  
   

 

 

 

(Cost $11,443,611)

      18,966,539  
   

 

 

 
Indonesia — 0.3%            

PT Alam Sutera Realty Tbk*

    10,850,530       117,530  

PT Bumi Serpong Damai Tbk*

    6,127,259       418,755  

PT Ciputra Development Tbk

    6,461,796       470,782  

PT Jaya Real Property Tbk

    2,834,930       132,516  

PT Kawasan Industri Jababeka Tbk*

    11,842,430       99,259  

PT Lippo Karawaci Tbk*

    24,386,786       138,365  

PT Pakuwon Jati Tbk

    11,682,110       310,318  

PT PP Properti Tbk*

    3,602,844       11,615  

PT Puradelta Lestari Tbk

    10,105,945       110,116  

PT Summarecon Agung Tbk

    8,084,358       320,560  
   

 

 

 

(Cost $2,205,334)

      2,129,816  
   

 

 

 
Israel — 2.0%            

Adgar Investment and Development Ltd.

    67,241       82,875  

AFI Properties Ltd.*

    4,360       171,515  

Africa Israel Residences Ltd.

    4,443       231,569  

Airport City Ltd.*

    48,899       767,604  

Alony Hetz Properties & Investments Ltd.

    114,981       784,839  

Alrov Properties and Lodgings Ltd.

    2,040       72,636  

Amot Investments Ltd.

    167,254       853,314  

Arad Investment & Industrial Development Ltd.

    2,523       277,495  

Aura Investments Ltd.

    97,900       247,083  

Azrieli Group Ltd.

    28,013       1,627,027  

Big Shopping Centers Ltd.*

    9,077       813,837  

Blue Square Real Estate Ltd.

    3,737       235,814  

Carasso Real Estate Ltd.

    13,309       93,489  

Duniec Brothers Ltd.*

    2,516       123,432  

Electra Real Estate Ltd.

    17,810       182,638  

G City Ltd.

    64,314       203,437  

Gav-Yam Lands Corp. Ltd.

    14,538       107,627  

Israel Canada T.R Ltd.

    110,547       274,817  

Isras Investment Co. Ltd.

    1,197       226,055  

Keystone INFRA Ltd. REIT

    110,551       151,484  

Kvutzat Acro Ltd.

    23,368       233,485  

Lahav L.R. Real Estate Ltd.

    46,467       40,065  

Megureit Israel Ltd. REIT*

    85,828       76,538  

Melisron Ltd.

    19,369       1,349,136  

Menivim- The New REIT Ltd. REIT

    453,431       197,001  

Mivne Real Estate KD Ltd.

    468,781       1,237,000  

Norstar Holdings, Inc.*

    29,612       71,102  

Prashkovsky Investments and Construction Ltd.

    5,596       118,333  

Property & Building Corp. Ltd.*

    2,000       88,881  

Rani Zim Shopping Centers Ltd.*

    38,048       25,358  

Reit 1 Ltd. REIT

    143,203       625,247  

REIT Azorim HF Living Ltd. REIT*

    34,302       40,270  

Sella Capital Real Estate Ltd. REIT

    167,564       390,057  

Summit Real Estate Holdings Ltd.*

    30,053       381,301  

Villar International Ltd.

    3,169       131,896  

Vitania Ltd.

    17,472       90,736  
   

 

 

 

(Cost $14,573,918)

      12,624,993  
   

 

 

 

 

See Notes to Financial Statements.   11  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Italy — 0.0%            

Immobiliare Grande Distribuzione SIIQ SpA REIT

    43,461     $ 102,191  

Risanamento SpA* (a)

    442,764       16,522  
   

 

 

 

(Cost $202,678)

      118,713  
   

 

 

 
Japan — 20.7%            

Activia Properties, Inc. REIT (a)

    385       1,058,630  

Advance Logistics Investment Corp. REIT

    525       457,047  

Advance Residence Investment Corp. REIT

    757       1,664,186  

Aeon Mall Co. Ltd.

    70,300       817,674  

AEON REIT Investment Corp. REIT

    1,337       1,300,508  

Comforia Residential REIT, Inc. REIT

    523       1,124,997  

CRE Logistics REIT, Inc. REIT

    478       531,237  

Daito Trust Construction Co. Ltd.

    50,200       5,534,955  

Daiwa House REIT Investment Corp. REIT

    1,614       2,880,057  

Daiwa Office Investment Corp. REIT (a)

    213       975,419  

Daiwa Securities Living Investments Corp. REIT

    1,435       1,060,950  

ES-Con Japan Ltd.

    38,600       238,908  

ESCON Japan Reit Investment Corp. REIT

    250       200,223  

Frontier Real Estate Investment Corp. REIT

    394       1,208,638  

Fukuoka REIT Corp. REIT

    392       441,227  

Global One Real Estate Investment Corp. REIT

    565       438,746  

GLP J REIT

    3,711       3,506,793  

Goldcrest Co. Ltd.

    10,900       147,978  

Hankyu Hanshin REIT, Inc. REIT (a)

    537       513,262  

Health Care & Medical Investment Corp. REIT

    258       249,911  

Heiwa Real Estate Co. Ltd.

    23,800       649,596  

Heiwa Real Estate REIT, Inc. REIT (a)

    502       459,775  

Hoshino Resorts REIT, Inc. REIT

    193       789,833  

Hulic Co. Ltd.

    521,000       5,173,525  

Hulic Reit, Inc. REIT

    652       684,041  

Ichigo Office REIT Investment Corp. REIT

    1,151       660,228  

Ichigo, Inc.

    173,800       412,648  

Industrial & Infrastructure Fund Investment Corp. REIT

    1,603       1,496,357  

Invincible Investment Corp. REIT

    5,074       2,059,323  

Japan Excellent, Inc. REIT

    657       627,069  

Japan Hotel REIT Investment Corp. REIT

    3,357       1,575,918  

Japan Logistics Fund, Inc. REIT

    515       1,005,022  

Japan Metropolitan Fund Invest REIT

    5,321       3,545,294  

Japan Prime Realty Investment Corp. REIT

    529       1,327,554  

Japan Real Estate Investment Corp. REIT

    790       3,072,682  

Kabuki-Za Co. Ltd.

    6,800       216,187  

KDX Realty Investment Corp. REIT

    3,129       3,587,550  

Keihanshin Building Co. Ltd.

    33,800       324,202  

Ki-Star Real Estate Co. Ltd.

    6,400       151,087  

LaSalle Logiport REIT

    1,397       1,489,277  
   

Number
of Shares

   

Value

 
Japan (Continued)            

Leopalace21 Corp.*

    146,000     $ 466,141  

LIFULL Co. Ltd.

    51,300       68,014  

Mirai Corp. REIT

    1,338       400,038  

Mirarth Holdings, Inc.

    64,231       202,467  

Mitsubishi Estate Co. Ltd.

    1,004,300       13,562,992  

Mitsubishi Estate Logistics REIT Investment Corp. REIT

    390       1,010,383  

Mitsui Fudosan Co. Ltd.

    712,200       16,726,475  

Mitsui Fudosan Logistics Park, Inc. REIT

    466       1,472,060  

Mori Hills REIT Investment Corp. REIT

    846       804,597  

Mori Trust Sogo Reit, Inc. REIT

    1,892       943,216  

Nippon Accommodations Fund, Inc. REIT

    391       1,608,063  

Nippon Building Fund, Inc. REIT

    968       4,066,209  

Nippon Kanzai Holdings Co. Ltd.

    16,600       279,371  

Nippon Prologis REIT, Inc. REIT (a)

    1,830       3,470,978  

NIPPON REIT Investment Corp. REIT

    246       582,406  

Nomura Real Estate Holdings, Inc.

    89,300       2,177,003  

Nomura Real Estate Master Fund, Inc. REIT

    2,603       2,989,748  

NTT UD REIT Investment Corp. REIT

    743       640,799  

One REIT, Inc. REIT

    174       312,961  

Open House Group Co. Ltd.

    61,900       1,728,435  

Orix JREIT, Inc. REIT

    1,503       1,773,079  

Pressance Corp.

    17,700       180,071  

Relo Group, Inc.

    88,400       928,638  

SAMTY Co. Ltd. (a)

    22,000       348,524  

Samty Residential Investment Corp. REIT

    322       245,037  

Sankei Real Estate, Inc. REIT

    362       226,992  

Sekisui House Reit, Inc. REIT

    2,451       1,404,266  

SOSiLA Logistics REIT, Inc. REIT

    559       457,908  

SRE Holdings Corp.*

    6,800       127,596  

Star Asia Investment Corp. REIT

    1,772       691,612  

Starts Corp., Inc.

    25,700       484,847  

Starts Proceed Investment Corp. REIT

    175       243,024  

Sumitomo Realty & Development Co. Ltd.

    360,800       10,186,892  

Sun Frontier Fudousan Co. Ltd.

    19,600       206,825  

Takara Leben Real Estate Investment Corp. REIT

    501       343,975  

TOC Co. Ltd.

    38,000       154,226  

Tokyo Tatemono Co. Ltd.

    161,700       2,298,593  

Tokyu Fudosan Holdings Corp.

    455,400       2,815,542  

Tokyu REIT, Inc. REIT

    459       560,108  

Tosei Corp.

    25,900       315,527  

Tosei Reit Investment Corp. REIT

    291       264,751  

United Urban Investment Corp. REIT (a)

    1,629       1,597,761  

XYMAX REIT Investment Corp. REIT

    173       137,969  
   

 

 

 

(Cost $151,157,325)

      133,164,633  
   

 

 

 
Luxembourg — 0.5%            

ADLER Group SA, 144A*

    60,188       22,906  

Aroundtown SA* (a)

    650,086       1,527,143  

Grand City Properties SA*

    57,947       574,724  

Shurgard Self Storage Ltd. REIT

    19,540       849,926  
   

 

 

 

(Cost $5,889,827)

      2,974,699  
   

 

 

 

 

See Notes to Financial Statements.   12  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Malaysia — 0.9%            

AmFIRST Real Estate Investment Trust REIT

    147,300     $ 10,432  

Axis Real Estate Investment Trust REIT

    1,023,084       404,008  

Capitaland Malaysia Trust REIT

    937,012       112,614  

Eastern & Oriental Bhd*

    558,077       65,874  

Eco World Development Group Bhd

    951,200       214,349  

Eco World International Bhd

    546,800       39,900  

Ecofirst Consolidated Bhd*

    482,900       36,791  

IGB Bhd

    200,000       100,869  

IGB Commercial Real Estate Investment Trust REIT

    459,500       48,322  

IGB Real Estate Investment Trust REIT

    1,075,600       397,045  

IOI Properties Group Bhd

    849,200       308,005  

Iskandar Waterfront City Bhd*

    358,600       43,098  

KIP REIT

    222,352       42,710  

KLCCP Stapled Group (b)

    123,100       185,198  

KSL Holdings Bhd*

    349,600       80,282  

Lagenda Properties Bhd

    226,500       57,846  

Land & General Bhd

    2,299,700       61,694  

LBS Bina Group Bhd

    904,100       108,659  

Mah Sing Group Bhd

    961,000       164,996  

Malton Bhd*

    97,400       7,943  

Matrix Concepts Holdings Bhd

    747,594       261,526  

MKH Bhd

    198,000       59,916  

Mulpha International Bhd*

    101,800       52,216  

OSK Holdings Bhd

    1,011,900       262,775  

Paramount Corp. Bhd

    202,240       41,017  

Pavilion Real Estate Investment Trust REIT

    557,400       145,944  

Radium Development Bhd

    808,208       67,647  

Rapid Synergy Bhd*

    61,740       371,010  

Sentral REIT

    319,800       56,623  

Sime Darby Property Bhd

    1,862,546       255,828  

SP Setia Bhd Group

    1,162,905       185,935  

Sunway Bhd

    1,361,861       578,707  

Sunway Real Estate Investment Trust REIT

    1,081,100       354,991  

Symphony Life Bhd*

    322,700       22,855  

Tanco Holdings Bhd*

    650,100       81,620  

Titijaya Land Bhd*

    434,971       23,338  

Tropicana Corp. Bhd*

    755,191       192,870  

UEM Sunrise Bhd

    921,900       140,476  

UOA Development Bhd

    243,300       90,856  

YNH Property Bhd*

    244,100       258,795  

YTL Hospitality REIT

    505,800       111,809  
   

 

 

 

(Cost $5,768,498)

      6,107,389  
   

 

 

 
Mexico — 2.1%            

CFE Capital S de RL de CV REIT

    649,157       1,033,629  

Concentradora Fibra Danhos SA de CV REIT (a)

    939,153       1,043,954  

Corp. Inmobiliaria Vesta SAB de CV (a)

    639,507       2,412,025  

FIBRA Macquarie Mexico REIT, 144A

    593,342       1,036,295  

Fibra MTY SAPI de CV REIT (a)

    1,307,162       825,465  

Fibra Uno Administracion SA de CV REIT

    2,195,770       3,532,900  

Mexico Infrastructure Partners F1 SAPI de CV REIT*

    563,368       643,423  
   

Number
of Shares

   

Value

 
Mexico (Continued)            

Prologis Property Mexico SA de CV REIT

    513,125     $ 2,208,876  

TF Administradora Industrial S de RL de CV REIT (a)

    586,979       1,050,862  
   

 

 

 

(Cost $10,484,792)

      13,787,429  
   

 

 

 
Netherlands — 0.7%            

Argo Properties NV*

    10,802       176,268  

CTP NV, 144A

    82,522       1,325,386  

Eurocommercial Properties NV REIT

    32,560       761,682  

NEPI Rockcastle NV*

    325,503       1,992,525  

NSI NV REIT

    14,244       268,870  
   

 

 

 

(Cost $4,856,387)

      4,524,731  
   

 

 

 
New Zealand — 0.7%            

Argosy Property Ltd.

    658,436       449,385  

Goodman Property Trust REIT

    793,117       1,050,769  

Investore Property Ltd.

    212,949       132,843  

Kiwi Property Group Ltd.

    1,176,089       606,554  

Precinct Properties Group (b)

    1,023,948       720,983  

Property for Industry Ltd.

    388,810       528,327  

Stride Property Group (b)

    415,315       333,475  

Vital Healthcare Property Trust REIT

    361,553       458,909  
   

 

 

 

(Cost $5,577,146)

      4,281,245  
   

 

 

 
Norway — 0.2%            

Entra ASA, 144A

    59,714       571,169  

KMC Properties ASA* (a)

    58,823       31,543  

Olav Thon Eiendomsselskap ASA

    17,853       279,916  

Selvaag Bolig ASA

    31,084       80,025  
   

 

 

 

(Cost $1,403,779)

      962,653  
   

 

 

 
Philippines — 2.2%            

AREIT, Inc. REIT

    723,340       389,110  

Ayala Corp.

    243,215       2,910,340  

Ayala Land, Inc.

    5,602,696       3,150,191  

Belle Corp.

    2,685,000       56,129  

DDMP Reit, Inc. REIT

    4,452,000       98,684  

DoubleDragon Corp.

    369,970       54,672  

Filinvest Land, Inc.

    5,923,000       59,774  

Filinvest REIT Corp. REIT

    1,011,200       50,842  

Megaworld Corp.

    9,139,600       339,297  

MREIT, Inc. REIT

    671,500       151,266  

RL Commercial REIT, Inc. REIT

    2,665,500       223,366  

Robinsons Land Corp.

    1,348,367       352,826  

SM Prime Holdings, Inc.

    11,024,857       6,417,424  

Vista Land & Lifescapes, Inc.

    2,009,900       60,127  
   

 

 

 

(Cost $17,013,267)

      14,314,048  
   

 

 

 
Poland — 0.2%            

Archicom SA

    3,212       22,137  

Atal SA

    8,314       116,680  

Cavatina Holding SA*

    4,752       20,245  

Develia SA

    339,494       420,300  

Dom Development SA

    7,407       298,489  

Echo Investment SA

    111,967       113,082  

Globe Trade Centre SA

    132,086       164,518  

Marvipol Development SA*

    7,932       13,915  

MLP Group SA*

    5,429       106,668  

 

See Notes to Financial Statements.   13  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Poland (Continued)            

Polski Holding Nieruchomosci SA

    7,682     $ 22,525  
   

 

 

 

(Cost $1,022,674)

      1,298,559  
   

 

 

 
Russia — 0.0%            

LSR Group PJSC (c)

    30,984       0  

PIK Group PJSC* (c)

    192,287       0  
   

 

 

 

(Cost $2,472,023)

      0  
   

 

 

 
Singapore — 7.0%            

AIMS APAC REIT

    579,700       551,640  

Bukit Sembawang Estates Ltd.

    137,700       358,024  

CapitaLand Ascendas REIT

    2,740,069       5,830,808  

CapitaLand Ascott Trust (b)

    1,859,937       1,289,107  

CapitaLand China Trust REIT

    887,147       538,430  

Capitaland India Trust

    778,022       600,452  

CapitaLand Integrated Commercial Trust REIT

    3,906,392       5,327,164  

CapitaLand Investment Ltd.

    1,905,563       4,326,282  

CDL Hospitality Trusts (b)

    549,044       415,506  

City Developments Ltd.

    385,098       1,806,319  

Cromwell European Real Estate Investment Trust REIT

    236,819       333,327  

Daiwa House Logistics Trust REIT

    415,300       180,484  

Digital Core REIT Management Pte Ltd. REIT

    545,100       335,237  

ESR-LOGOS REIT REIT

    5,582,187       1,233,887  

Far East Hospitality Trust (b)

    815,500       394,124  

First Real Estate Investment Trust REIT

    920,700       165,569  

Frasers Centrepoint Trust REIT

    836,400       1,366,216  

Frasers Hospitality Trust (b)

    622,500       235,548  

Frasers Logistics & Commercial Trust REIT

    2,223,878       1,849,621  

Frasers Property Ltd.

    342,100       212,755  

GuocoLand Ltd.

    170,100       183,534  

Ho Bee Land Ltd.

    137,600       182,491  

Hong Fok Corp. Ltd.

    322,600       221,174  

IREIT Global REIT

    607,472       163,862  

Keppel REIT

    1,528,000       990,349  

Keppel DC REIT

    1,051,555       1,449,769  

Keppel Pacific Oak US REIT

    526,354       134,220  

Lendlease Global Commercial REIT

    1,377,951       624,652  

Lippo Malls Indonesia Retail Trust REIT*

    3,017,900       42,964  

Manulife US Real Estate Investment Trust REIT

    1,188,926       61,824  

Mapletree Industrial Trust REIT

    1,580,622       2,700,298  

Mapletree Logistics Trust REIT

    2,564,291       3,093,443  

Mapletree Pan Asia Commercial Trust REIT

    1,736,070       1,782,119  

OUE Commercial Real Estate Investment Trust REIT

    1,837,939       351,172  

PARAGON REIT REIT

    935,700       567,898  

Parkway Life Real Estate Investment Trust REIT

    294,000       748,988  

Prime US REIT

    467,700       57,527  

Propnex Ltd.

    161,500       101,043  

Sabana Industrial Real Estate Investment Trust REIT

    757,300       218,463  
   

Number
of Shares

   

Value

 
Singapore (Continued)            

Sasseur Real Estate Investment Trust REIT

    386,100     $ 198,171  

Singapore Land Group Ltd.

    127,500       187,247  

Starhill Global REIT

    1,043,009       379,034  

Suntec Real Estate Investment Trust REIT

    1,339,200       1,153,964  

Tuan Sing Holdings Ltd.

    315,700       66,234  

UOL Group Ltd.

    359,517       1,589,353  

Wing Tai Holdings Ltd.

    259,000       254,226  

Yanlord Land Group Ltd.*

    401,000       162,251  
   

 

 

 

(Cost $51,710,409)

      45,016,770  
   

 

 

 
South Africa — 0.7%            

Attacq Ltd. REIT

    362,655       165,539  

Equites Property Fund Ltd. REIT (a)

    511,422       317,109  

Fortress Real Estate Investments Ltd.*

    785,840       567,712  

Fortress Real Estate Investments Ltd., Class B*

    530,774       182,620  

Growthpoint Properties Ltd. REIT

    2,201,946       1,231,695  

Hyprop Investments Ltd. REIT (a)

    241,035       325,874  

Redefine Properties Ltd. REIT (a)

    4,456,055       815,964  

Resilient REIT Ltd. REIT

    211,931       447,459  

SA Corporate Real Estate Ltd. REIT

    1,572,137       172,562  

Vukile Property Fund Ltd. REIT

    616,152       431,144  
   

 

 

 

(Cost $6,124,746)

      4,657,678  
   

 

 

 
South Korea — 0.5%            

D&D Platform REIT Co. Ltd. REIT

    41,029       98,426  

E KOCREF CR-REIT Co. Ltd. REIT

    15,427       60,385  

ESR Kendall Square REIT Co. Ltd. REIT

    109,890       295,135  

Hanwha REIT Co. Ltd. REIT

    18,624       73,044  

JR Global REIT

    148,849       492,644  

KB Star Real Estate Investment Trust, Inc. REIT

    55,326       157,382  

Koramco Life Infra Reit REIT

    59,902       246,545  

Korea Asset In Trust Co. Ltd.

    37,138       94,130  

Korea Real Estate Investment & Trust Co. Ltd.

    100,571       95,648  

LOTTE Reit Co. Ltd. REIT

    91,467       215,880  

Mirae Asset Global REIT Co. Ltd. REIT

    17,123       33,777  

NH All-One REIT Co. Ltd. REIT

    37,232       100,717  

Seobu T&D

    28,329       166,441  

Shinhan Alpha REIT Co. Ltd. REIT

    59,655       298,703  

SK D&D Co. Ltd.

    6,271       137,071  

SK REITs Co. Ltd. REIT

    143,211       447,344  
   

 

 

 

(Cost $3,736,407)

      3,013,272  
   

 

 

 
Spain — 0.7%            

Aedas Homes SA, 144A

    7,077       133,122  

Inmobiliaria Colonial Socimi SA REIT

    217,551       1,433,715  

Lar Espana Real Estate Socimi SA REIT

    34,871       232,472  

Merlin Properties Socimi SA REIT

    253,180       2,558,027  

Neinor Homes SA, 144A*

    26,219       295,802  
   

 

 

 

(Cost $4,968,866)

      4,653,138  
   

 

 

 
Sweden — 4.0%            

Atrium Ljungberg AB, Class B

    35,125       673,750  

Castellum AB

    327,419       4,004,136  

 

See Notes to Financial Statements.   14  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Sweden (Continued)            

Catena AB

    25,396     $ 946,153  

Cibus Nordic Real Estate AB

    41,271       498,812  

Corem Property Group AB, Class B

    405,889       342,216  

Corem Property Group AB, Class D

    2,880       45,074  

Dios Fastigheter AB

    72,645       490,477  

Eastnine AB

    7,646       114,994  

Fabege AB

    187,498       1,680,152  

Fastighets AB Balder, Class B*

    501,999       2,963,461  

Fastighets AB Trianon*

    40,317       55,211  

FastPartner AB, Class A

    40,431       194,075  

Heba Fastighets AB, Class B

    75,971       209,886  

Hemnet Group AB

    69,440       1,578,475  

Hufvudstaden AB, Class A

    87,905       1,105,644  

John Mattson Fastighetsforetagen AB* (a)

    15,138       67,031  

K-fast Holding AB* (a)

    50,405       75,087  

Klarabo Sverige AB, Class B*

    66,127       94,910  

Nivika Fastigheter AB, Class B*

    17,597       48,363  

NP3 Fastigheter AB

    23,797       427,848  

Nyfosa AB

    112,313       745,977  

Pandox AB

    67,515       821,480  

Platzer Fastigheter Holding AB, Class B

    56,928       368,334  

Sagax AB, Class A

    4,885       110,950  

Sagax AB, Class B

    157,766       3,581,741  

Sagax AB, Class D

    83,456       214,238  

Samhallsbyggnadsbolaget i Norden AB (a)

    887,174       315,794  

Samhallsbyggnadsbolaget i Norden AB, Class D

    107,201       40,317  

Stendorren Fastigheter AB*

    10,178       151,327  

Swedish Logistic Property AB, Class B*

    64,685       171,916  

Wallenstam AB, Class B

    375,043       1,634,909  

Wihlborgs Fastigheter AB

    206,440       1,677,509  
   

 

 

 

(Cost $32,001,984)

      25,450,247  
   

 

 

 
Switzerland — 2.4%            

Allreal Holding AG

    11,834       1,954,301  

Fundamenta Real Estate AG*

    17,861       348,162  

Intershop Holding AG

    898       632,023  

Mobimo Holding AG

    5,508       1,640,587  

Peach Property Group AG*

    8,002       102,147  

PSP Swiss Property AG

    34,604       4,600,336  

Swiss Prime Site AG

    58,107       5,880,531  

Zug Estates Holding AG, Class B

    217       394,296  
   

 

 

 

(Cost $15,103,536)

      15,552,383  
   

 

 

 
Taiwan — 1.4%            

Cathay No. 1 REIT

    1,011,504       572,128  

Cathay No. 2 REIT

    216,000       113,808  

Cathay Real Estate Development Co. Ltd.

    483,017       248,157  

Chong Hong Construction Co. Ltd.

    191,790       459,216  

Farglory Land Development Co. Ltd.

    209,007       390,717  

Highwealth Construction Corp.

    1,325,043       1,736,892  

Hong Pu Real Estate Development Co. Ltd.

    161,515       149,158  

Huaku Development Co. Ltd.

    202,647       613,001  
   

Number
of Shares

   

Value

 
Taiwan (Continued)            

Huang Hsiang Construction Corp.

    139,643     $ 177,683  

Hung Sheng Construction Ltd.

    397,433       258,891  

KEE TAI Properties Co. Ltd.

    323,692       173,554  

Kindom Development Co. Ltd.

    287,684       345,331  

Kuo Yang Construction Co. Ltd.*

    159,983       96,277  

Millerful No1 REIT REIT

    500,000       160,531  

Prince Housing & Development Corp.

    956,366       338,279  

Radium Life Tech Co. Ltd.*

    392,797       121,460  

Ruentex Development Co. Ltd.*

    1,474,013       1,689,170  

Sakura Development Co. Ltd.

    241,126       378,207  

Shin Kong No.1 REIT (c)

    927,959       657,948  

Shining Building Business Co. Ltd.*

    318,249       109,513  

Sinyi Realty, Inc.

    200,617       191,370  

Taiwan Land Development Corp.* (c)

    243,531       0  
   

 

 

 

(Cost $8,710,022)

      8,981,291  
   

 

 

 
Thailand — 2.5%            

AIM Industrial Growth Freehold & Leasehold REIT

    325,600       99,964  

Amata Corp. PCL, NVDR

    625,400       444,460  

Ananda Development PCL, NVDR*

    1,729,100       35,882  

AP Thailand PCL, NVDR

    1,842,700       565,735  

Asset World Corp. PCL, NVDR

    6,557,100       689,681  

Ba Airport Leasehold REIT REIT

    450,000       126,643  

Bangkok Land PCL, NVDR*

    9,702,400       193,069  

Central Pattana PCL, NVDR

    2,521,000       4,855,312  

CP Tower Growth Leasehold Property Fund

    800       113  

CPN Retail Growth Leasehold REIT

    1,304,800       404,302  

Digital Telecommunications Infrastructure Fund, Class F

    6,009,500       1,426,461  

Frasers Property Thailand Industrial Freehold & Leasehold REIT

    1,304,800       370,919  

Frasers Property Thailand PCL, NVDR

    255,825       110,541  

Grand Canal Land PCL, NVDR*

    903,800       50,100  

IMPACT Growth Real Estate Investment Trust REIT

    365,932       130,031  

Land & Houses PCL, NVDR

    6,374,600       1,395,336  

LH Hotel Leasehold Real Estate Investment Trust, Class F REIT

    334,200       103,554  

Lotus’s Retail Growth Freehold And Leasehold Property Fund

    960,900       355,105  

LPN Development PCL, NVDR

    1,085,759       120,374  

MBK PCL, NVDR

    730,000       317,504  

Noble Development PCL, NVDR

    1,083,557       118,898  

Nusasiri PCL, NVDR*

    7,048,500       70,129  

Origin Property PCL, NVDR

    736,700       183,246  

Platinum Group PCL, NVDR*

    870,700       74,255  

Property Perfect PCL, NVDR

    6,674,206       58,816  

Pruksa Holding PCL, NVDR

    815,900       282,964  

Quality Houses PCL, NVDR

    6,145,200       377,333  

Rabbit Holdings PCL*

    5,390,400       78,150  

Rabbit Holdings PCL, NVDR*

    5,689,900       84,109  

Sansiri PCL, NVDR

    11,702,900       555,578  

SC Asset Corp. PCL, NVDR

    1,412,000       123,629  

Singha Estate PCL, NVDR

    2,436,300       60,254  

Supalai PCL

    57,300       28,668  

 

See Notes to Financial Statements.   15  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Thailand (Continued)            

Supalai PCL, NVDR

    915,165     $ 457,875  

Univentures PCL, NVDR

    488,800       29,180  

WHA Corp. PCL, NVDR

    7,751,496       1,101,769  

WHA Industrial Leasehold REIT

    528,000       85,555  

WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust, Class F REIT

    1,761,800       490,815  
   

 

 

 

(Cost $17,906,573)

      16,056,309  
   

 

 

 
Turkey — 0.4%            

Akfen Gayrimenkul Yatirim Ortakligi AS REIT*

    421,575       65,752  

AKIS Gayrimenkul Yatirimi AS REIT*

    272,639       109,048  

Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT

    6,147       32,341  

Alarko Gayrimenkul Yatirim Ortakligi AS REIT

    62,225       88,813  

Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS

    76,563       48,456  

Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT

    1,338,134       341,815  

Gimat Magazacilik Sanayi Ve Ticaret AS

    95,476       29,617  

Halk Gayrimenkul Yatirim Ortakligi AS REIT

    182,626       27,471  

Ihlas Gayrimenkul Proje Gelistirme Ve Ticaret AS*

    490,774       31,809  

Is Gayrimenkul Yatirim Ortakligi AS REIT*

    302,320       217,949  

Kiler Gayrimenkul Yatirim Ortakligi AS
REIT*

    381,253       48,892  

Kiler Holding AS*

    182,163       218,202  

Kizilbuk Gayrimenkul Yatirim Ortakligi
AS*

    81,244       51,700  

Kuyumcukent Gayrimenkul Yatirimlari AS REIT*

    60,527       159,226  

Marti Gayrimenkul Yatirim Ortakligi AS
REIT*

    122,792       40,431  

Nurol Gayrimenkul Yatirim Ortakligi AS REIT*

    88,135       23,002  

Ozak Gayrimenkul Yatirim Ortakligi REIT*

    302,330       97,242  

Ozderici Gayrimenkul Yatirim Ortakligi AS REIT*

    96,803       20,500  

Panora Gayrimenkul Yatirim Ortakligi

    50,510       62,814  

Peker Gayrimenkul Yatirim Ortakligi AS*

    298,206       323,301  

Reysas Gayrimenkul Yatirim Ortakligi AS REIT*

    94,886       88,138  

Servet Gayrimenkul Yatirim Ortakligi AS*

    8,448       108,996  

Sinpas Gayrimenkul Yatirim Ortakligi AS REIT*

    509,687       56,353  

Torunlar Gayrimenkul Yatirim Ortakligi AS REIT

    114,248       133,603  

Vakif Gayrimenkul Yatirim Ortakligi AS
REIT*

    1,141,523       79,921  

Yeni Gimat Gayrimenkul Ortakligi AS

    148,647       201,033  

Yesil Gayrimenkul Yatirim Ortakligi AS
REIT*

    95,203       9,437  
   

Number
of Shares

   

Value

 
Turkey (Continued)            

Ziraat Gayrimenkul Yatirim Ortakligi AS

    679,619     $ 119,897  
   

 

 

 

(Cost $2,214,005)

      2,835,759  
   

 

 

 
United Kingdom — 7.2%            

Assura PLC REIT

    2,242,478       1,254,779  

Big Yellow Group PLC REIT

    140,756       1,929,800  

British Land Co. PLC REIT

    665,313       2,961,364  

CLS Holdings PLC REIT

    117,667       142,108  

Derwent London PLC REIT

    77,603       2,068,968  

Empiric Student Property PLC REIT

    458,714       530,188  

Grainger PLC

    509,526       1,638,389  

Great Portland Estates PLC REIT

    156,389       757,079  

Hammerson PLC REIT

    3,099,892       1,063,488  

Helical PLC REIT

    85,273       230,476  

Henry Boot PLC

    81,280       189,330  

Land Securities Group PLC REIT

    572,699       4,525,505  

LondonMetric Property PLC REIT

    773,565       1,762,732  

LXI REIT PLC REIT

    1,205,116       1,436,369  

Picton Property Income Ltd. REIT

    421,193       340,721  

Primary Health Properties PLC REIT

    1,002,042       1,237,457  

Rightmove PLC

    632,518       4,360,813  

Safestore Holdings PLC REIT

    164,298       1,592,188  

Savills PLC

    108,449       1,089,405  

Segro PLC REIT

    866,374       8,908,104  

Shaftesbury Capital PLC REIT

    1,125,701       1,722,924  

Tritax Big Box REIT PLC REIT

    1,436,353       2,783,898  

UK Commercial Property REIT Ltd. REIT

    558,249       407,068  

UNITE Group PLC REIT, Series 6

    249,540       3,067,441  

Workspace Group PLC REIT

    103,576       692,325  
   

 

 

 

(Cost $55,053,387)

      46,692,919  
   

 

 

 
United States — 0.0%            

United Hampshire US REIT

   

(Cost $164,780)

    376,100       157,962  
   

 

 

 
Virgin Islands — 0.0%            

SF Real Estate Investment Trust REIT

   

(Cost $160,930)

    422,606       140,142  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $753,889,837)

      641,557,546  
   

 

 

 
RIGHTS — 0.0%    
Belgium — 0.0%            

Atenor*,
expires 12/4/23 (c)

   

(Cost $0)

    4       0  
   

 

 

 
Israel — 0.0%            

REIT Azorim HF Living Ltd.*, expires 12/21/23

   

(Cost $0)

    1,270       1,269  
   

 

 

 
Singapore — 0.0%            

Frasers Property Ltd.*,
expires 1/5/24 (c)

   

(Cost $0)

    93,684       0  
   

 

 

 
Sweden — 0.0%            

John Mattson Fastighetsforetagen AB* (a), expires 12/14/23

    15,113       18,749  

 

See Notes to Financial Statements.   16  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
Sweden (Continued)            

Nivika Fastigheter AB*, expires 12/14/23 (c)

    17,568     $ 0  
   

 

 

 

(Cost $58,910)

      18,749  
   

 

 

 
Thailand — 0.0%            

WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust*, expires 12/29/23

   

(Cost $0)

    105,182       598  
   

 

 

 

TOTAL RIGHTS
(Cost $58,910)

      20,616  
   

 

 

 
WARRANTS — 0.0%    
Malaysia — 0.0%            

Eco World Development Group Bhd*, expires 4/12/29

    106,640       4,807  

Paramount Corp. Bhd*,
expires 7/28/24

    7,840       42  
   

 

 

 

(Cost $0)

      4,849  
   

 

 

 
Thailand — 0.0%            

Nusasiri PCL, NVDR* (c),
expires 12/31/23

   

(Cost $0)

    1,291,580       0  
   

 

 

 

TOTAL WARRANTS
(Cost $0)

      4,849  
   

 

 

 
   

Number
of Shares

   

Value

 
EXCHANGE-TRADED FUNDS — 0.0%            

Vanguard Global ex-U.S. Real Estate ETF

   

(Cost $23,770)

    500     $ 20,450  
   

 

 

 
SECURITIES LENDING COLLATERAL — 4.7%        

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
(Cost $30,264,718)

    30,264,718       30,264,718  
   

 

 

 
CASH EQUIVALENTS — 0.1%            

DWS Government Money Market Series “Institutional Shares”, 5.31% (d)
(Cost $349,411)

    349,411       349,411  
   

 

 

 

TOTAL INVESTMENTS — 104.3%

   

(Cost $784,586,646)

    $ 672,217,590  

Other assets and liabilities, net — (4.3%)

      (27,699,705
   

 

 

 

NET ASSETS — 100.0%

    $ 644,517,885  
   

 

 

 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

 

     Value ($) at
5/31/2023
     Purchases
Cost ($)
    Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
11/30/2023
     Value ($) at
11/30/2023
 

SECURITIES LENDING COLLATERAL 4.7%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)

 

  
       13,660,219          16,604,499 (f)          —           —            —        119,062            —          30,264,718          30,264,718  

CASH EQUIVALENTS 0.1%

 

DWS Government Money Market Series “Institutional Shares”, 5.31% (d)

 

     44,853        22,530,354       (22,225,796                   19,269               349,411        349,411  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     13,705,072        39,134,853       (22,225,796                   138,331               30,614,129        30,614,129  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2023 amounted to $28,496,141, which is 4.4% of net assets.

(b)

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

(c)

Investment was valued using significant unobservable inputs.

(d)

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

(e)

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

(f)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

 

CVA:   Credit Valuation Adjustment
NVDR:   Non Voting Depositary Receipt
PJSC:   Public Joint Stock Company
REIT:   Real Estate Investment Trust

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

 

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

Securities are listed in country of domicile.

At November 30, 2023, open futures contracts purchased were as follows:

 

Contract Description

   Currency    Number of
Contracts
   Notional
Amount
     Contract
Value
     Expiration
Date
   Unrealized
Appreciation
(Depreciation)
 

CAC40 10 EURO Futures

   EUR    5    $ 387,620      $ 399,070      12/15/2023    $ 11,450  

EURO STOXX 50 Futures

   EUR    15      696,515        718,653      12/15/2023      22,138  

MINI S&P/TSX 60 Futures

   CAD    7      313,199        314,906      12/14/2023      1,707  

S&P 500 E-Mini Futures

   USD    4      877,676        915,350      12/15/2023      37,674  

SPI 200 Futures

   AUD    9      1,073,934        1,058,328      12/21/2023      (15,606

TOPIX Index Futures

   JPY    6      952,584        964,318      12/07/2023      11,734  
                 

 

 

 

Total net unrealized appreciation

                  $ 69,097  
                 

 

 

 

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

Currency Abbreviations

 

AUD   Australian Dollar
CAD   Canadian Dollar
EUR   Euro
JPY   Japanese Yen
USD   U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1      Level 2        Level 3        Total  

Common Stocks (a)

     $ 640,899,598      $        $ 657,948        $ 641,557,546  

Rights (a)

       18,749        1,867          0          20,616  

Warrants (a)

       4,849                 0          4,849  

Exchange-Traded Funds

       20,450                          20,450  

Short-Term Investments (a)

       30,614,129                          30,614,129  

Derivatives (b)

                 

Futures Contracts

       84,703                          84,703  
    

 

 

    

 

 

      

 

 

      

 

 

 

TOTAL

     $ 671,642,478      $ 1,867        $ 657,948        $ 672,302,293  
    

 

 

    

 

 

      

 

 

      

 

 

 

Liabilities

     Level 1      Level 2        Level 3        Total  

Derivatives (b)

                 

Futures Contracts

     $ (15,606    $        $        $ (15,606
    

 

 

    

 

 

      

 

 

      

 

 

 

TOTAL

     $ (15,606    $        $        $ (15,606
    

 

 

    

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

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

During the period ended November 30, 2023, the amount of transfers from Level 3 to Level 1 was $410,949. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are recognized at the beginning of the reporting period.

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Semiconductor Select Equity ETF

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.8%    
Electronic Components — 0.9%            

Kyocera Corp.

   

(Cost $47,076)

    871     $ 48,253  
   

 

 

 
Electronic Manufacturing Services — 2.4%            

Fabrinet*

    94       15,219  

TE Connectivity Ltd.

    821       107,551  
   

 

 

 

(Cost $131,446)

      122,770  
   

 

 

 
Industrial Machinery & Supplies — 0.6%            

VAT Group AG, 144A

   

(Cost $28,731)

    71       33,191  
   

 

 

 
Materials — 0.3%            

JSR Corp.

   

(Cost $14,934)

    527       14,505  
   

 

 

 
Semiconductor Materials & Equipment — 28.7%        

Advantest Corp.

    1,900       60,161  

Applied Materials, Inc.

    1,482       221,974  

ASM International NV

    120       61,630  

ASML Holding NV

    352       239,274  

BE Semiconductor Industries NV

    204       28,591  

Disco Corp.

    230       49,925  

Enphase Energy, Inc.*

    355       35,862  

Entegris, Inc.

    396       41,342  

KLA Corp.

    358       194,974  

Lam Research Corp.

    326       233,390  

Lasertec Corp.

    205       45,816  

MKS Instruments, Inc.

    164       13,538  

Onto Innovation, Inc.*

    127       17,908  

Teradyne, Inc.

    405       37,353  

Tokyo Electron Ltd.

    1,183       192,252  
   

 

 

 

(Cost $1,385,564)

      1,473,990  
   

 

 

 
Semiconductors — 66.9%            

Advanced Micro Devices, Inc.*

    1,983       240,260  

Alchip Technologies Ltd.

    188       18,716  

Analog Devices, Inc.

    1,189       218,039  

ASE Technology Holding Co. Ltd.

    9,662       39,588  

Broadcom, Inc.

    250       231,433  

First Solar, Inc.*

    270       42,601  

Infineon Technologies AG

    3,418       132,579  
   

Number
of Shares

   

Value

 
Semiconductors (Continued)            

Intel Corp.

    5,730     $ 256,131  

Lattice Semiconductor Corp.*

    360       21,078  

Marvell Technology, Inc.

    2,238       124,724  

MediaTek, Inc.

    3,932       118,942  

Microchip Technology, Inc.

    1,396       116,482  

Micron Technology, Inc.

    2,850       216,942  

Monolithic Power Systems, Inc.

    120       65,846  

Novatek Microelectronics Corp.

    1,488       24,340  

NVIDIA Corp.

    468       218,884  

NXP Semiconductors NV

    678       138,366  

ON Semiconductor Corp.*

    1,124       80,175  

Qorvo, Inc.*

    256       24,704  

QUALCOMM, Inc.

    1,874       241,840  

Rambus, Inc.*

    289       19,557  

Realtek Semiconductor Corp.

    1,196       17,209  

Renesas Electronics Corp.*

    3,157       55,597  

Rohm Co. Ltd.

    940       17,966  

SK Hynix, Inc.

    1,410       146,339  

Skyworks Solutions, Inc.

    414       40,129  

STMicroelectronics NV

    1,700       80,603  

Taiwan Semiconductor Manufacturing Co. Ltd.

    12,829       236,950  

Texas Instruments, Inc.

    1,303       198,981  

United Microelectronics Corp.

    30,000       46,959  
   

 

 

 

(Cost $3,376,279)

      3,431,960  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $4,984,030)

      5,124,669  
   

 

 

 
EXCHANGE-TRADED FUNDS — 0.1%            

Invesco PHLX Semiconductor ETF

   

(Cost $3,755)

    135       3,968  
   

 

 

 
CASH EQUIVALENTS — 0.0%            

DWS Government Money Market Series “Institutional Shares”, 5.31% (a)
(Cost $534)

    534       534  
   

 

 

 

TOTAL INVESTMENTS — 99.9%

   

(Cost $4,988,319)

    $ 5,129,171  

Other assets and liabilities, net — 0.1%

      6,937  
   

 

 

 

NET ASSETS — 100.0%

    $ 5,136,108  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

 

     Value ($) at
7/13/2023
(Commencement
of Operations)
     Purchases
Cost

($)
     Sales
Proceeds

($)
    Net
Realized
Gain/(Loss)

($)
     Net Change
in Unrealized
Appreciation
(Depreciation) ($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
11/30/2023
     Value ($) at
11/30/2023
 

CASH EQUIVALENTS0.0%

 

  

DWS Government Money Market Series “Institutional Shares”, 5.31% (a)

 

  
            267,491        (266,957                   53               534        534  

 

*

Non-income producing security.

(a)

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

 

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

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Semiconductor Select Equity ETF (Continued)

November 30, 2023 (Unaudited)

 

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 5,124,669        $        $        $ 5,124,669  

Exchange-Traded Funds

       3,968                            3,968  

Short-Term Investments (a)

       534                            534  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 5,129,171        $     —        $     —        $ 5,129,171  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers US Green Infrastructure Select Equity ETF

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.9%    
Consumer Discretionary — 7.9%            

Fisker, Inc.*

    14,600     $ 23,068  

Lucid Group, Inc.*

    16,683       70,402  

QuantumScape Corp.*

    14,226       90,193  

Rivian Automotive, Inc., Class A*

    3,932       65,900  

Tesla, Inc.*

    356       85,469  
   

 

 

 

(Cost $547,441)

      335,032  
   

 

 

 
Energy — 4.6%            

Enviva, Inc.

    13,028       15,894  

Gevo, Inc.*

    87,700       99,101  

Green Plains, Inc.*

    3,245       80,736  
   

 

 

 

(Cost $337,923)

      195,731  
   

 

 

 
Industrials — 56.1%            

A O Smith Corp.

    1,402       105,655  

Array Technologies, Inc.*

    4,574       70,760  

AZZ, Inc.

    2,109       103,699  

Bloom Energy Corp., Class A*

    8,151       117,700  

Carrier Global Corp.

    1,703       88,488  

Casella Waste Systems, Inc., Class A*

    1,236       99,968  

ChargePoint Holdings, Inc.*

    21,081       39,211  

Chart Industries, Inc.*

    603       78,408  

Clean Harbors, Inc.*

    571       92,308  

EnerSys

    997       88,215  

Fluence Energy, Inc.*

    4,396       110,252  

FuelCell Energy, Inc.*

    74,803       91,260  

Graco, Inc.

    1,249       100,894  

IDEX Corp.

    446       89,949  

Ingersoll Rand, Inc.

    1,468       104,859  

Lennox International, Inc.

    250       101,665  

Microvast Holdings, Inc.*

    53,308       62,370  

Montrose Environmental Group, Inc.*

    3,347       104,661  

Parker-Hannifin Corp.

    242       104,830  

Plug Power, Inc.*

    14,205       57,388  

Republic Services, Inc.

    649       105,034  

Shoals Technologies Group, Inc., Class A*

    5,581       77,297  
   

Number
of Shares

   

Value

 
Industrials (Continued)            

Stem, Inc.*

    24,868     $ 71,371  

Sunrun, Inc.*

    8,818       113,752  

Waste Management, Inc.

    601       102,765  

Xylem, Inc.

    1,017       106,917  
   

 

 

 

(Cost $2,852,086)

      2,389,676  
   

 

 

 
Information Technology — 6.7%            

Enphase Energy, Inc.*

    792       80,008  

First Solar, Inc.*

    611       96,403  

Itron, Inc.*

    1,590       107,134  
   

 

 

 

(Cost $360,157)

      283,545  
   

 

 

 
Materials — 9.7%            

Ecolab, Inc.

    548       105,068  

Reliance Steel & Aluminum Co.

    359       98,818  

Ryerson Holding Corp.

    3,266       101,148  

Worthington Industries, Inc.

    1,518       108,841  
   

 

 

 

(Cost $417,104)

      413,875  
   

 

 

 
Utilities — 14.9%            

Altus Power, Inc.*

    20,974       104,870  

Brookfield Renewable Corp., Class A

    4,120       109,345  

Clearway Energy, Inc., Class C

    4,821       120,380  

NextEra Energy Partners LP

    4,148       97,644  

Ormat Technologies, Inc.

    1,350       90,882  

Sunnova Energy International, Inc.*

    9,664       112,102  
   

 

 

 

(Cost $816,090)

      635,223  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $5,330,801)

      4,253,082  
   

 

 

 

TOTAL INVESTMENTS — 99.9%

   

(Cost $5,330,801)

    $ 4,253,082  

Other assets and liabilities, net — 0.1%

      6,129  
   

 

 

 

NET ASSETS — 100.0%

    $ 4,259,211  
   

 

 

 
*

Non-income producing security.

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

   Level 1      Level 2      Level 3      Total  

Common Stocks (a)

   $ 4,253,082      $     —      $     —      $ 4,253,082  
  

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 4,253,082      $      $      $ 4,253,082  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers US National Critical Technologies ETF

November 30, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.9%            
Communication Services — 11.9%            

Alphabet, Inc., Class A*

    1,882     $ 249,421  

AT&T, Inc.

    2,835       46,976  

Auto Trader Group PLC, 144A

    387       3,551  

BCE, Inc.

    354       13,950  

BT Group PLC

    2,420       3,765  

CAR Group Ltd.

    161       2,966  

Charter Communications, Inc., Class A*

    41       16,405  

Chorus Ltd.

    668       3,163  

Comcast Corp., Class A

    1,569       65,725  

Liberty Broadband Corp., Class A*

    39       3,235  

Liberty Global Ltd., Class A*

    185       2,960  

Match Group, Inc.*

    123       3,983  

Pinterest, Inc., Class A*

    238       8,109  

Quebecor, Inc., Class B

    141       3,131  

Rightmove PLC

    485       3,344  

ROBLOX Corp., Class A*

    193       7,587  

Rogers Communications, Inc., Class B

    144       6,206  

Snap, Inc., Class A*

    439       6,071  

Spark New Zealand Ltd.

    990       3,171  

Take-Two Interactive Software, Inc.*

    64       10,125  

Telstra Group Ltd.

    4,475       11,335  

TELUS Corp.

    563       10,082  

T-Mobile US, Inc.

    185       27,833  

TPG Telecom Ltd.

    875       2,738  

Trade Desk, Inc., Class A*

    181       12,753  

Verizon Communications, Inc.

    1,658       63,551  

Vodafone Group PLC

    8,078       7,294  

Warner Bros Discovery, Inc.*

    703       7,346  
   

 

 

 

(Cost $603,327)

      606,776  
   

 

 

 
Consumer Discretionary — 6.5%            

Amazon.com, Inc.*

    1,925       281,223  

Dowlais Group PLC

    2,598       3,360  

Expedia Group, Inc.*

    55       7,490  

Lucid Group, Inc.*

    817       3,448  

MercadoLibre, Inc.*

    18       29,168  

Mobileye Global, Inc., Class A*

    78       3,202  

Rivian Automotive, Inc., Class A*

    257       4,307  
   

 

 

 

(Cost $323,392)

      332,198