DBX ETF Trust

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.

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.

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.

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.

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.

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.

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 EQUIVALENTS — 0.6%
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


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 EQUIVALENTS — 0.0%
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


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


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

Consumer Staples — 0.5%
Haleon PLC		2,045		8,545
Kenvue, Inc.		672		13,736
WK Kellogg Co.		272		3,046

(Cost $24,357)				25,327

Energy — 6.9%
Ampol Ltd.		141		3,200
Chevron Corp.		730		104,828
Exxon Mobil Corp.		1,541		158,322
Imperial Oil Ltd.		73		4,116
Marathon Petroleum Corp.		159		23,721
Phillips 66		177		22,814
Suncor Energy, Inc.		504		16,631
Valero Energy Corp.		135		16,924

(Cost $351,556)				350,556


	Number of Shares		Value
Financials — 2.0%
Block, Inc.*		218	$	13,828
Fidelity National Information Services, Inc.		229		13,428
Fiserv, Inc.*		236		30,824
Global Payments, Inc.		100		11,644
Nuvei Corp., 144A		204		4,189
PayPal Holdings, Inc.*		415		23,908
Wise PLC, Class A*		361		3,568

(Cost $97,260)				101,389

Health Care — 17.9%
Abbott Laboratories		669		69,770
AbbVie, Inc.		688		97,964
Agilent Technologies, Inc.		113		14,441
Alnylam Pharmaceuticals, Inc.*		48		8,076
Amgen, Inc.		207		55,816
Astellas Pharma, Inc.		700		8,511
Avantor, Inc.*		255		5,401
Biogen, Inc.*		56		13,109
BioMarin Pharmaceutical, Inc.*		72		6,558
Boston Scientific Corp.*		566		31,634
Bristol-Myers Squibb Co.		789		38,961
Catalent, Inc.*		72		2,797
CSL Ltd.		187		32,514
Danaher Corp.		261		58,284
Dexcom, Inc.*		148		17,097
Fortrea Holdings, Inc.*		102		3,003
GE HealthCare Technologies, Inc.		152		10,406
Gilead Sciences, Inc.		490		37,534
GSK PLC		1,563		28,085
Hikma Pharmaceuticals PLC		122		2,662
ICON PLC*		32		8,542
IDEXX Laboratories, Inc.*		32		14,906
Illumina, Inc.*		67		6,831
Incyte Corp.*		86		4,673
IQVIA Holdings, Inc.*		70		14,987
Laboratory Corp. of America Holdings		34		7,375
Lonza Group AG		29		11,286
Medtronic PLC		516		40,903
Mettler-Toledo International, Inc.*		9		9,827
Moderna, Inc.*		135		10,490
Ono Pharmaceutical Co. Ltd.		200		3,681
Pfizer, Inc.		2,190		66,729
Quest Diagnostics, Inc.		43		5,901
Regeneron Pharmaceuticals, Inc.*		41		33,776
ResMed, Inc.		57		8,991
Royalty Pharma PLC, Class A		148		4,006
Seagen, Inc.*		72		15,351
Takeda Pharmaceutical Co. Ltd.		600		16,904
Veeva Systems, Inc., Class A*		56		9,761
Vertex Pharmaceuticals, Inc.*		100		35,481
Waters Corp.*		23		6,454
Zoetis, Inc.		179		31,624

(Cost $887,204)				911,102

Industrials — 11.7%
AMETEK, Inc.		89		13,816
Atlas Arteria Ltd. (a)		829		3,188
Auckland International Airport Ltd.		651		3,185


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
Industrials (Continued)
Automatic Data Processing, Inc.		162	$	37,247
BAE Systems PLC		1,166		15,499
Boeing Co.*		237		54,896
Broadridge Financial Solutions, Inc.		45		8,722
CAE, Inc.*		137		2,726
Carrier Global Corp.		324		16,835
Dover Corp.		54		7,623
Emerson Electric Co.		221		19,647
Expeditors International of Washington, Inc.		57		6,859
Experian PLC		356		13,083
Fortive Corp.		136		9,381
General Dynamics Corp.		105		25,932
Honeywell International, Inc.		260		50,939
Illinois Tool Works, Inc.		116		28,096
Infratil Ltd.		493		2,969
Ingersoll Rand, Inc.		157		11,215
Johnson Controls International PLC		272		14,362
L3Harris Technologies, Inc.		73		13,929
Leidos Holdings, Inc.		53		5,688
Lockheed Martin Corp.		98		43,881
Mainfreight Ltd.		82		3,419
Melrose Industries PLC		508		3,335
Northrop Grumman Corp.		59		28,034
PACCAR, Inc.		199		18,272
Paycom Software, Inc.		20		3,633
Rockwell Automation, Inc.		44		12,119
Rolls-Royce Holdings PLC*		3,225		10,974
RTX Corp.		566		46,118
Smiths Group PLC		149		3,109
SS&C Technologies Holdings, Inc.		84		4,726
TELUS International CDA, Inc.*		462		3,401
Textron, Inc.		76		5,826
Thomson Reuters Corp.		59		8,250
TransDigm Group, Inc.		21		20,220
Transurban Group (a)		1,194		10,260
Veralto Corp.*		90		6,953

(Cost $584,853)				598,367

Information Technology — 34.7%
Adobe, Inc.*		176		107,538
Akamai Technologies, Inc.*		58		6,701
Amdocs Ltd.		47		3,937
Analog Devices, Inc.		193		35,392
ANSYS, Inc.*		34		9,974
Applied Materials, Inc.		323		48,379
Arista Networks, Inc.*		98		21,532
Atlassian Corp., Class A*		60		11,457
Autodesk, Inc.*		83		18,130
Capgemini SE		67		13,743
CGI, Inc.*		80		8,141
Check Point Software Technologies Ltd.*		37		5,402
Cisco Systems, Inc.		1,579		76,392
Cloudflare, Inc., Class A*		112		8,641
Cognizant Technology Solutions Corp., Class A		196		13,794
Constellation Software, Inc.		8		18,806


	Number of Shares		Value
Information Technology (Continued)
Crowdstrike Holdings, Inc., Class A*		85	$	20,144
CyberArk Software Ltd.*		18		3,587
Datadog, Inc., Class A*		103		12,007
Dell Technologies, Inc., Class C		95		7,208
DocuSign, Inc.*		78		3,362
EPAM Systems, Inc.*		22		5,680
Fair Isaac Corp.*		10		10,876
Fortinet, Inc.*		253		13,298
Gen Digital, Inc.		225		4,968
Halma PLC		143		3,858
Hewlett Packard Enterprise Co.		496		8,387
HubSpot, Inc.*		19		9,385
International Business Machines Corp.		353		55,972
Intuit, Inc.		106		60,575
Keysight Technologies, Inc.*		72		9,784
Lam Research Corp.		51		36,512
Microchip Technology, Inc.		207		17,272
Micron Technology, Inc.		424		32,275
Microsoft Corp.		705		267,131
Monday.com Ltd.*		23		4,136
MongoDB, Inc.*		27		11,225
Motorola Solutions, Inc.		65		20,987
Nice Ltd.*		25		4,811
NVIDIA Corp.		572		267,524
Okta, Inc.*		59		3,956
Open Text Corp.		103		4,124
Oracle Corp.		616		71,585
Palantir Technologies, Inc., Class A*		701		14,055
Palo Alto Networks, Inc.*		118		34,821
Roper Technologies, Inc.		41		22,068
Sage Group PLC		396		5,667
Salesforce, Inc.*		365		91,943
ServiceNow, Inc.*		79		54,173
Shopify, Inc., Class A*		450		32,808
Snowflake, Inc., Class A*		116		21,771
Splunk, Inc.*		60		9,092
Synopsys, Inc.*		59		32,051
Teradyne, Inc.		60		5,534
Trimble, Inc.*		96		4,454
Twilio, Inc., Class A*		67		4,334
Unity Software, Inc.*		109		3,217
VeriSign, Inc.*		39		8,276
WiseTech Global Ltd.		76		3,366
Wix.com Ltd.*		36		3,654
Workday, Inc., Class A*		79		21,387
Xero Ltd.*		50		3,416
Zebra Technologies Corp., Class A*		20		4,740
Zoom Video Communications, Inc., Class A*		86		5,833
Zscaler, Inc.*		34		6,716

(Cost $1,733,624)				1,771,964

Materials — 3.0%
Allkem Ltd.*		445		2,537
Antofagasta PLC		173		3,085
BHP Group Ltd.		1,966		60,355
Croda International PLC		55		3,122


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2023 (Unaudited)


	Number of Shares		Value
Materials (Continued)
Dow, Inc.		283	$	14,645
DuPont de Nemours, Inc.		178		12,734
Eastman Chemical Co.		46		3,856
First Quantum Minerals Ltd.		216		1,770
Freeport-McMoRan, Inc.		565		21,086
Fresnillo PLC		438		3,232
IGO Ltd.		417		2,372
Lundin Mining Corp.		450		3,120
Lynas Rare Earths Ltd.*		631		2,770
Northern Star Resources Ltd.		443		3,739
Orica Ltd.		306		3,169
Pilbara Minerals Ltd.		1,162		2,804
South32 Ltd.		1,752		3,578
Teck Resources Ltd., Class B		196		7,390

(Cost $154,213)				155,364

Real Estate — 0.3%
CoStar Group, Inc.* (Cost $12,916)		157		13,037

Utilities — 4.5%
Algonquin Power & Utilities Corp.		558		3,445
American Electric Power Co., Inc.		200		15,910
Avangrid, Inc.		96		2,963
Constellation Energy Corp.		125		15,130
Dominion Energy, Inc.		324		14,690
Edison International		149		9,981
Emera, Inc.		106		3,728
Entergy Corp.		82		8,316


	Number of Shares		Value
Utilities (Continued)
Exelon Corp.		385	$	14,826
FirstEnergy Corp.		222		8,201
Fortis, Inc.		189		7,578
Hydro One Ltd., 144A		123		3,422
Mercury NZ Ltd.		809		3,113
Meridian Energy Ltd.		996		3,208
National Grid PLC		1,448		18,835
NextEra Energy, Inc.		803		46,984
Northland Power, Inc.		192		3,124
PPL Corp.		286		7,470
Southern Co.		422		29,954
SSE PLC		413		9,581

(Cost $226,791)				230,459

TOTAL COMMON STOCKS (Cost $4,999,493)				5,096,539

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) (Cost $388)		388		388


TOTAL INVESTMENTS — 99.9%
(Cost $4,999,881)			$	5,096,927
Other assets and liabilities, net — 0.1%				6,427

NET ASSETS — 100.0%			$	5,103,354

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


	Value ($) at 11/16/2023 (Commencement of Operations)		Purchases Cost ($)		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 EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)
		—		4,995,790		(4,995,402)		—		—		728		—		388		388

*	Non-income producing security.

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

(b)	Affiliated fund 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.		24

DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	5,096,539	$	—	$	—	$	5,096,539
Short-Term Investments (a)		388		—		—		388

TOTAL	$	5,096,927	$	—	$	—	$	5,096,927

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


See Notes to Financial Statements.		25

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2023 (Unaudited)


	Xtrackers Cybersecurity Select Equity ETF		Xtrackers International Real Estate ETF			Xtrackers Semiconductor Select Equity ETF		Xtrackers US Green Infrastructure Select Equity ETF
Assets
Investment in non-affiliated securities at value	$	5,527,196	$	641,603,461		$	5,128,637	$	4,253,082
Investment in DWS Government Money Market Series		31,528		349,411			534		—
Investment in DWS Government & Agency Securities Portfolio*		—		30,264,718			—		—
Cash		—		—			—		1,467
Foreign currency at value		677		880,925			856		—
Deposit with broker for futures contracts		—		276,114			—		—
Receivables:
Investment securities sold		—		62,307			—		—
Variation margin on futures contracts		—		20,728			—		—
Dividends		3,351		2,414,371			6,677		5,845
Interest		78		1,791			5		—
Securities lending income		—		29,708			—		—
Foreign tax reclaim		—		411,779			—		—

Total assets	$	5,562,830	$	676,315,313		$	5,136,709	$	4,260,394


Liabilities
Payable upon return of securities loaned	$	—	$	30,264,718		$	—	$	—
Payables:
Investment securities purchased		24,066		441,141			—		—
Investment advisory fees		848		51,171			601		1,183
Deferred foreign tax		—		1,040,398			—		—

Total liabilities		24,914		31,797,428			601		1,183

Net Assets, at value	$	5,537,916	$	644,517,885		$	5,136,108	$	4,259,211


Net Assets Consist of
Paid-in capital	$	5,023,665	$	795,843,896		$	5,000,025	$	5,638,690
Distributable earnings (loss)		514,251		(151,326,011	)		136,083		(1,379,479	)

Net Assets, at value	$	5,537,916	$	644,517,885		$	5,136,108	$	4,259,211


Number of Common Shares outstanding		200,001		31,450,001			200,001		225,001

Net Asset Value	$	27.69	$	20.49		$	25.68	$	18.93


Investment in non-affiliated securities at cost	$	5,019,526	$	753,972,517		$	4,987,785	$	5,330,801

Value of securities loaned	$	—	$	28,496,141		$	—	$	—

Investment in DWS Government Money Market Series at cost	$	31,528	$	349,411		$	534	$	—

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	30,264,718		$	—	$	—

Foreign currency at cost	$	675	$	873,372		$	844	$	—

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		26

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2023 (Unaudited)


	Xtrackers US National Critical Technologies ETF
Assets
Investment in non-affiliated securities at value	$	5,096,539
Investment in DWS Government Money Market Series		388
Foreign currency at value		358
Receivables:
Dividends		6,031
Interest		728

Total assets	$	5,104,044


Liabilities
Payables:
Investment advisory fees	$	690

Total liabilities		690

Net Assets, at value	$	5,103,354


Net Assets Consist of
Paid-in capital	$	5,000,025
Distributable earnings (loss)		103,329

Net Assets, at value	$	5,103,354


Number of Common Shares outstanding		200,001

Net Asset Value	$	25.52


Investment in non-affiliated securities at cost	$	4,999,493

Investment in DWS Government Money Market Series at cost	$	388

Foreign currency at cost	$	353


See Notes to Financial Statements.		27

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2023 (Unaudited)


	Xtrackers Cybersecurity Select Equity ETF⁽¹⁾			Xtrackers International Real Estate ETF			Xtrackers Semiconductor Select Equity ETF⁽¹⁾			Xtrackers US Green Infrastructure Select Equity ETF⁽¹⁾
Investment Income
Unaffiliated dividend income*	$	8,909		$	11,923,148		$	21,374		$	21,360
Income distributions from affiliated funds		832			19,269			53			—
Affiliated securities lending income		—			119,062			—			—

Total investment income		9,741			12,061,479			21,427			21,360


Expenses
Investment advisory fees		3,935			361,130			2,777			6,317
Other expenses		—			403			—			—

Total expenses		3,935			361,533			2,777			6,317

Less fees waived (see note 3):
Waiver		(34	)		(60,635	)		(2	)		—

Net expenses		3,901			300,898			2,775			6,317

Net investment income (loss)		5,840			11,760,581			18,652			15,043


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(11,397	)		(10,188,799	)		(16,955	)		(348,807	)
In-kind redemptions		14,098			385,016			—			37,692
Futures contracts		—			161,192			—			—
Foreign currency transactions		(2,005	)		(111,356	)		(2,791	)		—

Net realized gain (loss)		696			(9,753,947	)		(19,746	)		(311,115	)

Net change in unrealized appreciation (depreciation) on:
Investments***		507,670			20,886,013			140,852			(1,077,719	)
Futures contracts		—			(13,741	)		—			—
Foreign currency translations		45			88,330			35			—

Net change in unrealized appreciation (depreciation)		507,715			20,960,602			140,887			(1,077,719	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		508,411			11,206,655			121,141			(1,388,834	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	514,251		$	22,967,236		$	139,793		$	(1,373,791	)

* Unaffiliated foreign tax withheld	$	287		$	1,036,591		$	984		$	383
** Including foreign taxes	$	—		$	11,035		$	—		$	—
*** Including change in deferred foreign taxes	$	—		$	718,875		$	—		$	—

(1)	For the period July 13, 2023 (commencement of operations) through November 30, 2023.


See Notes to Financial Statements.		28

DBX ETF Trust

Statements of Operations (Continued)

For the Period Ended November 30, 2023 (Unaudited)


	Xtrackers US National Critical Technologies ETF⁽¹⁾
Investment Income
Unaffiliated dividend income*	$	6,813
Income distributions from affiliated funds		728

Total investment income		7,541


Expenses
Investment advisory fees		723

Total expenses		723

Less fees waived (see note 3):
Waiver		(33	)

Net expenses		690

Net investment income (loss)		6,851


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(563	)
Foreign currency transactions		(20	)

Net realized gain (loss)		(583	)

Net change in unrealized appreciation (depreciation) on:
Investments		97,046
Foreign currency translations		15

Net change in unrealized appreciation (depreciation)		97,061

Net realized and unrealized gain (loss) on investments and foreign currency transactions		96,478


Net Increase (Decrease) in Net Assets Resulting from Operations	$	103,329

* Unaffiliated foreign tax withheld	$	68

(1)	For the period November 16, 2023 (commencement of operations) through November 30, 2023.


See Notes to Financial Statements.		29

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Cybersecurity Select Equity ETF			Xtrackers International Real Estate ETF						Xtrackers Semiconductor Select Equity ETF
	For the Period July 13, 2023⁽¹⁾to November 30, 2023 (Unaudited)			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Period July 13, 2023⁽¹⁾to November 30, 2023 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	5,840		$	11,760,581		$	19,889,191		$	18,652
Net realized gain (loss)		696			(9,753,947	)		(17,895,193	)		(19,746	)
Net change in net unrealized appreciation (depreciation)		507,715			20,960,602			(99,591,076	)		140,887

Net increase (decrease) in net assets resulting from operations		514,251			22,967,236			(97,597,078	)		139,793

Distributions to Shareholders		—			(11,154,576	)		(10,275,798	)		(3,710	)


Fund Shares Transactions
Proceeds from shares sold		5,662,908			76,641,782			112,001,214			5,000,000
Value of shares redeemed		(639,268	)		(3,705,039	)		(3,232,508	)		—

Net increase (decrease) in net assets resulting from fund share transactions		5,023,640			72,936,743			108,768,706			5,000,000

Total net increase (decrease) in Net Assets		5,537,891			84,749,403			895,830			5,136,083

Net Assets
Beginning of period		25			559,768,482			558,872,652			25

End of period	$	5,537,916		$	644,517,885		$	559,768,482		$	5,136,108


Changes in Shares Outstanding
Shares outstanding, beginning of period		1			27,800,001			22,650,001			1
Shares sold		225,000			3,850,000			5,300,000			200,000
Shares redeemed		(25,000	)		(200,000	)		(150,000	)		—

Shares outstanding, end of period		200,001			31,450,001			27,800,001			200,001

(1)	Commencement of Operations.


See Notes to Financial Statements.		30

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers US Green Infrastructure Select Equity ETF			Xtrackers US National Critical Technologies ETF
	For the Period July 13, 2023⁽¹⁾to November 30, 2023 (Unaudited)			For the Period November 16, 2023⁽¹⁾to November 30, 2023 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	15,043		$	6,851
Net realized gain (loss)		(311,115	)		(583	)
Net change in net unrealized appreciation (depreciation)		(1,077,719	)		97,061

Net increase (decrease) in net assets resulting from operations		(1,373,791	)		103,329

Distributions to Shareholders		(5,688	)		—


Fund Shares Transactions
Proceeds from shares sold		6,246,667			5,000,000
Value of shares redeemed		(608,002	)		—

Net increase (decrease) in net assets resulting from fund share transactions		5,638,665			5,000,000

Total net increase (decrease) in Net Assets		4,259,186			5,103,329

Net Assets
Beginning of period		25			25

End of period	$	4,259,211		$	5,103,354


Changes in Shares Outstanding
Shares outstanding, beginning of period		1			1
Shares sold		250,000			200,000
Shares redeemed		(25,000	)		—

Shares outstanding, end of period		225,001			200,001

(1)	Commencement of Operations.


See Notes to Financial Statements.		31

DBX ETF Trust

Financial Highlights


Xtrackers Cybersecurity Select Equity ETF Selected Per Share Data	Period Ended 11/30/2023(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.03
Net realized and unrealized gain (loss)		2.66

Total from investment operations		2.69

Net Asset Value, end of period	$	27.69

Total Return (%)(c)		10.76	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6
Ratio of expenses before fee waiver (%)		0.20	*
Ratio of expenses after fee waiver (%)		0.20	*
Ratio of net investment income (loss) (%)		0.30	*
Portfolio turnover rate (%)(d)		22	**


Xtrackers International Real Estate ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2023 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	20.14		$	24.67		$	29.15		$	22.85		$	27.84		$	29.17

Income (loss) from investment operations:
Net investment income (loss)(b)		0.39			0.80			0.92			0.92			0.84			1.14
Net realized and unrealized gain (loss)		0.36			(4.91	)		(4.05	)		6.28			(4.74	)		(1.98	)

Total from investment operations		0.75			(4.11	)		(3.13	)		7.20			(3.90	)		(0.84	)

Less distributions from:
Net investment income		(0.40	)		(0.42	)		(1.35	)		(0.90	)		(1.09	)		(0.49	)

Total distributions		(0.40	)		(0.42	)		(1.35	)		(0.90	)		(1.09	)		(0.49	)

Net Asset Value, end of period	$	20.49		$	20.14		$	24.67		$	29.15		$	22.85		$	27.84

Total Return (%)(c)		3.78	**		(16.76	)		(11.26	)		32.15			(14.80	)		(2.78	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		645			560			559			458			231			60
Ratio of expenses before fee waiver (%)		0.12	*		0.12			0.12			0.12			0.12			0.30
Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.10			0.10			0.10			0.28
Ratio of net investment income (loss) (%)		3.91	*		3.70			3.38			3.55			3.21			4.25
Portfolio turnover rate (%)(d)		5	**		8			17			9			12			43

(a)	For the period July 13, 2023 (commencement of operations) through November 30, 2023.

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		32

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers Semiconductor Select Equity ETF Selected Per Share Data	Period Ended 11/30/2023(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.09
Net realized and unrealized gain (loss)		0.61

Total from investment operations		0.70

Less distributions from:
Net investment income		(0.02	)

Total distributions		(0.02	)

Net Asset Value, end of period	$	25.68

Total Return (%)(c)		2.80	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5
Ratio of expenses before fee waiver (%)		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*
Ratio of net investment income (loss) (%)		1.01	*
Portfolio turnover rate (%)(d)		10	**

Xtrackers US Green Infrastructure Select Equity ETF Selected Per Share Data	Period Ended 11/30/2023(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.07
Net realized and unrealized gain (loss)		(6.11	)

Total from investment operations		(6.04	)

Less distributions from:
Net investment income		(0.03	)

Total distributions		(0.03	)

Net Asset Value, end of period	$	18.93

Total Return (%)		(24.19	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4
Ratio of expenses (%)		0.35	*
Ratio of net investment income (loss) (%)		0.83	*
Portfolio turnover rate (%)(d)		27	**

(a)	For the period July 13, 2023 (commencement of operations) through November 30, 2023.

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		33

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers US National Critical Technologies ETF Selected Per Share Data	Period Ended 11/30/2023(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.03
Net realized and unrealized gain (loss)		0.49

Total from investment operations		0.52

Net Asset Value, end of period	$	25.52

Total Return (%)(c)		2.08	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5
Ratio of expenses before fee waiver (%)		0.35	*
Ratio of expenses after fee waiver (%)		0.33	*
Ratio of net investment income (loss) (%)		3.32	*
Portfolio turnover rate (%)(d)		0	(e)**

(a)	For the period November 16, 2023 (commencement of operations) through November 30, 2023.

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

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

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

(e)	Amount is less than 0.5%.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		34

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2023, the Trust consists of forty-four investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers Cybersecurity Select Equity ETF

Xtrackers International Real Estate ETF

Xtrackers Semiconductor Select Equity ETF

Xtrackers US Green Infrastructure Select Equity ETF

Xtrackers US National Critical Technologies ETF

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

Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US Green Infrastructure Select Equity ETF offer shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asst value (“NAV”), only in large specified lots consisting of 25,000 shares, except for Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF which lots consist of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of the shares may acquire those shares from the Fund, or tender such shares for redemption to the Fund, in Creation Units only.

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


Fund		Underlying Index
Xtrackers Cybersecurity Select Equity ETF		Solactive Cyber Security ESG Screened Index
Xtrackers International Real Estate ETF		iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index
Xtrackers Semiconductor Select Equity ETF		Solactive Semiconductor ESG Screened Index
Xtrackers US Green Infrastructure Select Equity ETF		Solactive United States Green Infrastructure ESG Screened Index
Xtrackers US National Critical Technologies ETF		Solactive Whitney U.S. Critical Technologies Index

The Solactive Cyber Security ESG Screened Index is comprised of companies that have business operations in the field of cybersecurity and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. The Underlying Index is rebalanced quarterly.

The Solactive Semiconductor ESG Screened Index is comprised of companies that have business operations in the semiconductor industry and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

The Solactive United States Green Infrastructure ESG Screened Index The 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. The Underlying Index is rebalanced quarterly.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Solactive Whitney U.S. Critical Technologies Index is a market-capitalization weighted index, subject to caps on the weighting of individual companies, that is designed to track companies that support critical emerging technologies across the U.S. and its allies by selecting companies from a defined investment universe that satisfy key criteria related to their association with critical technology sectors and their geopolitical risk rating. The Index Underlying is rebalanced on the last Thursday of the months of January, April, July and October.

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

Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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 Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.

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

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

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

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

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

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

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

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

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

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

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

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF to pay out dividends from its net investment income, if any, to investors quarterly. It is the policy of the Xtrackers International Real Estate ETF to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2023, the Funds did not incur any interest or penalties.

At May 31, 2023, for Federal income tax purposes, the Xtrackers International Real Estate ETF has capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.


	Short-Term		Long-Term		Total Amount
Xtrackers International Real Estate ETF	$	2,535,312	$	7,377,420	$	9,912,732

As of May 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers International Real Estate ETF	$	733,061,305	$	(163,435,980	)	$	8,468,543	$	(171,904,523	)

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, for Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US Green Infrastructure Select Equity ETF, may lend securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Prior to August 1, 2023, the Bank of New York Mellon served as securities lending agent for the Xtrackers International Real Estate ETF. Effective August 1, 2023, National Financial Services LLC serves as securities lending agent for Xtrackers International Real Estate ETF and lends securities of the Fund

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

to certain financial institutions under the terms of its securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2023, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.10% annualized effective rate as of November 30, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2023, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of November 30, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers International Real Estate ETF
Common Stocks	$	30,246,109	$	—	$	—	$	—	$	30,246,109
Rights		18,609		—		—		—		18,609

Total Borrowings	$	30,264,718	$	—	$	—	$	—	$	30,264,718

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	30,264,718

As of November 30, 2023, Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US Green Infrastructure Select Equity ETF had no securities on loan.

Derivatives

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2023, the Xtrackers International Real Estate ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

A summary of the open futures contracts as of November 30, 2023 is included in a table following the Funds’ Schedule of Investments.

The following table summarizes the value of the Funds’ derivative instruments held as of November 30, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


		Asset Derivatives			Liability Derivatives
Xtrackers International Real Estate ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	84,703	Unrealized depreciation on futures contracts*	$	15,606

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

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers International Real Estate ETF	$	161,192

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers International Real Estate ETF	$	(13,741	)

For the period ended November 30, 2023 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers International Real Estate ETF	$	4,059,371

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

3. Investment Advisory and Other Agreements

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

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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


	Unitary Advisory Fee
Xtrackers Cybersecurity Select Equity ETF		0.20	%
Xtrackers International Real Estate ETF		0.12	%
Xtrackers Semiconductor Select Equity ETF		0.15	%
Xtrackers US Green Infrastructure Select Equity ETF		0.35	%
Xtrackers US National Critical Technologies ETF		0.35	%

The Advisor for the Xtrackers International Real Estate ETF has contractually agreed, until September 30, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the Fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended November 30, 2023, the Advisor waived $60,188 of the expenses of the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended November 30, 2023, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers Cybersecurity Select Equity ETF	$	34
Xtrackers International Real Estate ETF		447
Xtrackers Semiconductor Select Equity ETF		2
Xtrackers US National Critical Technologies ETF		33

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

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

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

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

4. Investment Portfolio Transactions

For the period ended November 30, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers Cybersecurity Select Equity ETF⁽¹⁾	$	6,770,310	$	1,122,674
Xtrackers International Real Estate ETF		45,041,584		26,883,414
Xtrackers Semiconductor Select Equity ETF⁽¹⁾		1,154,553		491,088
Xtrackers US Green Infrastructure Select Equity ETF⁽¹⁾		1,279,937		1,325,971
Xtrackers US National Critical Technologies ETF⁽²⁾		5,012,177		12,120

(1)	For the period July 13, 2023 (commencement of operations) through November 30, 2023.

(2)	For the period November 16, 2023 (commencement of operations) through November 30, 2019.

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

For the period ended November 30, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers Cybersecurity Select Equity ETF	$	—	$	630,811
Xtrackers International Real Estate ETF		59,173,342		3,408,270
Xtrackers Semiconductor Select Equity ETF		4,341,274		—
Xtrackers US Green Infrastructure Select Equity ETF		6,293,015		605,064
Xtrackers US National Critical Technologies ETF		—		—

5. Fund Share Transactions

As of November 30, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2023, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:


	Approximate Percent of Outstanding Shares Held
Xtrackers Cybersecurity Select Equity ETF		95	%
Xtrackers Semiconductor Select Equity ETF		95	%
Xtrackers US Green Infrastructure Select Equity ETF		89	%
Xtrackers US National Critical Technologies ETF		93	%

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF, and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at November 30, 2023.

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers Cybersecurity Select Equity ETF

Xtrackers Semiconductor Select Equity ETF

Xtrackers US Green Infrastructure Select Equity ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board held on May 11, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Adviser”) and the Trust, with respect to Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, and Xtrackers US Green Infrastructure Select Equity ETF (each a “Fund”, and together, the “Funds”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

The Board reached a determination, with the assistance of Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and the Fund’s shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

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

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

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

DBX ETF Trust

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

party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Funds), noting the Adviser’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Funds as well). The Board further considered the compliance program of the Adviser, which supports the compliance program of the Adviser’s currently managed funds (which would also cover the Funds).

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

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

Costs of Services and Profitability. The Board considered the anticipated expenses of the Adviser in developing and rendering services to be provided to the Funds and the likelihood and level of profits in the early years of the Funds’ operations. The Board noted that because the Funds are new, it is difficult to estimate the profitability of the Funds to the Adviser at this time. The Board considered whether the Adviser would benefit in other ways from its relationship with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.

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

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

Xtrackers US National Critical Technologies ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board held on August 15, 2023, the Trustees, all of who are not “interested persons,” as defined by the 1940 Act, of the Trust or its service providers, unanimously approved the Investment Advisory Agreement between the Adviser and the Trust, with respect to Xtrackers US National Critical Technologies ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by Independent Trustee Counsel.

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and the Fund’s shareholders; (2) the financial resources of the Adviser and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated

DBX ETF Trust

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

profits to be realized, by the Adviser from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.

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

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

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

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

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

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer groups and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolio will be managed on a day-to-day basis by the Adviser and that the Adviser will also provide oversight of day-to-day operations,

DBX ETF Trust

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

including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

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

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

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

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings Information

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

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

Discount & Premium Information

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

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DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Any Fund that conentrates in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. Incorporation of ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the Fund. Companies in the cybersecurity field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Companies in the cybersecurity field also face heightened risk caused by obsolescence due to rapid technological developments, by potential loss or impairment of patent and intellectual property rights and by the risk of cyber-attacks. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Companies in the semiconductor field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Cybersecurity companies also face heightened risk due to their dependence on the availability of materials that meet exacting standards, to reliance on a limited number of suppliers and by potential loss or impairment of patent and intellectual property rights. UPGR will be sensitive to, and its performance will depend to a great extent on, the overall condition of green or low carbon infrastructure companies. These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties and potential illiquidity. UPGR will be sensitive to, and its performance will depend to a greater extent on, the overall condition of green or low carbon energy companies. Such companies face enhanced risks caused by factors including changes in government regulations, the impact of adverse weather conditions and on the demand for renewable energy production. Critical technologies are technologies that are deemed to be vital to maintaining the national security of the U.S. now and in the future. Companies involved in critical technologies may be subject to a significant amount of governmental regulation, and changes in governmental policies and the need for regulatory approvals may have a material adverse effect on the critical technologies and the companies involved with them. Critical technologies companies are heavily dependent on patent and intellectual property rights which may be difficult to protect. PSWD, CHPS, UPGR and CRTC are currently non-diversified and can take larger positions in fewer issues, increasing their potential risk. Performance of a Fund may diverge from that of its underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

DBX ETF Trust

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

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

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

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is the intellectual property (including registered trademarks) of STOXX Limited, Zug, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. Xtrackers International Real Estate ETF is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the Index or its data.

PSWD, CHPS, UPGR and CRTC (the “Funds”) are not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding advisability of investing in funds generally or in these Funds particularly or the ability of the Solactive Cyber Security ESG Screened Index, Solactive Semiconductor ESG Screened Index, Solactive United States Green Infrastructure ESG Screened Index and Solactive Whitney U.S. Critical Technologies Index (the “Underlying Indexes”) to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the indexes or any data included therein.

Solactive AG (“Solactive”) is the licensor of the Solactive Whitney U.S. Critical Technologies Index (the “Index”). The Index has been developed in cooperation with J.H. Whitney Data Services, LLC (“J.H. Whitney”). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive or J.H. Whitney in any way and Solactive or J.H. Whitney make no express or implied representation, guarantee or assurance with regard to: (a) the advisability of investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive or J.H. Whitney do not guarantee the accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect thereto. The Index has not been designed to achieve positive returns and neither Solactive nor J.H. Whitney is acting as a fiduciary or investment adviser for any user of the Index or investor in any financial instrument based on the Index. Notwithstanding Solactive’s obligations to its licensees, Solactive reserves the right to change the methods of calculation or publication with respect to the Index and Solactive or J.H. Whitney shall not be liable for any miscalculation of or any incorrect, delayed or interrupted publication with respect to the Index. Solactive or J.H. Whitney shall not be liable for any damages, including, without limitation, any loss of profits or business, or any special, incidental, punitive, indirect or consequential damages suffered or incurred as a result of the use of (or inability to use) the Index.

Copyright © 2024 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Invesment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-049074-8 (1/24) DBX005769 (1/25)