November 30, 2020 Semi-Annual Report DBX ETF Trust Xtrackers Eurozone Equity ETF (EURZ) Xtrackers International Real Estate ETF (HAUZ) Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN) DBX ETF Trust Table of Contents Page Shareholder Letter ....................................................................... 1 Portfolio Summary Xtrackers Eurozone Equity ETF ......................................................... 3 Xtrackers International Real Estate ETF .................................................. 4 Xtrackers Japan JPX-Nikkei 400 Equity ETF .............................................. 5 Fees and Expenses ....................................................................... 6 Schedules of Investments Xtrackers Eurozone Equity ETF ......................................................... 7 Xtrackers International Real Estate ETF .................................................. 12 Xtrackers Japan JPX-Nikkei 400 Equity ETF .............................................. 21 Statements of Assets and Liabilities ........................................................ 26 Statements of Operations ................................................................. 27 Statements of Changes in Net Assets ....................................................... 28 Financial Highlights ...................................................................... 30 Notes to Financial Statements ............................................................. 32 Additional Information .................................................................... 40 Privacy Policy Notice ..................................................................... 41 This Page is Intentionally Left Blank To our Shareholders: (Unaudited) Dear Shareholder, We are pleased to provide this semi-annual report for three of our sector ETFs for the period ended November 30, 2020. The global economy started 2020 with hopes of easing US-China trade tensions; however, the pandemic unleashed a health and economic crisis unprecedented in scope and magnitude. Lockdowns and the closing of national borders paralyzed economic activity across the board, laying off millions of workers worldwide. Major economies started opening up by June, as the mortality rate seemed to fall with greater access to healthcare. Record levels of fiscal stimulus, sustained low-interest rates, and benign inflation created a supportive environment to fight the pandemic and minimize the impact of a catastrophic downturn. The lockdowns, social distancing, associated disruptions in supply chains, and lower demand significantly reduced economic activity in Europe. At the beginning of the review period, the EU approved a €750 billion fund to help member states recover from the pandemic. In the last few months, coronavirus infections have started to resurface again, and most countries have implemented more lockdown restrictions. However, the new restrictions are more localised, rather than countrywide measures. Various European countries, including Germany, extended their furlough schemes, which are designed to support jobs through the crisis. The UK economy recovered some lost ground in Q3, following record contraction in Q2, and the GDP1 rose solidly in July and August, while retail sales were robust throughout the quarter. Meanwhile, France made the biggest recovery, on the back of government spending and household consumption. Japan’s economy rebounded in Q3 after a severe decline in Q2. Prime minister Shinzo Abe resigned and was replaced by Yoshihide Suga; the change in leader had little impact on the market, as prime minister Yoshihide Suga has represented continuity and stability. Meanwhile, data showed that industrial production improved in September, especially in export-related sectors, such as automobiles, electronics, and machinery. The quarterly earnings reporting season turned out to be better than expected. Nevertheless, consumer prices were down in October versus a year earlier. The Bank of Japan has enhanced monetary easing since March, and these responses have had positive effects, coupled with the government’s measures and efforts by financial institutions. In November, prime minister Yoshihide Suga ordered the formulation of a supplementary budget for additional economic stimulus, in addition to a slate of measures announced earlier. Global office leasing activity was much lower in Q3 than a year ago, but it was still an improvement on Q2. The retail and hospitality sectors remained the most affected. Globally, real estate debt markets continue to be supported by a low-interest-rate environment, government intervention, and diversification of lender profiles. The global economy is climbing out from the depths to which it plummeted during the lockdown in the first half of 2020. Indicators show that, after an initial burst of pent-up demand, spending is progressing more slowly. Inflation is expected to remain low, meaning that central banks are unlikely to increase interest rates in a hurry. Recent news on the efficacy of potentially successful coronavirus vaccines has also come as welcome news, reducing the risk of renewed full-scale lockdowns and likely being supportive of global growth. 1 Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies. Sincerely, /s/ Freddi Klassen Freddi Klassen President and Chief Executive Officer 1 The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. 2 DBX ETF Trust Portfolio Summary (Unaudited) Xtrackers Eurozone Equity ETF (EURZ) The Xtrackers Eurozone Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of NASDAQ Eurozone Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union (the “EMU” or “Eurozone”) of the European Union (“EU”). It is not possible to invest directly into an index. Ten Largest Equity Holdings Country Diversification* as of November 30, 2020 as of November 30, 2020 (22.8% of Net Assets) France 34.2% Germany 27.7% Description % of Net Assets Netherlands 11.4% ASML Holding NV (Netherlands) 3.3% Spain 8.1% LVMH Moet Hennessy Louis Vuitton SE (France) 3.3% Italy 6.6% SAP SE (Germany) 2.7% Finland 3.9% Sanofi (France) 2.3% Belgium 3.6% Siemens AG (Germany) 2.1% Other 4.5% TOTAL SE (France) 2.1% Total 100.0% Allianz SE (Germany) 1.9% L’Oreal SA (France) 1.9% Air Liquide SA (France) 1.6% Iberdrola SA (Spain) 1.6% Sector Diversification* as of November 30, 2020 Industrials 15.4% Financials 15.1% Consumer Discretionary 14.2% Information Technology 12.2% Consumer Staples 8.4% Health Care 8.4% Utilities 7.6% Materials 7.6% Communication Services 5.1% Energy 3.9% Real Estate 2.1% 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 7. 3 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 Sector Diversification* as of November 30, 2020 as of November 30, 2020 (20.0% of Net Assets) Real Estate Operations/Development 33.6% Diversified 16.7% Description % of Net Assets Real Estate Management/Services 16.3% Vonovia SE (Germany) 3.5% Shopping Centers 8.8% Mitsubishi Estate Co. Ltd. (Japan) 2.4% Warehouse/Industry 8.5% Goodman Group (Australia) 2.3% Office Property 6.5% Sun Hung Kai Properties Ltd. (Hong Kong) 2.0% Apartments 3.4% Mitsui Fudosan Co. Ltd. (Japan) 2.0% Other 6.2% Link (Hong Kong) 1.8% Total 100.0% Deutsche Wohnen SE (Germany) 1.7% Sumitomo Realty & Development Co. Ltd. (Japan) 1.5% Segro PLC (United Kingdom) 1.4% CK Asset Holdings Ltd. (Hong Kong) 1.4% Country Diversification* as of November 30, 2020 Japan 20.6% Hong Kong 13.6% Australia 9.6% Germany 7.6% United Kingdom 6.3% Singapore 6.3% Canada 5.8% Sweden 4.8% France 3.5% Philippines 2.6% Belgium 2.0% Other 17.3% 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 12. 4 DBX ETF Trust Portfolio Summary (Unaudited) Xtrackers